Document and Entity Information
Document and Entity Information | 3 Months Ended |
Apr. 30, 2024 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Apr. 30, 2024 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | BOX |
Entity Registrant Name | Box, Inc. |
Entity Central Index Key | 0001372612 |
Current Fiscal Year End Date | --01-31 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value per share |
Security Exchange Name | NYSE |
Entity File Number | 001-36805 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 20-2714444 |
Entity Address, Address Line One | 900 Jefferson Ave |
Entity Address, City or Town | Redwood City |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94063 |
City Area Code | 877 |
Local Phone Number | 729-4269 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Common Stock, Shares Outstanding | 145,588,172 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Current assets: | ||
Cash and cash equivalents | $ 449,507 | $ 383,742 |
Short-term investments | 116,616 | 96,948 |
Accounts receivable, net | 143,053 | 281,487 |
Deferred commissions | 43,922 | 45,817 |
Other current assets | 35,575 | 34,186 |
Total current assets | 788,673 | 842,180 |
Operating lease right-of-use assets, net | 92,762 | 99,354 |
Goodwill | 76,416 | 76,750 |
Deferred commissions, non-current | 59,426 | 63,541 |
Deferred tax assets | 72,161 | 75,665 |
Other long-term assets | 86,659 | 83,673 |
Total assets | 1,176,097 | 1,241,163 |
Current liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 51,316 | 52,737 |
Accrued compensation and benefits | 21,590 | 36,872 |
Operating lease liabilities | 25,529 | 26,812 |
Deferred revenue | 493,003 | 562,859 |
Total current liabilities | 591,438 | 679,280 |
Debt, net, non-current | 371,323 | 370,822 |
Operating lease liabilities, non-current | 88,318 | 94,165 |
Other long-term liabilities | 30,307 | 35,863 |
Total liabilities | 1,081,386 | 1,180,130 |
Commitments and contingencies (Note 5) | ||
Series A convertible preferred stock, par value of $0.0001 per share; 500 shares authorized, issued and outstanding as of April 30 and January 31, 2024 | 492,585 | 492,095 |
Stockholders' deficit: | ||
Class A common stock, par value $0.0001 per share; 1,000,000 shares authorized; 145,588 shares and 144,353 shares issued and outstanding as of April 30 and January 31, 2024, respectively | 15 | 14 |
Additional paid-in capital | 803,449 | 785,374 |
Accumulated other comprehensive loss | (11,796) | (9,686) |
Accumulated deficit | (1,189,542) | (1,206,764) |
Total stockholders' deficit | (397,874) | (431,062) |
Total liabilities, convertible preferred stock and stockholders' deficit | $ 1,176,097 | $ 1,241,163 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Apr. 30, 2024 | Jan. 31, 2024 |
Statement of Financial Position [Abstract] | ||
Temporary equity, par value per share | $ 0.0001 | $ 0.0001 |
Temporary equity, shares authorized | 500,000 | 500,000 |
Temporary equity, shares issued | 500,000 | 500,000 |
Temporary equity, shares outstanding | 500,000 | 500,000 |
Class A Common Stock, par value | $ 0.0001 | $ 0.0001 |
Class A Common Stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Class A Common Stock, shares issued | 145,588,000 | 144,353,000 |
Class A Common Stock, shares outstanding | 145,588,000 | 144,353,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 264,658 | $ 251,898 |
Cost of revenue | 58,252 | 61,651 |
Gross profit | 206,406 | 190,247 |
Operating expenses: | ||
Research and development | 62,673 | 62,518 |
Sales and marketing | 92,673 | 86,210 |
General and administrative | 33,053 | 33,184 |
Total operating expenses | 188,399 | 181,912 |
Income from operations | 18,007 | 8,335 |
Interest and other income, net | 3,858 | 2,318 |
Income before provision for income taxes | 21,865 | 10,653 |
Provision for income taxes | 4,643 | 2,303 |
Net income | 17,222 | 8,350 |
Accretion and dividend on series A convertible preferred stock | (4,240) | (4,224) |
Undistributed earnings attributable to preferred stockholders | (1,469) | (470) |
Net income attributable to common stockholders | $ 11,513 | $ 3,656 |
Net income per share attributable to common stockholders, basic | $ 0.08 | $ 0.03 |
Net income per share attributable to common stockholders, diluted | $ 0.08 | $ 0.02 |
Weighted-average shares used to compute net income per share attributable to common stockholders, basic | 145,299 | 144,739 |
Weighted-average shares used to compute net income per share attributable to common stockholders, diluted | 148,757 | 150,436 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 17,222 | $ 8,350 |
Other comprehensive (loss) income: | ||
Net foreign currency translation (loss) gain | (1,762) | 211 |
Other | (348) | (165) |
Other comprehensive (loss) income: | (2,110) | 46 |
Comprehensive income | $ 15,112 | $ 8,396 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Series A Convertible Preferred Stock | Common Stock Class A Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Balance at Jan. 31, 2023 | $ (523,851) | $ 14 | $ 818,996 | $ (7,065) | $ (1,335,796) | |
Temporary equity, Beginning, Shares at Jan. 31, 2023 | 500 | |||||
Temporary equity, Balance at Jan. 31, 2023 | $ 489,990 | |||||
Balance, Beginning, Shares at Jan. 31, 2023 | 144,301 | |||||
Issuance of common stock under employee equity plans, net of shares withheld for employee payroll taxes | (4,419) | (4,419) | ||||
Issuance of common stock under employee equity plans, net of shares withheld for employee payroll taxes, (in shares) | 2,186 | |||||
Stock-based compensation related to stock awards | 55,908 | 55,908 | ||||
Accretion and dividend on series A convertible preferred stock, net of dividends paid | (4,224) | $ 474 | (4,224) | |||
Repurchases of common stock | (43,895) | (43,895) | ||||
Repurchases of common stock (in shares) | (1,659) | |||||
Other comprehensive loss | 46 | 46 | ||||
Net income | 8,350 | 8,350 | ||||
Balance at Apr. 30, 2023 | (512,085) | $ 14 | 822,366 | (7,019) | (1,327,446) | |
Temporary equity, Ending, Shares at Apr. 30, 2023 | 500 | |||||
Temporary equity, Balance at Apr. 30, 2023 | $ 490,464 | |||||
Balance, Ending, Shares at Apr. 30, 2023 | 144,828 | |||||
Balance at Jan. 31, 2024 | $ (431,062) | $ 14 | 785,374 | (9,686) | (1,206,764) | |
Temporary equity, Beginning, Shares at Jan. 31, 2024 | 500 | 500 | ||||
Temporary equity, Balance at Jan. 31, 2024 | $ 492,095 | $ 492,095 | ||||
Balance, Beginning, Shares at Jan. 31, 2024 | 144,353 | |||||
Issuance of common stock under employee equity plans, net of shares withheld for employee payroll taxes | 3,922 | $ 1 | 3,921 | |||
Issuance of common stock under employee equity plans, net of shares withheld for employee payroll taxes, (in shares) | 2,608 | |||||
Stock-based compensation related to stock awards | 55,634 | 55,634 | ||||
Accretion and dividend on series A convertible preferred stock, net of dividends paid | (4,240) | $ 490 | (4,240) | |||
Repurchases of common stock | (37,240) | (37,240) | ||||
Repurchases of common stock (in shares) | (1,373) | |||||
Other comprehensive loss | (2,110) | (2,110) | ||||
Net income | 17,222 | 17,222 | ||||
Balance at Apr. 30, 2024 | $ (397,874) | $ 15 | $ 803,449 | $ (11,796) | $ (1,189,542) | |
Temporary equity, Ending, Shares at Apr. 30, 2024 | 500 | 500 | ||||
Temporary equity, Balance at Apr. 30, 2024 | $ 492,585 | $ 492,585 | ||||
Balance, Ending, Shares at Apr. 30, 2024 | 145,588 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 17,222 | $ 8,350 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 4,688 | 12,906 | |
Stock-based compensation expense | 51,162 | 47,277 | |
Amortization of deferred commissions | 13,360 | 13,748 | |
Other | 817 | 320 | |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | 135,565 | 129,805 | |
Deferred commissions | (7,850) | (8,113) | |
Operating lease right-of-use assets, net | 8,536 | 11,086 | |
Other assets | (1,666) | (1,939) | |
Accounts payable, accrued expenses and other liabilities | (16,186) | (20,744) | |
Operating lease liabilities | (8,937) | (13,065) | |
Deferred revenue | (65,507) | (54,701) | |
Net cash provided by operating activities | 131,204 | 124,930 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of short-term investments | (47,489) | (35,438) | |
Maturities of short-term investments | 24,896 | 33,000 | |
Sales of short-term investments | 3,567 | ||
Purchases of property and equipment | (1,276) | (2,952) | |
Proceeds from sales of property and equipment | 2,696 | 631 | |
Capitalized internal-use software costs | (5,564) | (3,833) | |
Other | 0 | (190) | |
Net cash used in investing activities | (23,170) | (8,782) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repurchases of common stock | (32,134) | (42,371) | |
Payments of dividends to preferred stockholders | (3,750) | (3,693) | |
Proceeds from exercise of stock options | 9,637 | 760 | |
Proceeds from issuances of common stock under employee stock purchase plan | 15,677 | 16,045 | |
Employee payroll taxes paid for net settlement of stock awards | (21,309) | (20,576) | |
Principal payments of finance lease liabilities | (2,141) | (9,881) | |
Other | (1,675) | (1,205) | |
Net cash used in financing activities | (35,695) | (60,921) | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (6,211) | (2,051) | |
Net increase in cash, cash equivalents, and restricted cash | 66,128 | 53,176 | |
Cash, cash equivalents, and restricted cash, beginning of period | [1] | 384,257 | 429,040 |
Cash, cash equivalents, and restricted cash, end of period | [1] | $ 450,385 | $ 482,216 |
[1] Restricted cash is included in other current assets in the condensed consolidated balance sheets for the periods presented. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 17,222 | $ 8,350 |
Insider Trading Arrangements
Insider Trading Arrangements - shares | 3 Months Ended | |||
Apr. 10, 2024 | Apr. 05, 2024 | Apr. 02, 2024 | Apr. 30, 2024 | |
Trading Arrangements, by Individual | ||||
Material Terms of Trading Arrangement | During the three months ended April 30, 2024, the following directors and officers, as defined in Rule 16a-1(f) under the Exchange Act, adopted a “Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K, as follows. On April 2, 2024 , Aaron Levie , our Chief Executive Officer , adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. The Rule 10b5-1 trading arrangement allows for the sale of up to 40,000 shares of our Class A common stock, commencing on July 2, 2024 and continuing until all shares are sold or April 1, 2025 , whichever comes first. On April 2, 2024 , Dylan Smith , our Chief Financial Officer , adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. The Rule 10b5-1 trading arrangement allows for the sale of up to 156,000 shares of our Class A common stock, commencing on July 10, 2024 and continuing until all shares are sold or June 10, 2025 , whichever comes first. On April 5, 2024 , Jack Lazar , a member of our Board of Directors , adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. The Rule 10b5-1 trading arrangement allows for the sale of up to 12,000 shares of our Class A common stock, commencing on July 5, 2024 and continuing until all shares are sold or April 5, 2025 , whichever comes first. On April 10, 2024 , Dana Evan , a member of our Board of Directors , adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. The Rule 10b5-1 trading arrangement allows for the sale of up to 18,052 shares of our Class A common stock, commencing on July 10, 2024 and continuing until all shares are sold or March 31, 2025 , whichever comes first. No other directors or officers, as defined in Rule 16a-1(f), adopted and/or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, during the three months ended April 30, 2024 . | |||
Aaron Levie [Member] | ||||
Trading Arrangements, by Individual | ||||
Name | Aaron Levie | |||
Title | Chief Executive Officer | |||
Rule 10b5-1 Arrangement Adopted | true | |||
Adoption Date | April 2, 2024 | |||
Arrangement Duration | 274 days | |||
Aggregate Available | 40,000 | |||
Expiration Date | Apr. 01, 2025 | |||
Dylan Smith [Member] | ||||
Trading Arrangements, by Individual | ||||
Name | Dylan Smith | |||
Title | Chief Financial Officer | |||
Rule 10b5-1 Arrangement Adopted | true | |||
Adoption Date | April 2, 2024 | |||
Arrangement Duration | 336 days | |||
Aggregate Available | 156,000 | |||
Expiration Date | Jun. 10, 2025 | |||
Jack Lazar [Member] | ||||
Trading Arrangements, by Individual | ||||
Name | Jack Lazar | |||
Title | Board of Directors | |||
Rule 10b5-1 Arrangement Adopted | true | |||
Adoption Date | April 5, 2024 | |||
Arrangement Duration | 275 days | |||
Aggregate Available | 12,000 | |||
Expiration Date | Apr. 05, 2025 | |||
Dana Evan [Member] | ||||
Trading Arrangements, by Individual | ||||
Name | Dana Evan | |||
Title | Board of Directors | |||
Rule 10b5-1 Arrangement Adopted | true | |||
Adoption Date | April 10, 2024 | |||
Arrangement Duration | 265 days | |||
Aggregate Available | 18,052 | |||
Expiration Date | Mar. 31, 2025 | |||
Other Directors or Officers [Member] | ||||
Trading Arrangements, by Individual | ||||
Rule 10b5-1 Arrangement Adopted | false | |||
Non-Rule 10b5-1 Arrangement Adopted | false | |||
Rule 10b5-1 Arrangement Terminated | false | |||
Non-Rule 10b5-1 Arrangement Terminated | false |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Apr. 30, 2024 | |
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. 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 unaudited condensed consolidated financial statements, which include the accounts of Box and its wholly owned subsidiaries, have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the SEC for interim financial reporting. 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 include all adjustments necessary for the fair presentation of our balance sheets, statements of operations, statements of comprehensive income, statements of convertible preferred stock and stockholders' deficit, and the statements of cash flows for the interim periods, but are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending January 31, 2025. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended January 31, 2024, which was filed with the SEC on March 11, 2024. Certain prior period amounts reported in our condensed consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications did not affect revenue, income from operations, or net income. Use of Estimates T he preparation of consolidated financial statements in conformity with 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, the useful lives of intangible assets, the incremental borrowing rate we use to determine our lease liabilities, the valuation allowance of deferred income tax assets, and uncertain tax positions. 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 believe collections of our accounts receivable are probable based on the size, industry diversification, financial condition and past transaction history of our customers. As of April 30, 2024 and January 31, 2024 , no single customer accounted for more than 10 % of total accounts receivable . No single customer represented over 10 % of our revenue for the three months ended April 30, 2024 and 2023. We serve our customers and users from public cloud hosting operated by third parties. In order to reduce the risk of down time of our subscription services, we have established relationships with 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 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 months ended April 30, 2024 and 2023, revenue attributable to customers in the United States was 64 % and 66 %, respectively. For the three months ended April 30, 2024 and 2023, revenue attributable to customers in Japan was 22 % and 21 %, respectively. As of April 30, 2024 and January 31, 2024 , substantially all of our property and equipment was located in the United States. Summary of Significant Accounting Policies Derivative Instruments and Hedging We measure derivative instruments at fair value and recognize them as either assets or liabilities on our condensed consolidated balance sheets. We record changes in fair value of derivative instruments designated as cash flow hedges in other comprehensive (loss) income. When the hedged transaction affects earnings, we subsequently reclassify the net derivative gain or loss within other comprehensive (loss) income into the same line as the hedged item on the condensed consolidated statements of operations to offset the changes in the hedged transaction. Derivatives not designated as hedging instruments are adjusted to fair value through interest and other income, net, on our condensed consolidated statements of operations in the period during which changes in fair value occur. There have been no other material changes to our significant accounting policies and estimates during the three months ended April 30, 2024 from those disclosed in our Form 10-K for the year ended January 31, 2024 . Additionally, we have a single reporting segment and all required segment information can be found in the condensed consolidated financial statements. Recently Adopted and Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the impact of the new standard. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures , which requires greater disaggregation of tax information in rate reconciliation and income taxes paid by jurisdiction. This ASU is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of this accounting standard update on our income tax disclosures. |
Revenue
Revenue | 3 Months Ended |
Apr. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 2. Revenue Deferred Revenue Deferred revenue was $ 513.6 million and $ 586.9 million as of April 30, 2024 and January 31, 2024, respectively. During the three months ended April 30, 2024 and 2023 , we recognized $ 226.1 million and $ 211.0 million of revenue that was included in the deferred revenue balance as of January 31, 2024 and 2023, respectively. Transaction Price Allocated to the Remaining Performance Obligations As of April 30, 2024 , we had remaining performance obligations from contracts with customers of $ 1.2 billion. We expect to recognize revenue on 59 % of these remaining performance obligations over the next 12 months , with the substantial majority of the remaining balance expected to be recognized within 24 months . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Apr. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 3. Fair Value of Financial Instruments Fair Value Measurements of Assets and Liabilities Measured at Fair Value on a Recurring Basis 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. Financial assets subject to the fair value disclosure requirements are included in the table below. All of our financial assets are classified as Level 1. The estimated fair value of cash equivalents and short-term investments were as follows (in thousands): April 30, January 31, 2024 2024 Cash equivalents: Money market funds $ 74,265 $ 189,268 U.S. treasury securities — — Total cash equivalents 74,265 189,268 Short-term investments: U.S. treasury securities 86,616 61,484 Non-U.S. government issued securities — 5,464 Total short-term investments (1) 86,616 66,948 Total cash equivalents and short-term investments (1) $ 160,881 $ 256,216 (1) As of April 30, 2024 and January 31, 2024 , we had a certificate of deposit for a total of $ 30.0 million with an original maturity of more than three months and less than twelve months that is classified as a short-term investment in our condensed consolidated balance sheet. This certificate of deposit is not included in the table above as it does not meet the definition of a security. There were no material differences between the estimated fair value and amortized cost of our cash equivalents and short-term investments. As of April 30, 2024, remaining contractual maturities of our short-term investments were all within one year. As of April 30, 2024, we do not consider any portion of the unrealized losses to be credit losses. Fair Value Measurements of Other Financial Instruments I n June 2023, we entered into an amended and restated secured credit agreement (the "June 2023 Facility") to provide for a $ 150.0 million revolving loan facility. As of April 30, 2024 and January 31, 2024, we had total debt outstanding relating to the June 2023 Facility with a gross carrying amount of $ 30.0 million. The estimated fair value of the June 2023 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 "Convertible Notes"). The fair value of the Convertible Notes is determined using observable market prices. The fair value of the Convertible Notes, which we have classified as a Level 2 instrument, was $ 398.1 million and $ 392.1 million as of April 30, 2024 and January 31, 2024, respectively. During the three months ended April 30, 2024, we entered into foreign currency forward contracts to hedge monetary assets and liabilities denominated in non-functional currencies. These foreign currency forward contracts are recorded at fair value and have maturities of 12 months or less. As of April 30, 2024, we had foreign currency forward contracts not designated as hedging instruments with a total notional value of $ 73.3 million. Our foreign currency forward contracts are classified within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments in active markets, such as currency spot and forward rates. The gross fair value of these foreign currency forward contracts was no t material as of April 30, 2024. The gains recognized for these foreign currency forward contracts were no t material for the three months ended April 30, 2024. As of January 31, 2024, we did no t have foreign currency forward contracts. |
Leases
Leases | 3 Months Ended |
Apr. 30, 2024 | |
Leases [Abstract] | |
Leases | Note 4. 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 2025 and 2034 . 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. During fiscal year 2023, we modified our finance leases to reflect our intent to exercise the purchase options at the end of the term of each finance lease. As of January 31, 2024, there were no remaining material finance lease liabilities. We sublease certain floors of our Redwood City and London offices. Our current subleases have total lease terms ranging from 30 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 April 30, 2024 2023 Finance lease cost: Amortization of finance lease right-of-use assets $ 374 $ 6,528 Interest on finance lease liabilities 12 356 Operating lease cost, gross 10,186 13,175 Variable lease cost, gross 2,010 2,311 Sublease income ( 1,419 ) ( 1,667 ) Total lease cost $ 11,163 $ 20,703 As of April 30, 2024, maturities of our operating 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) Remainder of 2025 $ 23,884 2026 30,222 2027 28,672 2028 25,135 2029 12,071 Thereafter 10,807 Total lease payments 130,791 Less: imputed interest ( 16,944 ) Present value of total lease liabilities $ 113,847 (1) Non-cancellable sublease proceeds for the years ending January 31, 2025 and 2026 of $ 3.7 million and $ 1.0 million, respectively, are not included in the table above. As of April 30, 2024 , we had one operating lease for an office space that has not yet commenced. This operating lease has aggregated undiscounted future payments of $ 19.8 million and a lease term of nine years . This operating lease is planned to commence during fiscal year 2025. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5. Commitments and Contingencies Letters of Credit As of April 30, 2024 and January 31, 2024 , we had letters of credit in the aggregate amount of $ 11.4 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 6. Purchase Obligations Our purchase obligations relate primarily to public cloud hosting services and IT software and support services costs and have terms ranging from two to eight years . As of April 30, 2024, future minimum 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): Years ending January 31: Remainder of 2025 $ 11,547 2026 20,408 2027 283,279 2028 511 2029 355 Total $ 316,100 Legal Matters From time to time, we are subject to litigation and claims that arise in the ordinary course of business. We investigate litigation and claims as they arise and accrue estimates for resolution of legal and other contingencies when losses are probable and estimable. Although the results of litigation and claims cannot be predicted with certainty, we believe there was not at least a reasonable possibility that we had incurred a material loss with respect to such loss contingencies as of April 30, 2024 . |
Debt
Debt | 3 Months Ended |
Apr. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Note 6. 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 Convertible Notes are senior unsecured obligations and do not bear regular interest. Each $ 1,000 principal amount of the Convertible 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 Convertible Notes during the three months ended April 30, 2024 from those disclosed in Item 8. Financial Statements and Supplementary Data in our Form 10-K for the year ended January 31, 2024. As of April 30, 2024, the conditions allowing holders of the Convertible Notes to convert were not met. The net carrying amount of the Convertible Notes consisted of the following (in thousands): April 30, January 31, 2024 2024 Principal $ 345,000 $ 345,000 Unamortized issuance costs ( 3,273 ) ( 3,750 ) Net carrying amount $ 341,727 $ 341,250 Issuance costs are being amortized to interest expense over the term of the Convertible Notes using the effective interest rate method. The effective interest rate used to amortize the issuance costs is 0.56 %. For the three months ended April 30, 2024 and 2023, interest expense recognized related to the Convertible Notes was not material. Capped Calls I n connection with the pricing of the Convertible 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 Convertible 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 Convertible 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 Convertible Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders’ deficit 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 June 30, 2023, we entered into an amended and restated secured credit agreement to provide for a $ 150.0 million revolving loan facility with a $ 45.0 million sublimit for the issuance of letters of credit. Pursuant to the terms of the June 2023 Facility, the maturity date of the revolving loan facility is the earlier of (i) June 30, 2028 , (ii) October 16, 2025 , except to the extent that both of the following conditions are satisfied as of such date: (x) the outstanding principal amount of the Convertible Notes as of such date is not greater than $ 100.0 million and (y) our liquidity (as determined in accordance with the June 2023 Facility) is greater than or equal to the outstanding principal amount of such Convertible Notes as of such date, and (iii) February 11, 2028 , only in the event that any of our Series A Convertible Preferred Stock remains outstanding as of such date. In addition, the June 2023 Facility adopts the Secured Overnight Financing Rate (SOFR) as the interest rate benchmark, with the revolving loans accruing interest at a rate per annum equal to, at our option, (a) an adjusted term SOFR rate (based on one, three, or six-month interest periods) plus a margin ranging from 1.35 % to 1.85 %, (b) a daily simple SOFR rate plus a margin ranging from 1.35 % to 1.85 %, or (c) a prime rate plus a margin of 0.35 % to 0.85 %. The borrowings under the June 2023 Facility are collateralized by substantially all of our assets. The June 2023 Facility requires us to comply with a maximum leverage ratio and a minimum liquidity requirement. Additionally, the June 2023 Facility contains customary affirmative and negative covenants. As of April 30, 2024 , we had total debt outstanding with a net carrying amount of $ 29.6 million and we were in compliance with all financial covenants. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock and Stockholders' Deficit | 3 Months Ended |
Apr. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Redeemable Convertible Preferred Stock and Stockholders' Deficit | Note 7. 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. There have been no changes to the terms and conditions of the Series A Preferred Stock for the three months ended April 30, 2024 from those disclosed in Item 8. Financial Statements and Supplementary Data in our Form 10-K for the year ended January 31, 2024. During the three months ended April 30, 2024 , we paid cash dividends to our Series A Preferred Stockholders in the amount of $ 3.8 million and as of April 30, 2024 , we had accrued dividends of $ 1.2 million on the Series A Preferred Stock. Accrued dividends are recorded against additional paid-in capital due to Box being in an accumulated deficit position. Share Repurchase Plan Our Board of Directors has authorized a share repurchase plan to opportunistically repurchase shares of our outstanding Class A common stock in open market transactions and on March 4, 2024, our Board of Directors authorized the repurchase of an additional $ 100 million shares of our Class A common stock. We periodically enter into pre-set trading plans adopted in accordance with Rule 10b5-1 to effect repurchases under our share repurchase plan. During the three months ended April 30, 2024 , we repurchased 1.4 million shares at a weighted average price of $ 27.10 per share for a total amount of $ 37.2 million. As of April 30, 2024 , $ 126.4 million remained available for additional repurchases. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Apr. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 8. 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 year ended January 31, 2024. As of April 30, 2024, 27,494,360 shares and 3,298,894 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, 2024 2,283,543 $ 17.69 2.93 $ 18,975 Options exercised ( 619,635 ) 18.43 Balance as of April 30, 2024 1,663,908 $ 17.42 3.08 $ 14,363 Exercisable as of April 30, 2024 1,663,908 $ 17.42 3.08 $ 14,363 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, 2024 14,079,595 $ 26.17 Granted 6,888,818 27.84 Vested ( 2,059,537 ) 25.33 Forfeited/cancelled ( 345,119 ) 26.67 Unvested balance - April 30, 2024 18,563,757 $ 26.87 As of April 30, 2024 , there was $ 468.8 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 2.85 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 the pre-established corporate financial objectives and additional inputs from our Compensation Committee, the executive bonus plan for fiscal year 2024 was determined, settled and paid out in the first quarter of fiscal year 2025 in the form of cash and fully vested restricted stock units. During the first quarter of fiscal year 2025, our Compensation Committee also adopted and approved the performance criteria and targets for the executive bonus plan for fiscal year 2025, 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 2026. During the three months ended April 30, 2024, we recognized stock-based compensation expense related to executive bonus plans in the amount of $ 4.0 million. The unrecognized compensation expense related to the ungranted and unvested executive bonus plan for fiscal year 2025 is $ 11.5 million, based on the expected performance against the pre-established corporate financial objectives as of April 30, 2024, which is expected to be recognized over a remaining weighted-average period of less than one year. 2015 ESPP As of April 30, 2024 , there was $ 12.4 million of unrecognized stock-based compensation expense related to the 2015 ESPP that is expected to be recognized over a weighted-average period of 1.28 years. Stock-Based Compensation The following table summarizes the components of stock-based compensation expense recognized in the condensed consolidated statements of operations (in thousands): Three Months Ended April 30, 2024 2023 Cost of revenue $ 4,621 $ 4,485 Research and development 17,819 17,002 Sales and marketing 17,783 15,318 General and administrative 10,939 10,472 Total stock-based compensation $ 51,162 $ 47,277 |
Net Income per Share Attributab
Net Income per Share Attributable to Common Stockholders | 3 Months Ended |
Apr. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Income per Share Attributable to Common Stockholders | Note 9. Net Income per Share Attributable to Common Stockholders Basic net income per share is computed by dividing net income by the weighted-average number of common stocks outstanding for the period. Diluted net income per share is computed by giving effect to all potential weighted-average dilutive common stock, including stock options, restricted stock units, ESPP, and convertible senior notes. The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended April 30, 2024 2023 Numerator: Net income $ 17,222 $ 8,350 Accretion and dividend on series A convertible preferred stock ( 4,240 ) ( 4,224 ) Undistributed earnings attributable to preferred stockholders ( 1,469 ) ( 470 ) Net income attributable to common stockholders, basic and diluted $ 11,513 $ 3,656 Denominator: Weighted-average number of shares used to compute net income per share attributable to common stockholders, basic 145,299 144,739 Dilutive effect of awards issued under employee equity plans 2,694 4,247 Dilutive effect of shares related to the convertible senior notes 764 1,450 Weighted-average number of shares used to compute net income per share attributable to common stockholders, diluted 148,757 150,436 Net income per share attributable to common stockholders, basic $ 0.08 $ 0.03 Net income per share attributable to common stockholders, diluted $ 0.08 $ 0.02 The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income per share for the periods presented because the impact of including them would have been antidilutive (in thousands): Three Months Ended April 30, 2024 2023 Options to purchase common stock 26 7 Restricted stock units 4,511 670 Employee stock purchase plan 870 1,417 Shares related to convertible preferred stock 18,540 18,586 Total 23,947 20,680 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10. Income Taxes The provision for income taxes was $ 4.6 million and $ 2.3 million for the three months ended April 30, 2024 and 2023, respectively. Our income taxes for the three months ended April 30, 2024 and 2023 were primarily due to state income taxes and foreign income taxes. For the three months ended April 30, 2024, the difference between the U.S. statutory rate and our effective tax rate was primarily due to the valuation allowance on our U.S. deferred tax assets, state income taxes, driven by the capitalization of research and development expenditures, and differing foreign tax rates. For the three months ended April 30, 2023, the difference between the U.S. statutory rate and our effective tax rate was primarily due to the valuation allowance on our U.S. and U.K. deferred tax assets, state income taxes, driven by the capitalization of research and development expenditures, and differing foreign tax rates. We evaluate 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 (U.K.) and other foreign jurisdictions in which we operate. Tax years ending on January 31, 2020 and onwards remain open to examination for the U.K. Certain tax years remain open to examination under the statute of limitations of the respective countries in which our other foreign subsidiaries are located. |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
Apr. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements, which include the accounts of Box and its wholly owned subsidiaries, have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the SEC for interim financial reporting. 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 include all adjustments necessary for the fair presentation of our balance sheets, statements of operations, statements of comprehensive income, statements of convertible preferred stock and stockholders' deficit, and the statements of cash flows for the interim periods, but are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending January 31, 2025. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended January 31, 2024, which was filed with the SEC on March 11, 2024. Certain prior period amounts reported in our condensed consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications did not affect revenue, income from operations, or net income. |
Use of Estimates | Use of Estimates T he preparation of consolidated financial statements in conformity with 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, the useful lives of intangible assets, the incremental borrowing rate we use to determine our lease liabilities, the valuation allowance of deferred income tax assets, and uncertain tax positions. 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 believe collections of our accounts receivable are probable based on the size, industry diversification, financial condition and past transaction history of our customers. As of April 30, 2024 and January 31, 2024 , no single customer accounted for more than 10 % of total accounts receivable . No single customer represented over 10 % of our revenue for the three months ended April 30, 2024 and 2023. We serve our customers and users from public cloud hosting operated by third parties. In order to reduce the risk of down time of our subscription services, we have established relationships with 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 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 months ended April 30, 2024 and 2023, revenue attributable to customers in the United States was 64 % and 66 %, respectively. For the three months ended April 30, 2024 and 2023, revenue attributable to customers in Japan was 22 % and 21 %, respectively. As of April 30, 2024 and January 31, 2024 , substantially all of our property and equipment was located in the United States. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Derivative Instruments and Hedging We measure derivative instruments at fair value and recognize them as either assets or liabilities on our condensed consolidated balance sheets. We record changes in fair value of derivative instruments designated as cash flow hedges in other comprehensive (loss) income. When the hedged transaction affects earnings, we subsequently reclassify the net derivative gain or loss within other comprehensive (loss) income into the same line as the hedged item on the condensed consolidated statements of operations to offset the changes in the hedged transaction. Derivatives not designated as hedging instruments are adjusted to fair value through interest and other income, net, on our condensed consolidated statements of operations in the period during which changes in fair value occur. There have been no other material changes to our significant accounting policies and estimates during the three months ended April 30, 2024 from those disclosed in our Form 10-K for the year ended January 31, 2024 . Additionally, we have a single reporting segment and all required segment information can be found in the condensed consolidated financial statements. |
Recently Adopted and Issued Accounting Pronouncements | Recently Adopted and Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the impact of the new standard. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures , which requires greater disaggregation of tax information in rate reconciliation and income taxes paid by jurisdiction. This ASU is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of this accounting standard update on our income tax disclosures. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Estimated Fair Value of Cash Equivalents and Short-term Investments | Financial assets subject to the fair value disclosure requirements are included in the table below. All of our financial assets are classified as Level 1. The estimated fair value of cash equivalents and short-term investments were as follows (in thousands): April 30, January 31, 2024 2024 Cash equivalents: Money market funds $ 74,265 $ 189,268 U.S. treasury securities — — Total cash equivalents 74,265 189,268 Short-term investments: U.S. treasury securities 86,616 61,484 Non-U.S. government issued securities — 5,464 Total short-term investments (1) 86,616 66,948 Total cash equivalents and short-term investments (1) $ 160,881 $ 256,216 (1) As of April 30, 2024 and January 31, 2024 , we had a certificate of deposit for a total of $ 30.0 million with an original maturity of more than three months and less than twelve months that is classified as a short-term investment in our condensed consolidated balance sheet. This certificate of deposit is not included in the table above as it does not meet the definition of a security. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Leases [Abstract] | |
Summary of Components of Lease Cost | The components of lease cost, which were included in operating expenses in our condensed consolidated statements of operations, were as follows (in thousands): Three Months Ended April 30, 2024 2023 Finance lease cost: Amortization of finance lease right-of-use assets $ 374 $ 6,528 Interest on finance lease liabilities 12 356 Operating lease cost, gross 10,186 13,175 Variable lease cost, gross 2,010 2,311 Sublease income ( 1,419 ) ( 1,667 ) Total lease cost $ 11,163 $ 20,703 |
Summary of Maturities of Operating and Finance Lease Liabilities | As of April 30, 2024, maturities of our operating 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) Remainder of 2025 $ 23,884 2026 30,222 2027 28,672 2028 25,135 2029 12,071 Thereafter 10,807 Total lease payments 130,791 Less: imputed interest ( 16,944 ) Present value of total lease liabilities $ 113,847 (1) Non-cancellable sublease proceeds for the years ending January 31, 2025 and 2026 of $ 3.7 million and $ 1.0 million, respectively, are not included in the table above. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Payments under Non-cancellable Contractual Purchases | As of April 30, 2024, future minimum 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): Years ending January 31: Remainder of 2025 $ 11,547 2026 20,408 2027 283,279 2028 511 2029 355 Total $ 316,100 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Net Carrying Amounts of Liability and Equity Component of Convertible Notes | The net carrying amount of the Convertible Notes consisted of the following (in thousands): April 30, January 31, 2024 2024 Principal $ 345,000 $ 345,000 Unamortized issuance costs ( 3,273 ) ( 3,750 ) Net carrying amount $ 341,727 $ 341,250 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
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, 2024 2,283,543 $ 17.69 2.93 $ 18,975 Options exercised ( 619,635 ) 18.43 Balance as of April 30, 2024 1,663,908 $ 17.42 3.08 $ 14,363 Exercisable as of April 30, 2024 1,663,908 $ 17.42 3.08 $ 14,363 |
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, 2024 14,079,595 $ 26.17 Granted 6,888,818 27.84 Vested ( 2,059,537 ) 25.33 Forfeited/cancelled ( 345,119 ) 26.67 Unvested balance - April 30, 2024 18,563,757 $ 26.87 |
Summary of Components of Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense recognized in the condensed consolidated statements of operations (in thousands): Three Months Ended April 30, 2024 2023 Cost of revenue $ 4,621 $ 4,485 Research and development 17,819 17,002 Sales and marketing 17,783 15,318 General and administrative 10,939 10,472 Total stock-based compensation $ 51,162 $ 47,277 |
Net Income per Share Attribut_2
Net Income per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Income Per Share Attributable to Common Stockholders | The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended April 30, 2024 2023 Numerator: Net income $ 17,222 $ 8,350 Accretion and dividend on series A convertible preferred stock ( 4,240 ) ( 4,224 ) Undistributed earnings attributable to preferred stockholders ( 1,469 ) ( 470 ) Net income attributable to common stockholders, basic and diluted $ 11,513 $ 3,656 Denominator: Weighted-average number of shares used to compute net income per share attributable to common stockholders, basic 145,299 144,739 Dilutive effect of awards issued under employee equity plans 2,694 4,247 Dilutive effect of shares related to the convertible senior notes 764 1,450 Weighted-average number of shares used to compute net income per share attributable to common stockholders, diluted 148,757 150,436 Net income per share attributable to common stockholders, basic $ 0.08 $ 0.03 Net income per share attributable to common stockholders, diluted $ 0.08 $ 0.02 |
Summary of Weighted Average Outstanding Shares Excluded from Computation of Diluted Net Income per Share | The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income per share for the periods presented because the impact of including them would have been antidilutive (in thousands): Three Months Ended April 30, 2024 2023 Options to purchase common stock 26 7 Restricted stock units 4,511 670 Employee stock purchase plan 870 1,417 Shares related to convertible preferred stock 18,540 18,586 Total 23,947 20,680 |
Description of Business and B_3
Description of Business and Basis of Presentation - Additional Information (Details) - Segment | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | Jan. 31, 2024 | |
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 | no | no | |
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 | |
Customer Concentration Risk | Revenue | Significant Customer | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Concentration risk percentage | 10% | 10% | |
Geographic Concentration Risk | Revenue | United States | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Concentration risk percentage | 64% | 66% | |
Geographic Concentration Risk | Revenue | Japan | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Concentration risk percentage | 22% | 21% |
Revenues - Additional Informati
Revenues - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Jan. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |||
Deferred revenue | $ 513.6 | $ 586.9 | |
Deferred revenue, revenue recognized out of beginning balance | 226.1 | $ 211 | |
Remaining performance obligation, revenue expected to be recognized | $ 1,200 | ||
Revenue remaining performance obligation, percentage | 59% |
Revenues - Additional Informa_2
Revenues - Additional Information (Details 1) | Apr. 30, 2024 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-05-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-05-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 24 months |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Estimated Fair Value of Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents, Estimated Fair Value | $ 74,265 | $ 189,268 | |
Short-term investments, Estimated Fair Value | [1] | 86,616 | 66,948 |
Total cash equivalents and short term investments, Estimated Fair Value | [1] | 160,881 | 256,216 |
Money Market Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents, Estimated Fair Value | 74,265 | 189,268 | |
U.S. Treasury Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments, Estimated Fair Value | $ 86,616 | 61,484 | |
Non-U.S. government issued securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments, Estimated Fair Value | $ 5,464 | ||
[1] As of April 30, 2024 and January 31, 2024 , we had a certificate of deposit for a total of $ 30.0 million with an original maturity of more than three months and less than twelve months that is classified as a short-term investment in our condensed consolidated balance sheet. This certificate of deposit is not included in the table above as it does not meet the definition of a security. |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Estimated Fair Value of Cash Equivalents and Short-term Investments (Parenthetical) (Details) - USD ($) $ in Millions | Apr. 30, 2024 | Jan. 31, 2024 |
Fair Value Disclosures [Abstract] | ||
Certificates of deposit | $ 30 | $ 30 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jan. 31, 2021 | Apr. 30, 2024 | Jan. 31, 2024 | |
Derivative [Line Items] | ||||
Certificates of deposit | $ 30,000,000 | $ 30,000,000 | ||
Foreign Currency Forward Contracts | Not Designated as Hedging Instruments | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | 73,300,000 | |||
Gross fair value of derivative | 0 | |||
Recognized gains (losses) of derivative | 0 | 0 | ||
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 | $ 345,000,000 | |||
0.00% Convertible Notes Due 2026 | Senior Notes | Level 2 | ||||
Derivative [Line Items] | ||||
Convertible senior notes, fair value | 398,100,000 | 392,100,000 | ||
June 2023 Facility | Secured Debt | Wells Fargo Bank | ||||
Derivative [Line Items] | ||||
Debt instrument maturity date | Jun. 30, 2028 | |||
June 2023 Facility | Revolving Credit Facility | Secured Debt | Wells Fargo Bank | ||||
Derivative [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 150,000,000 | |||
Total debt outstanding with carrying amount | $ 30,000,000 | $ 30,000,000 |
Leases - Additional Information
Leases - Additional Information (Details) | 3 Months Ended | |
Apr. 30, 2024 USD ($) Lease | Jan. 31, 2024 USD ($) | |
Lessee Lease Description [Line Items] | ||
Finance lease agreements term | 4 years | |
Sublease expiration year | 2026 | |
Operating lease not yet commenced, description | As of April 30, 2024, we had one operating lease for an office space that has not yet commenced. | |
Operating leases, not yet commenced | Lease | 1 | |
Undiscounted future payments | $ 19,800,000 | |
Operating lease term | 9 years | |
Finance Lease, Liability | $ 0 | |
Minimum | ||
Lessee Lease Description [Line Items] | ||
Operating lease expiration year | 2025 | |
Total lease term of sublease arrangement | 30 months | |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Operating lease expiration year | 2034 | |
Total lease term of sublease arrangement | 96 months |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost Included In Operating Expenses in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Finance lease cost: | ||
Amortization of finance lease right-of-use assets | $ 374 | $ 6,528 |
Interest on finance lease liabilities | 12 | 356 |
Operating lease cost, gross | 10,186 | 13,175 |
Variable lease cost, gross | 2,010 | 2,311 |
Sublease income | (1,419) | (1,667) |
Total lease cost | $ 11,163 | $ 20,703 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating and Finance Lease Liabilities (Details) $ in Thousands | Apr. 30, 2024 USD ($) |
Leases [Abstract] | |
Operating Leases, Remainder of 2025 | $ 23,884 |
Operating Leases, 2026 | 30,222 |
Operating Leases, 2027 | 28,672 |
Operating Leases, 2028 | 25,135 |
Operating Leases, 2029 | 12,071 |
Operating Leases, Thereafter | 10,807 |
Operating Leases, Total lease payments | 130,791 |
Less: Operating Leases imputed interest | (16,944) |
Operating Leases, Present value of total lease liabilities | $ 113,847 |
Leases - Summary of Maturitie_2
Leases - Summary of Maturities of Operating and Finance Lease Liabilities (Parenthetical) (Details) $ in Millions | Apr. 30, 2024 USD ($) |
Leases [Abstract] | |
Non-cancellable sublease proceeds for the year ending January 31, 2025 | $ 3.7 |
Non-cancellable sublease proceeds for the year ending January 31, 2026 | $ 1 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2024 | Jan. 31, 2024 | |
Minimum | ||
Commitments And Contingencies [Line Items] | ||
Purchase obligation term | 2 years | |
Maximum | ||
Commitments And Contingencies [Line Items] | ||
Purchase obligation term | 8 years | |
June 2023 Facility | Wells Fargo Bank | Secured Debt | Letters of Credit | ||
Commitments And Contingencies [Line Items] | ||
Letters of credit facility | $ 11.4 | $ 11.4 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Payments under Non-cancellable Contractual Purchases (Details) $ in Thousands | Apr. 30, 2024 USD ($) |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
Remainder of 2025 | $ 11,547 |
2026 | 20,408 |
2027 | 283,279 |
2028 | 511 |
2029 | 355 |
Purchase Obligations | $ 316,100 |
Debt - Additional Information (
Debt - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) | Apr. 30, 2024 USD ($) $ / shares shares | Jan. 31, 2021 USD ($) | Jan. 31, 2024 USD ($) | |
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 | ||||
Initial conversion rate per $1,000 principal amount of notes | shares | 38.7962 | ||||
Initial conversion price per share of common stock | $ / shares | $ 25.78 | ||||
Debt instrument, effective interest rate | 0.56% | ||||
Strike price | $ / shares | 25.8 | ||||
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 net carrying amount | 341,727,000 | $ 341,250,000 | |||
Secured Debt | June 2023 Facility | Wells Fargo Bank | |||||
Debt Instrument [Line Items] | |||||
Debt instrument due date | Jun. 30, 2028 | ||||
Secured Debt | June 2023 Facility | Wells Fargo Bank | Minimum | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 100,000,000 | ||||
Secured Debt | June 2023 Facility | Revolving Credit Facility | Wells Fargo Bank | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 150,000,000 | ||||
Total debt outstanding with net carrying amount | $ 29,600,000 | ||||
Secured Debt | June 2023 Facility | Revolving Credit Facility | Wells Fargo Bank | Adjusted Term SOFR | Minimum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, floating interest rate | 1.35% | ||||
Secured Debt | June 2023 Facility | Revolving Credit Facility | Wells Fargo Bank | Adjusted Term SOFR | Maximum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, floating interest rate | 1.85% | ||||
Secured Debt | June 2023 Facility | Revolving Credit Facility | Wells Fargo Bank | Daily Simple SOFR | Minimum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, floating interest rate | 1.35% | ||||
Secured Debt | June 2023 Facility | Revolving Credit Facility | Wells Fargo Bank | Daily Simple SOFR | Maximum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, floating interest rate | 1.85% | ||||
Secured Debt | June 2023 Facility | Revolving Credit Facility | Wells Fargo Bank | Prime Rate | Minimum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, floating interest rate | 0.35% | ||||
Secured Debt | June 2023 Facility | Revolving Credit Facility | Wells Fargo Bank | Prime Rate | Maximum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, floating interest rate | 0.85% | ||||
Secured Debt | June 2023 Facility | Letters of Credit | Wells Fargo Bank | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity sublimit | $ 45,000,000 | ||||
Secured Debt | June 2023 Facility | Debt Instrument, Convertible, Terms of Conversion Feature, Circumstances One | Wells Fargo Bank | |||||
Debt Instrument [Line Items] | |||||
Debt instrument due date | Oct. 16, 2025 | ||||
Secured Debt | June 2023 Facility | Debt Instrument, Convertible, Terms of Conversion Feature, Circumstances Two | Wells Fargo Bank | |||||
Debt Instrument [Line Items] | |||||
Debt instrument due date | Feb. 11, 2028 |
Debt - Schedule of Net Carrying
Debt - Schedule of Net Carrying Amounts of Liability Component of Convertible Notes (Details) - 0.00% Convertible Senior Notes Due January 15, 2026 - Convertible Senior Notes - USD ($) | Apr. 30, 2024 | Jan. 31, 2024 | Jan. 31, 2021 |
Debt Instrument [Line Items] | |||
Debt instrument, principal amount | $ 345,000,000 | $ 345,000,000 | $ 345,000,000 |
Unamortized issuance costs | (3,273,000) | (3,750,000) | |
Net carrying amount | $ 341,727,000 | $ 341,250,000 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock and Stockholders Deficit - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Apr. 07, 2021 | Apr. 30, 2024 | Mar. 04, 2024 | |
Series A Convertible Preferred Stock | |||
Class Of Stock [Line Items] | |||
Cash dividends paid | $ 3.8 | ||
Accrued divided | 1.2 | ||
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 | ||
Sale price per share | $ 1,000 | ||
Class A Common Stock | Share Repurchase Plan | |||
Class Of Stock [Line Items] | |||
Authorized purchase amount | $ 100 | ||
Remaining authorized purchase amount | $ 126.4 | ||
Shares repurchased during period | 1,400,000 | ||
Purchase price per share | $ 27.1 | ||
Shares repurchased amount | $ 37.2 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 USD ($) Plan shares | Apr. 30, 2023 USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of employee equity plans | Plan | 2 | |
Share-based compensation expense | $ 51,162 | $ 47,277 |
Restricted Stock Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Remaining weighted-average period | 2 years 10 months 6 days | |
Unrecognized stock-based compensation expense | $ 468,800 | |
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 | 27,494,360 | |
2015 Employee Stock Purchase Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Remaining weighted-average period | 1 year 3 months 10 days | |
Unrecognized stock-based compensation expense | $ 12,400 | |
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 | 3,298,894 | |
Executive Bonus Plans | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 4,000 | |
Fiscal 2024 Executive Bonus Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized stock-based compensation expense | $ 11,500 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity Under Equity Incentive Plans and Related Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Jan. 31, 2024 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Shares Subject to Options Outstanding, Beginning balance | 2,283,543 | |
Shares Subject to Options Outstanding, Options exercised | (619,635) | |
Shares Subject to Options Outstanding, Ending balance | 1,663,908 | 2,283,543 |
Shares Subject to Options Outstanding, Exercisable | 1,663,908 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted-Average Exercise Price, Beginning Balance | $ 17.69 | |
Weighted-Average Exercise Price, Options exercised | 18.43 | |
Weighted-Average Exercise Price, Ending Balance | 17.42 | $ 17.69 |
Weighted-Average Exercise Price, Exercisable | $ 17.42 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted-Average Remaining Contractual Life (Years) | 3 years 29 days | 2 years 11 months 4 days |
Weighted-Average Remaining Contractual Life (Years), Exercisable | 3 years 29 days | |
Aggregate Intrinsic Value, Balance | $ 14,363 | $ 18,975 |
Aggregate Intrinsic Value, Exercisable | $ 14,363 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Unit and Awards Activity Under Equity Incentive Plans and Related Information (Details) - Restricted Stock Units | 3 Months Ended |
Apr. 30, 2024 $ / 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 Outstanding, Unvested Beginning Balance | shares | 14,079,595 |
Number of Restricted Stock Units, Granted | shares | 6,888,818 |
Number of Restricted Stock Units, Vested | shares | (2,059,537) |
Number of Restricted Stock Units, Forfeited/cancelled | shares | (345,119) |
Number of Restricted Stock Units Outstanding, Unvested Ending Balance | shares | 18,563,757 |
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 | $ 26.17 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 27.84 |
Weighted -Average Grant Date Fair Value, Vested | $ / shares | 25.33 |
Weighted-Average Grant Date Fair Value, Forfeited/cancelled | $ / shares | 26.67 |
Weighted-Average Grant Date Fair Value, Unvested Ending Balance | $ / shares | $ 26.87 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 51,162 | $ 47,277 |
Cost of Revenue | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 4,621 | 4,485 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 17,819 | 17,002 |
Sales and Marketing | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 17,783 | 15,318 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 10,939 | $ 10,472 |
Net Income per Share Attribut_3
Net Income per Share Attributable to Common Stockholders - Summary of Computation of Basic and Diluted Net Income Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Numerator: | ||
Net income | $ 17,222 | $ 8,350 |
Accretion and dividend on series A convertible preferred stock | (4,240) | (4,224) |
Undistributed earnings attributable to preferred stockholders | (1,469) | (470) |
Net income attributable to common stockholders | 11,513 | 3,656 |
Net income attributable to common stockholders, diluted | $ 11,513 | $ 3,656 |
Denominator: | ||
Weighted-average number of shares used to compute net income per share attributable to common stockholders, basic | 145,299 | 144,739 |
Dilutive effect of awards issued under employee equity plans | 2,694 | 4,247 |
Dilutive effect of shares related to the convertible senior notes | 764 | 1,450 |
Weighted-average number of shares used to compute net income per share attributable to common stockholders, diluted | 148,757 | 150,436 |
Net income per share attributable to common stockholders, basic | $ 0.08 | $ 0.03 |
Net income per share attributable to common stockholders, diluted | $ 0.08 | $ 0.02 |
Net Income per Share Attribut_4
Net Income per Share Attributable to Common Stockholders - Summary of Weighted Average Outstanding Shares Excluded from Computation of Diluted Net Income per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 23,947 | 20,680 |
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 | 870 | 1,417 |
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 | 18,586 |
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 | 26 | 7 |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,511 | 670 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Income Tax Disclosure [Line Items] | ||
Provision for income taxes | $ 4,643 | $ 2,303 |
UK | ||
Income Tax Disclosure [Line Items] | ||
Open tax year | 2020 |