Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2022 | May 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2022 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BOX | |
Entity Registrant Name | Box, Inc. | |
Entity Central Index Key | 0001372612 | |
Current Fiscal Year End Date | --01-31 | |
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 | |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value | |
Security Exchange Name | NYSE | |
Entity File Number | 001-36805 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-2714444 | |
Entity Address, Address Line One | 900 Jefferson Ave | |
Entity Address, City or Town | Redwood City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94063 | |
City Area Code | 877 | |
Local Phone Number | 729-4269 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 144,057,397 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 391,377 | $ 416,274 |
Short-term investments | 127,889 | 170,000 |
Accounts receivable, net | 117,146 | 256,312 |
Deferred commissions | 45,021 | 46,025 |
Other current assets | 33,987 | 27,953 |
Total current assets | 715,420 | 916,564 |
Property and equipment, net | 92,043 | 105,755 |
Operating lease right-of-use assets, net | 163,674 | 172,808 |
Goodwill | 72,855 | 74,466 |
Deferred commissions, non-current | 69,335 | 72,884 |
Other long-term assets | 58,260 | 49,532 |
Total assets | 1,171,587 | 1,392,009 |
Current liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 46,459 | 58,942 |
Accrued compensation and benefits | 23,972 | 54,705 |
Finance lease liabilities | 38,455 | 41,235 |
Operating lease liabilities | 45,741 | 44,608 |
Deferred revenue | 458,084 | 519,485 |
Total current liabilities | 612,711 | 718,975 |
Debt, net, non-current | 367,934 | 367,463 |
Finance lease liabilities, non-current | 13,278 | 20,836 |
Operating lease liabilities, non-current | 156,096 | 168,192 |
Deferred revenue, non-current | 10,266 | 14,757 |
Other long-term liabilities | 6,916 | 8,993 |
Total liabilities | 1,167,201 | 1,299,216 |
Commitments and contingencies (Note 8) | ||
Series A convertible preferred stock, par value of $0.0001 per share; 500 shares (unaudited) authorized, issued and outstanding as of April 30 and January 31, 2022 | 488,351 | 487,880 |
Stockholders' deficit | ||
Class A common stock, par value $0.0001 per share; 1,000,000 shares authorized; 145,598 shares (unaudited) and 145,081 shares issued and outstanding as of April 30 and January 31, 2022, respectively | 15 | 15 |
Additional paid-in capital | 892,067 | 972,020 |
Accumulated other comprehensive loss | (8,769) | (4,543) |
Accumulated deficit | (1,367,278) | (1,362,579) |
Total stockholders' deficit | (483,965) | (395,087) |
Total liabilities, convertible preferred stock and stockholders' deficit | $ 1,171,587 | $ 1,392,009 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Apr. 30, 2022 | Jan. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Temporary equity, par value per share | $ 0.0001 | $ 0.0001 |
Temporary equity, shares authorized | 500,000 | 500,000 |
Temporary equity, shares issued | 500,000 | 500,000 |
Temporary equity, shares outstanding | 500,000 | 500,000 |
Class A Common Stock, par value | $ 0.0001 | $ 0.0001 |
Class A Common Stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Class A Common Stock, shares issued | 145,598,000 | 145,598,000 |
Class A Common Stock, shares outstanding | 145,081,000 | 145,081,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 238,432 | $ 202,441 |
Cost of revenue | 62,209 | 60,947 |
Gross profit | 176,223 | 141,494 |
Operating expenses: | ||
Research and development | 61,733 | 50,859 |
Sales and marketing | 83,067 | 69,811 |
General and administrative | 30,799 | 31,087 |
Total operating expenses | 175,599 | 151,757 |
Income (loss) from operations | 624 | (10,263) |
Interest and other expense, net | (4,157) | (3,999) |
Loss before provision for income taxes | (3,533) | (14,262) |
Provision for income taxes | 1,166 | 311 |
Net loss | (4,699) | (14,573) |
Dividend on series A convertible preferred stock | (3,695) | |
Accretion of series A convertible preferred stock | (527) | |
Net loss attributable to common stockholders | $ (8,921) | $ (14,573) |
Net loss per share attributable to common stockholders, basic | $ (0.06) | $ (0.09) |
Net loss per share attributable to common stockholders, diluted | $ (0.06) | $ (0.09) |
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic | 144,725 | 161,733 |
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted | 144,725 | 161,733 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (4,699) | $ (14,573) |
Other comprehensive (loss) income | ||
Net foreign currency translation (loss) gain | (5,266) | 273 |
Net unrealized gain on cash flow hedge | 1,064 | 294 |
Net unrealized loss on available-for-sale securities | (24) | |
Other comprehensive (loss) income | (4,226) | 567 |
Comprehensive loss | $ (8,925) | $ (14,006) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' (DEFICIT) EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Series A Convertible Preferred Stock | Common StockClass A Common Stock | Additional Paid-In Capital | Additional Paid-In CapitalCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment |
Balance at Jan. 31, 2021 | $ 151,065 | $ 16 | $ 1,473,666 | $ (938) | $ (1,321,679) | ||||
Balance (ASU 2020-06) at Jan. 31, 2021 | $ (68,017) | $ (68,576) | $ 559 | ||||||
Balance, Beginning, Shares at Jan. 31, 2021 | 159,851 | ||||||||
Issuance of common stock under employee equity plans, net of shares withheld for employee payroll taxes | (1,878) | (1,878) | |||||||
Issuance of common stock under employee equity plans, net of shares withheld for employee payroll taxes, (in shares) | 2,911 | ||||||||
Stock consideration in connection with fiscal 2022 acquisition | 10,000 | 10,000 | |||||||
Stock-based compensation related to stock awards | 47,649 | 47,649 | |||||||
Other comprehensive income (loss) | 567 | 567 | |||||||
Net loss | (14,573) | (14,573) | |||||||
Balance at Apr. 30, 2021 | 124,813 | $ 16 | 1,460,861 | (371) | (1,335,693) | ||||
Balance, Ending, Shares at Apr. 30, 2021 | 162,762 | ||||||||
Balance at Jan. 31, 2022 | $ (395,087) | $ 15 | 972,020 | (4,543) | (1,362,579) | ||||
Temporary equity, Beginning, Shares at Jan. 31, 2022 | 500 | 500 | |||||||
Temporary equity, Balance at Jan. 31, 2022 | $ 487,880 | $ 487,880 | |||||||
Balance, Beginning, Shares at Jan. 31, 2022 | 145,081 | ||||||||
Issuance of common stock under employee equity plans, net of shares withheld for employee payroll taxes | (27,394) | (27,394) | |||||||
Issuance of common stock under employee equity plans, net of shares withheld for employee payroll taxes, (in shares) | 4,159 | ||||||||
Stock consideration in connection with fiscal 2022 acquisition (in shares) | 559 | ||||||||
Stock-based compensation related to stock awards | 61,785 | 61,785 | |||||||
Accretion and dividend on series A convertible preferred stock, net of dividends paid | (4,221) | $ 471 | (4,221) | ||||||
Repurchases of common stock | (110,123) | (110,123) | |||||||
Repurchases of common stock (in shares) | (4,201) | ||||||||
Other comprehensive income (loss) | (4,226) | (4,226) | |||||||
Net loss | (4,699) | (4,699) | |||||||
Balance at Apr. 30, 2022 | $ (483,965) | $ 15 | $ 892,067 | $ (8,769) | $ (1,367,278) | ||||
Temporary equity, Ending, Shares at Apr. 30, 2022 | 500 | 500 | |||||||
Temporary equity, Balance at Apr. 30, 2022 | $ 488,351 | $ 488,351 | |||||||
Balance, Ending, Shares at Apr. 30, 2022 | 145,598 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (4,699) | $ (14,573) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 18,536 | 19,380 | |
Stock-based compensation expense | 47,110 | 41,790 | |
Amortization of deferred commissions | 13,145 | 10,517 | |
Other | 299 | 443 | |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | 136,876 | 116,835 | |
Deferred commissions | (9,059) | (7,927) | |
Operating lease right-of-use assets, net | 9,992 | 10,852 | |
Other assets | (15,368) | (8,816) | |
Accounts payable, accrued expenses and other liabilities | (18,450) | (11,906) | |
Operating lease liabilities | (11,866) | (13,927) | |
Deferred revenue | (58,786) | (47,896) | |
Net cash provided by operating activities | 107,730 | 94,772 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of short-term investment | (37,883) | (50,000) | |
Maturities of short-term investments | 80,000 | ||
Purchases of property and equipment, net of sale proceeds | (558) | (1,145) | |
Capitalized internal-use software costs | (2,532) | (1,178) | |
Acquisitions, net of cash acquired | (300) | (56,642) | |
Other | (315) | ||
Net cash used in investing activities | 38,412 | (108,965) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repurchase of common stock | (117,240) | ||
Payments of dividends to preferred stockholders | (3,750) | ||
Proceeds from issuances of common stock under employee equity plans | 14,464 | 13,866 | |
Employee payroll taxes paid for net settlement of restricted stock units | (41,839) | (15,684) | |
Principal payments of finance lease liabilities | (11,503) | (13,262) | |
Other | (2,323) | (3,768) | |
Net cash used in financing activities | (162,191) | (18,848) | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (8,501) | (211) | |
Net decrease in cash, cash equivalents, and restricted cash | (24,550) | (33,252) | |
Cash, cash equivalents, and restricted cash, beginning of period | [1] | 416,888 | 595,511 |
Cash, cash equivalents, and restricted cash, end of period | [1] | $ 392,338 | $ 562,259 |
[1] | Restricted cash is included in other current assets for the periods presented. |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Apr. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Note 1. Description of Business and Basis of Presentation Description of Business We were incorporated in the state of Washington in April 2005, and were reincorporated in the state of Delaware in March 2008. We changed our name from Box.Net, Inc. to Box, Inc. in November 2011. Box provides a leading cloud content management platform that enables organizations of all sizes to securely manage cloud content while allowing easy, secure access and sharing of this content from anywhere, on any device. Basis of Presentation The accompanying condensed consolidated balance sheet as of April 30, 2022 and the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive loss, the condensed consolidated statements of convertible preferred stock and stockholders’ (deficit) equity, and the condensed consolidated statements of cash flows for the three months ended April 30, 2022 and 2021, respectively, are unaudited. The condensed consolidated balance sheet data as of January 31, 2022 was derived from the audited consolidated financial statements that are included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2022 (the Form 10-K), which was filed with the Securities and Exchange Commission (the SEC) on March 16, 2022. The accompanying statements should be read in conjunction with the audited consolidated financial statements and related notes contained in our Form 10-K. There have been no other material changes to our critical accounting policies and estimates during the three months ended April 30, 2022 from those disclosed in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. Accordingly, they do not include all of the financial information and footnotes required by GAAP for complete financial statements. In the opinion of our management, the unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements in the Form 10-K and include all adjustments necessary for the fair presentation of our balance sheet as of April 30, 2022, and our results of operations, including our comprehensive loss, our convertible preferred stock and stockholders’ (deficit) equity, and our cash flows for the three months ended April 30, 2022 and 2021. All adjustments are of a normal recurring nature. The results for the three months ended April 30, 2022 are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending January 31, 2023. Certain prior period amounts reported in our condensed consolidated financial statements and notes thereto have been reclassified to conform to the current year presentation. Such reclassifications did not affect total revenues, operating income (loss), or net income (loss). Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make, on an ongoing basis, estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ from these estimates. Such estimates include, but are not limited to, the fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, timing and costs associated with our asset retirement obligations, the standalone selling price allocation included in contracts with multiple performance obligations, the expected benefit period for deferred commissions, the useful life of capitalized internal-use software costs, the incremental borrowing rate we use to determine our lease liabilities, the valuation of deferred income tax assets, and unrecognized tax benefits, among others. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Certain Risks and Concentrations Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments, and accounts receivable. Although we deposit our cash with multiple financial institutions, our deposits, at times, may exceed deposit insurance coverage limits. We sell to a broad range of customers. Our revenue is derived primarily from the United States across a multitude of industries. Accounts receivable are derived from the delivery of our services to customers primarily located in the United States. We accept and settle our accounts receivable using credit cards, electronic payments and checks. A majority of our lower dollar value invoices are settled by credit card on or near the date of the invoice. We do not require collateral from customers to secure accounts receivable. We maintain an allowance for doubtful accounts based upon the expected collectability, which takes into consideration specific customer creditworthiness and current economic trends. We believe collections of our accounts receivable are probable based on the size, industry diversification, financial condition and past transaction history of our customers. As of April 30, 2022 , no single customer accounted for more than 10 % of total accounts receivable. As of January 31, 2022 , one reseller, which is also a customer, accounted for more than 10 % of total accounts receivable. No single customer represented over 10 % of our revenue for the three months ended April 30, 2022 and 2021. We serve our customers and users from data center facilities operated by third parties. In order to reduce the risk of down time of our subscription services, we have established data centers and third-party cloud computing and hosting providers in various locations in the United States and abroad. We have internal procedures to restore services in the event of disaster at any one of our current data center facilities. Even with these procedures for disaster recovery in place, our cloud services could be significantly interrupted during the implementation of the procedures to restore services. Geographic Locations For the three months ended April 30, 2022 and 2021 , revenue attributable to customers in the United States was 66 % and 69 %, respectively. For the three months ended April 30, 2022 and 2021 , revenue attributable to customers in Japan was 19 % and 17 %, respectively. As of April 30, 2022 and January 31, 2022 , substantially all of our property and equipment was located in the United States. Summary of Significant Accounting Policies Marketable Securities We classify our marketable securities as available-for-sale securities as we may sell these securities at any time for use in operations or for other purposes. We record such securities at fair value in our condensed consolidated balance sheet, with unrealized gains or losses reported as a component of accumulated other comprehensive loss. The amount of unrealized gains or losses reclassified into earnings is based on specific identification when the securities are sold. We periodically evaluate if any security has experienced credit-related declines in fair value, which are recorded against an allowance for credit losses with an offsetting entry to interest and other expense, net on the condensed consolidated statement of operations. There have been no other material changes to our significant accounting policies during the three months ended April 30, 2022 from those disclosed in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K for the fiscal year ended January 31, 2022 . |
Revenue
Revenue | 3 Months Ended |
Apr. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 2. Revenue Contract Assets Contract assets, which are presented within accounts receivable, was $ 1.5 million and $ 1.1 million as of April 30, 2022 and January 31, 2022, respectively. Deferred Revenue Deferred revenue was $ 468.4 million and $ 534.2 million as of April 30, 2022 and January 31, 2022, respectively. During the three months ended April 30, 2022 and 2021 , we recognized $ 202.4 million and $ 167.4 million of revenue that was included in the deferred revenue balance as of January 31, 2022 and 2021, respectively. Transaction Price Allocated to the Remaining Performance Obligations As of April 30, 2022 , we had remaining performance obligations from contracts with customers of $ 1.0 billion. We expect to recognize revenue on 62 % of these remaining performance obligations over the next 12 months , with the substantial majority of the remaining balance expected to be recognized within 24 months . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 3. Fair Value of Financial Instruments The amortized cost, unrealized gain (loss) and estimated fair value of marketable securities were as follows (in thousands): April 30, 2022 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: U.S treasury securities $ 9,999 $ — $ — $ 9,999 Commercial paper 1,999 — — 1,999 Money market funds 166,263 — — 166,263 Total cash equivalents $ 178,261 $ — $ — $ 178,261 Short-term investments: U.S treasury securities $ 35,921 $ — $ ( 24 ) $ 35,897 Commercial paper 1,992 — — 1,992 Total short-term investments $ 37,913 $ — $ ( 24 ) $ 37,889 Total cash equivalents and short-term investments $ 216,174 $ — $ ( 24 ) $ 216,150 January 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 202,446 $ — $ — $ 202,446 Total cash equivalents $ 202,446 $ — $ — $ 202,446 As of April 30, 2022, contractual maturities of marketable securities were all within one year. As of April 30, 2022, we do not consider any portion of the unrealized losses to be credit losses. Fair Value Measurements We measure our financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We define fair value as the exchange price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: • Level 1—Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs are quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices which are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments. • Level 3—Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. These inputs are based on our own assumptions used to measure assets and liabilities at fair value and require significant management judgment or estimation. Assets and Liabilities Measured at Fair Value on a Recurring Basis Financial assets subject to the fair value disclosure requirements were as follows (in thousands): April 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: U.S treasury securities $ 9,999 $ — $ — $ 9,999 Commercial paper — 1,999 — 1,999 Money market funds 166,263 — — 166,263 Total cash equivalents $ 176,262 $ 1,999 $ — $ 178,261 Short-term investments: U.S treasury securities $ 35,897 $ — $ — $ 35,897 Commercial paper — 1,992 — 1,992 Total short-term investments $ 35,897 $ 1,992 $ — $ 37,889 Total cash equivalents and short-term investments $ 212,159 $ 3,991 $ — $ 216,150 January 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 202,446 $ — $ — $ 202,446 As of April 30, 2022 and January 31, 2022 , we had certificates of deposit for a total of $ 90 million and $ 170 million, respectively, with original maturities of more than three months and less than twelve months that are classified as short-term investments in our consolidated balance sheet. Fair Value Measurements of Other Financial Instruments In November 2017, we entered into a secured credit agreement (as amended or otherwise modified from time to time, the “November 2017 Facility”). As of April 30, 2022 and January 31, 2022 , we had total debt outstanding relating to the November 2017 Facility with a carrying amount of $ 30.0 million. The estimated fair value of the November 2017 Facility, which we have classified as a Level 2 financial instrument, approximates its carrying value. In January 2021, we issued $ 345.0 million aggregate principal amount of 0.00 % convertible senior notes due January 15, 2026 (the “Notes”). The fair value of the Notes is determined using observable market prices. The fair value of the Notes, which we have classified as a Level 2 instrument, was $ 458.6 million and $ 413.1 million as of April 30, 2022 and January 31, 2022 , respectively. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Apr. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | Note 4. Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): April 30, January 31, 2022 2022 Servers and related equipment $ 353,906 $ 353,787 Leasehold improvements 79,196 75,981 Computer hardware 21,284 20,935 Furniture and fixtures 15,307 14,421 Construction in progress 755 6,324 Total property and equipment 470,448 471,448 Less: accumulated depreciation ( 378,405 ) ( 365,693 ) Total property and equipment, net $ 92,043 $ 105,755 As of April 30, 2022 , the gross carrying amount of property and equipment included $ 258.9 million of servers and related equipment and construction in progress acquired under finance leases, and the accumulated depreciation of property and equipment acquired under these finance leases was $ 207.6 million. As of January 31, 2022 , the gross carrying amount of property and equipment included $ 258.8 million of servers and related equipment and construction in progress acquired under finance leases, and the accumulated depreciation of property and equipment acquired under these finance leases was $ 196.6 million. Depreciation expense related to property and equipment was $ 14.8 million and $ 16.2 million for the three months ended April 30, 2022 and 2021 , respectively. Included in these amounts were depreciation expense for servers and related equipment acquired under finance leases in the amount of $ 12.0 million and $ 13.1 million for the same periods, respectively. Operating Lease Right-of-Use Assets, Net Operating lease right-of-use assets, net consisted of the following (in thousands): April 30, January 31, 2022 2022 Operating lease right-of-use assets $ 290,407 $ 290,808 Less: accumulated amortization ( 126,733 ) ( 118,000 ) Operating lease right-of-use assets, net $ 163,674 $ 172,808 |
Leases
Leases | 3 Months Ended |
Apr. 30, 2022 | |
Leases [Abstract] | |
Leases | Note 5. Leases We have entered into various non-cancellable operating lease agreements for certain of our offices and data centers with lease periods expiring primarily between fiscal years 2023 and 2029 . Certain of these arrangements have free or escalating rent payment provisions and optional renewal or termination clauses. Our operating leases typically include variable lease payments, which are primarily comprised of common area maintenance and utility charges for our offices and power and network connections for our data centers, that are determined based on actual consumption. Our operating lease agreements do not contain any residual value guarantees, covenants, or other restrictions. We have also entered into various finance lease arrangements to obtain servers and related equipment for our data center operations. These agreements are primarily for four years and certain of these arrangements have optional renewal or termination clauses. The leases are secured by the underlying leased servers and related equipment. We sublease certain floors of our Redwood City and London offices. Our current subleases have total lease terms ranging from 11 to 96 months that will expire at various dates by fiscal year 2025 . The components of lease cost, which were included in operating expenses in our condensed consolidated statements of operations, were as follows (in thousands): Three Months Ended April 30, 2022 2021 Finance lease cost: Amortization of finance lease right-of-use assets $ 11,960 $ 13,082 Interest on finance lease liabilities 665 1,171 Operating lease cost, gross 12,589 13,780 Variable lease cost, gross 1,992 2,302 Sublease income ( 2,256 ) ( 3,194 ) Total lease cost $ 24,950 $ 27,141 As of April 30, 2022, maturities of our operating and finance lease liabilities, which do not include short-term leases and variable lease payments, are as follows (in thousands): Years ending January 31: Operating Leases (1) Finance Leases Remainder of 2023 $ 41,196 $ 32,287 2024 54,253 $ 19,585 2025 36,182 $ 1,574 2026 31,731 — 2027 30,393 — Thereafter 35,999 — Total lease payments $ 229,754 $ 53,446 Less: imputed interest $ ( 27,917 ) $ ( 1,713 ) Present value of total lease liabilities $ 201,837 $ 51,733 (1) Non-cancellable sublease proceeds for the remainder of the fiscal year ending January 31, 2023 and the fiscal years ending January 31, 2024, and 2025, of $ 5.8 million, $ 4.5 million, and $ 4.2 million, respectively, are not included in the table above. |
Acquisitions
Acquisitions | 3 Months Ended |
Apr. 30, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | Note 6. Acquisitions Results of operations for the acquisitions described in this Note have been included in our consolidated statements of operations since the acquisition dates and were not material. Pro forma results of operations for these acquisitions have not been presented because they were also not material to the consolidated results of operations. SignRequest B.V. On February 8, 2021, we completed the acquisition of SignRequest B.V. (SignRequest), an e-signature provider, for total aggregate consideration of $ 54.3 million comprised of a combination of cash and shares of our Class A common stock. Box acquired SignRequest to develop Box Sign, an e-signature capability that will be developed on Sign-Request’s technology and natively integrated into Box. The consideration paid was $ 44.3 million of cash and 550,366 shares of our Class A common stock valued at $ 10.0 million. Under the acquisition method of accounting, the total final purchase price was allocated to SignRequest’s net tangible and intangible assets based upon their estimated fair values as of the acquisition date. Of the total purchase price, $ 43.4 million was allocated to goodwill, $ 14.9 million to the acquired developed technology, $ 2.5 million to deferred tax liability and the remainder to net liabilities assumed which were not material. The goodwill recognized was primarily attributed to increased synergies that are expected to be achieved from the integration of the acquired developed technology into the Box service. Goodwill is non-deductible for tax purposes. Cloud FastPath On February 16, 2021, we purchased certain assets and assumed certain liabilities of, and hired certain employees from, Cloud FastPath, a cloud-based content migration solution, for total consideration of $ 14.8 million paid in cash. We entered into this agreement with Cloud FastPath to supplement and enhance Box Shuttle, our full-service content migration program. The fair value of the consideration transferred on the date of purchase totaled $ 14.8 million, which consisted of cash consideration of $ 12.4 million and $ 2.4 million which has been held back for fifteen months from the date of purchase as partial security against indemnification obligations. Under the acquisition method of accounting, the total final purchase price was allocated to Cloud FastPath’s net tangible and intangible assets based on their estimated fair values as of the date of purchase. Of the total purchase price, $ 13.2 million was allocated to goodwill, $ 5.8 million to the acquired developed technology, $ 4.8 million to deferred revenue and the remainder to net assets assumed which were not material. The goodwill recognized was primarily attributed to increased synergies that are expected to be achieved from the integration of the acquired developed technology into the Box service. Goodwill is deductible for tax purposes. |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets | 3 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | Note 7. Goodwill and Acquired Intangible Assets Goodwill was $ 72.9 million and $ 74.5 million as of April 30, 2022 and January 31, 2022, respectively. Goodwill balances were partially offset by the effect of foreign currency translation. Goodwill as of January 31, 2022 included the acquisitions of SignRequest and Cloud FastPath described in Note 6 and others. We did no t record any goodwill impairment during the three months ended April 30, 2022 and 2021. Acquired intangible assets are included in other long-term assets in the condensed consolidated balance sheets. Acquired intangible assets consisted of the following (in thousands): Weighted-Average Remaining Useful Life (Years) Gross Value Accumulated Amortization Net Carrying Value Balance as of January 31, 2022 $ 22,711 $ ( 5,003 ) $ 17,708 Developed technology 3.04 160 ( 1,452 ) ( 1,292 ) Balance as of April 30, 2022 $ 22,871 $ ( 6,455 ) $ 16,416 Acquired intangible assets are amortized on a straight-line basis over the useful life. Acquired intangible assets amortization was $ 1.5 million and $ 0.9 million for the three months ended April 30, 2022 and 2021, respectively. Amortization of acquired developed technology is included in cost of revenue in the condensed consolidated statements of operations. As of April 30, 2022, expected amortization expense for acquired intangible assets was as follows (in thousands): Fiscal years ending January 31: Remainder of 2023 $ 4,356 2024 5,808 2025 3,490 2026 2,762 Total $ 16,416 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8. Commitments and Contingencies Letters of Credit As of April 30, 2022 and January 31, 2022 , we had letters of credit in the aggregate amount of $ 18.6 million in connection with our operating leases and voluntary disability insurance (VDI) program, which were primarily issued under the available sublimit for the issuance of letters of credit in conjunction with a secured credit agreement as disclosed in Note 9. Purchase Obligations Our purchase obligations relate primarily to infrastructure services and IT software and support services costs. As of April 30, 2022, future payments under non-cancellable contractual purchases, which were not recognized on our condensed consolidated balance sheet, are as follows, shown in accordance with the payment due date (in thousands): Fiscal years ending January 31: 2023 $ 3,745 2024 9,815 2025 144,984 2026 — 2027 263,750 Total $ 422,294 Our contracts for infrastructure services and IT software, which have terms ranging from 2 to 8 years, support our long-term goals of improving gross margin. In addition to the purchase obligations included above, as of April 30, 2022 , we recognized a total of $ 6.2 million related to non-cancellable contractual purchases, which were included in accounts payable, accrued expenses and other current liabilities and other long-term liabilities on the condensed consolidated balance sheet. $ 6.0 million and $ 0.2 million is due to be paid in the remainder of the fiscal year ending January 31, 2023 and the fiscal year ending January 31, 2024, respectively. Legal Matters From time to time, we are subject to litigation and claims that arise in the ordinary course of business. We investigate litigation and claims as they arise and accrue estimates for resolution of legal and other contingencies when losses are probable and estimable. Although the results of litigation and claims cannot be predicted with certainty, we believe there was not at least a reasonable possibility that we had incurred a material loss with respect to such loss contingencies as of April 30, 2022. Indemnification We include service level commitments to our customers warranting certain levels of uptime reliability and performance and permitting those customers to receive credits in the event that we fail to meet those levels. In addition, our customer contracts often include (i) specific obligations that we maintain the availability of the customer’s data through our service and that we secure customer content against unauthorized access or loss, and (ii) indemnity provisions whereby we indemnify our customers for third-party claims asserted against them that result from our failure to maintain the availability of their content or securing the same from unauthorized access or loss. To date, we have not incurred any material costs as a result of such commitments. Our arrangements generally include certain provisions for indemnifying customers against liabilities if our products or services infringe a third party’s intellectual property rights. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. To date, we have not incurred any material costs as a result of such obligations and have not accrued any material liabilities related to such obligations in the condensed consolidated financial statements. In addition, we indemnify our officers, directors and certain key employees while they are serving in good faith in their respective capacities. To date, there have been no claims under any indemnification provisions. |
Debt
Debt | 3 Months Ended |
Apr. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 9. Debt Convertible Senior Notes In January 2021, we issued $ 345.0 million aggregate principal amount of 0.00 % convertible senior notes due January 15, 2026 . The Notes are senior unsecured obligations and do not bear regular interest. Each $ 1,000 principal amount of the Notes will be convertible into 38.7962 shares of our Class A common stock, which is equivalent to a conversion price of approximately $ 25.78 per share. There have been no changes to the conversion or redemption terms of the Notes during the three months ended April 30, 2022 from those disclosed in Item 8. Financial Statements and Supplementary Data in our Form 10-K for the fiscal year ended January 31, 2022. As of April 30, 2022, the conditions allowing holders of the Notes to convert were not met. The net carrying amount of the Notes consisted of the following (in thousands): April 30, January 31, 2022 2022 Principal $ 345,000 $ 345,000 Unamortized issuance costs ( 7,066 ) ( 7,537 ) Net carrying amount $ 337,934 $ 337,463 Issuance costs are being amortized to interest expense over the term of the Notes using the effective interest rate method. The effective interest rate used to amortize the issuance costs was 0.56 %. For the three months ended April 30, 2022 and 2021 , our interest expense recognized related to the Notes were not material. Capped Calls In connection with the pricing of the Notes, we entered into privately negotiated capped call transactions with certain counterparties (the "Capped Calls"). The Capped Calls each have a strike price of approximately $ 25.80 per share, subject to certain adjustments, which correspond to the initial conversion price of the Notes. The Capped Calls have initial cap prices of $ 35.58 per share, subject to certain adjustments. The Capped Calls cover, subject to anti-dilution adjustments, approximately 13.4 million shares of our Class A common stock. The Capped Calls are generally intended to reduce or offset the potential dilution to our common stock upon any conversion of the Notes with such reduction or offset, as the case may be, subject to a cap based on the cap price. The Capped Calls are separate transactions, and not part of the terms of the Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders’ (deficit) equity and are not accounted for as derivatives. The cost of $ 27.8 million incurred in connection with the Capped Calls was recorded as a reduction to additional paid-in capital. Line of Credit On November 27, 2017 , we entered into a secured credit agreement (as amended or otherwise modified from time to time, the November 2017 Facility). On July 26, 2021, we entered into Amendment No. 4 to the November 2017 Facility. Pursuant to the terms of the amendment, the maturity date of borrowings under the November 2017 Facility is July 26, 2024 , the revolving commitment is $ 65.0 million, and it provides for a sublimit for the issuance of letters of credit of $ 45.0 million. The revolving loans accrue interest at a LIBOR rate (based on one, three or six-month interest periods) plus a margin ranging from 1.15 % to 1.65 %. The margin is determined based on the senior secured leverage ratio, as defined in the November 2017 Facility. Borrowings under the November 2017 Facility are collateralized by substantially all of our assets. The November 2017 Facility requires us to comply with a maximum leverage ratio and a minimum liquidity requirement. Additionally, the November 2017 Facility contains customary affirmative and negative covenants. As of April 30, 2022 , we had total debt outstanding with a carrying amount of $ 30.0 million and we were in compliance with all financial covenants. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock and Stockholders' Deficit | 3 Months Ended |
Apr. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Redeemable Convertible Preferred Stock and Stockholders' Deficit | Note 10. Redeemable Convertible Preferred Stock and Stockholders’ Deficit Series A Convertible Preferred Stock On April 7, 2021, we entered into an investment agreement with group of investors led by KKR & Co. Inc. (collectively “KKR”) relating to the issuance and sale of 500,000 shares of our Series A Convertible Preferred Stock, par value $ 0.0001 per share, for an aggregate purchase price of $ 500 million, or $ 1,000 per share. The closing of the Issuance occurred on May 12, 2021 (the “Closing Date”). The Series A Preferred Stock rank senior to our Class A common stock with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of Box. The Series A Preferred Stock initially have a liquidation preference of $ 1,000 per share. Holders of the Series A Preferred Stock are entitled to a cumulative dividend (the “Dividend”) at the rate of 3.0 % per annum, compounding quarterly, paid-in-kind or paid in cash, at our election. For any quarter in which we elect not to pay the Dividend in cash with respect to a share of Series A Preferred Stock, such Dividend will become part of the liquidation preference of such share, as set forth in the Certificate of Designations designating the Series A Preferred Stock (the “Certificate of Designations”). During the three months ended April 30, 2022 , we paid cash dividends to our Series A Preferred Stockholders in the amount of $ 3.8 million and as of April 30, 2022 , we had accrued dividends of $ 1.2 million on the Series A Preferred Stock. Accrued dividends are recorded against additional paid-in capital due to Box being in an accumulated deficit position. During the three months ended April 30, 2022 , we recognized $ 0.5 million of accretion. The Series A Preferred Stock is convertible at the option of the holders thereof at any time into shares of Class A common stock at an initial conversion price of $ 27.00 per share. At any time after the third anniversary of the Closing Date, if the volume weighted average price of our Class A common stock exceeds 200 % of the conversion price set forth in the Certificate of Designations, for at least 20 trading days in any period of 30 consecutive trading days, including the last day of such trading period, at our election, all of the Series A Preferred Stock will be convertible into the applicable number of shares of Class A common stock. There have been no changes to the voting rights or redemption terms of the Series A Preferred Stock during the three months ended April 30, 2022 from those disclosed in Item 8. Financial Statements and Supplementary Data in our Form 10-K for the fiscal year ended January 31, 2022. Share Repurchase Plan Between July 2021 and April 30, 2022, our board of directors authorized the repurchase of up to an aggregate of $ 610 million of shares of our Class A common stock. As of April 30, 2022 , we had used approximately $ 438.4 million to repurchase 17.5 million shares and approximately $ 147.7 million remained available for additional share repurchases. During the three months ended April 30, 2022 , we repurchased 4.2 million shares at a weighted average price of $ 26.17 per share for a total amount of $ 109.9 million. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Apr. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 11. Stock-Based Compensation Employee Equity Plans In January 2015, our board of directors adopted the 2015 Equity Incentive Plan (the “2015 Plan”), which became effective prior to the completion of our initial public offering (“IPO” ). Awards granted under the 2015 Plan may be (i) incentive stock options, (ii) nonstatutory stock options, (iii) restricted stock units, (iv) restricted stock awards or (v) stock appreciation rights, as determined by our board of directors at the time of grant. Generally, our restricted stock units vest over four years and, (a) for employee new hire restricted stock unit grants, twenty-five percent vest one year from the vesting commencement date and continue to vest 1/16 th per quarter thereafter; or (b) for employee refresh restricted stock unit grants, 1/16 th per quarter vest from the vesting commencement date. As of April 30, 2022 , 23,256,575 shares were reserved for future issuance under the 2015 Plan. In January 2015, our board of directors adopted the 2015 Employee Stock Purchase Plan (the “2015 ESPP” ), which became effective prior to the completion of our IPO. The 2015 ESPP allows eligible employees to purchase shares of our Class A common stock at a discount of up to 15 % through payroll deductions of their eligible compensation, subject to any plan limitations. The 2015 ESPP provides for 24-month offering periods beginning March 16 and September 16 of each year, and each offering period consists of four six-month purchase periods. On each purchase date, eligible employees may purchase our stock at a price per share equal to 85 % of the lesser of (1) the fair market value of our stock on the offering date or (2) the fair market value of our stock on the purchase date. In the event the price is lower on the last day of any purchase price period, in addition to using that price as the basis for that purchase period, the offering period resets and the new lower price becomes the new offering price for a new 24 month offering period. As of April 30, 2022 , 5,795,134 shares were reserved for future issuance under the 2015 ESPP. Stock Options The following table summarizes the stock option activity under the equity incentive plans and related information: Shares Subject to Options Outstanding Weighted- Weighted- Remaining Average Exercise Contractual Life Aggregate Shares Price (Years) Intrinsic Value (in thousands) Balance as of January 31, 2022 5,726,893 $ 11.74 3.04 $ 82,481 Options granted — — Options exercised ( 2,056,625 ) 2.99 Options forfeited/cancelled ( 650,000 ) 20.28 Balance as of April 30, 2022 3,020,268 $ 15.85 4.04 $ 44,607 Vested and expected to vest as of April 30, 2022 3,014,014 $ 15.84 4.04 $ 44,538 Exercisable as of April 30, 2022 2,894,679 $ 15.69 3.92 $ 43,212 As of April 30, 2022 , there was $ 0.2 million of unrecognized stock-based compensation expense related to outstanding stock options granted to employees that is expected to be recognized over a weighted-average period of less than one year . Restricted Stock Units The following table summarizes the restricted stock unit activity under the equity incentive plans and related information: Number of Weighted- Restricted Average Stock Units Grant Date Outstanding Fair Value Unvested balance - January 31, 2022 14,840,913 $ 21.35 Granted 6,648,364 29.16 Vested ( 2,376,125 ) 22.75 Forfeited/cancelled ( 718,642 ) 21.34 Unvested balance - October 31, 2021 18,394,510 $ 23.99 As of April 30, 2022 , there was $ 412.4 million of unrecognized stock-based compensation expense related to outstanding restricted stock units granted to employees that is expected to be recognized over a weighted-average period of 3.06 years. Performance-Based Restricted Stock Units We use performance-based incentives for certain employees, including our named executive officers, to achieve our annual financial and operational objectives, while making progress towards our longer-term strategic and growth goals. Based on a review of our actual achievement of pre-established corporate financial objectives and additional inputs from our Compensation Committee, the Fiscal 2022 Executive Bonus Plan was determined, settled and paid out in the first quarter of fiscal year 2023 in the form of fully vested restricted stock units. During the first quarter of fiscal year 2023, our Compensation Committee also adopted and approved the performance criteria and targets for the Fiscal 2023 Executive Bonus Plan, which is expected to be paid out in the form of cash and fully vested restricted stock units in the first quarter of fiscal year 2024. During the three months ended April 30, 2022 , we recognized stock-based compensation expense related to the Fiscal 2022 and Fiscal 2023 Executive Bonus Plans in the amount of $ 4.5 million and $ 2.4 million, respectively. The unrecognized compensation expense related to the ungranted and unvested Fiscal 2023 Executive Bonus Plan is $ 10.9 million, based on the expected performance against the pre-established corporate financial objectives as of April 30, 2022, which is expected to be recognized over a remaining weighted-average period of less than one year. 2015 ESPP As of April 30, 2022 , there was $ 16.6 million of unrecognized stock-based compensation expense related to the 2015 ESPP that is expected to be recognized over the remaining term of the respective offering periods. Stock-Based Compensation The following table summarizes the components of stock-based compensation expense recognized in the condensed consolidated statements of operations (in thousands): Three Months Ended April 30, 2022 2021 Cost of revenue $ 4,355 $ 5,340 Research and development 17,726 15,453 Sales and marketing 15,289 11,551 General and administrative 9,740 9,446 Total stock-based compensation $ 47,110 $ 41,790 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Apr. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Note 12. Net Loss per Share The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share amounts): Three Months Ended April 30, 2022 2021 Numerator: Net loss $ ( 4,699 ) $ ( 14,573 ) Dividend on series A convertible preferred stock ( 3,695 ) — Accretion of series A convertible preferred stock ( 527 ) — Net loss attributable to common stockholders $ ( 8,921 ) $ ( 14,573 ) Denominator: Weighted-average number of shares used to compute net loss per share attributable to common stockholders, basic and diluted 144,725 161,733 Net loss per share attributable to common stockholders, basic and diluted $ ( 0.06 ) $ ( 0.09 ) The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been antidilutive (in thousands): Three Months Ended April 30, 2022 2021 Options to purchase common stock 3,896 5,369 Restricted stock units 15,682 15,471 Employee stock purchase plan 1,746 1,743 Shares related to convertible preferred stock 18,540 — Shares related to the convertible senior notes 1,007 601 Total 40,871 23,184 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13. Income Taxes We evaluate uncertain tax positions for recognition using a more-likely-than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information. We believe that we have provided adequate reserves for our income tax uncertainties in all open tax years. We file tax returns in the U.S. for federal, California, and other states. All tax years remain open to examination for both federal and state purposes as a result of our net operating loss and credit carryforwards. We file tax returns in the United Kingdom and other foreign jurisdictions in which we operate. Certain tax years remain open to examination. |
Segments
Segments | 3 Months Ended |
Apr. 30, 2022 | |
Segment Reporting [Abstract] | |
Segments | Note 14. Segments Our chief operating decision maker reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. As such, we have a single reporting segment and operating unit structure. Since we operate in one operating segment, all required segment information can be found in the condensed consolidated financial statements. |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
Apr. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated balance sheet as of April 30, 2022 and the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive loss, the condensed consolidated statements of convertible preferred stock and stockholders’ (deficit) equity, and the condensed consolidated statements of cash flows for the three months ended April 30, 2022 and 2021, respectively, are unaudited. The condensed consolidated balance sheet data as of January 31, 2022 was derived from the audited consolidated financial statements that are included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2022 (the Form 10-K), which was filed with the Securities and Exchange Commission (the SEC) on March 16, 2022. The accompanying statements should be read in conjunction with the audited consolidated financial statements and related notes contained in our Form 10-K. There have been no other material changes to our critical accounting policies and estimates during the three months ended April 30, 2022 from those disclosed in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. Accordingly, they do not include all of the financial information and footnotes required by GAAP for complete financial statements. In the opinion of our management, the unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements in the Form 10-K and include all adjustments necessary for the fair presentation of our balance sheet as of April 30, 2022, and our results of operations, including our comprehensive loss, our convertible preferred stock and stockholders’ (deficit) equity, and our cash flows for the three months ended April 30, 2022 and 2021. All adjustments are of a normal recurring nature. The results for the three months ended April 30, 2022 are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending January 31, 2023. Certain prior period amounts reported in our condensed consolidated financial statements and notes thereto have been reclassified to conform to the current year presentation. Such reclassifications did not affect total revenues, operating income (loss), or net income (loss). |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make, on an ongoing basis, estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ from these estimates. Such estimates include, but are not limited to, the fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, timing and costs associated with our asset retirement obligations, the standalone selling price allocation included in contracts with multiple performance obligations, the expected benefit period for deferred commissions, the useful life of capitalized internal-use software costs, the incremental borrowing rate we use to determine our lease liabilities, the valuation of deferred income tax assets, and unrecognized tax benefits, among others. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. |
Certain Risks and Concentrations | Certain Risks and Concentrations Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments, and accounts receivable. Although we deposit our cash with multiple financial institutions, our deposits, at times, may exceed deposit insurance coverage limits. We sell to a broad range of customers. Our revenue is derived primarily from the United States across a multitude of industries. Accounts receivable are derived from the delivery of our services to customers primarily located in the United States. We accept and settle our accounts receivable using credit cards, electronic payments and checks. A majority of our lower dollar value invoices are settled by credit card on or near the date of the invoice. We do not require collateral from customers to secure accounts receivable. We maintain an allowance for doubtful accounts based upon the expected collectability, which takes into consideration specific customer creditworthiness and current economic trends. We believe collections of our accounts receivable are probable based on the size, industry diversification, financial condition and past transaction history of our customers. As of April 30, 2022 , no single customer accounted for more than 10 % of total accounts receivable. As of January 31, 2022 , one reseller, which is also a customer, accounted for more than 10 % of total accounts receivable. No single customer represented over 10 % of our revenue for the three months ended April 30, 2022 and 2021. We serve our customers and users from data center facilities operated by third parties. In order to reduce the risk of down time of our subscription services, we have established data centers and third-party cloud computing and hosting providers in various locations in the United States and abroad. We have internal procedures to restore services in the event of disaster at any one of our current data center facilities. Even with these procedures for disaster recovery in place, our cloud services could be significantly interrupted during the implementation of the procedures to restore services. Geographic Locations For the three months ended April 30, 2022 and 2021 , revenue attributable to customers in the United States was 66 % and 69 %, respectively. For the three months ended April 30, 2022 and 2021 , revenue attributable to customers in Japan was 19 % and 17 %, respectively. As of April 30, 2022 and January 31, 2022 , substantially all of our property and equipment was located in the United States. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Marketable Securities We classify our marketable securities as available-for-sale securities as we may sell these securities at any time for use in operations or for other purposes. We record such securities at fair value in our condensed consolidated balance sheet, with unrealized gains or losses reported as a component of accumulated other comprehensive loss. The amount of unrealized gains or losses reclassified into earnings is based on specific identification when the securities are sold. We periodically evaluate if any security has experienced credit-related declines in fair value, which are recorded against an allowance for credit losses with an offsetting entry to interest and other expense, net on the condensed consolidated statement of operations. There have been no other material changes to our significant accounting policies during the three months ended April 30, 2022 from those disclosed in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K for the fiscal year ended January 31, 2022 . |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Amortized Cost, Unrealized Gain (Loss) and Estimated Fair Value of Cash Equivalents and Short-term Investments | The amortized cost, unrealized gain (loss) and estimated fair value of marketable securities were as follows (in thousands): April 30, 2022 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: U.S treasury securities $ 9,999 $ — $ — $ 9,999 Commercial paper 1,999 — — 1,999 Money market funds 166,263 — — 166,263 Total cash equivalents $ 178,261 $ — $ — $ 178,261 Short-term investments: U.S treasury securities $ 35,921 $ — $ ( 24 ) $ 35,897 Commercial paper 1,992 — — 1,992 Total short-term investments $ 37,913 $ — $ ( 24 ) $ 37,889 Total cash equivalents and short-term investments $ 216,174 $ — $ ( 24 ) $ 216,150 January 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 202,446 $ — $ — $ 202,446 Total cash equivalents $ 202,446 $ — $ — $ 202,446 |
Summary of Financial Assets Subject to Fair Value | Financial assets subject to the fair value disclosure requirements were as follows (in thousands): April 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: U.S treasury securities $ 9,999 $ — $ — $ 9,999 Commercial paper — 1,999 — 1,999 Money market funds 166,263 — — 166,263 Total cash equivalents $ 176,262 $ 1,999 $ — $ 178,261 Short-term investments: U.S treasury securities $ 35,897 $ — $ — $ 35,897 Commercial paper — 1,992 — 1,992 Total short-term investments $ 35,897 $ 1,992 $ — $ 37,889 Total cash equivalents and short-term investments $ 212,159 $ 3,991 $ — $ 216,150 January 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 202,446 $ — $ — $ 202,446 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): April 30, January 31, 2022 2022 Servers and related equipment $ 353,906 $ 353,787 Leasehold improvements 79,196 75,981 Computer hardware 21,284 20,935 Furniture and fixtures 15,307 14,421 Construction in progress 755 6,324 Total property and equipment 470,448 471,448 Less: accumulated depreciation ( 378,405 ) ( 365,693 ) Total property and equipment, net $ 92,043 $ 105,755 |
Schedule of Operating Lease Right-of-Use Assets, Net | Operating lease right-of-use assets, net consisted of the following (in thousands): April 30, January 31, 2022 2022 Operating lease right-of-use assets $ 290,407 $ 290,808 Less: accumulated amortization ( 126,733 ) ( 118,000 ) Operating lease right-of-use assets, net $ 163,674 $ 172,808 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Leases [Abstract] | |
Summary of Components of Lease Cost | The components of lease cost, which were included in operating expenses in our condensed consolidated statements of operations, were as follows (in thousands): Three Months Ended April 30, 2022 2021 Finance lease cost: Amortization of finance lease right-of-use assets $ 11,960 $ 13,082 Interest on finance lease liabilities 665 1,171 Operating lease cost, gross 12,589 13,780 Variable lease cost, gross 1,992 2,302 Sublease income ( 2,256 ) ( 3,194 ) Total lease cost $ 24,950 $ 27,141 |
Summary of Maturities of Operating and Finance Lease Liabilities | As of April 30, 2022, maturities of our operating and finance lease liabilities, which do not include short-term leases and variable lease payments, are as follows (in thousands): Years ending January 31: Operating Leases (1) Finance Leases Remainder of 2023 $ 41,196 $ 32,287 2024 54,253 $ 19,585 2025 36,182 $ 1,574 2026 31,731 — 2027 30,393 — Thereafter 35,999 — Total lease payments $ 229,754 $ 53,446 Less: imputed interest $ ( 27,917 ) $ ( 1,713 ) Present value of total lease liabilities $ 201,837 $ 51,733 (1) Non-cancellable sublease proceeds for the remainder of the fiscal year ending January 31, 2023 and the fiscal years ending January 31, 2024, and 2025, of $ 5.8 million, $ 4.5 million, and $ 4.2 million, respectively, are not included in the table above. |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Acquired Intangible Assets | Acquired intangible assets are included in other long-term assets in the condensed consolidated balance sheets. Acquired intangible assets consisted of the following (in thousands): Weighted-Average Remaining Useful Life (Years) Gross Value Accumulated Amortization Net Carrying Value Balance as of January 31, 2022 $ 22,711 $ ( 5,003 ) $ 17,708 Developed technology 3.04 160 ( 1,452 ) ( 1,292 ) Balance as of April 30, 2022 $ 22,871 $ ( 6,455 ) $ 16,416 |
Schedule of Expected Amortization Expense for Acquired Intangible Assets | As of April 30, 2022, expected amortization expense for acquired intangible assets was as follows (in thousands): Fiscal years ending January 31: Remainder of 2023 $ 4,356 2024 5,808 2025 3,490 2026 2,762 Total $ 16,416 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Payments under Non-cancellable Contractual Purchases | As of April 30, 2022, future payments under non-cancellable contractual purchases, which were not recognized on our condensed consolidated balance sheet, are as follows, shown in accordance with the payment due date (in thousands): Fiscal years ending January 31: 2023 $ 3,745 2024 9,815 2025 144,984 2026 — 2027 263,750 Total $ 422,294 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Net Carrying Amounts of Liability and Equity Component of Notes | The net carrying amount of the Notes consisted of the following (in thousands): April 30, January 31, 2022 2022 Principal $ 345,000 $ 345,000 Unamortized issuance costs ( 7,066 ) ( 7,537 ) Net carrying amount $ 337,934 $ 337,463 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity Under Equity Incentive Plans and Related Information | The following table summarizes the stock option activity under the equity incentive plans and related information: Shares Subject to Options Outstanding Weighted- Weighted- Remaining Average Exercise Contractual Life Aggregate Shares Price (Years) Intrinsic Value (in thousands) Balance as of January 31, 2022 5,726,893 $ 11.74 3.04 $ 82,481 Options granted — — Options exercised ( 2,056,625 ) 2.99 Options forfeited/cancelled ( 650,000 ) 20.28 Balance as of April 30, 2022 3,020,268 $ 15.85 4.04 $ 44,607 Vested and expected to vest as of April 30, 2022 3,014,014 $ 15.84 4.04 $ 44,538 Exercisable as of April 30, 2022 2,894,679 $ 15.69 3.92 $ 43,212 |
Summary of Restricted Stock Unit Activity Under Equity Incentive Plans and Related Information | The following table summarizes the restricted stock unit activity under the equity incentive plans and related information: Number of Weighted- Restricted Average Stock Units Grant Date Outstanding Fair Value Unvested balance - January 31, 2022 14,840,913 $ 21.35 Granted 6,648,364 29.16 Vested ( 2,376,125 ) 22.75 Forfeited/cancelled ( 718,642 ) 21.34 Unvested balance - October 31, 2021 18,394,510 $ 23.99 |
Summary of Components of Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense recognized in the condensed consolidated statements of operations (in thousands): Three Months Ended April 30, 2022 2021 Cost of revenue $ 4,355 $ 5,340 Research and development 17,726 15,453 Sales and marketing 15,289 11,551 General and administrative 9,740 9,446 Total stock-based compensation $ 47,110 $ 41,790 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share amounts): Three Months Ended April 30, 2022 2021 Numerator: Net loss $ ( 4,699 ) $ ( 14,573 ) Dividend on series A convertible preferred stock ( 3,695 ) — Accretion of series A convertible preferred stock ( 527 ) — Net loss attributable to common stockholders $ ( 8,921 ) $ ( 14,573 ) Denominator: Weighted-average number of shares used to compute net loss per share attributable to common stockholders, basic and diluted 144,725 161,733 Net loss per share attributable to common stockholders, basic and diluted $ ( 0.06 ) $ ( 0.09 ) |
Summary of Weighted Average Outstanding Shares Excluded from Computation of Diluted Net Loss per Share | The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been antidilutive (in thousands): Three Months Ended April 30, 2022 2021 Options to purchase common stock 3,896 5,369 Restricted stock units 15,682 15,471 Employee stock purchase plan 1,746 1,743 Shares related to convertible preferred stock 18,540 — Shares related to the convertible senior notes 1,007 601 Total 40,871 23,184 |
Description of Business and B_3
Description of Business and Basis of Presentation - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | Jan. 31, 2022 | |
Credit Concentration Risk | Accounts Receivable | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of major customers | no | one | |
Credit Concentration Risk | Accounts Receivable | Significant Customer | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | |
Customer Concentration Risk | Revenue | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of major customers | No | No | |
Customer Concentration Risk | Revenue | Significant Customer | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | |
Geographic Concentration Risk | Revenue | United States | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Concentration risk percentage | 66.00% | 69.00% | |
Geographic Concentration Risk | Revenue | Japan | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Concentration risk percentage | 19.00% | 17.00% |
Revenues - Additional Informati
Revenues - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Apr. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |||
Contract assets | $ 1.1 | $ 1.5 | |
Deferred revenue | 534.2 | 468.4 | |
Deferred revenue, revenue recognized out of beginning balance | $ 202.4 | $ 167.4 | |
Remaining performance obligation, revenue expected to be recognized | $ 1,000 | ||
Revenue remaining performance obligation, percentage | 62.00% |
Revenues - Additional Informa_2
Revenues - Additional Information (Details 1) | Apr. 30, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-05-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-05-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 24 months |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Amortized Cost, Unrealized Gain (Loss) and Estimated Fair Value of Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, Amortized Cost | $ 178,261 | $ 202,446 |
Cash equivalents, Estimated Fair Value | 178,261 | 202,446 |
Short-term investments, Amortized Cost | 37,913 | |
Short-term investments, Unrealized Loss | (24) | |
Short-term investments, Estimated Fair Value | 37,889 | |
Total cash equivalents and short term investments, Amortized Cost | 216,174 | |
Total cash equivalents and short term investments, Unrealized Loss | (24) | |
Total cash equivalents and short term investments, Estimated Fair Value | 216,150 | |
U.S. Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, Amortized Cost | 9,999 | |
Cash equivalents, Estimated Fair Value | 9,999 | |
Short-term investments, Amortized Cost | 35,921 | |
Short-term investments, Unrealized Loss | (24) | |
Short-term investments, Estimated Fair Value | 35,897 | |
Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, Amortized Cost | 1,999 | |
Cash equivalents, Estimated Fair Value | 1,999 | |
Short-term investments, Amortized Cost | 1,992 | |
Short-term investments, Estimated Fair Value | 1,992 | |
Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, Amortized Cost | 166,263 | 202,446 |
Cash equivalents, Estimated Fair Value | $ 166,263 | $ 202,446 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Financial Assets Subject to Fair Value (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 178,261 | $ 202,446 |
Short-term investments | 127,889 | 170,000 |
Total cash equivalents and short-term investments | 216,150 | |
U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 9,999 | |
Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,999 | |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 166,263 | 202,446 |
Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 178,261 | |
Short-term investments | 37,889 | |
Total cash equivalents and short-term investments | 216,150 | |
Recurring | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 9,999 | |
Short-term investments | 35,897 | |
Recurring | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,999 | |
Short-term investments | 1,992 | |
Recurring | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 166,263 | 202,446 |
Recurring | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 176,262 | |
Short-term investments | 35,897 | |
Total cash equivalents and short-term investments | 212,159 | |
Recurring | Level 1 | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 9,999 | |
Short-term investments | 35,897 | |
Recurring | Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 166,263 | $ 202,446 |
Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,999 | |
Short-term investments | 1,992 | |
Total cash equivalents and short-term investments | 3,991 | |
Recurring | Level 2 | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,999 | |
Short-term investments | $ 1,992 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions | Jul. 26, 2021 | Jan. 31, 2021 | Apr. 30, 2022 | Jan. 31, 2022 |
Derivative [Line Items] | ||||
Certificates of deposit | $ 90 | $ 170 | ||
November 2017 Facility | Secured Debt | Wells Fargo Bank | ||||
Derivative [Line Items] | ||||
Debt instrument maturity date | Jul. 26, 2024 | |||
November 2017 Facility | Revolving Credit Facility | Secured Debt | Wells Fargo Bank | ||||
Derivative [Line Items] | ||||
Total debt outstanding with carrying amount | 30 | 30 | ||
0.00% Convertible Notes Due 2026 | Senior Notes | ||||
Derivative [Line Items] | ||||
Debt instrument interest rate stated percentage | 0.00% | |||
Debt instrument maturity date | Jan. 15, 2026 | |||
Aggregate principal amount | $ 345 | |||
0.00% Convertible Notes Due 2026 | Senior Notes | Level 2 | ||||
Derivative [Line Items] | ||||
Convertible senior notes, fair value | $ 458.6 | $ 413.1 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Jan. 31, 2022 | |
Property Plant And Equipment [Line Items] | |||
Accumulated depreciation of property and equipment acquired under finance lease | $ 207.6 | $ 196.6 | |
Depreciation expense | 14.8 | $ 16.2 | |
Servers and related equipment | |||
Property Plant And Equipment [Line Items] | |||
Depreciation expense | 12 | $ 13.1 | |
Servers And Related Equipment And Construction In Progress | |||
Property Plant And Equipment [Line Items] | |||
Gross amount of property and equipment acquired under finance lease | $ 258.9 | $ 258.8 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 470,448 | $ 471,448 |
Less: accumulated depreciation | (378,405) | (365,693) |
Total property and equipment, net | 92,043 | 105,755 |
Servers and related equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 353,906 | 353,787 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 79,196 | 75,981 |
Computer hardware | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 21,284 | 20,935 |
Furniture and fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 15,307 | 14,421 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 755 | $ 6,324 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Operating Lease Right-of-Use Assets, Net (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Operating lease right-of-use assets | $ 290,407 | $ 290,808 |
Less: accumulated amortization | (126,733) | (118,000) |
Operating lease right-of-use assets, net | $ 163,674 | $ 172,808 |
Leases - Additional Information
Leases - Additional Information (Details) | 3 Months Ended |
Apr. 30, 2022 | |
Lessee Lease Description [Line Items] | |
Finance lease agreements term | 4 years |
Sublease expiration year | 2025 |
Minimum | |
Lessee Lease Description [Line Items] | |
Operating lease expiration year | 2023 |
Total lease term of sublease arrangement | 11 months |
Maximum | |
Lessee Lease Description [Line Items] | |
Operating lease expiration year | 2029 |
Total lease term of sublease arrangement | 96 months |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost Included In Operating Expenses in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Finance lease cost: | ||
Amortization of finance lease right-of-use assets | $ 11,960 | $ 13,082 |
Interest on finance lease liabilities | 665 | 1,171 |
Operating lease cost, gross | 12,589 | 13,780 |
Variable lease cost, gross | 1,992 | 2,302 |
Sublease income | (2,256) | (3,194) |
Total lease cost | $ 24,950 | $ 27,141 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating and Finance Lease Liabilities (Details) $ in Thousands | Apr. 30, 2022USD ($) | |
Leases [Abstract] | ||
Operating Leases, Remainder of 2023 | $ 41,196 | [1] |
Operating Leases, 2024 | 54,253 | [1] |
Operating Leases, 2025 | 36,182 | [1] |
Operating Leases, 2026 | 31,731 | [1] |
Operating Leases, 2027 | 30,393 | [1] |
Operating Leases, Thereafter | 35,999 | [1] |
Operating Leases, Total lease payments | 229,754 | [1] |
Less: Operating Leases imputed interest | (27,917) | [1] |
Operating Leases, Present value of total lease liabilities | 201,837 | [1] |
Finance Leases, Remainder of 2023 | 32,287 | |
Finance Leases, 2024 | 19,585 | |
Finance Leases, 2025 | 1,574 | |
Finance Leases, Total lease payments | 53,446 | |
Less: Finance Leases imputed interest | (1,713) | |
Finance Leases, Present value of total lease liabilities | $ 51,733 | |
[1] | Non-cancellable sublease proceeds for the remainder of the fiscal year ending January 31, 2023 and the fiscal years ending January 31, 2024, and 2025, of $ 5.8 million, $ 4.5 million, and $ 4.2 million, respectively, are not included in the table above. |
Leases - Summary of Maturitie_2
Leases - Summary of Maturities of Operating and Finance Lease Liabilities (Parenthetical) (Details) $ in Millions | Apr. 30, 2022USD ($) |
Leases [Abstract] | |
Non-cancellable sublease proceeds for the year ending January 31, 2023 | $ 5.8 |
Non-cancellable sublease proceeds for the year ending January 31, 2024 | 4.5 |
Non-cancellable sublease proceeds for the year ending January 31, 2025 | $ 4.2 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Thousands | Feb. 16, 2021 | Feb. 08, 2021 | Apr. 30, 2022 | Jan. 31, 2022 |
Business Acquisition [Line Items] | ||||
Total purchase price allocated to goodwill | $ 72,855 | $ 74,466 | ||
SignRequest | ||||
Business Acquisition [Line Items] | ||||
Total aggregate consideration | $ 54,300 | |||
Cash consideration transferred | $ 44,300 | |||
Consideration transferred, shares of common stock | 550,366 | |||
Consideration transferred, common stock value | $ 10,000 | |||
Total purchase price allocated to goodwill | 43,400 | |||
Total purchase price allocated to acquired developed technology | 14,900 | |||
Total purchase price allocated to deferred tax liability | $ 2,500 | |||
Cloud Fast Path | ||||
Business Acquisition [Line Items] | ||||
Total aggregate consideration | $ 14,800 | |||
Cash consideration transferred | 12,400 | |||
Total purchase price allocated to goodwill | 13,200 | |||
Total purchase price allocated to acquired developed technology | 5,800 | |||
Cash held in escrow | 2,400 | |||
Total purchase price allocated to deferred revenue | $ 4,800 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Jan. 31, 2022 | |
Finite Lived Intangible Assets [Line Items] | |||
Goodwill | $ 72,855,000 | $ 74,466,000 | |
Goodwill impairment | 0 | $ 0 | |
Acquired intangible assets | 16,416,000 | ||
Cost of Revenue | |||
Finite Lived Intangible Assets [Line Items] | |||
Acquired intangible assets amortization | $ 1,500,000 | $ 900,000 |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangible Assets - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Jan. 31, 2022 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Value | $ 22,871 | $ 22,711 |
Accumulated Amortization | (6,455) | (5,003) |
Net Carrying Value | 16,416 | $ 17,708 |
Developed Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Value | 160 | |
Accumulated Amortization | (1,452) | |
Net Carrying Value | $ (1,292) | |
Weighted-Average Remaining Useful Life (Years) | 3 years 14 days |
Goodwill and Acquired Intangi_5
Goodwill and Acquired Intangible Assets - Schedule of Expected Amortization Expense for Acquired Intangible Assets (Details) $ in Thousands | Apr. 30, 2022USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2023 | $ 4,356 |
2024 | 5,808 |
2025 | 3,490 |
2026 | 2,762 |
Net Carrying Value | $ 16,416 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Jan. 31, 2022 | |
Commitments And Contingencies [Line Items] | ||
Purchase obligation | $ 422,294 | |
Purchase obligation, due to be paid in 2023 | 3,745 | |
Purchase obligation, due to be paid in 2024 | $ 9,815 | |
Minimum | ||
Commitments And Contingencies [Line Items] | ||
Purchase obligation term | 2 years | |
Maximum | ||
Commitments And Contingencies [Line Items] | ||
Purchase obligation term | 8 years | |
Accounts Payable Accrued Expenses and Other Current Liabilities and Other Long Term Liabilities | ||
Commitments And Contingencies [Line Items] | ||
Purchase obligation | $ 6,200 | |
Purchase obligation, due to be paid in 2023 | 6,000 | |
Purchase obligation, due to be paid in 2024 | 200 | |
November 2017 Facility | Wells Fargo Bank | Secured Debt | Letters of Credit | ||
Commitments And Contingencies [Line Items] | ||
Letters of credit facility | $ 18,600 | $ 18,600 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Payments under Non-cancellable Contractual Purchases (Details) $ in Thousands | Apr. 30, 2022USD ($) |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2023 | $ 3,745 |
2024 | 9,815 |
2025 | 144,984 |
2027 | 263,750 |
Purchase Obligations | $ 422,294 |
Debt - Additional Information (
Debt - Additional Information (Details) | Jul. 26, 2021USD ($) | Nov. 27, 2017 | Jan. 31, 2021USD ($)$ / sharesshares | Apr. 30, 2022USD ($)$ / sharesshares | Jan. 31, 2022USD ($) |
Convertible Senior Notes | 0.00% Convertible Senior Notes Due January 15, 2026 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 345,000,000 | $ 345,000,000 | $ 345,000,000 | ||
Debt instrument interest rate stated percentage | 0.00% | ||||
Debt instrument due date | Jan. 15, 2026 | ||||
Principal amount of notes used in conversion rate | $ 1,000 | ||||
Conversion rate per $1,000 principal amount of notes | shares | 38.7962 | ||||
Conversion price per share of common stock | $ / shares | $ 25.78 | ||||
Debt instrument, effective interest rate | 0.56% | ||||
Strike price | $ / shares | 25.80 | ||||
Initial cap prices | $ / shares | 35.58 | ||||
Common stock shares covered under capped call transactions | shares | 13,400,000 | ||||
Cost of purchased capped calls | $ 27,800,000 | ||||
Total debt outstanding with carrying amount | 337,934,000 | 337,463,000 | |||
Wells Fargo Bank | Secured Debt | November 2017 Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument due date | Jul. 26, 2024 | ||||
Wells Fargo Bank | Revolving Credit Facility | Secured Debt | November 2017 Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, termination date | Nov. 27, 2017 | ||||
Line of credit facility, maximum borrowing capacity | $ 65,000,000 | ||||
Total debt outstanding with carrying amount | $ 30,000,000 | $ 30,000,000 | |||
Wells Fargo Bank | Letters of Credit | Secured Debt | November 2017 Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity sublimit | $ 45,000,000 | ||||
Minimum | Wells Fargo Bank | Revolving Credit Facility | Secured Debt | November 2017 Facility | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, floating interest rate | 1.15% | ||||
Maximum | Wells Fargo Bank | Revolving Credit Facility | Secured Debt | November 2017 Facility | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, floating interest rate | 1.65% |
Debt - Schedule of Net Carrying
Debt - Schedule of Net Carrying Amounts of Liability Component of Notes (Details) - 0.00% Convertible Senior Notes Due January 15, 2026 - Convertible Senior Notes - USD ($) | Apr. 30, 2022 | Jan. 31, 2022 | Jan. 31, 2021 |
Debt Instrument [Line Items] | |||
Debt instrument, principal amount | $ 345,000,000 | $ 345,000,000 | $ 345,000,000 |
Unamortized issuance costs | (7,066,000) | (7,537,000) | |
Net carrying amount | $ 337,934,000 | $ 337,463,000 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock and Stockholders Deficit - Additional Information (Details) - USD ($) | May 12, 2021 | Apr. 07, 2021 | Apr. 30, 2022 |
Series A Convertible Preferred Stock | |||
Class Of Stock [Line Items] | |||
Cash dividends paid | $ 3,800,000 | ||
Temporary equity accretion of redemption interest | 500,000 | ||
Accrued divided | 1,200,000 | ||
Series A Convertible Preferred Stock | KKR | |||
Class Of Stock [Line Items] | |||
Issuance and sale, number of shares | 500,000 | ||
Shares issued, par value | $ 0.0001 | ||
Aggregate purchase price | $ 500,000,000 | ||
Sale price per share | $ 1,000 | ||
Sale of stock closing date | May 12, 2021 | ||
Series A Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, liquidation preference | $ 1,000 | ||
Percentage of cash dividend payable on preferred stock | 3.00% | ||
Initial conversion price of preferred stock per share of common stock | $ 27 | ||
Percentage of volume weighted average price of common stock | 200.00% | ||
Class A Common Stock | Share Repurchase Plan | |||
Class Of Stock [Line Items] | |||
Authorized purchase amount | 610,000,000 | ||
Share repurchase amount | $ 438,400,000 | ||
Shares repurchased | 17,500,000 | ||
Remaining authorized purchase amount | $ 147,700,000 | ||
Shares repurchased during period | 4,200,000 | ||
Purchase price per share | $ 26.17 | ||
Shares repurchased amount | $ 109,900,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Jan. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized stock-based compensation expense related to stock option | $ 200 | ||
Stock options outstanding | 3,020,268 | 5,726,893 | |
Share-based compensation expense | $ 47,110 | $ 41,790 | |
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Remaining weighted-average period | 1 year | ||
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Remaining weighted-average period | 3 years 21 days | ||
Unrecognized stock-based compensation expense | $ 412,400 | ||
2015 Equity Incentive Plan | Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
2015 Equity Incentive Plan | Class A Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares common stock reserved for issuance | 23,256,575 | ||
2015 Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Percentage of eligible compensation allowed to employees to purchase shares at a discount | 15.00% | ||
Description of offering period excluding initial offering period | The 2015 ESPP provides for 24-month offering periods beginning March 16 and September 16 of each year, and each offering period consists of four six-month purchase periods. | ||
Purchase price of common stock, percentage | 85.00% | ||
Description of offering period resets | the offering period resets and the new lower price becomes the new offering price for a new 24 month offering period. | ||
Unrecognized stock-based compensation expense | $ 16,600 | ||
2015 Employee Stock Purchase Plan | Class A Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares common stock reserved for issuance | 5,795,134 | ||
Fiscal 2022 Executive Bonus Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | $ 4,500 | ||
Fiscal 2023 Executive Bonus Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized stock-based compensation expense | 10,900 | ||
Share-based compensation expense | $ 2,400 | ||
Per Month after One Year of Vesting Commencement Date | 2015 Equity Incentive Plan | Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 6.25% | ||
Per Quarter after One Year Of Vesting Commencement Date | 2015 Equity Incentive Plan | Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 6.25% | ||
One Year from Vesting Commencement Date | 2015 Equity Incentive Plan | Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 25.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity Under Equity Incentive Plans and Related Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Jan. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Shares Subject to Options Outstanding, Beginning balance | 5,726,893 | |
Shares Subject to Options Outstanding, Options exercised | (2,056,625) | |
Shares Subject to Options Outstanding, Options forfeited/cancelled | (650,000) | |
Shares Subject to Options Outstanding, Ending balance | 3,020,268 | 5,726,893 |
Shares Subject to Options Outstanding, Vested and expected to vest | 3,014,014 | |
Shares Subject to Options Outstanding, Exercisable | 2,894,679 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted-Average Exercise Price, Beginning Balance | $ 11.74 | |
Weighted-Average Exercise Price, Options exercised | 2.99 | |
Weighted-Average Exercise Price, Options forfeited/cancelled | 20.28 | |
Weighted-Average Exercise Price, Ending Balance | 15.85 | $ 11.74 |
Weighted-Average Exercise Price, Vested and expected to vest | 15.84 | |
Weighted-Average Exercise Price, Exercisable | $ 15.69 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted-Average Remaining Contractual Life (Years) | 4 years 14 days | 3 years 14 days |
Weighted-Average Remaining Contractual Life (Years), Vested and expected to vest | 4 years 14 days | |
Weighted-Average Remaining Contractual Life (Years), Exercisable | 3 years 11 months 1 day | |
Aggregate Intrinsic Value, Balance | $ 44,607 | $ 82,481 |
Aggregate Intrinsic Value, Vested and expected to vest | 44,538 | |
Aggregate Intrinsic Value, Exercisable | $ 43,212 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Unit and Awards Activity Under Equity Incentive Plans and Related Information (Details) - Restricted Stock Units | 3 Months Ended |
Apr. 30, 2022$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of Restricted Stock Units/Awards Outstanding, Unvested Beginning Balance | shares | 14,840,913 |
Number of Restricted Stock Units/Awards Outstanding, Granted | shares | 6,648,364 |
Number of Restricted Stock Units, Vested | shares | (2,376,125) |
Number of Restricted Stock Units/ Forfeited/cancelled | shares | (718,642) |
Number of Restricted Stock Units/Awards Outstanding Unvested Ending Balance | shares | 18,394,510 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted-Average Grant Date Fair Value, Unvested Beginning Balance | $ / shares | $ 21.35 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 29.16 |
Weighted -Average Grant Date Fair Value, Vested | $ / shares | 22.75 |
Weighted-Average Grant Date Fair Value, Forfeited/cancelled | $ / shares | 21.34 |
Weighted-Average Grant Date Fair Value, Unvested Ending Balance | $ / shares | $ 23.99 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 47,110 | $ 41,790 |
Cost of Revenue | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 4,355 | 5,340 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 17,726 | 15,453 |
Sales and Marketing | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 15,289 | 11,551 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 9,740 | $ 9,446 |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Numerator: | ||
Net loss | $ (4,699) | $ (14,573) |
Dividend on series A convertible preferred stock | (3,695) | |
Accretion of series A convertible preferred stock | (527) | |
Net loss attributable to common stockholders | $ (8,921) | $ (14,573) |
Denominator: | ||
Weighted-average number of shares used to compute net loss per share attributable to common stockholders, basic and diluted | 144,725 | 161,733 |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.06) | $ (0.09) |
Net Loss per Share - Summary _2
Net Loss per Share - Summary of Weighted Average Outstanding Shares Excluded from Computation of Diluted Net Loss per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 40,871 | 23,184 |
Employee stock purchase plan | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,746 | 1,743 |
Shares related to convertible preferred stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 18,540 | |
Options to purchase common stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,896 | 5,369 |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15,682 | 15,471 |
Shares related to the convertible senior notes | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,007 | 601 |
Segments - Additional Informati
Segments - Additional Information (Details) | 3 Months Ended |
Apr. 30, 2022Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |