Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Apr. 30, 2014 | 23-May-14 | 23-May-14 | |
Class A common stock [Member] | Class B common stock [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Apr-14 | ' | ' |
Document Fiscal Year Focus | '2015 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Trading Symbol | 'VEEV | ' | ' |
Entity Registrant Name | 'VEEVA SYSTEMS INC | ' | ' |
Entity Central Index Key | '0001393052 | ' | ' |
Current Fiscal Year End Date | '--01-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 38,861,724 | 88,936,584 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $188,888 | $262,507 |
Short-term investments | 156,608 | 25,625 |
Accounts receivable, net of allowance for doubtful accounts of $317 and $305, respectively | 61,217 | 58,433 |
Deferred income taxes | 2,075 | 2,075 |
Income tax receivable | 4,494 | 1,389 |
Other current assets | 5,500 | 3,703 |
Total current assets | 418,782 | 353,732 |
Property and equipment, net | 2,494 | 2,445 |
Capitalized internal-use software, net | 1,645 | 1,585 |
Goodwill | 4,850 | 4,850 |
Intangible assets, net | 6,141 | 6,551 |
Other long-term assets | 1,212 | 1,145 |
Total assets | 435,124 | 370,308 |
Current liabilities: | ' | ' |
Accounts payable | 3,098 | 2,117 |
Accrued compensation and benefits | 14,519 | 8,750 |
Accrued expenses and other liabilities | 7,876 | 7,931 |
Income tax payable | 866 | 439 |
Deferred revenue | 74,872 | 67,380 |
Total current liabilities | 101,231 | 86,617 |
Deferred income taxes, noncurrent | 1,698 | 1,698 |
Other long-term liabilities | 1,909 | 1,897 |
Total liabilities | 104,838 | 90,212 |
Commitments and contingencies (Note 10) | ' | ' |
Stockholders' equity: | ' | ' |
Additional paid-in capital | 274,491 | 231,534 |
Accumulated other comprehensive income | 31 | 19 |
Retained earnings | 55,763 | 48,542 |
Total stockholders' equity | 330,286 | 280,096 |
Total liabilities and stockholders' equity | 435,124 | 370,308 |
Class A common stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | ' | ' |
Class B common stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | $1 | $1 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $317 | $305 |
Class A common stock [Member] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 38,301,754 | 15,044,750 |
Common stock, shares outstanding | 38,301,754 | 15,044,750 |
Class B common stock [Member] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares issued | 89,271,904 | 109,746,795 |
Common stock, shares outstanding | 89,271,904 | 109,746,795 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | ||
Revenues: | ' | ' | ||
Subscription services | $48,521 | $27,937 | ||
Professional services and other | 18,200 | 14,851 | ||
Total revenues | 66,721 | 42,788 | ||
Cost of revenues: | ' | ' | ||
Cost of subscription services | 12,040 | [1] | 6,950 | [1] |
Cost of professional services and other | 13,910 | [1] | 10,759 | [1] |
Total cost of revenues | 25,950 | [1] | 17,709 | [1] |
Gross profit | 40,771 | 25,079 | ||
Operating expenses: | ' | ' | ||
Research and development | 8,992 | [1] | 5,527 | [1] |
Sales and marketing | 12,814 | [1] | 7,662 | [1] |
General and administrative | 6,408 | [1] | 3,717 | [1] |
Total operating expenses | 28,214 | [1] | 16,906 | [1] |
Operating income | 12,557 | 8,173 | ||
Other expense, net | -30 | -499 | ||
Income before income taxes | 12,527 | 7,674 | ||
Provision for income taxes | 5,306 | 2,829 | ||
Net income | 7,221 | 4,845 | ||
Net income attributable to Class A and Class B common stockholders, basic and diluted | 7,128 | 926 | ||
Net income per share attributable to Class A and Class B common stockholders: | ' | ' | ||
Basic | $0.06 | $0.04 | ||
Diluted | $0.05 | $0.03 | ||
Weighted-average shares used to compute earnings per share attributable to Class A and Class B common stockholders: | ' | ' | ||
Basic | 123,902 | 21,610 | ||
Diluted | 142,849 | 32,988 | ||
Other comprehensive income: | ' | ' | ||
Net change in unrealized gains on available-for-sale investments | 46 | 3 | ||
Net change in cumulative foreign currency translation gain | -34 | ' | ||
Comprehensive income | $7,233 | $4,848 | ||
[1] | Includes stock-based compensation as follows: Cost of revenues: Cost of subscription services $ 53 $ 3 Cost of professional services and other 582 93 Research and development 887 195 Sales and marketing 776 183 General and administrative 958 261 Total stock-based compensation $ 3,256 $ 735 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Stock-based compensation | $3,256 | $735 |
Cost of subscription services [Member] | ' | ' |
Stock-based compensation | 53 | 3 |
Cost of professional services and other [Member] | ' | ' |
Stock-based compensation | 582 | 93 |
Research and development [Member] | ' | ' |
Stock-based compensation | 887 | 195 |
Sales and marketing [Member] | ' | ' |
Stock-based compensation | 776 | 183 |
General and administrative [Member] | ' | ' |
Stock-based compensation | $958 | $261 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Stockholders Equity (USD $) | Total | Class A & B Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands, except Share data | |||||
Beginning balance, value at Jan. 31, 2014 | $280,096 | $1 | $231,534 | $48,542 | $19 |
Beginning balance, shares at Jan. 31, 2014 | ' | 124,791,545 | ' | ' | ' |
Issuance of common stock upon exercise of stock options (unaudited) , value | 685 | ' | 685 | ' | ' |
Issuance of common stock upon exercise of stock options (unaudited) , shares | 1,392,113 | 1,392,113 | ' | ' | ' |
Vesting of early exercised stock options (unaudited) | 119 | ' | 119 | ' | ' |
Share-based compensation expense (unaudited) | 3,295 | ' | 3,295 | ' | ' |
Follow-on offering, net of issuance costs (unaudited) , value | 34,479 | ' | 34,479 | ' | ' |
Follow-on offering, net of issuance costs (unaudited) , shares | ' | 1,390,000 | ' | ' | ' |
Excess tax benefits from stock-based compensation (unaudited) | 4,379 | ' | 4,379 | ' | ' |
Other comprehensive income (unaudited) | 12 | ' | ' | ' | 12 |
Net income (unaudited) | 7,221 | ' | ' | 7,221 | ' |
Ending balance (unaudited), value at Apr. 30, 2014 | $330,286 | $1 | $274,491 | $55,763 | $31 |
Ending balance (unaudited), shares at Apr. 30, 2014 | ' | 127,573,658 | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $7,221 | $4,845 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 930 | 267 |
Amortization of premiums on short-term investments | 312 | 89 |
Stock-based compensation | 3,256 | 735 |
Bad debt expense | 28 | 91 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -2,812 | -888 |
Income taxes | -2,678 | -393 |
Other current and non-current assets | -1,861 | -528 |
Accounts payable | 912 | -1,702 |
Accrued expenses and other liabilities | 5,318 | 4,947 |
Deferred revenue | 7,492 | 5,456 |
Long-term liabilities | 12 | 104 |
Net cash provided by operating activities | 18,130 | 13,023 |
Cash flows from investing activities | ' | ' |
Purchases of short-term investments | -135,116 | -1,357 |
Maturities and sales of investments | 3,867 | 700 |
Purchases of property and equipment | -299 | -217 |
Payments for capitalized internal-use software | -220 | ' |
Proceeds from (issuance of) note receivable-related party | ' | 253 |
Payments for restricted cash and deposits | -3 | -212 |
Net cash used in investing activities | -131,771 | -833 |
Cash flows from financing activities | ' | ' |
Proceeds from early exercise of common stock options | ' | 43 |
Proceeds from exercise of common stock options | 685 | 231 |
Net proceeds from follow-on offering | 34,994 | ' |
Excess tax benefits from stock-based compensation | 4,379 | ' |
Net cash provided by financing activities | 40,058 | 274 |
Effect of exchange rate changes on cash and cash equivalents | -36 | ' |
Net change in cash and cash equivalents | -73,619 | 12,464 |
Cash and cash equivalents at beginning of period | 262,507 | 31,890 |
Cash and cash equivalents at end of period | 188,888 | 44,354 |
Supplemental disclosures of other cash flow information: | ' | ' |
Cash paid for income taxes | 3,918 | 2,945 |
Non-cash investing and financing activities: | ' | ' |
Property and equipment included in accounts payable and accrued expenses | 69 | 18 |
Vesting of early exercised stock options | 119 | 153 |
Offering costs not yet paid | $515 | ' |
Summary_of_Business_and_Signif
Summary of Business and Significant Accounting Policies | 3 Months Ended | ||||
Apr. 30, 2014 | |||||
Accounting Policies [Abstract] | ' | ||||
Summary of Business and Significant Accounting Policies | ' | ||||
Note 1. | Summary of Business and Significant Accounting Policies | ||||
Description of Business | |||||
Veeva provides industry-specific, cloud-based software solutions for the life sciences industry. Our solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance. Our customer relationship management solutions, Veeva CRM, enable our customers to increase the productivity and compliance of their sales and marketing functions. Our regulated content management and collaboration solutions, Veeva Vault, enable our customers to manage a range of highly regulated, content-centric processes across the enterprise. Our customer master solution, Veeva Network, which includes our proprietary database of healthcare provider and healthcare organization data, enables our customers to create and maintain accurate customer data. | |||||
Follow-on Offering | |||||
On March 31, 2014, we closed our follow-on offering of 13,800,000 shares of Class A common stock (inclusive of 1,800,000 shares sold upon the full exercise of the over-allotment option granted to the underwriters), which included 1,390,000 shares sold by us and a total of 12,410,000 shares sold by certain selling stockholders. The public offering price of the shares sold in the offering was $26.35 per share. We did not receive any proceeds from the sales of shares by the selling stockholders. Our proceeds from the offering were approximately $35.3 million after deducting underwriting discounts and commissions, and before deducting $0.8 million in total estimated offering expenses. As of April 30, 2014, we had received net cash proceeds of $35.0 million, which do not reflect $0.5 million of the estimated offering expenses not yet paid that are included as accrued expenses on the condensed consolidated balance sheet. | |||||
Principles of Consolidation and Basis of Presentation | |||||
These unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting, and include the accounts of our wholly owned subsidiaries after elimination of intercompany accounts and transactions. 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. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in Veeva’s Annual Report on Form 10-K for the fiscal year ended January 31, 2014, filed on March 18, 2014. There have been no changes to our significant accounting policies described in the annual report that have had a material impact on our condensed consolidated financial statements and related notes. | |||||
The consolidated balance sheet as of January 31, 2014 included herein was derived from the audited financial statements as of that date. These unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, our comprehensive income and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year ending January 31, 2015 or any other period. | |||||
Use of Estimates | |||||
The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that affect the condensed consolidated financial statements and the notes thereto. These estimates are based on information available as of the date of the condensed consolidated financial statements. On a regular basis, management evaluates these estimates and assumptions. Significant items subject to such estimates and assumptions include, but are not limited to: | |||||
• | the best estimate of selling price of the deliverables included in multiple-deliverable revenue arrangements; | ||||
• | the realizability of deferred income tax assets; | ||||
• | the fair value of our stock-based awards; and | ||||
• | the capitalization and estimated useful life of internal-use software development costs. | ||||
As future events cannot be determined with precision, actual results could differ significantly from those estimates. | |||||
Revenue Recognition | |||||
We derive our revenues from two sources: (i) subscription services revenues, which are comprised of subscription fees from customers accessing our enterprise cloud computing solutions, and (ii) related professional services and other revenues. Professional services and other revenues generally include consulting and training. We commence revenue recognition when all of the following conditions are satisfied: | |||||
• | there is persuasive evidence of an arrangement; | ||||
• | the service has been or is being provided to the customer; | ||||
• | the collection of the fees is reasonably assured; and | ||||
• | the amount of fees to be paid by the customer is fixed or determinable. | ||||
Our subscription services arrangements are generally non-cancellable and do not provide for refunds to customers in the event of cancellations. We record revenues net of any sales or excise taxes. | |||||
Subscription Services Revenues | |||||
Subscription services revenues are recognized ratably over the order term beginning when the solution has been provisioned to the customer. Our subscription arrangements are considered service contracts, and the customer does not have the right to take possession of the software. | |||||
Professional Services and Other Revenues | |||||
The majority of our professional services arrangements are recognized on a time and material basis. Professional services revenues recognized on a time and material basis are measured monthly based on time incurred and contractually agreed upon rates. Certain professional services revenues are based on fixed fee arrangements and revenues are recognized based on progress against input measures, such as hours incurred. Training revenues are recognized as the services are performed. | |||||
Multiple Element Arrangements | |||||
We apply the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2009-13, Multiple—Deliverable Revenue Arrangements, to allocate revenues based on relative best estimated selling price to each unit of accounting in multiple element arrangements, which generally include subscriptions and professional services. Best estimated selling price of each unit of accounting included in a multiple element arrangement is based upon management’s estimate of the selling price of deliverables when vendor specific objective evidence or third-party evidence of selling price is not available. | |||||
Our multiple element arrangements contain non-software deliverables such as our subscription offerings and professional services. For these arrangements we must: (i) determine whether each deliverable has stand-alone value; (ii) determine the estimated selling price of each element using the selling price hierarchy of vendor-specific objective evidence (VSOE) of fair value, third party evidence (TPE) or best estimated selling price (BESP), as applicable; and (iii) allocate the total price among the various deliverables based on the relative selling price method. | |||||
In determining whether professional services and other revenues have stand-alone value, we consider the following factors for each consulting agreement: availability of the consulting services from other vendors, the nature of the consulting services and whether the professional services are required in order for the customer to use the subscription services. | |||||
We have determined that we are not able to establish VSOE of fair value or TPE of selling price for any of our deliverables, and accordingly we use BESP for each deliverable in the arrangement. The objective of BESP is to estimate the price at which we would transact a sale of the service deliverables if the services were sold on a stand-alone basis. Revenue allocated to each deliverable is recognized when the basic revenue recognition criteria are met for each deliverable. | |||||
We determine BESP for our subscription services included in a multiple element subscription arrangement by considering multiple factors including, but not limited to, stated subscription renewal rates offered to the customer to renew the service and other major groupings such as customer type and geography. | |||||
BESP for professional services considers the discount of actual professional services sold compared to list price, the experience level of the individual performing the service and geography. | |||||
Deferred Revenue | |||||
Deferred revenue includes amounts billed to customers for which the revenue recognition criteria have not been met. The majority of deferred revenue primarily consists of billings or payments received in advance of revenue recognition from our subscription services described above and is recognized as the revenue recognition criteria are met. We generally invoice our customers in annual, quarterly or monthly installments for the subscription services, which are typically one year or less. Accordingly, the deferred revenue balance does not generally represent the total contract value of a subscription arrangement. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue. | |||||
Certain Risks and Concentrations of Credit Risk | |||||
Our revenues are derived from subscription services and professional services delivered primarily to the pharmaceutical and life sciences industry. We operate in markets that are highly competitive and rapidly changing. Significant technological changes, shifting customer needs, the emergence of competitive products or services with new capabilities and other factors could negatively impact our operating results. | |||||
Our financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. We primarily maintain cash at two financial institutions, for which our deposits exceed federally insured limits. | |||||
We do not require collateral from our customers and generally require payment within 30 to 60 days of billing. We periodically evaluate the collectibility of our accounts receivable and provide an allowance for doubtful accounts as necessary, based on historical experience. Historically, such losses have not been material. | |||||
The following customers individually exceeded 10% of total accounts receivable as of the dates shown: | |||||
April 30, | January 31, | ||||
2014 | 2014 | ||||
Customer 1 | * | * | |||
Customer 2 | * | 10 % | |||
* | Does not exceed 10%. | ||||
The following customers individually exceeded 10% of total revenues for the periods shown: | |||||
Three Months Ended April 30, | |||||
2014 | 2013 | ||||
Customer 1 | * | 10 % | |||
Customer 2 | * | 10 | |||
* | Does not exceed 10%. |
ShortTerm_Investments
Short-Term Investments | 3 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Short-Term Investments | ' | ||||||||||||||||
Note 2. | Short-Term Investments | ||||||||||||||||
We classify short-term investments as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. All short-term investments are recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income, a component of stockholders’ equity. We evaluate our investments to assess whether those with unrealized loss positions are other than temporarily impaired. We consider impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely we will sell the securities before the recovery of their cost basis. Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in other income (expense), net, in the condensed consolidated statements of comprehensive income. Interest, amortization of premiums, and accretion of discount on all short-term investments classified as available for sale are also included as a component of other income (expense), net, in the condensed consolidated statements of comprehensive income. | |||||||||||||||||
At April 30, 2014, short-term investments consisted of the following (in thousands): | |||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Asset-backed securities | $ | 3,700 | $ | 3 | $ | — | $ | 3,703 | |||||||||
Commercial paper | 4,997 | — | — | 4,997 | |||||||||||||
Corporate notes and bonds | 23,845 | 25 | — | 23,870 | |||||||||||||
U.S. agency obligations | 102,595 | 32 | (11 | ) | 102,616 | ||||||||||||
U.S. treasury securities | 21,411 | 11 | — | 21,422 | |||||||||||||
Total available-for-sale securities | $ | 156,548 | $ | 71 | $ | (11 | ) | $ | 156,608 | ||||||||
At January 31, 2014, short-term investments consisted of the following (in thousands): | |||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Corporate notes and bonds | $ | 10,499 | $ | 9 | $ | (1 | ) | $ | 10,507 | ||||||||
U.S. agency obligations | 15,111 | 7 | — | 15,118 | |||||||||||||
Total available-for-sale securities | $ | 25,610 | $ | 16 | $ | (1 | ) | $ | 25,625 | ||||||||
We may sell our short-term investments at any time for use in current operations or for other purposes, even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond twelve months as current assets in the accompanying condensed consolidated balance sheets. The following table summarizes the estimated fair value of our short-term investments, designated as available-for-sale and classified by the contractual maturity date of the securities as of the dates shown (in thousands): | |||||||||||||||||
April 30, | January 31, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
Due in one year or less | $ | 64,836 | $ | 17,667 | |||||||||||||
Due in greater than one year | 91,772 | 7,958 | |||||||||||||||
Total | $ | 156,608 | $ | 25,625 | |||||||||||||
We have certain available-for-sale securities in a gross unrealized loss position, all of which have been in such position for less than twelve months. We review our debt securities classified as short-term investments on a regular basis to evaluate whether or not any security has experienced an other-than-temporary decline in fair value. We consider factors such as the length of time and extent to which the market value has been less than the cost, the financial position and near-term prospects of the issuer and our intent to sell, or whether it is more likely than not we will be required to sell the investment before recovery of the investment’s amortized-cost basis. If we determine that an other-than-temporary decline exists in one of these securities, the respective investment would be written down to fair value. For debt securities, the portion of the write-down related to credit loss would be recognized to other income, net in our condensed consolidated statements of comprehensive income. Any portion not related to credit loss would be included in accumulated other comprehensive income. There were no impairments considered other-than-temporary as of April 30, 2014 and January 31, 2014. | |||||||||||||||||
The following table shows the fair values and the gross unrealized losses of these available-for-sale securities aggregated by investment category as of April 30, 2014 (in thousands): | |||||||||||||||||
Gross | |||||||||||||||||
Fair | Unrealized | ||||||||||||||||
Value | Losses | ||||||||||||||||
U.S. agency obligations | $ | 39,197 | $ | (11 | ) | ||||||||||||
The following table shows the fair values and the gross unrealized losses of these available-for-sale securities aggregated by investment category as of January 31, 2014 (in thousands): | |||||||||||||||||
Gross | |||||||||||||||||
Fair | Unrealized | ||||||||||||||||
Value | Losses | ||||||||||||||||
Corporate notes and bonds | $ | 1,403 | $ | (1 | ) |
Property_and_Equipment_Net
Property and Equipment, Net | 3 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment, Net | ' | ||||||||
Note 3. | Property and Equipment, Net | ||||||||
Property and equipment, net consists of the following as of the dates shown (in thousands): | |||||||||
April 30, | January 31, | ||||||||
2014 | 2014 | ||||||||
Equipment and computers | $ | 2,168 | $ | 1,912 | |||||
Furniture and fixtures | 997 | 948 | |||||||
Leasehold improvements | 1,042 | 979 | |||||||
4,207 | 3,839 | ||||||||
Less accumulated depreciation | (1,713 | ) | (1,394 | ) | |||||
Total property and equipment, net | $ | 2,494 | $ | 2,445 | |||||
Total depreciation expense for the three months ended April 30, 2014 and 2013 was $0.3 million and $0.2 million, respectively. |
Capitalized_InternalUse_Softwa
Capitalized Internal-Use Software | 3 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Research And Development [Abstract] | ' | ||||||||
Capitalized Internal-Use Software | ' | ||||||||
Note 4. | Capitalized Internal-Use Software | ||||||||
Capitalized internal-use software, net, consisted of the following as of the dates shown (in thousands): | |||||||||
April 30, | January 31, | ||||||||
2014 | 2014 | ||||||||
Capitalized internal-use software development costs | $ | 3,093 | $ | 2,834 | |||||
Less accumulated amortization | (1,448 | ) | (1,249 | ) | |||||
Capitalized internal-use software development costs, net | $ | 1,645 | $ | 1,585 | |||||
During the three months ended April 30, 2014 we capitalized $0.3 million for internal-use software development costs. We did not capitalize any internal-use software during the three months ended April 30, 2013. | |||||||||
Capitalized internal-use software amortization expense for the three months ended April 30, 2014 and 2013 was $0.2 million and $0.1 million, respectively. |
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Intangible Assets | ' | ||||||||||||||||
Note 5. | Intangible Assets | ||||||||||||||||
The following schedule presents the details of intangible assets as of April 30, 2014 (in thousands): | |||||||||||||||||
April 30, 2014 | |||||||||||||||||
Gross | Accumulated | Remaining | |||||||||||||||
Carrying | Useful Life | ||||||||||||||||
Amount | Amortization | Net | (in years) | ||||||||||||||
Data update technology | $ | 3,680 | $ | (636 | ) | $ | 3,044 | 4.1 | |||||||||
Database | 2,570 | (555 | ) | 2,015 | 3.1 | ||||||||||||
Customer relationships | 1,020 | (147 | ) | 873 | 5.1 | ||||||||||||
Software | 304 | (95 | ) | 209 | 2.1 | ||||||||||||
$ | 7,574 | $ | (1,433 | ) | $ | 6,141 | |||||||||||
The following schedule presents the details of intangible assets as of January 31, 2014 (in thousands): | |||||||||||||||||
January 31, 2014 | |||||||||||||||||
Gross | Remaining | ||||||||||||||||
Carrying | Accumulated | Useful Life | |||||||||||||||
Amount | Amortization | Net | (in years) | ||||||||||||||
Data update technology | $ | 3,680 | $ | (452 | ) | $ | 3,228 | 4.4 | |||||||||
Database | 2,570 | (394 | ) | 2,176 | 3.4 | ||||||||||||
Customer relationships | 1,020 | (104 | ) | 916 | 5.4 | ||||||||||||
Software | 304 | (73 | ) | 231 | 2.3 | ||||||||||||
$ | 7,574 | $ | (1,023 | ) | $ | 6,551 | |||||||||||
Amortization expense associated with acquired intangible assets for the three months ended April 30, 2014 was $0.4 million. As April 30, 2013, we did not have any acquired intangible assets. | |||||||||||||||||
The estimated amortization expense for intangible assets for the next five years and thereafter is as follows (in thousands): | |||||||||||||||||
Estimated | |||||||||||||||||
Amortization | |||||||||||||||||
Period | Expense | ||||||||||||||||
Remainder of fiscal 2015 | $ | 1,239 | |||||||||||||||
Fiscal 2016 | 1,650 | ||||||||||||||||
Fiscal 2017 | 1,579 | ||||||||||||||||
Fiscal 2018 | 1,154 | ||||||||||||||||
Fiscal 2019 | 454 | ||||||||||||||||
Thereafter | 65 | ||||||||||||||||
Total | $ | 6,141 | |||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 6. | Fair Value Measurements | ||||||||||||||||
The carrying amounts of accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities approximate fair value due to their short-term nature. | |||||||||||||||||
Financial assets and financial liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: | |||||||||||||||||
Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||
Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||
Financial assets and financial liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and considers factors specific to the asset or liability. | |||||||||||||||||
The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of April 30, 2014 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 56,401 | $ | — | $ | — | $ | 56,401 | |||||||||
Commercial paper | — | 6,300 | — | 6,300 | |||||||||||||
Corporate notes and bonds | — | 3,502 | — | 3,502 | |||||||||||||
U.S. agency obligations | — | 13,871 | — | 13,871 | |||||||||||||
U.S. treasury securities | — | 2,000 | — | 2,000 | |||||||||||||
Short-term investments | |||||||||||||||||
Asset backed-securities | — | 3,703 | — | 3,703 | |||||||||||||
Commercial paper | — | 4,997 | — | 4,997 | |||||||||||||
Corporate notes and bonds | — | 23,870 | — | 23,870 | |||||||||||||
U.S. agency obligations | — | 102,616 | — | 102,616 | |||||||||||||
U.S. treasury securities | — | 21,422 | — | 21,422 | |||||||||||||
Total | $ | 56,401 | $ | 182,281 | $ | — | $ | 238,682 | |||||||||
The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2014 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 170,235 | $ | — | $ | — | $ | 170,235 | |||||||||
Commercial paper | — | 9,999 | — | 9,999 | |||||||||||||
U.S. treasury securities | — | 33,153 | — | 33,153 | |||||||||||||
Short-term investments | |||||||||||||||||
Corporate notes and bonds | — | 10,507 | — | 10,507 | |||||||||||||
U.S. agency obligations | — | 15,118 | — | 15,118 | |||||||||||||
Total | $ | 170,235 | $ | 68,777 | $ | — | $ | 239,012 | |||||||||
We determine the fair value of our security holdings based on pricing from our pricing vendors. The valuation techniques used to measure the fair value of financial instruments having Level 2 inputs were derived from non-binding consensus prices that are corroborated by observable market data or quoted market prices for similar instruments. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs). We perform procedures to ensure that appropriate fair values are recorded such as comparing prices obtained from other sources. |
Income_Taxes
Income Taxes | 3 Months Ended | |
Apr. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
Note 7. | Income Taxes | |
For the three months ended April 30, 2014 and 2013, our effective tax rates were 42.4% and 36.9%, respectively. Our effective tax rate increased 5.5% during the three months ended April 30, 2014 as compared to the same period in the prior fiscal year primarily due to the expiration of the federal research and development tax credit and a reduction of the domestic production activities deduction caused by the increased stock option activity during the quarter. | ||
In July 2013, the FASB ratified ASU 2013-11 “Presenting an Unrecognized Tax Benefit (“UTB”) When a Net Operating Loss Carryforward Exists” (“ASU 2013-11”). ASU 2013-02 provides that an UTB, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented as a liability. We adopted this ASU on February 1, 2014, and the impact was not significant on our condensed consolidated results of operations and financial position. | ||
There were no material changes to our unrecognized tax benefits in the three months ended April 30, 2014, and we do not expect to have any significant changes to unrecognized tax benefits during the next twelve months. Net deferred tax assets were $0.4 million as of April 30, 2014 and are primarily federal net operating loss carryforwards and future tax consequences of differences between financial statement carrying amounts of assets and liabilities on their respective tax bases. The tax years from 2007 remain open to examination for both federal and California and 2009 for other states. The tax years from 2010 remain open to examination in our various foreign jurisdictions. | ||
We maintain a valuation allowance against state and certain other foreign deferred tax assets. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
Note 8. | Stockholders’ Equity | ||||||||||||||||
Common Stock | |||||||||||||||||
As of April 30, 2014, we had 38,301,754 shares of Class A common stock and 89,271,904 shares of Class B common stock outstanding, of which 1,391,915 shares of Class B common stock were unvested, resulting from employees exercising stock options prior to vesting. | |||||||||||||||||
As of January 31, 2014, we had 15,044,750 shares of Class A common stock and 109,746,795 shares of Class B common stock outstanding, of which 1,824,457 shares of Class B common stock were unvested, resulting from employees exercising stock options prior to vesting. | |||||||||||||||||
Early Exercise of Employee Options | |||||||||||||||||
We historically have allowed for the early exercise of options granted under the 2007 Stock Plan (2007 Plan) prior to vesting. The 2007 Plan allows for such exercises by means of cash payment, surrender of already outstanding common stock, a same day broker assisted sale or through any other form or method consistent with applicable laws, regulations and rules. Historically, all exercises have been through cash payment. The unvested shares are subject to our repurchase right at the original purchase price. The proceeds initially are recorded as an accrued liability from the early exercise of stock options, and reclassified to common stock as our repurchase right lapses. At April 30, 2014 and January 31, 2014, there were unvested shares in the amount of 1,391,915 and 1,824,457, respectively, which were subject to repurchase at an aggregate price of approximately $0.4 million and $0.5 million, respectively. | |||||||||||||||||
Stock Option Activity | |||||||||||||||||
A summary of stock option activity for the three months ended April 30, 2014 is as follows: | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | average | ||||||||||||||||
average | remaining | Aggregate | |||||||||||||||
Number | exercise | contractual | intrinsic | ||||||||||||||
of shares | price | term (in years) | value | ||||||||||||||
Options outstanding at January 31, 2014 | 25,424,437 | $ | 3.22 | 8.5 | $ | 726,649,586 | |||||||||||
Options Granted | 300,000 | 32.26 | |||||||||||||||
Options Exercised | (1,392,113 | ) | 0.49 | $ | 30,842,309 | ||||||||||||
Options Forfeited/Cancelled | (153,950 | ) | 5.48 | ||||||||||||||
Options outstanding at April 30, 2014 | 24,178,374 | $ | 3.73 | 8.1 | $ | 379,453,926 | |||||||||||
Options vested and exercisable at April 30, 2014 | 4,362,659 | $ | 0.8 | 6.5 | $ | 80,302,465 | |||||||||||
Options vested and exercisable at April 30, 2014 and expected to vest thereafter | 22,566,905 | $ | 3.67 | 8.1 | $ | 355,302,503 | |||||||||||
The weighted average grant-date fair value of options granted during the three months ended April 30, 2014 and 2013 was $15.47 and $2.38, respectively, per share. | |||||||||||||||||
As of April 30, 2014, there was $40.0 million in unrecognized compensation cost, net of estimated forfeitures, related to unvested stock options granted under the 2007 Plan, 2012 EIP and 2013 EIP. This cost is expected to be recognized over a weighted average period of 5.0 years. | |||||||||||||||||
As of April 30, 2014, we had authorized and unissued shares of common stock to satisfy exercises of stock options. | |||||||||||||||||
Our closing stock price as reported on the New York Stock Exchange as of April 30, 2014 was $19.21. The total intrinsic value of options exercised was approximately $30.8 million for the three months ended April 30, 2014. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
A summary of restricted stock unit (RSU) activity for the three months ended April 30, 2014 is as follows: | |||||||||||||||||
Weighted | |||||||||||||||||
Unreleased | average | ||||||||||||||||
Restricted | grant date | ||||||||||||||||
Stock Units | fair value | ||||||||||||||||
Unreleased RSUs at January 31, 2014 | 156,050 | $ | 36.52 | ||||||||||||||
RSUs Granted | 183,775 | 27.17 | |||||||||||||||
RSUs Forfeited | (5,400 | ) | 34.98 | ||||||||||||||
Unreleased RSUs at April 30, 2014 | 334,425 | $ | 31.41 | ||||||||||||||
During the three months ended April 30, 2014, we issued RSUs under the 2013 EIP with a weighted-average grant date fair value of $27.17. | |||||||||||||||||
As of April 30, 2014, there was a total of $9.5 million in unrecognized compensation cost, net of estimated forfeitures, related to unvested RSUs. This cost is expected to be recognized over a weighted-average period of approximately 3.7 years. We did not grant RSUs for the three months ended April 30, 2013. | |||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The following table presents the weighted-average assumptions used to estimate the fair value of options granted during the periods presented: | |||||||||||||||||
Three Months Ended April 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Volatility | 48 | % | 42 | % | |||||||||||||
Expected life (in years) | 6.27 | 6.32 – 8.23 | |||||||||||||||
Risk-free interest rate | 1.85 | % | 1.03% – 1.65 | % | |||||||||||||
Dividend yield | — | % | — | % | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
Our Employee Stock Purchase Plan (ESPP) permits eligible employees to acquire shares of our common stock at 85% of the lower of the fair market value of our Class A common stock on the first day of the applicable offering period or the fair market value of our Class A common stock on the purchase date. Participants may purchase shares of common stock through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. No shares were purchased under the ESPP as of April 30, 2014. | |||||||||||||||||
The following table presents the weighted-average assumptions used to calculate out stock-based compensation for each stock purchase under the ESPP: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
April 30, 2014 | |||||||||||||||||
Volatility | 44 | % | |||||||||||||||
Expected life (in years) | 0.58 | ||||||||||||||||
Risk-free interest rate | 0.1 | % | |||||||||||||||
Dividend yield | — | % | |||||||||||||||
The amounts of stock-based compensation capitalized for internal-use software in the three months ended April 30, 2014 and 2013 were immaterial. |
Net_Income_per_Share_Attributa
Net Income per Share Attributable to Common Stockholders | 3 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income per Share Attributable to Common Stockholders | ' | ||||||||||||||||
Note 9. | Net Income per Share Attributable to Common Stockholders | ||||||||||||||||
We compute net income per share of Class A and Class B common stock using the two-class method required for participating securities. Prior to the date of our IPO in October 2013, we considered all series of our convertible preferred stock to be participating securities due to their non-cumulative dividend rights. Immediately prior to the completion of our IPO, all outstanding shares of convertible preferred stock converted to Class B common stock. Additionally, we consider unvested shares issued upon the early exercise of options to be participating securities as the holders of these shares have a non-forfeitable right to dividends in the event of our declaration of a dividend for common shares. | |||||||||||||||||
Under the two-class method, net income attributable to common stockholders is determined by allocating undistributed earnings, calculated as net income, less (i) current period convertible preferred stock non-cumulative dividends and (ii) earnings attributable to participating securities. | |||||||||||||||||
The net income per share attributable to common stockholders is allocated based on the contractual participation rights of the Class A common stock and Class B common stock as if the income for the year has been distributed. As the liquidation and dividend rights are identical, the net loss attributable to common stockholders is allocated on a proportionate basis. | |||||||||||||||||
Basic net income per share of common stock is computed by dividing the net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. All participating securities are excluded from the basic weighted-average shares of common stock outstanding. Unvested shares of common stock resulting from the early exercises of stock options are excluded from the calculation of the weighted-average shares of common stock until they vest as they are subject to repurchase until they are vested. | |||||||||||||||||
Diluted net income per share attributable to common stockholders is computed by dividing net income attributable to common stockholders by the weighted-average shares outstanding, including potentially dilutive shares of common stock assuming the dilutive effect of potential shares of common stock for the period determined using the treasury stock method. | |||||||||||||||||
Undistributed net income for a given period is apportioned to participating securities based on the weighted-average shares of each class of common stock outstanding during the applicable period as a percentage of the total weighted-average shares outstanding during the same period. | |||||||||||||||||
For purposes of the diluted net income per share attributable to common stockholders calculation, unvested shares of common stock resulting from the early exercises of stock options and unvested options to purchase common stock are considered to be potentially dilutive shares of common stock. In addition, the computation of the fully diluted net income per share of Class A common stock assumes the conversion from Class B common stock, while the fully diluted net income per share of Class B common stock does not assume the conversion of those shares. | |||||||||||||||||
The numerators and denominators of the basic and diluted EPS computations for our common stock are calculated as follows (in thousands, except per share data): | |||||||||||||||||
Three Months Ended April 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||||
Basic | |||||||||||||||||
Numerator | |||||||||||||||||
Net income | $ | 1,258 | $ | 5,963 | $ | — | $ | 4,845 | |||||||||
Noncumulative dividends on convertible preferred stock | — | — | — | (140 | ) | ||||||||||||
Undistributed earnings allocated to participating securities | (16 | ) | (77 | ) | — | (3,779 | ) | ||||||||||
Net income attributable to common stockholders, basic | $ | 1,242 | $ | 5,886 | $ | — | $ | 926 | |||||||||
Denominator | |||||||||||||||||
Weighted average shares used in computing net income per share attributable to common stockholders, basic | 21,589 | 102,313 | — | 21,610 | |||||||||||||
Net income per share attributable to common stockholders, basic | $ | 0.06 | $ | 0.06 | $ | — | $ | 0.04 | |||||||||
Diluted | |||||||||||||||||
Numerator | |||||||||||||||||
Net income attributable to common stockholders, basic | $ | 1,242 | $ | 5,886 | $ | — | $ | 926 | |||||||||
Reallocation as a result of conversion of Class B to Class A common stock: | |||||||||||||||||
Net income attributable to common stockholders, basic | 5,886 | — | — | — | |||||||||||||
Reallocation of net income to Class B common stock | — | 165 | — | — | |||||||||||||
Net income attributable to common stockholders, diluted | $ | 7,128 | $ | 6,051 | $ | — | $ | 926 | |||||||||
Denominator | |||||||||||||||||
Number of shares used for basic EPS computation | 21,589 | 102,313 | — | 21,610 | |||||||||||||
Conversion of Class B to Class A common stock | 102,313 | — | — | — | |||||||||||||
Effect of potentially dilutive securities | 18,947 | 18,947 | — | 11,378 | |||||||||||||
Weighted average shares used in computing net income per share attributable to common stockholders, diluted | 142,849 | 121,260 | — | 32,988 | |||||||||||||
Net income per share attributable to common stockholders, diluted | $ | 0.05 | $ | 0.05 | $ | — | $ | 0.03 | |||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||
Apr. 30, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
Note 10. Commitments and Contingencies | |||||
Litigation | |||||
Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment or remediation can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. | |||||
On August 6, 2013, Prolifiq Software, Inc. (Prolifiq) filed a lawsuit against us in the U.S. District Court for the Northern District of California, alleging that Veeva CRM Approved Email infringes U.S. Patent No. 7,634,556 held by Prolifiq. Prolifiq filed a First Amended Complaint on September 10, 2013, alleging that Veeva CRM Approved Email also infringes U.S. Patent Nos. 7,707,317, 8,296,378, 7,966,374 and 8,171,077 held by Prolifiq, in addition to U.S. Patent No. 7,634,556. The First Amended Complaint seeks unspecified monetary damages, attorneys’ fees, costs and injunctive relief against us. We answered the First Amended Complaint on October 1, 2013. Prolifiq filed a Second Amended Complaint on October 10, 2013, asserting the same five patents. We answered the Second Amended Complaint on October 24, 2013. On January 31, 2014, Prolifiq’s claims related to U.S. Patent Nos. 7,707,317, 7,966,374 and 8,171,077 were dismissed without prejudice pursuant to a stipulation of dismissal. On April 4, 2014, Prolifiq filed a Third Amended Complaint. In addition to its remaining claims of patent infringement, Prolifiq seeks to assert a cause of action for alleged trade secret misappropriation. Discovery remains open and a claim construction hearing is currently set for June 17, 2014. Based on the facts available at this time, the ultimate resolution of this matter and the associated financial impact, if any, remains uncertain. Even if the result of this litigation is adverse to us, the amount or range of possible losses to which we are exposed cannot be reasonably estimated at this time. While Veeva CRM Approved Email revenues have represented a very minor portion of our total revenues, intellectual property litigation is subject to inherent uncertainties, and there can be no assurance that the expenses associated with defending any litigation or the resolution of this dispute would not have a material adverse impact on our results of operations or cash flows. | |||||
From time to time, we may be involved in other legal proceedings and subject to claims incident to the ordinary course of business. Although the results of such legal proceedings and claims cannot be predicted with certainty, we believe we are not currently a party to any legal proceedings, other than as set forth above, the outcome of which, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, cash flows or financial position. Regardless of the outcome, such proceedings can have an adverse impact on us because of defense and settlement costs, diversion of resources and other factors, and there can be no assurances that favorable outcomes will be obtained. | |||||
Leases | |||||
Rent expense for operating leases were $0.7 million and $0.5 million for the three months ended April 30, 2014 and 2013, respectively. | |||||
Future minimum lease payments under non-cancellable operating leases (with initial or remaining lease terms in excess of one year) as of April 30, 2014 are as follows (in thousands): | |||||
Operating | |||||
Period | leases | ||||
Remainder of 2015 | $ | 1,990 | |||
Fiscal 2016 | 2,210 | ||||
Fiscal 2017 | 1,406 | ||||
Fiscal 2018 | 615 | ||||
Fiscal 2019 | 494 | ||||
Thereafter | 7 | ||||
Total | $ | 6,722 | |||
Value-Added Reseller Agreement | |||||
We have a value-added reseller agreement with salesforce.com, inc. for our use of the Salesforce Platform in combination with our developed technology to deliver our Veeva CRM solution, including hosting infrastructure and data center operations provided by salesforce.com. On March 3, 2014, we extended the term of the Value-Added Reseller Agreement for an additional ten years through September 1, 2025 and amended our minimum order commitments. As of April 30, 2014, we remained obligated to pay fees of at least $496.7 million prior to September 1, 2025 in connection with this agreement. |
Information_about_Geographic_A
Information about Geographic Areas | 3 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Information about Geographic Areas | ' | ||||||||
Note 11. | Information about Geographic Areas | ||||||||
We track and allocate revenues by the principal geographic region of our customers’ end users rather than by individual country, which makes it impractical to disclose revenues for the United States or other specific foreign countries. Revenues by geographic area, as measured by the estimated location of the end users for subscription services revenues and the estimated location of the users for which the services were performed for professional services revenues, were as follows for the periods shown below (in thousands): | |||||||||
Three Months Ended April 30, | |||||||||
2014 | 2013 | ||||||||
Revenues by geography | |||||||||
North America | $ | 37,478 | $ | 25,916 | |||||
Europe | 16,546 | 10,633 | |||||||
Asia Pacific | 12,697 | 6,239 | |||||||
Total revenues | $ | 66,721 | $ | 42,788 | |||||
Long-lived assets by geographic area are as follows as of the date shown (in thousands): | |||||||||
April 30, | January 31, | ||||||||
2014 | 2014 | ||||||||
Long-lived assets by geography | |||||||||
North America | $ | 1,575 | $ | 1,341 | |||||
Europe | 339 | 509 | |||||||
Asia Pacific | 580 | 595 | |||||||
Total long-lived assets | $ | 2,494 | $ | 2,445 | |||||
Summary_of_Business_and_Signif1
Summary of Business and Significant Accounting Policies (Policies) | 3 Months Ended | |||
Apr. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Description of Business | ' | |||
Description of Business | ||||
Veeva provides industry-specific, cloud-based software solutions for the life sciences industry. Our solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance. Our customer relationship management solutions, Veeva CRM, enable our customers to increase the productivity and compliance of their sales and marketing functions. Our regulated content management and collaboration solutions, Veeva Vault, enable our customers to manage a range of highly regulated, content-centric processes across the enterprise. Our customer master solution, Veeva Network, which includes our proprietary database of healthcare provider and healthcare organization data, enables our customers to create and maintain accurate customer data. | ||||
Follow-on Offering | ' | |||
Follow-on Offering | ||||
On March 31, 2014, we closed our follow-on offering of 13,800,000 shares of Class A common stock (inclusive of 1,800,000 shares sold upon the full exercise of the over-allotment option granted to the underwriters), which included 1,390,000 shares sold by us and a total of 12,410,000 shares sold by certain selling stockholders. The public offering price of the shares sold in the offering was $26.35 per share. We did not receive any proceeds from the sales of shares by the selling stockholders. Our proceeds from the offering were approximately $35.3 million after deducting underwriting discounts and commissions, and before deducting $0.8 million in total estimated offering expenses. As of April 30, 2014, we had received net cash proceeds of $35.0 million, which do not reflect $0.5 million of the estimated offering expenses not yet paid that are included as accrued expenses on the condensed consolidated balance sheet. | ||||
Principles of Consolidation and Basis of Presentation | ' | |||
Principles of Consolidation and Basis of Presentation | ||||
These unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting, and include the accounts of our wholly owned subsidiaries after elimination of intercompany accounts and transactions. 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. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in Veeva’s Annual Report on Form 10-K for the fiscal year ended January 31, 2014, filed on March 18, 2014. There have been no changes to our significant accounting policies described in the annual report that have had a material impact on our condensed consolidated financial statements and related notes. | ||||
The consolidated balance sheet as of January 31, 2014 included herein was derived from the audited financial statements as of that date. These unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, our comprehensive income and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year ending January 31, 2015 or any other period. | ||||
Use of Estimates | ' | |||
Use of Estimates | ||||
The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that affect the condensed consolidated financial statements and the notes thereto. These estimates are based on information available as of the date of the condensed consolidated financial statements. On a regular basis, management evaluates these estimates and assumptions. Significant items subject to such estimates and assumptions include, but are not limited to: | ||||
• | the best estimate of selling price of the deliverables included in multiple-deliverable revenue arrangements; | |||
• | the realizability of deferred income tax assets; | |||
• | the fair value of our stock-based awards; and | |||
• | the capitalization and estimated useful life of internal-use software development costs. | |||
As future events cannot be determined with precision, actual results could differ significantly from those estimates. | ||||
Revenue Recognition | ' | |||
Revenue Recognition | ||||
We derive our revenues from two sources: (i) subscription services revenues, which are comprised of subscription fees from customers accessing our enterprise cloud computing solutions, and (ii) related professional services and other revenues. Professional services and other revenues generally include consulting and training. We commence revenue recognition when all of the following conditions are satisfied: | ||||
• | there is persuasive evidence of an arrangement; | |||
• | the service has been or is being provided to the customer; | |||
• | the collection of the fees is reasonably assured; and | |||
• | the amount of fees to be paid by the customer is fixed or determinable. | |||
Our subscription services arrangements are generally non-cancellable and do not provide for refunds to customers in the event of cancellations. We record revenues net of any sales or excise taxes. | ||||
Subscription Services Revenues | ||||
Subscription services revenues are recognized ratably over the order term beginning when the solution has been provisioned to the customer. Our subscription arrangements are considered service contracts, and the customer does not have the right to take possession of the software. | ||||
Professional Services and Other Revenues | ||||
The majority of our professional services arrangements are recognized on a time and material basis. Professional services revenues recognized on a time and material basis are measured monthly based on time incurred and contractually agreed upon rates. Certain professional services revenues are based on fixed fee arrangements and revenues are recognized based on progress against input measures, such as hours incurred. Training revenues are recognized as the services are performed. | ||||
Multiple Element Arrangements | ||||
We apply the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2009-13, Multiple—Deliverable Revenue Arrangements, to allocate revenues based on relative best estimated selling price to each unit of accounting in multiple element arrangements, which generally include subscriptions and professional services. Best estimated selling price of each unit of accounting included in a multiple element arrangement is based upon management’s estimate of the selling price of deliverables when vendor specific objective evidence or third-party evidence of selling price is not available. | ||||
Our multiple element arrangements contain non-software deliverables such as our subscription offerings and professional services. For these arrangements we must: (i) determine whether each deliverable has stand-alone value; (ii) determine the estimated selling price of each element using the selling price hierarchy of vendor-specific objective evidence (VSOE) of fair value, third party evidence (TPE) or best estimated selling price (BESP), as applicable; and (iii) allocate the total price among the various deliverables based on the relative selling price method. | ||||
In determining whether professional services and other revenues have stand-alone value, we consider the following factors for each consulting agreement: availability of the consulting services from other vendors, the nature of the consulting services and whether the professional services are required in order for the customer to use the subscription services. | ||||
We have determined that we are not able to establish VSOE of fair value or TPE of selling price for any of our deliverables, and accordingly we use BESP for each deliverable in the arrangement. The objective of BESP is to estimate the price at which we would transact a sale of the service deliverables if the services were sold on a stand-alone basis. Revenue allocated to each deliverable is recognized when the basic revenue recognition criteria are met for each deliverable. | ||||
We determine BESP for our subscription services included in a multiple element subscription arrangement by considering multiple factors including, but not limited to, stated subscription renewal rates offered to the customer to renew the service and other major groupings such as customer type and geography. | ||||
BESP for professional services considers the discount of actual professional services sold compared to list price, the experience level of the individual performing the service and geography. | ||||
Deferred Revenue | ' | |||
Deferred Revenue | ||||
Deferred revenue includes amounts billed to customers for which the revenue recognition criteria have not been met. The majority of deferred revenue primarily consists of billings or payments received in advance of revenue recognition from our subscription services described above and is recognized as the revenue recognition criteria are met. We generally invoice our customers in annual, quarterly or monthly installments for the subscription services, which are typically one year or less. Accordingly, the deferred revenue balance does not generally represent the total contract value of a subscription arrangement. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue. | ||||
Certain Risks and Concentrations of Credit Risk | ' | |||
Certain Risks and Concentrations of Credit Risk | ||||
Our revenues are derived from subscription services and professional services delivered primarily to the pharmaceutical and life sciences industry. We operate in markets that are highly competitive and rapidly changing. Significant technological changes, shifting customer needs, the emergence of competitive products or services with new capabilities and other factors could negatively impact our operating results. | ||||
Our financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. We primarily maintain cash at two financial institutions, for which our deposits exceed federally insured limits. | ||||
We do not require collateral from our customers and generally require payment within 30 to 60 days of billing. We periodically evaluate the collectibility of our accounts receivable and provide an allowance for doubtful accounts as necessary, based on historical experience. Historically, such losses have not been material. | ||||
Fair Value Measurements | ' | |||
The carrying amounts of accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities approximate fair value due to their short-term nature. | ||||
Financial assets and financial liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: | ||||
Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities. | ||||
Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||
Financial assets and financial liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and considers factors specific to the asset or liability. | ||||
Net Income per Share Attributable to Common Stockholders | ' | |||
We compute net income per share of Class A and Class B common stock using the two-class method required for participating securities. Prior to the date of our IPO in October 2013, we considered all series of our convertible preferred stock to be participating securities due to their non-cumulative dividend rights. Immediately prior to the completion of our IPO, all outstanding shares of convertible preferred stock converted to Class B common stock. Additionally, we consider unvested shares issued upon the early exercise of options to be participating securities as the holders of these shares have a non-forfeitable right to dividends in the event of our declaration of a dividend for common shares. | ||||
Under the two-class method, net income attributable to common stockholders is determined by allocating undistributed earnings, calculated as net income, less (i) current period convertible preferred stock non-cumulative dividends and (ii) earnings attributable to participating securities. | ||||
The net income per share attributable to common stockholders is allocated based on the contractual participation rights of the Class A common stock and Class B common stock as if the income for the year has been distributed. As the liquidation and dividend rights are identical, the net loss attributable to common stockholders is allocated on a proportionate basis. | ||||
Basic net income per share of common stock is computed by dividing the net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. All participating securities are excluded from the basic weighted-average shares of common stock outstanding. Unvested shares of common stock resulting from the early exercises of stock options are excluded from the calculation of the weighted-average shares of common stock until they vest as they are subject to repurchase until they are vested. | ||||
Diluted net income per share attributable to common stockholders is computed by dividing net income attributable to common stockholders by the weighted-average shares outstanding, including potentially dilutive shares of common stock assuming the dilutive effect of potential shares of common stock for the period determined using the treasury stock method. | ||||
Undistributed net income for a given period is apportioned to participating securities based on the weighted-average shares of each class of common stock outstanding during the applicable period as a percentage of the total weighted-average shares outstanding during the same period. | ||||
For purposes of the diluted net income per share attributable to common stockholders calculation, unvested shares of common stock resulting from the early exercises of stock options and unvested options to purchase common stock are considered to be potentially dilutive shares of common stock. In addition, the computation of the fully diluted net income per share of Class A common stock assumes the conversion from Class B common stock, while the fully diluted net income per share of Class B common stock does not assume the conversion of those shares. | ||||
Commitments and Contingencies | ' | |||
Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment or remediation can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. | ||||
Information about Geographic Areas | ' | |||
We track and allocate revenues by the principal geographic region of our customers’ end users rather than by individual country, which makes it impractical to disclose revenues for the United States or other specific foreign countries. |
Summary_of_Business_and_Signif2
Summary of Business and Significant Accounting Policies (Tables) | 3 Months Ended | ||||
Apr. 30, 2014 | |||||
Accounts receivable [Member] | ' | ||||
Schedule of Certain Risks and Concentrations of Credit Risk | ' | ||||
The following customers individually exceeded 10% of total accounts receivable as of the dates shown: | |||||
April 30, | January 31, | ||||
2014 | 2014 | ||||
Customer 1 | * | * | |||
Customer 2 | * | 10 % | |||
* | Does not exceed 10%. | ||||
Revenues [Member] | ' | ||||
Schedule of Certain Risks and Concentrations of Credit Risk | ' | ||||
The following customers individually exceeded 10% of total revenues for the periods shown: | |||||
Three Months Ended April 30, | |||||
2014 | 2013 | ||||
Customer 1 | * | 10 % | |||
Customer 2 | * | 10 | |||
* | Does not exceed 10%. |
ShortTerm_Investments_Tables
Short-Term Investments (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Schedule of Short-Term Investments | ' | ||||||||||||||||
At April 30, 2014, short-term investments consisted of the following (in thousands): | |||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Asset-backed securities | $ | 3,700 | $ | 3 | $ | — | $ | 3,703 | |||||||||
Commercial paper | 4,997 | — | — | 4,997 | |||||||||||||
Corporate notes and bonds | 23,845 | 25 | — | 23,870 | |||||||||||||
U.S. agency obligations | 102,595 | 32 | (11 | ) | 102,616 | ||||||||||||
U.S. treasury securities | 21,411 | 11 | — | 21,422 | |||||||||||||
Total available-for-sale securities | $ | 156,548 | $ | 71 | $ | (11 | ) | $ | 156,608 | ||||||||
At January 31, 2014, short-term investments consisted of the following (in thousands): | |||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Corporate notes and bonds | $ | 10,499 | $ | 9 | $ | (1 | ) | $ | 10,507 | ||||||||
U.S. agency obligations | 15,111 | 7 | — | 15,118 | |||||||||||||
Total available-for-sale securities | $ | 25,610 | $ | 16 | $ | (1 | ) | $ | 25,625 | ||||||||
Summary of Estimated Fair Value of Short-Term Investments, Designated as Available-for-Sale and Classified by Contractual Maturity | ' | ||||||||||||||||
The following table summarizes the estimated fair value of our short-term investments, designated as available-for-sale and classified by the contractual maturity date of the securities as of the dates shown (in thousands): | |||||||||||||||||
April 30, | January 31, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
Due in one year or less | $ | 64,836 | $ | 17,667 | |||||||||||||
Due in greater than one year | 91,772 | 7,958 | |||||||||||||||
Total | $ | 156,608 | $ | 25,625 | |||||||||||||
Schedule of Fair Values and Gross Unrealized Losses of Available-for-Sale Securities Aggregated by Investment Category | ' | ||||||||||||||||
The following table shows the fair values and the gross unrealized losses of these available-for-sale securities aggregated by investment category as of April 30, 2014 (in thousands): | |||||||||||||||||
Gross | |||||||||||||||||
Fair | Unrealized | ||||||||||||||||
Value | Losses | ||||||||||||||||
U.S. agency obligations | $ | 39,197 | $ | (11 | ) | ||||||||||||
The following table shows the fair values and the gross unrealized losses of these available-for-sale securities aggregated by investment category as of January 31, 2014 (in thousands): | |||||||||||||||||
Gross | |||||||||||||||||
Fair | Unrealized | ||||||||||||||||
Value | Losses | ||||||||||||||||
Corporate notes and bonds | $ | 1,403 | $ | (1 | ) |
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 3 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Components of Property and Equipment, Net | ' | ||||||||
Property and equipment, net consists of the following as of the dates shown (in thousands): | |||||||||
April 30, | January 31, | ||||||||
2014 | 2014 | ||||||||
Equipment and computers | $ | 2,168 | $ | 1,912 | |||||
Furniture and fixtures | 997 | 948 | |||||||
Leasehold improvements | 1,042 | 979 | |||||||
4,207 | 3,839 | ||||||||
Less accumulated depreciation | (1,713 | ) | (1,394 | ) | |||||
Total property and equipment, net | $ | 2,494 | $ | 2,445 | |||||
Capitalized_InternalUse_Softwa1
Capitalized Internal-Use Software (Tables) | 3 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Research And Development [Abstract] | ' | ||||||||
Schedule of Capitalized Internal-Use Software, Net | ' | ||||||||
Capitalized internal-use software, net, consisted of the following as of the dates shown (in thousands): | |||||||||
April 30, | January 31, | ||||||||
2014 | 2014 | ||||||||
Capitalized internal-use software development costs | $ | 3,093 | $ | 2,834 | |||||
Less accumulated amortization | (1,448 | ) | (1,249 | ) | |||||
Capitalized internal-use software development costs, net | $ | 1,645 | $ | 1,585 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Details of Intangible Assets | ' | ||||||||||||||||
The following schedule presents the details of intangible assets as of April 30, 2014 (in thousands): | |||||||||||||||||
April 30, 2014 | |||||||||||||||||
Gross | Accumulated | Remaining | |||||||||||||||
Carrying | Useful Life | ||||||||||||||||
Amount | Amortization | Net | (in years) | ||||||||||||||
Data update technology | $ | 3,680 | $ | (636 | ) | $ | 3,044 | 4.1 | |||||||||
Database | 2,570 | (555 | ) | 2,015 | 3.1 | ||||||||||||
Customer relationships | 1,020 | (147 | ) | 873 | 5.1 | ||||||||||||
Software | 304 | (95 | ) | 209 | 2.1 | ||||||||||||
$ | 7,574 | $ | (1,433 | ) | $ | 6,141 | |||||||||||
The following schedule presents the details of intangible assets as of January 31, 2014 (in thousands): | |||||||||||||||||
January 31, 2014 | |||||||||||||||||
Gross | Remaining | ||||||||||||||||
Carrying | Accumulated | Useful Life | |||||||||||||||
Amount | Amortization | Net | (in years) | ||||||||||||||
Data update technology | $ | 3,680 | $ | (452 | ) | $ | 3,228 | 4.4 | |||||||||
Database | 2,570 | (394 | ) | 2,176 | 3.4 | ||||||||||||
Customer relationships | 1,020 | (104 | ) | 916 | 5.4 | ||||||||||||
Software | 304 | (73 | ) | 231 | 2.3 | ||||||||||||
$ | 7,574 | $ | (1,023 | ) | $ | 6,551 | |||||||||||
Estimated Amortization Expense | ' | ||||||||||||||||
The estimated amortization expense for intangible assets for the next five years and thereafter is as follows (in thousands): | |||||||||||||||||
Estimated | |||||||||||||||||
Amortization | |||||||||||||||||
Period | Expense | ||||||||||||||||
Remainder of fiscal 2015 | $ | 1,239 | |||||||||||||||
Fiscal 2016 | 1,650 | ||||||||||||||||
Fiscal 2017 | 1,579 | ||||||||||||||||
Fiscal 2018 | 1,154 | ||||||||||||||||
Fiscal 2019 | 454 | ||||||||||||||||
Thereafter | 65 | ||||||||||||||||
Total | $ | 6,141 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Hierarchy for Financial Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of April 30, 2014 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 56,401 | $ | — | $ | — | $ | 56,401 | |||||||||
Commercial paper | — | 6,300 | — | 6,300 | |||||||||||||
Corporate notes and bonds | — | 3,502 | — | 3,502 | |||||||||||||
U.S. agency obligations | — | 13,871 | — | 13,871 | |||||||||||||
U.S. treasury securities | — | 2,000 | — | 2,000 | |||||||||||||
Short-term investments | |||||||||||||||||
Asset backed-securities | — | 3,703 | — | 3,703 | |||||||||||||
Commercial paper | — | 4,997 | — | 4,997 | |||||||||||||
Corporate notes and bonds | — | 23,870 | — | 23,870 | |||||||||||||
U.S. agency obligations | — | 102,616 | — | 102,616 | |||||||||||||
U.S. treasury securities | — | 21,422 | — | 21,422 | |||||||||||||
Total | $ | 56,401 | $ | 182,281 | $ | — | $ | 238,682 | |||||||||
The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2014 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 170,235 | $ | — | $ | — | $ | 170,235 | |||||||||
Commercial paper | — | 9,999 | — | 9,999 | |||||||||||||
U.S. treasury securities | — | 33,153 | — | 33,153 | |||||||||||||
Short-term investments | |||||||||||||||||
Corporate notes and bonds | — | 10,507 | — | 10,507 | |||||||||||||
U.S. agency obligations | — | 15,118 | — | 15,118 | |||||||||||||
Total | $ | 170,235 | $ | 68,777 | $ | — | $ | 239,012 | |||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
A summary of stock option activity for the three months ended April 30, 2014 is as follows: | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | average | ||||||||||||||||
average | remaining | Aggregate | |||||||||||||||
Number | exercise | contractual | intrinsic | ||||||||||||||
of shares | price | term (in years) | value | ||||||||||||||
Options outstanding at January 31, 2014 | 25,424,437 | $ | 3.22 | 8.5 | $ | 726,649,586 | |||||||||||
Options Granted | 300,000 | 32.26 | |||||||||||||||
Options Exercised | (1,392,113 | ) | 0.49 | $ | 30,842,309 | ||||||||||||
Options Forfeited/Cancelled | (153,950 | ) | 5.48 | ||||||||||||||
Options outstanding at April 30, 2014 | 24,178,374 | $ | 3.73 | 8.1 | $ | 379,453,926 | |||||||||||
Options vested and exercisable at April 30, 2014 | 4,362,659 | $ | 0.8 | 6.5 | $ | 80,302,465 | |||||||||||
Options vested and exercisable at April 30, 2014 and expected to vest thereafter | 22,566,905 | $ | 3.67 | 8.1 | $ | 355,302,503 | |||||||||||
Summary of Restricted Stock Unit (RSU) Activity | ' | ||||||||||||||||
A summary of restricted stock unit (RSU) activity for the three months ended April 30, 2014 is as follows: | |||||||||||||||||
Weighted | |||||||||||||||||
Unreleased | average | ||||||||||||||||
Restricted | grant date | ||||||||||||||||
Stock Units | fair value | ||||||||||||||||
Unreleased RSUs at January 31, 2014 | 156,050 | $ | 36.52 | ||||||||||||||
RSUs Granted | 183,775 | 27.17 | |||||||||||||||
RSUs Forfeited | (5,400 | ) | 34.98 | ||||||||||||||
Unreleased RSUs at April 30, 2014 | 334,425 | $ | 31.41 | ||||||||||||||
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Options Granted | ' | ||||||||||||||||
The following table presents the weighted-average assumptions used to estimate the fair value of options granted during the periods presented: | |||||||||||||||||
Three Months Ended April 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Volatility | 48 | % | 42 | % | |||||||||||||
Expected life (in years) | 6.27 | 6.32 – 8.23 | |||||||||||||||
Risk-free interest rate | 1.85 | % | 1.03% – 1.65 | % | |||||||||||||
Dividend yield | — | % | — | % | |||||||||||||
Schedule of Weighted-Average Assumptions Used to Calculate Out Stock-Based Compensation for Each Stock Purchase under ESPP | ' | ||||||||||||||||
The following table presents the weighted-average assumptions used to calculate out stock-based compensation for each stock purchase under the ESPP: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
April 30, 2014 | |||||||||||||||||
Volatility | 44 | % | |||||||||||||||
Expected life (in years) | 0.58 | ||||||||||||||||
Risk-free interest rate | 0.1 | % | |||||||||||||||
Dividend yield | — | % |
Net_Income_per_Share_Attributa1
Net Income per Share Attributable to Common Stockholders (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Numerators and Denominators of the Basic and Diluted EPS Computations for Common Stock | ' | ||||||||||||||||
The numerators and denominators of the basic and diluted EPS computations for our common stock are calculated as follows (in thousands, except per share data): | |||||||||||||||||
Three Months Ended April 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||||
Basic | |||||||||||||||||
Numerator | |||||||||||||||||
Net income | $ | 1,258 | $ | 5,963 | $ | — | $ | 4,845 | |||||||||
Noncumulative dividends on convertible preferred stock | — | — | — | (140 | ) | ||||||||||||
Undistributed earnings allocated to participating securities | (16 | ) | (77 | ) | — | (3,779 | ) | ||||||||||
Net income attributable to common stockholders, basic | $ | 1,242 | $ | 5,886 | $ | — | $ | 926 | |||||||||
Denominator | |||||||||||||||||
Weighted average shares used in computing net income per share attributable to common stockholders, basic | 21,589 | 102,313 | — | 21,610 | |||||||||||||
Net income per share attributable to common stockholders, basic | $ | 0.06 | $ | 0.06 | $ | — | $ | 0.04 | |||||||||
Diluted | |||||||||||||||||
Numerator | |||||||||||||||||
Net income attributable to common stockholders, basic | $ | 1,242 | $ | 5,886 | $ | — | $ | 926 | |||||||||
Reallocation as a result of conversion of Class B to Class A common stock: | |||||||||||||||||
Net income attributable to common stockholders, basic | 5,886 | — | — | — | |||||||||||||
Reallocation of net income to Class B common stock | — | 165 | — | — | |||||||||||||
Net income attributable to common stockholders, diluted | $ | 7,128 | $ | 6,051 | $ | — | $ | 926 | |||||||||
Denominator | |||||||||||||||||
Number of shares used for basic EPS computation | 21,589 | 102,313 | — | 21,610 | |||||||||||||
Conversion of Class B to Class A common stock | 102,313 | — | — | — | |||||||||||||
Effect of potentially dilutive securities | 18,947 | 18,947 | — | 11,378 | |||||||||||||
Weighted average shares used in computing net income per share attributable to common stockholders, diluted | 142,849 | 121,260 | — | 32,988 | |||||||||||||
Net income per share attributable to common stockholders, diluted | $ | 0.05 | $ | 0.05 | $ | — | $ | 0.03 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||
Apr. 30, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Future Minimum Lease Payments Under Non-cancellable Operating Leases | ' | ||||
Future minimum lease payments under non-cancellable operating leases (with initial or remaining lease terms in excess of one year) as of April 30, 2014 are as follows (in thousands): | |||||
Operating | |||||
Period | leases | ||||
Remainder of 2015 | $ | 1,990 | |||
Fiscal 2016 | 2,210 | ||||
Fiscal 2017 | 1,406 | ||||
Fiscal 2018 | 615 | ||||
Fiscal 2019 | 494 | ||||
Thereafter | 7 | ||||
Total | $ | 6,722 |
Information_about_Geographic_A1
Information about Geographic Areas (Tables) | 3 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Revenues by Geographic Area | ' | ||||||||
Revenues by geographic area, as measured by the estimated location of the end users for subscription services revenues and the estimated location of the users for which the services were performed for professional services revenues, were as follows for the periods shown below (in thousands): | |||||||||
Three Months Ended April 30, | |||||||||
2014 | 2013 | ||||||||
Revenues by geography | |||||||||
North America | $ | 37,478 | $ | 25,916 | |||||
Europe | 16,546 | 10,633 | |||||||
Asia Pacific | 12,697 | 6,239 | |||||||
Total revenues | $ | 66,721 | $ | 42,788 | |||||
Long-Lived Assets by Geographic Area | ' | ||||||||
Long-lived assets by geographic area are as follows as of the date shown (in thousands): | |||||||||
April 30, | January 31, | ||||||||
2014 | 2014 | ||||||||
Long-lived assets by geography | |||||||||
North America | $ | 1,575 | $ | 1,341 | |||||
Europe | 339 | 509 | |||||||
Asia Pacific | 580 | 595 | |||||||
Total long-lived assets | $ | 2,494 | $ | 2,445 | |||||
Summary_of_Business_and_Signif3
Summary of Business and Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended |
Mar. 31, 2014 | Apr. 30, 2014 | |
Subsidiary, Sale of Stock [Line Items] | ' | ' |
Offering costs not yet paid | ' | $515,000 |
Class A common stock [Member] | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' |
Shares issued in follow-on offering | 13,800,000 | ' |
Shares sold to underwriters under over-allotment option | 1,800,000 | ' |
Shares sold and issued by the Company | 1,390,000 | ' |
Shares sold by certain selling shareholders | 12,410,000 | ' |
Offering price per share | $26.35 | ' |
Net proceeds from initial public offering, after deducting underwriting discounts and commissions | 35,300,000 | 35,000,000 |
Estimated offering costs | 800,000 | ' |
Offering costs not yet paid | ' | $500,000 |
Summary_of_Business_and_Signif4
Summary of Business and Significant Accounting Policies - Additional Information 1 (Detail) | 3 Months Ended |
Apr. 30, 2014 | |
Minimum [Member] | ' |
Concentration Risk [Line Items] | ' |
Customer payment terms | '30 days |
Minimum [Member] | Accounts receivable [Member] | ' |
Concentration Risk [Line Items] | ' |
Concentration risk percentage | 10.00% |
Minimum [Member] | Revenues [Member] | ' |
Concentration Risk [Line Items] | ' |
Concentration risk percentage | 10.00% |
Maximum [Member] | ' |
Concentration Risk [Line Items] | ' |
Customer payment terms | '60 days |
Summary_of_Business_and_Signif5
Summary of Business and Significant Accounting Policies - Schedule of Certain Risks and Concentrations of Credit Risk (Detail) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||
Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | |
Accounts receivable [Member] | Accounts receivable [Member] | Accounts receivable [Member] | Accounts receivable [Member] | Revenues [Member] | Revenues [Member] | Revenues [Member] | Revenues [Member] | |
Customer 1 [Member] | Customer 1 [Member] | Customer 2 [Member] | Customer 2 [Member] | Customer 1 [Member] | Customer 1 [Member] | Customer 2 [Member] | Customer 2 [Member] | |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Concentrations of credit risk, percentage | ' | ' | ' | 10.00% | ' | 10.00% | ' | 10.00% |
Summary_of_Business_and_Signif6
Summary of Business and Significant Accounting Policies - Schedule of Certain Risks and Concentrations of Credit Risk (Parenthetical) (Detail) (Customer concentration risk [Member]) | 3 Months Ended |
Apr. 30, 2014 | |
Accounts receivable [Member] | ' |
Concentration Risk [Line Items] | ' |
Minimum credit risk, percentage | 10.00% |
Revenues [Member] | ' |
Concentration Risk [Line Items] | ' |
Minimum credit risk, percentage | 10.00% |
ShortTerm_Investments_Schedule
Short-Term Investments - Schedule of Short-Term Investments (Detail) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | $156,548 | $25,610 |
Available-for-sale securities, Gross Unrealized Gains | 71 | 16 |
Available-for-sale securities, Gross Unrealized Losses | -11 | -1 |
Available-for-sale securities, Estimated Fair Value | 156,608 | 25,625 |
Asset backed-securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 3,700 | ' |
Available-for-sale securities, Gross Unrealized Gains | 3 | ' |
Available-for-sale securities, Gross Unrealized Losses | ' | ' |
Available-for-sale securities, Estimated Fair Value | 3,703 | ' |
Commercial paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 4,997 | ' |
Available-for-sale securities, Gross Unrealized Gains | ' | ' |
Available-for-sale securities, Gross Unrealized Losses | ' | ' |
Available-for-sale securities, Estimated Fair Value | 4,997 | ' |
Corporate notes and bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 23,845 | 10,499 |
Available-for-sale securities, Gross Unrealized Gains | 25 | 9 |
Available-for-sale securities, Gross Unrealized Losses | ' | -1 |
Available-for-sale securities, Estimated Fair Value | 23,870 | 10,507 |
U.S. agency obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 102,595 | 15,111 |
Available-for-sale securities, Gross Unrealized Gains | 32 | 7 |
Available-for-sale securities, Gross Unrealized Losses | -11 | ' |
Available-for-sale securities, Estimated Fair Value | 102,616 | 15,118 |
U.S. treasury securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 21,411 | ' |
Available-for-sale securities, Gross Unrealized Gains | 11 | ' |
Available-for-sale securities, Gross Unrealized Losses | ' | ' |
Available-for-sale securities, Estimated Fair Value | $21,422 | ' |
ShortTerm_Investments_Summary_
Short-Term Investments - Summary of Estimated Fair Value of Short-Term Investments, Designated as Available-for-Sale and Classified by Contractual Maturity (Detail) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available For Sale Securities Debt Maturities [Abstract] | ' | ' |
Due in one year or less | $64,836 | $17,667 |
Due in greater than one year | 91,772 | 7,958 |
Available-for-sale securities, Estimated Fair Value | $156,608 | $25,625 |
ShortTerm_Investments_Addition
Short-Term Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Apr. 30, 2014 | Jan. 31, 2014 |
Investments Debt And Equity Securities [Abstract] | ' | ' |
Other-than temporary impairment losses on investments | $0 | $0 |
ShortTerm_Investments_Schedule1
Short-Term Investments - Schedule of Fair Values and Gross Unrealized Losses of Available-for-Sale Securities Aggregated by Investment Category (Detail) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross Unrealized Losses | ($11) | ($1) |
Corporate notes and bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | ' | 1,403 |
Gross Unrealized Losses | ' | -1 |
U.S. agency obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 39,197 | ' |
Gross Unrealized Losses | ($11) | ' |
Property_and_Equipment_Net_Com
Property and Equipment, Net - Components of Property and Equipment, Net (Detail) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $4,207 | $3,839 |
Less accumulated depreciation | -1,713 | -1,394 |
Total property and equipment, net | 2,494 | 2,445 |
Equipment and computers [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 2,168 | 1,912 |
Furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 997 | 948 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $1,042 | $979 |
Property_and_Equipment_Net_Add
Property and Equipment, Net - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Property Plant And Equipment [Abstract] | ' | ' |
Depreciation | $0.30 | $0.20 |
Capitalized_InternalUse_Softwa2
Capitalized Internal-Use Software - Schedule of Capitalized Internal-Use Software, Net (Detail) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Capitalized Computer Software Net [Abstract] | ' | ' |
Capitalized internal-use software development costs | $3,093 | $2,834 |
Less accumulated amortization | -1,448 | -1,249 |
Capitalized internal-use software development costs, net | $1,645 | $1,585 |
Capitalized_InternalUse_Softwa3
Capitalized Internal-Use Software - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Movement In Capitalized Computer Software Net [Roll Forward] | ' | ' |
Capitalized internal-use software development costs | $0.30 | $0 |
Capitalized internal-use software amortization expense | $0.20 | $0.10 |
Intangible_Assets_Details_of_I
Intangible Assets - Details of Intangible Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Jan. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Carrying Amount | $7,574 | $7,574 |
Intangible assets, Accumulated Amortization | -1,433 | -1,023 |
Intangible assets, Net | 6,141 | 6,551 |
Data update technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Carrying Amount | 3,680 | 3,680 |
Intangible assets, Accumulated Amortization | -636 | -452 |
Intangible assets, Net | 3,044 | 3,228 |
Remaining Useful Life (in years) | '4 years 1 month 6 days | '4 years 4 months 24 days |
Database [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Carrying Amount | 2,570 | 2,570 |
Intangible assets, Accumulated Amortization | -555 | -394 |
Intangible assets, Net | 2,015 | 2,176 |
Remaining Useful Life (in years) | '3 years 1 month 6 days | '3 years 4 months 24 days |
Customer relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Carrying Amount | 1,020 | 1,020 |
Intangible assets, Accumulated Amortization | -147 | -104 |
Intangible assets, Net | 873 | 916 |
Remaining Useful Life (in years) | '5 years 1 month 6 days | '5 years 4 months 24 days |
Software [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Carrying Amount | 304 | 304 |
Intangible assets, Accumulated Amortization | -95 | -73 |
Intangible assets, Net | $209 | $231 |
Remaining Useful Life (in years) | '2 years 1 month 6 days | '2 years 3 months 18 days |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
Amortization expense | $0.40 | ' |
Intangible assets acquired | ' | $0 |
Intangible_Assets_Estimated_Am
Intangible Assets - Estimated Amortization Expense (Detail) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract] | ' | ' |
Remainder of fiscal 2015 | $1,239 | ' |
Fiscal 2016 | 1,650 | ' |
Fiscal 2017 | 1,579 | ' |
Fiscal 2018 | 1,154 | ' |
Fiscal 2019 | 454 | ' |
Thereafter | 65 | ' |
Intangible assets, Net | $6,141 | $6,551 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Hierarchy for Financial Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | $156,608 | $25,625 |
Asset backed-securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 3,703 | ' |
Commercial paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 4,997 | ' |
Corporate notes and bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 23,870 | 10,507 |
U.S. agency obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 102,616 | 15,118 |
U.S. treasury securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 21,422 | ' |
Fair value, measurements recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 238,682 | 239,012 |
Fair value, measurements recurring [Member] | Asset backed-securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 3,703 | ' |
Fair value, measurements recurring [Member] | Money market funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 56,401 | 170,235 |
Fair value, measurements recurring [Member] | Commercial paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 6,300 | 9,999 |
Short-term investments | 4,997 | ' |
Fair value, measurements recurring [Member] | Corporate notes and bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 3,502 | ' |
Short-term investments | 23,870 | 10,507 |
Fair value, measurements recurring [Member] | U.S. agency obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 13,871 | ' |
Short-term investments | 102,616 | 15,118 |
Fair value, measurements recurring [Member] | U.S. treasury securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 2,000 | 33,153 |
Short-term investments | 21,422 | ' |
Level 1 [Member] | Fair value, measurements recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 56,401 | 170,235 |
Level 1 [Member] | Fair value, measurements recurring [Member] | Asset backed-securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | ' | ' |
Level 1 [Member] | Fair value, measurements recurring [Member] | Money market funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 56,401 | 170,235 |
Level 1 [Member] | Fair value, measurements recurring [Member] | Commercial paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Short-term investments | ' | ' |
Level 1 [Member] | Fair value, measurements recurring [Member] | Corporate notes and bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Short-term investments | ' | ' |
Level 1 [Member] | Fair value, measurements recurring [Member] | U.S. agency obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Short-term investments | ' | ' |
Level 1 [Member] | Fair value, measurements recurring [Member] | U.S. treasury securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Short-term investments | ' | ' |
Level 2 [Member] | Fair value, measurements recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 182,281 | 68,777 |
Level 2 [Member] | Fair value, measurements recurring [Member] | Asset backed-securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 3,703 | ' |
Level 2 [Member] | Fair value, measurements recurring [Member] | Money market funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Level 2 [Member] | Fair value, measurements recurring [Member] | Commercial paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 6,300 | 9,999 |
Short-term investments | 4,997 | ' |
Level 2 [Member] | Fair value, measurements recurring [Member] | Corporate notes and bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 3,502 | ' |
Short-term investments | 23,870 | 10,507 |
Level 2 [Member] | Fair value, measurements recurring [Member] | U.S. agency obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 13,871 | ' |
Short-term investments | 102,616 | 15,118 |
Level 2 [Member] | Fair value, measurements recurring [Member] | U.S. treasury securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 2,000 | 33,153 |
Short-term investments | 21,422 | ' |
Level 3 [Member] | Fair value, measurements recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 3 [Member] | Fair value, measurements recurring [Member] | Asset backed-securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | ' | ' |
Level 3 [Member] | Fair value, measurements recurring [Member] | Money market funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Level 3 [Member] | Fair value, measurements recurring [Member] | Commercial paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Short-term investments | ' | ' |
Level 3 [Member] | Fair value, measurements recurring [Member] | Corporate notes and bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Short-term investments | ' | ' |
Level 3 [Member] | Fair value, measurements recurring [Member] | U.S. agency obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Short-term investments | ' | ' |
Level 3 [Member] | Fair value, measurements recurring [Member] | U.S. treasury securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Short-term investments | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Income Tax Contingency [Line Items] | ' | ' |
Effective tax rates | 42.40% | 36.90% |
Increase in effective tax rate | 5.50% | ' |
Unrecognized tax benefits | $0 | ' |
Net deferred taxes assets | $400,000 | ' |
Federal and California [Member] | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
Open tax years | '2007 | ' |
Other states [Member] | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
Open tax years | '2009 | ' |
Foreign Jurisdictions [Member] | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
Open tax years | '2010 | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Jan. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unvested shares subject to repurchase at an aggregate price | $400,000 | ' | $500,000 |
Weighted-average grant date fair value of options granted | $15.47 | $2.38 | ' |
Unrecognized compensation cost, net of estimated forfeitures, related to unvested stock options granted | 40,000,000 | ' | ' |
Weighted average period of unvested stock options | '5 years | ' | ' |
Closing stock price | $19.21 | ' | ' |
Intrinsic value of options exercised | 30,842,309 | ' | ' |
2013 Employee Stock Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common stock acquire at fair market value | 85.00% | ' | ' |
Common stock purchases through payroll deductions | 15.00% | ' | ' |
Shares purchased under ESPP | 0 | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average grant date fair value, RSUs Granted | $27.17 | ' | ' |
Unrecognized compensation cost, net of estimated forfeitures, related to unvested RSUs | $9,500,000 | ' | ' |
Weighted-average period related to unvested restricted stock unit | '3 years 8 months 12 days | ' | ' |
Unreleased Restricted Stock Units, RSUs Granted | 183,775 | 0 | ' |
Class A common stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common stock, shares outstanding | 38,301,754 | ' | 15,044,750 |
Class B common stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common stock, shares outstanding | 89,271,904 | ' | 109,746,795 |
Common stock, shares unvested | 1,391,915 | ' | 1,824,457 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Stock Option Activity (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Apr. 30, 2014 | Jan. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Number of shares, Options outstanding, Beginning Balance | 25,424,437 | ' |
Number of shares, Options Granted | 300,000 | ' |
Number of shares, Options Exercised | -1,392,113 | ' |
Number of shares, Options Forfeited/Cancelled | -153,950 | ' |
Number of shares, Options outstanding, Ending Balance | 24,178,374 | 25,424,437 |
Number of shares, Options vested and exercisable | 4,362,659 | ' |
Number of shares, Options vested and exercisable and expected to vest thereafter | 22,566,905 | ' |
Weighted average exercise price, Options outstanding, Beginning Balance | $3.22 | ' |
Weighted average exercise price, Options Granted | $32.26 | ' |
Weighted average exercise price, Options Exercised | $0.49 | ' |
Weighted average exercise price, Options Forfeited/Cancelled | $5.48 | ' |
Weighted average exercise price, options outstanding, Ending Balance | $3.73 | $3.22 |
Weighted average exercise price, Options vested and exercisable | $0.80 | ' |
Weighted average exercise price, Options vested and exercisable and expected to vest thereafter | $3.67 | ' |
Weighted average remaining contractual term, Options outstanding | '8 years 1 month 6 days | '8 years 6 months |
Weighted average remaining contractual term, Options vested and exercisable | '6 years 6 months | ' |
Weighted average remaining contractual term, Options vested and exercisable and expected to vest thereafter | '8 years 1 month 6 days | ' |
Aggregate intrinsic value, Options Outstanding, Beginning Balance | $726,649,586 | ' |
Aggregate intrinsic value, Options Exercised | 30,842,309 | ' |
Aggregate intrinsic value, Options Outstanding, Ending Balance | 379,453,926 | 726,649,586 |
Aggregate intrinsic value, Options vested and exercisable | 80,302,465 | ' |
Aggregate intrinsic value, Options vested and exercisable and expected to vest thereafter | $355,302,503 | ' |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of Restricted Stock Unit (RSU) Activity (Detail) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unreleased Restricted Stock Units, Beginning Balance | 156,050 | ' |
Unreleased Restricted Stock Units, RSUs Granted | 183,775 | 0 |
Unreleased Restricted Stock Units, RSUs Forfeited | -5,400 | ' |
Unreleased Restricted Stock Units, Ending Balance | 334,425 | ' |
Weighted average grant date fair value, Beginning Balance | $36.52 | ' |
Weighted average grant date fair value, RSUs Granted | $27.17 | ' |
Weighted average grant date fair value, RSUs Forfeited | $34.98 | ' |
Weighted average grant date fair value, Ending Balance | $31.41 | ' |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Options Granted (Detail) (Stock Options [Member]) | 3 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Volatility | 48.00% | 42.00% |
Expected life (in years) | '6 years 3 months 7 days | ' |
Risk-free interest rate, Minimum | ' | 1.03% |
Risk-free interest rate, Maximum | ' | 1.65% |
Risk-free interest rate | 1.85% | ' |
Dividend yield | ' | ' |
Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected life (in years) | ' | '6 years 3 months 26 days |
Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected life (in years) | ' | '8 years 2 months 23 days |
Stockholders_Equity_Schedule_o1
Stockholders' Equity - Schedule of Weighted-Average Assumptions Used to Calculate Out Stock-Based Compensation for Each Stock Purchase under ESPP (Detail) (Employee stock purchase plan [Member]) | 3 Months Ended |
Apr. 30, 2014 | |
Employee stock purchase plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Volatility | 44.00% |
Expected life (in years) | '6 months 29 days |
Risk-free interest rate | 0.10% |
Dividend yield | ' |
Net_Income_per_Share_Attributa2
Net Income per Share Attributable to Common Stockholders - Numerators and Denominators of the Basic and Diluted EPS Computations for Common Stock (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ' | ' |
Net income | $7,221 | $4,845 |
Weighted average shares used in computing net income per share attributable to common stockholders, basic | 123,902 | 21,610 |
Net income per share attributable to common stockholders, basic | $0.06 | $0.04 |
Reallocation as a result of conversion of Class B to Class A common stock: | ' | ' |
Number of shares used for basic EPS computation | 123,902 | 21,610 |
Weighted average shares used in computing net income per share attributable to common stockholders, diluted | 142,849 | 32,988 |
Net income per share attributable to common stockholders, diluted | $0.05 | $0.03 |
Class A common stock [Member] | ' | ' |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ' | ' |
Net income | 1,258 | ' |
Noncumulative dividends on convertible preferred stock | ' | ' |
Undistributed earnings allocated to participating securities | -16 | ' |
Net income attributable to common stockholders, basic | 1,242 | ' |
Weighted average shares used in computing net income per share attributable to common stockholders, basic | 21,589 | ' |
Net income per share attributable to common stockholders, basic | $0.06 | ' |
Net income attributable to common stockholders, basic | 1,242 | ' |
Reallocation as a result of conversion of Class B to Class A common stock: | ' | ' |
Net income attributable to common stockholders, basic | 5,886 | ' |
Reallocation of net income to Class B common stock | ' | ' |
Net income attributable to common stockholders, diluted | 7,128 | ' |
Number of shares used for basic EPS computation | 21,589 | ' |
Conversion of Class B to Class A common stock | 102,313 | ' |
Effect of potentially dilutive securities | 18,947 | ' |
Weighted average shares used in computing net income per share attributable to common stockholders, diluted | 142,849 | ' |
Net income per share attributable to common stockholders, diluted | $0.05 | ' |
Class B common stock [Member] | ' | ' |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ' | ' |
Net income | 5,963 | 4,845 |
Noncumulative dividends on convertible preferred stock | ' | -140 |
Undistributed earnings allocated to participating securities | -77 | -3,779 |
Net income attributable to common stockholders, basic | 5,886 | 926 |
Weighted average shares used in computing net income per share attributable to common stockholders, basic | 102,313 | 21,610 |
Net income per share attributable to common stockholders, basic | $0.06 | $0.04 |
Net income attributable to common stockholders, basic | 5,886 | 926 |
Reallocation as a result of conversion of Class B to Class A common stock: | ' | ' |
Net income attributable to common stockholders, basic | ' | ' |
Reallocation of net income to Class B common stock | 165 | ' |
Net income attributable to common stockholders, diluted | $6,051 | $926 |
Number of shares used for basic EPS computation | 102,313 | 21,610 |
Conversion of Class B to Class A common stock | ' | ' |
Effect of potentially dilutive securities | 18,947 | 11,378 |
Weighted average shares used in computing net income per share attributable to common stockholders, diluted | 121,260 | 32,988 |
Net income per share attributable to common stockholders, diluted | $0.05 | $0.03 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Mar. 03, 2014 | Apr. 30, 2014 |
Value-Added Reseller Agreement [Member] | Prior to September 1, 2025 [Member] | |||
Value-Added Reseller Agreement [Member] | ||||
Other Commitments [Line Items] | ' | ' | ' | ' |
Rent expense | $0.70 | $0.50 | ' | ' |
Minimum fee commitment obligation | ' | ' | ' | $496.70 |
Agreement extension period | ' | ' | '10 years | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments Under Non-cancellable Operating Leases (Detail) (USD $) | Apr. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Remainder of 2015 | $1,990 |
Fiscal 2016 | 2,210 |
Fiscal 2017 | 1,406 |
Fiscal 2018 | 615 |
Fiscal 2019 | 494 |
Thereafter | 7 |
Total | $6,722 |
Information_about_Geographic_A2
Information about Geographic Areas - Revenues by Geographic Area (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Revenues by geography | ' | ' |
Total revenues | $66,721 | $42,788 |
North America [Member] | ' | ' |
Revenues by geography | ' | ' |
Total revenues | 37,478 | 25,916 |
Europe [Member] | ' | ' |
Revenues by geography | ' | ' |
Total revenues | 16,546 | 10,633 |
Asia Pacific [Member] | ' | ' |
Revenues by geography | ' | ' |
Total revenues | $12,697 | $6,239 |
Information_about_Geographic_A3
Information about Geographic Areas - Long-Lived Assets by Geographic Area (Detail) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Long-lived assets by geography | ' | ' |
Total long-lived assets | $2,494 | $2,445 |
North America [Member] | ' | ' |
Long-lived assets by geography | ' | ' |
Total long-lived assets | 1,575 | 1,341 |
Europe [Member] | ' | ' |
Long-lived assets by geography | ' | ' |
Total long-lived assets | 339 | 509 |
Asia Pacific [Member] | ' | ' |
Long-lived assets by geography | ' | ' |
Total long-lived assets | $580 | $595 |