Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 31, 2017 | Sep. 05, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | COUP | |
Entity Registrant Name | Coupa Software Incorporated | |
Entity Central Index Key | 1,385,867 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 53,604,171 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2017 | Jan. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 208,340 | $ 201,721 |
Accounts receivable, net of allowances | 36,730 | 47,614 |
Prepaid expenses and other current assets | 7,652 | 9,150 |
Deferred commissions, current portion | 2,978 | 3,091 |
Total current assets | 255,700 | 261,576 |
Property and equipment, net | 4,654 | 4,642 |
Deferred commissions, net of current portion | 2,870 | 2,895 |
Goodwill | 37,146 | 6,306 |
Intangible assets, net | 17,521 | 5,848 |
Other assets | 3,643 | 2,597 |
Total assets | 321,534 | 283,864 |
Current liabilities: | ||
Accounts payable | 1,056 | 1,175 |
Accrued expenses and other current liabilities | 25,435 | 17,490 |
Deferred revenue, current portion | 94,758 | 89,872 |
Total current liabilities | 121,249 | 108,537 |
Deferred revenue, net of current portion | 1,023 | 968 |
Other liabilities | 4,262 | 467 |
Total liabilities | 126,534 | 109,972 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value per share; 25,000,000 shares authorized at July 31, 2017 and January 31, 2017; zero shares issued and outstanding at July 31, 2017 and January 31, 2017, respectively | ||
Common stock, $0.0001 par value per share; 625,000,000 shares authorized at July 31, 2017 and January 31, 2017; 53,504,272 and 50,251,541 shares issued and outstanding at July 31, 2017 and January 31, 2017, respectively | 6 | 5 |
Additional paid-in capital | 379,450 | 334,363 |
Accumulated deficit | (184,456) | (160,476) |
Total stockholders’ equity | 195,000 | 173,892 |
Total liabilities and stockholders’ equity | $ 321,534 | $ 283,864 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2017 | Jan. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 625,000,000 | 625,000,000 |
Common stock, shares issued | 53,504,272 | 50,251,541 |
Common stock, shares outstanding | 53,504,272 | 50,251,541 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Revenues: | ||||
Subscription services | $ 39,764,000 | $ 27,783,000 | $ 75,428,000 | $ 53,155,000 |
Professional services and other | 4,787,000 | 3,349,000 | 10,260,000 | 7,160,000 |
Total revenues | 44,551,000 | 31,132,000 | 85,688,000 | 60,315,000 |
Cost of revenues: | ||||
Subscription services | 9,025,000 | 6,029,000 | 17,021,000 | 12,079,000 |
Professional services and other | 5,923,000 | 5,452,000 | 11,424,000 | 11,420,000 |
Total cost of revenues | 14,948,000 | 11,481,000 | 28,445,000 | 23,499,000 |
Gross profit | 29,603,000 | 19,651,000 | 57,243,000 | 36,816,000 |
Operating expenses: | ||||
Research and development | 10,720,000 | 7,206,000 | 19,892,000 | 15,046,000 |
Sales and marketing | 23,812,000 | 19,252,000 | 44,490,000 | 35,088,000 |
General and administrative | 9,430,000 | 4,620,000 | 17,607,000 | 10,173,000 |
Total operating expenses | 43,962,000 | 31,078,000 | 81,989,000 | 60,307,000 |
Loss from operations | (14,359,000) | (11,427,000) | (24,746,000) | (23,491,000) |
Other income (expense), net | 707,000 | (846,000) | 1,141,000 | (523,000) |
Loss before provision for income taxes | (13,652,000) | (12,273,000) | (23,605,000) | (24,014,000) |
Provision for income taxes | 90,000 | 165,000 | 175,000 | 291,000 |
Net loss and comprehensive loss | $ (13,742,000) | $ (12,438,000) | $ (23,780,000) | $ (24,305,000) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.26) | $ (2.13) | $ (0.46) | $ (4.25) |
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted | 52,749 | 5,826 | 51,681 | 5,721 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Cash flows from operating activities | ||
Net loss | $ (23,780) | $ (24,305) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 3,613 | 2,104 |
Amortization of deferred commissions | 2,011 | 2,024 |
Stock-based compensation | 12,916 | 3,265 |
Other non-cash items | 202 | 117 |
Changes in operating assets and liabilities net of effects from acquisitions: | ||
Accounts receivable | 11,854 | 1,247 |
Prepaid expenses and other current assets | 1,802 | (107) |
Other assets | 893 | (879) |
Deferred commissions | (1,873) | (1,530) |
Accounts payable | (299) | 1,101 |
Accrued expenses and other liabilities | 5,158 | 2,034 |
Deferred revenue | 3,841 | 7,210 |
Net cash provided by (used in) operating activities | 16,338 | (7,719) |
Cash flows from investing activities | ||
Acquisitions, net of cash acquired | (39,073) | |
Purchase of property and equipment | (2,101) | (2,456) |
Increase in restricted cash | (217) | |
Net cash used in investing activities | (41,391) | (2,456) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock, net of underwriting discounts, commissions and offering costs | 22,264 | (2,824) |
Proceeds from the exercise of common stock options | 6,383 | 577 |
Excess tax benefit from stock-based compensation | 17 | |
Proceeds from issuance of common stock for employee stock purchase plan | 3,025 | |
Net cash provided by (used in) financing activities | 31,672 | (2,230) |
Net increase (decrease) in cash and cash equivalents | 6,619 | (12,405) |
Cash and cash equivalents at beginning of period | 201,721 | 92,348 |
Cash and cash equivalents at end of period | 208,340 | 79,943 |
Supplemental disclosure of cash flow data | ||
Cash paid for income taxes | 433 | 80 |
Supplemental disclosure of non-cash investing and financing activities | ||
Vesting of early exercised stock options | 263 | 212 |
Property and equipment included in accounts payable and accrued expenses and other current liabilities | $ 63 | 132 |
Offering costs included in accounts payable and accrued expenses and other current liabilities | $ 544 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jul. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of Business | Note 1. Organization and Description of Business Coupa Software Incorporated (the “Company” or “we”) was incorporated in the state of Delaware in 2006. The Company provides a unified, cloud-based spend management platform that provides greater visibility into and control over how companies spend money. The platform enables businesses to achieve savings that drive profitability. The Company is based in San Mateo, California . |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jul. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2017 filed with the SEC on April 3, 2017 (the “Form 10-K”). 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. The condensed consolidated balance sheet as of January 31, 2017, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results to be expected for the full fiscal year or any other period. There have been no changes to our significant accounting policies described in the Form 10-K. 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 the valuation of accounts receivable, the lives of tangible and intangible assets, stock-based compensation, revenue recognition, the valuation of acquired intangible assets, and provisions for 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. Concentration of Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents and accounts receivable. Cash deposits may, at times, exceed amounts insured by the Federal Deposit Insurance Corporation and the Securities Investor Protection Corporation. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. 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 is composed only of net loss. New Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Revenue Recognition Revenue Recognition-Construction-Type and Production-Type Contracts In February 2016, the FASB issued ASU No. 2016-02, Leases In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment |
Business Combination
Business Combination | 6 Months Ended |
Jul. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combination | Note 3. Business Combination On May 3, 2017, the Company acquired substantially all of the issued and outstanding capital stock held by shareholders of Trade Extensions TradeExt AB (“Trade Extensions”), a Swedish corporation. The acquisition enabled the Company to broaden its cloud platform for business spend, particularly in the area of strategic sourcing. 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 preliminary fair values on the acquisition date. Upon the closing of the acquisition, the Company paid aggregate consideration of approximately $40.9 million in cash, of which $7.2 million is being held in escrow for 18 months after the transaction closing date. In addition, approximately $4.1 million in the form of 148,476 shares of the Company’s common stock was issued to certain key employees of Trade Extensions, which stock is subject to service vesting conditions including continued employment with the Company and were unvested as at July 31, 2017. The value assigned to the common stock issued will be recorded as post-acquisition compensation expense and has been excluded from the purchase consideration. The major classes of assets and liabilities to which we have preliminarily allocated the fair value of purchase consideration were as follows: (in thousands): May 3, 2017 Cash and cash equivalents $ 2,016 Accounts receivable 1,172 Intangible assets 12,960 Other assets 2,086 Goodwill 30,840 Accounts payable and other liabilities (8,125 ) Total consideration $ 40,949 Other assets includes indemnification assets totaling $1.4 million due to assumed liability for which the seller is responsible. The goodwill recognized was primarily attributed to increased synergies that are expected to be achieved from the integration of Trade Extensions and is not expected to be deductible for income tax purposes. The Company determined the preliminary fair values of intangible assets acquired with the assistance of third party valuation consultants. Based on this preliminary valuation, the intangible assets acquired are (in thousands): Fair Value Weighted Average Amortization Period (in Years) Developed technology $ 9,700 7 Customer relationships 3,100 5 Trademarks 160 1 Total intangible assets $ 12,960 The Company incurred costs related to this acquisition of approximately $526,000 for the six months ended July 31, 2017. All acquisition related costs were expensed as incurred and have been recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations. The revenue and earnings of Trade Extensions 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 to the Company’s condensed consolidated financial statements would be immaterial. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4 . Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Subsequent changes in fair value of these financial assets and liabilities are recognized in earnings or other comprehensive income when they occur. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair 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. The following table summarizes the Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis (in thousands): Level 1 Level 2 Level 3 Total July 31, 2017 Money market funds (1) $ 170,570 $ - $ - $ 170,570 January 31, 2017 Money market funds (1) $ 178,245 $ - $ - $ 178,245 (1) Included in cash and cash equivalents. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jul. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 5 . Property and Equipment Property and equipment consisted of the following (in thousands): July 31, January 31, 2017 2017 Furniture and equipment $ 1,513 $ 1,415 Software development costs 14,551 12,376 Leasehold improvements 458 458 Gross property and equipment 16,522 14,249 Less: accumulated depreciation and amortization (11,868 ) (9,607 ) Total property and equipment, net $ 4,654 $ 4,642 Depreciation and amortization expense related to property and equipment, excluding software development costs, was approximately $124,000 and $112,000 for the three months ended July 31, 2017 and 2016, respectively, and $239,000 and $202,000 for the six months ended July 31, 2017 and 2016, respectively . Amortization expense related to software development costs was approximately $1.0 million and $813,000 for the three months ended July 31, 2017 and 2016, respectively, and $2.0 million and $1.5 million for the six months ended July 31, 2017 and 2016, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jul. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 6 . Goodwill and Other Intangible Assets Goodwill The following table represents the changes in goodwill (in thousands): Balance at January 31, 2017 $ 6,306 Additions from acquisition 30,840 Balance at July 31, 2017 $ 37,146 The increase in goodwill is due to the acquisition of Trade Extensions as discussed in Note 3. Other Intangible Assets The following table summarizes the other intangible asset balances (in thousands): As of July 31, 2017 January 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 17,086 $ (2,648 ) 14,438 $ 7,210 $ (1,393 ) 5,817 Customer relationships 3,174 (212 ) 2,962 74 (43 ) 31 Trademarks 160 (39 ) 121 - - - Total other intangible assets $ 20,420 $ (2,899 ) $ 17,521 $ 7,284 $ (1,436 ) $ 5,848 Amortization expense related to other intangible assets was approximately $977,000 and $220,000 for the three months ended July 31, 2017 and 2016, respectively, and $1.5 million and $432,000 for the six months ended July 31, 2017 and 2016, respectively. As of July 31, 2017, the future amortization expense of other intangible assets is as follows (in thousands): Year Ending January 31, 2018 (remaining six months) $ 1,817 2019 3,221 2020 3,111 2021 3,092 2022 2,996 Thereafter 3,284 Total $ 17,521 |
Common Stock and Stockholders'
Common Stock and Stockholders' Equity | 6 Months Ended |
Jul. 31, 2017 | |
Equity [Abstract] | |
Common Stock and Stockholders' Equity | Note 7 . Common Stock and Stockholders’ Equity Common Stock Each share of common stock has the right to one vote. Preferred Stock As of July 31, 2017 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, 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. The Company has reserved 5,255,046 shares of its common stock for 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 six months ended July 31, 2017 (aggregate intrinsic value in thousands): Options Outstanding Outstanding Stock Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual (in Years) Aggregate Intrinsic Value Balance at January 31, 2017 13,016,402 $ 5.60 7.92 $ 265,542 Option grants 406,686 $ 23.84 Options exercised (1,830,867 ) $ 3.49 Options forfeited (462,606 ) $ 6.92 Balance at July 31, 2017 11,129,615 $ 6.56 7.65 $ 268,956 Exercisable at July 31, 2017 6,153,537 $ 4.36 7.01 $ 162,270 The options exercisable as of July 31, 2017 include options that are exercisable prior to vesting. The aggregate intrinsic value of options vested and expected to vest and exercisable as of July 31, 2017 is calculated based on the difference between the exercise price and the fair value of the Company’s common stock as of July 31, 2017. The aggregate intrinsic value of exercised options was $16.8 million and $575,000 for the three months ended July 31, 2017 and 2016, respectively, and $44.5 million and $2.2 million for the six months ended July 31, 2017 and 2016, 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. The weighted-average grant date fair value of options granted was not applicable for the three months ended July 31, 2017 as no options were granted during this period During each of the three months ended July 31, 2017 and 2016, zero options were granted to non-employees. During the six months ended July 31, 2017 and 2016, zero Early Exercises of Stock Options Certain option grants under the 2006 Stock Plan are allowed to be exercised prior to vesting. The unvested shares of common stock exercised are subject to the Company’s right to repurchase at the lower of the original exercise price or the fair market value of the share at the time the repurchase right is exercised. Early exercises of options are not deemed to be substantive exercises for accounting purposes and accordingly, amounts received for early exercises are initially recorded in accrued expenses and other current liabilities and reclassified to additional paid-in capital as the underlying shares vest. At July 31, 2017, the Company had $2.3 million recorded in accrued expenses and other current liabilities related to early exercises of stock options, and the related number of unvested shares subject to repurchase was 217,181. Restricted Stock Units (“RSUs”) The following table summarizes the activity related to the Company’s RSUs: Number of RSUs Outstanding Weighted-Average Grant Date Fair Value Awarded and unvested at January 31, 2017 77,883 $ 18.38 Awards granted 1,924,386 $ 25.34 Awards vested (88,646 ) $ 22.71 Awards forfeited (57,777 ) $ 17.50 Awarded and unvested at July 31, 2017 1,855,846 $ 25.41 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 our 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. The Company has reserved 1,123,484 shares of its common stock for issuance 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 ends on September 15, 2018, and new 24 month offering periods will begin on each March 16 and 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 the 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 the lower of (i) 85% of the fair market value per share on the first day of the applicable offering period (or, in the case of the initial offering period, the price at which one share of common stock is offered to the public in its initial public offering) or (ii) 85% of the fair market value per share on the applicable purchase date. As of July 31, 2017, 197,781 Market-based Options In September 2016, the Board of Directors granted 544,127 stock options to the Chief Executive Officer (the “2016 CEO Grant”) under the 2006 Equity Plan with an exercise price of $13.04 per share is eligible to vest based on the achievement of stock price appreciation targets after the consummation of the initial public offering, as well as continuous service over a four-year period following the grant date. For the three months ended July 31, 2017, the total stock-based compensation expense recognized was approximately July 31, 2017 Stock-based Compensation The Company’s total stock-based compensation expense as of the dates indicated was as follows (in thousands): Three Months Ended Six Months Ended July 31, July 31, 2017 2016 2017 2016 Cost of revenue: Subscription services $ 529 $ 140 $ 884 $ 265 Professional services and other 716 109 1,280 244 Research and development 1,647 303 2,799 625 Sales and marketing 2,340 441 3,940 911 General and administrative 2,406 566 4,013 1,220 Total $ 7,638 $ 1,559 $ 12,916 $ 3,265 Stock-based compensation capitalized in capitalized software development costs was approximately $263,000 at July 31, 2017. Of the total stock-based compensation expense, costs recognized for options granted to non-employees were immaterial for all periods presented. As of July 31, 2017 there was approximately $24.7 million 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 is expected to be recognized over an estimated weighted-average amortization period of approximately 2.37 years. As of July 31, 2017 there was approximately $45.0 million of total unrecognized compensation cost related to unvested restricted stock units granted to employees under the 2016 Equity Incentive Plan. This unrecognized compensation cost is expected to be recognized over an estimated weighted-average amortization period of approximately 3.63 years. No stock options were granted during the three months ended July 31, 2017. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8 . Commitments and Contingencies Commitments The Company leases office space under non-cancelable operating leases with various expiration dates through September 2024. Rent expense, which is being recognized on a straight-line basis over the lease term, was approximately $1.5 million and $1.0 million for the three months ended July 31, 2017 and 2016, respectively, and $2.5 million and $1.9 million for the six months ended July 31, 2017 and 2016, respectively. The difference between the lease payments made and the lease expense recognized to date using the straight-line method is recorded as a liability and included within accrued expenses and other current liabilities in the accompanying consolidated balance sheet. Future minimum lease payments required under these agreements as of July 31, 2017 are as follows (in thousands): Year Ending January 31, 2018 (remaining six months) $ 2,496 2019 5,639 2020 5,768 2021 5,555 2022 5,494 Thereafter 11,295 Total $ 36,247 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. 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 industry standards and in accordance with the Company’s on-line documentation under normal use and circumstances. The Company includes service level commitments to its customers, typically regarding certain levels of uptime reliability and performance. 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 certain 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. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 . Income Taxes The Company is subject to federal and various state income taxes in the United States as well as other foreign jurisdictions in which it conducts business. Earnings from non-U.S. activities are subject to local country income tax. The Company does not provide for federal income taxes on the undistributed earnings of its foreign subsidiaries as such earnings are reinvested indefinitely. The Company recorded a tax provision of approximately $90,000 and $165,000 for the three months ended July 31, 2017 and 2016, respectively. The Company recorded a tax provision of approximately $175,000 and $291,000 for the six months ended July 31, 2017 and 2016, respectively, representing effective tax rates of (1.52)% and (1.22)% respectively. The decrease in the provision for income taxes during the three and six months ended July 31, 2017 compared to the three and six months ended July 31, 2016, was primarily due to tax benefits from excess stock-based compensation deductions, partially offset by an increase in the provision for foreign taxes. The difference between the U.S. federal statutory tax rate of 34% 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. and Canada deferred tax assets offset by foreign tax expense on the Company’s profitable foreign operations. 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. |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 6 Months Ended |
Jul. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | Note 10 . Net Loss per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders 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 attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders 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 attributable to common stockholders during the three and six months ended July 31, 2017 and 2016 (in thousands, except per share amounts): Three Months Ended Six Months Ended July 31, July 31, 2017 2016 2017 2016 Numerator: Net loss attributable to common stockholders $ (13,742 ) $ (12,438 ) $ (23,780 ) $ (24,305 ) Denominator: Weighted-average common shares outstanding 52,749 5,826 51,681 5,721 Net loss per share attributable to common stockholders, basic and diluted $ (0.26 ) $ (2.13 ) $ (0.46 ) $ (4.25 ) Since the Company was in a loss position for all periods presented, basic net loss per share attributable to common stockholders 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 July 31, 2017 2016 Convertible preferred stock as converted - 34,610,979 Options to purchase common stock 11,129,615 12,395,877 RSUs 1,855,846 56,250 Unvested common shares subject to repurchase 414,126 188,628 Shares committed under the ESPP 188,788 - Convertible preferred stock warrants - 36,971 Total 13,588,375 47,288,705 |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jul. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 11. Business Segment Information The 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. |
Significant Customers and Geogr
Significant Customers and Geographic Information | 6 Months Ended |
Jul. 31, 2017 | |
Geographic Areas Revenues From External Customers [Abstract] | |
Significant Customers and Geographic Information | Note 12 . Significant Customers and Geographic Information No customer balance comprised 10% or more of total accounts receivable at July 31, 2017 or January 31, 2017. During the three and six months ended July 31, 2017 and July 31, 2016, revenues by geographic area, based on billing addresses of the customers, were as follows (in thousands): Three Months Ended Six Months Ended July 31, July 31, 2017 2016 2017 2016 United States $ 28,751 $ 21,942 $ 56,062 $ 42,610 Foreign countries 15,800 9,190 29,626 17,705 Total revenues $ 44,551 $ 31,132 $ 85,688 $ 60,315 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. |
Related Parties
Related Parties | 6 Months Ended |
Jul. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 13. Related Parties One of the Company’s customers, T. Rowe Associates, Inc., is an investment adviser of certain of the Company’s stockholders. The Company recognized subscription revenue from this customer of approximately $135,000 and $127,000 for the three months ended July 31, 2017 and 2016, respectively, and approximately $264,000 and $247,000 for the six months ended July 31, 2017 and 2016, respectively. The Company had no outstanding receivables from this customer as of July 31, 2017 or January 31, 2017. |
Significant Accounting Polici19
Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2017 filed with the SEC on April 3, 2017 (the “Form 10-K”). 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. The condensed consolidated balance sheet as of January 31, 2017, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results to be expected for the full fiscal year or any other period. There have been no changes to our significant accounting policies described in the Form 10-K. |
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 the valuation of accounts receivable, the lives of tangible and intangible assets, stock-based compensation, revenue recognition, the valuation of acquired intangible assets, and provisions for 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. |
Concentration of Risk | Concentration of Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents and accounts receivable. Cash deposits may, at times, exceed amounts insured by the Federal Deposit Insurance Corporation and the Securities Investor Protection Corporation. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. |
Comprehensive Loss | 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 is composed only of net loss. |
New Accounting Pronouncements Not Yet Adopted | New Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Revenue Recognition Revenue Recognition-Construction-Type and Production-Type Contracts In February 2016, the FASB issued ASU No. 2016-02, Leases In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment |
Business Combination (Tables)
Business Combination (Tables) | 6 Months Ended |
Jul. 31, 2017 | |
Business Combinations [Abstract] | |
Summary of Major Classes of Assets and Liabilities Preliminarily Allocated the Fair Value of Purchase Consideration | The major classes of assets and liabilities to which we have preliminarily allocated the fair value of purchase consideration were as follows: (in thousands): May 3, 2017 Cash and cash equivalents $ 2,016 Accounts receivable 1,172 Intangible assets 12,960 Other assets 2,086 Goodwill 30,840 Accounts payable and other liabilities (8,125 ) Total consideration $ 40,949 |
Summary of Intangible Assets Acquired Based on Preliminary Valuation | The Company determined the preliminary fair values of intangible assets acquired with the assistance of third party valuation consultants. Based on this preliminary valuation, the intangible assets acquired are (in thousands): Fair Value Weighted Average Amortization Period (in Years) Developed technology $ 9,700 7 Customer relationships 3,100 5 Trademarks 160 1 Total intangible assets $ 12,960 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Hierarchy for Financial Assets Measured at Fair Value on Recurring Basis | The following table summarizes the Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis (in thousands): Level 1 Level 2 Level 3 Total July 31, 2017 Money market funds (1) $ 170,570 $ - $ - $ 170,570 January 31, 2017 Money market funds (1) $ 178,245 $ - $ - $ 178,245 (1) Included in cash and cash equivalents. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jul. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following (in thousands): July 31, January 31, 2017 2017 Furniture and equipment $ 1,513 $ 1,415 Software development costs 14,551 12,376 Leasehold improvements 458 458 Gross property and equipment 16,522 14,249 Less: accumulated depreciation and amortization (11,868 ) (9,607 ) Total property and equipment, net $ 4,654 $ 4,642 |
Goodwill and Other Intangible23
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jul. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | The following table represents the changes in goodwill (in thousands): Balance at January 31, 2017 $ 6,306 Additions from acquisition 30,840 Balance at July 31, 2017 $ 37,146 |
Summary of Other Intangible Asset Balances | The following table summarizes the other intangible asset balances (in thousands): As of July 31, 2017 January 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 17,086 $ (2,648 ) 14,438 $ 7,210 $ (1,393 ) 5,817 Customer relationships 3,174 (212 ) 2,962 74 (43 ) 31 Trademarks 160 (39 ) 121 - - - Total other intangible assets $ 20,420 $ (2,899 ) $ 17,521 $ 7,284 $ (1,436 ) $ 5,848 |
Future Amortization Expense of Other Intangible Assets | As of July 31, 2017, the future amortization expense of other intangible assets is as follows (in thousands): Year Ending January 31, 2018 (remaining six months) $ 1,817 2019 3,221 2020 3,111 2021 3,092 2022 2,996 Thereafter 3,284 Total $ 17,521 |
Common Stock and Stockholders24
Common Stock and Stockholders' Equity (Tables) | 6 Months Ended |
Jul. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [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 six months ended July 31, 2017 (aggregate intrinsic value in thousands): Options Outstanding Outstanding Stock Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual (in Years) Aggregate Intrinsic Value Balance at January 31, 2017 13,016,402 $ 5.60 7.92 $ 265,542 Option grants 406,686 $ 23.84 Options exercised (1,830,867 ) $ 3.49 Options forfeited (462,606 ) $ 6.92 Balance at July 31, 2017 11,129,615 $ 6.56 7.65 $ 268,956 Exercisable at July 31, 2017 6,153,537 $ 4.36 7.01 $ 162,270 |
Summary of Activity Related to RSUs | The following table summarizes the activity related to the Company’s RSUs: Number of RSUs Outstanding Weighted-Average Grant Date Fair Value Awarded and unvested at January 31, 2017 77,883 $ 18.38 Awards granted 1,924,386 $ 25.34 Awards vested (88,646 ) $ 22.71 Awards forfeited (57,777 ) $ 17.50 Awarded and unvested at July 31, 2017 1,855,846 $ 25.41 |
Total Stock-Based Compensation Expense | The Company’s total stock-based compensation expense as of the dates indicated was as follows (in thousands): Three Months Ended Six Months Ended July 31, July 31, 2017 2016 2017 2016 Cost of revenue: Subscription services $ 529 $ 140 $ 884 $ 265 Professional services and other 716 109 1,280 244 Research and development 1,647 303 2,799 625 Sales and marketing 2,340 441 3,940 911 General and administrative 2,406 566 4,013 1,220 Total $ 7,638 $ 1,559 $ 12,916 $ 3,265 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jul. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments Under Non Cancellable Operating Leases | Future minimum lease payments required under these agreements as of July 31, 2017 are as follows (in thousands): Year Ending January 31, 2018 (remaining six months) $ 2,496 2019 5,639 2020 5,768 2021 5,555 2022 5,494 Thereafter 11,295 Total $ 36,247 |
Net Loss per Share Attributab26
Net Loss per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jul. 31, 2017 | |
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 attributable to common stockholders during the three and six months ended July 31, 2017 and 2016 (in thousands, except per share amounts): Three Months Ended Six Months Ended July 31, July 31, 2017 2016 2017 2016 Numerator: Net loss attributable to common stockholders $ (13,742 ) $ (12,438 ) $ (23,780 ) $ (24,305 ) Denominator: Weighted-average common shares outstanding 52,749 5,826 51,681 5,721 Net loss per share attributable to common stockholders, basic and diluted $ (0.26 ) $ (2.13 ) $ (0.46 ) $ (4.25 ) |
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 July 31, 2017 2016 Convertible preferred stock as converted - 34,610,979 Options to purchase common stock 11,129,615 12,395,877 RSUs 1,855,846 56,250 Unvested common shares subject to repurchase 414,126 188,628 Shares committed under the ESPP 188,788 - Convertible preferred stock warrants - 36,971 Total 13,588,375 47,288,705 |
Significant Customers and Geo27
Significant Customers and Geographic Information (Tables) | 6 Months Ended |
Jul. 31, 2017 | |
Geographic Areas Revenues From External Customers [Abstract] | |
Revenues by Geographic Area | During the three and six months ended July 31, 2017 and July 31, 2016, revenues by geographic area, based on billing addresses of the customers, were as follows (in thousands): Three Months Ended Six Months Ended July 31, July 31, 2017 2016 2017 2016 United States $ 28,751 $ 21,942 $ 56,062 $ 42,610 Foreign countries 15,800 9,190 29,626 17,705 Total revenues $ 44,551 $ 31,132 $ 85,688 $ 60,315 |
Business Combination - Addition
Business Combination - Additional Information (Details) - Trade Extensions - USD ($) $ in Thousands | May 03, 2017 | Jul. 31, 2017 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Business acquisition, effective date of acquisition | May 3, 2017 | |
Business acquisition consideration paid in cash | $ 40,900 | |
Amount held in escrow deposit | $ 7,200 | |
Escrow deposit held in period | 18 months | |
Stock issued during period, value acquisitions | $ 4,100 | |
Number of common stock issued under purchase consideration | 148,476 | |
Acquisition related costs | $ 526,000 | |
Other assets | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Business combination, indemnification assets | $ 1,400 |
Business Combination - Summary
Business Combination - Summary of Major Classes of Assets and Liabilities Preliminarily Allocated the Purchase Price (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | May 03, 2017 | Jan. 31, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 37,146 | $ 6,306 | |
Trade Extensions | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 2,016 | ||
Accounts receivable | 1,172 | ||
Intangible assets | 12,960 | ||
Other assets | 2,086 | ||
Goodwill | 30,840 | ||
Accounts payable and other liabilities | (8,125) | ||
Total consideration | $ 40,949 |
Business Combination - Summar30
Business Combination - Summary of Intangible Assets Acquired Based on Preliminary Valuation (Details) - Trade Extensions $ in Thousands | May 03, 2017USD ($) |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible Assets, Fair Value | $ 12,960 |
Developed technology | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible Assets, Fair Value | $ 9,700 |
Ingantibel Assets, Weighted Average Amortization Period (in Years) | 7 years |
Customer relationships | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible Assets, Fair Value | $ 3,100 |
Ingantibel Assets, Weighted Average Amortization Period (in Years) | 5 years |
Trademarks | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible Assets, Fair Value | $ 160 |
Ingantibel Assets, Weighted Average Amortization Period (in Years) | 1 year |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Hierarchy for Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair value measurements recurring - Money market funds - USD ($) $ in Thousands | Jul. 31, 2017 | Jan. 31, 2017 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | $ 170,570 | $ 178,245 |
Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | $ 170,570 | $ 178,245 |
[1] | Included in cash and cash equivalents. |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Jan. 31, 2017 |
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | $ 16,522 | $ 14,249 |
Less: accumulated depreciation and amortization | (11,868) | (9,607) |
Total property and equipment, net | 4,654 | 4,642 |
Furniture and equipment | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | 1,513 | 1,415 |
Software development costs | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | 14,551 | 12,376 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | $ 458 | $ 458 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation and amortization expense excluding software development costs | $ 124,000 | $ 112,000 | $ 239,000 | $ 202,000 |
Amortization expense related to software development costs | $ 1,000,000 | $ 813,000 | $ 2,000,000 | $ 1,500,000 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets - Changes in Goodwill (Details) $ in Thousands | 6 Months Ended |
Jul. 31, 2017USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Balance at January 31, 2017 | $ 6,306 |
Additions from acquisition | 30,840 |
Balance at July 31, 2017 | $ 37,146 |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets - Summary of Other Intangible Asset Balances (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Jan. 31, 2017 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 20,420 | $ 7,284 |
Accumulated Amortization | (2,899) | (1,436) |
Net Carrying Amount | 17,521 | 5,848 |
Developed technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 17,086 | 7,210 |
Accumulated Amortization | (2,648) | (1,393) |
Net Carrying Amount | 14,438 | 5,817 |
Customer relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,174 | 74 |
Accumulated Amortization | (212) | (43) |
Net Carrying Amount | 2,962 | $ 31 |
Trademarks | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 160 | |
Accumulated Amortization | (39) | |
Net Carrying Amount | $ 121 |
Goodwill and Other Intangible36
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization expense related to other intangible assets | $ 977,000 | $ 220,000 | $ 1,500,000 | $ 432,000 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets - Future Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Jan. 31, 2017 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2018 (remaining six months) | $ 1,817 | |
2,019 | 3,221 | |
2,020 | 3,111 | |
2,021 | 3,092 | |
2,022 | 2,996 | |
Thereafter | 3,284 | |
Net Carrying Amount | $ 17,521 | $ 5,848 |
Common Stock and Stockholders38
Common Stock and Stockholders' Equity - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 138 Months Ended | ||||
Sep. 30, 2016$ / sharesshares | Jul. 31, 2017USD ($)Vote$ / sharesshares | Jul. 31, 2016USD ($)$ / sharesshares | Jul. 31, 2017USD ($)VotePeriod$ / sharesshares | Jul. 31, 2016USD ($)$ / sharesshares | Jul. 31, 2017USD ($)Vote$ / sharesshares | Jan. 31, 2017$ / sharesshares | Oct. 05, 2016shares | |
Class Of Stock [Line Items] | ||||||||
Common stock voting rights | Each share of common stock has the right to one vote. | |||||||
Number of common stock voting rights | Vote | 1 | 1 | 1 | |||||
Dividends declared | $ | $ 0 | |||||||
Dividends paid | $ | $ 0 | |||||||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | ||||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Preferred stock, shares issued | 0 | 0 | 0 | 0 | ||||
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | ||||
Aggregate intrinsic value of exercised options | $ | $ 16,800,000 | $ 575,000 | $ 44,500,000 | $ 2,200,000 | ||||
Weighted-average grant date fair value of options granted | $ / shares | $ 3.92 | $ 11.04 | $ 3.72 | |||||
Number of options granted | 0 | |||||||
Number of unvested shares subject to repurchase due to early exercises of options | 217,181 | 217,181 | 217,181 | |||||
Total stock-based compensation expense recognized | $ | $ 7,638,000 | $ 1,559,000 | $ 12,916,000 | $ 3,265,000 | ||||
Capitalized Software Development Costs | ||||||||
Class Of Stock [Line Items] | ||||||||
Stock-based compensation capitalized in capitalized software development costs | $ | $ 263,000 | |||||||
2016 Employee Stock Purchase Plan | ||||||||
Class Of Stock [Line Items] | ||||||||
Common stock reserved for issuance | 1,123,484 | 1,123,484 | 1,123,484 | |||||
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 | 1,250,000 | 1,250,000 | 1,250,000 | |||||
Duration of maximum offering period | 27 months | |||||||
Initial offering period end date | Sep. 15, 2018 | |||||||
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% | 15.00% | 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 or fair market value per share on the applicable purchase date | 85.00% | |||||||
Number of shares of common stock purchased | 197,781 | |||||||
Total unrecognized compensation cost | $ | $ 6,600,000 | $ 6,600,000 | $ 6,600,000 | |||||
Total unrecognized compensation cost, weighted-average amortization period | 1 year 1 month 28 days | |||||||
Accrued Expenses and Other Current Liabilities | ||||||||
Class Of Stock [Line Items] | ||||||||
Early exercises of stock options | $ | $ 2,300,000 | $ 2,300,000 | 2,300,000 | |||||
Non-employee Consultants | ||||||||
Class Of Stock [Line Items] | ||||||||
Number of options granted | 0 | 0 | 0 | 52,250 | ||||
2016 Equity Incentive Plan | ||||||||
Class Of Stock [Line Items] | ||||||||
Common stock reserved for issuance | 5,255,046 | |||||||
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 | Restricted Stock Units (RSUs) | ||||||||
Class Of Stock [Line Items] | ||||||||
Total unrecognized compensation cost, weighted-average amortization period | 3 years 7 months 17 days | |||||||
Total unrecognized compensation cost related to unvested restricted stock units | $ | $ 45,000,000 | $ 45,000,000 | $ 45,000,000 | |||||
2006 Equity Plan | Chief Executive Officer | Market-based Options | ||||||||
Class Of Stock [Line Items] | ||||||||
Number of options granted | 544,127 | |||||||
Stock options granted, exercise price | $ / shares | $ 13.04 | |||||||
Stock option vesting period | 4 years | |||||||
Total stock-based compensation expense recognized | $ | $ 471,000 | |||||||
Stock option, number of shares vested and exercisable | 79,350 | 79,350 | 79,350 | |||||
2006 Stock Plan and 2016 Equity Incentive Plan | ||||||||
Class Of Stock [Line Items] | ||||||||
Number of options granted | 406,686 | |||||||
Stock options granted, exercise price | $ / shares | $ 23.84 | |||||||
Total unrecognized compensation cost related to unvested stock options | $ | $ 24,700,000 | $ 24,700,000 | $ 24,700,000 | |||||
2006 Stock Plan and 2016 Equity Incentive Plan | Stock Options | ||||||||
Class Of Stock [Line Items] | ||||||||
Total unrecognized compensation cost, weighted-average amortization period | 2 years 4 months 14 days |
Common Stock and Stockholders39
Common Stock and Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Jul. 31, 2017 | Jan. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock Options, grants | 0 | ||
2006 Stock Plan and 2016 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock Options, Outstanding, Beginning Balance | 13,016,402 | ||
Stock Options, grants | 406,686 | ||
Stock Options, exercised | (1,830,867) | ||
Stock Options, forfeited | (462,606) | ||
Stock Options, Outstanding, Ending Balance | 11,129,615 | 11,129,615 | 13,016,402 |
Stock Options, Exercisable | 6,153,537 | 6,153,537 | |
Weighted-Average Exercise Price, Options Outstanding, Beginning Balance | $ 5.60 | ||
Weighted-Average Exercise Price, Option grants | 23.84 | ||
Weighted-Average Exercise Price, Options exercised | 3.49 | ||
Weighted-Average Exercise Price, Options forfeited | 6.92 | ||
Weighted-Average Exercise Price, Options Outstanding, Ending Balance | $ 6.56 | 6.56 | $ 5.60 |
Weighted-Average Exercise Price, Exercisable | $ 4.36 | $ 4.36 | |
Weighted-Average Remaining Contractual Life (n Years), Options Outstanding | 7 years 7 months 24 days | 7 years 11 months 1 day | |
Weighted-Average Remaining Contractual Life (in Years), Exercisable | 7 years 4 days | ||
Aggregate Intrinsic Value, Options Outstanding | $ 268,956 | $ 268,956 | $ 265,542 |
Aggregate Intrinsic Value, Exercisable | $ 162,270 | $ 162,270 |
Common Stock and Stockholders40
Common Stock and Stockholders' Equity - Summary of Activity Related to RSUs (Details) - 2016 Equity Incentive Plan - Restricted Stock Units (RSUs) | 6 Months Ended |
Jul. 31, 2017$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of RSUs Outstanding, Awarded and unvested, Beginning balance | shares | 77,883 |
Number of RSUs Outstanding, Awards granted | shares | 1,924,386 |
Number of RSUs Outstanding, Awards vested | shares | (88,646) |
Number of RSUs Outstanding, Awards forfeited | shares | (57,777) |
Number of RSUs Outstanding, Awarded and unvested, Ending balance | shares | 1,855,846 |
Weighted-Average Grant Date Fair Value, Awarded and unvested, Beginning balance | $ / shares | $ 18.38 |
Weighted-Average Grant Date Fair Value, Awards granted | $ / shares | 25.34 |
Weighted-Average Grant Date Fair Value, Awards vested | $ / shares | 22.71 |
Weighted-Average Grant Date Fair Value, Awards forfeited | $ / shares | 17.50 |
Weighted-Average Grant Date Fair Value, Awarded and unvested, Ending balance | $ / shares | $ 25.41 |
Common Stock and Stockholders41
Common Stock and Stockholders' Equity - Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 7,638 | $ 1,559 | $ 12,916 | $ 3,265 |
Subscription services | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 529 | 140 | 884 | 265 |
Professional services and other | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 716 | 109 | 1,280 | 244 |
Research and development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 1,647 | 303 | 2,799 | 625 |
Sales and marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 2,340 | 441 | 3,940 | 911 |
General and administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 2,406 | $ 566 | $ 4,013 | $ 1,220 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | ||||
Non-cancelable operating leases expiration dates | through September 2024 | |||
Rent expense | $ 1.5 | $ 1 | $ 2.5 | $ 1.9 |
Commitments and Contingencies43
Commitments and Contingencies - Future Minimum Lease Payments Under Non Cancellable Operating Leases (Details) $ in Thousands | Jul. 31, 2017USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2018 (remaining six months) | $ 2,496 |
2,019 | 5,639 |
2,020 | 5,768 |
2,021 | 5,555 |
2,022 | 5,494 |
Thereafter | 11,295 |
Total | $ 36,247 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 90,000 | $ 165,000 | $ 175,000 | $ 291,000 |
Effective tax rate | (1.52%) | (1.22%) | ||
U.S. federal statutory tax rate | 34.00% | |||
Income tax examination, description | 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. |
Net Loss per Share Attributab45
Net Loss per Share Attributable to Common Stockholders - 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 | 6 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Numerator: | ||||
Net loss attributable to common stockholders | $ (13,742) | $ (12,438) | $ (23,780) | $ (24,305) |
Denominator: | ||||
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted | 52,749 | 5,826 | 51,681 | 5,721 |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.26) | $ (2.13) | $ (0.46) | $ (4.25) |
Net Loss per Share Attributab46
Net Loss per Share Attributable to Common Stockholders - Potentially Dilutive Securities Not Included in Diluted per Share Calculations (Details) - shares | 6 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share | 13,588,375 | 47,288,705 |
Convertible preferred stock as converted | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share | 34,610,979 | |
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 | 11,129,615 | 12,395,877 |
RSUs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share | 1,855,846 | 56,250 |
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 | 414,126 | 188,628 |
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 | 188,788 | |
Convertible preferred stock warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share | 36,971 |
Significant Customers and Geo47
Significant Customers and Geographic Information - Additional Information (Details) - Customer | Jul. 31, 2017 | Jan. 31, 2017 | Jul. 31, 2016 |
Accounts Receivable | Customer | |||
Concentration Risk [Line Items] | |||
Number of customers comprising 10% or more of total accounts receivable | 0 | 0 | |
Revenue | Customer | |||
Concentration Risk [Line Items] | |||
Number of customers comprising more than 10% of revenues | 0 | 0 | |
Revenue | Geographic Concentration Risk | Foreign Countries | |||
Concentration Risk [Line Items] | |||
Number of customers comprising more than 10% of revenues | 0 | 0 |
Significant Customers and Geo48
Significant Customers and Geographic Information - Revenues by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total revenues | $ 44,551 | $ 31,132 | $ 85,688 | $ 60,315 |
United States | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total revenues | 28,751 | 21,942 | 56,062 | 42,610 |
Foreign Countries | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total revenues | $ 15,800 | $ 9,190 | $ 29,626 | $ 17,705 |
Related Parties - Additional In
Related Parties - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Jan. 31, 2017 | |
Related Party Transaction [Line Items] | |||||
Subscription revenue recognized | $ 39,764,000 | $ 27,783,000 | $ 75,428,000 | $ 53,155,000 | |
Outstanding receivables | 36,730,000 | 36,730,000 | $ 47,614,000 | ||
T. Rowe Associates, Inc. | |||||
Related Party Transaction [Line Items] | |||||
Subscription revenue recognized | 135,000 | $ 127,000 | 264,000 | $ 247,000 | |
Outstanding receivables | $ 0 | $ 0 | $ 0 |