Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 31, 2022 | Nov. 30, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2022 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
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, $0.0001 par value | |
Security Exchange Name | NYSE | |
Entity File Number | 001-36805 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-2714444 | |
Entity Address, Address Line One | 900 Jefferson Ave | |
Entity Address, City or Town | Redwood City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94063 | |
City Area Code | 877 | |
Local Phone Number | 729-4269 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 142,914,809 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 358,060 | $ 416,274 |
Short-term investments | 44,567 | 170,000 |
Accounts receivable, net | 176,593 | 256,312 |
Deferred commissions | 46,120 | 46,025 |
Other current assets | 31,187 | 27,953 |
Total current assets | 656,527 | 916,564 |
Property and equipment, net | 67,755 | 105,755 |
Operating lease right-of-use assets, net | 142,147 | 172,808 |
Goodwill | 70,702 | 74,466 |
Deferred commissions, non-current | 69,251 | 72,884 |
Other long-term assets | 50,068 | 49,532 |
Total assets | 1,056,450 | 1,392,009 |
Current liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 45,552 | 58,942 |
Accrued compensation and benefits | 32,451 | 54,705 |
Finance lease liabilities | 31,175 | 41,235 |
Operating lease liabilities | 46,203 | 44,608 |
Deferred revenue | 442,015 | 519,485 |
Total current liabilities | 597,396 | 718,975 |
Debt, net, non-current | 368,878 | 367,463 |
Operating lease liabilities, non-current | 131,143 | 168,192 |
Other long-term liabilities | 37,193 | 44,586 |
Total liabilities | 1,134,610 | 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 October 31 and January 31, 2022 | 489,434 | 487,880 |
Stockholders' deficit | ||
Class A common stock, par value $0.0001 per share; 1,000,000 shares authorized; 142,915 shares (unaudited) and 145,081 shares issued and outstanding as of October 31 and January 31, 2022, respectively | 14 | 15 |
Additional paid-in capital | 802,534 | 972,020 |
Accumulated other comprehensive loss | (13,817) | (4,543) |
Accumulated deficit | (1,356,325) | (1,362,579) |
Total stockholders' deficit | (567,594) | (395,087) |
Total liabilities, convertible preferred stock and stockholders' deficit | $ 1,056,450 | $ 1,392,009 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Oct. 31, 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 | 142,915,000 | 145,081,000 |
Class A Common Stock, shares outstanding | 142,915,000 | 145,081,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 249,951 | $ 224,044 | $ 734,398 | $ 640,971 |
Cost of revenue | 64,490 | 63,069 | 191,542 | 184,804 |
Gross profit | 185,461 | 160,975 | 542,856 | 456,167 |
Operating expenses: | ||||
Research and development | 59,107 | 55,837 | 182,805 | 159,418 |
Sales and marketing | 81,566 | 76,368 | 248,075 | 218,967 |
General and administrative | 31,422 | 39,857 | 94,846 | 105,242 |
Total operating expenses | 172,095 | 172,062 | 525,726 | 483,627 |
Income (loss) from operations | 13,366 | (11,087) | 17,130 | (27,460) |
Interest and other expense, net | (1,427) | (2,336) | (6,235) | (8,275) |
Income (loss) before provision for income taxes | 11,939 | (13,423) | 10,895 | (35,735) |
Provision for income taxes | 2,031 | 438 | 4,641 | 1,399 |
Net income (loss) | 9,908 | (13,861) | 6,254 | (37,134) |
Accretion and dividend on series A convertible preferred stock | (4,278) | (4,301) | (12,804) | (8,086) |
Undistributed earnings attributable to preferred stockholders | (648) | |||
Net income (loss) attributable to common stockholders, basic | $ 4,982 | $ (18,162) | $ (6,550) | $ (45,220) |
Net income (loss) per share attributable to common stockholders, basic | $ 0.03 | $ (0.12) | $ (0.05) | $ (0.29) |
Net income (loss) per share attributable to common stockholders, diluted | $ 0.03 | $ (0.12) | $ (0.05) | $ (0.29) |
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic | 142,385 | 151,426 | 143,604 | 158,068 |
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, diluted | 148,127 | 151,426 | 143,604 | 158,068 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 9,908 | $ (13,861) | $ 6,254 | $ (37,134) |
Other comprehensive loss: | ||||
Net foreign currency translation loss | (3,390) | (1,754) | (10,986) | (2,730) |
Other | 806 | 452 | 1,712 | 754 |
Other comprehensive loss | (2,584) | (1,302) | (9,274) | (1,976) |
Comprehensive income (loss) | $ 7,324 | $ (15,163) | $ (3,020) | $ (39,110) |
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 Stock Class A Common Stock | Additional Paid-In Capital | Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit | Accumulated Deficit Cumulative 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 | (19,936) | $ 1 | (19,937) | ||||||
Issuance of common stock under employee equity plans, net of shares withheld for employee payroll taxes, (in shares) | 6,246 | ||||||||
Stock consideration in connection with fiscal 2022 acquisition | 10,000 | 10,000 | |||||||
Stock-based compensation related to stock awards | 129,316 | 129,316 | |||||||
Series A convertible preferred stock, net of issuance costs | $ 485,080 | ||||||||
Series A convertible preferred stock, net of issuance costs (in shares) | 500 | ||||||||
Accretion and dividend on series A convertible preferred stock, net of dividends paid | (8,086) | $ 8,086 | (8,086) | ||||||
Repurchases of common stock | (428,382) | $ (2) | (428,380) | ||||||
Repurchases of common stock (in shares) | (17,087) | ||||||||
Other comprehensive income (loss) | (1,976) | (1,976) | |||||||
Net income (loss) | (37,134) | (37,134) | |||||||
Balance at Oct. 31, 2021 | (273,150) | $ 15 | 1,088,003 | (2,914) | (1,358,254) | ||||
Temporary equity, Ending, Shares at Oct. 31, 2021 | 500 | ||||||||
Temporary equity, Balance at Oct. 31, 2021 | 493,166 | $ 493,166 | |||||||
Balance, Ending, Shares at Oct. 31, 2021 | 149,010 | ||||||||
Balance at Jul. 31, 2021 | (152,987) | $ 15 | 1,193,003 | (1,612) | (1,344,393) | ||||
Temporary equity, Beginning, Shares at Jul. 31, 2021 | 500 | ||||||||
Temporary equity, Balance at Jul. 31, 2021 | $ 488,894 | ||||||||
Balance, Beginning, Shares at Jul. 31, 2021 | 152,660 | ||||||||
Issuance of common stock under employee equity plans, net of shares withheld for employee payroll taxes | (3,147) | $ 1 | (3,148) | ||||||
Issuance of common stock under employee equity plans, net of shares withheld for employee payroll taxes, (in shares) | 2,057 | ||||||||
Stock-based compensation related to stock awards | 40,827 | 40,827 | |||||||
Accretion and dividend on series A convertible preferred stock, net of dividends paid | (4,301) | $ 4,272 | (4,301) | ||||||
Repurchases of common stock | (138,379) | $ (1) | (138,378) | ||||||
Repurchases of common stock (in shares) | (5,707) | ||||||||
Other comprehensive income (loss) | (1,302) | (1,302) | |||||||
Net income (loss) | (13,861) | (13,861) | |||||||
Balance at Oct. 31, 2021 | (273,150) | $ 15 | 1,088,003 | (2,914) | (1,358,254) | ||||
Temporary equity, Ending, Shares at Oct. 31, 2021 | 500 | ||||||||
Temporary equity, Balance at Oct. 31, 2021 | 493,166 | $ 493,166 | |||||||
Balance, Ending, Shares at Oct. 31, 2021 | 149,010 | ||||||||
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 | (49,122) | (49,122) | |||||||
Issuance of common stock under employee equity plans, net of shares withheld for employee payroll taxes, (in shares) | 7,166 | ||||||||
Stock consideration in connection with fiscal 2022 acquisition (in shares) | 559 | ||||||||
Stock-based compensation related to stock awards | 150,174 | 150,174 | |||||||
Accretion and dividend on series A convertible preferred stock, net of dividends paid | (12,804) | $ 1,554 | (12,804) | ||||||
Repurchases of common stock | (257,735) | $ (1) | (257,734) | ||||||
Repurchases of common stock (in shares) | (9,892) | ||||||||
Other comprehensive income (loss) | (9,274) | (9,274) | |||||||
Net income (loss) | 6,254 | 6,254 | |||||||
Balance at Oct. 31, 2022 | $ (567,594) | $ 14 | 802,534 | (13,817) | (1,356,325) | ||||
Temporary equity, Ending, Shares at Oct. 31, 2022 | 500 | 500 | |||||||
Temporary equity, Balance at Oct. 31, 2022 | $ 489,434 | $ 489,434 | |||||||
Balance, Ending, Shares at Oct. 31, 2022 | 142,914 | ||||||||
Balance at Jul. 31, 2022 | (579,504) | $ 14 | 797,948 | (11,233) | (1,366,233) | ||||
Temporary equity, Beginning, Shares at Jul. 31, 2022 | 500 | ||||||||
Temporary equity, Balance at Jul. 31, 2022 | $ 488,906 | ||||||||
Balance, Beginning, Shares at Jul. 31, 2022 | 142,320 | ||||||||
Issuance of common stock under employee equity plans, net of shares withheld for employee payroll taxes | (5,132) | (5,132) | |||||||
Issuance of common stock under employee equity plans, net of shares withheld for employee payroll taxes, (in shares) | 1,699 | ||||||||
Stock-based compensation related to stock awards | 43,159 | 43,159 | |||||||
Accretion and dividend on series A convertible preferred stock, net of dividends paid | (4,278) | $ 528 | (4,278) | ||||||
Repurchases of common stock | (29,163) | (29,163) | |||||||
Repurchases of common stock (in shares) | (1,105) | ||||||||
Other comprehensive income (loss) | (2,584) | (2,584) | |||||||
Net income (loss) | 9,908 | 9,908 | |||||||
Balance at Oct. 31, 2022 | $ (567,594) | $ 14 | $ 802,534 | $ (13,817) | $ (1,356,325) | ||||
Temporary equity, Ending, Shares at Oct. 31, 2022 | 500 | 500 | |||||||
Temporary equity, Balance at Oct. 31, 2022 | $ 489,434 | $ 489,434 | |||||||
Balance, Ending, Shares at Oct. 31, 2022 | 142,914 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net income (loss) | $ 9,908 | $ (13,861) | $ 6,254 | $ (37,134) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Depreciation and amortization | 17,089 | 20,023 | 53,406 | 59,110 | |
Stock-based compensation expense | 44,852 | 45,589 | 140,648 | 131,507 | |
Amortization of deferred commissions | 13,437 | 11,705 | 39,878 | 33,287 | |
Other | 1,054 | 1,614 | 2,925 | 2,572 | |
Changes in operating assets and liabilities: | |||||
Accounts receivable, net | (12,008) | (20,239) | 74,163 | 74,464 | |
Deferred commissions | (13,839) | (14,785) | (37,400) | (35,019) | |
Operating lease right-of-use assets, net | 10,230 | 10,441 | 30,296 | 32,110 | |
Other assets | 4,840 | 1,262 | (7,022) | (6,697) | |
Accounts payable, accrued expenses and other liabilities | (9,729) | 8,446 | (11,724) | 9,118 | |
Operating lease liabilities | (10,892) | (11,737) | (33,105) | (36,190) | |
Deferred revenue | 14,784 | 7,625 | (52,524) | (41,481) | |
Net cash provided by operating activities | 69,726 | 46,083 | 205,795 | 185,647 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Purchases of short-term investment | (27,575) | (90,000) | (87,253) | (140,000) | |
Maturities of short-term investments | 28,000 | 213,000 | |||
Purchases of property and equipment, net of sale proceeds | (1,770) | (1,242) | (2,539) | (3,477) | |
Capitalized internal-use software costs | (2,500) | (1,116) | (7,010) | (3,501) | |
Acquisitions, net of cash acquired | (2,753) | (500) | (59,395) | ||
Other | (350) | (315) | 327 | ||
Net cash provided by (used in) investing activities | (3,845) | (95,461) | 115,383 | (206,046) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Series A convertible preferred stock, net of issuance costs | (1,695) | (103) | 485,103 | ||
Repurchase of common stock | (29,966) | (144,172) | (264,852) | (428,253) | |
Payments of dividends to preferred stockholders | (3,750) | (11,250) | |||
Proceeds from issuances of common stock under employee equity plans | 10,919 | 9,438 | 25,659 | 23,740 | |
Employee payroll taxes paid for net settlement of restricted stock units | (16,051) | (12,586) | (74,778) | (43,677) | |
Principal payments of finance lease liabilities | (10,422) | (12,297) | (29,838) | (38,182) | |
Other | (67) | (293) | (5,019) | (4,194) | |
Net cash (used in) provided by financing activities | (49,337) | (161,605) | (360,181) | (5,463) | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (7,433) | (369) | (19,080) | (789) | |
Net (decrease) increase in cash, cash equivalents, and restricted cash | 9,111 | (211,352) | (58,083) | (26,651) | |
Cash, cash equivalents, and restricted cash, beginning of period | [1] | 349,694 | 780,212 | 416,888 | 595,511 |
Cash, cash equivalents, and restricted cash, end of period | [1] | $ 358,805 | $ 568,860 | $ 358,805 | $ 568,860 |
[1] Restricted cash is included in other current assets in the condensed consolidated balance sheets for the periods presented. |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Oct. 31, 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 October 31, 2022 and the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income (loss), the condensed consolidated statements of convertible preferred stock and stockholders’ (deficit) equity, and the condensed consolidated statements of cash flows for the three and nine months ended October 31, 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 material changes to our critical accounting policies and estimates during the nine months ended October 31, 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 October 31, 2022, and our results of operations, including our comprehensive income (loss), our convertible preferred stock and stockholders’ (deficit) equity, and our cash flows for the three and nine months ended October 31, 2022 and 2021. All adjustments are of a normal recurring nature. The results for the three and nine months ended October 31, 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 revenue, 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 October 31, 2022 , two customers, one of which is also a reseller, accounted for more than 10 % of total accounts receivable. As of January 31, 2022 , one customer, which is also a reseller, accounted for more than 10 % of total accounts receivable. No single customer represented over 10 % of our revenue for the three and nine months ended October 31, 2022 and 2021. We serve our customers and users from data center facilities and public cloud hosting 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 and with our cloud providers. 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 and nine months ended October 31, 2022 , revenue attributable to customers in the United States was 68 % and 67 %, respectively, and revenue attributable to customers in Japan was 19 % in both periods. For the three and nine months ended October 31, 2021 , revenue attributable to customers in the United States was 67 % and 68 %, respectively, and revenue attributable to customers in Japan was 18 % in both periods. As of October 31, 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 nine months ended October 31, 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 . Additionally, we have a single reporting segment and all required segment information can be found in the condensed consolidated financial statements. |
Revenue
Revenue | 9 Months Ended |
Oct. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 2. Revenue Deferred Revenue Deferred revenue was $ 467.1 million and $ 534.2 million as of October 31, 2022 and January 31, 2022, respectively. During the three months ended October 31, 2022 and 2021 , we recognized $ 210.9 million and $ 182.5 million of revenue that was included in the deferred revenue balance as of July 31, 2022 and 2021, respectively. During the nine months ended October 31, 2022 and 2021 , we recognized $ 472.2 million and $ 393.5 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 October 31, 2022 , we had remaining performance obligations from contracts with customers of $ 1.056 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 | 9 Months Ended |
Oct. 31, 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): October 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds 176,831 — — 176,831 Total cash equivalents $ 176,831 $ — $ — $ 176,831 Short-term investments: U.S. treasury securities $ 44,652 $ — $ ( 85 ) $ 44,567 Total short-term investments $ 44,652 $ — $ ( 85 ) $ 44,567 Total cash equivalents and short-term investments $ 221,483 $ — $ ( 85 ) $ 221,398 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 October 31, 2022, contractual maturities of marketable securities were all within one year. As of October 31, 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): October 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds 176,831 — — 176,831 Total cash equivalents $ 176,831 $ — $ — $ 176,831 Short-term investments: U.S. treasury securities $ 44,567 $ — $ — $ 44,567 Total short-term investments $ 44,567 $ — $ — $ 44,567 Total cash equivalents and short-term investments $ 221,398 $ — $ — $ 221,398 January 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 202,446 $ — $ — $ 202,446 As of January 31, 2022 , we had certificates of deposit for a total of $ 170 million, 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. As of October 31, 2022 , we had a certificate of deposit for a total of $ 30 million with a maturity of less than three months that is classified as a cash equivalent in our condensed 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 October 31, 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 $ 423.9 million and $ 413.1 million as of October 31, 2022 and January 31, 2022 , respectively. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Oct. 31, 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): October 31, January 31, 2022 2022 Data center equipment $ 347,032 $ 353,787 Leasehold improvements 78,887 75,981 Computer-related equipment and software 22,164 20,935 Furniture and fixtures 15,212 14,421 Construction in progress 1,117 6,324 Total property and equipment 464,412 471,448 Less: accumulated depreciation ( 396,657 ) ( 365,693 ) Total property and equipment, net $ 67,755 $ 105,755 As of October 31, 2022 , the gross carrying amount of property and equipment included $ 253.1 million of data center equipment acquired under finance leases, and the accumulated depreciation of property and equipment acquired under these finance leases was $ 222.7 million. As of January 31, 2022 , the gross carrying amount of property and equipment included $ 258.8 million of data center 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 $ 13.3 million and $ 16.3 million for the three months ended October 31, 2022 and 2021 , respectively, and $ 42.1 million and $ 48.7 million for the nine months ended October 31, 2022 and 2021, respectively. Operating Lease Right-of-Use Assets, Net Operating lease right-of-use assets, net consisted of the following (in thousands): October 31, January 31, 2022 2022 Operating lease right-of-use assets $ 288,235 $ 290,808 Less: accumulated amortization ( 146,088 ) ( 118,000 ) Operating lease right-of-use assets, net $ 142,147 $ 172,808 |
Leases
Leases | 9 Months Ended |
Oct. 31, 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 2026 . 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 Nine Months Ended October 31, October 31, 2022 2021 2022 2021 Finance lease cost: Amortization of finance lease right-of-use assets $ 10,864 $ 13,366 $ 34,327 $ 39,516 Interest on finance lease liabilities 430 913 1,643 3,128 Operating lease cost, gross 12,615 13,295 37,746 40,817 Variable lease cost, gross 2,437 2,269 6,437 6,647 Sublease income ( 2,216 ) ( 2,472 ) ( 6,788 ) ( 8,692 ) Total lease cost $ 24,130 $ 27,371 $ 73,365 $ 81,416 As of October 31, 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 2023 $ 13,791 $ 13,928 2024 53,746 20,286 2025 35,700 1,574 2026 31,274 — 2027 29,936 — Thereafter 35,920 — Total lease payments $ 200,367 $ 35,788 Less: imputed interest $ ( 23,021 ) $ ( 925 ) Present value of total lease liabilities $ 177,346 $ 34,863 (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 $ 1.2 million, $ 4.5 million, and $ 4.2 million, respectively, are not included in the table above. |
Acquisitions
Acquisitions | 9 Months Ended |
Oct. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | Note 6. Acquisitions In fiscal year 2022, we acquired SignRequest B.V. (SignRequest) and Cloud FastPath. There have been no changes to the terms of the acquisitions and purchase accounting during the nine months ended October 31, 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. |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets | 9 Months Ended |
Oct. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | Note 7. Goodwill and Acquired Intangible Assets Goodwill was $ 70.7 million and $ 74.5 million as of October 31, 2022 and January 31, 2022, respectively, and included the acquisitions of SignRequest and Cloud FastPath described in Note 6 and others. Goodwill balances were partially offset by the effect of foreign currency translation. We did no t record any goodwill impairment during the nine months ended October 31, 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 3.31 $ 22,711 $ ( 5,003 ) $ 17,708 Developed technology 2.26 160 ( 4,356 ) ( 4,196 ) Balance as of October 31, 2022 2.56 $ 22,871 $ ( 9,359 ) $ 13,512 Acquired intangible assets are amortized on a straight-line basis over the useful life. Amortization of acquired developed technology is included in cost of revenue in the condensed consolidated statements of operations. As of October 31, 2022, expected amortization expense for acquired intangible assets was as follows (in thousands): Fiscal years ending January 31: 2023 $ 1,452 2024 5,808 2025 3,490 2026 2,762 Total $ 13,512 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8. Commitments and Contingencies Letters of Credit As of October 31, 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 October 31, 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 $ 2,878 2024 5,149 2025 130,771 2026 556 2027 264,139 Total $ 403,493 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 October 31, 2022 , we recognized a total of $ 8.8 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. $ 8.6 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 October 31, 2022 . |
Debt
Debt | 9 Months Ended |
Oct. 31, 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 nine months ended October 31, 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 October 31, 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): October 31, January 31, 2022 2022 Principal $ 345,000 $ 345,000 Unamortized issuance costs ( 6,122 ) ( 7,537 ) Net carrying amount $ 338,878 $ 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 and nine months ended October 31, 2022 and 2021, interest expense recognized related to the Notes was 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). There have been no changes to the terms of the agreement during the nine months ended October 31, 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 October 31, 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 | 9 Months Ended |
Oct. 31, 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 a 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 nine months ended October 31, 2022 , we paid cash dividends to our Series A Preferred Stockholders in the amount of $ 11.3 million and as of October 31, 2022 , we had accrued dividends of $ 1.3 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 nine months ended October 31, 2022 , we recognized $ 1.6 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 nine months ended October 31, 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 October 31, 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 October 31, 2022 , we had used approximately $ 585.9 million to repurchase 23.2 million shares. During the three months ended October 31, 2022 , we repurchased 1.1 million shares at a weighted average price of $ 26.38 per share for a total amount of $ 29.1 million. During the nine months ended October 31, 2022 , we repurchased 9.9 million shares at a weighted average price of $ 26.03 per share for a total amount of $ 257.4 million. Subsequent to October 31, 2022, our board of directors authorized up to an additional $ 150 million expansion of the Share Repurchase Plan on November 29, 2022. Under this expansion, shares may be repurchased in open market transactions until the earlier of November 29, 2023, or until $ 150 million of our Class A common stock has been repurchased. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 11. Stock-Based Compensation Employee Equity Plans We currently have two employee equity plans that have been adopted by our board of directors. These plans, the 2015 Equity Incentive Plan (the "2015 Plan") and the 2015 Employee Stock Purchase Plan (the "2015 ESPP"), are described in more detail in Item 8. Financial Statements and Supplementary Data in our Form 10-K for the fiscal year ended January 31, 2022. As of October 31, 2022 , 23,074,744 shares and 5,292,010 shares were reserved for future issuance under the 2015 Plan and the 2015 ESPP, respectively. 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 ( 2,128,440 ) 3.30 Options forfeited/cancelled ( 650,000 ) 20.28 Balance as of October 31, 2022 2,948,453 $ 15.94 3.56 $ 38,641 Vested and expected to vest as of October 31, 2022 2,945,697 $ 15.94 3.56 $ 38,615 Exercisable as of October 31, 2022 2,891,970 $ 15.87 3.50 $ 38,103 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 9,148,076 27.83 Vested ( 6,128,956 ) 22.63 Forfeited/cancelled ( 1,716,408 ) 22.65 Unvested balance - October 31, 2022 16,143,625 $ 24.40 As of October 31, 2022 , there was $ 366.3 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 2.79 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 nine months ended October 31, 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 $ 8.1 million, respectively. The unrecognized compensation expense related to the ungranted and unvested Fiscal 2023 Executive Bonus Plan is $ 3.3 million, based on the expected performance against the pre-established corporate financial objectives as of October 31, 2022, which is expected to be recognized over a remaining weighted-average period of less than one year. 2015 ESPP As of October 31, 2022 , there was $ 15.0 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 Nine Months Ended October 31, October 31, 2022 2021 2022 2021 Cost of revenue $ 4,331 $ 4,786 $ 13,473 $ 15,009 Research and development 16,556 17,712 52,377 49,791 Sales and marketing 14,158 13,872 44,247 38,342 General and administrative 9,807 9,219 30,551 28,365 Total stock-based compensation $ 44,852 $ 45,589 $ 140,648 $ 131,507 |
Net Income (Loss) per Share Att
Net Income (Loss) per Share Attributable to Common Stockholders | 9 Months Ended |
Oct. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share Attributable to Common Stockholders | Note 12. Net Income (Loss) per Share Attributable to Common Stockholders The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Numerator: Net income (loss) $ 9,908 $ ( 13,861 ) $ 6,254 $ ( 37,134 ) Accretion and dividend on series A convertible preferred stock ( 4,278 ) ( 4,301 ) ( 12,804 ) ( 8,086 ) Undistributed earnings attributable to preferred stockholders ( 648 ) — — — Net income (loss) attributable to common stockholders, basic and diluted $ 4,982 $ ( 18,162 ) $ ( 6,550 ) $ ( 45,220 ) Denominator: Weighted-average number of shares used to compute net income (loss) per share attributable to common stockholders, basic 142,385 151,426 143,604 158,068 Weighted-average number of shares used to compute net income (loss) per share attributable to common stockholders, diluted 148,127 151,426 143,604 158,068 Net income (loss) per share attributable to common stockholders, basic and diluted $ 0.03 $ ( 0.12 ) $ ( 0.05 ) $ ( 0.29 ) The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income (loss) per share for the periods presented because the impact of including them would have been antidilutive (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Options to purchase common stock 7 5,148 3,291 5,245 Restricted stock units 3,509 16,297 16,932 16,378 Employee stock purchase plan 837 1,180 944 1,401 Shares related to convertible preferred stock 18,540 18,712 18,539 11,819 Shares related to the convertible senior notes — — 822 196 Total 22,893 41,337 40,528 35,039 |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 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. |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Oct. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated balance sheet as of October 31, 2022 and the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income (loss), the condensed consolidated statements of convertible preferred stock and stockholders’ (deficit) equity, and the condensed consolidated statements of cash flows for the three and nine months ended October 31, 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 material changes to our critical accounting policies and estimates during the nine months ended October 31, 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 October 31, 2022, and our results of operations, including our comprehensive income (loss), our convertible preferred stock and stockholders’ (deficit) equity, and our cash flows for the three and nine months ended October 31, 2022 and 2021. All adjustments are of a normal recurring nature. The results for the three and nine months ended October 31, 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 revenue, 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 October 31, 2022 , two customers, one of which is also a reseller, accounted for more than 10 % of total accounts receivable. As of January 31, 2022 , one customer, which is also a reseller, accounted for more than 10 % of total accounts receivable. No single customer represented over 10 % of our revenue for the three and nine months ended October 31, 2022 and 2021. We serve our customers and users from data center facilities and public cloud hosting 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 and with our cloud providers. 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 and nine months ended October 31, 2022 , revenue attributable to customers in the United States was 68 % and 67 %, respectively, and revenue attributable to customers in Japan was 19 % in both periods. For the three and nine months ended October 31, 2021 , revenue attributable to customers in the United States was 67 % and 68 %, respectively, and revenue attributable to customers in Japan was 18 % in both periods. As of October 31, 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 nine months ended October 31, 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 . Additionally, we have a single reporting segment and all required segment information can be found in the condensed consolidated financial statements. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Oct. 31, 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): October 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds 176,831 — — 176,831 Total cash equivalents $ 176,831 $ — $ — $ 176,831 Short-term investments: U.S. treasury securities $ 44,652 $ — $ ( 85 ) $ 44,567 Total short-term investments $ 44,652 $ — $ ( 85 ) $ 44,567 Total cash equivalents and short-term investments $ 221,483 $ — $ ( 85 ) $ 221,398 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): October 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds 176,831 — — 176,831 Total cash equivalents $ 176,831 $ — $ — $ 176,831 Short-term investments: U.S. treasury securities $ 44,567 $ — $ — $ 44,567 Total short-term investments $ 44,567 $ — $ — $ 44,567 Total cash equivalents and short-term investments $ 221,398 $ — $ — $ 221,398 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) | 9 Months Ended |
Oct. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): October 31, January 31, 2022 2022 Data center equipment $ 347,032 $ 353,787 Leasehold improvements 78,887 75,981 Computer-related equipment and software 22,164 20,935 Furniture and fixtures 15,212 14,421 Construction in progress 1,117 6,324 Total property and equipment 464,412 471,448 Less: accumulated depreciation ( 396,657 ) ( 365,693 ) Total property and equipment, net $ 67,755 $ 105,755 |
Schedule of Operating Lease Right-of-Use Assets, Net | Operating lease right-of-use assets, net consisted of the following (in thousands): October 31, January 31, 2022 2022 Operating lease right-of-use assets $ 288,235 $ 290,808 Less: accumulated amortization ( 146,088 ) ( 118,000 ) Operating lease right-of-use assets, net $ 142,147 $ 172,808 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 31, 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 Nine Months Ended October 31, October 31, 2022 2021 2022 2021 Finance lease cost: Amortization of finance lease right-of-use assets $ 10,864 $ 13,366 $ 34,327 $ 39,516 Interest on finance lease liabilities 430 913 1,643 3,128 Operating lease cost, gross 12,615 13,295 37,746 40,817 Variable lease cost, gross 2,437 2,269 6,437 6,647 Sublease income ( 2,216 ) ( 2,472 ) ( 6,788 ) ( 8,692 ) Total lease cost $ 24,130 $ 27,371 $ 73,365 $ 81,416 |
Summary of Maturities of Operating and Finance Lease Liabilities | As of October 31, 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 2023 $ 13,791 $ 13,928 2024 53,746 20,286 2025 35,700 1,574 2026 31,274 — 2027 29,936 — Thereafter 35,920 — Total lease payments $ 200,367 $ 35,788 Less: imputed interest $ ( 23,021 ) $ ( 925 ) Present value of total lease liabilities $ 177,346 $ 34,863 (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 $ 1.2 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) | 9 Months Ended |
Oct. 31, 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 3.31 $ 22,711 $ ( 5,003 ) $ 17,708 Developed technology 2.26 160 ( 4,356 ) ( 4,196 ) Balance as of October 31, 2022 2.56 $ 22,871 $ ( 9,359 ) $ 13,512 |
Schedule of Expected Amortization Expense for Acquired Intangible Assets | As of October 31, 2022, expected amortization expense for acquired intangible assets was as follows (in thousands): Fiscal years ending January 31: 2023 $ 1,452 2024 5,808 2025 3,490 2026 2,762 Total $ 13,512 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Payments under Non-cancellable Contractual Purchases | As of October 31, 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 $ 2,878 2024 5,149 2025 130,771 2026 556 2027 264,139 Total $ 403,493 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 31, 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): October 31, January 31, 2022 2022 Principal $ 345,000 $ 345,000 Unamortized issuance costs ( 6,122 ) ( 7,537 ) Net carrying amount $ 338,878 $ 337,463 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 31, 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 ( 2,128,440 ) 3.30 Options forfeited/cancelled ( 650,000 ) 20.28 Balance as of October 31, 2022 2,948,453 $ 15.94 3.56 $ 38,641 Vested and expected to vest as of October 31, 2022 2,945,697 $ 15.94 3.56 $ 38,615 Exercisable as of October 31, 2022 2,891,970 $ 15.87 3.50 $ 38,103 |
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 9,148,076 27.83 Vested ( 6,128,956 ) 22.63 Forfeited/cancelled ( 1,716,408 ) 22.65 Unvested balance - October 31, 2022 16,143,625 $ 24.40 |
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 Nine Months Ended October 31, October 31, 2022 2021 2022 2021 Cost of revenue $ 4,331 $ 4,786 $ 13,473 $ 15,009 Research and development 16,556 17,712 52,377 49,791 Sales and marketing 14,158 13,872 44,247 38,342 General and administrative 9,807 9,219 30,551 28,365 Total stock-based compensation $ 44,852 $ 45,589 $ 140,648 $ 131,507 |
Net Income (Loss) per Share A_2
Net Income (Loss) per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders | The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Numerator: Net income (loss) $ 9,908 $ ( 13,861 ) $ 6,254 $ ( 37,134 ) Accretion and dividend on series A convertible preferred stock ( 4,278 ) ( 4,301 ) ( 12,804 ) ( 8,086 ) Undistributed earnings attributable to preferred stockholders ( 648 ) — — — Net income (loss) attributable to common stockholders, basic and diluted $ 4,982 $ ( 18,162 ) $ ( 6,550 ) $ ( 45,220 ) Denominator: Weighted-average number of shares used to compute net income (loss) per share attributable to common stockholders, basic 142,385 151,426 143,604 158,068 Weighted-average number of shares used to compute net income (loss) per share attributable to common stockholders, diluted 148,127 151,426 143,604 158,068 Net income (loss) per share attributable to common stockholders, basic and diluted $ 0.03 $ ( 0.12 ) $ ( 0.05 ) $ ( 0.29 ) |
Summary of Weighted Average Outstanding Shares Excluded from Computation of Diluted Net Income (Loss) per Share | The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income (loss) per share for the periods presented because the impact of including them would have been antidilutive (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Options to purchase common stock 7 5,148 3,291 5,245 Restricted stock units 3,509 16,297 16,932 16,378 Employee stock purchase plan 837 1,180 944 1,401 Shares related to convertible preferred stock 18,540 18,712 18,539 11,819 Shares related to the convertible senior notes — — 822 196 Total 22,893 41,337 40,528 35,039 |
Description of Business and B_3
Description of Business and Basis of Presentation - Additional Information (Details) - Segment | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Number of reporting segment | 1 | ||||
Credit Concentration Risk | Accounts Receivable | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Number of major customers | two | one | |||
Credit Concentration Risk | Accounts Receivable | Significant Customer | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Concentration risk percentage | 10% | 10% | |||
Customer Concentration Risk | Revenue | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Number of major customers | No | No | No | No | |
Customer Concentration Risk | Revenue | Significant Customer | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Concentration risk percentage | 10% | 10% | 10% | 10% | |
Geographic Concentration Risk | Revenue | United States | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Concentration risk percentage | 68% | 67% | 67% | 68% | |
Geographic Concentration Risk | Revenue | Japan | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Concentration risk percentage | 19% | 18% | 19% | 18% |
Revenues - Additional Informati
Revenues - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |||||
Deferred revenue | $ 467.1 | $ 467.1 | $ 534.2 | ||
Deferred revenue, revenue recognized out of beginning balance | 210.9 | $ 182.5 | 472.2 | $ 393.5 | |
Remaining performance obligation, revenue expected to be recognized | $ 1,056 | $ 1,056 | |||
Revenue remaining performance obligation, percentage | 62% | 62% |
Revenues - Additional Informa_2
Revenues - Additional Information (Details 1) | Oct. 31, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-08-01 | |
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: 2023-08-01 | |
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 | Oct. 31, 2022 | Jan. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, Amortized Cost | $ 176,831 | $ 202,446 |
Cash equivalents, Estimated Fair Value | 176,831 | 202,446 |
Short-term investments, Amortized Cost | 44,652 | |
Short-term investments, Unrealized Loss | (85) | |
Short-term investments, Estimated Fair Value | 44,567 | |
Total cash equivalents and short term investments, Amortized Cost | 221,483 | |
Total cash equivalents and short term investments, Unrealized Loss | (85) | |
Total cash equivalents and short term investments, Estimated Fair Value | 221,398 | |
U.S. Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, Amortized Cost | 44,652 | |
Short-term investments, Unrealized Loss | (85) | |
Short-term investments, Estimated Fair Value | 44,567 | |
Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, Amortized Cost | 176,831 | 202,446 |
Cash equivalents, Estimated Fair Value | $ 176,831 | $ 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 | Oct. 31, 2022 | Jan. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 176,831 | $ 202,446 |
Short-term investments | 44,567 | 170,000 |
Total cash equivalents and short-term investments | 221,398 | |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 176,831 | 202,446 |
Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 176,831 | 202,446 |
Short-term investments | 44,567 | |
Total cash equivalents and short-term investments | 221,398 | |
Recurring | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 44,567 | |
Recurring | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 176,831 | |
Recurring | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 176,831 | $ 202,446 |
Short-term investments | 44,567 | |
Total cash equivalents and short-term investments | 221,398 | |
Recurring | Level 1 | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 44,567 | |
Recurring | Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 176,831 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2022 | Jan. 31, 2022 | |
Derivative [Line Items] | |||
Certificates of deposit | $ 30 | $ 170 | |
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% | ||
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 | $ 423.9 | $ 413.1 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Property Plant And Equipment [Line Items] | |||||
Accumulated depreciation of property and equipment acquired under finance lease | $ 222.7 | $ 222.7 | $ 196.6 | ||
Depreciation expense | 13.3 | $ 16.3 | 42.1 | $ 48.7 | |
Data center equipment | |||||
Property Plant And Equipment [Line Items] | |||||
Gross amount of property and equipment acquired under finance lease | $ 253.1 | $ 253.1 | |||
Data Center Equipment and Construction in Progress | |||||
Property Plant And Equipment [Line Items] | |||||
Gross amount of property and equipment acquired under finance lease | $ 258.8 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 464,412 | $ 471,448 |
Less: accumulated depreciation | (396,657) | (365,693) |
Total property and equipment, net | 67,755 | 105,755 |
Data center equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 347,032 | 353,787 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 78,887 | 75,981 |
Computer related equipment and software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 22,164 | 20,935 |
Furniture and fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 15,212 | 14,421 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 1,117 | $ 6,324 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Operating Lease Right-of-Use Assets, Net (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Operating lease right-of-use assets | $ 288,235 | $ 290,808 |
Less: accumulated amortization | (146,088) | (118,000) |
Operating lease right-of-use assets, net | $ 142,147 | $ 172,808 |
Leases - Additional Information
Leases - Additional Information (Details) | 9 Months Ended |
Oct. 31, 2022 | |
Lessee Lease Description [Line Items] | |
Finance lease agreements term | 4 years |
Sublease expiration year | 2026 |
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 | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Finance lease cost: | ||||
Amortization of finance lease right-of-use assets | $ 10,864 | $ 13,366 | $ 34,327 | $ 39,516 |
Interest on finance lease liabilities | 430 | 913 | 1,643 | 3,128 |
Operating lease cost, gross | 12,615 | 13,295 | 37,746 | 40,817 |
Variable lease cost, gross | 2,437 | 2,269 | 6,437 | 6,647 |
Sublease income | (2,216) | (2,472) | (6,788) | (8,692) |
Total lease cost | $ 24,130 | $ 27,371 | $ 73,365 | $ 81,416 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating and Finance Lease Liabilities (Details) $ in Thousands | Oct. 31, 2022 USD ($) | |
Leases [Abstract] | ||
Operating Leases, 2023 | $ 13,791 | [1] |
Operating Leases, 2024 | 53,746 | [1] |
Operating Leases, 2025 | 35,700 | [1] |
Operating Leases, 2026 | 31,274 | [1] |
Operating Leases, 2027 | 29,936 | [1] |
Operating Leases, Thereafter | 35,920 | [1] |
Operating Leases, Total lease payments | 200,367 | [1] |
Less: Operating Leases imputed interest | (23,021) | [1] |
Operating Leases, Present value of total lease liabilities | 177,346 | [1] |
Finance Leases, 2023 | 13,928 | |
Finance Leases, 2024 | 20,286 | |
Finance Leases, 2025 | 1,574 | |
Finance Leases, Total lease payments | 35,788 | |
Less: Finance Leases imputed interest | (925) | |
Finance Leases, Present value of total lease liabilities | $ 34,863 | |
[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 $ 1.2 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 | Oct. 31, 2022 USD ($) |
Leases [Abstract] | |
Non-cancellable sublease proceeds for the year ending January 31, 2023 | $ 1.2 |
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 | Oct. 31, 2022 | Jan. 31, 2022 |
Business Acquisition [Line Items] | ||
Total purchase price allocated to goodwill | $ 70,702 | $ 74,466 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets - Additional Information (Details) - USD ($) | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Finite Lived Intangible Assets [Line Items] | |||
Goodwill | $ 70,702,000 | $ 74,466,000 | |
Goodwill impairment | $ 0 | $ 0 |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangible Assets - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 31, 2022 | Jan. 31, 2022 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Value | $ 22,871 | $ 22,711 |
Accumulated Amortization | (9,359) | (5,003) |
Net Carrying Value | $ 13,512 | $ 17,708 |
Weighted-Average Remaining Useful Life (Years) | 2 years 6 months 21 days | 3 years 3 months 21 days |
Developed Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Value | $ 160 | |
Accumulated Amortization | (4,356) | |
Net Carrying Value | $ (4,196) | |
Weighted-Average Remaining Useful Life (Years) | 2 years 3 months 3 days |
Goodwill and Acquired Intangi_5
Goodwill and Acquired Intangible Assets - Schedule of Expected Amortization Expense for Acquired Intangible Assets (Details) $ in Thousands | Oct. 31, 2022 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2023 | $ 1,452 |
2024 | 5,808 |
2025 | 3,490 |
2026 | 2,762 |
Net Carrying Value | $ 13,512 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2022 | Jan. 31, 2022 | |
Commitments And Contingencies [Line Items] | ||
Purchase obligation | $ 403,493 | |
Purchase obligation, due to be paid in 2023 | 2,878 | |
Purchase obligation, due to be paid in 2024 | $ 5,149 | |
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 | $ 8,800 | |
Purchase obligation, due to be paid in 2023 | 8,600 | |
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 | Oct. 31, 2022 USD ($) |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2023 | $ 2,878 |
2024 | 5,149 |
2025 | 130,771 |
2026 | 556 |
2027 | 264,139 |
Purchase Obligations | $ 403,493 |
Debt - Additional Information (
Debt - Additional Information (Details) | 1 Months Ended | 9 Months Ended | ||
Nov. 27, 2017 | Jan. 31, 2021 USD ($) $ / shares shares | Oct. 31, 2022 USD ($) $ / shares shares | Jan. 31, 2022 USD ($) | |
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% | |||
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 | 338,878,000 | 337,463,000 | ||
Wells Fargo Bank | Revolving Credit Facility | Secured Debt | November 2017 Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, termination date | Nov. 27, 2017 | |||
Total debt outstanding with carrying amount | $ 30,000,000 | $ 30,000,000 |
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 ($) | Oct. 31, 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 | (6,122,000) | (7,537,000) | |
Net carrying amount | $ 338,878,000 | $ 337,463,000 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock and Stockholders Deficit - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
May 12, 2021 | Apr. 07, 2021 | Oct. 31, 2022 | Oct. 31, 2022 | Nov. 29, 2022 | |
Series A Convertible Preferred Stock | |||||
Class Of Stock [Line Items] | |||||
Cash dividends paid | $ 11,300,000 | ||||
Temporary equity accretion of redemption interest | 1,600,000 | ||||
Accrued divided | 1,300,000 | ||||
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% | ||||
Initial conversion price of preferred stock per share of common stock | $ 27 | ||||
Percentage of volume weighted average price of common stock | 200% | ||||
Class A Common Stock | Share Repurchase Plan | |||||
Class Of Stock [Line Items] | |||||
Authorized purchase amount | $ 610,000,000 | 610,000,000 | |||
Share repurchase amount | $ 585,900,000 | $ 585,900,000 | |||
Shares repurchased | 23,200,000 | 23,200,000 | |||
Shares repurchased during period | 1,100,000 | 9,900,000 | |||
Purchase price per share | $ 26.38 | $ 26.03 | |||
Shares repurchased amount | $ 29,100,000 | $ 257,400,000 | |||
Class A Common Stock | Subsequent Event | Share Repurchase Plan | |||||
Class Of Stock [Line Items] | |||||
Authorized purchase amount | $ 150,000,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 USD ($) Plan shares | Oct. 31, 2021 USD ($) | Oct. 31, 2022 USD ($) Plan shares | Oct. 31, 2021 USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of employee equity plans | Plan | 2 | 2 | ||
Share-based compensation expense | $ 44,852 | $ 45,589 | $ 140,648 | $ 131,507 |
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Remaining weighted-average period | 2 years 9 months 14 days | |||
Unrecognized stock-based compensation expense | $ 366,300 | $ 366,300 | ||
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 | shares | 23,074,744 | 23,074,744 | ||
2015 Employee Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense | $ 15,000 | $ 15,000 | ||
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 | shares | 5,292,010 | 5,292,010 | ||
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 | $ 3,300 | 3,300 | ||
Share-based compensation expense | $ 8,100 |
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 | 9 Months Ended | 12 Months Ended |
Oct. 31, 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 | (2,128,440) | |
Shares Subject to Options Outstanding, Options forfeited/cancelled | (650,000) | |
Shares Subject to Options Outstanding, Ending balance | 2,948,453 | 5,726,893 |
Shares Subject to Options Outstanding, Vested and expected to vest | 2,945,697 | |
Shares Subject to Options Outstanding, Exercisable | 2,891,970 | |
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 | 3.30 | |
Weighted-Average Exercise Price, Options forfeited/cancelled | 20.28 | |
Weighted-Average Exercise Price, Ending Balance | 15.94 | $ 11.74 |
Weighted-Average Exercise Price, Vested and expected to vest | 15.94 | |
Weighted-Average Exercise Price, Exercisable | $ 15.87 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted-Average Remaining Contractual Life (Years) | 3 years 6 months 21 days | 3 years 14 days |
Weighted-Average Remaining Contractual Life (Years), Vested and expected to vest | 3 years 6 months 21 days | |
Weighted-Average Remaining Contractual Life (Years), Exercisable | 3 years 6 months | |
Aggregate Intrinsic Value, Balance | $ 38,641 | $ 82,481 |
Aggregate Intrinsic Value, Vested and expected to vest | 38,615 | |
Aggregate Intrinsic Value, Exercisable | $ 38,103 |
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 | 9 Months Ended |
Oct. 31, 2022 $ / shares shares | |
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 | 9,148,076 |
Number of Restricted Stock Units, Vested | shares | (6,128,956) |
Number of Restricted Stock Units/ Forfeited/cancelled | shares | (1,716,408) |
Number of Restricted Stock Units/Awards Outstanding Unvested Ending Balance | shares | 16,143,625 |
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 | 27.83 |
Weighted -Average Grant Date Fair Value, Vested | $ / shares | 22.63 |
Weighted-Average Grant Date Fair Value, Forfeited/cancelled | $ / shares | 22.65 |
Weighted-Average Grant Date Fair Value, Unvested Ending Balance | $ / shares | $ 24.40 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 44,852 | $ 45,589 | $ 140,648 | $ 131,507 |
Cost of Revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 4,331 | 4,786 | 13,473 | 15,009 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 16,556 | 17,712 | 52,377 | 49,791 |
Sales and Marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 14,158 | 13,872 | 44,247 | 38,342 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 9,807 | $ 9,219 | $ 30,551 | $ 28,365 |
Net Income (Loss) per Share A_3
Net Income (Loss) per Share Attributable to Common Stockholders - Summary of Computation of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Numerator: | ||||
Net income (loss) | $ 9,908 | $ (13,861) | $ 6,254 | $ (37,134) |
Accretion and dividend on series A convertible preferred stock | (4,278) | (4,301) | (12,804) | (8,086) |
Undistributed earnings attributable to preferred stockholders | (648) | |||
Net income (loss) attributable to common stockholders, basic | 4,982 | (18,162) | (6,550) | (45,220) |
Net income (loss) attributable to common stockholders, diluted | $ 4,982 | $ (18,162) | $ (6,550) | $ (45,220) |
Denominator: | ||||
Weighted-average number of shares used to compute net income (loss) per share attributable to common stockholders, basic | 142,385 | 151,426 | 143,604 | 158,068 |
Weighted-average number of shares used to compute net income (loss) per share attributable to common stockholders, diluted | 148,127 | 151,426 | 143,604 | 158,068 |
Net income (loss) per share attributable to common stockholders, basic | $ 0.03 | $ (0.12) | $ (0.05) | $ (0.29) |
Net income (loss) per share attributable to common stockholders, diluted | $ 0.03 | $ (0.12) | $ (0.05) | $ (0.29) |
Net Income (Loss) per Share A_4
Net Income (Loss) per Share Attributable to Common Stockholders - Summary of Weighted Average Outstanding Shares Excluded from Computation of Diluted Net Income (Loss) per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 22,893 | 41,337 | 40,528 | 35,039 |
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 | 837 | 1,180 | 944 | 1,401 |
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 | 18,712 | 18,539 | 11,819 |
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 | 7 | 5,148 | 3,291 | 5,245 |
Restricted Stock Units | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,509 | 16,297 | 16,932 | 16,378 |
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 | 822 | 196 |