Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Jan. 31, 2015 | Jul. 31, 2014 | Mar. 20, 2015 |
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Jan-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VEEV | ||
Entity Registrant Name | VEEVA SYSTEMS INC | ||
Entity Central Index Key | 1393052 | ||
Current Fiscal Year End Date | -30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $1.50 | ||
Class A common stock [Member] | |||
Document And Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 70,687,481 | ||
Class B common stock [Member] | |||
Document And Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 60,784,391 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $129,253 | $262,507 |
Short-term investments | 268,620 | 25,625 |
Accounts receivable, net of allowance for doubtful accounts of $413 and $305, respectively | 92,661 | 58,433 |
Deferred income taxes | 4,815 | 2,075 |
Other current assets | 6,488 | 5,092 |
Total current assets | 501,837 | 353,732 |
Property and equipment, net | 28,203 | 2,445 |
Capitalized internal-use software, net | 1,240 | 1,585 |
Goodwill | 4,850 | 4,850 |
Intangible assets, net | 4,904 | 6,551 |
Other long-term assets | 3,856 | 1,145 |
Total assets | 544,890 | 370,308 |
Current liabilities: | ||
Accounts payable | 3,886 | 2,117 |
Accrued compensation and benefits | 6,497 | 8,750 |
Accrued expenses and other current liabilities | 8,939 | 7,931 |
Income tax payable | 3,241 | 439 |
Deferred revenue | 112,960 | 67,380 |
Total current liabilities | 135,523 | 86,617 |
Other long-term liabilities | 2,534 | 3,595 |
Total liabilities | 138,057 | 90,212 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Additional paid-in capital | 317,881 | 231,534 |
Accumulated other comprehensive income | 26 | 19 |
Retained earnings | 88,925 | 48,542 |
Total stockholders’ equity | 406,833 | 280,096 |
Total liabilities and stockholders’ equity | 544,890 | 370,308 |
Class A common stock [Member] | ||
Stockholders’ equity: | ||
Common stock | ||
Class B common stock [Member] | ||
Stockholders’ equity: | ||
Common stock | $1 | $1 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $413 | $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 | 64,729,479 | 15,044,750 |
Common stock, shares outstanding | 64,729,479 | 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 | 66,338,146 | 109,746,795 |
Common stock, shares outstanding | 66,338,146 | 109,746,795 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |||
Revenues: | ||||||
Subscription services | $233,063 | $146,621 | $73,280 | |||
Professional services and other | 80,159 | 63,530 | 56,268 | |||
Total revenues | 313,222 | 210,151 | 129,548 | |||
Cost of revenues: | ||||||
Cost of subscription services | 55,005 | [1] | 36,199 | [1] | 18,852 | [1] |
Cost of professional services and other | 60,653 | [1] | 46,403 | [1] | 38,164 | [1] |
Total cost of revenues | 115,658 | [1] | 82,602 | [1] | 57,016 | [1] |
Gross profit | 197,564 | 127,549 | 72,532 | |||
Operating expenses: | ||||||
Research and development | 41,156 | [1] | 26,327 | [1] | 14,638 | [1] |
Sales and marketing | 56,203 | [1] | 41,507 | [1] | 19,490 | [1] |
General and administrative | 30,239 | [1] | 20,411 | [1] | 8,371 | [1] |
Total operating expenses | 127,598 | [1] | 88,245 | [1] | 42,499 | [1] |
Operating income | 69,966 | 39,304 | 30,033 | |||
Other expense, net | 2,780 | 804 | 940 | |||
Income before income taxes | 67,186 | 38,500 | 29,093 | |||
Provision for income taxes | 26,803 | 14,885 | 10,310 | |||
Net income | 40,383 | 23,615 | 18,783 | |||
Net income attributable to Class A and Class B common stockholders, basic and diluted | 40,138 | 10,405 | 3,480 | |||
Net income per share attributable to Class A and Class B common stockholders: | ||||||
Basic | $0.31 | $0.20 | $0.17 | |||
Diluted | $0.28 | $0.15 | $0.11 | |||
Weighted-average shares used to compute net income per share attributable to Class A and Class B common stockholders: | ||||||
Basic | 127,713 | 51,725 | 20,887 | |||
Diluted | 144,204 | 68,024 | 30,599 | |||
Other comprehensive income: | ||||||
Net change in unrealized gains on available-for-sale investments | 76 | 10 | 5 | |||
Net change in cumulative foreign currency translation gain (loss) | -69 | 4 | ||||
Comprehensive income | $40,390 | $23,629 | $18,788 | |||
[1] | (1) Includes stock-based compensation as follows:Â Â Cost of revenues: Cost of subscription services$273 $118 $3 Cost of professional services and other 2,272 902 120 Research and development 3,844 1,700 238 Sales and marketing 3,221 1,788 140 General and administrative 4,715 2,442 214 Total stock-based compensation$14,325 $6,950 $715 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Stock-based compensation | $14,325 | $6,950 | $715 |
Cost of subscription services [Member] | |||
Stock-based compensation | 273 | 118 | 3 |
Cost of professional services and other [Member] | |||
Stock-based compensation | 2,272 | 902 | 120 |
Research and development [Member] | |||
Stock-based compensation | 3,844 | 1,700 | 238 |
Sales and marketing [Member] | |||
Stock-based compensation | 3,221 | 1,788 | 140 |
General and administrative [Member] | |||
Stock-based compensation | $4,715 | $2,442 | $214 |
Consolidated_Statements_Stockh
Consolidated Statements Stockholders' Equity (USD $) | Total | Series A and B Convertible Preferred Stock [Member] | 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, 2012 | $14,103 | $6,933 | $1,026 | $6,144 | ||
Beginning balance, shares at Jan. 31, 2012 | 85,000,000 | 22,620,207 | ||||
Issuance of common stock upon exercise of stock options, value | 136 | 136 | ||||
Issuance of common stock upon exercise of stock options, shares | 1,481,017 | |||||
Issuance of common stock upon early exercise of stock options | 742,627 | |||||
Vesting of early exercised stock options | 224 | 224 | ||||
Stock-based compensation expense | 715 | 715 | ||||
Other comprehensive income | 5 | 5 | ||||
Net income | 18,783 | 18,783 | ||||
Ending balance, value at Jan. 31, 2013 | 33,966 | 6,933 | 2,101 | 24,927 | 5 | |
Ending balance, shares at Jan. 31, 2013 | 85,000,000 | 24,843,851 | ||||
Issuance of common stock upon exercise of stock options, value | 514 | 514 | ||||
Issuance of common stock upon exercise of stock options, shares | 2,913,194 | |||||
Issuance of common stock upon early exercise of stock options | 357,750 | |||||
Vesting of early exercised stock options | 572 | 572 | ||||
Stock-based compensation expense | 7,041 | 7,041 | ||||
Conversion of preferred stock to common stock, value | -6,933 | 1 | 6,932 | |||
Conversion of preferred stock to common stock, shares | -85,000,000 | 85,000,000 | ||||
Initial public/Follow-on offering, net of issuance costs, value | 214,200 | 214,200 | ||||
Initial public/Follow-on offering, net of issuance costs, shares | 11,676,750 | |||||
Excess tax benefits from employee stock plans | 174 | 174 | ||||
Other comprehensive income | 14 | 14 | ||||
Net income | 23,615 | 23,615 | ||||
Ending balance, value at Jan. 31, 2014 | 280,096 | 1 | 231,534 | 48,542 | 19 | |
Ending balance, shares at Jan. 31, 2014 | 124,791,545 | |||||
Issuance of common stock upon exercise of stock options, value | 5,813 | 5,813 | ||||
Issuance of common stock upon exercise of stock options, shares | 4,437,349 | 4,437,349 | ||||
Vesting of early exercised stock options | 377 | 377 | ||||
Repurchase of unvested early exercised stock options | -16,667 | |||||
Issuance of common stock upon vesting of restricted stock units, value | -15 | -15 | ||||
Issuance of common stock upon vesting of restricted stock units, shares | 115,339 | |||||
Stock-based compensation expense | 14,385 | 14,385 | ||||
Issuance of common shares under Employee Stock Purchase Plan, value | 5,951 | 5,951 | ||||
Issuance of common shares under Employee Stock Purchase Plan, shares | 350,059 | |||||
Initial public/Follow-on offering, net of issuance costs, value | 34,495 | 34,495 | ||||
Initial public/Follow-on offering, net of issuance costs, shares | 1,390,000 | |||||
Excess tax benefits from employee stock plans | 25,341 | 25,341 | ||||
Other comprehensive income | 7 | 7 | ||||
Net income | 40,383 | 40,383 | ||||
Ending balance, value at Jan. 31, 2015 | $406,833 | $1 | $317,881 | $88,925 | $26 | |
Ending balance, shares at Jan. 31, 2015 | 131,067,625 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Cash flows from operating activities | |||
Net income | $40,383 | $23,615 | $18,783 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 3,929 | 2,410 | 789 |
Amortization of premiums on short-term investments | 2,176 | 364 | 101 |
Stock-based compensation | 14,325 | 6,950 | 715 |
Deferred income taxes | -4,268 | -1,781 | -639 |
Bad debt expense | 227 | 35 | 540 |
Changes in operating assets and liabilities: | |||
Accounts receivable | -34,455 | -19,738 | -17,067 |
Income taxes | 3,326 | -4,784 | 5,124 |
Other current and long-term assets | -4,652 | -2,951 | -593 |
Accounts payable | 1,290 | -1,303 | 1,747 |
Accrued expenses and other current liabilities | -754 | 9,690 | -4 |
Deferred revenue | 45,580 | 28,473 | 20,860 |
Other long-term liabilities | 467 | 773 | 443 |
Net cash provided by operating activities | 67,574 | 41,753 | 30,799 |
Cash flows from investing activities | |||
Purchases of short-term investments | -401,955 | -21,403 | -14,372 |
Maturities and sales of investments | 156,860 | 9,700 | |
Purchases of property and equipment | -26,531 | -1,860 | -964 |
Acquisitions, net of cash acquired | -12,149 | ||
Capitalized internal-use software development costs | -413 | -1,117 | -590 |
Proceeds from (issuance of) note receivable–related party | 253 | -3 | |
Payments for restricted cash and deposits | 21 | -435 | |
Net cash used in investing activities | -272,018 | -26,576 | -16,364 |
Cash flows from financing activities | |||
Proceeds from early exercise of common stock options | 229 | 439 | |
Proceeds from exercise of common stock options | 5,813 | 514 | 136 |
Net proceeds from offerings | 34,172 | 214,523 | |
Proceeds from Employee Stock Purchase Plan | 5,951 | ||
Restricted stock units acquired to settle employee tax withholding liability | -15 | ||
Excess tax benefits from employee stock plans | 25,341 | 174 | |
Net cash provided by financing activities | 71,262 | 215,440 | 575 |
Effect of exchange rate changes on cash and cash equivalents | -72 | ||
Net change in cash and cash equivalents | -133,254 | 230,617 | 15,010 |
Cash and cash equivalents at beginning of period | 262,507 | 31,890 | 16,880 |
Cash and cash equivalents at end of period | 129,253 | 262,507 | 31,890 |
Supplemental disclosures of other cash flow information: | |||
Cash paid for income taxes | 1,515 | 20,673 | 5,659 |
Non-cash investing and financing activities: | |||
Changes in accounts payable and accrued liabilities related to property and equipment purchases | 688 | 18 | 80 |
Vesting of early exercised stock options | 377 | 572 | 224 |
Offering costs not yet paid | $323 |
Summary_of_Business_and_Signif
Summary of Business and Significant Accounting Policies | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Summary of Business and Significant Accounting Policies | Note 1. Summary of Business and Significant Accounting Policies | |||||||||||
Description of Business | ||||||||||||
Veeva is a leading provider of cloud-based software solutions for the global life sciences industry. We were founded in 2007 on the premise that industry-specific business problems would best be addressed by tailored cloud solutions, an approach referred to as industry cloud. All of our solutions are designed from the ground up to address the unique business and regulatory requirements of the life sciences industry. We enable life sciences companies to realize the benefits of a cloud delivery model and modern mobile applications for their most critical business functions with solutions that meet their specialized functional and compliance needs. Our fiscal year end is January 31. | ||||||||||||
Initial Public Offering and Follow-on Offering | ||||||||||||
On October 21, 2013, we closed our initial public offering (IPO) of 15,001,750 shares of Class A common stock, which included 11,676,750 shares sold by us (inclusive of 1,956,750 shares issued upon the full exercise of the over-allotment option granted to the underwriters) and a total of 3,325,000 shares sold by certain selling stockholders. The public offering price of the shares was $20.00 per share. We did not receive any proceeds from the sales of shares by the selling stockholders. Our proceeds from the offering were $214.2 million after deducting underwriting discounts and commissions and total offering expenses. | ||||||||||||
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 $34.5 million after deducting underwriting discounts and commissions and total offering expenses. | ||||||||||||
Principles of Consolidation and Basis of Presentation | ||||||||||||
These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP). The consolidated financial statements include accounts of our wholly owned subsidiaries after elimination of intercompany accounts and transactions. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of consolidated financial statements in conformity with GAAP requires us to make certain estimates, judgments and assumptions that affect the consolidated financial statements and the notes thereto. These estimates are based on information available as of the date of the 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 fair value of assets acquired and liabilities assumed for business combinations; | |||||||||||
· | the valuation of short-term investments and the determination of other-than-temporary impairments; | |||||||||||
· | the valuation of building and land; | |||||||||||
· | the realizability of deferred income tax assets; | |||||||||||
· | the fair value of our stock-based awards and related forfeiture rates; 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. | ||||||||||||
Segment Information | ||||||||||||
Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. We define the term “chief operating decision maker” to be our Chief Executive Officer. Our Chief Executive Officer reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating our financial performance. Accordingly, we have determined that we operate in a single reportable operating segment. Since we operate in one operating segment, all required financial segment information can be found in the consolidated financial statements. | ||||||||||||
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, data services 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-cancelable and do not provide for refunds to customers in the event of cancellations. We record revenues net of any sales 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. In some cases the terms of our time and materials and fixed fee arrangements may require that we defer the recognition of revenue until contractual conditions are met. Data services and training revenues are generally 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 contracted for a term of 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, professional services and other 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 potentially subject us to concentration of credit risk consist primarily of cash and cash equivalents, short-term investments and trade accounts receivable. Our cash equivalents and short-term investments are held in safekeeping by large, credit-worthy financial institutions. We have established guidelines relative to credit ratings, diversification and maturities that seek to maintain safety and liquidity. Deposits in these financial institutions may 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: | ||||||||||||
January 31, | ||||||||||||
2015 | 2014 | |||||||||||
Customer 1 | * | * | ||||||||||
Customer 2 | 11% | 10% | ||||||||||
Customer 3 | 16 | * | ||||||||||
* | Does not exceed 10%. | |||||||||||
In our fiscal years ended January 31, 2015, 2014 and 2013, our top 10 customers accounted for 54%, 56% and 54% of our total revenues, respectively. The following customers individually exceeded 10% of total revenues for the periods shown: | ||||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Customer 1 | * | * | 12% | |||||||||
Customer 2 | * | * | 11 | |||||||||
Customer 3 | * | * | * | |||||||||
* | Does not exceed 10%. | |||||||||||
Cash Equivalents | ||||||||||||
We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. We classify certain restricted cash balances within other long-term assets on the accompanying balance sheets based upon the term of the remaining restrictions. | ||||||||||||
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 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. | ||||||||||||
We may sell our short-term investments at any time, without significant penalty, 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 12 months as current assets in the accompanying consolidated balance sheets. | ||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | ||||||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. We establish an allowance for doubtful accounts for estimated losses expected in our accounts receivable portfolio. In establishing the required allowance, we use the specific-identification method, and management considers historical losses adjusted to take into account current market conditions and the customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. We review our allowance for doubtful accounts periodically. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Activity related to our allowance for doubtful accounts was as follows (in thousands): | ||||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Balance at beginning of period | $ | 305 | $ | 305 | $ | 300 | ||||||
Add: charges (credits) to costs and expenses | 227 | (35 | ) | 317 | ||||||||
Less: recoveries (write-offs) | (119 | ) | 35 | (312 | ) | |||||||
Balance at end of period | $ | 413 | $ | 305 | $ | 305 | ||||||
Property and Equipment | ||||||||||||
Property and equipment are stated at cost. Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets, generally three to five years. Leasehold improvements are depreciated over the shorter of the estimated useful life of the leasehold improvements or the lease term. We depreciate buildings over periods up to 30 years. Land is not depreciated. Construction in progress is related to the construction or development of property (including land) and equipment that have not yet been placed in service for our intended use. Depreciation for equipment commences once it is placed in service and depreciation for buildings and leasehold improvements commences once they are ready for our intended use. Upon sale or retirement, the asset’s cost and related accumulated depreciation are removed from the general ledger and any related gains or losses are reflected in operating expenses. Repairs and maintenance are charged to operations as incurred. | ||||||||||||
Internal-Use Software | ||||||||||||
We capitalize certain costs incurred for the development of computer software for internal use. These costs generally relate to the development of our customer relationship management, content management and collaboration and customer master solutions. We capitalize these costs during the development of the project, when it is determined that it is probable that the project will be completed, and the software will be used as intended. Costs related to preliminary project activities, post-implementation activities, training and maintenance are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life, generally three years, and the amortization expense is recorded as a component of cost of subscription services. Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. We exercise judgment in determining the point at which various projects may be capitalized, in assessing the ongoing value of the capitalized costs and in determining the estimated useful lives over which the costs are amortized. To the extent that we change the manner in which we develop and test new features and functionalities related to our solutions, assess the ongoing value of capitalized assets or determine the estimated useful lives over which the costs are amortized, the amount of internal-use software development costs we capitalize and amortize could change in future periods. | ||||||||||||
Goodwill and Intangible Assets | ||||||||||||
Goodwill represents the excess of the purchase price over the fair value of net assets acquired in connection with business combinations accounted for using the acquisition method of accounting. Goodwill is not amortized, but instead goodwill is required to be tested for impairment annually and under certain circumstances. We perform such testing of goodwill in the fourth quarter of each year, or as events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. | ||||||||||||
If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we then conduct a two-step test for impairment of goodwill. The first step of the test for goodwill impairment compares the fair value of the applicable reporting unit with its carrying value. If the fair value of a reporting unit is less than the reporting unit’s carrying value, we will perform the second step of the test for impairment of goodwill. During the second step of the test for impairment of goodwill, we will compare the implied fair value of the reporting unit’s goodwill with the carrying value of that goodwill. If the carrying value of the goodwill exceeds the calculated implied fair value, the excess amount will be recognized as an impairment loss. We have one reporting unit and evaluate goodwill for impairment at the entity level. We completed our annual impairment test in our fourth quarter of fiscal 2015, which did not result in any impairment of the goodwill balance. | ||||||||||||
All other intangible assets, consisting of data update technology, database, customer relationships and software, are stated at cost less accumulated amortization and are amortized on a straight-line basis over their estimated remaining economic lives, ranging from 1.3 to 4.3 years. Amortization expense related to developed technology is included in cost of subscription services. Amortization expense related to customer relationships is included in sales and marketing expense. | ||||||||||||
Long-Lived Assets | ||||||||||||
Long-lived assets, such as property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. There were no impairment charges recognized during fiscal 2015, 2014 and 2013. | ||||||||||||
Business Combinations | ||||||||||||
We use our best estimates and assumptions to accurately assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. Our estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially established in connection with a business combination as of the acquisition date. We continue to collect information and reevaluate these estimates and assumptions quarterly and record any adjustments to our preliminary estimates to goodwill provided that we are within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of comprehensive income. | ||||||||||||
Stock-based Compensation | ||||||||||||
We recognize compensation expense for all stock-based awards, including stock options and restricted stock units (RSUs), based on the estimate of fair value of the award at the grant date. The fair value of each option award is estimated on the grant date using the Black-Scholes option-pricing model and a single option award approach. This model requires that at the date of grant we determine the fair value of the underlying common stock, the expected term of the award, the expected volatility of the price of our common stock, risk-free interest rates, and expected dividend yield of our common stock. The compensation expense recorded is based on awards ultimately expected to vest and therefore is reduced by estimated forfeitures. Forfeitures are estimated at the time of grant based on an analysis of our actual historical forfeitures, and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The compensation expense, net of estimated forfeitures, is recognized using a straight-line basis over the requisite service periods of the awards, which is generally four to five years. We estimate a forfeiture rate to calculate the stock-based compensation expense for our awards. | ||||||||||||
The fair value of each stock based payment award and stock purchase right granted under the 2013 Employee Stock Purchase Plan (ESPP) was estimated on the date of grant using the Black-Scholes option pricing model. We recognized stock-based compensation expenses related to our ESPP on a straight-line basis over the offering period, which was seven months. | ||||||||||||
The determination of the grant date fair value of stock based payment awards using an option-pricing model are affected by assumptions regarding a number of other complex and subjective variables, which include our expected stock price volatility over the expected term of the options, stock option exercise and cancellation behaviors, risk-free interest rates and expected dividends. | ||||||||||||
Cost of Revenues | ||||||||||||
Cost of subscription services and professional services and other revenues are expensed as incurred. Cost of subscription services revenues primarily consists of fees for our use of the Salesforce1 Platform, as well as other expenses such as data center operational costs, and personnel related costs to support our cloud infrastructure. | ||||||||||||
Cost of professional services and other revenues primarily consists of personnel related costs, and third-party sub-contractor costs associated with providing professional services. | ||||||||||||
Sales Commissions | ||||||||||||
Sales commissions paid for subscriptions are recorded as a component of sales and marketing expenses when earned. Commissions are typically earned upon booking of a customer contract. Sales commission expense was $13.2 million, $11.8 million and $6.6 million for the fiscal years ended January 31, 2015, 2014 and 2013, respectively. | ||||||||||||
Advertising Expenses | ||||||||||||
Advertising is expensed as incurred. Advertising expense was $0.1 million and $0.2 million for the fiscal year ended January 31, 2015 and 2014, respectively. Advertising expense for the fiscal year ended January 31, 2013 was immaterial. | ||||||||||||
Foreign Currency Exchange | ||||||||||||
The functional currency for China, Japan and Brazil is their local currency and for all other foreign subsidiaries their functional currency is the U.S. dollar. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars for those entities that do not have U.S. dollars as their functional currency are recorded as part of a separate component of the consolidated statements of comprehensive income. Foreign currency transaction gains and losses are included in the consolidated statements of operations for the period. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenues and expenses are translated at the average exchange rate during the period. Equity transactions are translated using historical exchange rates. | ||||||||||||
Income Taxes | ||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. When applicable, a valuation allowance is established to reduce any deferred tax asset when it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized. | ||||||||||||
We establish liabilities or reduce assets for uncertain tax positions when we believe certain tax positions are not more likely than not of being sustained if challenged. We recognize liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining whether the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. If we determine that a tax position will more likely than not be sustained on audit, the second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and may not accurately forecast actual outcomes. Determining whether an uncertain tax position is effectively settled requires judgment. Such a change in status or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. | ||||||||||||
We recognize interest accrued and penalties related to unrecognized tax benefits in our income tax expense. | ||||||||||||
Other Comprehensive Income | ||||||||||||
Accumulated other comprehensive income is reported as a component of stockholders’ equity and include unrealized gains and losses on marketable securities that are available-for-sale and foreign currency translation adjustment. | ||||||||||||
Recent Accounting Pronouncements | ||||||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” which requires revenue to be recognized when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 supersedes the existing revenue recognition guidance in “Revenue Recognition (Topic 605)” and will be effective for our fiscal year beginning February 1, 2017. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Acquisition_of_AdvantageMS
Acquisition of AdvantageMS | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||
Acquisition of AdvantageMS | Note 2. Acquisition of AdvantageMS | |||||||||||||||
On June 20, 2013, we completed our acquisition of Advantage Management Solutions, Inc. (AdvantageMS), a privately held supplier of healthcare professional data and related software and services. We expect this acquisition to support our Veeva OpenKey data and data services offerings through the addition of a database of healthcare professionals, healthcare organizations and other supplemental data in the U.S. market. Total closing consideration for the purchase was $10.5 million in cash. Approximately 15% of the closing consideration was placed into escrow to be held for 18 months following the close as security for losses incurred by us in the event of certain breaches of representations and warranties by the sellers. We retained approximately $0.4 million of the escrow amount as recovery for such losses at the end of the escrow period. Additionally, we paid approximately $1.9 million in cash as part of a net working capital adjustment. There are no contingent cash payments related to this transaction. As of January 31, 2015, we had incurred $0.3 million in acquisition-related transaction costs and $0.3 in connection with asserted losses previously claimed against escrow which were not recovered. The assets, liabilities and operating results of AdvantageMS have been reflected in our consolidated financial statements from the date of acquisition and have not been material. | ||||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): | ||||||||||||||||
Purchase price | ||||||||||||||||
Cash | $ | 12,363 | ||||||||||||||
Allocation of purchase price | ||||||||||||||||
Cash | $ | 408 | ||||||||||||||
Accounts receivable | 1,636 | |||||||||||||||
Intangible assets | 7,380 | |||||||||||||||
Deferred tax asset | 173 | |||||||||||||||
Other current and non-current assets | 435 | |||||||||||||||
Deferred tax liability | (2,305 | ) | ||||||||||||||
Other current and non-current liabilities | (214 | ) | ||||||||||||||
Goodwill | 4,850 | |||||||||||||||
Total purchase price | $ | 12,363 | ||||||||||||||
We did not record any in-process research and development in connection with the acquisition. | ||||||||||||||||
Intangible assets are being amortized on a straight-line basis over an estimated useful life ranging from three to six years. Goodwill of $4.9 million represents the excess of the purchase price over the fair value of the underlying net tangible and intangible assets and represents the future economic benefits of the data technology contributions in support of our Veeva OpenKey data and data services offerings. Goodwill is not deductible for U.S. tax purposes. | ||||||||||||||||
Each component of identifiable intangible assets acquired in connection with the above acquisition as of January 31, 2015 were as follows (dollar amounts in thousands): | ||||||||||||||||
31-Jan-15 | ||||||||||||||||
Gross | Remaining | |||||||||||||||
Carrying | Accumulated | Useful Life | ||||||||||||||
Amount | Amortization | Net | (in years) | |||||||||||||
Data update technology | $ | 3,680 | $ | (1,188 | ) | $ | 2,492 | 3.4 | ||||||||
Database | 2,570 | (1,037 | ) | 1,533 | 2.3 | |||||||||||
Customer relationships | 1,020 | (274 | ) | 746 | 4.3 | |||||||||||
Software | 110 | (59 | ) | 51 | 1.3 | |||||||||||
$ | 7,380 | $ | (2,558 | ) | $ | 4,822 | ||||||||||
Also included in intangible assets on the consolidated balance sheet is $0.2 million of technology acquired on April 25, 2013. The carrying value of these acquired intangibles as of January 31, 2015 was $0.1 million. | ||||||||||||||||
Pro forma results of operations have not been presented because the effect of this acquisition was not material to the consolidated financial statements. | ||||||||||||||||
ShortTerm_Investments
Short-Term Investments | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ||||||||||||||||
Short-Term Investments | Note 3. Short-Term Investments | |||||||||||||||
At January 31, 2015, 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 | $ | 9,323 | $ | — | $ | (4 | ) | $ | 9,319 | |||||||
Commercial paper | 3,394 | — | — | 3,394 | ||||||||||||
Corporate notes and bonds | 45,990 | 18 | (19 | ) | 45,989 | |||||||||||
U.S. agency obligations | 199,822 | 92 | (3 | ) | 199,911 | |||||||||||
U.S. treasury securities | 9,999 | 8 | — | 10,007 | ||||||||||||
Total available-for-sale securities | $ | 268,528 | $ | 118 | $ | (26 | ) | $ | 268,620 | |||||||
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 | |||||||
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): | ||||||||||||||||
January 31, | January 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Due in one year or less | $ | 224,263 | $ | 17,667 | ||||||||||||
Due in greater than one year | 44,357 | 7,958 | ||||||||||||||
Total | $ | 268,620 | $ | 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 12 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 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 January 31, 2015 and 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 January 31, 2015 (in thousands): | ||||||||||||||||
Gross | ||||||||||||||||
Fair | Unrealized | |||||||||||||||
Value | Losses | |||||||||||||||
Asset-backed securities | $ | 9,319 | $ | (4 | ) | |||||||||||
Corporate notes and bonds | 23,239 | (19 | ) | |||||||||||||
U.S. agency obligations | 18,398 | (3 | ) | |||||||||||||
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 | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Property Plant And Equipment [Abstract] | ||||||||
Property and Equipment, Net | Note 4. Property and Equipment, Net | |||||||
Property and equipment, net consists of the following as of the dates shown (in thousands): | ||||||||
January 31, | ||||||||
2015 | 2014 | |||||||
Land | $ | 3,040 | $ | — | ||||
Building | 20,984 | — | ||||||
Equipment and computers | 3,103 | 1,912 | ||||||
Furniture and fixtures | 1,207 | 948 | ||||||
Leasehold improvements | 1,228 | 858 | ||||||
Construction in progress | 980 | 121 | ||||||
30,542 | 3,839 | |||||||
Less accumulated depreciation | (2,339 | ) | (1,394 | ) | ||||
Total property and equipment, net | $ | 28,203 | $ | 2,445 | ||||
Total depreciation expense was $1.4 million, $0.9 million and $0.5 million for the fiscal years ended January 31, 2015, 2014 and 2013, respectively. | ||||||||
Acquisition of Corporate Headquarters Building | ||||||||
On July 22, 2014, we purchased land and a building for our new corporate headquarters located in Pleasanton, California for $24.0 million. The headquarters will support the overall growth of our business for the next few years, and we expect to occupy the building in summer 2015. The useful life for the building is expected to be 30 years and will be depreciated on a straight-line basis once it is ready for its intended use. Land is not depreciated. |
Capitalized_InternalUse_Softwa
Capitalized Internal-Use Software | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Research And Development [Abstract] | ||||||||
Capitalized Internal-Use Software | Note 5. Capitalized Internal-Use Software | |||||||
Capitalized internal-use software, net, consisted of the following as of the dates shown (in thousands): | ||||||||
January 31, | ||||||||
2015 | 2014 | |||||||
Capitalized internal-use software development costs | $ | 3,307 | $ | 2,834 | ||||
Less accumulated amortization | (2,067 | ) | (1,249 | ) | ||||
Capitalized internal-use software development costs, net | $ | 1,240 | $ | 1,585 | ||||
During the fiscal years ended January 31, 2015 and 2014, we capitalized $0.5 million and $1.2 million, respectively, for internal-use software development costs. | ||||||||
Capitalized internal-use software amortization expense totaled $0.8 million, $0.5 million and $0.3 million for the fiscal years ended January 31, 2015, 2014 and 2013, respectively. | ||||||||
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Intangible Assets | Note 6. Intangible Assets | |||||||||||||||
The following schedule presents the details of intangible assets as of January 31, 2015 (in thousands): | ||||||||||||||||
31-Jan-15 | ||||||||||||||||
Gross | Remaining | |||||||||||||||
Carrying | Accumulated | Useful Life | ||||||||||||||
Amount | Amortization | Net | (in years) | |||||||||||||
Data update technology | $ | 3,680 | $ | (1,188 | ) | $ | 2,492 | 3.4 | ||||||||
Database | 2,570 | (1,037 | ) | 1,533 | 2.3 | |||||||||||
Customer relationships | 1,020 | (274 | ) | 746 | 4.3 | |||||||||||
Software | 304 | (171 | ) | 133 | 1.3 | |||||||||||
$ | 7,574 | $ | (2,670 | ) | $ | 4,904 | ||||||||||
The following schedule presents the details of intangible assets as of January 31, 2014 (in thousands): | ||||||||||||||||
31-Jan-14 | ||||||||||||||||
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 fiscal year ended January 31, 2015 and 2014 was $1.7 million and $1.0 million, respectively. As of January 31, 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 | |||||||||||||||
Fiscal 2016 | $ | 1,651 | ||||||||||||||
Fiscal 2017 | 1,580 | |||||||||||||||
Fiscal 2018 | 1,154 | |||||||||||||||
Fiscal 2019 | 454 | |||||||||||||||
Fiscal 2020 | 65 | |||||||||||||||
Total | $ | 4,904 | ||||||||||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Payables And Accruals [Abstract] | ||||||||
Accrued Expenses | Note 7. Accrued Expenses | |||||||
Accrued expenses consisted of the following as of the dates shown (in thousands): | ||||||||
January 31, | ||||||||
2015 | 2014 | |||||||
Accrued commissions | $ | 1,309 | $ | 1,452 | ||||
Accrued bonus | 1,901 | 1,419 | ||||||
Accrued other compensation and benefits | 3,287 | 5,879 | ||||||
Total accrued compensation and benefits | $ | 6,497 | $ | 8,750 | ||||
Accrued fees paid to salesforce.com | 3,395 | 2,677 | ||||||
Early exercise of stock options | 87 | 470 | ||||||
Sales taxes payable | 1,666 | 2,769 | ||||||
Other accrued expenses | 3,791 | 2,015 | ||||||
Total accrued expenses and other current liabilities | $ | 8,939 | $ | 7,931 | ||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Note 8. Fair Value Measurements | |||||||||||||||
We apply the provisions of FASB Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements and Disclosures , for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the consolidated financial statements. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a framework for measuring fair value and expands disclosures about 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 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 January 31, 2015 (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 41,861 | $ | — | $ | — | $ | 41,861 | ||||||||
U.S. agency obligations | — | 3,595 | — | 3,595 | ||||||||||||
Short-term investments | ||||||||||||||||
Asset backed-securities | — | 9,319 | — | 9,319 | ||||||||||||
Commercial paper | — | 3,394 | — | 3,394 | ||||||||||||
Corporate notes and bonds | — | 45,989 | — | 45,989 | ||||||||||||
U.S. agency obligations | — | 199,911 | — | 199,911 | ||||||||||||
U.S. treasury securities | — | 10,007 | — | 10,007 | ||||||||||||
Total | $ | 41,861 | $ | 272,215 | $ | — | $ | 314,076 | ||||||||
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. |
Other_Expense_Net
Other Expense, Net | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Other Income And Expenses [Abstract] | ||||||||||||
Other Expense, Net | Note 9. Other Expense, Net | |||||||||||
Other expense, net consisted of the following (in thousands): | ||||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Foreign currency loss | $ | 3,893 | $ | 940 | $ | 987 | ||||||
Investment amortization | 2,424 | 366 | 101 | |||||||||
Interest (income) | (3,537 | ) | (502 | ) | (148 | ) | ||||||
Other expense, net | $ | 2,780 | $ | 804 | $ | 940 | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Note 10. Income Taxes | |||||||||||
The components of income before income taxes by U.S. and foreign jurisdictions were as follows for the periods shown (in thousands): | ||||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
United States | $ | 64,178 | $ | 35,018 | $ | 27,332 | ||||||
Foreign | 3,008 | 3,482 | 1,761 | |||||||||
Total | $ | 67,186 | $ | 38,500 | $ | 29,093 | ||||||
The majority of our revenues from international sales are invoiced from and collected by our U.S. entity and recognized as a component of income before taxes in the United States as opposed to a foreign jurisdiction. | ||||||||||||
Provision for income taxes for our fiscal years ended January 31, 2015, 2014 and 2013 consisted of the following (in thousands): | ||||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Current provision: | ||||||||||||
Federal | $ | 26,039 | $ | 13,837 | $ | 9,211 | ||||||
State | 3,022 | 1,186 | 1,138 | |||||||||
Foreign | 2,093 | 1,644 | 600 | |||||||||
Total | $ | 31,154 | $ | 16,667 | $ | 10,949 | ||||||
Deferred provision: | ||||||||||||
Federal | (3,421 | ) | (1,360 | ) | (616 | ) | ||||||
State | (197 | ) | (94 | ) | (23 | ) | ||||||
Foreign | (733 | ) | (328 | ) | — | |||||||
Total | $ | (4,351 | ) | $ | (1,782 | ) | $ | (639 | ) | |||
Provision for income taxes | $ | 26,803 | $ | 14,885 | $ | 10,310 | ||||||
Provision for income taxes differed from the amount computed by applying the federal statutory income tax rate of 35%, to income before income taxes for our fiscal years ended January 31, 2015, 2014 and 2013, respectively, as a result of the following (in thousands): | ||||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Federal tax statutory tax rate | $ | 23,470 | $ | 13,475 | $ | 10,182 | ||||||
State taxes | 1,429 | 904 | 880 | |||||||||
Nondeductible expenses | 140 | 55 | 80 | |||||||||
Research and development credit | (2,028 | ) | (880 | ) | (351 | ) | ||||||
Domestic manufacturing deduction | (431 | ) | (1,124 | ) | (699 | ) | ||||||
Stock-based compensation | 2,506 | 1,802 | 231 | |||||||||
Foreign rate differential | 1,101 | (164 | ) | (50 | ) | |||||||
Valuation allowance | 1,589 | 512 | (52 | ) | ||||||||
Others | (973 | ) | 305 | 89 | ||||||||
Provision for income taxes | $ | 26,803 | $ | 14,885 | $ | 10,310 | ||||||
The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and liabilities as of January 31, 2015 and 2014 related to the following (in thousands): | ||||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | |||||||||||
Deferred Tax Assets: | ||||||||||||
Accruals and reserves | $ | 4,974 | $ | 2,357 | ||||||||
Net operating loss carryforward | 1,176 | 1,015 | ||||||||||
State income taxes | 967 | 535 | ||||||||||
Tax credit carryforward | 1,795 | 750 | ||||||||||
Other | 521 | — | ||||||||||
Gross Deferred Tax Assets | $ | 9,433 | $ | 4,657 | ||||||||
Valuation Allowance | (2,304 | ) | (716 | ) | ||||||||
Total Deferred Tax Assets | $ | 7,129 | $ | 3,941 | ||||||||
Deferred Tax Liabilities: | ||||||||||||
Property and equipment | $ | (193 | ) | $ | (74 | ) | ||||||
Intangible assets | (1,822 | ) | (2,448 | ) | ||||||||
Expensed internal-use software | (469 | ) | (606 | ) | ||||||||
Other | — | (436 | ) | |||||||||
Total Deferred Tax Liabilities | $ | (2,484 | ) | $ | (3,564 | ) | ||||||
Net Deferred Tax Assets | $ | 4,645 | $ | 377 | ||||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. As a result, a valuation allowance was assessed as it is not more likely than not that we will recognize the future benefits on the net California deferred tax asset balances. We expect to generate sufficient California research and development credits in the future to offset our future California State tax liability. | ||||||||||||
As of January 31, 2015, the net operating loss carryforwards for federal and state income tax purposes were approximately $2.0 million and $4.1 million, respectively. The federal net operating losses and the state net operating losses begin to expire in 2033. | ||||||||||||
As of January 31, 2015, we had $2.8 million of California research and development tax credits available to offset future taxes, which do not expire. | ||||||||||||
We evaluate tax positions for recognition using a more-likely than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information. | ||||||||||||
We classify unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as “other non-current liabilities” in the consolidated balance sheets. As of January 31, 2015, the total amount of gross unrecognized tax benefits was $3.2 million, of which $2.0 million, if recognized, would favorably impact our effective tax rate. The aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows for the periods shown (in thousands): | ||||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Beginning balance | $ | 2,439 | $ | 1,220 | $ | 644 | ||||||
Increases related to tax positions taken during the prior period | 169 | 28 | — | |||||||||
Increases related to tax positions taken during the current period | 869 | 1,191 | 576 | |||||||||
Lapse of statute of limitations | (230 | ) | — | — | ||||||||
Ending balance | $ | 3,247 | $ | 2,439 | $ | 1,220 | ||||||
Our policy is to classify interest and penalties associated with unrecognized tax benefits as income tax expense. Interest and penalties were not significant during fiscal 2015. | ||||||||||||
We file tax returns in the United States for federal, California, and other states. The tax years from 2011 remain open to examination for federal, 2007 for California and 2010 for other states. We file tax returns in multiple foreign jurisdictions. The tax years from 2011 remain open to examination in these foreign jurisdictions. | ||||||||||||
As of January 31, 2015, we had not made any tax provision for U.S. federal and state income taxes and foreign withholding taxes on the approximately $3.3 million of undistributed cumulative earnings of foreign subsidiaries because those earnings are considered to be indefinitely reinvested in those operations. If we were to repatriate these earnings to the United States, we would be subject to approximately $0.4 million in U.S. income taxes, subject to an adjustment for foreign tax credits and foreign withholding taxes, based on the U.S. statutory rate of 35%. | ||||||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||
Stockholders' Equity | Note 11. Stockholders’ Equity | |||||||||||||||
Common Stock | ||||||||||||||||
In connection with our IPO, we amended our certificate of incorporation to provide for Class A common stock, Class B common stock and preferred stock. Immediately prior to the consummation of the IPO, all outstanding shares of convertible preferred stock and common stock were converted into shares of Class B common stock. As a result, following the IPO, we have two classes of authorized common stock: Class A common stock and Class B common stock. | ||||||||||||||||
As of January 31, 2015, we had 64,729,479 shares of Class A common stock and 66,338,146 shares of Class B common stock outstanding, of which 195,833 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. | ||||||||||||||||
Employee Equity Plans | ||||||||||||||||
2007 Stock Plan | ||||||||||||||||
Our board of directors adopted our 2007 Stock Plan (2007 Plan) in February 2007, and our stockholders approved it in February 2007. No further awards have been made under our 2007 Plan since the adoption of the 2012 Equity Incentive Plan. However, awards outstanding under our 2007 Plan will continue to be governed by their existing terms. | ||||||||||||||||
2012 Equity Incentive Plan | ||||||||||||||||
Our board of directors adopted our 2012 Equity Incentive Plan (2012 EIP) in November 2012, and our stockholders approved it in December 2012. An amendment and restatement of the 2012 EIP was approved by our board of directors in March 2013, and our stockholders approved it in March 2013. The 2012 EIP became effective on adoption and replaced our 2007 Plan. No further awards have been made under our 2012 EIP since the adoption of the 2013 Equity Incentive Plan. However, awards outstanding under the 2012 EIP will continue to be governed by their existing terms. | ||||||||||||||||
2013 Equity Incentive Plan | ||||||||||||||||
Our board of directors adopted our 2013 Equity Incentive Plan (2013 EIP) in August 2013, and our stockholders approved it in September 2013. The 2013 EIP became effective immediately on adoption although no awards were made under it until the date of our IPO on October 15, 2013, at which time our 2013 EIP replaced our 2012 EIP. | ||||||||||||||||
As of January 31, 2015, the number of shares of our Class A common stock available for issuance under the 2013 EIP is 8,149,581 plus any shares of our Class B common stock subject to awards under the 2012 EIP and the 2007 Plan that expire or lapse unexercised or, with respect to shares issued pursuant to such awards, are forfeited or repurchased by us after the date of our IPO on October 15, 2013. The number of shares available for issuance under the 2013 EIP automatically increases on the first business day of each of our fiscal years, commencing in 2014, by a number equal to the least of (a) 13.75 million shares, (b) 5% of the shares of all classes of our common stock outstanding on the last business day of the prior fiscal year, or (c) the number of shares determined by our board of directors. | ||||||||||||||||
2013 Employee Stock Purchase Plan | ||||||||||||||||
Our ESPP was adopted by our board of directors in August 2013 and our stockholders approved it in September 2013. The ESPP became effective as of our IPO registration statement on Form S-1, on October 15, 2013. Our ESPP is intended to qualify under Section 423 of the Internal Revenue Code of 1986, as amended (Code). The ESPP was approved with a reserve of 4.0 million shares of Class A common stock for future issuance under various terms provided for in the ESPP. The number of shares available for issuance under the ESPP automatically increases on the first business day of each of our fiscal years, commencing in 2014, by a number equal to the least of (a) 2.2 million shares, (b) 1% of the shares of all classes of our common stock outstanding on the last business day of the prior fiscal year or (c) the number of shares determined by our board of directors. For the fiscal year beginning February 1, 2015, our board of directors determined not to increase the number of shares available for issuance under the ESPP. | ||||||||||||||||
During active offering periods, our 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. | ||||||||||||||||
The initial offering period for our Employee Stock Purchase Plan (ESPP) commenced on the date of our initial public offering and ended on June 15, 2014. During our initial ESPP offering period 350,059 shares of Class A Common Stock were purchased. We have not had an open offering period subsequent to the initial offering period, and do not currently have an active, open offering period under our ESPP. | ||||||||||||||||
Voting Rights | ||||||||||||||||
The holders of our Class B common stock are entitled to ten votes per share, and holders of our Class A common stock are entitled to one vote per share. The holders of our Class A common stock and Class B common stock vote together as a single class, unless otherwise required by our restated certificate of incorporation or law. Delaware law could require either holders of our Class A common stock or our Class B common stock to vote separately as a single class in the following circumstances: | ||||||||||||||||
· | if we were to seek to amend our restated certificate of incorporation to increase the authorized number of shares of a class of stock, or to increase or decrease the par value of a class of stock, then that class would be required to vote separately to approve the proposed amendment; and | |||||||||||||||
· | if we were to seek to amend our restated certificate of incorporation in a manner that alters or changes the powers, preferences or special rights of a class of stock in a manner that affected its holders adversely, then that class would be required to vote separately to approve the proposed amendment. | |||||||||||||||
Our restated certificate of incorporation requires the approval of a majority of our outstanding Class B common stock voting as a separate class for any transaction that would result in a change in control of our company. | ||||||||||||||||
Stockholders do not have the ability to cumulate votes for the election of directors. Our restated certificate of incorporation and amended and restated bylaws that became effective upon the closing of our IPO provide for a classified board of directors consisting of three classes of approximately equal size, each serving staggered three-year terms. Only one class of directors will be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms. | ||||||||||||||||
Dividend Rights | ||||||||||||||||
Holders of outstanding shares of our common stock are entitled to receive dividends out of funds legally available if our board of directors, in its discretion, determines to issue dividends and only then at the times and in the amounts that our board of directors may determine. To date, no dividends have been declared or paid by us. | ||||||||||||||||
No Preemptive or Similar Rights | ||||||||||||||||
Our common stock is not entitled to preemptive rights and is not subject to conversion, redemption or sinking fund provisions. | ||||||||||||||||
Right to Receive Liquidation Distributions | ||||||||||||||||
Upon our dissolution, liquidation or winding-up, the assets legally available for distribution to our stockholders are distributable ratably among the holders of our common stock, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights and payment of liquidation preferences, if any, on any outstanding shares of preferred stock. | ||||||||||||||||
Conversion Rights | ||||||||||||||||
Each outstanding share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon any transfer, whether or not for value, which occurs following the closing of our IPO, except for certain permitted transfers described in our restated certificate of incorporation, including transfers to any “permitted transferee” as defined in our restated certificate of incorporation, which includes, among others, transfers: | ||||||||||||||||
· | to trusts, corporations, limited liability companies, partnerships, foundations or similar entities established by a Class B stockholder, provided that: | |||||||||||||||
· | such transfer is to entities established by a Class B stockholder where the Class B stockholder retains the exclusive right to vote and direct the disposition of the shares of Class B common stock; or | |||||||||||||||
· | such transfer does not involve payment of cash, securities, property or other consideration to the Class B stockholder. | |||||||||||||||
Once converted into Class A common stock, a share of Class B common stock may not be reissued. | ||||||||||||||||
All the outstanding shares of Class A and Class B common stock will convert automatically into shares of a single class of common stock upon the earliest to occur of the following: (i) upon the election of the holders of a majority of the then-outstanding shares of Class B common stock or (ii) October 15, 2023. Following such conversion, each share of common stock will have one vote per share and the rights of the holders of all outstanding common stock will be identical. Once converted into a single class of common stock, the Class A and Class B common stock may not be reissued. | ||||||||||||||||
Early Exercise of Employee Options | ||||||||||||||||
We historically have allowed for the early exercise of options granted under the 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 January 31, 2015 and 2014, there were unvested shares in the amount of 195,833 and 1,824,457, respectively, which were subject to repurchase at an aggregate price of approximately $0.1 million and $0.5 million, respectively. | ||||||||||||||||
These repurchase terms are considered to be a forfeiture provision and do not result in variable accounting. The restricted shares issued upon early exercise of stock options are legally issued and outstanding. However, these restricted shares are only deemed outstanding for basic earnings per share computation purposes upon the respective repurchase rights lapsing. We treat cash received from employees for the exercise of unvested options as a refundable deposit shown as a liability in our consolidated balance sheets. During fiscal 2014, we recorded $0.2 million of cash received for early exercise of options in accrued expenses. During fiscal 2015, there were no early exercises of options. Amounts from accrued expenses are reclassified to common stock and additional paid-in capital as the shares vest. | ||||||||||||||||
Stock Option Activity | ||||||||||||||||
The 2007 Stock Plan and the 2012 EIP provided, and the 2013 EIP provides, for the issuance of incentive and nonstatutory options to employees, consultants and non-employee directors. We have also issued nonstatutory options outside of these plans. Options issued under and outside of the 2007 Plan generally are exercisable for periods not to exceed 10 years and generally vest over four to five years. Options issued under the 2012 EIP and 2013 EIP generally are exercisable for periods not to exceed 10 years and generally vest over five to nine years. A summary of stock option activity for fiscal 2015 is presented below: | ||||||||||||||||
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 | 548,667 | 26.77 | ||||||||||||||
Options exercised | (4,437,349 | ) | 1.31 | $ | 104,689,345 | |||||||||||
Options forfeited/cancelled | (1,302,135 | ) | 4.74 | |||||||||||||
Options outstanding at January 31, 2015 | 20,233,620 | $ | 4.18 | 7.7 | $ | 498,862,568 | ||||||||||
Options vested and exercisable at January 31, 2015 | 3,745,852 | $ | 2.41 | 6.7 | $ | 98,970,347 | ||||||||||
Options vested and exercisable at January 31, 2015 and | 19,080,337 | $ | 4.16 | 7.7 | $ | 470,900,166 | ||||||||||
expected to vest thereafter | ||||||||||||||||
The weighted average grant-date fair value of options granted during fiscal 2015, 2014 and 2013 was $13.87, $2.78 and $0.71, respectively, per share. | ||||||||||||||||
As of January 31, 2015, there was $34.9 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 4.4 years. | ||||||||||||||||
As of January 31, 2015, we had authorized and unissued shares of common stock sufficient to satisfy exercises of stock options. | ||||||||||||||||
Our closing stock price as reported on the New York Stock Exchange as of January 30, 2015, the last trading day of fiscal year 2015 was $28.76. The total intrinsic value of options exercised was $104.7 million for the fiscal year ended January 31, 2015. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
The 2013 EIP provides for the issuance of RSUs to employees. RSUs issued under the 2013 EIP generally vest over four years. A summary of RSU activity for fiscal 2015 is presented below: | ||||||||||||||||
Weighted | ||||||||||||||||
Unreleased | average | |||||||||||||||
Restricted | grant date | |||||||||||||||
Stock Units | fair value | |||||||||||||||
Balance at January 31, 2014 | 156,050 | $ | 36.52 | |||||||||||||
RSUs granted | 990,270 | 26.33 | ||||||||||||||
RSUs vested | (115,866 | ) | 28.64 | |||||||||||||
RSUs forfeited/cancelled | (64,482 | ) | 29.59 | |||||||||||||
Balance at January 31, 2015 | 965,972 | $ | 27.48 | |||||||||||||
During the year ended January 31, 2015, we issued RSUs under the 2013 EIP with a weighted-average grant date fair value of $26.33. | ||||||||||||||||
As of January 31, 2015, there was a total of $25.4 million in unrecognized compensation cost, net of estimated forfeitures, related to unvested RSUs, which are expected to be recognized over a weighted-average period of approximately 3.5 years. | ||||||||||||||||
Stock-Based Compensation | ||||||||||||||||
Compensation expense related to share-based transactions, including employee, consultant, and non-employee director stock option awards, is measured and recognized in the consolidated financial statements based on fair value. The fair value of each option award is estimated on the grant date using the Black-Scholes option-pricing model. The stock-based compensation expense, net of forfeitures, is recognized using a straight-line basis over the requisite service periods of the awards, which is generally four to nine years. For restricted stock awards, fair value is based on the closing price of our common stock on the grant date. | ||||||||||||||||
Our option-pricing model requires the input of highly subjective assumptions, including the fair value of the underlying common stock, the expected term of the option, the expected volatility of the price of our common stock, risk-free interest rates, and the expected dividend yield of our common stock. The assumptions used in our option-pricing model represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions are used, our stock-based compensation expense could be materially different in the future. | ||||||||||||||||
These assumptions are estimated as follows: | ||||||||||||||||
· | Fair Value of Common Stock. Prior to our IPO in October 2013, our compensation committee considered numerous objective and subjective factors to determine the fair value of our common stock at each meeting at which awards were approved. The factors included, but were not limited to: (i) contemporaneous third-party valuations of our common stock; (ii) the prices, rights, preferences and privileges of our Preferred Stock relative to those of our common stock; (iii) the lack of marketability of our common stock; (iv) our actual operating and financial results; (v) current business conditions and projections; and (vi) the likelihood of achieving a liquidity event, such as an IPO or sale of our company, given prevailing market conditions. | |||||||||||||||
Since our IPO, we have used the market closing price for our Class A common stock as reported on the New York Stock Exchange. | ||||||||||||||||
· | Risk-Free Interest Rate. We base the risk-free interest rate used in the Black-Scholes valuation model on the implied yield available on U.S. Treasury zero-coupon issues with an equivalent expected term of the options for each option group. | |||||||||||||||
· | Expected Term. The expected term represents the period that our stock-based awards are expected to be outstanding. As we do not have sufficient historical experience for determining the expected term of the stock option awards granted, we have based our expected term on the simplified method available under GAAP. | |||||||||||||||
· | Volatility. We determine the price volatility factor based on a blend of our historical volatility and the historical volatilities of our peer group. Industry peers consist of several public companies in the technology industry that are similar to us in size, stage of life cycle and financial leverage. We did not rely on implied volatilities of traded options in our common stock or of our industry peers’ common stock because the volume of stock option activity was relatively low. We intend to continue to consistently apply this process using the same or similar public companies until a sufficient amount of historical information regarding the volatility of our own common stock share price becomes available, or unless circumstances change such that the identified companies are no longer similar to us, in which case, more suitable companies whose share prices are publicly available would be utilized in the calculation. | |||||||||||||||
· | Dividend Yield. We have not paid and do not expect to pay dividends. | |||||||||||||||
The following table presents the weighted-average assumptions used to estimate the fair value of our stock options granted during the periods presented: : | ||||||||||||||||
Fiscal Year Ended January 31, | ||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||
Volatility | 48% – 50% | 42% – 50% | 42% – 55% | |||||||||||||
Expected term (in years) | 6.00 – 6.32 | 6.32 – 8.23 | 6.32 | |||||||||||||
Risk-free interest rate | 1.75% – 1.94% | 1.03% – 2.09% | 0.83% – 1.15% | |||||||||||||
Dividend yield | —% | —% | —% | |||||||||||||
For the year ended January 31, 2015 and 2014, we capitalized $0.1 million and $0.5 million, respectively, of stock-based compensation as part of our internal-use software capitalization. The amounts capitalized in year ended January 31, 2013 were immaterial. | ||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||
The initial offering period for our Employee Stock Purchase Plan (ESPP) commenced on the date of our initial public offering and ended on June 15, 2014. During our initial ESPP offering period 350,059 shares of Class A Common Stock were purchased. | ||||||||||||||||
During active offering periods, our 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. | ||||||||||||||||
The following table presents the weighted-average assumptions used to calculate our stock-based compensation for the stock purchases under the ESPP: | ||||||||||||||||
Volatility | 44% | |||||||||||||||
Expected term (in years) | 0.58 | |||||||||||||||
Risk-free interest rate | 0.10% | |||||||||||||||
Dividend yield | —% | |||||||||||||||
Net_Income_per_Share_Attributa
Net Income per Share Attributable to Common Stockholders | 12 Months Ended | |||||||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||
Net Income per Share Attributable to Common Stockholders | Note 12. 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 income 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): | ||||||||||||||||||||||||
Fiscal Year Ended January 31, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||
Basic | ||||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||
Net income | $ | 14,540 | $ | 25,843 | $ | 1,934 | $ | 21,681 | $ | — | $ | 18,783 | ||||||||||||
Noncumulative dividends on convertible preferred stock | — | — | (33 | ) | (371 | ) | — | (560 | ) | |||||||||||||||
Undistributed earnings allocated to participating securities | (88 | ) | (157 | ) | (1,049 | ) | (11,757 | ) | — | (14,743 | ) | |||||||||||||
Net income attributable to common stockholders, basic | $ | 14,452 | $ | 25,686 | $ | 852 | $ | 9,553 | $ | — | $ | 3,480 | ||||||||||||
Denominator | ||||||||||||||||||||||||
Weighted average shares used in computing net income per | 45,983 | 81,730 | 4,237 | 47,488 | — | 20,887 | ||||||||||||||||||
share attributable to common stockholders, basic | ||||||||||||||||||||||||
Net income per share attributable to common stockholders, basic | $ | 0.31 | $ | 0.31 | $ | 0.2 | $ | 0.2 | $ | — | $ | 0.17 | ||||||||||||
Diluted | ||||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||
Net income attributable to common stockholders, basic | $ | 14,452 | $ | 25,686 | $ | 852 | $ | 9,553 | $ | — | $ | 3,480 | ||||||||||||
Reallocation as a result of conversion of Class B to Class A | ||||||||||||||||||||||||
common stock: | ||||||||||||||||||||||||
Net income attributable to common stockholders, basic | 25,686 | — | 9,553 | — | — | — | ||||||||||||||||||
Reallocation of net income to Class B common stock | — | 1,653 | — | 204 | — | — | ||||||||||||||||||
Net income attributable to common stockholders, diluted | $ | 40,138 | $ | 27,339 | $ | 10,405 | $ | 9,757 | $ | — | $ | 3,480 | ||||||||||||
Denominator | ||||||||||||||||||||||||
Number of shares used for basic EPS computation | 45,983 | 81,730 | 4,237 | 47,488 | — | 20,887 | ||||||||||||||||||
Conversion of Class B to Class A common stock | 81,730 | — | 47,488 | — | — | — | ||||||||||||||||||
Effect of potentially dilutive common shares | 16,491 | 16,491 | 16,299 | 16,299 | — | 9,712 | ||||||||||||||||||
Weighted average shares used in computing net income per | 144,204 | 98,221 | 68,024 | 63,787 | — | 30,599 | ||||||||||||||||||
share attributable to common stockholders, diluted | ||||||||||||||||||||||||
Net income per share attributable to common stockholders, diluted | $ | 0.28 | $ | 0.28 | $ | 0.15 | $ | 0.15 | $ | — | $ | 0.11 | ||||||||||||
Potential common shares excluded where the inclusion would be anti-dilutive are as follows (in thousands): | ||||||||||||||||||||||||
Fiscal Year Ended January 31, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Options and awards to purchase shares not included in the computation of diluted | 355 | 15,928 | 8,951 | |||||||||||||||||||||
net income per share because their inclusion would be anti-dilutive | ||||||||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Commitments And Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Note 13. 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. | ||||
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. The outcome of any potential legal proceedings, if determined adversely to us, could 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 | ||||
We have several non-cancelable operating leases, primarily for offices and servers. Rental payments include minimum rental fees. | ||||
Minimum rent payments under operating leases are recognized on a straight-line basis over the term of the lease including any periods of free rent. Rent expense for operating leases were $2.9 million, $2.5 million and $1.5 million, for the fiscal year ended January 31, 2015, 2014 and 2013, respectively. | ||||
Future minimum lease payments under non-cancelable operating leases as of January 31, 2015 are as follows (in thousands): | ||||
Operating | ||||
Period | leases | |||
Fiscal 2016 | $ | 2,665 | ||
Fiscal 2017 | 2,008 | |||
Fiscal 2018 | 1,192 | |||
Fiscal 2019 | 1,081 | |||
Fiscal 2020 | 464 | |||
Thereafter | 814 | |||
Total | $ | 8,224 | ||
Value-Added Reseller Agreement | ||||
We have a value-added reseller agreement with salesforce.com, inc. for our use of the Salesforce1 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 January 31, 2015, we remained obligated to pay fees of at least $462.8 million prior to September 1, 2025 in connection with this agreement. | ||||
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Jan. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 14. Related-Party Transactions |
On February 18, 2011, we entered into an interest bearing promissory note with our current President. The promissory note had a principal amount of $250,000 with an annual compound interest rate of 0.51% and was collateralized. The note, including both principal and accrued interest, was due on or before February 18, 2014 and was classified as a short-term note receivable on our consolidated balance sheet as of January 31, 2013. On April 11, 2013, the promissory note was paid in full. | |
Information_about_Geographic_A
Information about Geographic Areas | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Information about Geographic Areas | Note 15. 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): | ||||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Revenues by geography | ||||||||||||
North America | $ | 173,261 | $ | 124,451 | $ | 84,546 | ||||||
Europe and other | 81,782 | 49,944 | 29,036 | |||||||||
Asia Pacific | 58,179 | 35,756 | 15,966 | |||||||||
Total revenues | $ | 313,222 | $ | 210,151 | $ | 129,548 | ||||||
Long-lived assets by geographic area are as follows as of the date shown (in thousands): | ||||||||||||
January 31, | January 31, | January 31, | ||||||||||
2015 | 2014 | 2013 | ||||||||||
Long-lived assets by geography | ||||||||||||
North America | $ | 27,213 | $ | 1,341 | $ | 846 | ||||||
Europe and other | 538 | 509 | 445 | |||||||||
Asia Pacific | 452 | 595 | 88 | |||||||||
Total long-lived assets | $ | 28,203 | $ | 2,445 | $ | 1,379 | ||||||
Substantially all of the long-lived assets included in the North America region are located in the United States. | ||||||||||||
401k_Plan
401(k) Plan | 12 Months Ended |
Jan. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
401(k) Plan | Note 16. 401(k) Plan |
We have a qualified defined contribution plan under Section 401(k) of the Code covering eligible employees. To date, we have not made any matching contributions to this plan. | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Jan. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17. Subsequent Events |
On March 31, 2015, we acquired the key opinion leader, or KOL, business and products known as Qforma CrowdLink in an all-cash transaction. Total closing consideration was $10.0 million, with 15% of the closing consideration placed into escrow to be held for 12 months following the close as security for losses incurred by us in the event of certain breaches of representations and warranties by the sellers and certain other losses. Through the transaction we will acquire the outstanding equity interests of Mederi AG, and selected other KOL-related business assets of Qforma, Inc. and other affiliated entities. We expect this acquisition to support our Veeva OpenKey Key Opinion Leader Data and Services. | |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | |||||||||||||||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data | Note 18. Selected Quarterly Financial Data (Unaudited) | |||||||||||||||||||||||||||||||
Selected summarized quarterly financial information for fiscal 2015 and 2014 is as follows (in thousands): | ||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
Jan. 31, | Oct. 31, | Jul. 31, | Apr. 30, | Jan. 31, | Oct. 31, | Jul. 31, | Apr. 30, | |||||||||||||||||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | 2013 | 2013 | 2013 | |||||||||||||||||||||||||
Consolidated Statements of Income Data: | (in thousands) | |||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Subscription services | $ | 66,535 | $ | 61,435 | $ | 56,572 | $ | 48,521 | $ | 45,686 | $ | 38,935 | $ | 34,063 | $ | 27,937 | ||||||||||||||||
Professional services and other | 20,477 | 22,390 | 19,092 | 18,200 | 17,117 | 16,044 | 15,518 | 14,851 | ||||||||||||||||||||||||
Total revenues | 87,012 | 83,825 | 75,664 | 66,721 | 62,803 | 54,979 | 49,581 | 42,788 | ||||||||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||||||||||
Cost of subscription services | 15,210 | 14,409 | 13,346 | 12,040 | 11,790 | 9,511 | 7,948 | 6,950 | ||||||||||||||||||||||||
Cost of professional services and other | 15,946 | 16,007 | 14,790 | 13,910 | 12,568 | 11,881 | 11,195 | 10,759 | ||||||||||||||||||||||||
Total cost of revenues | 31,156 | 30,416 | 28,136 | 25,950 | 24,358 | 21,392 | 19,143 | 17,709 | ||||||||||||||||||||||||
Gross profit | 55,856 | 53,409 | 47,528 | 40,771 | 38,445 | 33,587 | 30,438 | 25,079 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Research and development | 11,742 | 10,635 | 9,787 | 8,992 | 7,858 | 6,585 | 6,357 | 5,527 | ||||||||||||||||||||||||
Sales and marketing | 15,328 | 14,251 | 13,810 | 12,814 | 12,768 | 11,467 | 9,610 | 7,662 | ||||||||||||||||||||||||
General and administrative | 8,103 | 8,582 | 7,146 | 6,408 | 6,511 | 5,550 | 4,633 | 3,717 | ||||||||||||||||||||||||
Total operating expenses | 35,173 | 33,468 | 30,743 | 28,214 | 27,137 | 23,602 | 20,600 | 16,906 | ||||||||||||||||||||||||
Operating income | 20,683 | 19,941 | 16,785 | 12,557 | 11,308 | 9,985 | 9,838 | 8,173 | ||||||||||||||||||||||||
Other income (expense), net | (1,660 | ) | (989 | ) | (101 | ) | (30 | ) | (365 | ) | 125 | (65 | ) | (499 | ) | |||||||||||||||||
Income before income taxes | 19,023 | 18,952 | 16,684 | 12,527 | 10,943 | 10,110 | 9,773 | 7,674 | ||||||||||||||||||||||||
Provision for income taxes | 5,697 | 8,694 | 7,106 | 5,306 | 4,696 | 3,585 | 3,775 | 2,829 | ||||||||||||||||||||||||
Net income | $ | 13,326 | $ | 10,258 | $ | 9,578 | $ | 7,221 | $ | 6,247 | $ | 6,525 | $ | 5,998 | $ | 4,845 | ||||||||||||||||
Net income attributable to Class A and | $ | 13,288 | $ | 10,198 | $ | 9,490 | $ | 7,128 | $ | 6,145 | $ | 2,339 | $ | 1,275 | $ | 926 | ||||||||||||||||
Class B common stockholders, basic | ||||||||||||||||||||||||||||||||
and diluted | ||||||||||||||||||||||||||||||||
Net income per share attributable to Class A | ||||||||||||||||||||||||||||||||
and Class B common stockholders: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.1 | $ | 0.08 | $ | 0.07 | $ | 0.06 | $ | 0.05 | $ | 0.07 | $ | 0.05 | $ | 0.04 | ||||||||||||||||
Diluted | $ | 0.09 | $ | 0.07 | $ | 0.07 | $ | 0.05 | $ | 0.04 | $ | 0.05 | $ | 0.03 | $ | 0.03 | ||||||||||||||||
Weighted-average shares used to compute | ||||||||||||||||||||||||||||||||
net income per share attributable to | ||||||||||||||||||||||||||||||||
Class A and Class B common stockholders: | ||||||||||||||||||||||||||||||||
Basic | 130,345 | 129,212 | 127,314 | 123,902 | 122,578 | 35,802 | 24,418 | 21,610 | ||||||||||||||||||||||||
Diluted | 144,737 | 144,289 | 143,353 | 142,849 | 143,221 | 131,963 | 37,038 | 32,988 | ||||||||||||||||||||||||
Summary_of_Business_and_Signif1
Summary of Business and Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Description of Business | Description of Business | |||||||||||
Veeva is a leading provider of cloud-based software solutions for the global life sciences industry. We were founded in 2007 on the premise that industry-specific business problems would best be addressed by tailored cloud solutions, an approach referred to as industry cloud. All of our solutions are designed from the ground up to address the unique business and regulatory requirements of the life sciences industry. We enable life sciences companies to realize the benefits of a cloud delivery model and modern mobile applications for their most critical business functions with solutions that meet their specialized functional and compliance needs. Our fiscal year end is January 31. | ||||||||||||
Initial Public Offering and Follow-on Offering | Initial Public Offering and Follow-on Offering | |||||||||||
On October 21, 2013, we closed our initial public offering (IPO) of 15,001,750 shares of Class A common stock, which included 11,676,750 shares sold by us (inclusive of 1,956,750 shares issued upon the full exercise of the over-allotment option granted to the underwriters) and a total of 3,325,000 shares sold by certain selling stockholders. The public offering price of the shares was $20.00 per share. We did not receive any proceeds from the sales of shares by the selling stockholders. Our proceeds from the offering were $214.2 million after deducting underwriting discounts and commissions and total offering expenses. | ||||||||||||
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 $34.5 million after deducting underwriting discounts and commissions and total offering expenses. | ||||||||||||
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation | |||||||||||
These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP). The consolidated financial statements include accounts of our wholly owned subsidiaries after elimination of intercompany accounts and transactions. | ||||||||||||
Use of Estimates | Use of Estimates | |||||||||||
The preparation of consolidated financial statements in conformity with GAAP requires us to make certain estimates, judgments and assumptions that affect the consolidated financial statements and the notes thereto. These estimates are based on information available as of the date of the 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 fair value of assets acquired and liabilities assumed for business combinations; | |||||||||||
· | the valuation of short-term investments and the determination of other-than-temporary impairments; | |||||||||||
· | the valuation of building and land; | |||||||||||
· | the realizability of deferred income tax assets; | |||||||||||
· | the fair value of our stock-based awards and related forfeiture rates; 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. | ||||||||||||
Segment Information | Segment Information | |||||||||||
Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. We define the term “chief operating decision maker” to be our Chief Executive Officer. Our Chief Executive Officer reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating our financial performance. Accordingly, we have determined that we operate in a single reportable operating segment. Since we operate in one operating segment, all required financial segment information can be found in the consolidated financial statements. | ||||||||||||
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, data services 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-cancelable and do not provide for refunds to customers in the event of cancellations. We record revenues net of any sales 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. In some cases the terms of our time and materials and fixed fee arrangements may require that we defer the recognition of revenue until contractual conditions are met. Data services and training revenues are generally 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 contracted for a term of 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, professional services and other 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 potentially subject us to concentration of credit risk consist primarily of cash and cash equivalents, short-term investments and trade accounts receivable. Our cash equivalents and short-term investments are held in safekeeping by large, credit-worthy financial institutions. We have established guidelines relative to credit ratings, diversification and maturities that seek to maintain safety and liquidity. Deposits in these financial institutions may 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: | ||||||||||||
January 31, | ||||||||||||
2015 | 2014 | |||||||||||
Customer 1 | * | * | ||||||||||
Customer 2 | 11% | 10% | ||||||||||
Customer 3 | 16 | * | ||||||||||
* | Does not exceed 10%. | |||||||||||
In our fiscal years ended January 31, 2015, 2014 and 2013, our top 10 customers accounted for 54%, 56% and 54% of our total revenues, respectively. The following customers individually exceeded 10% of total revenues for the periods shown: | ||||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Customer 1 | * | * | 12% | |||||||||
Customer 2 | * | * | 11 | |||||||||
Customer 3 | * | * | * | |||||||||
* | Does not exceed 10%. | |||||||||||
Cash Equivalents | Cash Equivalents | |||||||||||
We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. We classify certain restricted cash balances within other long-term assets on the accompanying balance sheets based upon the term of the remaining restrictions. | ||||||||||||
Short-term Investments | 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 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. | ||||||||||||
We may sell our short-term investments at any time, without significant penalty, 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 12 months as current assets in the accompanying consolidated balance sheets. | ||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. We establish an allowance for doubtful accounts for estimated losses expected in our accounts receivable portfolio. In establishing the required allowance, we use the specific-identification method, and management considers historical losses adjusted to take into account current market conditions and the customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. We review our allowance for doubtful accounts periodically. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Activity related to our allowance for doubtful accounts was as follows (in thousands): | ||||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Balance at beginning of period | $ | 305 | $ | 305 | $ | 300 | ||||||
Add: charges (credits) to costs and expenses | 227 | (35 | ) | 317 | ||||||||
Less: recoveries (write-offs) | (119 | ) | 35 | (312 | ) | |||||||
Balance at end of period | $ | 413 | $ | 305 | $ | 305 | ||||||
Property and Equipment | Property and Equipment | |||||||||||
Property and equipment are stated at cost. Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets, generally three to five years. Leasehold improvements are depreciated over the shorter of the estimated useful life of the leasehold improvements or the lease term. We depreciate buildings over periods up to 30 years. Land is not depreciated. Construction in progress is related to the construction or development of property (including land) and equipment that have not yet been placed in service for our intended use. Depreciation for equipment commences once it is placed in service and depreciation for buildings and leasehold improvements commences once they are ready for our intended use. Upon sale or retirement, the asset’s cost and related accumulated depreciation are removed from the general ledger and any related gains or losses are reflected in operating expenses. Repairs and maintenance are charged to operations as incurred. | ||||||||||||
Internal-Use Software | Internal-Use Software | |||||||||||
We capitalize certain costs incurred for the development of computer software for internal use. These costs generally relate to the development of our customer relationship management, content management and collaboration and customer master solutions. We capitalize these costs during the development of the project, when it is determined that it is probable that the project will be completed, and the software will be used as intended. Costs related to preliminary project activities, post-implementation activities, training and maintenance are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life, generally three years, and the amortization expense is recorded as a component of cost of subscription services. Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. We exercise judgment in determining the point at which various projects may be capitalized, in assessing the ongoing value of the capitalized costs and in determining the estimated useful lives over which the costs are amortized. To the extent that we change the manner in which we develop and test new features and functionalities related to our solutions, assess the ongoing value of capitalized assets or determine the estimated useful lives over which the costs are amortized, the amount of internal-use software development costs we capitalize and amortize could change in future periods. | ||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | |||||||||||
Goodwill represents the excess of the purchase price over the fair value of net assets acquired in connection with business combinations accounted for using the acquisition method of accounting. Goodwill is not amortized, but instead goodwill is required to be tested for impairment annually and under certain circumstances. We perform such testing of goodwill in the fourth quarter of each year, or as events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. | ||||||||||||
If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we then conduct a two-step test for impairment of goodwill. The first step of the test for goodwill impairment compares the fair value of the applicable reporting unit with its carrying value. If the fair value of a reporting unit is less than the reporting unit’s carrying value, we will perform the second step of the test for impairment of goodwill. During the second step of the test for impairment of goodwill, we will compare the implied fair value of the reporting unit’s goodwill with the carrying value of that goodwill. If the carrying value of the goodwill exceeds the calculated implied fair value, the excess amount will be recognized as an impairment loss. We have one reporting unit and evaluate goodwill for impairment at the entity level. We completed our annual impairment test in our fourth quarter of fiscal 2015, which did not result in any impairment of the goodwill balance. | ||||||||||||
All other intangible assets, consisting of data update technology, database, customer relationships and software, are stated at cost less accumulated amortization and are amortized on a straight-line basis over their estimated remaining economic lives, ranging from 1.3 to 4.3 years. Amortization expense related to developed technology is included in cost of subscription services. Amortization expense related to customer relationships is included in sales and marketing expense. | ||||||||||||
Long-Lived Assets | Long-Lived Assets | |||||||||||
Long-lived assets, such as property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. There were no impairment charges recognized during fiscal 2015, 2014 and 2013. | ||||||||||||
Business Combinations | Business Combinations | |||||||||||
We use our best estimates and assumptions to accurately assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. Our estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially established in connection with a business combination as of the acquisition date. We continue to collect information and reevaluate these estimates and assumptions quarterly and record any adjustments to our preliminary estimates to goodwill provided that we are within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of comprehensive income. | ||||||||||||
Stock-based Compensation | Stock-based Compensation | |||||||||||
We recognize compensation expense for all stock-based awards, including stock options and restricted stock units (RSUs), based on the estimate of fair value of the award at the grant date. The fair value of each option award is estimated on the grant date using the Black-Scholes option-pricing model and a single option award approach. This model requires that at the date of grant we determine the fair value of the underlying common stock, the expected term of the award, the expected volatility of the price of our common stock, risk-free interest rates, and expected dividend yield of our common stock. The compensation expense recorded is based on awards ultimately expected to vest and therefore is reduced by estimated forfeitures. Forfeitures are estimated at the time of grant based on an analysis of our actual historical forfeitures, and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The compensation expense, net of estimated forfeitures, is recognized using a straight-line basis over the requisite service periods of the awards, which is generally four to five years. We estimate a forfeiture rate to calculate the stock-based compensation expense for our awards. | ||||||||||||
The fair value of each stock based payment award and stock purchase right granted under the 2013 Employee Stock Purchase Plan (ESPP) was estimated on the date of grant using the Black-Scholes option pricing model. We recognized stock-based compensation expenses related to our ESPP on a straight-line basis over the offering period, which was seven months. | ||||||||||||
The determination of the grant date fair value of stock based payment awards using an option-pricing model are affected by assumptions regarding a number of other complex and subjective variables, which include our expected stock price volatility over the expected term of the options, stock option exercise and cancellation behaviors, risk-free interest rates and expected dividends. | ||||||||||||
Cost of Revenues | Cost of Revenues | |||||||||||
Cost of subscription services and professional services and other revenues are expensed as incurred. Cost of subscription services revenues primarily consists of fees for our use of the Salesforce1 Platform, as well as other expenses such as data center operational costs, and personnel related costs to support our cloud infrastructure. | ||||||||||||
Cost of professional services and other revenues primarily consists of personnel related costs, and third-party sub-contractor costs associated with providing professional services. | ||||||||||||
Sales Commissions | Sales Commissions | |||||||||||
Sales commissions paid for subscriptions are recorded as a component of sales and marketing expenses when earned. Commissions are typically earned upon booking of a customer contract. Sales commission expense was $13.2 million, $11.8 million and $6.6 million for the fiscal years ended January 31, 2015, 2014 and 2013, respectively. | ||||||||||||
Advertising Expenses | Advertising Expenses | |||||||||||
Advertising is expensed as incurred. Advertising expense was $0.1 million and $0.2 million for the fiscal year ended January 31, 2015 and 2014, respectively. Advertising expense for the fiscal year ended January 31, 2013 was immaterial. | ||||||||||||
Foreign Currency Exchange | Foreign Currency Exchange | |||||||||||
The functional currency for China, Japan and Brazil is their local currency and for all other foreign subsidiaries their functional currency is the U.S. dollar. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars for those entities that do not have U.S. dollars as their functional currency are recorded as part of a separate component of the consolidated statements of comprehensive income. Foreign currency transaction gains and losses are included in the consolidated statements of operations for the period. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenues and expenses are translated at the average exchange rate during the period. Equity transactions are translated using historical exchange rates. | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. When applicable, a valuation allowance is established to reduce any deferred tax asset when it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized. | ||||||||||||
We establish liabilities or reduce assets for uncertain tax positions when we believe certain tax positions are not more likely than not of being sustained if challenged. We recognize liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining whether the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. If we determine that a tax position will more likely than not be sustained on audit, the second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and may not accurately forecast actual outcomes. Determining whether an uncertain tax position is effectively settled requires judgment. Such a change in status or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. | ||||||||||||
We recognize interest accrued and penalties related to unrecognized tax benefits in our income tax expense. | ||||||||||||
Other Comprehensive Income | Other Comprehensive Income | |||||||||||
Accumulated other comprehensive income is reported as a component of stockholders’ equity and include unrealized gains and losses on marketable securities that are available-for-sale and foreign currency translation adjustment. | ||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |||||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” which requires revenue to be recognized when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 supersedes the existing revenue recognition guidance in “Revenue Recognition (Topic 605)” and will be effective for our fiscal year beginning February 1, 2017. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | ||||||||||||
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 income 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. |
Summary_of_Business_and_Signif2
Summary of Business and Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Activity Related to Allowance for Doubtful Accounts | Activity related to our allowance for doubtful accounts was as follows (in thousands): | |||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Balance at beginning of period | $ | 305 | $ | 305 | $ | 300 | ||||||
Add: charges (credits) to costs and expenses | 227 | (35 | ) | 317 | ||||||||
Less: recoveries (write-offs) | (119 | ) | 35 | (312 | ) | |||||||
Balance at end of period | $ | 413 | $ | 305 | $ | 305 | ||||||
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: | |||||||||||
January 31, | ||||||||||||
2015 | 2014 | |||||||||||
Customer 1 | * | * | ||||||||||
Customer 2 | 11% | 10% | ||||||||||
Customer 3 | 16 | * | ||||||||||
* | 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: | |||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Customer 1 | * | * | 12% | |||||||||
Customer 2 | * | * | 11 | |||||||||
Customer 3 | * | * | * | |||||||||
* | Does not exceed 10%. |
Acquisition_of_AdvantageMS_Tab
Acquisition of AdvantageMS (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): | |||||||||||||||
Purchase price | ||||||||||||||||
Cash | $ | 12,363 | ||||||||||||||
Allocation of purchase price | ||||||||||||||||
Cash | $ | 408 | ||||||||||||||
Accounts receivable | 1,636 | |||||||||||||||
Intangible assets | 7,380 | |||||||||||||||
Deferred tax asset | 173 | |||||||||||||||
Other current and non-current assets | 435 | |||||||||||||||
Deferred tax liability | (2,305 | ) | ||||||||||||||
Other current and non-current liabilities | (214 | ) | ||||||||||||||
Goodwill | 4,850 | |||||||||||||||
Total purchase price | $ | 12,363 | ||||||||||||||
Details of Intangible Assets | Each component of identifiable intangible assets acquired in connection with the above acquisition as of January 31, 2015 were as follows (dollar amounts in thousands): | |||||||||||||||
31-Jan-15 | ||||||||||||||||
Gross | Remaining | |||||||||||||||
Carrying | Accumulated | Useful Life | ||||||||||||||
Amount | Amortization | Net | (in years) | |||||||||||||
Data update technology | $ | 3,680 | $ | (1,188 | ) | $ | 2,492 | 3.4 | ||||||||
Database | 2,570 | (1,037 | ) | 1,533 | 2.3 | |||||||||||
Customer relationships | 1,020 | (274 | ) | 746 | 4.3 | |||||||||||
Software | 110 | (59 | ) | 51 | 1.3 | |||||||||||
$ | 7,380 | $ | (2,558 | ) | $ | 4,822 | ||||||||||
ShortTerm_Investments_Tables
Short-Term Investments (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ||||||||||||||||
Schedule of Short-Term Investments | At January 31, 2015, 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 | $ | 9,323 | $ | — | $ | (4 | ) | $ | 9,319 | |||||||
Commercial paper | 3,394 | — | — | 3,394 | ||||||||||||
Corporate notes and bonds | 45,990 | 18 | (19 | ) | 45,989 | |||||||||||
U.S. agency obligations | 199,822 | 92 | (3 | ) | 199,911 | |||||||||||
U.S. treasury securities | 9,999 | 8 | — | 10,007 | ||||||||||||
Total available-for-sale securities | $ | 268,528 | $ | 118 | $ | (26 | ) | $ | 268,620 | |||||||
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): | |||||||||||||||
January 31, | January 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Due in one year or less | $ | 224,263 | $ | 17,667 | ||||||||||||
Due in greater than one year | 44,357 | 7,958 | ||||||||||||||
Total | $ | 268,620 | $ | 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 January 31, 2015 (in thousands): | |||||||||||||||
Gross | ||||||||||||||||
Fair | Unrealized | |||||||||||||||
Value | Losses | |||||||||||||||
Asset-backed securities | $ | 9,319 | $ | (4 | ) | |||||||||||
Corporate notes and bonds | 23,239 | (19 | ) | |||||||||||||
U.S. agency obligations | 18,398 | (3 | ) | |||||||||||||
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) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
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): | |||||||
January 31, | ||||||||
2015 | 2014 | |||||||
Land | $ | 3,040 | $ | — | ||||
Building | 20,984 | — | ||||||
Equipment and computers | 3,103 | 1,912 | ||||||
Furniture and fixtures | 1,207 | 948 | ||||||
Leasehold improvements | 1,228 | 858 | ||||||
Construction in progress | 980 | 121 | ||||||
30,542 | 3,839 | |||||||
Less accumulated depreciation | (2,339 | ) | (1,394 | ) | ||||
Total property and equipment, net | $ | 28,203 | $ | 2,445 | ||||
Capitalized_InternalUse_Softwa1
Capitalized Internal-Use Software (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
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): | |||||||
January 31, | ||||||||
2015 | 2014 | |||||||
Capitalized internal-use software development costs | $ | 3,307 | $ | 2,834 | ||||
Less accumulated amortization | (2,067 | ) | (1,249 | ) | ||||
Capitalized internal-use software development costs, net | $ | 1,240 | $ | 1,585 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Details of Intangible Assets | The following schedule presents the details of intangible assets as of January 31, 2015 (in thousands): | |||||||||||||||
31-Jan-15 | ||||||||||||||||
Gross | Remaining | |||||||||||||||
Carrying | Accumulated | Useful Life | ||||||||||||||
Amount | Amortization | Net | (in years) | |||||||||||||
Data update technology | $ | 3,680 | $ | (1,188 | ) | $ | 2,492 | 3.4 | ||||||||
Database | 2,570 | (1,037 | ) | 1,533 | 2.3 | |||||||||||
Customer relationships | 1,020 | (274 | ) | 746 | 4.3 | |||||||||||
Software | 304 | (171 | ) | 133 | 1.3 | |||||||||||
$ | 7,574 | $ | (2,670 | ) | $ | 4,904 | ||||||||||
The following schedule presents the details of intangible assets as of January 31, 2014 (in thousands): | ||||||||||||||||
31-Jan-14 | ||||||||||||||||
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 | |||||||||||||||
Fiscal 2016 | $ | 1,651 | ||||||||||||||
Fiscal 2017 | 1,580 | |||||||||||||||
Fiscal 2018 | 1,154 | |||||||||||||||
Fiscal 2019 | 454 | |||||||||||||||
Fiscal 2020 | 65 | |||||||||||||||
Total | $ | 4,904 | ||||||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Payables And Accruals [Abstract] | ||||||||
Schedule of Accrued Expenses | Accrued expenses consisted of the following as of the dates shown (in thousands): | |||||||
January 31, | ||||||||
2015 | 2014 | |||||||
Accrued commissions | $ | 1,309 | $ | 1,452 | ||||
Accrued bonus | 1,901 | 1,419 | ||||||
Accrued other compensation and benefits | 3,287 | 5,879 | ||||||
Total accrued compensation and benefits | $ | 6,497 | $ | 8,750 | ||||
Accrued fees paid to salesforce.com | 3,395 | 2,677 | ||||||
Early exercise of stock options | 87 | 470 | ||||||
Sales taxes payable | 1,666 | 2,769 | ||||||
Other accrued expenses | 3,791 | 2,015 | ||||||
Total accrued expenses and other current liabilities | $ | 8,939 | $ | 7,931 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
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 January 31, 2015 (in thousands): | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 41,861 | $ | — | $ | — | $ | 41,861 | ||||||||
U.S. agency obligations | — | 3,595 | — | 3,595 | ||||||||||||
Short-term investments | ||||||||||||||||
Asset backed-securities | — | 9,319 | — | 9,319 | ||||||||||||
Commercial paper | — | 3,394 | — | 3,394 | ||||||||||||
Corporate notes and bonds | — | 45,989 | — | 45,989 | ||||||||||||
U.S. agency obligations | — | 199,911 | — | 199,911 | ||||||||||||
U.S. treasury securities | — | 10,007 | — | 10,007 | ||||||||||||
Total | $ | 41,861 | $ | 272,215 | $ | — | $ | 314,076 | ||||||||
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 | ||||||||
Other_Expense_Net_Tables
Other Expense, Net (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Other Income And Expenses [Abstract] | ||||||||||||
Other Expense, Net | Other expense, net consisted of the following (in thousands): | |||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Foreign currency loss | $ | 3,893 | $ | 940 | $ | 987 | ||||||
Investment amortization | 2,424 | 366 | 101 | |||||||||
Interest (income) | (3,537 | ) | (502 | ) | (148 | ) | ||||||
Other expense, net | $ | 2,780 | $ | 804 | $ | 940 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Components of Income Before Income Taxes | The components of income before income taxes by U.S. and foreign jurisdictions were as follows for the periods shown (in thousands): | |||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
United States | $ | 64,178 | $ | 35,018 | $ | 27,332 | ||||||
Foreign | 3,008 | 3,482 | 1,761 | |||||||||
Total | $ | 67,186 | $ | 38,500 | $ | 29,093 | ||||||
Components of Provision for Income Taxes | Provision for income taxes for our fiscal years ended January 31, 2015, 2014 and 2013 consisted of the following (in thousands): | |||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Current provision: | ||||||||||||
Federal | $ | 26,039 | $ | 13,837 | $ | 9,211 | ||||||
State | 3,022 | 1,186 | 1,138 | |||||||||
Foreign | 2,093 | 1,644 | 600 | |||||||||
Total | $ | 31,154 | $ | 16,667 | $ | 10,949 | ||||||
Deferred provision: | ||||||||||||
Federal | (3,421 | ) | (1,360 | ) | (616 | ) | ||||||
State | (197 | ) | (94 | ) | (23 | ) | ||||||
Foreign | (733 | ) | (328 | ) | — | |||||||
Total | $ | (4,351 | ) | $ | (1,782 | ) | $ | (639 | ) | |||
Provision for income taxes | $ | 26,803 | $ | 14,885 | $ | 10,310 | ||||||
Reconciliation of Statutory Federal Income Tax to Effective Tax | Provision for income taxes differed from the amount computed by applying the federal statutory income tax rate of 35%, to income before income taxes for our fiscal years ended January 31, 2015, 2014 and 2013, respectively, as a result of the following (in thousands): | |||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Federal tax statutory tax rate | $ | 23,470 | $ | 13,475 | $ | 10,182 | ||||||
State taxes | 1,429 | 904 | 880 | |||||||||
Nondeductible expenses | 140 | 55 | 80 | |||||||||
Research and development credit | (2,028 | ) | (880 | ) | (351 | ) | ||||||
Domestic manufacturing deduction | (431 | ) | (1,124 | ) | (699 | ) | ||||||
Stock-based compensation | 2,506 | 1,802 | 231 | |||||||||
Foreign rate differential | 1,101 | (164 | ) | (50 | ) | |||||||
Valuation allowance | 1,589 | 512 | (52 | ) | ||||||||
Others | (973 | ) | 305 | 89 | ||||||||
Provision for income taxes | $ | 26,803 | $ | 14,885 | $ | 10,310 | ||||||
Components of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and liabilities as of January 31, 2015 and 2014 related to the following (in thousands): | |||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | |||||||||||
Deferred Tax Assets: | ||||||||||||
Accruals and reserves | $ | 4,974 | $ | 2,357 | ||||||||
Net operating loss carryforward | 1,176 | 1,015 | ||||||||||
State income taxes | 967 | 535 | ||||||||||
Tax credit carryforward | 1,795 | 750 | ||||||||||
Other | 521 | — | ||||||||||
Gross Deferred Tax Assets | $ | 9,433 | $ | 4,657 | ||||||||
Valuation Allowance | (2,304 | ) | (716 | ) | ||||||||
Total Deferred Tax Assets | $ | 7,129 | $ | 3,941 | ||||||||
Deferred Tax Liabilities: | ||||||||||||
Property and equipment | $ | (193 | ) | $ | (74 | ) | ||||||
Intangible assets | (1,822 | ) | (2,448 | ) | ||||||||
Expensed internal-use software | (469 | ) | (606 | ) | ||||||||
Other | — | (436 | ) | |||||||||
Total Deferred Tax Liabilities | $ | (2,484 | ) | $ | (3,564 | ) | ||||||
Net Deferred Tax Assets | $ | 4,645 | $ | 377 | ||||||||
Summary of Changes in Total Gross Amount of Unrecognized Tax Benefits | The aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows for the periods shown (in thousands) | |||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Beginning balance | $ | 2,439 | $ | 1,220 | $ | 644 | ||||||
Increases related to tax positions taken during the prior period | 169 | 28 | — | |||||||||
Increases related to tax positions taken during the current period | 869 | 1,191 | 576 | |||||||||
Lapse of statute of limitations | (230 | ) | — | — | ||||||||
Ending balance | $ | 3,247 | $ | 2,439 | $ | 1,220 | ||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||
Summary of Stock Option Activity | A summary of stock option activity for fiscal 2015 is presented below | |||||||||||||||
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 | 548,667 | 26.77 | ||||||||||||||
Options exercised | (4,437,349 | ) | 1.31 | $ | 104,689,345 | |||||||||||
Options forfeited/cancelled | (1,302,135 | ) | 4.74 | |||||||||||||
Options outstanding at January 31, 2015 | 20,233,620 | $ | 4.18 | 7.7 | $ | 498,862,568 | ||||||||||
Options vested and exercisable at January 31, 2015 | 3,745,852 | $ | 2.41 | 6.7 | $ | 98,970,347 | ||||||||||
Options vested and exercisable at January 31, 2015 and | 19,080,337 | $ | 4.16 | 7.7 | $ | 470,900,166 | ||||||||||
expected to vest thereafter | ||||||||||||||||
Summary of RSU Activity | A summary of RSU activity for fiscal 2015 is presented below: | |||||||||||||||
Weighted | ||||||||||||||||
Unreleased | average | |||||||||||||||
Restricted | grant date | |||||||||||||||
Stock Units | fair value | |||||||||||||||
Balance at January 31, 2014 | 156,050 | $ | 36.52 | |||||||||||||
RSUs granted | 990,270 | 26.33 | ||||||||||||||
RSUs vested | (115,866 | ) | 28.64 | |||||||||||||
RSUs forfeited/cancelled | (64,482 | ) | 29.59 | |||||||||||||
Balance at January 31, 2015 | 965,972 | $ | 27.48 | |||||||||||||
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 our stock options granted during the periods presented: : | |||||||||||||||
Fiscal Year Ended January 31, | ||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||
Volatility | 48% – 50% | 42% – 50% | 42% – 55% | |||||||||||||
Expected term (in years) | 6.00 – 6.32 | 6.32 – 8.23 | 6.32 | |||||||||||||
Risk-free interest rate | 1.75% – 1.94% | 1.03% – 2.09% | 0.83% – 1.15% | |||||||||||||
Dividend yield | —% | —% | —% | |||||||||||||
Schedule of Weighted-Average Assumptions Used to Calculate Out Stock-Based Compensation for Stock Purchase under ESPP | The following table presents the weighted-average assumptions used to calculate our stock-based compensation for the stock purchases under the ESPP: | |||||||||||||||
Volatility | 44% | |||||||||||||||
Expected term (in years) | 0.58 | |||||||||||||||
Risk-free interest rate | 0.10% | |||||||||||||||
Dividend yield | —% | |||||||||||||||
Net_Income_per_Share_Attributa1
Net Income per Share Attributable to Common Stockholders (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||||||
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): | |||||||||||||||||||||||
Fiscal Year Ended January 31, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||
Basic | ||||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||
Net income | $ | 14,540 | $ | 25,843 | $ | 1,934 | $ | 21,681 | $ | — | $ | 18,783 | ||||||||||||
Noncumulative dividends on convertible preferred stock | — | — | (33 | ) | (371 | ) | — | (560 | ) | |||||||||||||||
Undistributed earnings allocated to participating securities | (88 | ) | (157 | ) | (1,049 | ) | (11,757 | ) | — | (14,743 | ) | |||||||||||||
Net income attributable to common stockholders, basic | $ | 14,452 | $ | 25,686 | $ | 852 | $ | 9,553 | $ | — | $ | 3,480 | ||||||||||||
Denominator | ||||||||||||||||||||||||
Weighted average shares used in computing net income per | 45,983 | 81,730 | 4,237 | 47,488 | — | 20,887 | ||||||||||||||||||
share attributable to common stockholders, basic | ||||||||||||||||||||||||
Net income per share attributable to common stockholders, basic | $ | 0.31 | $ | 0.31 | $ | 0.2 | $ | 0.2 | $ | — | $ | 0.17 | ||||||||||||
Diluted | ||||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||
Net income attributable to common stockholders, basic | $ | 14,452 | $ | 25,686 | $ | 852 | $ | 9,553 | $ | — | $ | 3,480 | ||||||||||||
Reallocation as a result of conversion of Class B to Class A | ||||||||||||||||||||||||
common stock: | ||||||||||||||||||||||||
Net income attributable to common stockholders, basic | 25,686 | — | 9,553 | — | — | — | ||||||||||||||||||
Reallocation of net income to Class B common stock | — | 1,653 | — | 204 | — | — | ||||||||||||||||||
Net income attributable to common stockholders, diluted | $ | 40,138 | $ | 27,339 | $ | 10,405 | $ | 9,757 | $ | — | $ | 3,480 | ||||||||||||
Denominator | ||||||||||||||||||||||||
Number of shares used for basic EPS computation | 45,983 | 81,730 | 4,237 | 47,488 | — | 20,887 | ||||||||||||||||||
Conversion of Class B to Class A common stock | 81,730 | — | 47,488 | — | — | — | ||||||||||||||||||
Effect of potentially dilutive common shares | 16,491 | 16,491 | 16,299 | 16,299 | — | 9,712 | ||||||||||||||||||
Weighted average shares used in computing net income per | 144,204 | 98,221 | 68,024 | 63,787 | — | 30,599 | ||||||||||||||||||
share attributable to common stockholders, diluted | ||||||||||||||||||||||||
Net income per share attributable to common stockholders, diluted | $ | 0.28 | $ | 0.28 | $ | 0.15 | $ | 0.15 | $ | — | $ | 0.11 | ||||||||||||
Potential Common Shares Excluded where the Inclusion would be Anti-dilutive | Potential common shares excluded where the inclusion would be anti-dilutive are as follows (in thousands): | |||||||||||||||||||||||
Fiscal Year Ended January 31, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Options and awards to purchase shares not included in the computation of diluted | 355 | 15,928 | 8,951 | |||||||||||||||||||||
net income per share because their inclusion would be anti-dilutive | ||||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Commitments And Contingencies Disclosure [Abstract] | ||||
Future Minimum Lease Payments Under Non-cancelable Operating Leases | Future minimum lease payments under non-cancelable operating leases as of January 31, 2015 are as follows (in thousands): | |||
Operating | ||||
Period | leases | |||
Fiscal 2016 | $ | 2,665 | ||
Fiscal 2017 | 2,008 | |||
Fiscal 2018 | 1,192 | |||
Fiscal 2019 | 1,081 | |||
Fiscal 2020 | 464 | |||
Thereafter | 814 | |||
Total | $ | 8,224 | ||
Information_about_Geographic_A1
Information about Geographic Areas (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
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): | |||||||||||
Fiscal Year Ended January 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Revenues by geography | ||||||||||||
North America | $ | 173,261 | $ | 124,451 | $ | 84,546 | ||||||
Europe and other | 81,782 | 49,944 | 29,036 | |||||||||
Asia Pacific | 58,179 | 35,756 | 15,966 | |||||||||
Total revenues | $ | 313,222 | $ | 210,151 | $ | 129,548 | ||||||
Long-Lived Assets by Geographic Area | Long-lived assets by geographic area are as follows as of the date shown (in thousands): | |||||||||||
January 31, | January 31, | January 31, | ||||||||||
2015 | 2014 | 2013 | ||||||||||
Long-lived assets by geography | ||||||||||||
North America | $ | 27,213 | $ | 1,341 | $ | 846 | ||||||
Europe and other | 538 | 509 | 445 | |||||||||
Asia Pacific | 452 | 595 | 88 | |||||||||
Total long-lived assets | $ | 28,203 | $ | 2,445 | $ | 1,379 | ||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Summary of Quarterly Financial Information | Selected summarized quarterly financial information for fiscal 2015 and 2014 is as follows (in thousands): | |||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
Jan. 31, | Oct. 31, | Jul. 31, | Apr. 30, | Jan. 31, | Oct. 31, | Jul. 31, | Apr. 30, | |||||||||||||||||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | 2013 | 2013 | 2013 | |||||||||||||||||||||||||
Consolidated Statements of Income Data: | (in thousands) | |||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Subscription services | $ | 66,535 | $ | 61,435 | $ | 56,572 | $ | 48,521 | $ | 45,686 | $ | 38,935 | $ | 34,063 | $ | 27,937 | ||||||||||||||||
Professional services and other | 20,477 | 22,390 | 19,092 | 18,200 | 17,117 | 16,044 | 15,518 | 14,851 | ||||||||||||||||||||||||
Total revenues | 87,012 | 83,825 | 75,664 | 66,721 | 62,803 | 54,979 | 49,581 | 42,788 | ||||||||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||||||||||
Cost of subscription services | 15,210 | 14,409 | 13,346 | 12,040 | 11,790 | 9,511 | 7,948 | 6,950 | ||||||||||||||||||||||||
Cost of professional services and other | 15,946 | 16,007 | 14,790 | 13,910 | 12,568 | 11,881 | 11,195 | 10,759 | ||||||||||||||||||||||||
Total cost of revenues | 31,156 | 30,416 | 28,136 | 25,950 | 24,358 | 21,392 | 19,143 | 17,709 | ||||||||||||||||||||||||
Gross profit | 55,856 | 53,409 | 47,528 | 40,771 | 38,445 | 33,587 | 30,438 | 25,079 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Research and development | 11,742 | 10,635 | 9,787 | 8,992 | 7,858 | 6,585 | 6,357 | 5,527 | ||||||||||||||||||||||||
Sales and marketing | 15,328 | 14,251 | 13,810 | 12,814 | 12,768 | 11,467 | 9,610 | 7,662 | ||||||||||||||||||||||||
General and administrative | 8,103 | 8,582 | 7,146 | 6,408 | 6,511 | 5,550 | 4,633 | 3,717 | ||||||||||||||||||||||||
Total operating expenses | 35,173 | 33,468 | 30,743 | 28,214 | 27,137 | 23,602 | 20,600 | 16,906 | ||||||||||||||||||||||||
Operating income | 20,683 | 19,941 | 16,785 | 12,557 | 11,308 | 9,985 | 9,838 | 8,173 | ||||||||||||||||||||||||
Other income (expense), net | (1,660 | ) | (989 | ) | (101 | ) | (30 | ) | (365 | ) | 125 | (65 | ) | (499 | ) | |||||||||||||||||
Income before income taxes | 19,023 | 18,952 | 16,684 | 12,527 | 10,943 | 10,110 | 9,773 | 7,674 | ||||||||||||||||||||||||
Provision for income taxes | 5,697 | 8,694 | 7,106 | 5,306 | 4,696 | 3,585 | 3,775 | 2,829 | ||||||||||||||||||||||||
Net income | $ | 13,326 | $ | 10,258 | $ | 9,578 | $ | 7,221 | $ | 6,247 | $ | 6,525 | $ | 5,998 | $ | 4,845 | ||||||||||||||||
Net income attributable to Class A and | $ | 13,288 | $ | 10,198 | $ | 9,490 | $ | 7,128 | $ | 6,145 | $ | 2,339 | $ | 1,275 | $ | 926 | ||||||||||||||||
Class B common stockholders, basic | ||||||||||||||||||||||||||||||||
and diluted | ||||||||||||||||||||||||||||||||
Net income per share attributable to Class A | ||||||||||||||||||||||||||||||||
and Class B common stockholders: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.1 | $ | 0.08 | $ | 0.07 | $ | 0.06 | $ | 0.05 | $ | 0.07 | $ | 0.05 | $ | 0.04 | ||||||||||||||||
Diluted | $ | 0.09 | $ | 0.07 | $ | 0.07 | $ | 0.05 | $ | 0.04 | $ | 0.05 | $ | 0.03 | $ | 0.03 | ||||||||||||||||
Weighted-average shares used to compute | ||||||||||||||||||||||||||||||||
net income per share attributable to | ||||||||||||||||||||||||||||||||
Class A and Class B common stockholders: | ||||||||||||||||||||||||||||||||
Basic | 130,345 | 129,212 | 127,314 | 123,902 | 122,578 | 35,802 | 24,418 | 21,610 | ||||||||||||||||||||||||
Diluted | 144,737 | 144,289 | 143,353 | 142,849 | 143,221 | 131,963 | 37,038 | 32,988 | ||||||||||||||||||||||||
Summary_of_Business_and_Signif3
Summary of Business and Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||
Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Mar. 31, 2014 | Oct. 21, 2013 | |
Segment | ||||||
Summary Of Business And Accounting Policies [Line Items] | ||||||
Number of operating segment | 1 | |||||
Highly liquid investments maturity | 3 months | |||||
Impairment of goodwill | $0 | |||||
Impairment recognized for long-lived assets | 0 | 0 | 0 | |||
Sales commission expense | 13,200,000 | 11,800,000 | 6,600,000 | |||
Advertising expense | 100,000 | 200,000 | ||||
2013 Employee Stock Purchase Plan [Member] | ||||||
Summary Of Business And Accounting Policies [Line Items] | ||||||
Recognition period of stock-based compensation expenses on straight-line basis | 7 months | |||||
Building [Member] | ||||||
Summary Of Business And Accounting Policies [Line Items] | ||||||
Estimated useful lives | 30 years | |||||
Internal-Use Software [Member] | ||||||
Summary Of Business And Accounting Policies [Line Items] | ||||||
Estimated economic lives | 3 years | |||||
Customer Concentration Risk | ||||||
Summary Of Business And Accounting Policies [Line Items] | ||||||
Approximate sales percentage from largest customers | 54.00% | 56.00% | 54.00% | |||
Minimum [Member] | ||||||
Summary Of Business And Accounting Policies [Line Items] | ||||||
Customer payment period | 30 days | |||||
Estimated economic lives | 1 year 3 months 18 days | |||||
Minimum [Member] | 2007 Stock Plan [Member] | ||||||
Summary Of Business And Accounting Policies [Line Items] | ||||||
Share-based compensation cost recognition vesting service period | 4 years | |||||
Minimum [Member] | Property and equipment [Member] | ||||||
Summary Of Business And Accounting Policies [Line Items] | ||||||
Estimated useful lives | 3 years | |||||
Maximum [Member] | ||||||
Summary Of Business And Accounting Policies [Line Items] | ||||||
Customer payment period | 60 days | |||||
Estimated economic lives | 4 years 3 months 18 days | |||||
Maximum [Member] | 2007 Stock Plan [Member] | ||||||
Summary Of Business And Accounting Policies [Line Items] | ||||||
Share-based compensation cost recognition vesting service period | 5 years | |||||
Maximum [Member] | Property and equipment [Member] | ||||||
Summary Of Business And Accounting Policies [Line Items] | ||||||
Estimated useful lives | 5 years | |||||
Class A common stock [Member] | ||||||
Summary Of Business And Accounting Policies [Line Items] | ||||||
Shares issued in initial public offering | 15,001,750 | |||||
Offering price per share | $26.35 | $20 | ||||
Initial public/Follow-on offering, net of issuance costs, shares | 1,390,000 | 11,676,750 | ||||
Shares issued to underwriters under over-allotment option | 1,800,000 | 1,956,750 | ||||
Shares sold by other selling shareholders | 12,410,000 | 3,325,000 | ||||
Net proceeds from initial public offering, after deducting underwriting discounts and commissions | $34,500,000 | $214,200,000 | ||||
Shares issued in follow-on offering | 13,800,000 |
Summary_of_Business_and_Signif4
Summary of Business and Significant Accounting Policies - Schedule of Certain Risks and Concentrations of Credit Risk (Detail) (Customer Concentration Risk) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Accounts receivable [Member] | Customer 2 [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 11.00% | 10.00% | |
Accounts receivable [Member] | Customer 3 [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 16.00% | ||
Revenues [Member] | Customer 1 [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 12.00% | ||
Revenues [Member] | Customer 2 [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 11.00% |
Summary_of_Business_and_Signif5
Summary of Business and Significant Accounting Policies - Activity Related to Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Receivables [Abstract] | |||
Balance at beginning of period | $305 | $305 | $300 |
Add: charges (credits) to costs and expenses | 227 | -35 | 317 |
Less: recoveries (write-offs) | -119 | 35 | -312 |
Balance at end of period | $413 | $305 | $305 |
Acquisition_of_AdvantageMS_Add
Acquisition of AdvantageMS - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||
Jun. 20, 2013 | Jan. 31, 2015 | Jan. 31, 2013 | Apr. 25, 2013 | Jan. 31, 2014 | |
Business Acquisition [Line Items] | |||||
Business acquisition date | 20-Jun-13 | ||||
Closing cash consideration for purchase | $10,500,000 | ||||
Percentage of consideration to be held in escrow | 15.00% | ||||
Period of closing consideration placement in escrow | 18 months | ||||
Amount of loss retained from escrow | 400,000 | ||||
Net working capital adjustment | 1,900,000 | ||||
Contingent cash payments | 0 | ||||
Business acquisition-related transaction costs | 300,000 | ||||
Loss previously claimed and not recovered from escrow | 300,000 | ||||
Intangible assets | 7,380,000 | ||||
Goodwill | 4,850,000 | 4,850,000 | 4,850,000 | ||
Intangible assets acquired | 0 | ||||
Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated useful life of intangible assets | 1 year 3 months 18 days | ||||
Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated useful life of intangible assets | 4 years 3 months 18 days | ||||
Technology [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets acquired | 200,000 | ||||
Carrying value of intangible assets | 100,000 | ||||
Advantage Management Solutions, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 4,900,000 | ||||
Advantage Management Solutions, Inc. [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated useful life of intangible assets | 3 years | ||||
Advantage Management Solutions, Inc. [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated useful life of intangible assets | 6 years | ||||
Advantage Management Solutions, Inc. [Member] | In-process research and development [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | $0 |
Acquisition_of_AdvantageMS_Sum
Acquisition of AdvantageMS - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date (Detail) (USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 20, 2013 | Jan. 31, 2015 | Jan. 31, 2014 |
Business Combinations [Abstract] | |||
Purchase price Cash | $12,363 | ||
Allocation of purchase price | |||
Cash | 408 | ||
Accounts receivable | 1,636 | ||
Intangible assets | 7,380 | ||
Deferred tax asset | 173 | ||
Other current and non-current assets | 435 | ||
Deferred tax liability | -2,305 | ||
Other current and non-current liabilities | -214 | ||
Goodwill | 4,850 | 4,850 | 4,850 |
Total purchase price | $12,363 |
Acquisition_of_AdvantageMS_Det
Acquisition of AdvantageMS - Details of Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | $7,574 | $7,574 |
Intangible assets, Accumulated Amortization | -2,670 | -1,023 |
Intangible assets, Net | 4,904 | 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 | -1,188 | -452 |
Intangible assets, Net | 2,492 | 3,228 |
Estimated economic lives | 3 years 4 months 24 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 | -1,037 | -394 |
Intangible assets, Net | 1,533 | 2,176 |
Estimated economic lives | 2 years 3 months 18 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 | -274 | -104 |
Intangible assets, Net | 746 | 916 |
Estimated economic lives | 4 years 3 months 18 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 | -171 | -73 |
Intangible assets, Net | 133 | 231 |
Estimated economic lives | 1 year 3 months 18 days | 2 years 3 months 18 days |
Advantage Management Solutions, Inc. [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 7,380 | |
Intangible assets, Accumulated Amortization | -2,558 | |
Intangible assets, Net | 4,822 | |
Advantage Management Solutions, Inc. [Member] | Data update technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 3,680 | |
Intangible assets, Accumulated Amortization | -1,188 | |
Intangible assets, Net | 2,492 | |
Estimated economic lives | 3 years 4 months 24 days | |
Advantage Management Solutions, Inc. [Member] | Database [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 2,570 | |
Intangible assets, Accumulated Amortization | -1,037 | |
Intangible assets, Net | 1,533 | |
Estimated economic lives | 2 years 3 months 18 days | |
Advantage Management Solutions, Inc. [Member] | Customer relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 1,020 | |
Intangible assets, Accumulated Amortization | -274 | |
Intangible assets, Net | 746 | |
Estimated economic lives | 4 years 3 months 18 days | |
Advantage Management Solutions, Inc. [Member] | Software [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 110 | |
Intangible assets, Accumulated Amortization | -59 | |
Intangible assets, Net | $51 | |
Estimated economic lives | 1 year 3 months 18 days |
ShortTerm_Investments_Schedule
Short-Term Investments - Schedule of Short-Term Investments (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | $268,528 | $25,610 |
Available-for-sale securities, Gross Unrealized Gains | 118 | 16 |
Available-for-sale securities, Gross Unrealized Losses | -26 | -1 |
Available-for-sale securities, Estimated Fair Value | 268,620 | 25,625 |
Asset backed-securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 9,323 | |
Available-for-sale securities, Gross Unrealized Losses | -4 | |
Available-for-sale securities, Estimated Fair Value | 9,319 | |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 3,394 | |
Available-for-sale securities, Estimated Fair Value | 3,394 | |
Corporate notes and bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 45,990 | 10,499 |
Available-for-sale securities, Gross Unrealized Gains | 18 | 9 |
Available-for-sale securities, Gross Unrealized Losses | -19 | -1 |
Available-for-sale securities, Estimated Fair Value | 45,989 | 10,507 |
U.S. agency obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 199,822 | 15,111 |
Available-for-sale securities, Gross Unrealized Gains | 92 | 7 |
Available-for-sale securities, Gross Unrealized Losses | -3 | |
Available-for-sale securities, Estimated Fair Value | 199,911 | 15,118 |
U.S. treasury securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 9,999 | |
Available-for-sale securities, Gross Unrealized Gains | 8 | |
Available-for-sale securities, Estimated Fair Value | $10,007 |
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 $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ||
Due in one year or less | $224,263 | $17,667 |
Due in greater than one year | 44,357 | 7,958 |
Available-for-sale securities, Estimated Fair Value | $268,620 | $25,625 |
ShortTerm_Investments_Addition
Short-Term Investments - Additional Information (Detail) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | 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 $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Asset backed-securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $9,319 | |
Gross Unrealized Losses | -4 | |
Corporate notes and bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 23,239 | 1,403 |
Gross Unrealized Losses | -19 | -1 |
U.S. agency obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 18,398 | |
Gross Unrealized Losses | ($3) |
Property_and_Equipment_Net_Com
Property and Equipment, Net - Components of Property and Equipment, Net (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $30,542 | $3,839 | |
Less accumulated depreciation | -2,339 | -1,394 | |
Total property and equipment, net | 28,203 | 2,445 | 1,379 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 3,040 | ||
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 20,984 | ||
Equipment and computers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 3,103 | 1,912 | |
Furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,207 | 948 | |
Leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,228 | 858 | |
Construction in progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $980 | $121 |
Property_and_Equipment_Net_Add
Property and Equipment, Net - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Jul. 22, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $1,400,000 | $900,000 | $500,000 | |
Property and equipment, gross | 30,542,000 | 3,839,000 | ||
Land and Building [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 24,000,000 | |||
Building [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | $20,984,000 | |||
Useful life of building | 30 years |
Capitalized_InternalUse_Softwa2
Capitalized Internal-Use Software - Schedule of Capitalized Internal-Use Software, Net (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Capitalized Computer Software Net [Abstract] | ||
Capitalized internal-use software development costs | $3,307 | $2,834 |
Less accumulated amortization | -2,067 | -1,249 |
Capitalized internal-use software development costs, net | $1,240 | $1,585 |
Capitalized_InternalUse_Softwa3
Capitalized Internal-Use Software - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Movement In Capitalized Computer Software Net Roll Forward | |||
Capitalized internal-use software development costs | $0.50 | $1.20 | |
Capitalized internal-use software amortization expense | $0.80 | $0.50 | $0.30 |
Intangible_Assets_Details_of_I
Intangible Assets - Details of Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | $7,574 | $7,574 |
Intangible assets, Accumulated Amortization | -2,670 | -1,023 |
Intangible assets, Net | 4,904 | 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 | -1,188 | -452 |
Intangible assets, Net | 2,492 | 3,228 |
Estimated useful life of intangible assets | 3 years 4 months 24 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 | -1,037 | -394 |
Intangible assets, Net | 1,533 | 2,176 |
Estimated useful life of intangible assets | 2 years 3 months 18 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 | -274 | -104 |
Intangible assets, Net | 746 | 916 |
Estimated useful life of intangible assets | 4 years 3 months 18 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 | -171 | -73 |
Intangible assets, Net | $133 | $231 |
Estimated useful life of intangible assets | 1 year 3 months 18 days | 2 years 3 months 18 days |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $1,700,000 | $1,000,000 | |
Intangible assets acquired | $0 |
Intangible_Assets_Estimated_Am
Intangible Assets - Estimated Amortization Expense (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract] | ||
Fiscal 2016 | $1,651 | |
Fiscal 2017 | 1,580 | |
Fiscal 2018 | 1,154 | |
Fiscal 2019 | 454 | |
Fiscal 2020 | 65 | |
Intangible assets, Net | $4,904 | $6,551 |
Accrued_Expenses_Schedule_of_A
Accrued Expenses - Schedule of Accrued Expenses (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ||
Accrued commissions | $1,309 | $1,452 |
Accrued bonus | 1,901 | 1,419 |
Accrued other compensation and benefits | 3,287 | 5,879 |
Total accrued compensation and benefits | 6,497 | 8,750 |
Accrued fees paid to salesforce.com | 3,395 | 2,677 |
Early exercise of stock options | 87 | 470 |
Sales taxes payable | 1,666 | 2,769 |
Other accrued expenses | 3,791 | 2,015 |
Total accrued expenses and other current liabilities | $8,939 | $7,931 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Hierarchy for Financial Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | $268,620 | $25,625 |
U.S. agency obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 199,911 | 15,118 |
Asset backed-securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 9,319 | |
Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 3,394 | |
Corporate notes and bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 45,989 | 10,507 |
U.S. treasury securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 10,007 | |
Fair value, measurements recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 314,076 | 239,012 |
Fair value, measurements recurring [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 41,861 | 170,235 |
Fair value, measurements recurring [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 272,215 | 68,777 |
Fair value, measurements recurring [Member] | Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 41,861 | 170,235 |
Fair value, measurements recurring [Member] | Money market funds [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 41,861 | 170,235 |
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 | 3,595 | |
Short-term investments | 199,911 | 15,118 |
Fair value, measurements recurring [Member] | U.S. agency obligations [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,595 | |
Short-term investments | 199,911 | 15,118 |
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 | 9,319 | |
Fair value, measurements recurring [Member] | Asset backed-securities [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 9,319 | |
Fair value, measurements recurring [Member] | Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 9,999 | |
Short-term investments | 3,394 | |
Fair value, measurements recurring [Member] | Commercial paper [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 9,999 | |
Short-term investments | 3,394 | |
Fair value, measurements recurring [Member] | Corporate notes and bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 45,989 | 10,507 |
Fair value, measurements recurring [Member] | Corporate notes and bonds [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 45,989 | 10,507 |
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 | 33,153 | |
Short-term investments | 10,007 | |
Fair value, measurements recurring [Member] | U.S. treasury securities [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 33,153 | |
Short-term investments | $10,007 |
Other_Expense_Net_Detail
Other Expense, Net (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Other Income And Expenses [Abstract] | |||||||||||
Foreign currency loss | $3,893 | $940 | $987 | ||||||||
Investment amortization | 2,424 | 366 | 101 | ||||||||
Interest (income) | -3,537 | -502 | -148 | ||||||||
Other expense, net | $1,660 | $989 | $101 | $30 | $365 | ($125) | $65 | $499 | $2,780 | $804 | $940 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income before Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Income Tax Disclosure [Abstract] | |||||||||||
United States | $64,178 | $35,018 | $27,332 | ||||||||
Foreign | 3,008 | 3,482 | 1,761 | ||||||||
Income before income taxes | $19,023 | $18,952 | $16,684 | $12,527 | $10,943 | $10,110 | $9,773 | $7,674 | $67,186 | $38,500 | $29,093 |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Current provision: | |||||||||||
Federal | $26,039 | $13,837 | $9,211 | ||||||||
State | 3,022 | 1,186 | 1,138 | ||||||||
Foreign | 2,093 | 1,644 | 600 | ||||||||
Total | 31,154 | 16,667 | 10,949 | ||||||||
Deferred provision: | |||||||||||
Federal | -3,421 | -1,360 | -616 | ||||||||
State | -197 | -94 | -23 | ||||||||
Foreign | -733 | -328 | |||||||||
Total | -4,351 | -1,782 | -639 | ||||||||
Provision for income taxes | $5,697 | $8,694 | $7,106 | $5,306 | $4,696 | $3,585 | $3,775 | $2,829 | $26,803 | $14,885 | $10,310 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | |
Income Tax Contingency [Line Items] | ||||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% | |
Net operating loss carryforwards for federal | $2,000,000 | |||
Net operating loss carryforwards for state | 4,100,000 | |||
Federal net operating loss expire year | 2033 | |||
State net operating loss expire year | 2033 | |||
Percentage of likely of being realized upon the effective settlement | 50.00% | |||
Gross unrecognized tax benefits | 3,247,000 | 2,439,000 | 1,220,000 | 644,000 |
Unrecognized tax benefits, that would impact tax rate if recognized | 2,000,000 | |||
Undistributed cumulative earnings of foreign subsidiaries | 3,300,000 | |||
Undistributed cumulative earnings of Domestic subsidiaries | 400,000 | |||
Federal [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Open tax years | 2011 | |||
California [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Open tax years | 2007 | |||
Other states [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Open tax years | 2010 | |||
Foreign Jurisdictions [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Open tax years | 2011 | |||
California research and development [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Research and development tax credits | $2,800,000 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Statutory Federal Income Tax to Effective Tax (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Income Tax Disclosure [Abstract] | |||||||||||
Federal tax statutory tax rate | $23,470 | $13,475 | $10,182 | ||||||||
State taxes | 1,429 | 904 | 880 | ||||||||
Nondeductible expenses | 140 | 55 | 80 | ||||||||
Research and development credit | -2,028 | -880 | -351 | ||||||||
Domestic manufacturing deduction | -431 | -1,124 | -699 | ||||||||
Stock-based compensation | 2,506 | 1,802 | 231 | ||||||||
Foreign rate differential | 1,101 | -164 | -50 | ||||||||
Valuation allowance | 1,589 | 512 | -52 | ||||||||
Others | -973 | 305 | 89 | ||||||||
Provision for income taxes | $5,697 | $8,694 | $7,106 | $5,306 | $4,696 | $3,585 | $3,775 | $2,829 | $26,803 | $14,885 | $10,310 |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets: | ||
Accruals and reserves | $4,974 | $2,357 |
Net operating loss carryforward | 1,176 | 1,015 |
State income taxes | 967 | 535 |
Tax credit carryforward | 1,795 | 750 |
Other | 521 | |
Gross Deferred Tax Assets | 9,433 | 4,657 |
Valuation Allowance | -2,304 | -716 |
Total Deferred Tax Assets | 7,129 | 3,941 |
Deferred Tax Liabilities: | ||
Property and equipment | -193 | -74 |
Intangible assets | -1,822 | -2,448 |
Expensed internal-use software | -469 | -606 |
Other | -436 | |
Total Deferred Tax Liabilities | -2,484 | -3,564 |
Net Deferred Tax Assets | $4,645 | $377 |
Income_Taxes_Summary_of_Change
Income Taxes - Summary of Changes in Total Gross Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $2,439 | $1,220 | $644 |
Increases related to tax positions taken during the prior period | 169 | 28 | |
Increases related to tax positions taken during the current period | 869 | 1,191 | 576 |
Lapse of statute of limitations | -230 | ||
Ending balance | $3,247 | $2,439 | $1,220 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 8 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Jun. 15, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option award | 20,233,620 | 20,233,620 | 25,424,437 | ||
Board of directors service term | 3 years | ||||
Dividend declared | $0 | $0 | |||
Dividend paid | $0 | ||||
Unvested shares subject to repurchase at an aggregate price | 100,000 | 100,000 | 500,000 | ||
Cash received for early exercise of options | 200,000 | ||||
Employee Service Share Based Compensation Early Exercise Of Stock Options | 0 | ||||
Weighted-average grant date fair value of options granted | $13.87 | $2.78 | $0.71 | ||
Unrecognized compensation cost, net of estimated forfeitures, related to unvested stock options granted | 34,900,000 | 34,900,000 | |||
Closing stock price | $28.76 | $28.76 | |||
Intrinsic value of options exercised | 104,689,345 | ||||
Stock-based compensation capitalized as internal-use software | 100,000 | 500,000 | |||
Unvested Stock Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted average period of unvested stock | 4 years 4 months 24 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted average grant date fair value, RSUs granted | $26.33 | ||||
Unrecognized compensation cost, net of estimated forfeitures, related to unvested RSUs | $25,400,000 | $25,400,000 | |||
Unvested Restricted Stock Units (RSUs) [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted average period of unvested stock | 3 years 6 months | ||||
2007 Stock Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option award | 0 | 0 | |||
2012 Equity Incentive Award Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option award | 0 | 0 | |||
2013 Equity Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option award | 0 | 0 | |||
2013 Equity Incentive Plan [Member] | Stock Option Activity [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option exercisable period | 10 years | ||||
Stock option vesting period | 9 years | ||||
2013 Equity Incentive Plan [Member] | Stock Option Activity [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option vesting period | 5 years | ||||
2013 EIP [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Minimum incremental of issuance of common stock | 13,750,000 | ||||
Common shares outstanding percentage | 5.00% | 5.00% | |||
Effective date of plan | 15-Oct-13 | ||||
Equity incentive plan | The number of shares available for issuance under the 2013 EIP automatically increases on the first business day of each of our fiscal years, commencing in 2014, by a number equal to the least of (a) 13.75 million shares, (b) 5% of the shares of all classes of our common stock outstanding on the last business day of the prior fiscal year, or (c) the number of shares determined by our board of directors. | ||||
2013 Employee Stock Purchase Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Minimum incremental of issuance of common stock | 2,200,000 | ||||
Common shares outstanding percentage | 1.00% | 1.00% | |||
Common stock reserve for future issuance | 4,000,000 | 4,000,000 | |||
Employee stock purchase plan | The number of shares available for issuance under the ESPP automatically increases on the first business day of each of our fiscal years, commencing in 2014, by a number equal to the least of (a) 2.2 million shares, (b) 1% of the shares of all classes of our common stock outstanding on the last business day of the prior fiscal year or (c) the number of shares determined by our board of directors. | ||||
Common stock acquire at fair market value | 85.00% | ||||
Common stock purchases through payroll deductions | 15.00% | ||||
2007 Stock Plans [Member] | Stock Option Activity [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option exercisable period | 10 years | ||||
Stock option vesting period | 5 years | ||||
2007 Stock Plans [Member] | Stock Option Activity [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option vesting period | 4 years | ||||
2012 Stock Plan [Member] | Stock Option Activity [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option exercisable period | 10 years | ||||
Stock option vesting period | 9 years | ||||
2012 Stock Plan [Member] | Stock Option Activity [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option vesting period | 5 years | ||||
2012 and 2013 Equity Incentive Plan [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation expense, net of forfeitures, is recognized over the requisite service periods of awards | 9 years | ||||
2012 and 2013 Equity Incentive Plan [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation expense, net of forfeitures, is recognized over the requisite service periods of awards | 4 years | ||||
Class A common stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock, shares outstanding | 64,729,479 | 64,729,479 | 15,044,750 | ||
Conversion of common stock outstanding | 1 | ||||
Conversion of common stock | 1 | ||||
Class A common stock [Member] | 2013 EIP [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock Available for issuance | 8,149,581 | ||||
Class A common stock [Member] | 2013 Employee Stock Purchase Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock issued in ESPP offering period | 350,059 | ||||
Class B common stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock, shares outstanding | 66,338,146 | 66,338,146 | 109,746,795 | ||
Common stock, shares unvested | 195,833 | 195,833 | 1,824,457 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | 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 | 548,667 | |
Number of shares, Options exercised | -4,437,349 | |
Number of shares, Options forfeited/cancelled | -1,302,135 | |
Number of shares, Options outstanding, Ending Balance | 20,233,620 | 25,424,437 |
Number of shares, Options vested and exercisable | 3,745,852 | |
Number of shares, Options vested and exercisable and expected to vest thereafter | 19,080,337 | |
Weighted average exercise price, Options outstanding, Beginning Balance | $3.22 | |
Weighted average exercise price, Options granted | $26.77 | |
Weighted average exercise price, Options exercised | $1.31 | |
Weighted average exercise price, Options forfeited/cancelled | $4.74 | |
Weighted average exercise price, options outstanding, Ending Balance | $4.18 | $3.22 |
Weighted average exercise price, Options vested and exercisable | $2.41 | |
Weighted average exercise price, Options vested and exercisable and expected to vest thereafter | $4.16 | |
Weighted average remaining contractual term, Options outstanding | 7 years 8 months 12 days | 8 years 6 months |
Weighted average remaining contractual term, Options vested and exercisable | 6 years 8 months 12 days | |
Weighted average remaining contractual term, Options vested and exercisable and expected to vest thereafter | 7 years 8 months 12 days | |
Aggregate intrinsic value, Options outstanding, Beginning Balance | $726,649,586 | |
Aggregate intrinsic value, Options exercised | 104,689,345 | |
Aggregate intrinsic value, Options outstanding, Ending Balance | 498,862,568 | 726,649,586 |
Aggregate intrinsic value, Options vested and exercisable | 98,970,347 | |
Aggregate intrinsic value, Options vested and exercisable and expected to vest thereafter | $470,900,166 |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of RSU Activity (Detail) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended |
Jan. 31, 2015 | |
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 | 990,270 |
Unreleased Restricted Stock Units, RSUs vested | -115,866 |
Unreleased Restricted Stock Units, RSUs forfeited/cancelled | -64,482 |
Unreleased Restricted Stock Units, Ending Balance | 965,972 |
Weighted average grant date fair value, Beginning Balance | $36.52 |
Weighted average grant date fair value, RSUs granted | $26.33 |
Weighted average grant date fair value, RSUs vested | $28.64 |
Weighted average grant date fair value, RSUs forfeited/cancelled | $29.59 |
Weighted average grant date fair value, Ending Balance | $27.48 |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Options Granted (Detail) (Stock Options [Member]) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility, minimum | 48.00% | 42.00% | 42.00% |
Volatility, maximum | 50.00% | 50.00% | 55.00% |
Expected term (in years) | 6 years 3 months 26 days | ||
Risk-free interest rate, Minimum | 1.75% | 1.03% | 0.83% |
Risk-free interest rate, Maximum | 1.94% | 2.09% | 1.15% |
Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 6 years | 6 years 3 months 26 days | |
Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 3 months 26 days | 8 years 2 months 23 days |
Stockholders_Equity_Schedule_o1
Stockholders' Equity - Schedule of Weighted-Average Assumptions Used to Calculate Stock-Based Compensation for Stock Purchase under ESPP (Detail) (Employee stock purchase plan [Member]) | 12 Months Ended |
Jan. 31, 2015 | |
Employee stock purchase plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Volatility | 44.00% |
Expected term (in years) | 6 months 29 days |
Risk-free interest rate | 0.10% |
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 | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||||||
Net income | $13,326 | $10,258 | $9,578 | $7,221 | $6,247 | $6,525 | $5,998 | $4,845 | $40,383 | $23,615 | $18,783 |
Basic | 130,345 | 129,212 | 127,314 | 123,902 | 122,578 | 35,802 | 24,418 | 21,610 | 127,713 | 51,725 | 20,887 |
Net income per share attributable to common stockholders, basic | $0.10 | $0.08 | $0.07 | $0.06 | $0.05 | $0.07 | $0.05 | $0.04 | $0.31 | $0.20 | $0.17 |
Reallocation as a result of conversion of Class B to Class A common stock: | |||||||||||
Number of shares used for basic EPS computation | 130,345 | 129,212 | 127,314 | 123,902 | 122,578 | 35,802 | 24,418 | 21,610 | 127,713 | 51,725 | 20,887 |
Conversion of Class B to Class A common stock | 81,730 | 47,488 | |||||||||
Weighted average shares used in computing net income per share attributable to common stockholders, diluted | 144,737 | 144,289 | 143,353 | 142,849 | 143,221 | 131,963 | 37,038 | 32,988 | 144,204 | 68,024 | 30,599 |
Net income per share attributable to common stockholders, diluted | $0.09 | $0.07 | $0.07 | $0.05 | $0.04 | $0.05 | $0.03 | $0.03 | $0.28 | $0.15 | $0.11 |
Class A common stock [Member] | |||||||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||||||
Net income | 14,540 | 1,934 | |||||||||
Noncumulative dividends on convertible preferred stock | -33 | ||||||||||
Undistributed earnings allocated to participating securities | -88 | -1,049 | |||||||||
Net income attributable to common stockholders, basic | 14,452 | 852 | |||||||||
Basic | 45,983 | 4,237 | |||||||||
Net income per share attributable to common stockholders, basic | $0.31 | $0.20 | |||||||||
Net income attributable to common stockholders, basic | 14,452 | 852 | |||||||||
Reallocation as a result of conversion of Class B to Class A common stock: | |||||||||||
Net income attributable to common stockholders, basic | 25,686 | 9,553 | |||||||||
Net income attributable to common stockholders, diluted | 40,138 | 10,405 | |||||||||
Number of shares used for basic EPS computation | 45,983 | 4,237 | |||||||||
Effect of potentially dilutive common shares | 16,491 | 16,299 | |||||||||
Weighted average shares used in computing net income per share attributable to common stockholders, diluted | 144,204 | 68,024 | |||||||||
Net income per share attributable to common stockholders, diluted | $0.28 | $0.15 | |||||||||
Class B common stock [Member] | |||||||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||||||
Net income | 25,843 | 21,681 | 18,783 | ||||||||
Noncumulative dividends on convertible preferred stock | -371 | -560 | |||||||||
Undistributed earnings allocated to participating securities | -157 | -11,757 | -14,743 | ||||||||
Net income attributable to common stockholders, basic | 25,686 | 9,553 | 3,480 | ||||||||
Basic | 81,730 | 47,488 | 20,887 | ||||||||
Net income per share attributable to common stockholders, basic | $0.31 | $0.20 | $0.17 | ||||||||
Net income attributable to common stockholders, basic | 25,686 | 9,553 | 3,480 | ||||||||
Reallocation as a result of conversion of Class B to Class A common stock: | |||||||||||
Reallocation of net income to Class B common stock | 1,653 | 204 | |||||||||
Net income attributable to common stockholders, diluted | $27,339 | $9,757 | $3,480 | ||||||||
Number of shares used for basic EPS computation | 81,730 | 47,488 | 20,887 | ||||||||
Effect of potentially dilutive common shares | 16,491 | 16,299 | 9,712 | ||||||||
Weighted average shares used in computing net income per share attributable to common stockholders, diluted | 98,221 | 63,787 | 30,599 | ||||||||
Net income per share attributable to common stockholders, diluted | $0.28 | $0.15 | $0.11 |
Net_Income_per_Share_Attributa3
Net Income per Share Attributable to Common Stockholders - Potential Common Shares Excluded where the Inclusion would be Anti-dilutive (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Earnings Per Share [Abstract] | |||
Options and awards to purchase shares not included in the computation of diluted net income per share because their inclusion would be anti-dilutive | 355 | 15,928 | 8,951 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Mar. 03, 2014 |
Long Term Purchase Commitment [Line Items] | ||||
Rent expense | $2.90 | $2.50 | $1.50 | |
Value-Added Reseller Agreement [Member] | ||||
Long Term Purchase Commitment [Line Items] | ||||
Agreement extension period | 10 years | |||
Agreement maturity date | 1-Sep-25 | |||
Prior to September 1, 2015 [Member] | Value-Added Reseller Agreement [Member] | ||||
Long Term Purchase Commitment [Line Items] | ||||
Minimum fee commitment obligation | $462.80 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments Under Non-cancelable Operating Leases (Detail) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | |
Fiscal 2016 | $2,665 |
Fiscal 2017 | 2,008 |
Fiscal 2018 | 1,192 |
Fiscal 2019 | 1,081 |
Fiscal 2020 | 464 |
Thereafter | 814 |
Total | $8,224 |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 18, 2011 | Jan. 31, 2015 |
Related Party Transactions [Abstract] | ||
Principal amount of promissory note | $250 | |
Annual compound interest rate of promissory note | 0.51% | |
Expiration date of promissory note which includes principal and accrued interest | 18-Feb-14 |
Information_about_Geographic_A2
Information about Geographic Areas - Revenues by Geographic Area (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Revenues by geography | |||||||||||
Total revenues | $87,012 | $83,825 | $75,664 | $66,721 | $62,803 | $54,979 | $49,581 | $42,788 | $313,222 | $210,151 | $129,548 |
North America [Member] | |||||||||||
Revenues by geography | |||||||||||
Total revenues | 173,261 | 124,451 | 84,546 | ||||||||
Europe and other [Member] | |||||||||||
Revenues by geography | |||||||||||
Total revenues | 81,782 | 49,944 | 29,036 | ||||||||
Asia Pacific [Member] | |||||||||||
Revenues by geography | |||||||||||
Total revenues | $58,179 | $35,756 | $15,966 |
Information_about_Geographic_A3
Information about Geographic Areas - Long-Lived Assets by Geographic Area (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | |||
Long-lived assets by geography | |||
Total long-lived assets | $28,203 | $2,445 | $1,379 |
North America [Member] | |||
Long-lived assets by geography | |||
Total long-lived assets | 27,213 | 1,341 | 846 |
Europe and other [Member] | |||
Long-lived assets by geography | |||
Total long-lived assets | 538 | 509 | 445 |
Asia Pacific [Member] | |||
Long-lived assets by geography | |||
Total long-lived assets | $452 | $595 | $88 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Jun. 20, 2013 | Mar. 31, 2015 |
Subsequent Event [Line Items] | ||
Closing cash consideration for purchase | $10.50 | |
Percentage of consideration to be held in escrow | 15.00% | |
Period of closing consideration placement in escrow | 18 months | |
Subsequent Event [Member] | Qforma CrowdLink [Member] | ||
Subsequent Event [Line Items] | ||
Closing cash consideration for purchase | $10 | |
Percentage of consideration to be held in escrow | 15.00% | |
Period of closing consideration placement in escrow | 12 months |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data - Summary of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |||
Revenues: | ||||||||||||||
Subscription services | $66,535 | $61,435 | $56,572 | $48,521 | $45,686 | $38,935 | $34,063 | $27,937 | $233,063 | $146,621 | $73,280 | |||
Professional services and other | 20,477 | 22,390 | 19,092 | 18,200 | 17,117 | 16,044 | 15,518 | 14,851 | 80,159 | 63,530 | 56,268 | |||
Total revenues | 87,012 | 83,825 | 75,664 | 66,721 | 62,803 | 54,979 | 49,581 | 42,788 | 313,222 | 210,151 | 129,548 | |||
Cost of revenues: | ||||||||||||||
Cost of subscription services | 15,210 | 14,409 | 13,346 | 12,040 | 11,790 | 9,511 | 7,948 | 6,950 | 55,005 | [1] | 36,199 | [1] | 18,852 | [1] |
Cost of professional services and other | 15,946 | 16,007 | 14,790 | 13,910 | 12,568 | 11,881 | 11,195 | 10,759 | 60,653 | [1] | 46,403 | [1] | 38,164 | [1] |
Total cost of revenues | 31,156 | 30,416 | 28,136 | 25,950 | 24,358 | 21,392 | 19,143 | 17,709 | 115,658 | [1] | 82,602 | [1] | 57,016 | [1] |
Gross profit | 55,856 | 53,409 | 47,528 | 40,771 | 38,445 | 33,587 | 30,438 | 25,079 | 197,564 | 127,549 | 72,532 | |||
Operating expenses: | ||||||||||||||
Research and development | 11,742 | 10,635 | 9,787 | 8,992 | 7,858 | 6,585 | 6,357 | 5,527 | 41,156 | [1] | 26,327 | [1] | 14,638 | [1] |
Sales and marketing | 15,328 | 14,251 | 13,810 | 12,814 | 12,768 | 11,467 | 9,610 | 7,662 | 56,203 | [1] | 41,507 | [1] | 19,490 | [1] |
General and administrative | 8,103 | 8,582 | 7,146 | 6,408 | 6,511 | 5,550 | 4,633 | 3,717 | 30,239 | [1] | 20,411 | [1] | 8,371 | [1] |
Total operating expenses | 35,173 | 33,468 | 30,743 | 28,214 | 27,137 | 23,602 | 20,600 | 16,906 | 127,598 | [1] | 88,245 | [1] | 42,499 | [1] |
Operating income | 20,683 | 19,941 | 16,785 | 12,557 | 11,308 | 9,985 | 9,838 | 8,173 | 69,966 | 39,304 | 30,033 | |||
Other income (expense), net | -1,660 | -989 | -101 | -30 | -365 | 125 | -65 | -499 | -2,780 | -804 | -940 | |||
Income before income taxes | 19,023 | 18,952 | 16,684 | 12,527 | 10,943 | 10,110 | 9,773 | 7,674 | 67,186 | 38,500 | 29,093 | |||
Provision for income taxes | 5,697 | 8,694 | 7,106 | 5,306 | 4,696 | 3,585 | 3,775 | 2,829 | 26,803 | 14,885 | 10,310 | |||
Net income | 13,326 | 10,258 | 9,578 | 7,221 | 6,247 | 6,525 | 5,998 | 4,845 | 40,383 | 23,615 | 18,783 | |||
Net income attributable to Class A and Class B common stockholders, basic and diluted | $13,288 | $10,198 | $9,490 | $7,128 | $6,145 | $2,339 | $1,275 | $926 | $40,138 | $10,405 | $3,480 | |||
Net income per share attributable to Class A and Class B common stockholders: | ||||||||||||||
Basic | $0.10 | $0.08 | $0.07 | $0.06 | $0.05 | $0.07 | $0.05 | $0.04 | $0.31 | $0.20 | $0.17 | |||
Diluted | $0.09 | $0.07 | $0.07 | $0.05 | $0.04 | $0.05 | $0.03 | $0.03 | $0.28 | $0.15 | $0.11 | |||
Weighted-average shares used to compute net income per share attributable to Class A and Class B common stockholders: | ||||||||||||||
Basic | 130,345 | 129,212 | 127,314 | 123,902 | 122,578 | 35,802 | 24,418 | 21,610 | 127,713 | 51,725 | 20,887 | |||
Diluted | 144,737 | 144,289 | 143,353 | 142,849 | 143,221 | 131,963 | 37,038 | 32,988 | 144,204 | 68,024 | 30,599 | |||
[1] | (1) Includes stock-based compensation as follows:Â Â Cost of revenues: Cost of subscription services$273 $118 $3 Cost of professional services and other 2,272 902 120 Research and development 3,844 1,700 238 Sales and marketing 3,221 1,788 140 General and administrative 4,715 2,442 214 Total stock-based compensation$14,325 $6,950 $715 |