Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2019 | May 31, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
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 Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 146,500,516 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 | |||
Current assets: | |||||
Cash and cash equivalents | [1] | $ 231,436 | $ 217,518 | [2] | |
Accounts receivable, net of allowance of $2,942 and $2,728 | 93,655 | [1] | 175,130 | [2] | |
Prepaid expenses and other current assets | 19,653 | [1] | 14,223 | [2] | |
Deferred commissions | 22,829 | [1] | 21,683 | [2] | |
Total current assets | 367,573 | [1] | 428,554 | [2] | |
Property and equipment, net | 153,049 | [1] | 137,703 | [2] | |
Operating lease right-of-use assets, net | [1] | 220,795 | |||
Goodwill | 18,740 | [1] | 18,740 | [2] | |
Restricted cash | [2] | 238 | |||
Deferred commissions, non-current | 53,171 | [1] | 53,880 | [2] | |
Other long-term assets | 12,393 | [1] | 11,046 | [2] | |
Total assets | 825,721 | [1] | 650,161 | [2] | |
Current liabilities: | |||||
Accounts payable | 12,690 | [1] | 15,431 | [2] | |
Accrued compensation and benefits | 17,498 | [1] | 34,484 | [2] | |
Accrued expenses and other current liabilities | 32,875 | [1] | 31,378 | [2] | |
Finance lease liabilities | 32,064 | [1] | 28,317 | [2] | |
Operating lease liabilities | [1] | 36,701 | |||
Deferred revenue | 312,902 | [1] | 353,590 | [2] | |
Total current liabilities | 444,730 | [1] | 463,200 | [2] | |
Debt, non-current | 40,000 | [1] | 40,000 | [2] | |
Finance lease liabilities, non-current | 53,407 | [1] | 44,597 | [2] | |
Operating lease liabilities, non-current | [1] | 232,810 | |||
Deferred revenue, non-current | 17,543 | [1] | 21,451 | [2] | |
Other long-term liabilities | 6,693 | [1] | 49,508 | [2] | |
Total liabilities | 795,183 | [1] | 618,756 | [2] | |
Commitments and contingencies (Note 6) | [1] | [2] | |||
Stockholders’ equity: | |||||
Preferred stock, par value $0.0001 per share; 100,000 shares authorized, no shares issued and outstanding as of April 30 (unaudited) and January 31, 2019 | [1] | [2] | |||
Class A common stock, par value $0.0001 per share; 1,000,000 shares authorized; 146,497 shares (unaudited) and 144,311 shares issued and outstanding as of April 30 and January 31, 2019, respectively | 15 | [1] | 14 | [2] | |
Additional paid-in capital | 1,202,315 | [1] | 1,166,443 | [2] | |
Treasury stock | (1,177) | [1] | (1,177) | [2] | |
Accumulated other comprehensive income | 111 | [1] | 23 | [2] | |
Accumulated deficit | (1,170,726) | [1] | (1,133,898) | [2] | |
Total stockholders’ equity | 30,538 | [1] | 31,405 | [2] | |
Total liabilities and stockholders’ equity | $ 825,721 | [1] | $ 650,161 | [2] | |
[1] | As reported and disclosed under ASC Topic 842 | ||||
[2] | As reported and disclosed under ASC Topic 840 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 2,942 | $ 2,728 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
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 | 146,497,000 | 144,311,000 |
Class A Common Stock, shares outstanding | 146,497,000 | 144,311,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |||
Apr. 30, 2019 | [1] | Apr. 30, 2018 | [2] | |
Income Statement [Abstract] | ||||
Revenue | $ 162,974 | $ 140,507 | ||
Cost of revenue | 48,684 | 39,068 | ||
Gross profit | 114,290 | 101,439 | ||
Operating expenses: | ||||
Research and development | 46,244 | 38,248 | ||
Sales and marketing | 78,820 | 76,998 | ||
General and administrative | 24,607 | 22,053 | ||
Total operating expenses | 149,671 | 137,299 | ||
Loss from operations | (35,381) | (35,860) | ||
Interest expense, net | (68) | (70) | ||
Other loss, net | (880) | (343) | ||
Loss before provision for income taxes | (36,329) | (36,273) | ||
Provision for income taxes | 499 | 364 | ||
Net loss | $ (36,828) | $ (36,637) | ||
Net loss per share, basic and diluted | $ (0.25) | $ (0.26) | ||
Weighted-average shares used to compute net loss per share, basic and diluted | 145,275 | 138,524 | ||
[1] | As reported and disclosed under ASC Topic 842 | |||
[2] | As reported and disclosed under ASC Topic 840 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||||
Apr. 30, 2019 | [1] | Apr. 30, 2018 | [2] | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net loss | $ (36,828) | $ (36,637) | |||
Changes in foreign currency translation adjustment | [3] | 88 | (124) | ||
Comprehensive loss | $ (36,740) | $ (36,761) | |||
[1] | As reported and disclosed under ASC Topic 842 | ||||
[2] | As reported and disclosed under ASC Topic 840 | ||||
[3] | Tax effect was not material |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands | Total | Class A Common Stock | Class A and Class B Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | ||||
Balance, Beginning at Jan. 31, 2018 | $ 14,968 | $ 13 | [1] | $ 1,054,932 | $ (1,177) | $ 288 | $ (1,039,088) | ||||
Balance, Beginning, Shares at Jan. 31, 2018 | [1] | 137,317,000 | |||||||||
Issuance of common stock upon stock option exercises | 4,369 | 4,369 | |||||||||
Issuance of common stock upon stock option exercises (in shares) | [1] | 631,000 | |||||||||
Issuance of common stock in connection with charitable donations | 243 | 243 | |||||||||
Issuance of common stock in connection with charitable donations (in shares) | [1] | 12,000 | |||||||||
Stock-based compensation related to stock awards | 25,443 | 25,443 | |||||||||
Vesting of restricted stock units and restricted stock awards, net of shares withheld for employee payroll taxes (in shares) | [1] | 1,011,000 | |||||||||
Employee payroll taxes withheld related to vesting of restricted stock units | (13,295) | (13,295) | |||||||||
Cumulative effect of ASC adoption | Topic 606 | 39,802 | 39,802 | |||||||||
Common stock issued under employee stock purchase plan | 11,846 | 11,846 | |||||||||
Common stock issued under employee stock purchase plan (in shares) | [1] | 1,004,000 | |||||||||
Other comprehensive income (loss) | (124) | (124) | |||||||||
Net loss | (36,637) | [2] | $ (33,706) | (36,637) | |||||||
Balance, Ending at Apr. 30, 2018 | 46,615 | $ 13 | [1] | 1,083,538 | (1,177) | 164 | (1,035,923) | ||||
Balance, Ending, Shares at Apr. 30, 2018 | [1] | 139,975,000 | |||||||||
Balance, Beginning at Jan. 31, 2019 | 31,405 | [2] | $ 14 | [1] | 1,166,443 | (1,177) | 23 | (1,133,898) | |||
Balance, Beginning, Shares at Jan. 31, 2019 | [1] | 144,311,000 | |||||||||
Issuance of common stock upon stock option exercises | $ 1,213 | 1,213 | |||||||||
Issuance of common stock upon stock option exercises (in shares) | 151,529 | 152,000 | [1] | ||||||||
Stock-based compensation related to stock awards | $ 35,678 | 35,678 | |||||||||
Vesting of restricted stock units, net of shares withheld for employee payroll taxes | 1 | $ 1 | [1] | ||||||||
Vesting of restricted stock units and restricted stock awards, net of shares withheld for employee payroll taxes (in shares) | [1] | 1,205,000 | |||||||||
Employee payroll taxes withheld related to vesting of restricted stock units | (14,624) | (14,624) | |||||||||
Common stock issued under employee stock purchase plan | 13,605 | 13,605 | |||||||||
Common stock issued under employee stock purchase plan (in shares) | [1] | 829,000 | |||||||||
Other comprehensive income (loss) | 88 | 88 | |||||||||
Net loss | (36,828) | [3] | $ (36,828) | (36,828) | |||||||
Balance, Ending at Apr. 30, 2019 | $ 30,538 | [3] | $ 15 | [1] | $ 1,202,315 | $ (1,177) | $ 111 | $ (1,170,726) | |||
Balance, Ending, Shares at Apr. 30, 2019 | [1] | 146,497,000 | |||||||||
[1] | On June 14, 2018, all outstanding shares of our Class B common stock automatically converted into the same number of shares of Class A common stock pursuant to the terms of our Amended and Restated Certificate of Incorporation. We do not intend to issue any additional shares of Class B common stock. | ||||||||||
[2] | As reported and disclosed under ASC Topic 840 | ||||||||||
[3] | As reported and disclosed under ASC Topic 842 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | ||||
Apr. 30, 2019 | Apr. 30, 2018 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net loss | $ (36,828,000) | [1] | $ (36,637,000) | [2] | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Depreciation and amortization | 12,625,000 | [1] | 11,395,000 | [2] | |
Stock-based compensation expense | 32,362,000 | [1] | 26,613,000 | [2] | |
Amortization of deferred commissions | 5,639,000 | [1] | 3,675,000 | [2] | |
Others | (147,000) | [1] | (21,000) | [2] | |
Changes in operating assets and liabilities: | |||||
Accounts receivable, net | 81,475,000 | [1] | 71,690,000 | [2] | |
Deferred commissions | (6,076,000) | [1] | (4,716,000) | [2] | |
Prepaid expenses and other assets | (4,382,000) | [1] | (5,200,000) | [2] | |
Operating lease right-of-use assets, net | [1] | 8,560,000 | |||
Accounts payable | (3,187,000) | [1] | 475,000 | [2] | |
Accrued expenses and other liabilities | (11,827,000) | [1] | (24,674,000) | [2] | |
Operating lease liabilities | [1] | (8,127,000) | |||
Deferred revenue | (44,596,000) | [1] | (24,160,000) | [2] | |
Net cash provided by operating activities | 25,491,000 | [1] | 18,440,000 | [2] | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Purchases of property and equipment | (1,614,000) | [1] | (4,040,000) | [2] | |
Capitalized internal-use software costs | [1] | (1,286,000) | |||
Proceeds from sales of property and equipment | 3,000 | [1] | 1,000 | [2] | |
Net cash used in investing activities | (2,897,000) | [1] | (4,039,000) | [2] | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from exercise of stock options | 1,199,000 | [1] | 3,362,000 | [2] | |
Proceeds from issuances of common stock under employee stock purchase plan | 13,605,000 | [1] | 11,846,000 | [2] | |
Employee payroll taxes paid related to net share settlement of restricted stock units | (14,591,000) | [1] | (13,295,000) | [2] | |
Principal payments of finance lease liabilities | (9,154,000) | [1] | (7,150,000) | [2] | |
Net cash used in financing activities | (8,941,000) | [1] | (5,237,000) | [2] | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 27,000 | [1] | (124,000) | [2] | |
Net increase in cash, cash equivalents, and restricted cash | 13,680,000 | [1] | 9,040,000 | [2] | |
Cash, cash equivalents, and restricted cash, beginning of period | 217,756,000 | [1] | 208,426,000 | [2] | |
Cash, cash equivalents, and restricted cash, end of period | 231,436,000 | [1] | 217,466,000 | [2] | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||
Cash paid for interest | 1,152,000 | [1] | 585,000 | [2] | |
Cash paid for income taxes, net of tax refunds | 1,444,000 | [1] | 861,000 | [2] | |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||
Accrued equipment purchases | 3,773,000 | [1] | 4,854,000 | [2] | |
Increase in long-lived assets resulting from capitalizing asset retirement costs | [1] | 2,706,000 | |||
Stock-based compensation capitalized in internal-use software costs | [1] | 1,000,000 | |||
Increase in finance lease liabilities | 21,414,000 | [1],[3] | 10,056,000 | [2] | |
Timing of settlement of stock options exercise | 14,000 | [1] | 1,007,000 | [2] | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH INFORMATION: | |||||
Cash and cash equivalents, beginning of period | [2] | 217,518,000 | [1] | 208,076,000 | |
Restricted cash, beginning of period | 238,000 | [1] | 350,000 | [2] | |
Cash, cash equivalents, and restricted cash, beginning of period | 217,756,000 | [1] | 208,426,000 | [2] | |
Cash and cash equivalents, end of period | 231,436,000 | [1] | 217,116,000 | [2] | |
Restricted cash, end of period | 0 | 350,000 | [2] | ||
Cash, cash equivalents, and restricted cash, end of period | $ 231,436,000 | [1] | $ 217,466,000 | [2] | |
[1] | As reported and disclosed under ASC Topic 842 | ||||
[2] | As reported and disclosed under ASC Topic 840 | ||||
[3] | Includes the adoption impact of ASC Topic 842 on the opening balance sheet as of February 1, 2019 as disclosed in Note 1. |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Apr. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Note 1. Description of Business and Basis of Presentation Description of Business We were incorporated in the state of Washington in April 2005, and were reincorporated in the state of Delaware in March 2008. We changed our name from Box.Net, Inc. to Box, Inc. in November 2011. Box provides a leading cloud content management platform that enables organizations of all sizes to securely manage cloud content while allowing easy, secure access and sharing of this content from anywhere, on any device. Basis of Presentation The accompanying condensed consolidated balance sheet as of April 30, 2019 and the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive loss, the condensed consolidated statements of stockholders’ equity, and the condensed consolidated statements of cash flows for the three months ended April 30, 2019 and 2018, respectively, are unaudited. The condensed consolidated balance sheet data as of January 31, 2019 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, 2019 (the “Form 10-K”), which was filed with the Securities and Exchange Commission (the “SEC”) on March 20, 2019. The accompanying statements should be read in conjunction with the audited consolidated financial statements and related notes contained in our Form 10-K. Other than items discussed under Use of Estimates , Recently Adopted Accounting Pronouncements , and Summary of Significant Accounting Policies , there have been no other material changes to our critical accounting policies and estimates during the three months ended April 30, 2019 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 (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the financial information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of our management, the unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements in the Form 10-K, and include all adjustments necessary for the fair presentation of our balance sheet as of April 30, 2019, our stockholders’ equity, our results of operations, including our comprehensive loss, and our cash flows for the three months ended April 30, 2019 and 2018. All adjustments are of a normal recurring nature. The results for the three months ended April 30, 2019 are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending January 31, 2020. Certain prior period amounts reported in our condensed consolidated financial statements 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 determination of the allowance for accounts receivable, 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 nature and timing of satisfaction of performance obligations, estimate of standalone selling price allocation included in contracts with multiple performance obligations, the estimated expected benefit period for deferred commissions, the estimated useful life of capitalized internal-use software costs, observable price changes of , the incremental borrowing rate we use to determine our lease liabilities, Certain Risks and Concentrations Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents 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 substantially from the United States across a multitude of industries. Accounts receivable are derived from the delivery of our services to customers primarily located in the United States. We accept and settle our accounts receivable using credit cards, electronic payments and checks. A majority of our lower dollar value invoices are settled by credit card on or near the date of the invoice. We do not require collateral from customers to secure accounts receivable. We maintain an allowance for doubtful accounts based upon the expected collectability, which takes into consideration specific customer creditworthiness and current economic trends. We believe collections of our accounts receivable are probable based on the size, industry diversification, financial condition and past transaction history of our customers. As of April 30, 2019 and January 31, 2019, one reseller, which is also a customer, accounted for more than 10% of total accounts receivable. One reseller, which is also a customer, represented 10% and 11% of our revenue for the three months ended April 30, 2019 and 2018, respectively. We serve our customers and users from data center facilities operated by third parties. In order to reduce the risk of down time of our subscription services, we have established data centers and third-party cloud computing and hosting providers in various locations in the United States and abroad. We have internal procedures to restore services in the event of disaster at any one of our current data center facilities. Even with these procedures for disaster recovery in place, our cloud services could be significantly interrupted during the implementation of the procedures to restore services. Geographic Locations For the three months ended April 30, 2019 and 2018, revenue attributable to customers in the United States was 76%. No country outside of the United States comprised 10% or greater of our revenue for any of the periods presented. Substantially all of our net assets are located in the United States. As of April 30, 2019 and January 31, 2019, property and equipment located in the United States was approximately 92% and 91%, respectively. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases, Adoption Impact of ASC Topic 842 on the Opening Balance Sheet as of February 1, 2019 In connection with the adoption of ASC Topic 842, we recognized operating lease right-of-use assets and operating lease liabilities on our condensed consolidated balance sheet primarily related to our office and data center facilities of $206.6 million and $255.0 million, respectively, out of which $218.6 million was the non-current portion of operating lease liabilities. The difference between the operating lease right-of-use assets and operating lease liabilities primarily represents the existing deferred rent liability balance as of the adoption date. Our accounting for finance leases remains substantially unchanged from the legacy ASC Topic 840 except for the impacts of applying the practical expedient to not separate lease and non-lease components. As a result of recognizing the non-lease components as part of our finance leases, we recognized finance lease right-of-use assets and corresponding finance leases liabilities of $5.2 million, out of which $2.9 million represented the non-current portion of the additional finance lease liabilities. As a sub-lessor, accounting for our subleases is largely unchanged from the legacy ASC Topic 840. The adoption of ASC Topic 842 did not have a material effect on our condensed consolidated statements of operations and cash flows, however, it did materially increase our assets and liabilities on the condensed consolidated balance sheet. The adoption of ASC Topic 842 resulted in changes to our accounting estimates and accounting policy for leases. Please see Summary of Significant Accounting Policies Ongoing ASC Topic 842 Financial Statement Impact as of and for the three months ended April 30, 2019 Refer to “ Note 4. Balance Sheet Components ” and “ Note 5. Leases ” for the ongoing ASC Topic 842 impact on the condensed consolidated financial statements as of and for the three months ended April 30, 2019. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses have elected not to adopt the standard earlier. We are in the process of evaluating appropriate changes to our business processes, systems and controls to support the adoption of the new standard. Summary of Significant Accounting Policies Except for the accounting policy for leases Summary of Significant Accounting Policies Leases We adopted ASC Topic 842, effective February 1, 2019, using the modified retrospective method. The reported results for fiscal year 2020 reflect the application of ASC Topic 842, while the reported results for prior fiscal years are not adjusted and continue to be reported under ASC Topic 840. Refer to Recently Adopted Accounting Pronouncements We determine whether an arrangement contains a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To determine whether a contract is or contains a lease, we consider all relevant facts and circumstances to assess whether the customer has both of the following: • The right to obtain substantially all of the economic benefits from use of the identified asset • The right to direct the use of the identified asset We recognize lease liabilities and right-of-use assets at lease commencement. We measure lease liabilities based on the present value of lease payments over the lease term discounted using the rate implicit in the lease when that rate is readily determinable or our incremental borrowing rate. We estimate our incremental borrowing rate based on an analysis of publicly traded debt securities of companies with credit and financial profiles similar to our own and adjust our incremental borrowing rate to reflect the corresponding lease term. We do not include in the lease term options to extend or terminate the lease unless it is reasonably certain that we will exercise any such options at commencement. We account for the lease and non-lease components as a single lease component for all our leases. We measure right-of-use assets based on the corresponding lease liabilities adjusted for (i) prepayments made to the lessor at or before the commencement date, (ii) initial direct costs we incur, and (iii) tenant incentives under the lease. We evaluate the recoverability of our right-of-use assets for possible impairment in accordance with our long-lived assets policy. We do not recognize right-of-use assets or lease liabilities for short-term leases, which have a lease term of twelve months or less recognize the associated lease payments in the condensed consolidated statement of Operating leases are reflected in operating lease right-of-use assets, operating lease liabilities, and operating lease liabilities, non-current on our condensed consolidated balance sheets. Finance leases are included in property and equipment, net, finance lease liabilities, and finance lease liabilities, non-current on our condensed consolidated balance sheets. We begin recognizing rent expense when the lessor makes the underlying asset available to us. We recognize rent expense under our operating leases on a straight-line basis. For finance leases, we record interest expense on the lease liability in addition to amortizing the right-of-use asset (generally straight-line) over the shorter of the lease term or the useful life of the right-of-use asset. Variable lease payments are expensed as incurred and are not included within the lease liabilities and right-of-use assets calculation. We generally recognize sublease income on a straight-line basis over the sublease term. |
Revenue
Revenue | 3 Months Ended |
Apr. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Note 2. Revenue Contract Assets Contract assets, which are presented within accounts receivable, were not material as of April 30, 2019 and January 31, 2019. Deferred Revenue Deferred revenue was $330.4 million and $375.0 million as of April 30, 2019 and January 31, 2019, respectively. During the three months ended April 30, 2019 and 2018, we recognized Transaction Price Allocated to the Remaining Performance Obligations As of April 30, 2019, approximately $637.4 million of revenue is expected to be recognized from remaining performance obligations for subscription contracts. We expect to recognize revenue on 66% of these remaining performance obligations over the next 12 months, with the balance recognized thereafter. Disaggregation of Revenues For the three months ended April 30, 2019 and 2018, revenue attributable to customers in the United States was 76%. No country outside of the United States comprised 10% or greater of our revenue for any of the periods presented. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3. Fair Value Measurements 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. 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. 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. We measure our restricted cash at fair value on a recurring basis. We classify this asset within Level 1 or Level 2 because they are valued using either quoted market prices for identical assets or inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. As of April 30, 2019, we do not have any restricted cash. As of January 31, 2019, our restricted cash was not material and was in the form of certificates of deposit related to our leases, classified within Level 2. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Apr. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | Note 4. Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): April 30, January 31, 2019 2019 Prepaid expenses $ 16,094 $ 10,986 Other current assets 3,559 3,237 Total prepaid expenses and other current assets $ 19,653 $ 14,223 Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): April 30, January 31, 2019 2019 Servers and related equipment $ 236,915 $ 215,626 Leasehold improvements 79,853 76,888 Computer hardware and software 21,209 20,614 Furniture and fixtures 13,656 13,661 Construction in progress 12,830 9,737 Total property and equipment 364,463 336,526 Less: accumulated depreciation (211,414 ) (198,823 ) Total property and equipment, net $ 153,049 $ 137,703 As of April 30, 2019, the gross carrying amount of property and equipment included $141.5 million of servers and related equipment and $9.0 million of construction in progress acquired under finance leases, and the accumulated depreciation of property and equipment acquired under these finance leases was $62.9 million. As of January 31, 2019, the gross carrying amount of property and equipment included $120.0 million of servers and related equipment and $8.8 million of construction in progress acquired under finance leases, and the accumulated depreciation of property and equipment acquired under these finance leases was $54.5 million. Depreciation expense related to property and equipment was $12.6 million and $11.4 million for the three months ended April 30, 2019 and 2018, respectively. Included in these amounts were depreciation expense for servers and related equipment acquired under finance leases in the amount of $8.6 million and $5.9 million for the same respective period. Construction in progress primarily consists of servers and networking equipment and storage infrastructure being provisioned in our data center facilities. Operating Lease Right-of-Use Assets, Net Operating lease right-of-use assets, net consisted of the following (in thousands): April 30, 2019 Operating lease right-of-use assets $ 229,355 Less: accumulated amortization (8,560 ) Operating lease right-of-use assets, net $ 220,795 Other Long-term Assets Other long-term assets consisted of the following (in thousands): April 30, January 31, 2019 2019 Deposits, non-current $ 2,593 $ 2,674 Other assets, non-current 9,800 8,372 Other long-term assets $ 12,393 $ 11,046 Internal-Use Software Costs April 30, January 31, 2019 2019 Internal-use software costs, net(1) $ 5,773 $ 3,513 Capitalized qualifying implementation costs incurred in a hosting arrangement that is a service contract, net(2) 1,617 1,663 (1) Included in these amounts were $1.8 million and $0.8 million in net capitalized stock-based compensation expense for the respective period. (2) Net capitalized stock-based compensation expense was not material for the periods presented. We capitalize qualifying costs to develop software for internal use We capitalize qualifying implementation costs incurred in a hosting arrangement that is a service contract, which is presented as part of our prepaid expenses and other current assets and other long-term assets based on the term of the associated hosting arrangement. We have not recorded any related impairment charges during the periods presented. |
Leases
Leases | 3 Months Ended |
Apr. 30, 2019 | |
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 2020 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 also entered into various finance lease arrangements to obtain servers and related equipment for our data center operations. These agreements are typically for three to four years. The leases are secured by the underlying leased servers and related equipment. We sublease certain floors of our Redwood City, San Francisco, and London offices. These subleases have terms ranging from 25 to 55 months that will expire at various dates by fiscal year 2023. The components of lease cost, which were included in operating expenses in our Condensed Consolidated Statement of Operations, were as follows (in thousands): Three Months Ended April 30, 2019 Finance lease cost: Amortization of finance lease right-of-use assets $ 8,623 Interest on finance lease liabilities 685 Operating lease cost, gross 11,791 Variable lease cost, gross 2,868 Sublease income (2,764 ) Total lease cost(1) $ 21,203 (1) Short-term lease cost for the three months ended April 30, 2019 was not material and is not included in the table above. Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended April 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 11,358 Operating cash flows for finance leases 759 Financing cash flows for finance leases 9,154 Right-of-use assets obtained in exchange of lease obligations(1) Operating leases 229,355 Finance leases 21,414 (1) Includes the adoption impact of ASC Topic 842 on the opening balance sheet as of February 1, 2019 as disclosed in Note 1. Supplemental information related to the remaining lease term and discount rate was as follows (in thousands): Three Months Ended April 30, 2019 Weighted average remaining lease term (in years) Operating leases 7.22 Finance leases 2.94 Weighted average discount rate Operating leases 5.39 % Finance leases 3.62 % As of April 30, 2019, maturities of our operating and finance lease liabilities, which do not include short-term leases and variable lease payments, are as follows (in thousands): Years ending January 31: Operating Leases (1) Finance Leases Remainder of 2020 $ 37,413 $ 27,061 2021 51,112 30,467 2022 48,855 20,622 2023 39,229 11,807 2024 37,228 452 Thereafter 115,255 — Total lease payments $ 329,092 $ 90,409 Less: imputed interest (59,581 ) (4,938 ) Present value of total lease liabilities $ 269,511 $ 85,471 (1) Non-cancellable sublease proceeds for the remainder of the fiscal year ending January 31, 2020 and the fiscal years ending January 31, 2021, 2022, and 2023 of $5.4 million, $7.4 million, $4.9 million, and $4.1 million, respectively, are not included in the table above. As of April 30, 2019, we had an operating lease for one of our data centers that has not yet commenced with undiscounted future payments of $7.2 million. This operating lease will commence in the later part of fiscal year 2020 and has a lease term of 5 years and therefore, we did not reflect this on the condensed consolidated balance sheet as of April 30, 2019 and the tables above. We did not have any finance leases that have not yet commenced as of April 30, 2019. We establish assets and liabilities for the present value of estimated future costs to return certain of our leased facilities to their original condition. Such assets are depreciated over the lease period into operating expense, and the recorded liabilities are accreted to the future value of the estimated restoration costs. For the three months ended April 30, 2019, we recorded $2.7 million in other long-term liabilities related to the present value of our estimated asset retirement obligation for our headquarters facility. We did not have material asset retirement obligations as of January 31, 2019. The accretion expense, which was included in operating expenses in our condensed consolidated statements of operations, was not material for all periods presented. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6. Commitments and Contingencies Letters of Credit As of April 30, 2019 and January 31, 2019, we had letters of credit in the aggregate amount of $26.2 million and $26.5 million, respectively, in connection with our operating leases, which were primarily issued under the available sublimit of $30.0 million in conjunction with a secured credit agreement entered into on November 27, 2017. Refer to Note 8 for additional details related to the secured credit agreement mentioned. Purchase Obligations As of April 30, 2019, future payments under non-cancellable contractual purchases, which relate primarily to infrastructure services and IT software and support services costs Years ending January 31: 2020 $ 35,873 2021 10,777 2022 960 $ 47,610 Legal Matters We are currently involved in, and may in the future be involved in, litigation and subject to claims that arise in the ordinary course of business, including matters we initiate to defend ourselves or our users by determining the scope, enforceability, and validity of third-party proprietary rights or to establish our proprietary rights. We investigate these 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, 2019. Additionally, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors, regardless of the outcome of such litigation. Indemnification We include service level commitments to our customers warranting certain levels of uptime reliability and performance and permitting those customers to receive credits in the event that we fail to meet those levels. In addition, our customer contracts often include (i) specific obligations that we maintain the availability of the customer’s data through our service and that we secure customer content against unauthorized access or loss, and (ii) indemnity provisions whereby we indemnify our customers for third-party claims asserted against them that result from our failure to maintain the availability of their content or securing the same from unauthorized access or loss. To date, we have not incurred any material costs as a result of such commitments Our arrangements generally include certain provisions for indemnifying customers against liabilities if our products or services infringe a third party’s intellectual property rights. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. To date, we have not incurred any material costs as a result of such obligations and have not accrued any material liabilities related to such obligations in the condensed consolidated financial statements. In addition, we indemnify our officers, directors and certain key employees while they are serving in good faith in their respective capacities. To date, there have been no claims under any indemnification provisions. |
Debt
Debt | 3 Months Ended |
Apr. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Note 7. Debt Line of Credit On November 27, 2017, we entered into a secured credit agreement (November 2017 Facility) with a maturity date of November 27, 2020. The November 2017 Facility provides for an $85.0 million revolving credit facility, with a sublimit of $30.0 million available for the issuance of letters of credit. The proceeds of the revolving loans may be used for general corporate purposes. The revolving loans accrue interest at a prime rate plus a margin of 0.25% or, at our option, a LIBOR rate (based on one, three or six-month interest periods) plus a margin of 1.00%. Interest on the revolving loans is payable quarterly in arrears with respect to loans based on the prime rate and at the end of an interest period in the case of loans based on the LIBOR rate (or at each three-month interval if the interest period is longer than three months). Borrowings under the November 2017 Facility are collateralized by substantially all of our assets. The November 2017 Facility requires us to comply with a maximum leverage ratio and a minimum liquidity requirement. Additionally, the November 2017 Facility contains customary affirmative and negative covenants, including covenants limiting our, and our subsidiaries’, ability to, among other things, grant liens, incur debt, pay dividends or distributions on the capital stock, effect certain mergers, make investments, dispose of assets and enter into transactions with affiliates, in each case subject to customary exceptions for a credit facility of the size and type of the November 2017 Facility. As of April 30, 2019, the outstanding borrowings under the credit facility were $40.0 million. As of April 30, 2019, we were in compliance with all financial covenants. In connection with the above credit facilities, for the three months ended April 30, 2019 and 2018, interest e interest charges for our line of credit |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Apr. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 8. Stock-Based Compensation 2015 Equity Incentive Plan In January 2015, our board of directors adopted the 2015 Equity Incentive Plan (2015 Plan), which became effective prior to the completion of our initial public offering (IPO). A total of 12,200,000 shares of Class A common stock was initially reserved for issuance pursuant to future awards under the 2015 Plan. On the first day of each fiscal year, shares available for issuance are increased based on the provisions of the 2015 Plan. Any shares subject to outstanding awards under our 2006 Equity Incentive Plan (2006 Plan) or 2011 Equity Incentive Plan (2011 Plan) that are cancelled or repurchased subsequent to the 2015 Plan’s effective date are returned to the pool of shares reserved for issuance under the 2015 Plan. Awards granted under the 2015 Plan may be (i) incentive stock options, (ii) nonstatutory stock options, (iii) restricted stock units, (iv) restricted stock awards or (v) stock appreciation rights, as determined by our board of directors at the time of grant. Generally, twenty-five percent of each grant of stock options and restricted stock units generally vest one year from the vesting commencement date and continue to vest (a) in the case of options, 1/48 th 2015 Employee Stock Purchase Plan In January 2015, our board of directors adopted the 2015 Employee Stock Purchase Plan (2015 ESPP), which became effective prior to the completion of our IPO. A total of 2,500,000 shares of Class A common stock was initially reserved for issuance under the 2015 ESPP. On the first day of each fiscal year, shares available for issuance are increased based on the provisions of the 2015 ESPP. The 2015 ESPP allows eligible employees to purchase shares of our Class A common stock at a discount of up to 15% through payroll deductions of their eligible compensation, subject to any plan limitations. The 2015 ESPP provides for 24-month offering periods beginning March 16 and September 16 of each year, and each offering period consists of four six-month purchase periods. On each purchase date, eligible employees may purchase our stock at a price per share equal to 85% of the lesser of (1) the fair market value of our stock on the offering date or (2) the fair market value of our stock on the purchase date. In the event the price is lower on the last day of any purchase price period, in addition to using that price as the basis for that purchase period, the offering period resets and the new lower price becomes the new offering price for a new 24 month offering period. As of April 30, 2019, 2,572,061 shares were reserved for future issuance under the 2015 ESPP. Stock Options The following table summarizes the stock option activity under the equity incentive plans and related information: Shares Weighted- Average Weighted- Remaining Average Exercise Contractual Life Aggregate Shares Price (Years) Intrinsic Value (in thousands) Balance as of January 31, 2019 9,096,961 $ 9.01 4.97 $ 108,731 Options granted 500,000 20.12 Options exercised (151,529 ) 8.02 Options forfeited/cancelled (584 ) 17.54 Balance as of April 30, 2019 9,444,848 $ 9.61 5.01 $ 104,355 Vested and expected to vest as of April 30, 2019 9,365,094 $ 9.53 4.97 $ 104,250 Exercisable as of April 30, 2019 7,684,790 $ 7.35 4.11 $ 102,030 The aggregate intrinsic value of options vested and expected to vest and exercisable as of April 30, 2019 is calculated based on the difference between the exercise price and the current fair value of our common stock. The aggregate intrinsic value of exercised options for the three months ended April 30, 2019 and 2018 was $1.9 million and $9.4 million, respectively. The aggregate estimated fair value of stock options granted to employees that vested during the three months ended April 30, 2019 and 2018 was $0.9 million and $2.5 million, respectively. The weighted-average grant date fair value of options granted to employees during the three months ended April 30, 2019 and 2018 was $8.00 and $7.92 per share, respectively. As of April 30, 2019, there was $9.4 million of unrecognized stock-based compensation expense related to outstanding stock options granted to employees that is expected to be recognized over a weighted-average period of 2.94 years. Out of the total unrecognized stock-based compensation expense, as of April 30, 2019, $6.0 million related to outstanding performance-based stock options with market-based performance goals, which is expected to be recognized over a weighted-average period of 3.48 years. Stock Options with Market-Based Performance Goals To further align our stockholders’ interests with executive officers’ interests, the Compensation Committee of our board of directors approved and granted performance-based stock options with market-based performance goals under the 2015 Plan to certain executive officers , which are subject to both the achievement of the market-based performance goal established by the Compensation Committee and the continued employment of the participant. These performance-based stock options vest only to the extent that both the market-based performance goal and time-based condition are satisfied. The market-based performance goal will be satisfied if, before the four-year anniversary of the grant date, the closing price of our Class A common stock is maintained at or above a pre-determined share price for a period of 30 consecutive trading days. The time-based vesting condition will be satisfied over the following four-year schedule: Twenty-five of the option’s time-based vesting condition is satisfied one year from the vesting commencement date and the remaining 1/48th of the option’s time-based vesting condition is satisfied monthly thereafter, subject to continued employment through each such date. The total outstanding performance-based stock options granted was 1,375,000 as of April 30, 2019. The grant date fair value of these awards was determined using a Monte Carlo valuation model and the related stock-based compensation expense is recognized based on an accelerated attribution method. As of April 30, 2019, there was $6.0 million unrecognized stock-based compensation expense related to outstanding performance-based stock options with market-based performance goals, which is expected to be recognized over a weighted-average period of 3.48 years. 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, 2019 18,098,707 $ 19.35 Granted 6,243,275 20.12 Vested, net of shares withheld for employee payroll taxes (1,205,385 ) 19.33 Forfeited/cancelled (685,903 ) 20.33 Unvested balance - April 30, 2019 22,450,694 $ 19.54 As of April 30, 2019, there was $337.6 million of unrecognized stock-based compensation expense related to outstanding restricted stock units granted to employees that is expected to be recognized over a weighted-average period of 3.02 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. Typically, near the beginning of each fiscal year, our Compensation Committee adopts the performance criteria and targets for the incentive compensation plan for that fiscal year, which identifies the plan participants, the performance measures and the associated target levels for each measure, and the potential payouts based on actual performance for the fiscal year. In the first quarter of fiscal year 2019, our Compensation Committee adopted and approved the performance criteria and targets for fiscal year 2019 under our omnibus Executive Incentive Plan (the “Fiscal 2019 Executive Bonus Plan”). Based on a review of our actual achievement of pre-established corporate financial objectives and additional inputs from our Compensation Committee, the Fiscal 2019 Executive Bonus Plan was determined, settled and paid out in the first quarter of fiscal year 2020 in a mixture of cash and equity compensation. In the first quarter of fiscal year 2020, our Compensation Committee adopted and approved the performance criteria and targets for fiscal year 2020 under our omnibus Executive Plan (the “Fiscal 2020 Executive Bonus Plan”). The Fiscal 2020 Executive Bonus Plan provides opportunities for 100% equity incentive compensation payouts based on our actual achievement of pre-established corporate financial objectives, subject to review and a final approval by our Compensation Committee. During the three months ended April 30, 2019, we recognized stock-based compensation expense related to the Fiscal 2020 Executive Bonus Plan in the amount of $1.9 million. The unrecognized compensation expense related to ungranted and unvested Fiscal 2020 Executive Bonus Plan is $7.9 million, based on the probable expected performance against the pre-established corporate financial objectives as of April 30, 2019, which is expected to be recognized over a weighted average period of less than 1 year. The payouts of the Fiscal 2020 Executive Bonus Plan are expected to be made in the form of fully vested restricted stock units in the first quarter of fiscal year 2021. The number of restricted stock units each participant will receive is equal to the dollar value of his or her actual award payment divided by the average closing price of a share of our Class A common stock for the 30-trading day period ending the last trading date before the grant date 2015 ESPP As of April 30, 2019, there was $21.4 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. During the first quarter of fiscal year 2020, the fair market value of our stock on the purchase date was lower than the fair market value of our stock on certain offering dates. As a result, certain offering periods reset and the new lower price became the new offering price for a new 24 month offering period, which resulted in a change in fair value and a corresponding incremental stock-based expense totaling $7.2 million, which is expected to be recognized over the remaining term of the new offering period. 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, 2019 2018 Cost of revenue $ 3,611 $ 3,121 Research and development 12,975 10,148 Sales and marketing 9,400 8,061 General and administrative 6,376 5,283 Total stock-based compensation $ 32,362 $ 26,613 Determination of Fair Value We estimated the fair value of employee stock options and 2015 ESPP purchase rights using a Black-Scholes option pricing model with the following assumptions. During the three months ended April 30, 2019 and 2018, we had no stock option grants awarded using a Black-Scholes option pricing model. Three Months Ended April 30, 2019 2018 Employee Stock Purchase Plan Expected term (in years) 0.5 - 2.0 0.5 - 2.0 Risk-free interest rate 2.4 % - 2.5% 2.0 % - 2.3% Volatility 46 % - 55% 37 % - 50% Dividend yield 0% 0% The assumptions used in the Black-Scholes option pricing model were determined as follows: Fair Value of Common Stock . We use the market closing price for our Class A common stock as reported on the New York Stock Exchange to determine the fair value of our common stock at each grant date. Expected Term . The expected term represents the period that our share-based awards are expected to be outstanding. The expected term assumptions were determined based on the vesting terms, exercise terms and contractual lives of the options and 2015 ESPP purchase rights. Expected Volatility . We estimate the expected volatility of the stock option grants and 2015 ESPP purchase rights based on the historical volatility of our Class A common stock over a period equivalent to the expected term of the stock option grants and 2015 ESPP purchase rights, respectively. Risk-free Interest Rate . The risk-free rate that we use is based on the implied yield available on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options and 2015 ESPP purchase rights. Dividend Yield . We have never declared or paid any cash dividends and do not plan to pay cash dividends in the foreseeable future, and, therefore, use an expected dividend yield of zero. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Note 9. Net Loss per Share Material modification of rights of security holders On June 14, 2018, all of our outstanding shares of Class B common stock automatically converted into the same number of shares of Class A common stock pursuant to the terms of our Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion. The conversion occurred pursuant to Article IV of the Amended and Restated Certificate of Incorporation, which provided that each one share of Class B common stock would convert automatically, without any further action, into one share of Class A common stock on the first trading day falling on or after the date on which the outstanding shares of Class B common stock represent less than 5% of the aggregate number of shares of the then outstanding Class A common stock and Class B common stock. On June 15, 2018, we filed a certificate with the Secretary of State of the State of Delaware effecting the retirement and cancellation of our Class B common stock. This certificate of retirement had the additional effect of eliminating the authorized Class B common stock, thereby reducing the total number of our authorized shares of common stock by 200,000,000. Our Class A and Class B common stock are referred to as common stock throughout the notes to the financial statements, unless otherwise noted. After June 14, 2018, common stock refers to our Class A common stock. For periods where there were Class B shares outstanding, we calculate our basic and diluted net loss per share in conformity with the two-class method required for companies with participating securities. Under the two-class method, basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period, less shares subject to repurchase. The diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, options to purchase common stock, restricted stock units, shares issuable pursuant to our employee stock purchase plan, shares subject to repurchase from early exercised options and unvested restricted stock, and contingently issuable shares are considered common stock equivalents but have been excluded from the calculation of diluted net loss per share as their effect is antidilutive. The rights, including the liquidation and dividend rights, of the holders of our Class A and Class B common stock are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. We did not present dilutive net loss per share on an as-if converted basis because the impact was not dilutive. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share amounts): Three Months Ended April 30, 2019 2018 Class A Class B Class A Class B Numerator: Net loss $ (36,828 ) $ — $ (33,706 ) $ (2,931 ) Denominator: Weighted-average number of shares outstanding—basic and diluted 145,275 — 127,444 11,080 Net loss per share—basic and diluted $ (0.25 ) $ — $ (0.26 ) $ (0.26 ) The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been antidilutive (in thousands): Three Months Ended April 30, 2019 2018 Options to purchase common stock 8,983 10,532 Restricted stock units 15,096 13,495 Employee stock purchase plan 1,771 1,633 25,850 25,660 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10. Income Taxes 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 began to file foreign tax returns in the United Kingdom starting with the year ended January 31, 2013, in France, Germany and Japan starting with the year ended January 31, 2014, in Canada starting with the year ended January 31, 2015, and in Australia, Sweden, and Netherlands starting with the year ended January 31, 2016. Certain tax years remain open to examination. |
Segments
Segments | 3 Months Ended |
Apr. 30, 2019 | |
Segment Reporting [Abstract] | |
Segments | Note 11. Segments Our chief operating decision maker reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. As such, we have a single reporting segment and operating unit structure. Since we operate in one operating segment, all required segment information can be found in the condensed consolidated financial statements. |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
Apr. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated balance sheet as of April 30, 2019 and the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive loss, the condensed consolidated statements of stockholders’ equity, and the condensed consolidated statements of cash flows for the three months ended April 30, 2019 and 2018, respectively, are unaudited. The condensed consolidated balance sheet data as of January 31, 2019 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, 2019 (the “Form 10-K”), which was filed with the Securities and Exchange Commission (the “SEC”) on March 20, 2019. The accompanying statements should be read in conjunction with the audited consolidated financial statements and related notes contained in our Form 10-K. Other than items discussed under Use of Estimates , Recently Adopted Accounting Pronouncements , and Summary of Significant Accounting Policies , there have been no other material changes to our critical accounting policies and estimates during the three months ended April 30, 2019 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 (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the financial information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of our management, the unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements in the Form 10-K, and include all adjustments necessary for the fair presentation of our balance sheet as of April 30, 2019, our stockholders’ equity, our results of operations, including our comprehensive loss, and our cash flows for the three months ended April 30, 2019 and 2018. All adjustments are of a normal recurring nature. The results for the three months ended April 30, 2019 are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending January 31, 2020. Certain prior period amounts reported in our condensed consolidated financial statements |
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 determination of the allowance for accounts receivable, 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 nature and timing of satisfaction of performance obligations, estimate of standalone selling price allocation included in contracts with multiple performance obligations, the estimated expected benefit period for deferred commissions, the estimated useful life of capitalized internal-use software costs, observable price changes of , the incremental borrowing rate we use to determine our lease 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 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 substantially from the United States across a multitude of industries. Accounts receivable are derived from the delivery of our services to customers primarily located in the United States. We accept and settle our accounts receivable using credit cards, electronic payments and checks. A majority of our lower dollar value invoices are settled by credit card on or near the date of the invoice. We do not require collateral from customers to secure accounts receivable. We maintain an allowance for doubtful accounts based upon the expected collectability, which takes into consideration specific customer creditworthiness and current economic trends. We believe collections of our accounts receivable are probable based on the size, industry diversification, financial condition and past transaction history of our customers. As of April 30, 2019 and January 31, 2019, one reseller, which is also a customer, accounted for more than 10% of total accounts receivable. One reseller, which is also a customer, represented 10% and 11% of our revenue for the three months ended April 30, 2019 and 2018, respectively. We serve our customers and users from data center facilities operated by third parties. In order to reduce the risk of down time of our subscription services, we have established data centers and third-party cloud computing and hosting providers in various locations in the United States and abroad. We have internal procedures to restore services in the event of disaster at any one of our current data center facilities. Even with these procedures for disaster recovery in place, our cloud services could be significantly interrupted during the implementation of the procedures to restore services. Geographic Locations For the three months ended April 30, 2019 and 2018, revenue attributable to customers in the United States was 76%. No country outside of the United States comprised 10% or greater of our revenue for any of the periods presented. Substantially all of our net assets are located in the United States. As of April 30, 2019 and January 31, 2019, property and equipment located in the United States was approximately 92% and 91%, respectively. |
Recently Adopted and Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases, Adoption Impact of ASC Topic 842 on the Opening Balance Sheet as of February 1, 2019 In connection with the adoption of ASC Topic 842, we recognized operating lease right-of-use assets and operating lease liabilities on our condensed consolidated balance sheet primarily related to our office and data center facilities of $206.6 million and $255.0 million, respectively, out of which $218.6 million was the non-current portion of operating lease liabilities. The difference between the operating lease right-of-use assets and operating lease liabilities primarily represents the existing deferred rent liability balance as of the adoption date. Our accounting for finance leases remains substantially unchanged from the legacy ASC Topic 840 except for the impacts of applying the practical expedient to not separate lease and non-lease components. As a result of recognizing the non-lease components as part of our finance leases, we recognized finance lease right-of-use assets and corresponding finance leases liabilities of $5.2 million, out of which $2.9 million represented the non-current portion of the additional finance lease liabilities. As a sub-lessor, accounting for our subleases is largely unchanged from the legacy ASC Topic 840. The adoption of ASC Topic 842 did not have a material effect on our condensed consolidated statements of operations and cash flows, however, it did materially increase our assets and liabilities on the condensed consolidated balance sheet. The adoption of ASC Topic 842 resulted in changes to our accounting estimates and accounting policy for leases. Please see Summary of Significant Accounting Policies Ongoing ASC Topic 842 Financial Statement Impact as of and for the three months ended April 30, 2019 Refer to “ Note 4. Balance Sheet Components ” and “ Note 5. Leases ” for the ongoing ASC Topic 842 impact on the condensed consolidated financial statements as of and for the three months ended April 30, 2019. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses have elected not to adopt the standard earlier. We are in the process of evaluating appropriate changes to our business processes, systems and controls to support the adoption of the new standard. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Except for the accounting policy for leases Summary of Significant Accounting Policies |
Leases | Leases We adopted ASC Topic 842, effective February 1, 2019, using the modified retrospective method. The reported results for fiscal year 2020 reflect the application of ASC Topic 842, while the reported results for prior fiscal years are not adjusted and continue to be reported under ASC Topic 840. Refer to Recently Adopted Accounting Pronouncements We determine whether an arrangement contains a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To determine whether a contract is or contains a lease, we consider all relevant facts and circumstances to assess whether the customer has both of the following: • The right to obtain substantially all of the economic benefits from use of the identified asset • The right to direct the use of the identified asset We recognize lease liabilities and right-of-use assets at lease commencement. We measure lease liabilities based on the present value of lease payments over the lease term discounted using the rate implicit in the lease when that rate is readily determinable or our incremental borrowing rate. We estimate our incremental borrowing rate based on an analysis of publicly traded debt securities of companies with credit and financial profiles similar to our own and adjust our incremental borrowing rate to reflect the corresponding lease term. We do not include in the lease term options to extend or terminate the lease unless it is reasonably certain that we will exercise any such options at commencement. We account for the lease and non-lease components as a single lease component for all our leases. We measure right-of-use assets based on the corresponding lease liabilities adjusted for (i) prepayments made to the lessor at or before the commencement date, (ii) initial direct costs we incur, and (iii) tenant incentives under the lease. We evaluate the recoverability of our right-of-use assets for possible impairment in accordance with our long-lived assets policy. We do not recognize right-of-use assets or lease liabilities for short-term leases, which have a lease term of twelve months or less recognize the associated lease payments in the condensed consolidated statement of Operating leases are reflected in operating lease right-of-use assets, operating lease liabilities, and operating lease liabilities, non-current on our condensed consolidated balance sheets. Finance leases are included in property and equipment, net, finance lease liabilities, and finance lease liabilities, non-current on our condensed consolidated balance sheets. We begin recognizing rent expense when the lessor makes the underlying asset available to us. We recognize rent expense under our operating leases on a straight-line basis. For finance leases, we record interest expense on the lease liability in addition to amortizing the right-of-use asset (generally straight-line) over the shorter of the lease term or the useful life of the right-of-use asset. Variable lease payments are expensed as incurred and are not included within the lease liabilities and right-of-use assets calculation. We generally recognize sublease income on a straight-line basis over the sublease term. |
Stock-Based Compensation | The assumptions used in the Black-Scholes option pricing model were determined as follows: Fair Value of Common Stock . We use the market closing price for our Class A common stock as reported on the New York Stock Exchange to determine the fair value of our common stock at each grant date. Expected Term . The expected term represents the period that our share-based awards are expected to be outstanding. The expected term assumptions were determined based on the vesting terms, exercise terms and contractual lives of the options and 2015 ESPP purchase rights. Expected Volatility . We estimate the expected volatility of the stock option grants and 2015 ESPP purchase rights based on the historical volatility of our Class A common stock over a period equivalent to the expected term of the stock option grants and 2015 ESPP purchase rights, respectively. Risk-free Interest Rate . The risk-free rate that we use is based on the implied yield available on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options and 2015 ESPP purchase rights. Dividend Yield . We have never declared or paid any cash dividends and do not plan to pay cash dividends in the foreseeable future, and, therefore, use an expected dividend yield of zero. |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): April 30, January 31, 2019 2019 Prepaid expenses $ 16,094 $ 10,986 Other current assets 3,559 3,237 Total prepaid expenses and other current assets $ 19,653 $ 14,223 |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): April 30, January 31, 2019 2019 Servers and related equipment $ 236,915 $ 215,626 Leasehold improvements 79,853 76,888 Computer hardware and software 21,209 20,614 Furniture and fixtures 13,656 13,661 Construction in progress 12,830 9,737 Total property and equipment 364,463 336,526 Less: accumulated depreciation (211,414 ) (198,823 ) Total property and equipment, net $ 153,049 $ 137,703 |
Schedule of Operating Lease Right-of-Use Assets, Net | Operating lease right-of-use assets, net consisted of the following (in thousands): April 30, 2019 Operating lease right-of-use assets $ 229,355 Less: accumulated amortization (8,560 ) Operating lease right-of-use assets, net $ 220,795 |
Schedule of Other Long-Term Assets | Other long-term assets consisted of the following (in thousands): April 30, January 31, 2019 2019 Deposits, non-current $ 2,593 $ 2,674 Other assets, non-current 9,800 8,372 Other long-term assets $ 12,393 $ 11,046 |
Schedule of Internal Use Software Costs | Internal-Use Software Costs April 30, January 31, 2019 2019 Internal-use software costs, net(1) $ 5,773 $ 3,513 Capitalized qualifying implementation costs incurred in a hosting arrangement that is a service contract, net(2) 1,617 1,663 (1) Included in these amounts were $1.8 million and $0.8 million in net capitalized stock-based compensation expense for the respective period. (2) Net capitalized stock-based compensation expense was not material for the periods presented. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Leases [Abstract] | |
Schedule of Lease Cost Included In Operating Expenses in Condensed Consolidated Statements of Operations | The components of lease cost, which were included in operating expenses in our Condensed Consolidated Statement of Operations, were as follows (in thousands): Three Months Ended April 30, 2019 Finance lease cost: Amortization of finance lease right-of-use assets $ 8,623 Interest on finance lease liabilities 685 Operating lease cost, gross 11,791 Variable lease cost, gross 2,868 Sublease income (2,764 ) Total lease cost(1) $ 21,203 (1) Short-term lease cost for the three months ended April 30, 2019 was not material and is not included in the table above. |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended April 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 11,358 Operating cash flows for finance leases 759 Financing cash flows for finance leases 9,154 Right-of-use assets obtained in exchange of lease obligations(1) Operating leases 229,355 Finance leases 21,414 (1) Includes the adoption impact of ASC Topic 842 on the opening balance sheet as of February 1, 2019 as disclosed in Note 1. |
Summary of Information Related to Remaining Lease Term and Discount Rate | Supplemental information related to the remaining lease term and discount rate was as follows (in thousands): Three Months Ended April 30, 2019 Weighted average remaining lease term (in years) Operating leases 7.22 Finance leases 2.94 Weighted average discount rate Operating leases 5.39 % Finance leases 3.62 % |
Summary of Maturities of Operating and Finance Lease Liabilities | As of April 30, 2019, maturities of our operating and finance lease liabilities, which do not include short-term leases and variable lease payments, are as follows (in thousands): Years ending January 31: Operating Leases (1) Finance Leases Remainder of 2020 $ 37,413 $ 27,061 2021 51,112 30,467 2022 48,855 20,622 2023 39,229 11,807 2024 37,228 452 Thereafter 115,255 — Total lease payments $ 329,092 $ 90,409 Less: imputed interest (59,581 ) (4,938 ) Present value of total lease liabilities $ 269,511 $ 85,471 (1) Non-cancellable sublease proceeds for the remainder of the fiscal year ending January 31, 2020 and the fiscal years ending January 31, 2021, 2022, and 2023 of $5.4 million, $7.4 million, $4.9 million, and $4.1 million, respectively, are not included in the table above. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Payments under Non-cancellable Contractual Purchases | As of April 30, 2019, future payments under non-cancellable contractual purchases, which relate primarily to infrastructure services and IT software and support services costs Years ending January 31: 2020 $ 35,873 2021 10,777 2022 960 $ 47,610 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [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 Weighted- Average Weighted- Remaining Average Exercise Contractual Life Aggregate Shares Price (Years) Intrinsic Value (in thousands) Balance as of January 31, 2019 9,096,961 $ 9.01 4.97 $ 108,731 Options granted 500,000 20.12 Options exercised (151,529 ) 8.02 Options forfeited/cancelled (584 ) 17.54 Balance as of April 30, 2019 9,444,848 $ 9.61 5.01 $ 104,355 Vested and expected to vest as of April 30, 2019 9,365,094 $ 9.53 4.97 $ 104,250 Exercisable as of April 30, 2019 7,684,790 $ 7.35 4.11 $ 102,030 |
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, 2019 18,098,707 $ 19.35 Granted 6,243,275 20.12 Vested, net of shares withheld for employee payroll taxes (1,205,385 ) 19.33 Forfeited/cancelled (685,903 ) 20.33 Unvested balance - April 30, 2019 22,450,694 $ 19.54 |
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, 2019 2018 Cost of revenue $ 3,611 $ 3,121 Research and development 12,975 10,148 Sales and marketing 9,400 8,061 General and administrative 6,376 5,283 Total stock-based compensation $ 32,362 $ 26,613 |
Summary of Estimated Fair Value of Employee Stock Options | We estimated the fair value of employee stock options and 2015 ESPP purchase rights using a Black-Scholes option pricing model with the following assumptions. During the three months ended April 30, 2019 and 2018, we had no stock option grants awarded using a Black-Scholes option pricing model. Three Months Ended April 30, 2019 2018 Employee Stock Purchase Plan Expected term (in years) 0.5 - 2.0 0.5 - 2.0 Risk-free interest rate 2.4 % - 2.5% 2.0 % - 2.3% Volatility 46 % - 55% 37 % - 50% Dividend yield 0% 0% |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share amounts): Three Months Ended April 30, 2019 2018 Class A Class B Class A Class B Numerator: Net loss $ (36,828 ) $ — $ (33,706 ) $ (2,931 ) Denominator: Weighted-average number of shares outstanding—basic and diluted 145,275 — 127,444 11,080 Net loss per share—basic and diluted $ (0.25 ) $ — $ (0.26 ) $ (0.26 ) |
Summary of Weighted Average Outstanding Shares Excluded from Computation of Diluted Net Loss per Share | The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been antidilutive (in thousands): Three Months Ended April 30, 2019 2018 Options to purchase common stock 8,983 10,532 Restricted stock units 15,096 13,495 Employee stock purchase plan 1,771 1,633 25,850 25,660 |
Description of Business and B_3
Description of Business and Basis of Presentation - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Apr. 30, 2019USD ($)Customer | Apr. 30, 2018Customer | Jan. 31, 2019USD ($)Customer | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Operating lease right-of-use assets | [1] | $ 220,795 | ||||
Operating lease liabilities | [2] | 269,511 | ||||
Non-current portion of operating lease liabilities | [1] | 232,810 | ||||
Finance leases liabilities | 85,471 | |||||
Non-current portion of the additional finance lease liabilities | 53,407 | [1] | $ 44,597 | [3] | ||
Accounting Standards Update 2016-02 | ||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Operating lease right-of-use assets | 206,600 | |||||
Operating lease liabilities | 255,000 | |||||
Non-current portion of operating lease liabilities | 218,600 | |||||
Finance lease right-of-use assets | 5,200 | |||||
Finance leases liabilities | 5,200 | |||||
Non-current portion of the additional finance lease liabilities | $ 2,900 | |||||
Credit Concentration Risk | Accounts Receivable | ||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Number of major customers | Customer | 1 | 1 | ||||
Concentration risk percentage | 10.00% | 10.00% | ||||
Customer Concentration Risk | Revenue | ||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Number of major customers | Customer | 1 | 1 | ||||
Concentration risk percentage | 10.00% | 11.00% | ||||
Geographic Concentration Risk | Revenue | United States | ||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Concentration risk percentage | 76.00% | 76.00% | ||||
Geographic Concentration Risk | Property and Equipment | United States | ||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Concentration risk percentage | 92.00% | 91.00% | ||||
[1] | As reported and disclosed under ASC Topic 842 | |||||
[2] | Non-cancellable sublease proceeds for the remainder of the fiscal year ending January 31, 2020 and the fiscal years ending January 31, 2021, 2022, and 2023 of $5.4 million, $7.4 million, $4.9 million, and $4.1 million, respectively, are not included in the table above. | |||||
[3] | As reported and disclosed under ASC Topic 840 |
Revenues - Additional Informati
Revenues - Additional Information (Details) $ in Millions | 3 Months Ended | ||
Apr. 30, 2019USD ($)Country | Apr. 30, 2018USD ($)Country | Jan. 31, 2019USD ($) | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Deferred revenue | $ 330.4 | $ 375 | |
Deferred revenue, revenue recognized out of beginning balance | 134.4 | $ 110.9 | |
Remaining performance obligation, revenue expected to be recognized | $ 637.4 | ||
Revenue remaining performance obligation, percentage | 66.00% | ||
Customer Concentration Risk | Revenue | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Concentration risk percentage | 10.00% | 11.00% | |
Customer Concentration Risk | United States | Revenue | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Concentration risk percentage | 76.00% | 76.00% | |
Customer Concentration Risk | Outside United States | Revenue | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Number of countries outside domestic that contributes more than concentration threshold | Country | 0 | 0 |
Revenues - Additional Informa_2
Revenues - Additional Information (Details 1) | Apr. 30, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-05-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Apr. 30, 2019 | Jan. 31, 2019 | Apr. 30, 2018 | Jan. 31, 2018 | |||
Fair Value Disclosures [Abstract] | |||||||
Restricted cash | $ 0 | $ 238,000 | [1] | $ 350,000 | [2] | $ 350,000 | [2] |
[1] | As reported and disclosed under ASC Topic 842 | ||||||
[2] | As reported and disclosed under ASC Topic 840 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||||
Prepaid expenses | $ 16,094 | $ 10,986 | ||
Other current assets | 3,559 | 3,237 | ||
Total prepaid expenses and other current assets | $ 19,653 | [1] | $ 14,223 | [2] |
[1] | As reported and disclosed under ASC Topic 842 | |||
[2] | As reported and disclosed under ASC Topic 840 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 | ||
Property Plant And Equipment [Line Items] | ||||
Total property and equipment, gross | $ 364,463 | $ 336,526 | ||
Less: accumulated depreciation | (211,414) | (198,823) | ||
Total property and equipment, net | 153,049 | [1] | 137,703 | [2] |
Servers and related equipment | ||||
Property Plant And Equipment [Line Items] | ||||
Total property and equipment, gross | 236,915 | 215,626 | ||
Leasehold improvements | ||||
Property Plant And Equipment [Line Items] | ||||
Total property and equipment, gross | 79,853 | 76,888 | ||
Computer hardware and software | ||||
Property Plant And Equipment [Line Items] | ||||
Total property and equipment, gross | 21,209 | 20,614 | ||
Furniture and fixtures | ||||
Property Plant And Equipment [Line Items] | ||||
Total property and equipment, gross | 13,656 | 13,661 | ||
Construction in progress | ||||
Property Plant And Equipment [Line Items] | ||||
Total property and equipment, gross | $ 12,830 | $ 9,737 | ||
[1] | As reported and disclosed under ASC Topic 842 | |||
[2] | As reported and disclosed under ASC Topic 840 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2019 | |
Property Plant And Equipment [Line Items] | |||
Accumulated depreciation of property and equipment acquired under finance lease | $ 62.9 | $ 54.5 | |
Depreciation expense | 12.6 | $ 11.4 | |
Servers and related equipment | |||
Property Plant And Equipment [Line Items] | |||
Gross amount of property and equipment acquired under finance lease | 141.5 | 120 | |
Depreciation expense | 8.6 | $ 5.9 | |
Construction in progress | |||
Property Plant And Equipment [Line Items] | |||
Gross amount of property and equipment acquired under finance lease | $ 9 | $ 8.8 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Operating Lease Right-of-Use Assets, Net (Details) $ in Thousands | Apr. 30, 2019USD ($) | |
Balance Sheet Related Disclosures [Abstract] | ||
Operating lease right-of-use assets | $ 229,355 | |
Less: accumulated amortization | (8,560) | |
Operating lease right-of-use assets, net | $ 220,795 | [1] |
[1] | As reported and disclosed under ASC Topic 842 |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Other Long-Term Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 | ||
Assets Noncurrent [Abstract] | ||||
Deposits, non-current | $ 2,593 | $ 2,674 | ||
Other assets, non-current | 9,800 | 8,372 | ||
Other long-term assets | $ 12,393 | [1] | $ 11,046 | [2] |
[1] | As reported and disclosed under ASC Topic 842 | |||
[2] | As reported and disclosed under ASC Topic 840 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Internal Use Software Costs (Details) - USD ($) | Apr. 30, 2019 | Jan. 31, 2019 | |
Property Plant And Equipment [Abstract] | |||
Internal-use software costs, net | [1] | $ 5,773 | $ 3,513 |
Capitalized qualifying implementation costs incurred in a hosting arrangement that is a service contract, net | [2] | $ 1,617 | $ 1,663 |
[1] | Included in these amounts were $1.8 million and $0.8 million in net capitalized stock-based compensation expense for the respective period. | ||
[2] | Net capitalized stock-based compensation expense was not material for the periods presented. |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Internal Use Software Costs (Parenthetical) (Details) - USD ($) $ in Millions | Apr. 30, 2019 | Jan. 31, 2019 |
Property Plant And Equipment [Abstract] | ||
Capitalized stock-based compensation expenses | $ 1.8 | $ 0.8 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2019 | Jan. 31, 2019 | |
Lessee Lease Description [Line Items] | ||
Sublease expiration year | 2023 | |
Operating leases, undiscounted future payments | $ 7,200,000 | |
Operating lease has not yet commenced lease term | 5 years | |
Finance lease,not yet commenced | $ 0 | |
Asset retirement obligation | $ 0 | |
Other Long-term Liabilities | ||
Lessee Lease Description [Line Items] | ||
Asset retirement obligation | $ 2,700,000 | |
Minimum | ||
Lessee Lease Description [Line Items] | ||
Operating lease expiration year | 2020 | |
Finance lease agreements term | 3 years | |
Term of sublease arrangement | 25 months | |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Operating lease expiration year | 2029 | |
Finance lease agreements term | 4 years | |
Term of sublease arrangement | 55 months |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost Included In Operating Expenses in Condensed Consolidated Statements of Operations (Details) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019USD ($) | ||
Finance lease cost: | ||
Amortization of finance lease right-of-use assets | $ 8,623 | |
Interest on finance lease liabilities | 685 | |
Operating lease cost, gross | 11,791 | |
Variable lease cost, gross | 2,868 | |
Sublease income | (2,764) | |
Total lease cost | $ 21,203 | [1] |
[1] | Short-term lease cost for the three months ended April 30, 2019 was not material and is not included in the table above. |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Apr. 30, 2019 | Apr. 30, 2018 | [2] | |||
Cash paid for amounts included in the measurement of lease liabilities | |||||
Operating cash flows for operating leases | $ 11,358 | ||||
Operating cash flows for finance leases | 759 | ||||
Financing cash flows for finance leases | 9,154 | [1] | $ 7,150 | ||
Right-of-use assets obtained in exchange of lease obligations | |||||
Operating leases | [3] | 229,355 | |||
Finance leases | $ 21,414 | [1],[3] | $ 10,056 | ||
[1] | As reported and disclosed under ASC Topic 842 | ||||
[2] | As reported and disclosed under ASC Topic 840 | ||||
[3] | Includes the adoption impact of ASC Topic 842 on the opening balance sheet as of February 1, 2019 as disclosed in Note 1. |
Leases - Summary of Information
Leases - Summary of Information Related to Remaining Lease Term and Discount Rate (Details) | Apr. 30, 2019 |
Leases [Abstract] | |
Weighted average remaining lease term, Operating leases (in years) | 7 years 2 months 19 days |
Weighted average remaining lease term, Finance leases (in years) | 2 years 11 months 8 days |
Weighted average discount rate, Operating leases | 5.39% |
Weighted average discount rate, Finance leases | 3.62% |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating and Finance Lease Liabilities (Details) $ in Thousands | Apr. 30, 2019USD ($) | |
Leases [Abstract] | ||
Operating Leases, Remainder of 2020 | $ 37,413 | [1] |
Operating Leases, 2021 | 51,112 | [1] |
Operating Leases, 2022 | 48,855 | [1] |
Operating Leases, 2023 | 39,229 | [1] |
Operating Leases, 2024 | 37,228 | [1] |
Operating Leases, Thereafter | 115,255 | [1] |
Operating Leases, Total lease payments | 329,092 | [1] |
Less: Operating Leases imputed interest | (59,581) | [1] |
Operating Leases, Present value of total lease liabilities | 269,511 | [1] |
Finance Leases, Remainder of 2020 | 27,061 | |
Finance Leases, 2021 | 30,467 | |
Finance Leases, 2022 | 20,622 | |
Finance Leases, 2023 | 11,807 | |
Finance Leases, 2024 | 452 | |
Finance Leases, Total lease payments | 90,409 | |
Less: Finance Leases imputed interest | (4,938) | |
Finance Leases, Present value of total lease liabilities | $ 85,471 | |
[1] | Non-cancellable sublease proceeds for the remainder of the fiscal year ending January 31, 2020 and the fiscal years ending January 31, 2021, 2022, and 2023 of $5.4 million, $7.4 million, $4.9 million, and $4.1 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) - Subleases Expire in Fiscal 2018 and 2023 $ in Millions | Apr. 30, 2019USD ($) |
Lessee Lease Description [Line Items] | |
Non-cancellable sublease proceeds for the year ending January 31, 2020 | $ 5.4 |
Non-cancellable sublease proceeds for the year ending January 31, 2021 | 7.4 |
Non-cancellable sublease proceeds for the year ending January 31, 2022 | 4.9 |
Non-cancellable sublease proceeds for the year ending January 31, 2023 | $ 4.1 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - November 2017 Facility - Wells Fargo Bank - Secured Debt - Letters of Credit - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 30, 2019 | Jan. 31, 2019 | Nov. 27, 2017 | |
Commitments And Contingencies [Line Items] | |||
Agreement entered date | Nov. 27, 2017 | ||
Letters of credit facility | $ 26.2 | $ 26.5 | |
Line of credit facility, maximum borrowing capacity sublimit | $ 30 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Payments under Non-cancellable Contractual Purchases (Details) $ in Thousands | Apr. 30, 2019USD ($) |
Purchase Obligation Fiscal Year Maturity [Abstract] | |
2020 | $ 35,873 |
2021 | 10,777 |
2022 | 960 |
Total | $ 47,610 |
Debt - Additional Information (
Debt - Additional Information (Details) - November 2017 Facility - Secured Debt - Wells Fargo Bank - USD ($) $ in Millions | Nov. 27, 2017 | Apr. 30, 2019 |
Debt Instrument [Line Items] | ||
Line of credit facility maturity date | Nov. 27, 2020 | |
Line of credit facility, current borrowing capacity | $ 40 | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 85 | |
Line of credit facility, interest payment terms | Interest on the revolving loans is payable quarterly in arrears with respect to loans based on the prime rate and at the end of an interest period in the case of loans based on the LIBOR rate (or at each three-month interval if the interest period is longer than three months). | |
Revolving Credit Facility | Prime Rate | ||
Debt Instrument [Line Items] | ||
Line of credit facility, floating interest rate | 0.25% | |
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Line of credit facility, floating interest rate | 1.00% | |
Letter of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity sublimit | $ 30 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2019 | Jan. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Aggregate intrinsic value of exercised options | $ 1,900 | $ 9,400 | ||
Aggregate estimated fair value of stock options granted to employees vested | $ 900 | $ 2,500 | ||
Weighted-average grant date fair value of options granted to employees | $ 8 | $ 7.92 | ||
Unrecognized stock-based compensation expense related to stock option | $ 9,400 | |||
Remaining weighted-average period | 2 years 11 months 8 days | |||
Stock options outstanding | 9,444,848 | 9,096,961 | ||
Unrecognized stock-based compensation expense | $ 7,200 | |||
Share-based compensation expense | $ 32,362 | $ 26,613 | ||
Common Stock, trading day | On June 14, 2018, all of our outstanding shares of Class B common stock automatically converted into the same number of shares of Class A common stock pursuant to the terms of our Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion. The conversion occurred pursuant to Article IV of the Amended and Restated Certificate of Incorporation, which provided that each one share of Class B common stock would convert automatically, without any further action, into one share of Class A common stock on the first trading day falling on or after the date on which the outstanding shares of Class B common stock represent less than 5% of the aggregate number of shares of the then outstanding Class A common stock and Class B common stock. | |||
Stock option grants awarded | 500,000 | |||
Performance-Based Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense related to stock option | $ 6,000 | |||
Remaining weighted-average period | 3 years 5 months 23 days | |||
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Remaining weighted-average period | 3 years 7 days | |||
Unrecognized stock-based compensation expense | $ 337,600 | |||
2015 Employee Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock option grants awarded | 0 | |||
Employee Stock Option | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Dividend yield | 0.00% | |||
2015 Equity Incentive Plan | Performance-Based Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock options outstanding | 1,375,000 | |||
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 | 20,367,503 | 12,200,000 | ||
2015 Employee Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares common stock reserved for issuance | 2,572,061 | |||
Percentage of eligible compensation allowed to employees to purchase shares at a discount | 15.00% | |||
Description of offering period excluding initial offering period | The 2015 ESPP provides for 24-month offering periods beginning March 16 and September 16 of each year, and each offering period consists of four six-month purchase periods. | |||
Purchase price of common stock, percentage | 85.00% | |||
Description of offering period resets | the offering period resets and the new lower price becomes the new offering price for a new 24 month offering period. | |||
Unrecognized stock-based compensation expense | $ 21,400 | |||
Dividend yield | 0.00% | 0.00% | ||
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 | 2,500,000 | |||
Fiscal 2020 Executive Bonus Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Description of offering period resets | certain offering periods reset and the new lower price became the new offering price for a new 24 month offering period | |||
Unrecognized stock-based compensation expense | $ 7,900 | |||
Equity incentive compensation description | The Fiscal 2020 Executive Bonus Plan provides opportunities for 100% equity incentive compensation payouts based on our actual achievement of pre-established corporate financial objectives, subject to review and a final approval by our Compensation Committee. | |||
Share-based compensation expense | $ 1,900 | |||
Fiscal 2020 Executive Bonus Plan | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Remaining weighted-average period | 1 year | |||
Fiscal 2020 Executive Bonus Plan | Class A Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common Stock, trading day | The number of restricted stock units each participant will equal the dollar value of his or her actual award payment divided by the average closing price of a share of our Class A common stock for the 30-trading day period ending the trading date before the grant date. | |||
Vesting Commencement Per Year | 2015 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options and restricted stock units vesting percentage | 25.00% | |||
Vesting Commencement Per Year | 2015 Equity Incentive Plan | Time-Based Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options and restricted stock units vesting percentage | 25.00% | |||
Vesting Commencement Per Month | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options and restricted stock units vesting percentage | 2.08% | |||
Vesting Commencement Per Month | 2015 Equity Incentive Plan | Time-Based Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options and restricted stock units vesting percentage | 2.08% | |||
Vesting Commencement Per Quarter | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options and restricted stock units vesting percentage | 6.25% |
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, 2019 | Jan. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Shares Subject to Options Outstanding, Beginning balance | 9,096,961 | |
Shares Subject to Options Outstanding, Options granted | 500,000 | |
Shares Subject to Options Outstanding, Options exercised | (151,529) | |
Shares Subject to Options Outstanding, Options forfeited/cancelled | (584) | |
Shares Subject to Options Outstanding, Ending balance | 9,444,848 | 9,096,961 |
Shares Subject to Options Outstanding, Vested and expected to vest | 9,365,094 | |
Shares Subject to Options Outstanding, Exercisable | 7,684,790 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted Average Exercise Price, Beginning Balance | $ 9.01 | |
Weighted Average Exercise Price, Options granted | 20.12 | |
Weighted Average Exercise Price, Options exercised | 8.02 | |
Weighted Average Exercise Price, Options forfeited/cancelled | 17.54 | |
Weighted Average Exercise Price, Ending Balance | 9.61 | $ 9.01 |
Weighted Average Exercise Price, Vested and expected to vest | 9.53 | |
Weighted Average Exercise Price, Exercisable | $ 7.35 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted Average Remaining Contractual Life (Years) | 5 years 3 days | 4 years 11 months 19 days |
Weighted Average Remaining Contractual Life (Years), Vested and expected to vest | 4 years 11 months 19 days | |
Weighted Average Remaining Contractual Life (Years), Exercisable | 4 years 1 month 9 days | |
Aggregate Intrinsic Value, Balance | $ 104,355 | $ 108,731 |
Aggregate Intrinsic Value, Vested and expected to vest | 104,250 | |
Aggregate Intrinsic Value, Exercisable | $ 102,030 |
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, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of Restricted Stock Units/Awards Outstanding, Unvested Beginning Balance | shares | 18,098,707 |
Number of Restricted Stock Units/Awards Outstanding Granted | shares | 6,243,275 |
Number of Restricted Stock Units/Awards Outstanding, Vested | shares | (1,205,385) |
Number of Restricted Stock Units/Awards Outstanding, Forfeited/cancelled | shares | (685,903) |
Number of Restricted Stock Units/Awards Outstanding Unvested Ending Balance | shares | 22,450,694 |
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 | $ 19.35 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 20.12 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 19.33 |
Weighted-Average Grant Date Fair Value, Forfeited/cancelled | $ / shares | 20.33 |
Weighted-Average Grant Date Fair Value, Unvested Ending Balance | $ / shares | $ 19.54 |
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, 2019 | Apr. 30, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 32,362 | $ 26,613 |
Cost of Revenue | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 3,611 | 3,121 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 12,975 | 10,148 |
Sales and Marketing | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 9,400 | 8,061 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 6,376 | $ 5,283 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Estimated Fair Value of Employee Stock Options (Details) - 2015 Employee Stock Purchase Plan | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate, Minimum | 2.40% | 2.00% |
Risk-free interest rate, Maximum | 2.50% | 2.30% |
Volatility, Minimum | 46.00% | 37.00% |
Volatility, Maximum | 55.00% | 50.00% |
Dividend yield | 0.00% | 0.00% |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 months | 6 months |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 2 years | 2 years |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Details) - shares | Jun. 15, 2018 | Apr. 30, 2019 | Jan. 31, 2019 | Jun. 14, 2018 |
Class Of Stock [Line Items] | ||||
Common Stock, conversion features | On June 14, 2018, all of our outstanding shares of Class B common stock automatically converted into the same number of shares of Class A common stock pursuant to the terms of our Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion. The conversion occurred pursuant to Article IV of the Amended and Restated Certificate of Incorporation, which provided that each one share of Class B common stock would convert automatically, without any further action, into one share of Class A common stock on the first trading day falling on or after the date on which the outstanding shares of Class B common stock represent less than 5% of the aggregate number of shares of the then outstanding Class A common stock and Class B common stock. | |||
Additional common shares issued | 146,497,000 | 144,311,000 | ||
Class B Common Stock | ||||
Class Of Stock [Line Items] | ||||
Maximum percentage of outstanding shares of Class A and Class B common stock, for automatic conversion of shares of Class B common stock | 5.00% | |||
Additional common shares issued | 0 | |||
Reduction in number of authorized shares of common stock | 200,000,000 |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |||
Apr. 30, 2019 | Apr. 30, 2018 | |||
Numerator: | ||||
Net loss | $ (36,828) | [1] | $ (36,637) | [2] |
Denominator: | ||||
Weighted-average number of shares outstanding—basic and diluted | 145,275 | [1] | 138,524 | [2] |
Net loss per share—basic and diluted | $ (0.25) | [1] | $ (0.26) | [2] |
Class A Common Stock | ||||
Numerator: | ||||
Net loss | $ (36,828) | $ (33,706) | ||
Denominator: | ||||
Weighted-average number of shares outstanding—basic and diluted | 145,275 | 127,444 | ||
Net loss per share—basic and diluted | $ (0.25) | $ (0.26) | ||
Class B Common Stock | ||||
Numerator: | ||||
Net loss | $ (2,931) | |||
Denominator: | ||||
Weighted-average number of shares outstanding—basic and diluted | 11,080 | |||
Net loss per share—basic and diluted | $ (0.26) | |||
[1] | As reported and disclosed under ASC Topic 842 | |||
[2] | As reported and disclosed under ASC Topic 840 |
Net Loss per Share - Summary _2
Net Loss per Share - Summary of Weighted Average Outstanding Shares Excluded from Computation of Diluted Net Loss per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 25,850 | 25,660 |
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 | 8,983 | 10,532 |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15,096 | 13,495 |
Employee stock purchase plan | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,771 | 1,633 |
Segments - Additional Informati
Segments - Additional Information (Details) | 3 Months Ended |
Apr. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |