Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Jan. 31, 2021 | Mar. 11, 2021 | Jul. 31, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --01-31 | ||
Document Period End Date | Jan. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-37901 | ||
Entity Registrant Name | COUPA SOFTWARE INC | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-4429448 | ||
Entity Address, Address Line One | 1855 S. Grant Street | ||
Entity Address, City or Town | San Mateo | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94402 | ||
City Area Code | 650 | ||
Local Phone Number | 931-3200 | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | ||
Trading Symbol | COUP | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 21 | ||
Entity Common Stock, Shares Outstanding | 72,852,361 | ||
Documents Incorporated by Reference | Portions of the Registrant’s Proxy Statement relating to the 2021 Annual Meeting of Stockholders, scheduled to be filed with the Securities and Exchange Commission within 120 days after the end of the Registrant’s fiscal year ended January 31, 2021, are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0001385867 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 323,284 | $ 268,045 |
Marketable securities | 283,036 | 499,160 |
Accounts receivable, net of allowances | 196,009 | 118,508 |
Prepaid expenses and other current assets | 36,381 | 31,636 |
Deferred commissions, current portion | 15,541 | 11,982 |
Total current assets | 854,251 | 929,331 |
Property and equipment, net | 28,266 | 18,802 |
Deferred commissions, net of current portion | 36,832 | 30,921 |
Goodwill | 1,480,847 | 442,112 |
Intangible assets, net | 632,173 | 128,660 |
Operating lease right-of-use assets | 41,305 | 32,026 |
Other assets | 31,491 | 12,221 |
Total assets | 3,105,165 | 1,594,073 |
Current liabilities: | ||
Accounts payable | 4,831 | 3,517 |
Accrued expenses and other current liabilities | 80,271 | 54,245 |
Deferred revenue, current portion | 356,115 | 257,692 |
Convertible senior notes, net (Note 9) | 609,068 | 187,115 |
Operating lease liabilities, current portion | 11,222 | 8,199 |
Total current liabilities | 1,061,507 | 510,768 |
Convertible senior notes, net (Note 9) | 897,525 | 562,612 |
Deferred revenue, net of current portion | 5,773 | 4,091 |
Operating lease liabilities, net of current portion | 31,845 | 25,490 |
Other liabilities | 67,915 | 28,620 |
Total liabilities | 2,064,565 | 1,131,581 |
Commitments and contingencies (Note 10) | 0 | 0 |
Temporary equity (Note 9) | 369 | 16,835 |
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value per share; 25,000,000 shares authorized at January 31, 2021 and 2020; zero shares issued and outstanding at January 31, 2021 and 2020 | 0 | 0 |
Common stock, $0.0001 par value per share; 625,000,000 shares authorized at January 31, 2021 and 2020; 72,753,659 and 64,528,970 shares issued and outstanding as of January 31, 2021 and 2020, respectively | 7 | 7 |
Additional paid-in capital | 1,556,865 | 790,468 |
Accumulated other comprehensive income | 9,165 | 871 |
Accumulated deficit | (525,806) | (345,689) |
Total stockholders’ equity | 1,040,231 | 445,657 |
Total liabilities, temporary equity and stockholders’ equity | $ 3,105,165 | $ 1,594,073 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 31, 2021 | Jan. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 625,000,000 | 625,000,000 |
Common stock, shares issued (in shares) | 72,753,659 | 64,528,970 |
Common stock, shares outstanding (in shares) | 72,753,659 | 64,528,970 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Revenues: | |||
Total revenues | $ 541,643 | $ 389,719 | $ 260,366 |
Cost of revenues: | |||
Total cost of revenues | 221,701 | 139,216 | 83,454 |
Gross profit | 319,942 | 250,503 | 176,912 |
Operating expenses: | |||
Research and development | 133,842 | 93,089 | 61,608 |
Sales and marketing | 236,312 | 155,216 | 105,659 |
General and administrative | 116,341 | 75,623 | 57,005 |
Total operating expenses | 486,495 | 323,928 | 224,272 |
Loss from operations | (166,553) | (73,425) | (47,360) |
Interest expense | (91,271) | (37,658) | (12,518) |
Interest income and other, net | 13,321 | 9,316 | 3,817 |
Loss before benefit from income taxes | (244,503) | (101,767) | (56,061) |
Benefit from income taxes | (64,386) | (10,935) | (537) |
Net loss | $ (180,117) | $ (90,832) | $ (55,524) |
Net loss per share, basic and diluted (in dollars per share) | $ (2.63) | $ (1.45) | $ (0.96) |
Weighted-average number of shares used in computing net loss per share, basic and diluted (in shares) | 68,559 | 62,484 | 57,716 |
Subscription | |||
Revenues: | |||
Total revenues | $ 470,341 | $ 345,261 | $ 233,428 |
Cost of revenues: | |||
Total cost of revenues | 147,374 | 89,452 | 53,153 |
Professional services and other | |||
Revenues: | |||
Total revenues | 71,302 | 44,458 | 26,938 |
Cost of revenues: | |||
Total cost of revenues | $ 74,327 | $ 49,764 | $ 30,301 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income Statement [Abstract] | |||
Net loss | $ (180,117) | $ (90,832) | $ (55,524) |
Other comprehensive gain in relation to defined benefit plans, net of tax | 287 | 119 | 598 |
Changes in unrealized gain (loss) on marketable securities, net of tax | (484) | 417 | 35 |
Foreign currency translation adjustments, net of tax | 8,491 | 0 | 0 |
Comprehensive loss | $ (171,823) | $ (90,296) | $ (54,891) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment |
Balance (in shares) at Jan. 31, 2018 | 55,712,342 | ||||||
Balance at Jan. 31, 2018 | $ 240,545 | $ 5,148 | $ 6 | $ 445,318 | $ (298) | $ (204,481) | $ 5,148 |
Issuance of common stock for acquisitions (in shares) | 553,746 | ||||||
Issuance of common stock for acquisitions | 46,157 | 46,157 | |||||
Issuance of common stock for employee share purchase plan (in shares) | 505,717 | ||||||
Issuance of common stock for employee share purchase plan | 8,778 | 8,778 | |||||
Exercise of stock options (in shares) | 2,824,836 | ||||||
Exercise of stock options | 13,606 | 13,606 | |||||
Vesting of early exercised stock options | 333 | 333 | |||||
Stock-based compensation expense | 53,605 | 53,605 | |||||
Vested restricted stock units (in shares) | 858,740 | ||||||
Other comprehensive income | 633 | 633 | |||||
Net loss | (55,524) | (55,524) | |||||
Balance at Jan. 31, 2019 | 313,281 | $ 6 | 567,797 | 335 | (254,857) | ||
Balance (in shares) at Jan. 31, 2019 | 60,455,381 | ||||||
Equity component, net of issuance costs | 246,967 | 246,967 | |||||
Purchase of capped calls | (118,738) | (118,738) | |||||
Cancellation of common stock issued from acquisitions (in shares) | (7,784) | ||||||
Issuance of common stock for employee share purchase plan (in shares) | 215,472 | ||||||
Issuance of common stock for employee share purchase plan | 11,455 | 11,455 | |||||
Exercise of stock options (in shares) | 2,712,063 | ||||||
Exercise of stock options | 17,420 | $ 1 | 17,419 | ||||
Vesting of early exercised stock options | 0 | ||||||
Stock-based compensation expense | 82,403 | 82,403 | |||||
Vested restricted stock units (in shares) | 1,153,838 | ||||||
Temporary equity reclassification | (16,835) | (16,835) | |||||
Other comprehensive income | 536 | 536 | |||||
Net loss | (90,832) | (90,832) | |||||
Balance at Jan. 31, 2020 | 445,657 | $ 7 | 790,468 | 871 | (345,689) | ||
Balance (in shares) at Jan. 31, 2020 | 64,528,970 | ||||||
Issuance of common stock for acquisitions (in shares) | 2,849,537 | ||||||
Issuance of common stock for acquisitions | 668,026 | 668,026 | |||||
Equity component, net of issuance costs | 501,053 | 501,053 | |||||
Purchase of capped calls | (192,786) | (192,786) | |||||
Issuance of common stock for employee share purchase plan (in shares) | 209,306 | ||||||
Issuance of common stock for employee share purchase plan | 15,631 | 15,631 | |||||
Exercise of stock options (in shares) | 1,615,784 | ||||||
Exercise of stock options | 19,245 | 19,245 | |||||
Vesting of early exercised stock options | 0 | ||||||
Stock-based compensation expense | 150,578 | 150,578 | |||||
Vested restricted stock units (in shares) | 1,348,975 | ||||||
Settlement of 2023 Notes (in shares) | 2,201,087 | ||||||
Settlement of 2023 Notes (Note 9) | (385,393) | (385,393) | |||||
Deferred tax related to convertible senior notes | (9,588) | (9,588) | |||||
Temporary equity reclassification | (369) | (369) | |||||
Other comprehensive income | 8,294 | 8,294 | |||||
Net loss | (180,117) | (180,117) | |||||
Balance at Jan. 31, 2021 | $ 1,040,231 | $ 7 | $ 1,556,865 | $ 9,165 | $ (525,806) | ||
Balance (in shares) at Jan. 31, 2021 | 72,753,659 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021USD ($) | Jan. 31, 2020USD ($) | Jan. 31, 2019USD ($) | |
Cash flows from operating activities | |||
Net loss | $ (180,117) | $ (90,832) | $ (55,524) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 72,105 | 28,553 | 10,442 |
Amortization of premium on marketable securities, net | 1,038 | 325 | (1,621) |
Amortization of deferred commissions | 14,704 | 9,556 | 5,791 |
Amortization of debt discount and issuance costs | 86,541 | 35,922 | 11,605 |
Stock-based compensation | 149,423 | 81,376 | 52,945 |
Gain on conversion of convertible senior notes | (3,154) | 0 | 0 |
Repayments of convertible senior notes attributable to debt discount (Note 9) | (27,409) | 0 | 0 |
Other | 3,761 | (1,381) | 282 |
Changes in operating assets and liabilities net of effects from acquisitions: | |||
Accounts receivable | (36,757) | (11,154) | (28,493) |
Prepaid expenses and other current assets | 2,954 | (16,380) | 410 |
Other assets | 6,786 | 9,176 | (3,402) |
Deferred commissions | (24,157) | (26,231) | (15,332) |
Accounts payable | (851) | (3,720) | 3,182 |
Accrued expenses and other liabilities | (65,995) | (20,727) | 11,399 |
Deferred revenue | 79,330 | 73,673 | 45,752 |
Net cash provided by operating activities | 78,202 | 68,156 | 37,436 |
Cash flows from investing activities | |||
Purchases of marketable securities | (1,017,751) | (583,151) | (302,922) |
Maturities of marketable securities | 396,595 | 66,363 | 124,139 |
Sale of marketable securities | 835,123 | 199,314 | 0 |
Acquisitions, net of cash acquired | (863,597) | (308,406) | (143,885) |
Purchases of property and equipment | (11,492) | (11,970) | (7,528) |
Net cash used in investing activities | (661,122) | (637,850) | (330,196) |
Cash flows from financing activities | |||
Proceeds from issuance of convertible senior notes, net of issuance costs | 1,355,066 | 786,157 | (639) |
Purchase of capped calls | (192,786) | (118,738) | 0 |
Repayments of convertible senior notes | (555,352) | 0 | 0 |
Proceeds from the exercise of common stock options | 19,232 | 17,781 | 12,964 |
Proceeds from issuance of common stock for employee stock purchase plan | 15,631 | 11,455 | 8,778 |
Net cash provided by financing activities | 641,791 | 696,655 | 21,103 |
Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash | 438 | 0 | 0 |
Net increase in cash, cash equivalents, and restricted cash | 59,309 | 126,961 | (271,657) |
Cash, cash equivalents, and restricted cash at beginning of year | 268,280 | 141,319 | 412,976 |
Cash, cash equivalents, and restricted cash at end of period | 327,589 | 268,280 | 141,319 |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | |||
Cash and cash equivalents | $ 323,284 | $ 268,045 | $ 141,250 |
Restricted Cash, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets | us-gaap:OtherAssets |
Restricted cash, included in other assets | $ 4,305 | $ 235 | $ 69 |
Total cash, cash equivalents, and restricted cash | 327,589 | 268,280 | 141,319 |
Supplemental disclosure of cash flow data | |||
Cash paid for income taxes | 3,328 | 2,294 | 4,910 |
Interest expense paid | 3,640 | 1,489 | 858 |
Supplemental disclosure of non-cash investing and financing activities | |||
Issuance of common stock in connection with acquisitions | 668,026 | 0 | 46,157 |
Vesting of early exercised stock options | 0 | 0 | 333 |
Property and equipment included in accounts payable and accrued expenses and other current liabilities | $ 321 | $ 337 | $ 832 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business The Company Coupa Software Incorporated (the “Company”) was incorporated in the state of Delaware in 2006. The Company provides a comprehensive, cloud-based business spend management (or BSM) platform that provide greater visibility into and control over how companies spend money. The BSM platform enables businesses to achieve savings that drive profitability. The Company is based in San Mateo, California. The Company’s fiscal year ends on January 31. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the results of the Company and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated during consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, management evaluates its significant estimates including, but not limited to, the valuation of accounts receivable, the lives of tangible and intangible assets, the fair value of certain equity awards, the fair value of contingent purchase consideration, the valuation of acquired intangible assets and the recoverability or impairment of intangible assets, including goodwill, revenue recognition, convertible senior notes fair value, the benefit period of deferred commissions, and provision for (benefit from) income taxes. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could be material to the financial position and results of operations. Foreign Currency Translation The functional currency of the Company's foreign operations is primarily the U.S. dollar, while a few of its subsidiaries use the Euro as their functional currency. In cases where the Company uses a foreign functional currency, the Company translates the foreign functional currency financial statements to U.S. dollars using the exchange rates at the balance sheet date for assets and liabilities, the period average exchange rates for revenues and expenses, and the historical exchange rates for equity. The effects of foreign currency translation adjustments are recorded in other comprehensive income as a component of stockholders' equity and the related periodic movements are presented in the consolidated statements of comprehensive loss. Foreign currency transaction gains and losses are included in interest income and other, net, in the consolidated statements of operations for the period. For the years ended January 31, 2021, 2020 and 2019, realized foreign currency transaction gains and losses were comprised of a net gain of $568,000, a net loss of $523,000, and a loss of $225,000, respectively. Risks and Uncertainties The Company’s services are concentrated in an industry which is characterized by significant competition, rapid technological advances and changes in customer requirements and industry standards. The success of the Company depends on management’s ability to anticipate and respond quickly and adequately to technological developments in the industry and changes in customer requirements and industry standards. Any significant delays in the development or introduction of services could have a material adverse effect on the Company’s business and operating results. Furthermore, the effects of potential legal activity that could be brought against the Company, including costs incurred to defend legal cases, relationships with customers and market perception, and the financial impact of any judicial decisions, could have a material adverse effect on the Company’s business and operating results. The Company serves customers and users from data center facilities located across various different physical locations, such as the U.S., Europe and Asia-Pacific, most of which are operated by a single third party. The Company has internal procedures to restore services in the event of disasters at the current data center facilities. Even with these procedures for disaster recovery in place, cloud applications could be significantly interrupted during the procedures to restore services. Concentration of Risk and Significant Customers Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, marketable securities and accounts receivable. Cash deposits may, at times, exceed amounts insured by the Federal Deposit Insurance Corporation (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”). Marketable securities balances may, at times, also exceed SIPC limits. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. No single customer balance comprised 10% or more of total accounts receivable at January 31, 2021 or 2020. During the years ended January 31, 2021, 2020 and 2019, revenues by geographic area, based on billing addresses of the customers, was as follows (in thousands): For the year ended 2021 2020 2019 United States $ 338,084 $ 248,107 $ 161,494 Foreign countries 203,559 141,612 98,872 Total revenues $ 541,643 $ 389,719 $ 260,366 No single foreign country represented more than 10% of the Company’s revenues in any period. Additionally, no single customer represented more than 10% of the Company’s revenues in any period. Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Subsequent changes in fair value of these financial assets and liabilities are recognized in earnings or other comprehensive loss when they occur. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the assets or liabilities, such as inherent risk, transfer restrictions and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than quoted price in active markets for identical assets or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially full term of assets or liabilities. • Level 3 - Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the assets or liabilities. Fair Value of Financial Instruments The Company’s financial instruments primarily include cash and cash equivalents, marketable securities, trade receivables, accounts payable, accrued liabilities, contingent cash consideration payable, and convertible senior notes. Cash and cash equivalents, marketable securities, and contingent cash consideration payable are reported at fair value. The recorded carrying amount of trade receivables, accounts payable, and accrued liabilities approximate their fair value due to their short-term nature. The Company carries convertible senior notes at the allocated liability value less unamortized debt discount and issuance costs on its consolidated balance sheet, and it presents the fair value of the convertible senior notes for disclosure purposes only. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of less than three months from the date of purchase to be cash equivalents. The Company’s cash and cash equivalents consist of monies held in bank demand deposits and money market funds and are presented at fair market value based on quoted market prices. Marketable Securities Marketable securities consist of financial instruments such as U.S. treasury securities, U.S. agency obligations, corporate notes and bonds, commercial paper, asset backed securities and certificates of deposit. The Company classifies marketable securities as available-for-sale at the time of purchase and reevaluates such classification as of each balance sheet date. All marketable securities are recorded at estimated fair value. Credit losses related to the marketable securities are recorded in interest income and other, net in the consolidated statements of operations through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. No credit losses related to marketable securities were recorded by the Company during the year ended January 31, 2021. Any remaining unrealized losses, or any unrealized gains, for marketable securities are included in accumulated other comprehensive income, a component of stockholders’ equity. If quoted prices for identical instruments are available in an active market, marketable securities are classified within Level 1 of the fair value hierarchy. If quoted prices for identical instruments in active markets are not available, fair values are estimated using quoted prices of similar instruments and are classified within Level 2 of the fair value hierarchy. Research and Development Costs Research and development costs are expensed as incurred. Research and development costs consist primarily of compensation related costs incurred for the maintenance and bug fixing of the Company’s software platform, as well as planning, predevelopment and post implementation costs associated with the development of enhancements to the Company’s software platform. Advertising Costs Advertising costs are expensed as incurred and are primarily included in sales and marketing expense in the accompanying consolidated statements of operations. Advertising expense totaled $7.7 million, $2.9 million and $2.2 million for the years ended January 31, 2021, 2020 and 2019, respectively. Capitalized Software Development Costs The Company capitalizes certain development costs incurred in connection with software development for its cloud-based platform. Costs incurred in the preliminary stages of development are expensed as incurred. Once the software has reached the development stage, internal and external costs, if direct and incurred for adding incremental functionality to the Company’s platform, are capitalized until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing. These software development costs are recorded as part of property and equipment. Capitalized software development costs are amortized on a straight-line basis to cost of revenues—subscription services over the technology’s estimated useful life, which is generally three years. During the years ended January 31, 2021, 2020 and 2019, the Company capitalized $10.5 million, $8.4 million and $5.6 million, respectively, in software development costs. Costs incurred in the maintenance and minor upgrade and enhancement of the Company’s software platform without adding additional functionality are expensed as incurred. Property and Equipment Property and equipment are stated at cost net of accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Furniture and equipment is amortized over an estimated useful life of three Goodwill and Other Intangible Assets Goodwill is the excess of costs over fair value of net assets of the business acquired. Goodwill and other intangible assets acquired that are determined to have an indefinite useful life are not amortized but are tested for impairment at least annually. Other intangible assets, which includes acquired developed technology, customer relationships, and trademarks are recorded at fair value, net of accumulated amortization, and are amortized using the straight-line method. The Company assesses the impairment of long-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company has not recorded impairment charges on goodwill and other intangible assets for the periods presented in these consolidated financial statements. Revenue Recognition The Company derives its revenues primarily from subscription fees, professional services fees and other. Revenues are recognized when control of these services are transferred to the Company’s customers in an amount that reflects the consideration expected to be entitled to in exchange for those services. Revenues are recognized net of applicable taxes imposed on the related transaction. The Company’s revenue recognition policy follows guidance from Accounting Standards Codification 606, Revenue from Contracts with Customers (Topic 606) . The Company determines revenue recognition through the following five-step framework: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the Company satisfies a performance obligation. Subscription Revenues The Company offers subscriptions to its cloud-based business spend management platform, including procurement, invoicing and expense management. Subscription revenues consist primarily of fees to provide the Company’s customers access to its cloud-based platform, which includes routine customer support. Subscription contracts do not provide customers with the right to take possession of the software, are non-cancelable, and do not contain general rights of return. Generally, subscription revenues are recognized ratably over the contractual term of the arrangement, beginning on the date that the service is made available to the customer. Subscription contracts typically have a term of three years with invoicing occurring in annual installments at the beginning of each year in the subscription period. Term-based licenses are sold as bundled arrangements that include the rights to a term license and post-contract customer support (“PCS”). Accordingly, the Company allocates the transaction price to each performance obligation. The revenues related to the amount allocated to PCS are included in subscription revenue, which are recognized ratably over the contract term beginning on the license delivery date. Professional Services Revenues and Other The Company offers professional services which primarily include deployment services, optimization services, and training. Professional services are generally sold on a fixed-fee or time-and-materials basis. For services billed on a fixed-fee basis, invoicing typically occurs in advance, and revenue is recognized over time based on the proportion performed. For services billed on a time-and-materials basis, revenue is recognized over time as services are performed. Term-based licenses are sold as bundled arrangements that include the rights to a term license and PCS. Accordingly, the Company allocates the transaction price to each performance obligation. The revenues related to the amount allocated to term-based licenses are included in other revenue, which is recognized at the start of the license term when delivery is complete. Significant Judgments The Company’s contracts with customers often include promises to transfer multiple products and services to a customer. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. Subscription services, professional services, term-based licenses, and related PCS are distinct performance obligations that are accounted for separately. In contracts with multiple performance obligations, the transaction price is allocated to separate performance obligations on a relative standalone selling price ("SSP") basis. The determination of SSP for each distinct performance obligation requires judgment. The Company determines SSP for performance obligations based on overall pricing objectives, which take into consideration market conditions and entity-specific factors. This includes a review of historical data related to the size of arrangements, the applications being sold, customer demographics and the numbers and types of users within the arrangements. The Company uses a range of amounts to estimate SSP for performance obligations. There is typically more than one SSP for individual products and services due to the stratification of those products and services by considerations such as size and sales regions. Contract Balances The timing of revenue recognition may differ from the timing of invoicing for contracts with customers. The Company records a receivable when revenue is recognized prior to invoicing. Deferred revenue primarily consists of billings or payments received in advance of revenue recognition. Subscription and fixed-fee professional services arrangements are commonly billed in advance, recognized as deferred revenue, and then amortized into revenue over time. The Company's term-based license contracts are billed in advance, recognized as deferred revenue, and then recognized as revenues upfront for the license component and ratably over the term license for the PCS component. However, other professional services arrangements, primarily those recognized on a time-and-materials basis, are billed in arrears following services that have been rendered. In addition, for multi-year term-based license contracts, the revenue allocated to license component is recognized upfront while the billing is on annual basis. This may result in revenue recognition greater than invoiced amounts which results in a receivable balance. Receivables represent an unconditional right to payment. As of January 31, 2021 and 2020, the balance of accounts receivable, net of the allowance for doubtful accounts, was $196.0 million and $118.5 million, respectively. Of these balances, $24.2 million and $6.5 million represent unbilled receivable amounts as of January 31, 2021 and 2020, respectively. In addition, as of January 31, 2021 and 2020, the balance of long-term unbilled receivables was approximately $7.1 million and $353,000, respectively, which are included in other assets on the Company's consolidated balance sheet. When the timing of revenue recognition differs from the timing of invoicing, the Company uses judgment to determine whether the contract includes a significant financing component requiring adjustment to the transaction price. Various factors are considered in this determination including the duration of the contract, payment terms, and other circumstances. Generally, the Company determined that contracts do not include a significant financing component. The Company applies the practical expedient for instances where, at contract inception, the expected timing difference between when promised goods or services are transferred and associated payment will be one year or less. Payment terms vary by contract type, however arrangements typically stipulate a requirement for the customer to pay within 30 days. At any point in the contract term, the transaction price may be allocated to performance obligations that are unsatisfied or are partially unsatisfied. These amounts relate to remaining performance obligations on non-cancelable contracts which include both the deferred revenue balance and amounts that will be invoiced and recognized as revenue in future periods. As of January 31, 2021, approximately $952.3 million of revenue is expected to be recognized from remaining performance obligations, a majority of which is related to multi-year subscription arrangements. The Company expects to recognize revenue on approximately three-fourths of these remaining performance obligations within the next 24 months and the remainder thereafter. The Company applies the practical expedient to exclude remaining performance obligations that are part of contracts with an original expected duration of one year or less. During the year ended January 31, 2021, the revenue recognized from performance obligations satisfied in prior periods was approximately $5.0 million. Accounts Receivable and Allowances for Doubtful Accounts and Credit Losses The Company extends credit to its customers in the normal course of business and does not require cash collateral or other security to support the collection of customer receivables. The Company estimates the amount of uncollectible accounts receivable at the end of each reporting period and provides a reserve when needed based on an assessment of various factors including the aging of the receivable balance, historical experience, and expectations of forward-looking loss estimates. When developing the expectations of forward-looking loss estimates, the Company takes into consideration forecasts of future economic conditions, information about past events, such as historical trends of write-offs, and customer-specific circumstances, such as bankruptcies and disputes. Accounts receivable are written off when deemed uncollectible. The allowances for doubtful accounts and credit losses were not material at January 31, 2021 and 2020. Deferred Revenue Deferred revenue consists of customer billings or payments received in advance of the recognition of revenue and is recognized as revenue as the revenue recognition criteria are met. The Company generally invoices its customers annually for the forthcoming year of service. Accordingly, the Company’s deferred revenue balance does not include revenue for future years of multiple year non-cancellable contracts that have not yet been billed. During the year ended January 31, 2021, the Company recognized revenue of $253.2 million that was included in the deferred revenue balance as of January 31, 2020. Deferred Commissions Commissions are earned by sales personnel upon the execution of the sales contract by the customer, and commission payments are made shortly after they are earned. Commission costs can be associated specifically with subscription, professional services and license arrangements. Commissions earned by the Company’s sales personnel are considered incremental and recoverable costs of obtaining a contract with a customer. These costs are deferred and then amortized over a period of benefit of five years. The Company determined the period of benefit by taking into consideration its past experience with customers, future cash flows expected from customers, industry peers and other available information. For commissions earned from the sale of term-based license contracts, the Company allocates the costs of commission in proportion to the allocation of transaction price of license and PCS performance obligations. Commissions associated with the license component are expensed at the time the related revenue is recognized. Commissions allocated to PCS are deferred and then amortized over five years. The Company capitalized commission costs of $24.2 million, $26.2 million and $15.3 million and amortized $14.7 million, $9.6 million and $5.8 million to sales and marketing expense in the accompanying consolidated statements of operations during the years ended January 31, 2021, 2020 and 2019, respectively. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires that deferred income taxes be provided for temporary differences between the financial reporting and tax basis of the Company’s assets and liabilities. In addition, deferred tax assets are recorded for the future benefit from the utilization of net operating losses and research and development credit carryforwards. A valuation allowance is provided against deferred tax assets unless it is more likely than not that they will be realized. The Company’s policy for accounting for uncertainty in income taxes requires the evaluation of tax positions taken or expected to be taken in the course of the preparation of tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained on examination by the applicable tax authorities based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense. Since the date of adoption of accounting for uncertain tax positions, the Company has accrued immaterial interest and penalties associated with unrecognized tax benefits for all periods presented. Stock-Based Compensation The Company measures and recognizes stock-based compensation expense for all stock-based awards, including grants of stock, restricted stock units (“RSU”) and options to purchase stock, made to employees, outside directors and consultants based on estimated fair values. The Company uses the Black-Scholes option pricing model to value its options at the date of grant based on certain assumptions. The Company recognizes stock-based compensation expense for grants that vest based on only a service condition using the straight-line single-option approach. The Company recognizes stock-based compensation expense related to shares issued pursuant to its 2016 Employee Stock Purchase Plan (“ESPP”) on a straight-line basis over the offering period, which is 24 months. For RSUs, the Company generally recognizes stock-based compensation using the straight-line method as the awards only contain a service condition. The fair value of an RSU is measured using the market price of the Company’s common stock on the date of the grant. The Company recognizes stock-based compensation expense from market-based awards using the graded-vesting method. The fair value of such awards is determined using a Monte Carlo simulation approach. The Company records stock-based compensation expense from stock-based awards granted to non-employees at the estimated fair value of the awards upon vesting. The Company recognizes stock-based compensation expense based on actual forfeitures. Convertible Senior Notes The Company accounts for the issued Convertible Senior Notes (“Convertible Notes”) as separate liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature using a discounted cash flow model with a discount rate associated with each convertible note. The discount rates were determined primarily using observable yields for stand-alone debt instruments with a comparable credit rating and term. In addition, for the 2026 Notes, the Company also used lattice models to determine the discount rate. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the Convertible Notes as a whole. This difference represents a debt discount that is amortized to interest expense over the term of the Convertible Notes using the effective interest rate method. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The Company has allocated issuance costs incurred to the liability and equity components. Issuance costs attributable to the liability component are being amortized to expense over the respective term of the Convertible Notes, and issuance costs attributable to the equity components were netted with the respective equity component in additional paid in capital. To the extent that the Company receives note conversion requests prior to the maturity of the Convertible Notes, a portion of the equity component is classified as temporary equity, which is measured as the difference between the principal and net carrying amount of the notes requested for conversion. Upon settlement of the conversion requests, the difference between the fair value and the amortized book value of the liability component of the Convertible Notes requested for conversion is recorded as a gain or loss on early note conversion. The fair value of the Convertible Notes are measured based on a similar liability that does not have an associated convertible feature based on the remaining term of the Convertible Notes. Leases Leases arise from contracts that convey the right to control the use of identified property or equipment for a period of time in exchange for consideration. The Company’s leasing arrangements are primarily for office space used to conduct operations. Leases are classified at commencement as either operating or finance leases. As of January 31, 2021, all of the Company’s leases are classified as operating leases. Rent expense for operating leases is recognized using the straight-line method over the term of the agreement beginning on the lease commencement date. At commencement, the Company records a lease liability at the present value of future lease payments, net of any future lease incentives to be received. Lease agreements may include options to renew the lease term, which is not included in the lease periods to calculate future lease payments unless it is reasonably certain the Company will renew the lease. The Company estimates its incremental borrowing rate (“IBR”) based on the information available at the lease commencement date in determining the present value of lease payments. In determining the appropriate IBR, the Company considers information including, but not limited to, the lease term and the currency in which the arrangement is denominated. At commencement, the Company also records a corresponding right-of-use asset, which is calculated based on the amount of the lease liability, adjusted for any advance lease payments made and initial direct costs incurred. Right-of-use assets are subject to evaluation for impairment or disposal on a basis consistent with other long-lived assets. As of January 31, 2021, the Company was not a material lessor in leasing arrangements or a party to material sublease arrangements. Comprehensive Loss Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company’s comprehensive loss consists of net loss, other comprehensive gain (loss) in relation to defined benefits plans, net of tax, changes in unrealized gain (loss) on marketable securities, net of tax, and foreign currency translation adjustments, net of tax. The other comprehensive gain (loss) in relation to defined benefits plans represents net deferred gains and losses and prior service costs and credits for the defined benefit pension plans. Recent Accounting Guidance Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost, including trade receivables. ASU No. 2016-13 replaces the incumbent incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The Company adopted this standard on February 1, 2020, and the adoption did not have a material impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740). The standard simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 related to the approach for intraperiod tax allocation and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard also improves consistent |
Marketable Securities
Marketable Securities | 12 Months Ended |
Jan. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities The following is a summary of available-for-sale marketable securities, excluding those securities classified within cash and cash equivalents on the consolidated balance sheets (in thousands): January 31, 2021 Amortized Costs Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 268,141 $ 29 $ (1) $ 268,169 Corporate notes and bonds 14,487 100 — 14,587 Certificates of deposit 280 — — 280 Total marketable securities $ 282,908 $ 129 $ (1) $ 283,036 January 31, 2020 Amortized Costs Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 306,871 $ 324 $ — $ 307,195 Corporate notes and bonds 155,751 272 — 156,023 Commercial paper 15,977 — — 15,977 Asset backed securities 15,501 17 — 15,518 Certificates of deposit 4,447 — — 4,447 Total marketable securities $ 498,547 $ 613 $ — $ 499,160 As of January 31, 2021, the fair values of available-for-sale marketable securities, by remaining contractual maturity, were as follows (in thousands): Due within one year $ 210,350 Due in one year through five years 72,686 Total $ 283,036 The Company's marketable securities consist primarily of U.S. Treasury securities and high credit quality corporate notes and bonds. As the Company views its marketable securities as available to support its current operations, it has classified all available for sale securities as short-term. During the year ended January 31, 2021, the Company recognized gross realized gains of approximately $1.0 million and there were no material gross realized losses, from the sale of certain available-for-sale marketable securities that were reclassified out of accumulated other comprehensive loss. During the years ended January 31, 2020 and 2019, there were no material gross realized gains or losses from the sale of certain available-for-sale marketable securities that were reclassified out of accumulated other comprehensive loss. The Company regularly reviews the changes to the rating of its debt securities by rating agencies as well as reasonably monitors the surrounding economic conditions to assess the risk of expected credit losses. As of January 31, 2021, the unrealized losses and the related risk of expected credit losses were insignificant. |
Business Combinations
Business Combinations | 12 Months Ended |
Jan. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Acquisitions in Fiscal Year Ended January 31, 2021 LLamasoft, Inc. On November 2, 2020, the Company completed the acquisition of Laurel Parent Holdings, Inc. and its subsidiaries ("LLamasoft"), a supply chain design and analysis software and solutions company. The acquisition strengthens Coupa’s supply chain capabilities, enabling businesses to drive greater value through Business Spend Management. In connection with the acquisition, all outstanding equity securities of LLamasoft were cancelled with the payment by the Company of approximately $1.4 billion, of which approximately $791.5 million was paid in cash, and the remainder was paid in the form of 2,371,014 shares of the Company's common stock with a fair value of approximately $634.5 million. Approximately $15.0 million of the cash paid is being held in escrow for fifteen months after the transaction closing date as security for the former LLamasoft stockholders' indemnification obligations, and approximately $7.5 million of the cash paid is being held in escrow until the completion of final adjustment on the purchase consideration. Out of the total payment, approximately $27.8 million, comprised of $19.4 million of cash and 31,098 shares of the Company's common stock issued with a fair value of $8.3 million, was accounted for as a one-time post acquisition stock-based compensation expense. This stock-based compensation expense was due to accelerated vesting of legacy LLamasoft employee stock awards in connection with the acquisition. The total purchase consideration as of November 2, 2020 is as follows (in thousands): Total cash paid $ 791,532 Fair value of share consideration 634,507 Less: One-time stock-based compensation expense (27,750) Total purchase consideration $ 1,398,289 In addition, the Company issued 45,889 shares of common stock subject to vesting restrictions with an approximate fair value of $12.3 million to certain employee-shareholders of LLamasoft. These shares are subject to service-based vesting conditions including continued employment with the Company. The value assigned to these shares will be recorded as post-acquisition compensation expense as the shares vest and has been excluded from the purchase consideration. The acquisition was accounted for as a business combination and, accordingly, the total fair value of purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair values on the acquisition date. The major classes of assets and liabilities to which the Company has allocated the total fair value of purchase consideration were as follows (in thousands): November 2, 2020 Cash and cash equivalents $ 1,389 Accounts receivable 38,124 Goodwill 932,878 Intangible assets 517,600 Operating lease right-of-use assets 14,820 Other assets 23,440 Accounts payable and other current liabilities (10,090) Deferred revenue (14,764) Operating lease liabilities (14,644) Deferred tax liability, net (76,091) Other non-current liabilities (14,373) Total consideration $ 1,398,289 Other assets include indemnification assets totaling approximately $2.1 million due to an assumed liability for which the seller is responsible. The purchase price allocation is preliminary. The Company continues to collect information with regard to its estimates and assumptions, including potential liabilities and contingencies. The Company will record adjustments to the fair value of the assets acquired, liabilities assumed and goodwill within the twelve months measurement period, if necessary. The goodwill recognized was primarily attributed to the assembled workforce and increased synergies that are expected to be achieved from the integration of LLamasoft and is not deductible for income tax purposes. The Company determined the fair values of intangible assets acquired and liabilities assumed with the assistance of third-party valuation consultants. Based on this valuation, the intangible assets acquired were (in thousands): Fair Value Useful life Developed technology $ 316,100 7 Customer relationships 200,300 5 Trademarks 1,200 1 Total intangible assets $ 517,600 The Company incurred costs related to this acquisition of approximately $3.2 million for the year ended January 31, 2021. All acquisition related costs were expensed as incurred and have been recorded in general and administrative expenses in the accompanying consolidated statements of operations. Revenue of approximately $22.5 million of the acquired business since the acquisition date has been included in the Company's results. The earnings of the acquired business have been included in the Company's results since the acquisition date. After excluding the impact of acquired intangible asset amortization, the earnings of the acquired business are not material to the Company's consolidated financial results. The following unaudited pro forma financial information presents combined results of operations for each of the periods presented, as if LLamasoft had been acquired as of the beginning of the comparable prior annual reporting period, giving effect on a pro forma basis to purchase accounting adjustments such as amortization of intangible assets and acquisition related costs, among others. The unaudited pro forma information presented below is for informational purposes only and is not necessarily indicative of the Company's consolidated results of operations of the combined business had the acquisition actually occurred at the beginning of the Company's fiscal year 2020 or of the results of the Company's future operations of the combined business (in thousands). Year Ended January 31, 2021 2020 Pro forma total revenues $ 624,152 $ 489,587 Pro forma net loss $ (209,886) $ (227,959) Much-Net GmbH On September 15, 2020, the Company acquired all of the equity interest in Much-Net GmbH ("Much-Net"), a financial instrument software and service provider that specializes in risk management. The purchase consideration was approximately $4.3 million in cash which is net of $1.8 million in cash acquired. The acquisition was accounted for as a business combination and, accordingly, the total fair value of purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair values on the acquisition date. In aggregate, the Company recorded $1.0 million for developed technology intangible assets with an estimated useful life of four years, and $4.2 million of goodwill which is primarily attributed to assembled workforce and expected synergies. The goodwill is not deductible for income tax purposes. The other assets acquired and liabilities assumed were not material. The purchase price allocation is preliminary. The Company continues to collect information with regard to its estimates and assumptions, including potential liabilities and contingencies. The Company will record adjustments to the fair value of the net assets acquired and goodwill within the twelve months measurement period, if necessary. The revenue and earnings of the acquired business have been included in the Company’s results since the acquisition date and are not material to the Company’s consolidated financial results. Pro forma results of operations for this acquisition have not been presented as the financial impact on the Company’s consolidated financial statements would be immaterial. Bellin Treasury International GmbH On June 9, 2020, the Company acquired all of the equity interest in Bellin Treasury International GmbH (“Bellin”), a cloud-based treasury management software platform that improves visibility and control over cash and optimizes treasury processes. The purchase consideration was approximately $121.0 million, comprised of $79.1 million in cash (of which $8.0 million is being held in escrow for eighteen months after the transaction closing date) and 186,300 shares of the Company’s common stock with a fair value of approximately $41.8 million as of the transaction close date. In addition, the Company issued 208,766 shares of unvested common stock with an approximate fair value of $46.9 million to one of the sellers who became a Coupa employee. These shares are subject to service-based vesting conditions including continued employment with the Company, and all these shares were unvested as of January 31, 2021. The value assigned to the unvested common stock will be recorded as post-acquisition compensation expense as the shares vest and has been excluded from the purchase consideration. The acquisition was accounted for as a business combination and, accordingly, the total fair value of purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair values on the acquisition date. The major classes of assets and liabilities to which the Company has allocated the total fair value of purchase consideration were as follows (in thousands): June 9, 2020 Cash and cash equivalents $ 4,783 Accounts receivable 5,345 Intangible assets 42,745 Other assets 5,203 Goodwill 85,301 Accounts payable and other current liabilities (3,795) Deferred revenue (4,230) Deferred tax liability, net (11,610) Other non-current liabilities (2,769) Total consideration $ 120,973 The purchase price allocation is preliminary. The Company continues to collect information with regard to its estimates and assumptions, including potential liabilities and contingencies. The Company will record adjustments to the fair value of the assets acquired, liabilities assumed and goodwill within the twelve months measurement period, if necessary. The goodwill recognized was primarily attributed to the assembled workforce and increased synergies that are expected to be achieved from the integration of Bellin and is not deductible for income tax purposes. The Company determined the fair values of intangible assets acquired and liabilities assumed with the assistance of third-party valuation consultants. Based on this valuation, the intangible assets acquired were (in thousands): Fair Value Useful life Developed technology $ 27,800 5 Customer relationships 14,700 5 Trademarks 245 0.5 Total intangible assets $ 42,745 The Company incurred costs related to this acquisition of approximately $1.2 million for the year ended January 31, 2021. All acquisition related costs were expensed as incurred and have been recorded in general and administrative expenses in the accompanying consolidated statements of operations. The revenue and earnings of the acquired business have been included in the Company’s results since the acquisition date and are not material to the Company’s consolidated financial results. Pro forma results of operations for this acquisition have not been presented as the financial impact on the Company’s consolidated financial statements would be immaterial. ConnXus, Inc. On May 1, 2020, the Company acquired all of the equity interest in ConnXus, Inc. (“ConnXus”), a cloud-based supplier relationship management platform that enables enterprises, health systems and government agencies to monitor all aspects of their supplier diversity compliance programs. The purchase consideration was approximately $10.0 million in cash of which approximately $1.4 million is being held back by the Company for fifteen months after the transaction closing date. The acquisition was accounted for as a business combination and, accordingly, the total fair value of purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair values on the acquisition date. The major classes of assets and liabilities to which the Company has allocated the total fair value of purchase consideration were as follows (in thousands): May 1, 2020 Intangible assets $ 1,900 Other assets 540 Goodwill 8,527 Accounts payable and other liabilities (967) Total consideration $ 10,000 The purchase price allocation is preliminary. The Company continues to collect information with regard to its estimates and assumptions, including potential liabilities and contingencies. The Company will record adjustments to the fair value of the assets acquired, liabilities assumed and goodwill within the twelve months measurement period, if necessary. The goodwill recognized was primarily attributed to increased synergies that are expected to be achieved from the integration of ConnXus and is not deductible for income tax purposes. The Company determined the fair values of intangible assets acquired and liabilities assumed. Based on this valuation, the intangible assets acquired was (in thousands): Fair Value Useful life Developed technology $ 1,900 4 Total intangible assets $ 1,900 The Company incurred costs related to this acquisition of approximately $400,000 for the year ended January 31, 2021. All acquisition related costs were expensed as incurred and have been recorded in general and administrative expenses in the accompanying consolidated statements of operations. The revenue and earnings of the acquired business have been included in the Company’s results since the acquisition date and are not material to the Company’s consolidated financial results. Pro forma results of operations for this acquisition have not been presented as the financial impact on the Company’s consolidated financial statements would be immaterial. Acquisitions in Fiscal Year Ended January 31, 2020 Yapta Inc. On December 13, 2019, the Company completed the acquisition of Yapta, Inc., (“Yapta”). Yapta developed technology that enables the Company to offer price assurance capabilities that dynamically track prices on airline and hotel reservations and instantly rebooks them at the lowest available price, without impacting the traveler experience. The purchase consideration comprised of approximately $98.7 million in cash and $12.5 million in cash contingent on the achievement of Yapta’s revenue target during the twelve months starting from the transaction closing date. Approximately $9.8 million of the purchase consideration is being held in escrow for fifteen months after the transaction closing day. The acquisition was accounted for as a business combination and, accordingly, the total fair value of purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair values on the acquisition date. The contingent cash consideration was classified as a liability and included in other liabilities on the Company’s consolidated balance sheet, subject to measurement on a recurring basis at fair value. The valuation of the contingent consideration was determined based on the probable achievement of Yapta’s revenues target within a specified time period from the transaction date. As of the acquisition date and January 31, 2020, the fair value of the contingent consideration payable was determined to be $12.5 million. Yapta did not achieve the revenues target during the measurement period of twelve months starting from the transaction closing date and the Company reversed the $12.5 million of contingent consideration payable with an offset to general and administrative expenses in the consolidated statements of operations during the year-ended January 31, 2021. The major classes of assets and liabilities to which the Company has allocated the total fair value of purchase consideration of $111.2 million were as follows (in thousands): December 13, Cash and cash equivalents $ 333 Accounts receivable 3,796 Intangible assets 39,710 Other assets 1,482 Goodwill 70,748 Deferred tax liability, net (2,498) Accounts payable and other liabilities (2,387) Total consideration $ 111,184 The goodwill recognized was primarily attributed to increased synergies that are expected to be achieved from the integration of Yapta and is not deductible for income tax purposes. The Company determined the fair values of intangible assets acquired and liabilities assumed with the assistance of third-party valuation consultants. Based on this valuation, the intangible assets acquired were (in thousands): Fair Value Useful life Developed technology $ 31,300 4 Customer relationships 8,300 5 Trademarks 110 0.5 Total intangible assets $ 39,710 The Company incurred costs related to this acquisition of approximately $800,000 for the year ended January 31, 2020. All acquisition related costs were expensed as incurred and have been recorded in general and administrative expenses in the accompanying consolidated statements of operations. The revenue and earnings of the acquired business have been included in the Company’s results since the acquisition date and are not material to the Company’s consolidated financial results. Pro forma results of operations for this acquisition have not been presented as the financial impact on the Company’s consolidated financial statements would be immaterial. Exari Group, Inc. On May 6, 2019, the Company completed the acquisition of Exari Group, Inc. (“Exari”) for consideration of approximately $214.6 million in cash. The acquisition extends the Company’s BSM platform with advanced contract lifecycle management capabilities to enable companies to comprehensively manage their contract lifecycle and operationalize their contracts against spend transactions. The acquisition was accounted for as a business combination and, accordingly, the total fair value of purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair values on the acquisition date. The major classes of assets and liabilities to which the Company has allocated the fair value of purchase consideration were as follows (in thousands): May 6, 2019 Cash and cash equivalents $ 6,337 Accounts receivable 7,863 Intangible assets 57,000 Other assets 5,646 Goodwill 163,170 Accounts payable and other current liabilities (6,232) Deferred revenue (4,443) Deferred tax liability, net (11,046) Other non-current liabilities (3,679) Total consideration $ 214,616 The goodwill recognized was primarily attributed to increased synergies that are expected to be achieved from the integration of Exari and is partially deductible for income tax purposes. The Company determined the fair values of intangible assets acquired and liabilities assumed with the assistance of third-party valuation consultants. Based on this valuation, the intangible assets acquired were (in thousands): Fair Value Useful life Developed technology $ 45,400 3 to 5 Customer relationships 11,100 5 Trademarks 500 1 Total intangible assets $ 57,000 The Company incurred costs related to this acquisition of approximately $2.8 million for the year ended January 31, 2020. All acquisition related costs were expensed as incurred and have been recorded in general and administrative expenses in the accompanying consolidated statements of operations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis at January 31, 2021 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents: (1) Money market funds $ 90,437 $ — $ — $ 90,437 Marketable securities: U.S. treasury securities — 268,169 — 268,169 Corporate notes and bonds — 14,587 — 14,587 Certificate of deposit — 280 — 280 Total assets $ 90,437 $ 283,036 $ — $ 373,473 Derivative liabilities: (2) Foreign currency forward contracts not designated as hedges $ — $ 47 $ — $ 47 Total liabilities $ — $ 47 $ — $ 47 (1) Included in cash and cash equivalents. (2) The derivative liabilities are related to foreign currency forward contracts at a notional amount of $2.9 million. The derivative liabilities were included in the accrued expenses and other current liabilities on the Company’s consolidated balance sheets at January 31, 2021. The foreign currency forward contracts were accounted for as an economic hedge and as a result the changes in the fair value of the derivative liabilities were recognized in the Company’s consolidated statements of operations. The changes in the fair value during the year ended January 31, 2021 were not material. The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis at January 31, 2020 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents: (1) Money market funds $ 120,242 $ — $ — $ 120,242 Corporate notes and bonds — 2,011 — 2,011 Marketable securities: U.S. treasury securities — 307,195 — 307,195 Corporate notes and bonds — 156,023 — 156,023 Commercial paper — 15,977 — 15,977 Asset backed securities — 15,518 — 15,518 Certificates of deposit — 4,447 — 4,447 Total assets $ 120,242 $ 501,171 $ — $ 621,413 Other liabilities: Contingent consideration payable $ — $ — $ 12,500 $ 12,500 Total liabilities $ — $ — $ 12,500 $ 12,500 (1) Included in cash and cash equivalents The contingent consideration payable of $12.5 million as of January 31, 2020 represents the estimated fair value of the additional variable cash consideration payable in connection with the acquisition of Yapta that was contingent upon the achievement of Yapta’s revenue target during the twelve months from the transaction closing day. Yapta did not achieve the revenues target during the measurement period of twelve months starting from the transaction closing date and the Company reversed the $12.5 million of contingent consideration payable with an offset to general and administrative expenses in the consolidated statements of operations during the year-ended January 31, 2021. Refer to Note 4, “Business Combinations” for further details on the contingent consideration. The Company has $1,380.0 million in aggregate principal amount of 0.375% convertible senior notes due in 2026 (the “2026 Notes”), $805.0 million in aggregate principal amount of 0.125% convertible senior notes due in 2025 (the “2025 Notes”) and $8.8 million in aggregate principal amount of 0.375% convertible senior notes due in 2023 (the “2023 Notes” and together with the 2025 Notes and 2026 Notes, the “Convertible Notes”), outstanding as of January 31, 2021. Refer to Note 9, “Convertible Senior Notes” for further details on the Convertible Notes. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment consisted of the following (in thousands): As of January 31, 2021 2020 Furniture and equipment $ 11,955 $ 6,767 Software development costs 43,857 33,326 Leasehold improvements 5,465 1,880 Construction in progress 848 45 Total property and equipment 62,125 42,018 Less: accumulated depreciation and amortization (33,859) (23,216) Property and equipment, net $ 28,266 $ 18,802 Depreciation and amortization expense related to property and equipment, excluding software development costs, was approximately $3.6 million, $1.7 million and $849,000 for the years ended January 31, 2021, 2020 and 2019, respectively. Amortization expense related to software development costs was approximately $7.1 million, $3.6 million and $3.1 million for the years ended January 31, 2021, 2020 and 2019, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jan. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The following table represents the changes in goodwill (in thousands): Balance at January 31, 2019 $ 209,560 Additions from acquisitions 232,890 Adjustments (338) Balance at January 31, 2020 442,112 Additions from acquisitions 1,030,924 Foreign currency translation adjustments 6,784 Other adjustments 1,027 Balance at January 31, 2021 $ 1,480,847 Other Intangible Assets The following table summarizes the other intangible asset balances (in thousands): As of January 31, 2021 2020 Weighted Average Remaining Useful Accumulated Amortization Accumulated Amortization Developed technology 6.0 $ 474,120 $ (69,560) $ 404,560 $ 125,135 $ (26,840) $ 98,295 Customer relationships 4.6 254,437 (27,727) 226,710 38,294 (8,061) 30,233 Trademarks 0.8 2,419 (1,516) 903 955 (823) 132 Total other intangible assets $ 730,976 $ (98,803) $ 632,173 $ 164,384 $ (35,724) $ 128,660 Amortization expense related to other intangible assets was approximately $62.9 million, $24.0 million and $6.9 million for the years ended January 31, 2021, 2020 and 2019, respectively. As of January 31, 2021, the future amortization expense of other intangible assets is as follows (in thousands): Year Ending January 31, 2022 $ 130,550 2023 125,094 2024 118,977 2025 99,831 2026 78,571 Thereafter 79,150 Total $ 632,173 The Company, which has one reporting unit, performed an annual test for goodwill impairment and determined that goodwill was not impaired. In addition, there have been no significant events or circumstances affecting the valuation of goodwill subsequent to the Company’s annual assessment. Furthermore, no events or changes in circumstances have occurred to suggest that the carrying amounts for any of the Company’s long-lived assets or identifiable intangible assets may be non-recoverable. As such, the Company was not required to reevaluate the recoverability of its long-lived assets. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Jan. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As of January 31, 2021 2020 Accrued compensation $ 45,120 $ 24,741 Accrued expenses 17,500 11,767 Other current liabilities 13,238 8,723 Income tax payable 2,396 1,535 Holdback payable 2,017 7,479 Total accrued expenses and other current liabilities $ 80,271 $ 54,245 Included in the accrued compensation liability caption for the years ended January 31, 2021 and 2020, the Company had accrued $8.3 million and $5.8 million of employee stock purchase plan contributions received, respectively. For further information on the Company’s employee stock purchase plan see Note 11, "Common Stock and Stockholders' Equity". |
Convertible Senior Notes
Convertible Senior Notes | 12 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | Convertible Senior Notes 2026 Notes In June 2020, the Company issued $1,380.0 million aggregate principal amount of its 0.375% Convertible Senior Notes due 2026 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2026 Notes are subject to the terms and conditions of an Indenture (the “Indenture”) between the Company and Wilmington Trust, National Association, as trustee. The net proceeds from the issuance of the 2026 Notes were $1,162.3 million, net of debt issuance costs, including the underwriting discount and the cash used to purchase the capped call discussed below. The 2026 Notes are senior, unsecured obligations of the Company, and interest is payable semi-annually in cash at a rate of 0.375% per annum on June 15 and December 15 of each year, beginning on December 15, 2020. The 2026 Notes will mature on June 15, 2026 unless redeemed, repurchased or converted prior to such date. Prior to the close of business on the business day immediately preceding March 15, 2026, the 2026 Notes are convertible at the option of holders during certain periods, upon satisfaction of certain conditions as described below. On or after March 15, 2026, the 2026 Notes are convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The 2026 Notes have an initial conversion rate of 3.3732 shares of common stock per $1,000 principal (equivalent to an initial conversion price of approximately $296.45 per share of common stock). The conversion rate is subject to customary adjustments for certain events as described in the Indenture. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of common stock, at its election. It is the Company’s current intent to settle conversions of the 2026 Notes through combination settlement, which involves repayment of the principal portion in cash and any excess of the conversion value over the principal amount in shares of its common stock. Holders may convert their 2026 Notes, at their option, prior to the close of business on the business day immediately preceding March 15, 2026, in multiples of $1,000 principal amount, only under the following circumstances: • during any fiscal quarter commencing after the fiscal quarter ending on October 31, 2020 (and only during such fiscal quarter), if the last reported sale price of its common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; • during the five business day period after any ten consecutive trading day period (the “Measurement Period”) in which the trading price per $1,000 principal amount of the 2026 Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sales price of the Company’s common stock and the conversion rate for the 2026 Notes on each such trading day; • after the Company’s issuance of a notice of redemption and prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or • upon the occurrence of specified corporate events, as defined in the Indenture. If the Company undergoes a fundamental change, as described in the Indenture, subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their 2026 Notes. The fundamental change repurchase price is equal to 100% of the principal amount of the 2026 Notes to be repurchased, plus accrued and unpaid interest up to, but excluding the fundamental change repurchase date. If holders elect to convert their 2026 Notes in connection with a make-whole fundamental change or during a redemption period, as described in the Indenture, the Company will, to the extent provided in the Indenture, increase the conversion rate applicable to the 2026 Notes. The 2026 Notes are the Company’s senior unsecured obligations and rank senior in right of payment to any of its indebtedness that is expressly subordinated in right of payment to the 2026 Notes, and equal in right of payment to any of its indebtedness that is not so subordinated, including the 2023 Notes and the 2025 Notes. The 2026 Notes are effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) and any preferred equity of its current or future subsidiaries. The Indenture contains customary events of default with respect to the 2026 Notes and provides that upon certain events of default occurring and continuing, the Trustee may, and at the request of holders of at least 25% in principal amount of the 2026 Notes the Trustee is required to, declare all principal and accrued and unpaid interest, if any, of the 2026 Notes to be due and payable. In case of certain events of bankruptcy, insolvency or reorganization, involving the Company, all of the principal of and accrued and unpaid interest on the 2026 Notes will automatically become due and payable. In accounting for the issuance of the 2026 Notes, the Company separated the 2026 Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature using a discounted cash flow model with a discount rate associated with the 2026 Notes. The discount rate was determined primarily using observable yields for stand-alone debt instruments with a comparable credit rating and term. In addition, the Company also used lattice models to determine the discount rate. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the 2026 Notes as a whole. The difference between the principal amount of the 2026 Notes and the liability component, equal to $510.3 million (the “debt discount”), is amortized to interest expense using the effective interest method over the term of the 2026 Notes. The equity component of the 2026 Notes will not be remeasured as long as it continues to meet the conditions for equity classification. The Company incurred $24.9 million of transaction costs related to the issuance of the 2026 Notes. The Company allocated the total amount incurred to the liability and equity components using the same proportions as the proceeds from the 2026 Notes. Issuance costs attributable to the liability component are being amortized to interest expense over the term of the 2026 Notes using the effective interest method, and issuance costs attributable to the equity component are included along with the equity component in stockholders' equity. 2025 Notes In June 2019, the Company issued 2025 Notes in aggregate principal amount of $805.0 million in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The net proceeds from the issuance of the 2025 Notes were $667.4 million, net of debt issuance costs, including the underwriting discount and the cash used to purchase the capped call, discussed below. The 2025 Notes have an initial conversion rate of 6.2658 shares of common stock per $1,000 principal (equivalent to an initial conversion price of approximately $159.60 per share of its common stock). The interest rate is fixed at 0.125% per annum for the 2025 Notes and is payable semi-annually in arrears on June 15 and December 15 of each year, which commenced on December 15, 2019. The accounting for 2025 Notes was substantially consistent with the accounting for 2026 Notes as disclosed above. Refer to the Company’s consolidated financial statements for the year ended January 31, 2020 for details of the issuance and accounting of 2025 Notes. The conversion condition for the 2025 Notes was initially met during the three months ended July 31, 2020 and it continued to be met during the three months ended January 31, 2021. As a result, the 2025 Notes continued to be convertible at the option of the holders and remained classified as current liabilities on the consolidated balance sheet as of January 31, 2021. As of January 31, 2021, an immaterial principal amount of 2025 Notes was requested for conversion, which is expected to be settled during the quarter ended April 30, 2021. In addition, from February 1, 2021 to the date of this filing, the Company has not received any additional conversion requests for the 2025 Notes. 2023 Notes In January 2018, the Company issued 2023 Notes in aggregate principal amount of $230.0 million in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The net proceeds from the issuance of the 2023 Notes were $200.4 million, net of debt issuance costs, including the underwriting discount and the cash used to purchase the capped call, discussed below. The 2023 Notes have an initial conversion rate of 22.4685 shares of common stock per $1,000 principal (equivalent to an initial conversion price of approximately $44.5068 per share of its common stock). The interest rate is fixed at 0.375% per annum for the 2023 Notes and is payable semi-annually in arrears on July 15 and January 15 of each year, which commenced on July 15, 2018. The accounting for 2023 Notes was substantially consistent with the accounting for 2026 Notes as disclosed above. Refer to the Company’s consolidated financial statements for the year ended January 31, 2019 for details of the issuance of 2023 Notes. The conversion condition for the 2023 Notes was initially met during the three months ended April 30, 2019, and has been met for each subsequent fiscal quarter. As a result, the 2023 Notes were convertible at the option of the holders and remained classified as current liabilities on the consolidated balance sheet as of January 31, 2021. For the year ended January 31, 2021, the Company settled conversion requests on the principal amount of the 2023 Notes totaling approximately $132.1 million by paying cash for the principal amount of $132.1 million and issuing approximately 2.2 million shares of the Company’s common stock, bearing a fair value of approximately $410.0 million. In addition, during the year ended January 31, 2021, using proceeds from the 2026 Notes issuance, the Company repurchased approximately $89.0 million principal amount of the 2023 Notes by paying cash of approximately $450.6 million. For the year ended January 31, 2021, the Company recognized a gain of approximately $3.2 million on the conversion and repurchase of the 2023 Notes representing the net carrying amount in excess of the fair value of the liability component of the converted and repurchased notes on the respective settlement dates. The amount is included in interest income and other, net in the Company’s consolidated statement of operations. As of January 31, 2021, approximately $8.8 million principal amount of 2023 Notes remained outstanding, out of which approximately $3.0 million principal amount was requested for conversion. In relation to the $3.0 million principal amount of requested conversion, the Company reclassified a portion of the equity of approximately $369,000, representing the difference between the principal and net carrying amount of the notes requested for conversion, into temporary equity, as these requests will be settled during the subsequent quarter. In addition, from February 1, 2021 to the date of this filing, the Company has not received additional conversion requests for the 2023 Notes. The 2026 Notes, 2025 Notes and 2023 Notes consisted of the following (in thousands): As of January 31, 2021 As of January 31, 2020 2026 Notes 2025 Notes 2023 Notes 2025 Notes 2023 Notes Liability: Principal $ 1,380,000 $ 804,999 $ 8,832 $ 805,000 $ 230,000 Unamortized debt discount and issuance costs (1) (482,475) (203,638) (1,125) (242,388) (42,885) Net carrying amount $ 897,525 $ 601,361 $ 7,707 $ 562,612 $ 187,115 Carrying amount of the equity component (2) $ 501,053 $ 246,966 $ 1,560 $ 246,967 $ 60,470 (1) Included in the consolidated balance sheets within Convertible senior notes, net and amortized over the remaining lives of the convertible senior notes. The 2026 Notes are classified as long-term liabilities, and the 2025 Notes and 2023 Notes are classified as current liabilities. (2) Included in the consolidated balance sheets within additional paid-in capital and temporary equity. The effective interest rates of the liability component of the 2026 Notes, 2025 Notes and 2023 Notes, excluding each tranche of notes’ conversions options, is 8.83%, 7.05% and 7.66%, respectively. As of January 31, 2021, the if-converted value of the 2026 Notes exceeded the principal amount of by $62.5 million. As of January 31, 2021 and January 31, 2020, the if-converted value of the 2025 Notes exceeded the principal amount by $757.9 million and $7.8 million, respectively. As of January 31, 2021 and January 31, 2020, the if-converted value of the 2023 Notes exceeded the principal amount by $52.7 million and $602.8 million, respectively. During the years ended January 31, 2021, 2020 and 2019, the Company recognized $86.5 million, $35.9 million and $11.6 million, respectively, of interest expense related to the amortization of debt discount and issuance costs, and $3.8 million, $1.5 million, and $900,000 respectively, of coupon interest expense. As of January 31, 2021, the remaining life of the 2026 Notes, 2025 Notes and 2023 Notes is approximately 5.4 years, 4.4 years and 2.0 years, respectively. Capped Calls In conjunction with the issuance of the 2026 Notes, 2025 Notes and 2023 Notes, the Company entered into capped call transactions (the “Capped Calls”) on the Company’s stock with certain counterparties at a price of $192.8 million, $118.7 million and $23.3 million, respectively. The Capped Calls exercise price is equal to the initial conversion price of each of the Convertible Notes, and the cap price is $503.42 per share for 2026 Notes, $295.55 per share for 2025 Notes and $63.821 per share for 2023 Notes, each subject to certain adjustments under the terms of the Capped Call transactions. If any tranche of convertible notes’ conversion option is exercised, the corresponding convertible note capped call will become exercisable on the same date. As of the date of filing, the Company has not exercised the Capped Calls in relation to the conversion of 2023 Notes or 2025 Notes. By entering into the Capped Calls, the Company expects to reduce the potential dilution to its common stock (or, in the event the conversion is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion its stock price exceeds the conversion price. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Company leases office space under non-cancelable operating leases with various expiration dates through February 2030. For the years ended January 31, 2021 and January 31, 2020, lease costs in relation to long-term leases were approximately $11.5 million and $8.6 million, respectively. For the years ended January 31, 2021 and January 31, 2020, short-term leases costs were approximately $1.6 million and $1.6 million, respectively. Variable lease costs were immaterial for the years ended January 31, 2021 and January 31, 2020. Total lease expenses recognized prior to the adoption of ASC 842 was $7.4 million for the year ended January 31, 2019. Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments or the lease right-of-use asset/lease liability. For the years ended January 31, 2021 and January 31, 2020, cash paid for operating lease liabilities was approximately $11.9 million and $8.6 million, respectively, and right-of-use assets obtained in exchange of lease obligations was approximately $18.3 million and $11.2 million, respectively. As of January 31, 2021, the weighted-average remaining lease term was 4.0 years, and the weighted-average discount rate was 6.3%. Additionally, the Company has contractual purchase obligations for hosting services and other services to support the Company's business operations. As of January 31, 2021, the remaining maturities of operating lease liabilities and future purchase obligations are as follows (in thousands): Year Ending January 31, Operating Lease Obligations Future Purchase Obligations 2022 $ 13,520 $ 15,669 2023 12,379 18,580 2024 11,348 4,888 2025 6,117 600 2026 3,008 550 Thereafter 2,305 — Total payments 48,677 $ 40,287 Less: imputed interest (5,610) Total $ 43,067 Contingencies The Company may become involved in legal proceedings or be subject to claims arising in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these ordinary course matters will not have a material adverse effect on the Company’s business, operating results, financial condition or cash flows. The Company accrues estimates for resolution of legal and other contingencies when losses are probable and estimable. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. Warranties and Indemnifications The Company’s cloud-based software platform and applications are typically warranted against material decreases in functionality and to perform in a manner consistent with general industry standards and in accordance with the Company’s online documentation under normal use and circumstances. The Company includes service level commitments to its customers, typically regarding certain levels of uptime reliability and performance and if the Company fails to meet those levels, customers can receive credits and, in some cases, terminate their relationship with the Company. To date, the Company has not incurred any material costs as a result of such commitments. The Company generally agrees to defend and indemnify its customers against legal claims that the Company’s platform infringes patents, copyrights or other intellectual property rights of third parties. To date, the Company has not been required to make any payment resulting from such infringement claims and has not recorded any related liabilities. In addition, the Company has indemnification agreements with its directors and certain of its officers that require the Company to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. To date, the Company has not incurred any material costs, and not accrued any liabilities in its consolidated financial statements, as a result of these obligations. |
Common Stock and Stockholders'
Common Stock and Stockholders' Equity | 12 Months Ended |
Jan. 31, 2021 | |
Equity [Abstract] | |
Common Stock and Stockholders' Equity | Common Stock and Stockholders’ Equity Common Stock Each share of common stock has the right to one vote. The holders of the common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors of the Company (the “Board of Directors”), subject to the prior rights of holders of all classes of stock outstanding having priority rights as to dividends. No dividends have been declared or paid since inception. Preferred Stock As of January 31, 2021, the Company had authorized 25,000,000 shares of preferred stock, par value $0.0001, of which no shares were issued and outstanding. 2016 Equity Incentive Plan The 2016 Equity Incentive Plan (the “2016 Plan”) was approved by the Company’s stockholders in September 2016. The 2016 Plan provides for the grant of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights and performance cash awards. Awards could be granted under the 2016 Plan beginning on the effective date of the registration statement relating to the Company’s initial public offering, October 5, 2016. The 2016 Plan replaced the Company’s 2006 Stock Plan; however, awards outstanding under the 2006 Stock Plan will continue to be governed by their existing terms. As of January 31, 2021, the Company had 9,874,723 shares of its common stock available for future issuance under the 2016 Plan. The number of shares reserved for issuance under the 2016 Plan will automatically increase on the first day of each fiscal year during the term of the 2016 Plan by a number of shares equal to 5% of its outstanding shares of common stock on the last day of the prior fiscal year. The number and class of shares reserved under the Company’s 2016 Plan will be adjusted in the event of a stock split, stock dividend or other changes in its capitalization. The following table summarizes stock option activity under the Company’s 2006 Stock Plan and the 2016 Plan during the year ended January 31, 2021 (aggregate intrinsic value in thousands): Options Outstanding Outstanding Stock Options Weighted- Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Balance, January 31, 2020 4,233,435 $ 17.28 6.36 $ 609,061 Option grants — $ — — — Options exercised (1,615,784) $ 11.91 — — Options forfeited (9,011) $ 5.66 — — Balance, January 31, 2021 2,608,640 $ 20.65 5.61 $ 754,478 Exercisable at January 31, 2021 2,348,569 $ 16.40 5.42 $ 689,231 (1) The above table includes 878,869 stock options with market and service based conditions. The options exercisable as of January 31, 2021 include options that are exercisable prior to vesting. The aggregate intrinsic value of options vested and exercisable as of January 31, 2021 is calculated based on the difference between the exercise price and the fair value of the Company’s common stock as of January 31, 2021. The aggregate intrinsic value of exercised options was $375.7 million, $318.2 million and $157.6 million for the years ended January 31, 2021, 2020 and 2019, respectively, and is calculated based on the difference between the exercise price and the fair value of the Company’s common stock as of the exercise date. No options were granted during the year ended January 31, 2021. The weighted-average grant date fair value of options granted for the years ended January 31, 2020 and 2019 was $41.81 and $15.93 per share, respectively. The total grant date fair value of options vested during fiscal 2021, 2020 and 2019 was $8.0 million, $8.6 million and $9.0 million, respectively. Restricted Stock Units (“RSUs”) The following table summarizes the activity related to the Company’s RSUs during the year ended January 31, 2021: Number of RSUs Outstanding Weighted- Average Grant Date Fair Value Awarded and unvested at January 31, 2020 2,830,782 $ 70.90 Awards granted 1,251,959 $ 180.84 Awards vested (1,348,975) $ 68.44 Awards forfeited (203,486) $ 108.71 Awarded and unvested at January 31, 2021 2,530,280 $ 123.56 (1) The above table includes 100,178 restricted share units with market and service based conditions. 2016 Employee Stock Purchase Plan The Board of Directors adopted the 2016 Employee Stock Purchase Plan (the “ESPP”) in September 2016 and it has been approved by the Company’s stockholders. The ESPP allows eligible employees to purchase shares of common stock through payroll deductions and is intended to qualify under Section 423 of the Internal Revenue Code. As of January 31, 2021, the Company had 1,755,814 shares of its common stock available for future issuances under the ESPP. The number of shares reserved for issuance under the ESPP will automatically increase on the first day of each fiscal year during the term of the ESPP by a number of shares equal to the least of (i) 1% of its outstanding shares of common stock on the last day of the prior fiscal year, (ii) 1,250,000 shares or (iii) a lesser number of shares determined by the board of directors. The number and class of shares reserved under the ESPP will be adjusted in the event of a stock split, stock dividend or other changes in its capitalization. Each offering period will last a number of months determined by the administrator, up to a maximum of 27 months. The initial offering period began on the effective date of the Company’s initial public offering, October 5, 2016, and ended on September 15, 2018, and new 24 months offering period begins on each March 16 or September 16 thereafter. Currently, each offering period consists of four consecutive purchase periods, of approximately six months duration, at the end of which payroll contributions are used to purchase shares of the Company’s common stock. Participants may purchase Company’s common stock through payroll deductions, up to a maximum of 15% of their eligible compensation. Participants may withdraw from the ESPP and receive a refund of their accumulated payroll contributions at any time prior to a purchase date. Unless changed by the administrator, the purchase price for each share of common stock purchased under the ESPP will be 85% of the lower of the fair market value per share on the first day of the applicable offering period or the fair market value per share on the applicable purchase date. The Company purchased 209,306 and 215,472 shares of common stock under the 2016 ESPP during the years ended January 31, 2021 and 2020, respectively. The Company selected the Black-Scholes option-pricing model as the method for determining the estimated fair value for the Company’s 2016 ESPP. As of January 31, 2021, total unrecognized compensation cost related to 2016 ESPP was $12.7 million which will be amortized over a weighted-average period of approximately 1.4 years. Market-based Options and Awards In September 2016, the Board of Directors of the Company granted 544,127 stock options to the Chief Executive Officer (the “2016 CEO Grant”) under the 2006 Stock Plan with an exercise price of $13.04 per share. The 2016 CEO Grant is eligible to vest based on the achievement of market capital appreciation targets after the consummation of the initial public offering, as well as continuous service over a four four In March 2020, the Board of Directors of the Company granted market-based restricted stock unit awards (the “2020 PSU Grant”) to certain members of management. The target number of market-based restricted stock unit awards granted was 100,178. The number of shares that could be earned will range from 0% to 200% of the target number of shares, based on the relative growth of the per share price of the Company’s common stock as compared to the NASDAQ Composite Index over the three three As of January 31, 2021, all market-based milestones of the 2016 CEO Grant and 2018 CEO Grant were achieved, resulting in 544,127 shares and 237,108 shares, respectively, being vested and exercisable. As of January 31, 2021, the three Stock-based Compensation The Company’s total stock-based compensation expense was as follows (in thousands): For the year ended 2021 2020 2019 Cost of revenue: Subscription $ 11,438 $ 6,982 $ 4,285 Professional services and other 15,563 7,773 4,269 Research and development 37,685 20,159 11,841 Sales and marketing 48,414 23,352 14,786 General and administrative 55,750 23,110 17,765 Total $ 168,850 $ 81,376 $ 52,946 Out of the total stock-based compensation expense for the year ended January 31, 2021, approximately $27.8 million was a one-time post acquisition stock-based compensation expense resulting from the accelerated vesting of legacy employee stock awards in conjunction with the acquisition of LLamasoft. Stock-based compensation included in capitalized software development costs was approximately $3.2 million and $2.1 million at January 31, 2021 and 2020, respectively. Of the total stock-based compensation expense, costs recognized for options granted to non-employees were immaterial for all periods presented. As of January 31, 2021, 2020 and 2019, there was approximately $4.5 million, $11.5 million and $16.1 million, respectively, of total unrecognized compensation cost related to unvested stock options granted to employees and non-employee service providers under the 2006 Stock Plan and 2016 Equity Incentive Plan. This unrecognized compensation cost as of January 31, 2021, is expected to be recognized over an estimated weighted-average amortization period of approximately 1.6 years. As of January 31, 2021, 2020 and 2019, there was approximately $319.6 million, $186.3 million and $110.8 million, respectively, of total unrecognized compensation cost related to unvested restricted stock units granted to employees under the 2016 Equity Incentive Plan. This unrecognized compensation cost as of January 31, 2021 is expected to be recognized over an estimated weighted-average amortization period of approximately 2.7 years. The fair values of the Company’s stock options, ESPP and market-based awards granted during the years ended January 31, 2021, 2020 and 2019 were estimated using the following assumptions: For the year ended 2021 2020 2019 Employee Stock Options: Expected term (in years) — 6.0 6.0 Volatility — 42.7% 42.2% Risk-free interest rate — 2.4% 2.8% Dividend yield — — — Employee Stock Purchase Plan: Expected term (in years) 0.5 - 2.0 0.5 - 2.0 0.5 - 2.0 Volatility 48.6 % - 60.7 % 44.4 % - 65.9 % 31.1 % - 34.1 % Risk-free interest rate 0.1 % - 0.4 % 1.7 % - 2.5 % 2.0 % - 2.8 % Dividend yield — — — Market-Based Awards: Expected term (in years) 3.0 — 7.1 Volatility 48.4% — 43.7% Risk-free interest rate 40.0% — 2.8% Dividend yield — — — These assumptions and estimates are as follows: • Fair Value of Common Stock . The Company used the publicly quoted price as reported on the Nasdaq Global Select Market as the fair value of its common stock. • Expected Term . The expected term represents the weighted-average period that the stock options are expected to remain outstanding. To determine the expected term for employee stock options, the Company generally applies the simplified approach in which the expected term of an award is presumed to be the mid-point between the vesting date and the expiration date of the award as the Company does not have sufficient historical exercise data to provide a reasonable basis for an estimate of expected term. The expected term for the employee stock purchase plan ranges from six months, the length of one purchase period, to two years, the length of one offering period. The market-based awards have a three • Risk-Free Interest Rate . The Company bases the risk-free interest rate on the yields of U.S. Treasury securities with maturities approximately equal to the term of employee stock option or market-based awards. • Expected Volatility . Prior to the first quarter of fiscal year 2020, the Company used the historic volatility of publicly traded peer companies as an estimate for expected volatility to determine the fair value of stock options and the shares granted under the ESPP. In considering peer companies, characteristics such as industry, stage of development, size and financial leverage were considered. Beginning from the first quarter of fiscal year 2020, the Company began to use its own sufficient historical trading prices to calculate the expected volatility in determining the fair value of the shares granted under the ESPP. In addition, beginning from the first quarter of fiscal year 2020, the Company began using its own historical volatility in combination with publicly traded peers’ volatility to determine the expected volatility of stock options. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents the domestic and foreign components of loss before benefit from income taxes for the periods presented (in thousands): For the year ended 2021 2020 2019 United States $ (243,435) $ (106,743) $ (59,070) Foreign (1,068) 4,976 3,009 Loss before benefit from income taxes $ (244,503) $ (101,767) $ (56,061) The benefit from income taxes is composed of the following (in thousands): For the year ended 2021 2020 2019 Current income taxes: Federal $ — $ — $ — State 216 126 151 Foreign 2,891 2,246 3,514 Total current income taxes 3,107 2,372 3,665 Deferred income taxes: Federal (52,715) (10,125) (2,701) State (7,991) (1,510) (365) Foreign (6,787) (1,672) (1,136) Total deferred income taxes (67,493) (13,307) (4,202) Total benefit from income taxes $ (64,386) $ (10,935) $ (537) The effective tax rate differs from the federal statutory rate as follows: For the year ended 2021 2020 2019 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State tax, net of federal benefit 3.4 3.2 2.9 Change in valuation allowance (48.9) (107.1) (98.1) Stock-based compensation 45.2 90.3 71.6 Other non-deductible items (0.1) 0.8 (2.1) Foreign rate differential 1.9 (1.4) (2.9) Tax credits 3.8 3.9 8.6 Total 26.3 % 10.7 % 1.0 % The difference between the U.S. federal statutory tax rate of 21% and the Company’s effective tax rate in all periods presented is primarily due to a full valuation allowance related to the Company’s U.S. deferred tax assets offset by foreign tax expense on the Company’s profitable foreign operations. The Company recognized a significant release in the U.S. valuation allowance related to acquisitions closed during fiscal 2021. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table presents the significant components of the Company’s deferred tax assets and liabilities for the periods presented (in thousands): As of January 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 412,850 $ 224,372 Accruals and reserves 9,209 4,767 Lease liabilities 11,217 7,875 Stock-based compensation 8,994 7,382 Tax credits 23,116 12,174 Gross deferred tax assets 465,386 256,570 Valuation allowance (177,918) (160,510) Total deferred tax assets, net of valuation allowance 287,468 96,060 Deferred tax liabilities: Fixed assets and intangibles assets (146,441) (22,564) Accruals and reserves (1,874) (1,527) Right-of-use assets (10,743) (7,495) Discount on convertible notes (158,438) (63,788) Gross deferred tax liabilities (317,496) (95,374) Net deferred tax (liabilities) assets $ (30,028) $ 686 A valuation allowance is provided for deferred tax assets where the recoverability of the assets is uncertain. The determination to provide a valuation allowance is dependent upon the assessment of whether it is more likely than not that sufficient future taxable income will be generated to utilize the deferred tax assets. Based on the weight of the available evidence, which includes the Company’s historical operating losses, and lack of taxable income, the Company provided a full valuation allowance against the deferred tax assets for the U.S. and some of the international entities. The valuation allowance increased by $17.4 million, $47.0 million and $55.5 million during the years ended January 31, 2021, 2020 and 2019, respectively. As of January 31, 2021, the Company had net operating loss carryforwards of approximately $1.7 billion and $806.7 million available to reduce future taxable income, if any, for federal and state income tax purposes, respectively. The U.S. federal and California state net operating loss carryforwards will begin to expire in 2026 and 2029, respectively. As of January 31, 2021, the Company had research and development credit carryforwards of approximately $18.8 million and $13.1 million available to reduce its future tax liability, if any, for federal and California state income tax purposes, respectively. The federal credit carryforwards begin to expire in 2031. California credit carryforwards have no expiration date. As of January 31, 2021, the Company has U.S. federal foreign tax credits carryforwards of approximately $700,000 that will begin to expire in 2025. As of January 31, 2021, the Company had foreign net operating loss carryforwards of $44.1 million, the majority of which may be carried forward indefinitely. Federal and state laws impose restrictions on the utilization of net operating loss carryforwards and R&D credit carryforwards in the event of a change in ownership of the Company, which constitutes an ‘ownership change’ as defined by Internal Revenue Code Section 382 and 383. The Company experienced an ownership change in the past that does not materially impact the availability of its net operating losses and tax credits. Should there be ownership change in the future, the Company’s ability to utilize existing carryforwards could be substantially restricted. As of January 31, 2021, the Company did not have unremitted earnings when evaluating the outside basis difference relating to its U.S. investment in foreign subsidiaries. However, there could be local withholding taxes payable due to various foreign countries if certain lower tier earnings are distributed. Withholding taxes and state income that would be payable upon remittance of these lower tier earnings were not material as of January 31, 2021. The Company accounts for uncertainty in income taxes in accordance with ASC 740. Tax positions are evaluated in a two-step process, whereby the Company first determines whether it is more likely than not that a tax position will be sustained upon examination by tax authorities, including resolutions of any related appeals or litigation processes, based on technical merit. If a tax position meets the more-likely-than-not recognition threshold it is then measured to determine the amount of benefit to recognized in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The following table summarizes the activity related to unrecognized tax benefits (in thousands): For the year ended 2021 2020 2019 Unrecognized tax benefit — beginning of year $ 14,864 $ 20,077 $ 12,663 Gross increases — prior year tax positions 52 620 295 Gross decreases — prior year tax positions (160) (11,538) (8) Gross increases — acquisitions 3,282 4,174 — Gross increases — current year tax positions 2,586 1,531 7,127 Settlements (32) — — Unrecognized tax benefit — end of year $ 20,592 $ 14,864 $ 20,077 As of January 31, 2021, 2020 and 2019, $10.2 million, $6.4 million, and $14.9 million of the unrecognized tax benefits were accounted for as a reduction in the Company’s deferred tax assets. Due to the Company’s valuation allowance, only $10.4 million of the $20.6 million of unrecognized tax benefits would affect the Company’s effective tax rate, if recognized. The Company does not believe it is reasonably possible that its unrecognized tax benefits will significantly change in the next twelve months. The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense. There was $1.4 million of accrued interest and penalties related to unrecognized tax benefits as of January 31, 2021, and an immaterial amount as of January 31, 2020. The Company’s material income tax jurisdictions are the United States (federal) and California. As a result of net operating loss carryforwards, the Company is subject to audits for tax years 2006 and forward for federal purposes and 2009 and forward for California purposes. There are tax years which remain subject to examination in various other jurisdictions that are not material to the Company’s financial statements. On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act). The CARES Act provides numerous tax provisions and other stimulus measures, including temporary changes regarding the prior and future utilization of net operating losses, temporary changes to the prior and future limitations on interest deductions, temporary suspension of certain payment requirements for the employer portion of Social Security taxes, technical corrections from prior tax legislation for tax depreciation of certain qualified improvement property, and the creation of certain refundable employee retention credits. The Company does not expect there to be a significant tax impact on its consolidated financial statements at this time, and will continue to assess the implications of the CARES Act and its continuing developments and interpretations. |
Net Loss per Share
Net Loss per Share | 12 Months Ended |
Jan. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities as they do not share in losses. During periods when the Company is in a net loss position, basic net loss per share is the same as diluted net loss per share as the effects of potentially dilutive securities are antidilutive given the net loss of the Company. The following table sets forth the computation of the basic and diluted net loss per share during the years ended January 31, 2021, 2020 and 2019 (in thousands, except per share amounts): January 31, 2021 2020 2019 Numerator: Net loss $ (180,117) $ (90,832) $ (55,524) Denominator: Weighted-average common shares outstanding 68,559 62,484 57,716 Net loss per share, basic and diluted $ (2.63) $ (1.45) $ (0.96) Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: As of January 31, 2021 2020 2019 Options to purchase common stock 2,608,640 4,233,435 6,850,928 RSUs 2,530,280 2,830,782 2,792,117 Unvested common shares subject to repurchase 243,775 66,450 193,894 Shares committed under the ESPP 64,456 80,775 189,168 Contingent stock consideration for DCR acquisition 377,138 377,138 377,138 Holdback shares for Aquiire acquisition — 37,570 37,570 Total 5,824,289 7,626,150 10,440,815 |
Business Segment Information
Business Segment Information | 12 Months Ended |
Jan. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment InformationThe Company’s chief operating decision maker is the Chief Executive Officer (“CEO”). The CEO reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating the Company’s financial performance. Accordingly, the Company has determined that it operates in a single reporting segment: cloud platform. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Jan. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan The Company maintained a qualified defined contribution plan under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating employees may elect to contribute up to 90% of their eligible compensation, subject to certain limitations. The Company matches certain percentages of employee contributions. Both employee and employer contributions vest immediately upon contribution. During the years ended January 31, 2021, 2020 and 2019, the Company’s contributions to the 401(k) Plan amounted to approximately $3.9 million, $2.9 million and $2.0 million, respectively. The Company also maintains a limited number of defined benefit plans for certain non-U.S. locations. Total costs under these plans were not significant. |
Related Parties
Related Parties | 12 Months Ended |
Jan. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties Morgan Stanley, together with its affiliates, held more than 10% of the Company’s voting common stock during the year ended January 31, 2021. Morgan Stanley was a counterparty to certain capped call transactions with the Company, was an initial purchaser in the offering of the 2025 Notes and the 2023 Notes, and is also a customer of the Company. In June 2019 and January 2018, the Company paid approximately $29.7 million and $7.0 million to Morgan Stanley in connection with its purchase of capped calls relating to the 2025 Notes and 2023 Notes, respectively. Morgan Stanley also earned fees of $8.0 million and $2.8 million for acting as an initial purchaser of the 2025 Notes and 2023 Notes, respectively. As of and for the years ended January 31, 2021 and 2020, the Company’s revenue recognized and receivables balances from this customer were not material. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) | 12 Months Ended |
Jan. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (unaudited) | Selected Quarterly Financial Data (unaudited) The following tables set forth selected unaudited quarterly consolidated statements of operations data for each of the eight quarters in fiscal 2021 and 2020 (in thousands except per share data). Three months ended January 31, October 31, July 31, April 30, January 31, October 31, July 31, April 30, 2021 2020 2020 2020 2020 2019 2019 2019 (in thousands) Total revenues $ 163,544 $ 132,964 $ 125,921 $ 119,214 $ 111,452 $ 101,784 $ 95,139 $ 81,344 Gross profit 83,907 82,177 77,482 76,376 71,349 64,490 60,649 54,015 Loss from operations 95,357 33,647 31,923 5,626 15,869 16,945 22,804 17,807 Net loss 61,387 60,798 43,116 14,816 24,053 26,317 19,994 20,468 Net loss per share, basic and diluted $ 0.85 $ 0.88 $ 0.64 $ 0.23 $ 0.38 $ 0.42 $ 0.32 $ 0.34 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jan. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventOn February 1, 2021, the Company completed the acquisition of Pana Industries, Inc. ("Pana"), a corporate travel booking solution company that puts an emphasis on the traveler experience. In connection with the completion of the acquisition, the Company paid aggregate cash of approximately $48.5 million, and issued 23,822 shares of the Company's common stock. The cash amount is subject to adjustment for up to 90 days following the transaction closing date based on a comparison of Pana's actual working capital and other amounts at closing against pre-closing estimates. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the results of the Company and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated during consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, management evaluates its significant estimates including, but not limited to, the valuation of accounts receivable, the lives of tangible and intangible assets, the fair value of certain equity awards, the fair value of contingent purchase consideration, the valuation of acquired intangible assets and the recoverability or impairment of intangible assets, including goodwill, revenue recognition, convertible senior notes fair value, the benefit period of deferred commissions, and provision for (benefit from) income taxes. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could be material to the financial position and results of operations. |
Foreign Currency Translation | Foreign Currency TranslationThe functional currency of the Company's foreign operations is primarily the U.S. dollar, while a few of its subsidiaries use the Euro as their functional currency. In cases where the Company uses a foreign functional currency, the Company translates the foreign functional currency financial statements to U.S. dollars using the exchange rates at the balance sheet date for assets and liabilities, the period average exchange rates for revenues and expenses, and the historical exchange rates for equity. The effects of foreign currency translation adjustments are recorded in other comprehensive income as a component of stockholders' equity and the related periodic movements are presented in the consolidated statements of comprehensive loss. Foreign currency transaction gains and losses are included in interest income and other, net, in the consolidated statements of operations for the period. |
Risks and Uncertainties | Risks and Uncertainties The Company’s services are concentrated in an industry which is characterized by significant competition, rapid technological advances and changes in customer requirements and industry standards. The success of the Company depends on management’s ability to anticipate and respond quickly and adequately to technological developments in the industry and changes in customer requirements and industry standards. Any significant delays in the development or introduction of services could have a material adverse effect on the Company’s business and operating results. Furthermore, the effects of potential legal activity that could be brought against the Company, including costs incurred to defend legal cases, relationships with customers and market perception, and the financial impact of any judicial decisions, could have a material adverse effect on the Company’s business and operating results. The Company serves customers and users from data center facilities located across various different physical locations, such as the U.S., Europe and Asia-Pacific, most of which are operated by a single third party. The Company has internal procedures to restore services in the event of disasters at the current data center facilities. Even with these procedures for disaster recovery in place, cloud applications could be significantly interrupted during the procedures to restore services. |
Concentration of Risk and Significant Customers | Concentration of Risk and Significant Customers Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, marketable securities and accounts receivable. Cash deposits may, at times, exceed amounts insured by the Federal Deposit Insurance Corporation (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”). Marketable securities balances may, at times, also exceed SIPC limits. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. |
Fair Value Measurements | Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Subsequent changes in fair value of these financial assets and liabilities are recognized in earnings or other comprehensive loss when they occur. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the assets or liabilities, such as inherent risk, transfer restrictions and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than quoted price in active markets for identical assets or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially full term of assets or liabilities. • Level 3 - Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the assets or liabilities. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments primarily include cash and cash equivalents, marketable securities, trade receivables, accounts payable, accrued liabilities, contingent cash consideration payable, and convertible senior notes. Cash and cash equivalents, marketable securities, and contingent cash consideration payable are reported at fair value. The recorded carrying amount of trade receivables, accounts payable, and accrued liabilities approximate their fair value due to their short-term nature. The Company carries convertible senior notes at the allocated liability value less unamortized debt discount and issuance costs on its consolidated balance sheet, and it presents the fair value of the convertible senior notes for disclosure purposes only. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of less than three months from the date of purchase to be cash equivalents. The Company’s cash and cash equivalents consist of monies held in bank demand deposits and money market funds and are presented at fair market value based on quoted market prices. |
Marketable Securities | Marketable Securities Marketable securities consist of financial instruments such as U.S. treasury securities, U.S. agency obligations, corporate notes and bonds, commercial paper, asset backed securities and certificates of deposit. The Company classifies marketable securities as available-for-sale at the time of purchase and reevaluates such classification as of each balance sheet date. All marketable securities are recorded at estimated fair value. Credit losses related to the marketable securities are recorded in interest income and other, net in the consolidated statements of operations through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. No credit losses related to marketable securities were recorded by the Company during the year ended January 31, 2021. Any remaining unrealized losses, or any unrealized gains, for marketable securities are included in accumulated other comprehensive income, a component of stockholders’ equity. If quoted prices for identical instruments are available in an active market, marketable securities are classified within Level 1 of the fair value hierarchy. If quoted prices for identical instruments in active markets are not available, fair values are estimated using quoted prices of similar instruments and are classified within Level 2 of the fair value hierarchy. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred. Research and development costs consist primarily of compensation related costs incurred for the maintenance and bug fixing of the Company’s software platform, as well as planning, predevelopment and post implementation costs associated with the development of enhancements to the Company’s software platform. |
Advertising Costs | Advertising CostsAdvertising costs are expensed as incurred and are primarily included in sales and marketing expense in the accompanying consolidated statements of operations. |
Capitalized Software Development Costs | Capitalized Software Development Costs The Company capitalizes certain development costs incurred in connection with software development for its cloud-based platform. Costs incurred in the preliminary stages of development are expensed as incurred. Once the software has reached the development stage, internal and external costs, if direct and incurred for adding incremental functionality to the Company’s platform, are capitalized until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing. These software development costs are recorded as part of property and equipment. Capitalized software development costs are amortized on a straight-line basis to cost of revenues—subscription services over the technology’s estimated useful life, which is generally three years. During the years ended January 31, 2021, 2020 and 2019, the Company capitalized $10.5 million, $8.4 million and $5.6 million, respectively, in software development costs. Costs incurred in the maintenance and minor upgrade and enhancement of the Company’s software platform without adding additional functionality are expensed as incurred. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost net of accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Furniture and equipment is amortized over an estimated useful life of three |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is the excess of costs over fair value of net assets of the business acquired. Goodwill and other intangible assets acquired that are determined to have an indefinite useful life are not amortized but are tested for impairment at least annually. Other intangible assets, which includes acquired developed technology, customer relationships, and trademarks are recorded at fair value, net of accumulated amortization, and are amortized using the straight-line method. The Company assesses the impairment of long-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. |
Revenue Recognition | Revenue Recognition The Company derives its revenues primarily from subscription fees, professional services fees and other. Revenues are recognized when control of these services are transferred to the Company’s customers in an amount that reflects the consideration expected to be entitled to in exchange for those services. Revenues are recognized net of applicable taxes imposed on the related transaction. The Company’s revenue recognition policy follows guidance from Accounting Standards Codification 606, Revenue from Contracts with Customers (Topic 606) . The Company determines revenue recognition through the following five-step framework: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the Company satisfies a performance obligation. Subscription Revenues The Company offers subscriptions to its cloud-based business spend management platform, including procurement, invoicing and expense management. Subscription revenues consist primarily of fees to provide the Company’s customers access to its cloud-based platform, which includes routine customer support. Subscription contracts do not provide customers with the right to take possession of the software, are non-cancelable, and do not contain general rights of return. Generally, subscription revenues are recognized ratably over the contractual term of the arrangement, beginning on the date that the service is made available to the customer. Subscription contracts typically have a term of three years with invoicing occurring in annual installments at the beginning of each year in the subscription period. Term-based licenses are sold as bundled arrangements that include the rights to a term license and post-contract customer support (“PCS”). Accordingly, the Company allocates the transaction price to each performance obligation. The revenues related to the amount allocated to PCS are included in subscription revenue, which are recognized ratably over the contract term beginning on the license delivery date. Professional Services Revenues and Other The Company offers professional services which primarily include deployment services, optimization services, and training. Professional services are generally sold on a fixed-fee or time-and-materials basis. For services billed on a fixed-fee basis, invoicing typically occurs in advance, and revenue is recognized over time based on the proportion performed. For services billed on a time-and-materials basis, revenue is recognized over time as services are performed. Term-based licenses are sold as bundled arrangements that include the rights to a term license and PCS. Accordingly, the Company allocates the transaction price to each performance obligation. The revenues related to the amount allocated to term-based licenses are included in other revenue, which is recognized at the start of the license term when delivery is complete. Significant Judgments The Company’s contracts with customers often include promises to transfer multiple products and services to a customer. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. Subscription services, professional services, term-based licenses, and related PCS are distinct performance obligations that are accounted for separately. In contracts with multiple performance obligations, the transaction price is allocated to separate performance obligations on a relative standalone selling price ("SSP") basis. The determination of SSP for each distinct performance obligation requires judgment. The Company determines SSP for performance obligations based on overall pricing objectives, which take into consideration market conditions and entity-specific factors. This includes a review of historical data related to the size of arrangements, the applications being sold, customer demographics and the numbers and types of users within the arrangements. The Company uses a range of amounts to estimate SSP for performance obligations. There is typically more than one SSP for individual products and services due to the stratification of those products and services by considerations such as size and sales regions. Contract Balances The timing of revenue recognition may differ from the timing of invoicing for contracts with customers. The Company records a receivable when revenue is recognized prior to invoicing. Deferred revenue primarily consists of billings or payments received in advance of revenue recognition. Subscription and fixed-fee professional services arrangements are commonly billed in advance, recognized as deferred revenue, and then amortized into revenue over time. The Company's term-based license contracts are billed in advance, recognized as deferred revenue, and then recognized as revenues upfront for the license component and ratably over the term license for the PCS component. However, other professional services arrangements, primarily those recognized on a time-and-materials basis, are billed in arrears following services that have been rendered. In addition, for multi-year term-based license contracts, the revenue allocated to license component is recognized upfront while the billing is on annual basis. This may result in revenue recognition greater than invoiced amounts which results in a receivable balance. Receivables represent an unconditional right to payment. As of January 31, 2021 and 2020, the balance of accounts receivable, net of the allowance for doubtful accounts, was $196.0 million and $118.5 million, respectively. Of these balances, $24.2 million and $6.5 million represent unbilled receivable amounts as of January 31, 2021 and 2020, respectively. In addition, as of January 31, 2021 and 2020, the balance of long-term unbilled receivables was approximately $7.1 million and $353,000, respectively, which are included in other assets on the Company's consolidated balance sheet. When the timing of revenue recognition differs from the timing of invoicing, the Company uses judgment to determine whether the contract includes a significant financing component requiring adjustment to the transaction price. Various factors are considered in this determination including the duration of the contract, payment terms, and other circumstances. Generally, the Company determined that contracts do not include a significant financing component. The Company applies the practical expedient for instances where, at contract inception, the expected timing difference between when promised goods or services are transferred and associated payment will be one year or less. Payment terms vary by contract type, however arrangements typically stipulate a requirement for the customer to pay within 30 days. |
Accounts Receivable and Allowance for Doubtful Accounts and Credit Losses | Accounts Receivable and Allowances for Doubtful Accounts and Credit Losses The Company extends credit to its customers in the normal course of business and does not require cash collateral or other security to support the collection of customer receivables. The Company estimates the amount of uncollectible accounts receivable at the end of each reporting period and provides a reserve when needed based on an assessment of various factors including the aging of the receivable balance, historical experience, and expectations of forward-looking loss estimates. When developing the expectations of forward-looking loss estimates, the Company takes into consideration forecasts of future economic conditions, information about past events, such as historical trends of write-offs, and customer-specific circumstances, such as bankruptcies and disputes. Accounts receivable are written off when deemed uncollectible. The allowances for doubtful accounts and credit losses were not material at January 31, 2021 and 2020. |
Deferred Revenue | Deferred RevenueDeferred revenue consists of customer billings or payments received in advance of the recognition of revenue and is recognized as revenue as the revenue recognition criteria are met. The Company generally invoices its customers annually for the forthcoming year of service. Accordingly, the Company’s deferred revenue balance does not include revenue for future years of multiple year non-cancellable contracts that have not yet been billed. |
Deferred Commissions | Deferred Commissions Commissions are earned by sales personnel upon the execution of the sales contract by the customer, and commission payments are made shortly after they are earned. Commission costs can be associated specifically with subscription, professional services and license arrangements. Commissions earned by the Company’s sales personnel are considered incremental and recoverable costs of obtaining a contract with a customer. These costs are deferred and then amortized over a period of benefit of five years. The Company determined the period of benefit by taking into consideration its past experience with customers, future cash flows expected from customers, industry peers and other available information. For commissions earned from the sale of term-based license contracts, the Company allocates the costs of commission in proportion to the allocation of transaction price of license and PCS performance obligations. Commissions associated with the license component are expensed at the time the related revenue is recognized. Commissions allocated to PCS are deferred and then amortized over five years. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method, which requires that deferred income taxes be provided for temporary differences between the financial reporting and tax basis of the Company’s assets and liabilities. In addition, deferred tax assets are recorded for the future benefit from the utilization of net operating losses and research and development credit carryforwards. A valuation allowance is provided against deferred tax assets unless it is more likely than not that they will be realized. The Company’s policy for accounting for uncertainty in income taxes requires the evaluation of tax positions taken or expected to be taken in the course of the preparation of tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained on examination by the applicable tax authorities based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense. Since the date of adoption of accounting for uncertain tax positions, the Company has accrued immaterial interest and penalties associated with unrecognized tax benefits for all periods presented. |
Stock-Based Compensation | Stock-Based Compensation The Company measures and recognizes stock-based compensation expense for all stock-based awards, including grants of stock, restricted stock units (“RSU”) and options to purchase stock, made to employees, outside directors and consultants based on estimated fair values. The Company uses the Black-Scholes option pricing model to value its options at the date of grant based on certain assumptions. The Company recognizes stock-based compensation expense for grants that vest based on only a service condition using the straight-line single-option approach. The Company recognizes stock-based compensation expense related to shares issued pursuant to its 2016 Employee Stock Purchase Plan (“ESPP”) on a straight-line basis over the offering period, which is 24 months. For RSUs, the Company generally recognizes stock-based compensation using the straight-line method as the awards only contain a service condition. The fair value of an RSU is measured using the market price of the Company’s common stock on the date of the grant. The Company recognizes stock-based compensation expense from market-based awards using the graded-vesting method. The fair value of such awards is determined using a Monte Carlo simulation approach. The Company records stock-based compensation expense from stock-based awards granted to non-employees at the estimated fair value of the awards upon vesting. The Company recognizes stock-based compensation expense based on actual forfeitures. |
Convertible Senior Notes | Convertible Senior Notes The Company accounts for the issued Convertible Senior Notes (“Convertible Notes”) as separate liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature using a discounted cash flow model with a discount rate associated with each convertible note. The discount rates were determined primarily using observable yields for stand-alone debt instruments with a comparable credit rating and term. In addition, for the 2026 Notes, the Company also used lattice models to determine the discount rate. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the Convertible Notes as a whole. This difference represents a debt discount that is amortized to interest expense over the term of the Convertible Notes using the effective interest rate method. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The Company has allocated issuance costs incurred to the liability and equity components. Issuance costs attributable to the liability component are being amortized to expense over the respective term of the Convertible Notes, and issuance costs attributable to the equity components were netted with the respective equity component in additional paid in capital. To the extent that the Company receives note conversion requests prior to the maturity of the Convertible Notes, a portion of the equity component is classified as temporary equity, which is measured as the difference between the principal and net carrying amount of the notes requested for conversion. Upon settlement of the conversion requests, the difference between the fair value and the amortized book value of the liability component of the Convertible Notes requested for conversion is recorded as a gain or loss on early note conversion. The fair value of the Convertible Notes are measured based on a similar liability that does not have an associated convertible feature based on the remaining term of the Convertible Notes. |
Leases | Leases Leases arise from contracts that convey the right to control the use of identified property or equipment for a period of time in exchange for consideration. The Company’s leasing arrangements are primarily for office space used to conduct operations. Leases are classified at commencement as either operating or finance leases. As of January 31, 2021, all of the Company’s leases are classified as operating leases. Rent expense for operating leases is recognized using the straight-line method over the term of the agreement beginning on the lease commencement date. At commencement, the Company records a lease liability at the present value of future lease payments, net of any future lease incentives to be received. Lease agreements may include options to renew the lease term, which is not included in the lease periods to calculate future lease payments unless it is reasonably certain the Company will renew the lease. The Company estimates its incremental borrowing rate (“IBR”) based on the information available at the lease commencement date in determining the present value of lease payments. In determining the appropriate IBR, the Company considers information including, but not limited to, the lease term and the currency in which the arrangement is denominated. At commencement, the Company also records a corresponding right-of-use asset, which is calculated based on the amount of the lease liability, adjusted for any advance lease payments made and initial direct costs incurred. Right-of-use assets are subject to evaluation for impairment or disposal on a basis consistent with other long-lived assets. |
Comprehensive Loss | Comprehensive LossComprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company’s comprehensive loss consists of net loss, other comprehensive gain (loss) in relation to defined benefits plans, net of tax, changes in unrealized gain (loss) on marketable securities, net of tax, and foreign currency translation adjustments, net of tax. The other comprehensive gain (loss) in relation to defined benefits plans represents net deferred gains and losses and prior service costs and credits for the defined benefit pension plans. |
Recent Accounting Guidance | Recent Accounting Guidance Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost, including trade receivables. ASU No. 2016-13 replaces the incumbent incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The Company adopted this standard on February 1, 2020, and the adoption did not have a material impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740). The standard simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 related to the approach for intraperiod tax allocation and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, and early adoption is permitted. The Company early adopted this standard on February 1, 2020, and the adoption did not have a material impact on the Company’s consolidated financial statements. In May 2020, the SEC issued Final Rule Release No. 33-10786, which amends the financial statement requirements for acquisitions and dispositions of businesses and related pro forma financial information required under SEC Regulation S-X, Rule 3-05. Among other modifications, the amendments change certain criteria in the significance tests used to determine the requirements for audited financial statements and related pro forma financial information, the periods audited financial statements must cover, and the form and content of the pro forma financial information. The final rule was effective on January 1, 2021, however, voluntary early adoption is permitted as long as all amendments are adopted in their entirety. The Company early adopted the final rule during the third quarter of fiscal 2021. In August 2018, the FASB issued ASU No. 2018-14, which amends FASB ASC Topic 715, "Compensation - Retirement Benefits." The amendments in this guidance modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments in this guidance remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures and add disclosure requirements identified as relevant. This guidance is effective for annual reporting periods ending after December 15, 2020, with early adoption permitted, and is required to be adopted retrospectively. The Company early adopted this standard on November 1, 2020, and the adoption did not have a material impact on the Company’s consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for convertible instruments. The guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments, requiring bifurcation only if the convertible debt feature qualifies as a derivative under ASC 815 or for convertible debt issued at a substantial premium. The ASU removes certain settlement conditions required for equity contracts to qualify for the derivative scope exception, permitting more contracts to qualify for it. In addition, the guidance eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. The ASU is effective for annual reporting periods beginning after December 15, 2021, including interim reporting periods within those annual periods, with early adoption permitted no earlier than the fiscal year beginning after December 15, 2020. The ASU allows entities to use a modified or full retrospective transition method. Under the modified approach, entities will apply the guidance to all financial instruments that are outstanding as of the beginning of the year of adoption with the cumulative effect recognized as an adjustment to the opening balance of retained earnings. Under the full retrospective method, entities will apply it to all outstanding financial instruments for each prior reporting period presented. The Company is currently evaluating the timing and method of adoption and the related impact of the new guidance on the earnings per share and on its financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Revenues by Geographic Area | During the years ended January 31, 2021, 2020 and 2019, revenues by geographic area, based on billing addresses of the customers, was as follows (in thousands): For the year ended 2021 2020 2019 United States $ 338,084 $ 248,107 $ 161,494 Foreign countries 203,559 141,612 98,872 Total revenues $ 541,643 $ 389,719 $ 260,366 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-sale Marketable Securities Excluding Securities Classified within Cash and Cash Equivalents on Consolidated Balance Sheets | The following is a summary of available-for-sale marketable securities, excluding those securities classified within cash and cash equivalents on the consolidated balance sheets (in thousands): January 31, 2021 Amortized Costs Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 268,141 $ 29 $ (1) $ 268,169 Corporate notes and bonds 14,487 100 — 14,587 Certificates of deposit 280 — — 280 Total marketable securities $ 282,908 $ 129 $ (1) $ 283,036 January 31, 2020 Amortized Costs Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 306,871 $ 324 $ — $ 307,195 Corporate notes and bonds 155,751 272 — 156,023 Commercial paper 15,977 — — 15,977 Asset backed securities 15,501 17 — 15,518 Certificates of deposit 4,447 — — 4,447 Total marketable securities $ 498,547 $ 613 $ — $ 499,160 |
Schedule of Fair Values of Available-for-sale Marketable Securities by Remaining Contractual Maturity | As of January 31, 2021, the fair values of available-for-sale marketable securities, by remaining contractual maturity, were as follows (in thousands): Due within one year $ 210,350 Due in one year through five years 72,686 Total $ 283,036 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
LLamasoft, Inc. | |
Business Acquisition [Line Items] | |
Summary of Major Classes of Assets and Liabilities Allocated the Fair Value of Purchase Consideration | The total purchase consideration as of November 2, 2020 is as follows (in thousands): Total cash paid $ 791,532 Fair value of share consideration 634,507 Less: One-time stock-based compensation expense (27,750) Total purchase consideration $ 1,398,289 November 2, 2020 Cash and cash equivalents $ 1,389 Accounts receivable 38,124 Goodwill 932,878 Intangible assets 517,600 Operating lease right-of-use assets 14,820 Other assets 23,440 Accounts payable and other current liabilities (10,090) Deferred revenue (14,764) Operating lease liabilities (14,644) Deferred tax liability, net (76,091) Other non-current liabilities (14,373) Total consideration $ 1,398,289 |
Summary of Intangible Assets Acquired Based on Valuation | Based on this valuation, the intangible assets acquired were (in thousands): Fair Value Useful life Developed technology $ 316,100 7 Customer relationships 200,300 5 Trademarks 1,200 1 Total intangible assets $ 517,600 |
Summary of Pro Forma Information | The unaudited pro forma information presented below is for informational purposes only and is not necessarily indicative of the Company's consolidated results of operations of the combined business had the acquisition actually occurred at the beginning of the Company's fiscal year 2020 or of the results of the Company's future operations of the combined business (in thousands). Year Ended January 31, 2021 2020 Pro forma total revenues $ 624,152 $ 489,587 Pro forma net loss $ (209,886) $ (227,959) |
Bellin Treasury International GmbH | |
Business Acquisition [Line Items] | |
Summary of Major Classes of Assets and Liabilities Allocated the Fair Value of Purchase Consideration | The major classes of assets and liabilities to which the Company has allocated the total fair value of purchase consideration were as follows (in thousands): June 9, 2020 Cash and cash equivalents $ 4,783 Accounts receivable 5,345 Intangible assets 42,745 Other assets 5,203 Goodwill 85,301 Accounts payable and other current liabilities (3,795) Deferred revenue (4,230) Deferred tax liability, net (11,610) Other non-current liabilities (2,769) Total consideration $ 120,973 |
Summary of Intangible Assets Acquired Based on Valuation | Based on this valuation, the intangible assets acquired were (in thousands): Fair Value Useful life Developed technology $ 27,800 5 Customer relationships 14,700 5 Trademarks 245 0.5 Total intangible assets $ 42,745 |
ConnXus, Inc. | |
Business Acquisition [Line Items] | |
Summary of Major Classes of Assets and Liabilities Allocated the Fair Value of Purchase Consideration | The major classes of assets and liabilities to which the Company has allocated the total fair value of purchase consideration were as follows (in thousands): May 1, 2020 Intangible assets $ 1,900 Other assets 540 Goodwill 8,527 Accounts payable and other liabilities (967) Total consideration $ 10,000 |
Summary of Intangible Assets Acquired Based on Valuation | The Company determined the fair values of intangible assets acquired and liabilities assumed. Based on this valuation, the intangible assets acquired was (in thousands): Fair Value Useful life Developed technology $ 1,900 4 Total intangible assets $ 1,900 |
Yapta | |
Business Acquisition [Line Items] | |
Summary of Major Classes of Assets and Liabilities Allocated the Fair Value of Purchase Consideration | The major classes of assets and liabilities to which the Company has allocated the total fair value of purchase consideration of $111.2 million were as follows (in thousands): December 13, Cash and cash equivalents $ 333 Accounts receivable 3,796 Intangible assets 39,710 Other assets 1,482 Goodwill 70,748 Deferred tax liability, net (2,498) Accounts payable and other liabilities (2,387) Total consideration $ 111,184 |
Summary of Intangible Assets Acquired Based on Valuation | The Company determined the fair values of intangible assets acquired and liabilities assumed with the assistance of third-party valuation consultants. Based on this valuation, the intangible assets acquired were (in thousands): Fair Value Useful life Developed technology $ 31,300 4 Customer relationships 8,300 5 Trademarks 110 0.5 Total intangible assets $ 39,710 |
Exari | |
Business Acquisition [Line Items] | |
Summary of Major Classes of Assets and Liabilities Allocated the Fair Value of Purchase Consideration | The major classes of assets and liabilities to which the Company has allocated the fair value of purchase consideration were as follows (in thousands): May 6, 2019 Cash and cash equivalents $ 6,337 Accounts receivable 7,863 Intangible assets 57,000 Other assets 5,646 Goodwill 163,170 Accounts payable and other current liabilities (6,232) Deferred revenue (4,443) Deferred tax liability, net (11,046) Other non-current liabilities (3,679) Total consideration $ 214,616 |
Summary of Intangible Assets Acquired Based on Valuation | The Company determined the fair values of intangible assets acquired and liabilities assumed with the assistance of third-party valuation consultants. Based on this valuation, the intangible assets acquired were (in thousands): Fair Value Useful life Developed technology $ 45,400 3 to 5 Customer relationships 11,100 5 Trademarks 500 1 Total intangible assets $ 57,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis at January 31, 2021 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents: (1) Money market funds $ 90,437 $ — $ — $ 90,437 Marketable securities: U.S. treasury securities — 268,169 — 268,169 Corporate notes and bonds — 14,587 — 14,587 Certificate of deposit — 280 — 280 Total assets $ 90,437 $ 283,036 $ — $ 373,473 Derivative liabilities: (2) Foreign currency forward contracts not designated as hedges $ — $ 47 $ — $ 47 Total liabilities $ — $ 47 $ — $ 47 (1) Included in cash and cash equivalents. (2) The derivative liabilities are related to foreign currency forward contracts at a notional amount of $2.9 million. The derivative liabilities were included in the accrued expenses and other current liabilities on the Company’s consolidated balance sheets at January 31, 2021. The foreign currency forward contracts were accounted for as an economic hedge and as a result the changes in the fair value of the derivative liabilities were recognized in the Company’s consolidated statements of operations. The changes in the fair value during the year ended January 31, 2021 were not material. The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis at January 31, 2020 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents: (1) Money market funds $ 120,242 $ — $ — $ 120,242 Corporate notes and bonds — 2,011 — 2,011 Marketable securities: U.S. treasury securities — 307,195 — 307,195 Corporate notes and bonds — 156,023 — 156,023 Commercial paper — 15,977 — 15,977 Asset backed securities — 15,518 — 15,518 Certificates of deposit — 4,447 — 4,447 Total assets $ 120,242 $ 501,171 $ — $ 621,413 Other liabilities: Contingent consideration payable $ — $ — $ 12,500 $ 12,500 Total liabilities $ — $ — $ 12,500 $ 12,500 (1) Included in cash and cash equivalents |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following (in thousands): As of January 31, 2021 2020 Furniture and equipment $ 11,955 $ 6,767 Software development costs 43,857 33,326 Leasehold improvements 5,465 1,880 Construction in progress 848 45 Total property and equipment 62,125 42,018 Less: accumulated depreciation and amortization (33,859) (23,216) Property and equipment, net $ 28,266 $ 18,802 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | The following table represents the changes in goodwill (in thousands): Balance at January 31, 2019 $ 209,560 Additions from acquisitions 232,890 Adjustments (338) Balance at January 31, 2020 442,112 Additions from acquisitions 1,030,924 Foreign currency translation adjustments 6,784 Other adjustments 1,027 Balance at January 31, 2021 $ 1,480,847 |
Summary of Other Intangible Asset Balances | The following table summarizes the other intangible asset balances (in thousands): As of January 31, 2021 2020 Weighted Average Remaining Useful Accumulated Amortization Accumulated Amortization Developed technology 6.0 $ 474,120 $ (69,560) $ 404,560 $ 125,135 $ (26,840) $ 98,295 Customer relationships 4.6 254,437 (27,727) 226,710 38,294 (8,061) 30,233 Trademarks 0.8 2,419 (1,516) 903 955 (823) 132 Total other intangible assets $ 730,976 $ (98,803) $ 632,173 $ 164,384 $ (35,724) $ 128,660 |
Future Amortization Expense of Other Intangible Assets | As of January 31, 2021, the future amortization expense of other intangible assets is as follows (in thousands): Year Ending January 31, 2022 $ 130,550 2023 125,094 2024 118,977 2025 99,831 2026 78,571 Thereafter 79,150 Total $ 632,173 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): As of January 31, 2021 2020 Accrued compensation $ 45,120 $ 24,741 Accrued expenses 17,500 11,767 Other current liabilities 13,238 8,723 Income tax payable 2,396 1,535 Holdback payable 2,017 7,479 Total accrued expenses and other current liabilities $ 80,271 $ 54,245 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Components of Convertible Senior Notes | The 2026 Notes, 2025 Notes and 2023 Notes consisted of the following (in thousands): As of January 31, 2021 As of January 31, 2020 2026 Notes 2025 Notes 2023 Notes 2025 Notes 2023 Notes Liability: Principal $ 1,380,000 $ 804,999 $ 8,832 $ 805,000 $ 230,000 Unamortized debt discount and issuance costs (1) (482,475) (203,638) (1,125) (242,388) (42,885) Net carrying amount $ 897,525 $ 601,361 $ 7,707 $ 562,612 $ 187,115 Carrying amount of the equity component (2) $ 501,053 $ 246,966 $ 1,560 $ 246,967 $ 60,470 (1) Included in the consolidated balance sheets within Convertible senior notes, net and amortized over the remaining lives of the convertible senior notes. The 2026 Notes are classified as long-term liabilities, and the 2025 Notes and 2023 Notes are classified as current liabilities. (2) Included in the consolidated balance sheets within additional paid-in capital and temporary equity. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Remaining Maturities of Operating Lease Liabilities and Future Purchase Obligations | As of January 31, 2021, the remaining maturities of operating lease liabilities and future purchase obligations are as follows (in thousands): Year Ending January 31, Operating Lease Obligations Future Purchase Obligations 2022 $ 13,520 $ 15,669 2023 12,379 18,580 2024 11,348 4,888 2025 6,117 600 2026 3,008 550 Thereafter 2,305 — Total payments 48,677 $ 40,287 Less: imputed interest (5,610) Total $ 43,067 |
Common Stock and Stockholders_2
Common Stock and Stockholders' Equity (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Equity [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity under the Company’s 2006 Stock Plan and the 2016 Plan during the year ended January 31, 2021 (aggregate intrinsic value in thousands): Options Outstanding Outstanding Stock Options Weighted- Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Balance, January 31, 2020 4,233,435 $ 17.28 6.36 $ 609,061 Option grants — $ — — — Options exercised (1,615,784) $ 11.91 — — Options forfeited (9,011) $ 5.66 — — Balance, January 31, 2021 2,608,640 $ 20.65 5.61 $ 754,478 Exercisable at January 31, 2021 2,348,569 $ 16.40 5.42 $ 689,231 (1) The above table includes 878,869 stock options with market and service based conditions. |
Summary of Activity Related to RSUs | The following table summarizes the activity related to the Company’s RSUs during the year ended January 31, 2021: Number of RSUs Outstanding Weighted- Average Grant Date Fair Value Awarded and unvested at January 31, 2020 2,830,782 $ 70.90 Awards granted 1,251,959 $ 180.84 Awards vested (1,348,975) $ 68.44 Awards forfeited (203,486) $ 108.71 Awarded and unvested at January 31, 2021 2,530,280 $ 123.56 (1) The above table includes 100,178 restricted share units with market and service based conditions. |
Total Stock-Based Compensation Expense | The Company’s total stock-based compensation expense was as follows (in thousands): For the year ended 2021 2020 2019 Cost of revenue: Subscription $ 11,438 $ 6,982 $ 4,285 Professional services and other 15,563 7,773 4,269 Research and development 37,685 20,159 11,841 Sales and marketing 48,414 23,352 14,786 General and administrative 55,750 23,110 17,765 Total $ 168,850 $ 81,376 $ 52,946 |
Assumptions used to Estimate Fair Values of Stock Options Granted | The fair values of the Company’s stock options, ESPP and market-based awards granted during the years ended January 31, 2021, 2020 and 2019 were estimated using the following assumptions: For the year ended 2021 2020 2019 Employee Stock Options: Expected term (in years) — 6.0 6.0 Volatility — 42.7% 42.2% Risk-free interest rate — 2.4% 2.8% Dividend yield — — — Employee Stock Purchase Plan: Expected term (in years) 0.5 - 2.0 0.5 - 2.0 0.5 - 2.0 Volatility 48.6 % - 60.7 % 44.4 % - 65.9 % 31.1 % - 34.1 % Risk-free interest rate 0.1 % - 0.4 % 1.7 % - 2.5 % 2.0 % - 2.8 % Dividend yield — — — Market-Based Awards: Expected term (in years) 3.0 — 7.1 Volatility 48.4% — 43.7% Risk-free interest rate 40.0% — 2.8% Dividend yield — — — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Domestic and Foreign Components of Loss Before Provision for (Benefit from) Income Taxes | The following table presents the domestic and foreign components of loss before benefit from income taxes for the periods presented (in thousands): For the year ended 2021 2020 2019 United States $ (243,435) $ (106,743) $ (59,070) Foreign (1,068) 4,976 3,009 Loss before benefit from income taxes $ (244,503) $ (101,767) $ (56,061) |
Summary of Provision for (Benefit from) Income Taxes | The benefit from income taxes is composed of the following (in thousands): For the year ended 2021 2020 2019 Current income taxes: Federal $ — $ — $ — State 216 126 151 Foreign 2,891 2,246 3,514 Total current income taxes 3,107 2,372 3,665 Deferred income taxes: Federal (52,715) (10,125) (2,701) State (7,991) (1,510) (365) Foreign (6,787) (1,672) (1,136) Total deferred income taxes (67,493) (13,307) (4,202) Total benefit from income taxes $ (64,386) $ (10,935) $ (537) |
Summary of Differences Between Effective Tax Rate and Federal Statutory Rate | The effective tax rate differs from the federal statutory rate as follows: For the year ended 2021 2020 2019 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State tax, net of federal benefit 3.4 3.2 2.9 Change in valuation allowance (48.9) (107.1) (98.1) Stock-based compensation 45.2 90.3 71.6 Other non-deductible items (0.1) 0.8 (2.1) Foreign rate differential 1.9 (1.4) (2.9) Tax credits 3.8 3.9 8.6 Total 26.3 % 10.7 % 1.0 % |
Summary of Significant Components of Company's Deferred Tax Assets and Liabilities | The following table presents the significant components of the Company’s deferred tax assets and liabilities for the periods presented (in thousands): As of January 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 412,850 $ 224,372 Accruals and reserves 9,209 4,767 Lease liabilities 11,217 7,875 Stock-based compensation 8,994 7,382 Tax credits 23,116 12,174 Gross deferred tax assets 465,386 256,570 Valuation allowance (177,918) (160,510) Total deferred tax assets, net of valuation allowance 287,468 96,060 Deferred tax liabilities: Fixed assets and intangibles assets (146,441) (22,564) Accruals and reserves (1,874) (1,527) Right-of-use assets (10,743) (7,495) Discount on convertible notes (158,438) (63,788) Gross deferred tax liabilities (317,496) (95,374) Net deferred tax (liabilities) assets $ (30,028) $ 686 |
Summary of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to unrecognized tax benefits (in thousands): For the year ended 2021 2020 2019 Unrecognized tax benefit — beginning of year $ 14,864 $ 20,077 $ 12,663 Gross increases — prior year tax positions 52 620 295 Gross decreases — prior year tax positions (160) (11,538) (8) Gross increases — acquisitions 3,282 4,174 — Gross increases — current year tax positions 2,586 1,531 7,127 Settlements (32) — — Unrecognized tax benefit — end of year $ 20,592 $ 14,864 $ 20,077 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders | The following table sets forth the computation of the basic and diluted net loss per share during the years ended January 31, 2021, 2020 and 2019 (in thousands, except per share amounts): January 31, 2021 2020 2019 Numerator: Net loss $ (180,117) $ (90,832) $ (55,524) Denominator: Weighted-average common shares outstanding 68,559 62,484 57,716 Net loss per share, basic and diluted $ (2.63) $ (1.45) $ (0.96) |
Potentially Dilutive Securities Not Included in Diluted per Share Calculations | Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: As of January 31, 2021 2020 2019 Options to purchase common stock 2,608,640 4,233,435 6,850,928 RSUs 2,530,280 2,830,782 2,792,117 Unvested common shares subject to repurchase 243,775 66,450 193,894 Shares committed under the ESPP 64,456 80,775 189,168 Contingent stock consideration for DCR acquisition 377,138 377,138 377,138 Holdback shares for Aquiire acquisition — 37,570 37,570 Total 5,824,289 7,626,150 10,440,815 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Unaudited Quarterly Consolidated Statements of Operations | The following tables set forth selected unaudited quarterly consolidated statements of operations data for each of the eight quarters in fiscal 2021 and 2020 (in thousands except per share data). Three months ended January 31, October 31, July 31, April 30, January 31, October 31, July 31, April 30, 2021 2020 2020 2020 2020 2019 2019 2019 (in thousands) Total revenues $ 163,544 $ 132,964 $ 125,921 $ 119,214 $ 111,452 $ 101,784 $ 95,139 $ 81,344 Gross profit 83,907 82,177 77,482 76,376 71,349 64,490 60,649 54,015 Loss from operations 95,357 33,647 31,923 5,626 15,869 16,945 22,804 17,807 Net loss 61,387 60,798 43,116 14,816 24,053 26,317 19,994 20,468 Net loss per share, basic and diluted $ 0.85 $ 0.88 $ 0.64 $ 0.23 $ 0.38 $ 0.42 $ 0.32 $ 0.34 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Significant Accounting Policies [Line Items] | |||
Net gain (loss) on foreign currency transaction | $ 568 | $ (523) | $ (225) |
Advertising expense | 7,700 | 2,900 | 2,200 |
Capitalized software development cost | $ 10,500 | 8,400 | 5,600 |
Subscriptions revenue contracts term | 3 years | ||
Accounts receivable, net of allowances | $ 196,009 | 118,508 | |
Unbilled receivables | 24,200 | 6,500 | |
Unbilled receivables, long-term | 7,100 | 353 | |
Revenue expected to be recognized from remaining performance obligation | 952,300 | ||
Revenue recognized from performance obligations satisfied in prior periods | 5,000 | ||
Revenue recognized from deferred revenue | $ 253,200 | ||
Deferred commission, amortization period | 5 years | ||
Deferred commissions | $ 24,200 | 26,200 | 15,300 |
Amortization of deferred commissions | $ 14,700 | $ 9,600 | $ 5,800 |
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Payment terms of customers | 30 days | ||
2016 Employee Stock Purchase Plan | |||
Significant Accounting Policies [Line Items] | |||
Share based compensation expense recognition and offering period | 24 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-02-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue expected to be recognized from remaining performance obligation with in next 24 months | 75.00% | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 24 months | ||
Furniture and Equipment | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life | 3 years | ||
Furniture and Equipment | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life | 5 years | ||
Leasehold Improvements | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life | 5 years |
Significant Accounting Polici_5
Significant Accounting Policies - Revenues by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 163,544 | $ 132,964 | $ 125,921 | $ 119,214 | $ 111,452 | $ 101,784 | $ 95,139 | $ 81,344 | $ 541,643 | $ 389,719 | $ 260,366 |
United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 338,084 | 248,107 | 161,494 | ||||||||
Foreign countries | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 203,559 | $ 141,612 | $ 98,872 |
Marketable Securities - Summary
Marketable Securities - Summary of Available-for-sale Marketable Securities Excluding Securities Classified within Cash and Cash Equivalents on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Costs | $ 282,908 | $ 498,547 |
Unrealized Gains | 129 | 613 |
Unrealized Losses | (1) | 0 |
Fair Value | 283,036 | 499,160 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Costs | 268,141 | 306,871 |
Unrealized Gains | 29 | 324 |
Unrealized Losses | (1) | 0 |
Fair Value | 268,169 | 307,195 |
Corporate notes and bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Costs | 14,487 | 155,751 |
Unrealized Gains | 100 | 272 |
Unrealized Losses | 0 | 0 |
Fair Value | 14,587 | 156,023 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Costs | 15,977 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | 15,977 | |
Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Costs | 15,501 | |
Unrealized Gains | 17 | |
Unrealized Losses | 0 | |
Fair Value | 15,518 | |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Costs | 280 | 4,447 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 280 | $ 4,447 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Fair Values of Available-for-sale Marketable Securities by Remaining Contractual Maturity (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Due within one year | $ 210,350 | |
Due in one year through five years | 72,686 | |
Total fair values of available-for-sale investment securities | $ 283,036 | $ 499,160 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 1 | $ 0 | $ 0 |
Gross realized losses | $ 0 | $ 0 | $ 0 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - USD ($) $ in Thousands | Nov. 02, 2020 | Sep. 15, 2020 | Jun. 09, 2020 | May 01, 2020 | Dec. 13, 2019 | May 06, 2019 | Dec. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 |
Business Acquisition [Line Items] | ||||||||||
Indemnification assets | $ 2,100 | |||||||||
Purchase consideration, net of cash acquired | 863,597 | $ 308,406 | $ 143,885 | |||||||
Goodwill | 1,480,847 | 442,112 | $ 209,560 | |||||||
Yapta | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total cash paid | $ 98,700 | |||||||||
Goodwill | 70,748 | |||||||||
Amount held in escrow deposit | $ 9,800 | |||||||||
Escrow deposit held in period | 15 months | |||||||||
Cash contingent achievement of target revenue | $ 12,500 | |||||||||
Contingent consideration payable | 12,500 | $ 12,500 | ||||||||
Bellin Treasury International GmbH | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total purchase consideration | $ 121,000 | |||||||||
Total cash paid | 79,100 | |||||||||
Fair value of share consideration | 41,800 | |||||||||
Goodwill | $ 932,878 | 85,301 | ||||||||
Amount held in escrow deposit | $ 8,000 | |||||||||
Escrow deposit held in period | 18 months | |||||||||
ConnXus, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total cash paid | $ 10,000 | |||||||||
Goodwill | 8,527 | |||||||||
Amount held in escrow deposit | $ 1,400 | |||||||||
Escrow deposit held in period | 15 months | |||||||||
Much-Net GmbH | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase consideration, net of cash acquired | $ 4,300 | |||||||||
Purchase consideration, cash acquired from acquisition | 1,800 | |||||||||
Goodwill | 4,200 | |||||||||
LLamasoft, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total purchase consideration | 1,398,289 | |||||||||
Total cash paid | 791,532 | |||||||||
Fair value of share consideration | 634,507 | |||||||||
Cash paid, held in escrow | $ 15,000 | |||||||||
Cash paid, escrow period | 15 months | |||||||||
Cash paid, help in escrow until the completion of final adjustment in the purchase consideration | $ 7,500 | |||||||||
Less: One-time stock-based compensation expense | 27,750 | 27,800 | ||||||||
Purchase consideration, stock-based compensation expense, cash payment | $ 19,400 | |||||||||
Purchase consideration, stock-based compensation expense, shares issued (in shares) | 31,098 | |||||||||
Purchase consideration, stock-based compensation expense, fair value | $ 8,300 | |||||||||
Purchase consideration, stock-based compensation expense, shares subject to vesting restrictions (in shares) | 45,889 | |||||||||
Purchase consideration, stock-based compensation expense, fair value subject to vesting restrictions | $ 12,300 | |||||||||
Acquisition costs | 3,200 | |||||||||
Pro forma revenue | $ 22,500 | |||||||||
Exari | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total cash paid | $ 214,600 | |||||||||
Goodwill | $ 163,170 | |||||||||
General and Administrative Expenses | Yapta | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition related costs | 800 | |||||||||
General and Administrative Expenses | Bellin Treasury International GmbH | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition related costs | 1,200 | |||||||||
General and Administrative Expenses | ConnXus, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition related costs | 400 | |||||||||
General and Administrative Expenses | Exari | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition related costs | $ 2,800 | |||||||||
Developed technology | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Estimated useful life (in years) | 6 years | |||||||||
Developed technology | Much-Net GmbH | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets acquired | $ 1,000 | |||||||||
Estimated useful life (in years) | 4 years | |||||||||
Common Stock | Bellin Treasury International GmbH | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of common stock issued under purchase consideration (in shares) | 186,300 | |||||||||
Common Stock | LLamasoft, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of common stock issued under purchase consideration (in shares) | 2,371,014 | |||||||||
Unvested Common Stock | Bellin Treasury International GmbH | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of common stock issued under purchase consideration (in shares) | 208,766 | |||||||||
Fair value of share consideration | $ 46,900 |
Business Combinations - Summary
Business Combinations - Summary of Major Classes of Assets and Liabilities Allocated the Purchase Price (Details) - USD ($) $ in Thousands | Nov. 02, 2020 | Jun. 09, 2020 | May 01, 2020 | Dec. 13, 2019 | May 06, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | Dec. 31, 2019 | Jan. 31, 2019 |
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 1,480,847 | $ 442,112 | $ 209,560 | ||||||
Operating lease right-of-use assets | $ 14,820 | ||||||||
Operating lease liabilities | (14,644) | ||||||||
LLamasoft, Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Total cash paid | 791,532 | ||||||||
Fair value of share consideration | 634,507 | ||||||||
Less: One-time stock-based compensation expense | (27,750) | $ (27,800) | |||||||
Total purchase consideration | 1,398,289 | ||||||||
Intangible assets | 517,600 | ||||||||
Bellin Treasury International GmbH | |||||||||
Business Acquisition [Line Items] | |||||||||
Total cash paid | $ 79,100 | ||||||||
Fair value of share consideration | 41,800 | ||||||||
Total purchase consideration | 121,000 | ||||||||
Cash and cash equivalents | 1,389 | 4,783 | |||||||
Accounts receivable | 38,124 | 5,345 | |||||||
Goodwill | 932,878 | 85,301 | |||||||
Intangible assets | 517,600 | 42,745 | |||||||
Other assets | 23,440 | 5,203 | |||||||
Accounts payable and other current liabilities | (10,090) | (3,795) | |||||||
Deferred revenue | (14,764) | (4,230) | |||||||
Deferred tax liability, net | (76,091) | (11,610) | |||||||
Other non-current liabilities | (14,373) | (2,769) | |||||||
Total consideration | $ 1,398,289 | $ 120,973 | |||||||
ConnXus, Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Total cash paid | $ 10,000 | ||||||||
Goodwill | 8,527 | ||||||||
Intangible assets | 1,900 | ||||||||
Other assets | 540 | ||||||||
Accounts payable and other current liabilities | (967) | ||||||||
Total consideration | $ 10,000 | ||||||||
Yapta | |||||||||
Business Acquisition [Line Items] | |||||||||
Total cash paid | $ 98,700 | ||||||||
Cash and cash equivalents | 333 | ||||||||
Accounts receivable | 3,796 | ||||||||
Goodwill | 70,748 | ||||||||
Intangible assets | 39,710 | ||||||||
Other assets | 1,482 | ||||||||
Accounts payable and other current liabilities | (2,387) | ||||||||
Deferred tax liability, net | (2,498) | ||||||||
Total consideration | $ 111,184 | $ 111,200 | |||||||
Exari | |||||||||
Business Acquisition [Line Items] | |||||||||
Total cash paid | $ 214,600 | ||||||||
Cash and cash equivalents | 6,337 | ||||||||
Accounts receivable | 7,863 | ||||||||
Goodwill | 163,170 | ||||||||
Intangible assets | 57,000 | ||||||||
Other assets | 5,646 | ||||||||
Accounts payable and other current liabilities | (6,232) | ||||||||
Deferred revenue | (4,443) | ||||||||
Deferred tax liability, net | (11,046) | ||||||||
Other non-current liabilities | (3,679) | ||||||||
Total consideration | $ 214,616 |
Business Combinations - Summa_2
Business Combinations - Summary of Intangible Assets Acquired Based on Valuation (Details) - USD ($) $ in Thousands | Nov. 02, 2020 | Jun. 09, 2020 | May 01, 2020 | Dec. 13, 2019 | May 06, 2019 |
LLamasoft, Inc. | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 517,600 | ||||
LLamasoft, Inc. | Developed technology | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 316,100 | ||||
Useful life (in Years) | 7 years | ||||
LLamasoft, Inc. | Customer relationships | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 200,300 | ||||
Useful life (in Years) | 5 years | ||||
LLamasoft, Inc. | Trademarks | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 1,200 | ||||
Useful life (in Years) | 1 year | ||||
Bellin Treasury International GmbH | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 517,600 | $ 42,745 | |||
Bellin Treasury International GmbH | Developed technology | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 27,800 | ||||
Useful life (in Years) | 5 years | ||||
Bellin Treasury International GmbH | Customer relationships | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 14,700 | ||||
Useful life (in Years) | 5 years | ||||
Bellin Treasury International GmbH | Trademarks | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 245 | ||||
Useful life (in Years) | 6 months | ||||
ConnXus, Inc. | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 1,900 | ||||
ConnXus, Inc. | Developed technology | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 1,900 | ||||
Useful life (in Years) | 4 years | ||||
Yapta | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 39,710 | ||||
Yapta | Developed technology | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 31,300 | ||||
Useful life (in Years) | 4 years | ||||
Yapta | Customer relationships | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 8,300 | ||||
Useful life (in Years) | 5 years | ||||
Yapta | Trademarks | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 110 | ||||
Useful life (in Years) | 6 months | ||||
Exari | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 57,000 | ||||
Exari | Developed technology | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 45,400 | ||||
Exari | Developed technology | Minimum | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Useful life (in Years) | 3 years | ||||
Exari | Developed technology | Maximum | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Useful life (in Years) | 5 years | ||||
Exari | Customer relationships | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 11,100 | ||||
Useful life (in Years) | 5 years | ||||
Exari | Trademarks | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Fair Value | $ 500 | ||||
Useful life (in Years) | 1 year |
Business Combinations - Summa_3
Business Combinations - Summary of Pro Forma Information (Details) - LLamasoft, Inc. - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Business Acquisition [Line Items] | ||
Pro forma total revenues | $ 624,152 | $ 489,587 |
Pro forma net loss | $ (209,886) | $ (227,959) |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 283,036 | $ 499,160 |
Foreign currency forward contracts not designated as hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notional amount | 2,900 | |
U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 268,169 | 307,195 |
Corporate notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 14,587 | 156,023 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 15,977 | |
Asset backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 15,518 | |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 280 | 4,447 |
Fair value measurements recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 373,473 | 621,413 |
Total liabilities | 47 | 12,500 |
Fair value measurements recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 90,437 | 120,242 |
Fair value measurements recurring | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 268,169 | 307,195 |
Fair value measurements recurring | Corporate notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,011 | |
Marketable securities | 14,587 | 156,023 |
Fair value measurements recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 15,977 | |
Fair value measurements recurring | Asset backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 15,518 | |
Fair value measurements recurring | Contingent consideration payable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other liabilities | 12,500 | |
Fair value measurements recurring | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 280 | 4,447 |
Fair value measurements recurring | Foreign currency forward contracts not designated as hedges | Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 47 | |
Fair value measurements recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 90,437 | 120,242 |
Total liabilities | 0 | 0 |
Fair value measurements recurring | Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 90,437 | 120,242 |
Fair value measurements recurring | Level 1 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Fair value measurements recurring | Level 1 | Corporate notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Marketable securities | 0 | 0 |
Fair value measurements recurring | Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Fair value measurements recurring | Level 1 | Asset backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Fair value measurements recurring | Level 1 | Contingent consideration payable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other liabilities | 0 | |
Fair value measurements recurring | Level 1 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Fair value measurements recurring | Level 1 | Foreign currency forward contracts not designated as hedges | Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | |
Fair value measurements recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 283,036 | 501,171 |
Total liabilities | 47 | 0 |
Fair value measurements recurring | Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Fair value measurements recurring | Level 2 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 268,169 | 307,195 |
Fair value measurements recurring | Level 2 | Corporate notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,011 | |
Marketable securities | 14,587 | 156,023 |
Fair value measurements recurring | Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 15,977 | |
Fair value measurements recurring | Level 2 | Asset backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 15,518 | |
Fair value measurements recurring | Level 2 | Contingent consideration payable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other liabilities | 0 | |
Fair value measurements recurring | Level 2 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 280 | 4,447 |
Fair value measurements recurring | Level 2 | Foreign currency forward contracts not designated as hedges | Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 47 | |
Fair value measurements recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 12,500 |
Fair value measurements recurring | Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Fair value measurements recurring | Level 3 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Fair value measurements recurring | Level 3 | Corporate notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Marketable securities | 0 | 0 |
Fair value measurements recurring | Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Fair value measurements recurring | Level 3 | Asset backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Fair value measurements recurring | Level 3 | Contingent consideration payable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other liabilities | 12,500 | |
Fair value measurements recurring | Level 3 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | $ 0 |
Fair value measurements recurring | Level 3 | Foreign currency forward contracts not designated as hedges | Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jun. 30, 2020 | Jan. 31, 2020 | Jun. 30, 2019 | Jan. 31, 2018 |
0.375% Convertible Senior Notes Due 2026 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Debt instrument, principal amount | $ 1,380,000 | ||||
Debt instrument, interest rate | 0.375% | 0.375% | |||
0.125% Convertible Senior Notes Due 2025 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Debt instrument, principal amount | $ 804,999 | $ 805,000 | |||
Debt instrument, interest rate | 0.125% | 0.125% | |||
0.375% Convertible Senior Notes Due 2023 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Debt instrument, principal amount | $ 8,832 | 230,000 | $ 230,000 | ||
Debt instrument, interest rate | 0.375% | 0.375% | |||
Yapta | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Contingent consideration payable | $ 12,500 | 12,500 | |||
Level 2 | 0.375% Convertible Senior Notes Due 2026 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Estimated fair value of convertible notes | 1,775,000 | ||||
Level 2 | 0.125% Convertible Senior Notes Due 2025 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Estimated fair value of convertible notes | 1,617,500 | 1,015,300 | |||
Level 2 | 0.375% Convertible Senior Notes Due 2023 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Estimated fair value of convertible notes | $ 61,200 | $ 858,300 |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 62,125 | $ 42,018 |
Less: accumulated depreciation and amortization | (33,859) | (23,216) |
Property and equipment, net | 28,266 | 18,802 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 11,955 | 6,767 |
Software development costs | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 43,857 | 33,326 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 5,465 | 1,880 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 848 | $ 45 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense excluding software development costs | $ 3,600 | $ 1,700 | $ 849 |
Amortization expense related to software development costs | $ 7,100 | $ 3,600 | $ 3,100 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 442,112 | $ 209,560 |
Additions from acquisitions | 1,030,924 | 232,890 |
Foreign currency translation adjustments | 6,784 | |
Adjustments | 1,027 | (338) |
Ending balance | $ 1,480,847 | $ 442,112 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Other Intangible Asset Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 730,976 | $ 164,384 |
Accumulated Amortization | (98,803) | (35,724) |
Net Carrying Amount | $ 632,173 | 128,660 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Lives (in years) | 6 years | |
Gross Carrying Amount | $ 474,120 | 125,135 |
Accumulated Amortization | (69,560) | (26,840) |
Net Carrying Amount | $ 404,560 | 98,295 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Lives (in years) | 4 years 7 months 6 days | |
Gross Carrying Amount | $ 254,437 | 38,294 |
Accumulated Amortization | (27,727) | (8,061) |
Net Carrying Amount | $ 226,710 | 30,233 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Lives (in years) | 9 months 18 days | |
Gross Carrying Amount | $ 2,419 | 955 |
Accumulated Amortization | (1,516) | (823) |
Net Carrying Amount | $ 903 | $ 132 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Details) | 12 Months Ended | ||
Jan. 31, 2021USD ($)segment | Jan. 31, 2020USD ($) | Jan. 31, 2019USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense related to other intangible assets | $ 62,900,000 | $ 24,000,000 | $ 6,900,000 |
Number of reporting unit | segment | 1 | ||
Goodwill impairment | $ 0 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Future Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 130,550 | |
2023 | 125,094 | |
2024 | 118,977 | |
2025 | 99,831 | |
2026 | 78,571 | |
Thereafter | 79,150 | |
Net Carrying Amount | $ 632,173 | $ 128,660 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 45,120 | $ 24,741 |
Accrued expenses | 17,500 | 11,767 |
Other current liabilities | 13,238 | 8,723 |
Income tax payable | 2,396 | 1,535 |
Holdback payable | 2,017 | 7,479 |
Total accrued expenses and other current liabilities | $ 80,271 | $ 54,245 |
Accrued Expenses and Other Cu_4
Accrued Expenses and Other Current Liabilities - Additional Information (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Accrued Expenses And Other Current Liabilities [Line Items] | ||
Accrued compensation | $ 45,120 | $ 24,741 |
2016 Employee Stock Purchase Plan | ||
Accrued Expenses And Other Current Liabilities [Line Items] | ||
Accrued compensation | $ 8,300 | $ 5,800 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Details) $ / shares in Units, shares in Millions | Jan. 31, 2021USD ($)$ / shares$ / shares | Jun. 30, 2020USD ($)d$ / shares | Jun. 30, 2019USD ($)$ / shares | Jan. 31, 2021USD ($)$ / shares$ / sharesshares | Jan. 31, 2020USD ($) | Jan. 31, 2019USD ($) | Jan. 31, 2018USD ($)$ / shares |
Debt Instrument [Line Items] | |||||||
Net proceeds from issuance of convertible notes | $ 1,355,066,000 | $ 786,157,000 | $ (639,000) | ||||
Multiples of principal amount | $ 1,000 | $ 1,000 | $ 1,000 | ||||
Temporary equity | $ 369,000 | 369,000 | 16,835,000 | ||||
Interest expense | 86,500,000 | 35,900,000 | 11,600,000 | ||||
Coupon interest expense | 3,800,000 | 1,500,000 | $ 900,000 | ||||
0.375% Convertible Senior Notes Due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, principal amount | $ 1,380,000,000 | $ 1,380,000,000 | |||||
Debt instrument, interest rate | 0.375% | 0.375% | 0.375% | ||||
Net proceeds from issuance of convertible notes | $ 1,162,300,000 | ||||||
Debt instrument, Initial conversion rate of shares of common stock per $1,000 principal | 3.3732 | ||||||
Debt instrument, Initial conversion price per share (in dollars per share) | $ / shares | $ 296.45 | ||||||
Debt instrument, fundamental change, repurchase price, equals to principal amount of convertible notes | 100.00% | ||||||
Debt discount | $ 510,300,000 | ||||||
Transaction costs related to convertible notes | $ 24,900,000 | ||||||
Debt conversion, shares issued (in shares) | shares | 4.7 | ||||||
Effective interest rate of the liability component, excluding notes conversions options | 8.83% | 8.83% | |||||
Remaining life period | 5 years 4 months 24 days | ||||||
0.375% Convertible Senior Notes Due 2026 | Conversion Notes Holders Conversion Rights, Circumstances 1 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, convertible, threshold trading/business days | d | 20 | ||||||
Debt instrument, convertible, threshold consecutive trading days | d | 30 | ||||||
Debt instrument, convertible, threshold percentage of sales price of common stock | 130.00% | ||||||
0.375% Convertible Senior Notes Due 2026 | Conversion Notes Holders Conversion Rights, Circumstances 2 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, convertible, threshold trading/business days | d | 5 | ||||||
Debt instrument, convertible, threshold consecutive trading days | d | 10 | ||||||
Debt instrument, convertible, threshold percentage of sales price of common stock | 98.00% | ||||||
0.375% Convertible Senior Notes Due 2026 | Common Stock | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, Initial conversion price per share (in dollars per share) | $ / shares | $ 296.45 | $ 296.45 | |||||
0.375% Convertible Senior Notes Due 2026 | Capped Call Options | |||||||
Debt Instrument [Line Items] | |||||||
Purchase price of capped call options | $ 192,800,000 | ||||||
Capped call exercise price (in dollars per share) | $ / shares | 503.42 | 503.42 | |||||
0.375% Convertible Senior Notes Due 2026 | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of principal amount shall be declare as due and payable upon certain events of default | 25.00% | ||||||
0.375% Convertible Senior Notes Due 2026 | Private Placement | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, principal amount | $ 62,500,000 | $ 1,380,000,000 | $ 62,500,000 | ||||
Debt instrument, interest rate | 0.375% | ||||||
0.125% Convertible Senior Notes Due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, principal amount | $ 804,999,000 | $ 804,999,000 | 805,000,000 | ||||
Debt instrument, interest rate | 0.125% | 0.125% | 0.125% | ||||
Net proceeds from issuance of convertible notes | $ 667,400,000 | ||||||
Debt instrument, Initial conversion rate of shares of common stock per $1,000 principal | 6.2658 | ||||||
Debt instrument, Initial conversion price per share (in dollars per share) | $ / shares | $ 159.60 | ||||||
Debt conversion, shares issued (in shares) | shares | 5 | ||||||
Effective interest rate of the liability component, excluding notes conversions options | 7.05% | 7.05% | |||||
If-converted value in excess of principal amount | $ 757,900,000 | 7,800,000 | |||||
Remaining life period | 4 years 4 months 24 days | ||||||
0.125% Convertible Senior Notes Due 2025 | Common Stock | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, Initial conversion price per share (in dollars per share) | $ / shares | $ 159.60 | $ 159.60 | |||||
0.125% Convertible Senior Notes Due 2025 | Capped Call Options | |||||||
Debt Instrument [Line Items] | |||||||
Purchase price of capped call options | $ 118,700,000 | ||||||
Capped call exercise price (in dollars per share) | $ / shares | 295.55 | 295.55 | |||||
0.125% Convertible Senior Notes Due 2025 | Private Placement | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, principal amount | $ 805,000,000 | ||||||
0.375% Convertible Senior Notes Due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, principal amount | $ 8,832,000 | $ 8,832,000 | 230,000,000 | $ 230,000,000 | |||
Debt instrument, interest rate | 0.375% | 0.375% | 0.375% | ||||
Net proceeds from issuance of convertible notes | $ 200,400,000 | ||||||
Debt instrument, Initial conversion rate of shares of common stock per $1,000 principal | 22.4685 | ||||||
Debt instrument, Initial conversion price per share (in dollars per share) | $ / shares | $ 44.5068 | ||||||
Debt conversion, principal amount | $ 3,000,000 | $ 132,100,000 | |||||
Debt conversion, shares issued (in shares) | shares | 0.2 | ||||||
Debt instrument, fair value | 410,000,000 | $ 410,000,000 | |||||
Debt instrument, cancellation of principal amount | 89,000,000 | ||||||
Gain (loss) on conversion and cancellation of debt | 3,200,000 | ||||||
Temporary equity | $ 369,000 | $ 369,000 | |||||
Effective interest rate of the liability component, excluding notes conversions options | 7.66% | 7.66% | |||||
If-converted value in excess of principal amount | $ 52,700,000 | $ 602,800,000 | |||||
Remaining life period | 2 years | ||||||
0.375% Convertible Senior Notes Due 2023 | Principal Amount Of Debt Cancelled | |||||||
Debt Instrument [Line Items] | |||||||
Debt conversion, cash payment | $ 450,600,000 | ||||||
0.375% Convertible Senior Notes Due 2023 | Common Stock | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, Initial conversion price per share (in dollars per share) | $ / shares | $ 44.51 | $ 44.51 | |||||
Debt conversion, shares issued (in shares) | shares | 2.2 | ||||||
0.375% Convertible Senior Notes Due 2023 | Capped Call Options | |||||||
Debt Instrument [Line Items] | |||||||
Purchase price of capped call options | $ 23,300,000 | ||||||
Capped call exercise price (in dollars per share) | $ / shares | 63.821 | 63.821 |
Convertible Senior Notes - Sche
Convertible Senior Notes - Schedule of Components of Convertible Senior Notes (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2018 |
Liability: | |||
Net carrying amount | $ 897,525 | $ 562,612 | |
0.375% Convertible Senior Notes Due 2026 | |||
Liability: | |||
Principal | 1,380,000 | ||
Unamortized debt discount and issuance costs | (482,475) | ||
Net carrying amount | 897,525 | ||
Carrying amount of the equity component | 501,053 | ||
0.125% Convertible Senior Notes Due 2025 | |||
Liability: | |||
Principal | 804,999 | 805,000 | |
Unamortized debt discount and issuance costs | (203,638) | (242,388) | |
Net carrying amount | 601,361 | 562,612 | |
Carrying amount of the equity component | 246,966 | 246,967 | |
0.375% Convertible Senior Notes Due 2023 | |||
Liability: | |||
Principal | 8,832 | 230,000 | $ 230,000 |
Unamortized debt discount and issuance costs | (1,125) | (42,885) | |
Net carrying amount | 7,707 | 187,115 | |
Carrying amount of the equity component | $ 1,560 | $ 60,470 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Long term leases costs | $ 11.5 | $ 8.6 | |
Short term leases costs | 1.6 | 1.6 | |
Total lease expenses | $ 7.4 | ||
Cash paid for operating lease liabilities | 11.9 | 8.6 | |
Operating lease, right-of-use assets obtained in exchange of lease obligations | $ 18.3 | $ 11.2 | |
Operating lease, weighted-average remaining lease term | 4 years | ||
Operating lease, weighted-average discount rate | 6.30% |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Remaining Maturities of Operating Lease Liabilities and Future Purchase Obligations (Details) $ in Thousands | Jan. 31, 2021USD ($) |
Operating Lease Obligations | |
2022 | $ 13,520 |
2023 | 12,379 |
2024 | 11,348 |
2025 | 6,117 |
2026 | 3,008 |
Thereafter | 2,305 |
Total payments | 48,677 |
Less: imputed interest | (5,610) |
Total | 43,067 |
Future Purchase Obligations | |
2022 | 15,669 |
2023 | 18,580 |
2024 | 4,888 |
2025 | 600 |
2026 | 550 |
Thereafter | 0 |
Total payments | $ 40,287 |
Common Stock and Stockholders_3
Common Stock and Stockholders' Equity - Additional Information (Details) | Nov. 02, 2020USD ($) | Mar. 31, 2020shares | Mar. 31, 2018$ / sharesshares | Sep. 30, 2016$ / sharesshares | Jan. 31, 2021USD ($)period$ / sharesshares | Jan. 31, 2020USD ($)$ / sharesshares | Jan. 31, 2019USD ($)$ / shares |
Class of Stock [Line Items] | |||||||
Dividends declared | $ | $ 0 | ||||||
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 | |||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||
Preferred stock, shares issued (in shares) | 0 | 0 | |||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | |||||
Aggregate intrinsic value of exercised options | $ | $ 375,700,000 | $ 318,200,000 | $ 157,600,000 | ||||
Weighted-average grant date fair value of options granted (in dollars per share) | $ / shares | $ 0 | $ 41.81 | $ 15.93 | ||||
Total grant date fair value of options vested | $ | $ 8,000,000 | $ 8,600,000 | $ 9,000,000 | ||||
Stock-based compensation expense | $ | 168,850,000 | 81,376,000 | $ 52,946,000 | ||||
LLamasoft, Inc. | |||||||
Class of Stock [Line Items] | |||||||
One-time stock-based compensation expense | $ | $ 27,750,000 | $ 27,800,000 | |||||
Minimum | |||||||
Class of Stock [Line Items] | |||||||
Expected term (in years) | 6 months | ||||||
Maximum | |||||||
Class of Stock [Line Items] | |||||||
Expected term (in years) | 2 years | ||||||
Capitalized Software Development Costs | |||||||
Class of Stock [Line Items] | |||||||
Stock-based compensation capitalized in capitalized software development costs | $ | $ 3,200,000 | $ 2,100,000 | |||||
Market-based Options | |||||||
Class of Stock [Line Items] | |||||||
Expected term (in years) | 3 years | 7 years 1 month 6 days | |||||
Options to purchase common stock | |||||||
Class of Stock [Line Items] | |||||||
Expected term (in years) | 6 years | 6 years | |||||
2016 Employee Stock Purchase Plan | |||||||
Class of Stock [Line Items] | |||||||
Common stock reserved for issuance (in shares) | 1,755,814 | ||||||
Increase in number of shares reserved for issuance as percentage of outstanding shares of common stock on last day of prior fiscal year | 1.00% | ||||||
Increase in common stock reserved for issuance shares (in shares) | 1,250,000 | ||||||
Duration of maximum offering period | 27 months | ||||||
Duration of new offering period | 24 months | ||||||
Number of consecutive purchase periods | period | 4 | ||||||
Duration of consecutive purchase period | 6 months | ||||||
Maximum percentage of eligible compensation for participants to purchase common stock through payroll deductions | 15.00% | ||||||
Purchase price for each share of common stock as percentage of lower of fair market value per share on first day of applicable offering period | 85.00% | ||||||
Number of shares of common stock purchased (in shares) | 209,306 | 215,472 | |||||
Total unrecognized compensation cost | $ | $ 12,700,000 | ||||||
Total unrecognized compensation cost, weighted-average amortization period | 1 year 4 months 24 days | ||||||
2016 Employee Stock Purchase Plan | Minimum | |||||||
Class of Stock [Line Items] | |||||||
Expected term (in years) | 6 months | 6 months | 6 months | ||||
2016 Employee Stock Purchase Plan | Maximum | |||||||
Class of Stock [Line Items] | |||||||
Expected term (in years) | 2 years | 2 years | 2 years | ||||
2016 Equity Plan | Market Based Restricted Stock Unit Awards | Chief Executive Officer | |||||||
Class of Stock [Line Items] | |||||||
Stock option, number of shares vested and exercisable (in shares) | 237,108 | ||||||
2016 Equity Plan | Market-based Options | Chief Executive Officer | |||||||
Class of Stock [Line Items] | |||||||
Option grants (in shares) | 334,742 | ||||||
Option grants (in dollars per share) | $ / shares | $ 48.47 | ||||||
Stock option vesting period | 4 years | ||||||
Stock option, number of shares vested and exercisable (in shares) | 0 | ||||||
Stock-based compensation expense | $ | $ 6,600,000 | $ 1,700,000 | $ 2,200,000 | ||||
2016 Equity Incentive Plan | |||||||
Class of Stock [Line Items] | |||||||
Common stock reserved for issuance (in shares) | 9,874,723 | ||||||
Increase in number of shares reserved for issuance as percentage of outstanding shares of common stock on last day of prior fiscal year | 5.00% | ||||||
2016 Equity Incentive Plan | Market Based Restricted Stock Unit Awards | |||||||
Class of Stock [Line Items] | |||||||
Awards granted (in shares) | 100,178 | ||||||
Performance term | 3 years | 3 years | |||||
2016 Equity Incentive Plan | Market Based Restricted Stock Unit Awards | Minimum | |||||||
Class of Stock [Line Items] | |||||||
Options earning percentage | 0.00% | ||||||
2016 Equity Incentive Plan | Market Based Restricted Stock Unit Awards | Maximum | |||||||
Class of Stock [Line Items] | |||||||
Options earning percentage | 200.00% | ||||||
2016 Equity Incentive Plan | RSUs | |||||||
Class of Stock [Line Items] | |||||||
Total unrecognized compensation cost, weighted-average amortization period | 2 years 8 months 12 days | ||||||
Awards granted (in shares) | 1,251,959 | ||||||
Total unrecognized compensation cost related to unvested restricted stock units | $ | $ 319,600,000 | 186,300,000 | 110,800,000 | ||||
2006 Stock Plan | Market-based Options | Chief Executive Officer | |||||||
Class of Stock [Line Items] | |||||||
Option grants (in shares) | 544,127 | ||||||
Option grants (in dollars per share) | $ / shares | $ 13.04 | ||||||
Stock option vesting period | 4 years | ||||||
Stock option, number of shares vested and exercisable (in shares) | 544,127 | ||||||
2006 Stock Plan and 2016 Equity Incentive Plan | |||||||
Class of Stock [Line Items] | |||||||
Option grants (in shares) | 0 | ||||||
Option grants (in dollars per share) | $ / shares | $ 0 | ||||||
Total unrecognized compensation cost related to unvested stock options | $ | $ 4,500,000 | $ 11,500,000 | $ 16,100,000 | ||||
2006 Stock Plan and 2016 Equity Incentive Plan | Options to purchase common stock | |||||||
Class of Stock [Line Items] | |||||||
Total unrecognized compensation cost, weighted-average amortization period | 1 year 7 months 6 days |
Common Stock and Stockholders_4
Common Stock and Stockholders' Equity - Summary of Stock Option Activity (Details) - 2006 Stock Plan and 2016 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Outstanding Stock Options | ||
Beginning balance (in shares) | 4,233,435 | |
Option grants (in shares) | 0 | |
Options exercised (in shares) | (1,615,784) | |
Options forfeited (in shares) | (9,011) | |
Ending balance (in shares) | 2,608,640 | 4,233,435 |
Outstanding stock options, exercisable (in shares) | 2,348,569 | |
Weighted- Average Exercise Price | ||
Beginning balance (in dollars per share) | $ 17.28 | |
Option grants (in dollars per share) | 0 | |
Options exercised (in dollars per share) | 11.91 | |
Options forfeited (in dollars per share) | 5.66 | |
Ending balance (in dollars per share) | 20.65 | $ 17.28 |
Weighted-average exercise price, exercisable (in dollars per share) | $ 16.40 | |
Weighted- Average Remaining Contractual Life (in Years) | ||
Weighted-average remaining contractual life (in years), options outstanding | 5 years 7 months 9 days | 6 years 4 months 9 days |
Weighted-average remaining contractual life (in years), exercisable | 5 years 5 months 1 day | |
Aggregate intrinsic value, options outstanding | $ 754,478 | $ 609,061 |
Aggregate intrinsic value, exercisable | $ 689,231 | |
Market And Service Based Stock Options | ||
Outstanding Stock Options | ||
Ending balance (in shares) | 878,869 |
Common Stock and Stockholders_5
Common Stock and Stockholders' Equity - Summary of Activity Related to RSUs (Details) - 2016 Equity Incentive Plan | 12 Months Ended |
Jan. 31, 2021$ / sharesshares | |
RSUs | |
Number of RSUs Outstanding | |
Awarded and unvested, beginning balance (in shares) | 2,830,782 |
Awards granted (in shares) | 1,251,959 |
Awards vested (in shares) | (1,348,975) |
Awards forfeited (in shares) | (203,486) |
Awarded and unvested, ending balance (in shares) | 2,530,280 |
Weighted- Average Grant Date Fair Value | |
Awarded and unvested, beginning balance (in dollars per share) | $ / shares | $ 70.90 |
Awards granted (in dollars per share) | $ / shares | 180.84 |
Awards vested (in dollars per share) | $ / shares | 68.44 |
Awards forfeited (in dollars per share) | $ / shares | 108.71 |
Awarded and unvested, ending balance (in dollars per share) | $ / shares | $ 123.56 |
Market And Service Based Restricted Stock Unit Awards | |
Number of RSUs Outstanding | |
Awards granted (in shares) | 100,178 |
Common Stock and Stockholders_6
Common Stock and Stockholders' Equity - Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | $ 168,850 | $ 81,376 | $ 52,946 |
Subscription | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 11,438 | 6,982 | 4,285 |
Professional services and other | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 15,563 | 7,773 | 4,269 |
Research and development | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 37,685 | 20,159 | 11,841 |
Sales and marketing | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 48,414 | 23,352 | 14,786 |
General and administrative | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | $ 55,750 | $ 23,110 | $ 17,765 |
Common Stock and Stockholders_7
Common Stock and Stockholders' Equity - Assumptions used to Estimate Fair Values of Stock Options Granted (Details) | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 months | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 2 years | ||
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility, minimum | 48.60% | 44.40% | 31.10% |
Volatility, maximum | 60.70% | 65.90% | 34.10% |
Risk-free interest rate, minimum | 0.10% | 1.70% | 2.00% |
Risk-free interest rate, maximum | 0.40% | 2.50% | 2.80% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Employee Stock Purchase Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 months | 6 months | 6 months |
Employee Stock Purchase Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 2 years | 2 years | 2 years |
Options to purchase common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 years | 6 years | |
Volatility | 0.00% | 42.70% | 42.20% |
Risk-free interest rate | 0.00% | 2.40% | 2.80% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Market-based Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 3 years | 7 years 1 month 6 days | |
Volatility | 48.40% | 0.00% | 43.70% |
Risk-free interest rate | 40.00% | 0.00% | 2.80% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Income Taxes - Summary of Domes
Income Taxes - Summary of Domestic and Foreign Components of Loss Before Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (243,435) | $ (106,743) | $ (59,070) |
Foreign | (1,068) | 4,976 | 3,009 |
Loss before benefit from income taxes | $ (244,503) | $ (101,767) | $ (56,061) |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Current income taxes: | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 216 | 126 | 151 |
Foreign | 2,891 | 2,246 | 3,514 |
Total current income taxes | 3,107 | 2,372 | 3,665 |
Deferred income taxes: | |||
Federal | (52,715) | (10,125) | (2,701) |
State | (7,991) | (1,510) | (365) |
Foreign | (6,787) | (1,672) | (1,136) |
Total deferred income taxes | (67,493) | (13,307) | (4,202) |
Total benefit from income taxes | $ (64,386) | $ (10,935) | $ (537) |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Differences Between Effective Tax Rate and Federal Statutory Rate (Details) | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
State tax, net of federal benefit | 3.40% | 3.20% | 2.90% |
Change in valuation allowance | (48.90%) | (107.10%) | (98.10%) |
Stock-based compensation | 45.20% | 90.30% | 71.60% |
Other non-deductible items | (0.10%) | 0.80% | (2.10%) |
Foreign rate differential | 1.90% | (1.40%) | (2.90%) |
Tax credits | 3.80% | 3.90% | 8.60% |
Total | 26.30% | 10.70% | 1.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income Tax [Line Items] | |||
Valuation allowance increased | $ 17,400,000 | $ 47,000,000 | $ 55,500,000 |
Foreign net operating loss carryforwards | 44,100,000 | ||
Unremitted earnings in foreign subsidiaries | 0 | ||
Unrecognized tax benefits reduction in deferred tax assets | 10,200,000 | $ 6,400,000 | $ 14,900,000 |
Unrecognized tax benefit would affect company's effective tax rate if recognized | 10,400,000 | ||
Unrecognized tax benefits, accrued interest and penalties | 1,400,000 | ||
California | Research and Development | |||
Income Tax [Line Items] | |||
Tax credit carryforwards amount | 13,100,000 | ||
Federal | |||
Income Tax [Line Items] | |||
Net operating loss carryforwards | 1,700,000,000 | ||
Federal | Research and Development | |||
Income Tax [Line Items] | |||
Tax credit carryforwards amount | 18,800,000 | ||
State | |||
Income Tax [Line Items] | |||
Net operating loss carryforwards | 806,700,000 | ||
Foreign | |||
Income Tax [Line Items] | |||
Tax credit carryforwards amount | $ 700,000 |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Components of Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 412,850 | $ 224,372 |
Accruals and reserves | 9,209 | 4,767 |
Lease liabilities | 11,217 | 7,875 |
Stock-based compensation | 8,994 | 7,382 |
Tax credits | 23,116 | 12,174 |
Gross deferred tax assets | 465,386 | 256,570 |
Valuation allowance | (177,918) | (160,510) |
Total deferred tax assets, net of valuation allowance | 287,468 | 96,060 |
Deferred tax liabilities: | ||
Fixed assets and intangibles assets | (146,441) | (22,564) |
Accruals and reserves | (1,874) | (1,527) |
Right-of-use assets | (10,743) | (7,495) |
Discount on convertible notes | (158,438) | (63,788) |
Gross deferred tax liabilities | (317,496) | (95,374) |
Net deferred tax (liabilities) assets | $ (30,028) | |
Net deferred tax (liabilities) assets | $ 686 |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefit — beginning of year | $ 14,864 | $ 20,077 | $ 12,663 |
Gross increases — prior year tax positions | 52 | 620 | 295 |
Gross decreases — prior year tax positions | (160) | (11,538) | (8) |
Gross increases — acquisitions | 3,282 | 4,174 | 0 |
Gross increases — current year tax positions | 2,586 | 1,531 | 7,127 |
Settlements | (32) | 0 | 0 |
Unrecognized tax benefit — end of year | $ 20,592 | $ 14,864 | $ 20,077 |
Net Loss per Share - Computatio
Net Loss per Share - Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Numerator: | |||||||||||
Net loss attributable to common stockholders | $ (180,117) | $ (90,832) | $ (55,524) | ||||||||
Denominator: | |||||||||||
Weighted-average common shares outstanding | 68,559 | 62,484 | 57,716 | ||||||||
Net loss per share, basic and diluted (in dollars per share) | $ 0.85 | $ 0.88 | $ 0.64 | $ 0.23 | $ 0.38 | $ 0.42 | $ 0.32 | $ 0.34 | $ (2.63) | $ (1.45) | $ (0.96) |
Net Loss per Share - Potentiall
Net Loss per Share - Potentially Dilutive Securities Not Included in Diluted per Share Calculations (Details) - shares | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 5,824,289 | 7,626,150 | 10,440,815 |
Options to purchase common stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 2,608,640 | 4,233,435 | 6,850,928 |
RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 2,530,280 | 2,830,782 | 2,792,117 |
Unvested common shares subject to repurchase | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 243,775 | 66,450 | 193,894 |
Shares committed under the ESPP | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 64,456 | 80,775 | 189,168 |
Contingent stock consideration for DCR acquisition | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 377,138 | 377,138 | 377,138 |
Holdback shares for Aquiire acquisition | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 0 | 37,570 | 37,570 |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Details) - $ / shares shares in Millions | 12 Months Ended | |||
Jan. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jan. 31, 2018 | |
0.375% Convertible Senior Notes Due 2026 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Additionally shares underlying conversion option (in shares) | 4.7 | |||
Debt instrument, Initial conversion price per share (in dollars per share) | $ 296.45 | |||
0.375% Convertible Senior Notes Due 2026 | Maximum | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of shares subject to adjustment (in shares) | 6.2 | |||
0.125% Convertible Senior Notes Due 2025 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Additionally shares underlying conversion option (in shares) | 5 | |||
Debt instrument, Initial conversion price per share (in dollars per share) | $ 159.60 | |||
0.125% Convertible Senior Notes Due 2025 | Maximum | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of shares subject to adjustment (in shares) | 6.8 | |||
0.375% Convertible Senior Notes Due 2023 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Additionally shares underlying conversion option (in shares) | 0.2 | |||
Debt instrument, Initial conversion price per share (in dollars per share) | $ 44.5068 | |||
0.375% Convertible Senior Notes Due 2023 | Maximum | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of shares subject to adjustment (in shares) | 0.3 | |||
Common Stock | 0.375% Convertible Senior Notes Due 2026 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Debt instrument, Initial conversion price per share (in dollars per share) | $ 296.45 | |||
Common Stock | 0.125% Convertible Senior Notes Due 2025 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Debt instrument, Initial conversion price per share (in dollars per share) | $ 159.60 | |||
Common Stock | 0.375% Convertible Senior Notes Due 2023 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Additionally shares underlying conversion option (in shares) | 2.2 | |||
Debt instrument, Initial conversion price per share (in dollars per share) | $ 44.51 |
Business Segment Information -
Business Segment Information - Additional Information (Details) | 12 Months Ended |
Jan. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of reporting segment | 1 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Percentage of employees contribution to defined plan | 90.00% | ||
Company’s contributions to defined plan | $ 3.9 | $ 2.9 | $ 2 |
Related Parties (Details)
Related Parties (Details) - Morgan Stanley - Capped Call Options - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jan. 31, 2018 | Jan. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Fees paid | $ 29.7 | $ 7 | |
2025 Notes | |||
Related Party Transaction [Line Items] | |||
Fees earned | $ 8 | ||
2023 Notes | |||
Related Party Transaction [Line Items] | |||
Fees earned | $ 2.8 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) - Summary of Selected Unaudited Quarterly Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 163,544 | $ 132,964 | $ 125,921 | $ 119,214 | $ 111,452 | $ 101,784 | $ 95,139 | $ 81,344 | $ 541,643 | $ 389,719 | $ 260,366 |
Gross profit | 83,907 | 82,177 | 77,482 | 76,376 | 71,349 | 64,490 | 60,649 | 54,015 | 319,942 | 250,503 | 176,912 |
Loss from operations | 95,357 | 33,647 | 31,923 | 5,626 | 15,869 | 16,945 | 22,804 | 17,807 | 166,553 | 73,425 | 47,360 |
Net loss | $ 61,387 | $ 60,798 | $ 43,116 | $ 14,816 | $ 24,053 | $ 26,317 | $ 19,994 | $ 20,468 | $ 180,117 | $ 90,832 | $ 55,524 |
Net loss per share, basic and diluted (in dollars per share) | $ 0.85 | $ 0.88 | $ 0.64 | $ 0.23 | $ 0.38 | $ 0.42 | $ 0.32 | $ 0.34 | $ (2.63) | $ (1.45) | $ (0.96) |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event $ in Millions | Feb. 01, 2021USD ($)shares |
Subsequent Event [Line Items] | |
Cash consideration adjustment period | 90 days |
Pana Industries, Inc. | |
Subsequent Event [Line Items] | |
Total cash paid | $ | $ 48.5 |
Number of common stock issued under purchase consideration (in shares) | shares | 23,822 |