Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Jan. 31, 2019 | Feb. 28, 2019 | Jul. 31, 2018 | |
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VEEV | ||
Entity Registrant Name | VEEVA SYSTEMS INC | ||
Entity Central Index Key | 0001393052 | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 9.4 | ||
Class A common stock [Member] | |||
Document And Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 126,191,070 | ||
Class B common stock [Member] | |||
Document And Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 20,234,372 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 | ||
Current assets: | ||||
Cash and cash equivalents | $ 550,971 | $ 320,183 | [1] | |
Short-term investments | 539,190 | 441,779 | [1] | |
Accounts receivable, net of allowance for doubtful accounts of $468 and $345, respectively | 303,465 | 224,668 | [1],[2] | |
Unbilled accounts receivable | 18,122 | 13,348 | [1],[2] | |
Prepaid expenses and other current assets | 21,666 | 12,443 | [1] | |
Total current assets | 1,433,414 | 1,012,421 | [1] | |
Property and equipment, net | 54,966 | 52,284 | [1] | |
Deferred costs, net | 30,869 | 30,306 | [1] | |
Goodwill | 95,804 | 95,804 | [1] | |
Intangible assets, net | 24,521 | 31,490 | [1] | |
Deferred income taxes, noncurrent | 5,938 | 2,222 | [1] | |
Other long-term assets | 8,254 | 5,806 | [1] | |
Total assets | 1,653,766 | 1,230,333 | [1] | |
Current liabilities: | ||||
Accounts payable | 9,110 | 6,944 | [1] | |
Accrued compensation and benefits | 15,324 | 17,054 | [1] | |
Accrued expenses and other current liabilities | 16,145 | 13,152 | [1] | |
Income tax payable | 4,086 | 2,080 | [1] | |
Deferred revenue | 356,357 | 266,939 | [1] | |
Total current liabilities | 401,022 | 306,169 | [1] | |
Deferred income taxes, noncurrent | 6,095 | 10,949 | [1] | |
Other long-term liabilities | 8,900 | 6,977 | [1] | |
Total liabilities | 416,017 | 324,095 | [1] | |
Commitments and contingencies (Note 13) | [1] | |||
Stockholders’ equity: | ||||
Additional paid-in capital | 617,623 | 515,272 | [1] | |
Accumulated other comprehensive income | 928 | 1,600 | [1] | |
Retained earnings | 619,197 | 389,365 | [1] | |
Total stockholders’ equity | [1] | 1,237,749 | 906,238 | |
Total liabilities and stockholders’ equity | 1,653,766 | 1,230,333 | [1] | |
Class A common stock [Member] | ||||
Stockholders’ equity: | ||||
Class A common stock, $0.00001 par value; 800,000,000 shares authorized, 125,980,019 and 117,246,735 issued and outstanding at January 31, 2019 and 2018, respectively | $ 1 | $ 1 | [1] | |
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. | |||
[2] | Unbilled accounts receivable was previously included in Accounts receivable before the adoption of Topic 606. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 | [1] |
Allowance for doubtful accounts | $ 468 | $ 345 | |
Class A common stock [Member] | |||
Common stock, par value | $ 0.00001 | $ 0.00001 | |
Common stock, shares authorized | 800,000,000 | 800,000,000 | |
Common stock, shares issued | 125,980,019 | 117,246,735 | |
Common stock, shares outstanding | 125,980,019 | 117,246,735 | |
Class B common stock [Member] | |||
Common stock, par value | $ 0.00001 | $ 0.00001 | |
Common stock, shares authorized | 190,000,000 | 190,000,000 | |
Common stock, shares issued | 20,210,060 | 24,822,661 | |
Common stock, shares outstanding | 20,210,060 | 24,822,661 | |
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||||
Jan. 31, 2019 | Jan. 31, 2018 | [1] | Jan. 31, 2017 | [1] | ||
Revenues: | ||||||
Revenues | $ 862,210 | $ 690,559 | $ 550,542 | |||
Cost of revenues: | ||||||
Cost of revenues | [2] | 245,281 | 211,422 | 173,681 | ||
Gross profit | 616,929 | 479,137 | 376,861 | |||
Operating expenses: | ||||||
Research and development | [2] | 158,783 | 132,017 | 96,743 | ||
Sales and marketing | [2] | 148,867 | 128,781 | 110,634 | ||
General and administrative | [2] | 86,413 | 60,410 | 48,796 | ||
Total operating expenses | [2] | 394,063 | 321,208 | 256,173 | ||
Operating income | 222,866 | 157,929 | 120,688 | |||
Other income, net | 15,777 | 7,842 | 1,667 | |||
Income before income taxes | 238,643 | 165,771 | 122,355 | |||
Provision for income taxes | 8,811 | 14,594 | 44,783 | |||
Net income | 229,832 | 151,177 | 77,572 | |||
Net income attributable to Class A and Class B common stockholders, basic and diluted | $ 229,832 | $ 151,177 | $ 77,569 | |||
Net income per share attributable to Class A and Class B common stockholders: | ||||||
Basic | $ 1.59 | $ 1.08 | $ 0.57 | |||
Diluted | $ 1.47 | $ 0.98 | $ 0.53 | |||
Weighted-average shares used to compute net income per share attributable to Class A and Class B common stockholders: | ||||||
Basic | 144,244 | 140,311 | 135,698 | |||
Diluted | 156,117 | 153,681 | 147,578 | |||
Other comprehensive income: | ||||||
Net change in unrealized gain (losses) on available-for-sale investments | $ 1,409 | $ (1,598) | $ (153) | |||
Net change in cumulative foreign currency translation gain (loss) | (2,081) | 3,086 | 92 | |||
Comprehensive income | 229,160 | 152,665 | 77,511 | |||
Subscription services [Member] | ||||||
Revenues: | ||||||
Revenues | 694,467 | 559,434 | 440,815 | |||
Cost of revenues: | ||||||
Cost of revenues | [2] | 117,009 | 110,465 | 94,386 | ||
Professional services and other [Member] | ||||||
Revenues: | ||||||
Revenues | 167,743 | 131,125 | 109,727 | |||
Cost of revenues: | ||||||
Cost of revenues | [2] | $ 128,272 | $ 100,957 | $ 79,295 | ||
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. | |||||
[2] | Includes stock-based compensation as follows: Cost of revenues: Cost of subscription services $1,553 $1,448 $1,109 Cost of professional services and other 10,575 8,476 6,002 Research and development 22,138 17,782 11,937 Sales and marketing 18,381 16,288 13,271 General and administrative 23,778 10,055 8,479 Total stock-based compensation $76,425 $54,049 $40,798 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 31, 2019 | Jan. 31, 2018 | [1] | Jan. 31, 2017 | [1] | |
Stock-based compensation | $ 76,425 | $ 54,049 | $ 40,798 | ||
Cost of subscription services [Member] | |||||
Stock-based compensation | 1,553 | 1,448 | 1,109 | ||
Cost of professional services and other [Member] | |||||
Stock-based compensation | 10,575 | 8,476 | 6,002 | ||
Research and development [Member] | |||||
Stock-based compensation | 22,138 | 17,782 | 11,937 | ||
Sales and marketing [Member] | |||||
Stock-based compensation | 18,381 | 16,288 | 13,271 | ||
General and administrative [Member] | |||||
Stock-based compensation | $ 23,778 | $ 10,055 | $ 8,479 | ||
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Consolidated Statements Stockho
Consolidated Statements Stockholders' Equity - USD ($) $ in Thousands | Total | Class A & B Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | |||
Beginning balance, value at Jan. 31, 2016 | $ 521,980 | [1] | $ 1 | $ 361,691 | $ 160,116 | $ 172 | [1] | |
Beginning balance, shares at Jan. 31, 2016 | 133,545,185 | |||||||
Issuance of common stock upon exercise of stock options, value | 12,443 | [1] | 12,443 | |||||
Issuance of common stock upon exercise of stock options, shares | 3,369,356 | |||||||
Vesting of early exercised stock options | 26 | [1] | 26 | |||||
Issuance of common stock upon vesting of restricted stock units, value | (14) | [1] | (14) | |||||
Issuance of common stock upon vesting of restricted stock units, shares | 972,078 | |||||||
Stock-based compensation expense | 40,580 | [1] | 39,884 | 696 | ||||
Excess tax benefits from employee stock plans | 25,628 | [1] | 25,628 | |||||
Other comprehensive income (loss) | [1] | (61) | (61) | |||||
Net income | 77,572 | [1] | 77,572 | |||||
Ending balance, value at Jan. 31, 2017 | 678,154 | [1] | $ 1 | 439,658 | 238,384 | 111 | [1] | |
Ending balance, shares at Jan. 31, 2017 | 137,886,619 | |||||||
Issuance of common stock upon exercise of stock options, value | 21,194 | [1] | 21,194 | |||||
Issuance of common stock upon exercise of stock options, shares | 2,935,962 | |||||||
Vesting of early exercised stock options | 1 | [1] | 1 | |||||
Issuance of common stock upon vesting of restricted stock units, shares | 1,246,815 | |||||||
Stock-based compensation expense | 54,419 | [1] | 54,419 | |||||
Other comprehensive income (loss) | 1,293 | [1] | (196) | 1,489 | [1] | |||
Net income | 151,177 | [1] | 151,177 | |||||
Ending balance, value at Jan. 31, 2018 | 906,238 | [1] | $ 1 | 515,272 | 389,365 | 1,600 | [1] | |
Ending balance, shares at Jan. 31, 2018 | 142,069,396 | |||||||
Issuance of common stock upon exercise of stock options, value | $ 25,554 | [1] | 25,554 | |||||
Issuance of common stock upon exercise of stock options, shares | 2,807,092 | 2,807,092 | ||||||
Issuance of common stock upon vesting of restricted stock units, shares | 1,313,591 | |||||||
Stock-based compensation expense | $ 76,797 | [1] | 76,797 | |||||
Other comprehensive income (loss) | [1] | (672) | (672) | |||||
Net income | 229,832 | [1] | 229,832 | |||||
Ending balance, value at Jan. 31, 2019 | $ 1,237,749 | [1] | $ 1 | $ 617,623 | $ 619,197 | $ 928 | [1] | |
Ending balance, shares at Jan. 31, 2019 | 146,190,079 | |||||||
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | ||||
Cash flows from operating activities | ||||||
Net income | $ 229,832 | $ 151,177 | [1] | $ 77,572 | [1] | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 14,071 | 14,277 | [1] | 13,825 | [1] | |
Amortization of premiums (accretion of discount) on short-term investments | (2,431) | 1,389 | [1] | 1,852 | [1] | |
Stock-based compensation | 76,425 | 54,049 | [1] | 40,798 | [1] | |
Amortization of deferred costs | 18,378 | 16,647 | [1] | 14,187 | [1] | |
Deferred income taxes | (8,091) | 1,209 | [1] | (1,120) | [1] | |
(Gain) Loss on foreign currency from market-to-market derivative | (177) | 265 | [1] | |||
Bad debt expense (recovery) | 198 | (242) | [1] | 130 | [1] | |
Changes in operating assets and liabilities: | ||||||
Accounts receivable | (78,995) | (47,799) | [1] | (36,647) | [1] | |
Unbilled accounts receivable | (4,774) | (4,329) | [1] | (3,026) | [1] | |
Deferred costs | (18,941) | (18,795) | [1] | (20,408) | [1] | |
Income taxes | 637 | (2,520) | [1] | 911 | [1] | |
Prepaid expenses and other current and long-term assets | (10,562) | (2,493) | [1] | 831 | [1] | |
Accounts payable | 1,822 | 1,396 | [1] | 1,113 | [1] | |
Accrued expenses and other current liabilities | 963 | 7,149 | [1] | 336 | [1] | |
Deferred revenue | 89,416 | 58,240 | [1] | 51,234 | [1] | |
Other long-term liabilities | 3,056 | 3,818 | [1] | 2,423 | [1] | |
Net cash provided by operating activities | 310,827 | 233,438 | [1] | 144,011 | [1] | |
Cash flows from investing activities | ||||||
Purchases of short-term investments | (726,379) | (437,858) | [1] | (314,847) | [1] | |
Maturities and sales of short-term investments | 632,329 | 294,705 | [1] | 225,600 | [1] | |
Purchases of property and equipment | (8,440) | (9,633) | [1] | (6,923) | [1] | |
Capitalized internal-use software development costs | (1,379) | (1,734) | [1] | (584) | [1] | |
Net cash used in investing activities | (103,869) | (154,520) | [1] | (96,754) | [1] | |
Cash flows from financing activities | ||||||
Proceeds from exercise of common stock options | 25,910 | 20,773 | [1] | 12,362 | [1] | |
Restricted stock units acquired to settle employee tax withholding liability | [1] | (14) | ||||
Excess tax benefits from employee stock plans | [1] | 25,628 | ||||
Net cash provided by financing activities | 25,910 | 20,773 | [1] | 37,976 | [1] | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (2,077) | 3,089 | [1] | 91 | [1] | |
Net change in cash, cash equivalents, and restricted cash | 230,791 | 102,780 | [1] | 85,324 | [1] | |
Cash, cash equivalents, and restricted cash at beginning of period | [1] | 321,387 | 218,607 | 133,283 | ||
Cash, cash equivalents, and restricted cash at end of period | 552,178 | 321,387 | [1] | 218,607 | [1] | |
Cash, cash equivalents, and restricted cash at end of period: | ||||||
Cash and cash equivalents | 550,971 | 320,183 | [1] | 217,606 | [1] | |
Restricted cash included in other long-term assets | 1,207 | 1,204 | [1] | 1,001 | [1] | |
Cash, cash equivalents, and restricted cash at end of period | 552,178 | 321,387 | [1] | 218,607 | [1] | |
Supplemental disclosures of other cash flow information: | ||||||
Cash paid for income taxes, net of refunds | 19,541 | 12,461 | [1] | 14,154 | [1] | |
Excess tax benefits from employee stock plans | 45,830 | 45,864 | [1] | 25,628 | [1] | |
Non-cash investing and financing activities: | ||||||
Changes in accounts payable and accrued expenses related to property and equipment purchases | $ 644 | (1,388) | [1] | 460 | [1] | |
Vesting of early exercised stock options | [1] | $ 1 | $ 26 | |||
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Summary of Business and Signifi
Summary of Business and Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Business and Significant Accounting Policies | Description of Business Veeva is the leading provider of industry cloud solutions for the global life sciences industry. We were founded in 2007 on the premise that industry-specific cloud solutions could best address the operating challenges and regulatory requirements of life sciences companies. Our solutions are designed to meet the unique needs of our customers and their most strategic business functions—from research and development (R&D) to commercialization. Our solutions are designed to help life sciences companies develop and bring products to market faster and more efficiently, market and sell more effectively, and maintain compliance with government regulations. Veeva is also offering its content and data management solutions to a new set of customers outside of life sciences in regulated industries, including consumer goods, chemicals, and cosmetics. Our fiscal year end is January 31. 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) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding annual financial reporting and include the accounts of our wholly-owned subsidiaries after elimination of intercompany accounts and transactions. Effective February 1, 2018, we adopted the requirements of Topic 606, ASU 2016-18, “ Statement of Cash Flows, Restricted Cash ,” and ASU 2018-02, “ Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ,” as discussed in this note. All amounts and disclosures set forth in this Form 10-K for previously reported periods have also been updated to comply with the new standards, as indicated by the “as adjusted” tables in this footnote. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make 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. Items subject to such estimates and assumptions include, but are not limited to: • the standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations; • the period of benefit for deferred costs; • the collectibility of our accounts receivable; • 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 realizability of deferred income tax assets and liabilities; and • the fair value of our stock-based awards. 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 primarily from subscription services and professional services. Subscription services revenues consist of fees from customers accessing our cloud-based software solutions and subscription or license fees for our data solutions. Professional services and other revenues consist primarily of fees from implementation services, configuration, data services, training and managed services related to our solutions. Revenues are recognized when control of these services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, we satisfy a performance obligation. Our subscription services agreements are generally non-cancelable during the term, although customers typically have the right to terminate their agreements for cause in the event of material breach. Subscription Services Revenues Subscription services revenues are recognized ratably over the respective non-cancelable subscription term because of the continuous transfer of control 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 billed on a time and materials basis and revenues are measured monthly based on time incurred and contractually agreed upon rates. Certain professional services revenues are billed on a fixed fee basis and revenues are typically recognized over time based on the proportion of total services performed. Data services and training revenues are generally recognized as the services are performed. Contracts with Multiple Performance Obligations Some of our contracts with customers contain multiple performance obligations. For these contracts, we account for individual performance obligations separately when they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our overall pricing objectives, taking into consideration market conditions and other factors, including other groupings such as customer type and geography. Unbilled Accounts Receivable Unbilled accounts receivable is a contract asset related to the delivery of our subscription services and professional services for which the related billings will occur in a future period. Unbilled accounts receivable consists of (i) revenue recognized for professional services performed but not yet billed and (ii) revenue recognized from non-cancelable, multi-year orders in which fees increase annually but for which we are not contractually able to invoice until a future period. Deferred Costs Deferred costs include sales commissions associated with obtaining a contract with a customer. These costs are deferred and then amortized over a period of benefit that we have determined to be three years. We determined the period of benefit by taking into consideration our customer contracts, our technology and other factors. Amortization expense is included in sales and marketing expenses in the accompanying consolidated statements of operations. Deferred Revenue Deferred revenue is a contract liability primarily related to billings or payments received in advance of revenue recognition from our subscription services and, to a lesser extent, professional services and other revenues described above. Deferred revenue is recognized as we satisfy our performance obligations. We generally invoice our customers in annual or quarterly installments for subscription services. 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 and the remaining portion is recorded as noncurrent, which is included in other long-term liabilities on the consolidated balance sheet. Certain Risks and Concentrations of Credit Risk Our revenues are derived from subscription services, professional services and other services delivered primarily to the 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 by established 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 significantly 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, losses related to lack of collectibility have not been material. The following customers individually exceeded 10% of total accounts receivable as of the dates shown: January 31, January 31, 2019 2018 Customer 1 17% 18% Customer 2 * 13% Customer 3 10% * * Does not exceed 10%. In our fiscal years ended January 31, 2019, 2018 and 2017, our top 10 customers accounted for 39%, 42% and 45% of our total revenues, respectively. No single customer represented over 10% of our total revenues for any of the years presented. 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, 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, net, in the 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, 2019 2018 2017 Balance at beginning of period $ 345 $ 659 $ 542 Add: charges (credits) to expenses 198 (242 ) 130 Less: (write-offs) (75 ) (72 ) (13 ) Balance at end of period $ 468 $ 345 $ 659 Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets and commences once the asset is placed in service or ready for its intended use. Construction in progress is related to the construction or development of property (including land) and equipment that has not yet been placed in service for our intended use. The estimated useful lives by asset classification are generally as follows: Asset Classification Estimated Useful Life Land Not depreciated Building 30 years Land and building improvements Shorter of remaining life of building or estimated useful life Equipment and computers 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of remaining life of the lease term or estimated useful life Upon sale or retirement of an asset, the 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 our statement of comprehensive income 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 CRM, content and information management 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 the underlying net tangible and intangible assets acquired and liabilities assumed 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 the fiscal year ended January 31, 2019, which did not result in any impairment of the goodwill balance. All other intangible assets associated with purchased intangibles, consisting of existing technology, databases, customer contracts and relationships, software, and brand are stated at cost less accumulated amortization and are amortized on a straight-line basis over their estimated remaining economic lives. Amortization expense related to existing technology, databases and software is included in cost of subscription services. Amortization expense related to customer contracts and relationships and brand are 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 any of the periods presented. 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 either a Monte Carlo simulation for market condition awards or Black-Scholes option-pricing model and a single option award approach. These models require 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 fair value of each RSU award is measured based on the closing stock price of our common stock on the date of grant. We account for forfeitures as they occur. The compensation expense is recognized using a straight-line basis over the requisite service periods of the awards, which is generally four to nine years. The determination of the grant date fair value of stock based payment awards using an option-pricing model is 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 behaviors, risk-free interest rates and expected dividends. Cost of Revenues Cost of subscription services revenues for all of our solutions consists of expenses related to our computing infrastructure provided by third parties, including salesforce.com and Amazon Web Services, personnel related costs associated with hosting our subscription services and providing support, including our data stewards, operating lease expense associated with computer equipment and software and allocated overhead, amortization expense associated with capitalized internal-use software related to our subscription services and amortization expense associated with purchased intangibles related to our subscription services. Cost of subscription services revenues for Veeva CRM and certain of our multichannel customer relationship management applications includes fees paid to salesforce.com for our use of the Salesforce1 Platform and the associated hosting infrastructure and data center operations that are provided by salesforce.com. We intend to continue to invest additional resources in our subscription services to enhance our product offerings and increase our delivery capacity. We may add or expand computing infrastructure capacity in the future, migrate to new computing infrastructure service providers, and make additional investments in the availability and security of our solutions. Cost of professional services and other revenues consists primarily of employee-related expenses associated with providing these services, including salaries, benefits and stock-based compensation expense, the cost of third-party subcontractors, travel costs and allocated overhead. The cost of providing professional services is significantly higher as a percentage of the related revenues than for our subscription services due to the direct labor costs and costs of third-party subcontractors. Sales Commissions Sales commission for subscription services are recorded when earned by our sales team. Commissions are typically earned upon the booking of a customer contract. The majority of our sales commissions are considered to be costs of obtaining our customer contracts and as a result are capitalized and then amortized over a period of benefit that we have estimated to be three years. The remaining sales commissions are recorded as a component of sales and marketing expenses and totaled $0.5 million, $4.8 million, and $3.5 million for the fiscal years ended January 31, 2019, 2018, and 2017, respectively. Advertising Expenses Advertising is expensed as incurred. Advertising expense was immaterial for each of the years presented. 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. We regularly assess the realizability of our deferred tax assets and establish a valuation allowance if it is more-likely-than-not that some or all of our deferred tax assets will not be realized. We evaluate and weigh all available positive and negative evidence such as historic results, future reversals of existing deferred tax liabilities, projected future taxable income, as well as prudent and feasible tax-planning strategies. Generally, more weight is given to objectively verifiable evidence, such as the cumulative income in recent years. 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 with the tax authority. 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 includes unrealized gains and losses on marketable securities that are available-for-sale and foreign currency translation adjustments. Foreign Currency Exchange The functional currency for Brazil, China, India, Japan, Korea and the Zinc subsidiaries in the United Kingdom 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 monetary assets and liabilities denominated non-functional currency are translated into the functional currency 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. Warranties and Indemnification Our cloud applications are generally warranted to perform materially in accordance with our standard services description documentation. Additionally, our contracts generally include provisions for indemnifying customers against liabilities if our solutions infringe a third party’s intellectual property rights, and we may also incur liabilities if we breach the security and/or confidentiality obligations in our contracts. To date, we have not incurred any material costs, and we have not accrued any liabilities in the accompanying consolidated financial statements, as a result of these obligations. We also entered into service-level agreements with our customers that specify required levels of application uptime and permit customers to receive credits or to terminate their agreements and receive a refund of prepaid amounts related to unused subscription services in the event that we fail to meet required performance levels. As of January 31, 2019, we have not accrued any liabilities related to these agreements in the consolidated financial statements. New Accounting Pronouncements Adopted in Fiscal 2019 Income Taxes In March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118.” This standard amends ASC 740, Income Taxes, to provide accounting guidance for the tax effects of the Tax Cuts and Jobs Act of 2017 (Tax Act) pursuant to Staff Accounting Bulletin No. 118, which allows companies to complete the accounting under ASC 740 within a one-year measurement period from the Tax Act enactment date. This standard is effective upon issuance. As of January 31, 2019, we have completed our accounting for the income tax effects for the Tax Act. Future changes in law, interpretations, and facts may impact our provision for income taxes. Stranded Tax Effects in Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This update allows reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. Topic 220 is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. We early adopted this standard effective February 1, 2018. The impact on our consolidated financial statements was immaterial. Restricted Cash In November 2016, the FASB issued ASU 2016-18, “Statement of Cash, Restricted Cash,” which requires that amounts generally described as restricted cash or restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This standard is effective for our interim and annual reporting periods beginning after December 15, 2017. We adopted ASU 2016-18 retrospectively, effective February 1, 2018. As a result of including restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts presented on the consolidated statement of cash flows, the impact on net cash flows for the fiscal year ended January 31, 2019 was immaterial. Financial Instruments In January 2016, the FASB issued ASU 2016-01, “Financial Instruments.” ASU 2016-01, among other things, requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. This standard is effective for our interim and annual reporting periods beginning after December 15, 2017. We adopted ASU 2016-01 effective February 1, 2018. There was no impact to our consolidated financial statements. Revenue Recognition In May 2014, the FASB issued Topic 606. This guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model 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. Topic 606 supersedes the existing revenue recognition guidance in “Revenue Recognition (Topic 605)”. We have adopted the requirements of the new standard as of February 1, 2018, utilizing the full retrospective transition method. Adoption of the new standard resulted in changes to our accounting policies for revenue recognition, unbilled accounts receivable, and deferred costs as detailed above in our description of Revenue Recognition. We applied a practical expedient provided by the new standard and are not disclosing the amount of consideration allocated to the remaining performance obligations for all reporting periods presented before the date of the initial application. The impact of adoption included Subtopic 340-40, “Other Assets and Deferred Costs-Contracts with Customers,” re |
Short-Term Investments
Short-Term Investments | 12 Months Ended |
Jan. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Short-Term Investments | At January 31, 2019, short-term investments consisted of the following (in thousands): Gross Gross Estimated Amortized unrealized unrealized fair cost gains losses value Available-for-sale securities: Certificates of deposits $ 6,001 $ 10 $ (1 ) $ 6,010 Asset-backed securities 78,682 13 (300 ) 78,395 Commercial paper 9,118 1 (2 ) 9,117 Corporate notes and bonds 185,409 178 (457 ) 185,130 Foreign government bonds 1,502 — (11 ) 1,491 U.S. agency obligations 15,912 2 (2 ) 15,912 U.S. treasury securities 243,119 78 (62 ) 243,135 Total available-for-sale securities $ 539,743 $ 282 $ (835 ) $ 539,190 At January 31, 2018, 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 $ 67,875 $ — $ (424 ) $ 67,451 Commercial paper 19,926 — (12 ) 19,914 Corporate notes and bonds 160,499 1 (759 ) 159,741 Foreign government bonds 1,504 — (18 ) 1,486 Mortgage backed securities 11,555 — (75 ) 11,480 U.S. agency obligations 71,206 1 (76 ) 71,131 U.S. treasury securities 110,707 5 (136 ) 110,576 Total available-for-sale securities $ 443,272 $ 7 $ (1,500 ) $ 441,779 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, 2019 2018 Due in one year or less $ 377,858 $ 308,172 Due in greater than one year 161,332 133,607 Total $ 539,190 $ 441,779 We have certain available-for-sale securities in a gross unrealized loss position, some of which have been in that position for more 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, our financial position and near-term prospects 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, we would write down the respective investment to fair value. For debt securities, the portion of the write-down related to credit loss would be recognized as 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, 2019 and 2018. The following table shows the fair values of these available-for-sale securities that have been in a gross unrealized loss position for more than 12 months, aggregated by investment category as of January 31, 2019 (in thousands): Gross Fair unrealized value losses Certificates of deposits $ 999 $ (1 ) Asset-backed securities 69,131 (300 ) Commercial paper 7,155 (2 ) Corporate notes and bonds 121,006 (457 ) Foreign government bonds 1,490 (11 ) U.S. agency obligations 14,928 (2 ) U.S. treasury securities 130,785 (62 ) The following table shows the fair values of these available-for-sale securities that have been in a gross unrealized loss position for more than 12 months, aggregated by investment category as of January 31, 2018 (in thousands): Gross Fair unrealized value losses Asset-backed securities $ 65,690 $ (424 ) Commercial paper 19,914 (12 ) Corporate notes and bonds 155,419 (759 ) Foreign government bonds 1,485 (18 ) Mortgage backed securities 11,481 (75 ) U.S. agency obligations 66,655 (76 ) U.S. treasury securities 82,147 (136 ) |
Deferred Costs
Deferred Costs | 12 Months Ended |
Jan. 31, 2019 | |
Deferred Costs [Abstract] | |
Deferred Costs | Deferred costs, which consist of deferred sales commissions, were $30.9 million and $30.3 million as of January 31, 2019 and 2018, respectively. Amortization expense for the deferred costs was $18.4 million, $16.6 million, and $14.2 million for fiscal years ended January 31, 2019, 2018, and 2017, respectively. There has been no impairment losses recorded in relation to the costs capitalized for any period presented. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Jan. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | Property and equipment, net consists of the following as of the dates shown (in thousands): January 31, 2019 2018 Land $ 3,040 $ 3,040 Building 20,984 20,984 Land improvements and building improvements 20,911 20,073 Equipment and computers 7,945 7,732 Furniture and fixtures 11,230 9,619 Leasehold improvements 6,790 3,637 Construction in progress 330 36 71,230 65,121 Less accumulated depreciation (16,264 ) (12,837 ) Total property and equipment, net $ 54,966 $ 52,284 Total depreciation expense was $6.4 million, $5.9 million, and $4.9 million for the fiscal years ended January 31, 2019, 2018, and 2017, respectively. Land is not depreciated. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Jan. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | The following schedule presents the details of intangible assets as of January 31, 2019 (dollar amounts in thousands): January 31, 2019 Gross Remaining carrying Accumulated useful life amount amortization Net (in years) Existing technology $ 3,880 $ (3,834 ) $ 46 1.2 Database 4,939 (4,521 ) 418 1.2 Customer contracts and relationships 33,643 (12,350 ) 21,293 6.6 Software 10,867 (8,156 ) 2,711 1.2 Brand 1,141 (1,088 ) 53 0.2 $ 54,470 $ (29,949 ) $ 24,521 The following schedule presents the details of intangible assets as of January 31, 2018 (dollar amounts in thousands): January 31, 2018 Gross Remaining carrying Accumulated useful life amount amortization Net (in years) Existing technology $ 3,880 $ (3,509 ) $ 371 0.8 Database 4,939 (4,091 ) 848 2.0 Customer contracts and relationships 33,643 (8,798 ) 24,845 7.5 Software 10,867 (5,820 ) 5,047 2.2 Brand 1,141 (762 ) 379 1.2 $ 54,470 $ (22,980 ) $ 31,490 Amortization expense associated with intangible assets for the fiscal years ended January 31, 2019, 2018, and 2017 was $7.0 million, $7.8 million, and $8.2 million, respectively. The estimated amortization expense for intangible assets for the next five years and thereafter is as follows as of January 31, 2019 (in thousands): Estimated amortization Period expense Fiscal 2020 $ 6,062 Fiscal 2021 3,629 Fiscal 2022 3,182 Fiscal 2023 3,182 Fiscal 2024 3,182 Thereafter 5,284 Total $ 24,521 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Jan. 31, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consisted of the following as of the dates shown (in thousands): January 31, 2019 2018 Accrued commissions $ 2,633 $ 3,565 Accrued bonus 2,848 3,068 Accrued vacation 3,110 2,608 Payroll tax payable 1,971 3,580 Accrued other compensation and benefits 4,762 4,233 Total accrued compensation and benefits $ 15,324 $ 17,054 Accrued fees payable to salesforce.com 5,242 4,929 Accrued third-party professional services subcontractors' fees 1,619 1,614 Taxes payable 2,805 3,009 Other accrued expenses 6,479 3,600 Total accrued expenses and other current liabilities $ 16,145 $ 13,152 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | We apply the provisions of FASB ASC Topic 820, Fair Value Measurements and Disclosures The carrying amounts of accounts receivable and other current assets, accounts payable and accrued liabilities approximate their fair value due to their short-term nature. Financial assets and 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 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 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, 2019 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 39,168 $ — $ — $ 39,168 Corporate notes and bonds — 1,034 — 1,034 U.S. treasury securities — 41,505 — 41,505 Short-term investments: Certificates of deposits — 6,010 — 6,010 Asset-backed securities — 78,395 — 78,395 Commercial paper — 9,117 — 9,117 Corporate notes and bonds — 185,130 — 185,130 Foreign government bonds — 1,491 — 1,491 U.S. agency obligations — 15,912 — 15,912 U.S. treasury securities — 243,135 — 243,135 Total $ 39,168 $ 581,729 $ — $ 620,897 Liabilities Foreign currency derivative contracts — 88 — 88 Total $ — $ 88 $ — $ 88 The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 25,820 $ — $ — $ 25,820 Commercial paper — 1,999 — 1,999 Corporate notes and bonds — 2,080 — 2,080 U.S. treasury securities — 8,000 — 8,000 Short-term investments: Asset-backed securities — 67,451 — 67,451 Commercial paper — 19,914 — 19,914 Corporate notes and bonds — 159,741 — 159,741 Foreign government bonds — 1,486 — 1,486 Mortgage backed securities — 11,480 — 11,480 U.S. agency obligations — 71,131 — 71,131 U.S. treasury securities — 110,576 — 110,576 Foreign currency derivative contracts — 127 — 127 Total $ 25,820 $ 453,985 $ — $ 479,805 Liabilities Foreign currency derivative contracts — 391 — 391 Total $ — $ 391 $ — $ 391 We determine the fair value of our security holdings based on pricing from our service providers and market prices from industry-standard independent data providers. 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. Balance Sheet Hedges We enter into foreign currency forward contracts (the “Forward Contracts”) in order to hedge our foreign currency exposure. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. By entering into Forward Contracts and holding them to maturity, we are locked into a future currency exchange rate in an amount equal to and for the terms of the Forward Contracts. We account for derivative instruments at fair value with changes in the fair value recorded as a component of other income, net in our consolidated statements of comprehensive income. Cash flows from such forward contracts are classified as operating activities. During the fiscal years ended January 31, 2019 and 2018, we recognized realized foreign currency gains on hedging of $0.3 million and foreign currency losses of $4.3 million, respectively. The fair value of our outstanding derivative instruments is summarized below (in thousands): January 31, 2019 2018 Notional amount of foreign currency derivative contracts $ (5,112 ) $ 36,266 Fair value of foreign currency derivative contracts (5,024 ) 36,531 Details on outstanding balance sheet hedges are presented below as of the date shown below (in thousands): January 31, 2019 2018 Derivative Assets Balance Sheet Location Derivatives not designated as hedging instruments: Foreign currency derivative contracts Prepaid expenses and other current assets $ — $ 127 Derivative Liabilities Derivatives not designated as hedging instruments: Foreign currency derivative contracts Accrued expenses $ 88 $ 391 |
Other Income, Net
Other Income, Net | 12 Months Ended |
Jan. 31, 2019 | |
Other Income And Expenses [Abstract] | |
Other Income, Net | Other income, net consisted of the following (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 Foreign currency gain (loss) $ (2,103 ) $ 1,177 $ (1,009 ) Accretion (amortization) on investments 2,492 (1,718 ) (1,801 ) Interest income 15,388 8,383 4,477 Other income, net $ 15,777 $ 7,842 $ 1,667 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
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, 2019 2018 2017 United States $ 222,743 $ 140,172 $ 110,701 Foreign 15,900 25,599 11,654 Total $ 238,643 $ 165,771 $ 122,355 * See note 1 of the notes to the consolidated financial statements for a summary of adjustments. 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 consisted of the following for the periods shown (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 Current provision: Federal $ 5,466 $ 5,315 $ 36,004 State 4,089 209 4,924 Foreign 7,438 8,022 4,976 Total $ 16,993 $ 13,546 $ 45,904 Deferred provision: Federal (1,910 ) 1,681 966 State (619 ) 330 2 Foreign (5,653 ) (963 ) (2,089 ) Total $ (8,182 ) $ 1,048 $ (1,121 ) Provision for income taxes $ 8,811 $ 14,594 $ 44,783 * See note 1 of the notes to the consolidated financial statements for a summary of adjustments. Provision for income taxes differed from the amount computed by applying the federal statutory income tax rate of 21.0%, 33.8%, and 35.0% for the fiscal years ended January 31, 2019, 2018, and 2017, respectively, to income before income taxes as a result of the following for the periods shown (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 Federal tax statutory tax rate $ 50,115 $ 56,047 $ 42,824 State taxes 3,139 3,936 4,104 Permanent differences 594 (462 ) (367 ) Tax credits (21,415 ) (9,409 ) (6,739 ) Domestic manufacturing deduction — (1,096 ) (1,678 ) Stock-based compensation (33,332 ) (37,347 ) 4,338 Foreign rate differential 610 (2,207 ) 1,042 Valuation allowance 6,666 4,010 1,630 Impact of foreign operations 3,381 4,842 1,891 Others (947 ) (3,720 ) (2,262 ) Provision for income taxes $ 8,811 $ 14,594 $ 44,783 * See note 1 of the notes to the consolidated financial statements for a summary of adjustments. The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and liabilities related to the following (in thousands): January 31, 2019 2018 Deferred Tax Assets: Accruals and reserves $ 4,970 $ 87 State income taxes 116 2,002 Net operating loss carryforward 2,885 236 Tax credit carryforward 15,411 10,196 Other 435 30 Gross Deferred Tax Assets $ 23,817 $ 12,551 Valuation Allowance (15,385 ) (10,329 ) Total Deferred Tax Assets $ 8,432 $ 2,222 Deferred Tax Liabilities: Property and equipment $ (822 ) $ (633 ) Intangible assets (7,159 ) (8,078 ) Expensed internal-use software (608 ) (595 ) Other — (1,643 ) Total Deferred Tax Liabilities $ (8,589 ) $ (10,949 ) Net Deferred Tax Assets (Liabilities) $ (157 ) $ (8,727 ) * See note 1 of the notes to the consolidated financial statements for a summary of adjustments. 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 certain tax credits and net California deferred tax asset balances. As of January 31, 2019, we did not have any net operating loss carryforwards for federal income tax purposes. As of January 31, 2019, the net operating loss carryforwards for state income tax purposes were approximately $4.1 million. The federal net operating losses and the state net operating losses begin to expire in 2033. As of January 31, 2019, we had federal and California tax credits of $13.1 million and $24.1 million, respectively. The federal tax credits will begin to expire in 2029 if not utilized. The California tax credits can be carried forward indefinitely. On December 22, 2017, the Tax Act was enacted into law and amended certain provisions of the Internal Revenue Code of 1986 (IRC). Amendments to the IRC, include, among others, a reduction of the corporate income tax rate from 35% to 21% effective January 1, 2018, a transition tax on accumulated foreign earnings (transition tax), the shift from a worldwide to a territorial tax regime, and a limitation on the deductibility of executive compensation under IRC Section 162(m). Topic 740, requires us to recognize the effect of the Tax Act in the period of enactment, such as remeasuring our U.S. deferred tax assets and liabilities as well as reassessing the net realizability of our deferred tax assets and liabilities. However, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118), which allows companies the ability to record provisional amounts during a measurement period not to extend more than one year beyond the Tax Act enactment date. As of January 31, 2019, we have completed our calculation of our provision for income tax taking into account the effect of the Tax Act. Future changes in law, interpretations, and facts may impact our provision for income taxes. We evaluate tax positions for recognition using a more-likely than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information. We 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, 2019, the total amount of gross unrecognized tax benefits was $12.6 million, of which $6.9 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, 2019 2018 2017 Beginning balance $ 11,398 $ 7,868 $ 5,248 Increases related to tax positions taken during the prior period 968 256 24 Increases related to tax positions taken during the current period 2,697 4,032 2,888 Decreases related to tax positions taken during the prior period (1,754 ) (67 ) — Audit settlements (403 ) — — Lapse of statute of limitations (309 ) (691 ) (292 ) Ending balance $ 12,597 $ 11,398 $ 7,868 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 year ended January 31, 2019. We file tax returns in the United States for federal, California, and other states. Fiscal years ended January 31, 2016 and forward remain open to examination for federal income tax, and fiscal years ended January 31, 2014 and forward remain open to examination for California and other states. We file tax returns in multiple foreign jurisdictions. The fiscal years ended January 31, 2013 and forward remain open to examination in these foreign jurisdictions. During the fiscal year ended January 31, 2019, we repatriated funds in certain foreign jurisdictions that we previously designated as indefinitely reinvested outside the United States. This decision had an immaterial impact to our financial statements. For the remaining non-U.S. cash and cash equivalents that have been earmarked for indefinite reinvestment in our operations outside the United States, no U.S. current or deferred taxes have been accrued. |
Deferred Revenue and Performanc
Deferred Revenue and Performance Obligations | 12 Months Ended |
Jan. 31, 2019 | |
Revenue Recognition And Deferred Revenue [Abstract] | |
Deferred Revenue and Performance Obligations | We recognized $264.8 million and $206.8 million of subscription services revenue during fiscal years ended January 31, 2019 and 2018, respectively, that was included in the deferred revenue balances at the beginning of the respective periods. Professional services revenue recognized in the same periods from deferred revenue balances at the beginning of the respective periods was immaterial. Transaction Price Allocated to the Remaining Performance Obligations Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and non-cancelable amounts that will be invoiced and recognized as revenues in future periods. We applied the practical expedient in accordance with Topic 606 to exclude the amounts related to professional services contracts as these contracts generally have a remaining duration of one year or less. Revenue from remaining performance obligations for professional services contracts as of January 31, 2019 was immaterial. As of January 31, 2019, approximately $737.7 million of revenue is expected to be recognized from remaining performance obligations for subscription services contracts. We expect to recognize revenue on approximately $577.6 million of these remaining performance obligations over the next 12 months, with the balance recognized thereafter. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jan. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stockholders' Equity | Common Stock In connection with our initial public offering in October 2013 (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, 2019, we had 125,980,019 shares of Class A common stock and 20,210,060 shares of Class B common stock outstanding, of which no shares of Class B common stock were unvested. As of January 31, 2018, we had 117,246,735 shares of Class A common stock and 24,822,661 shares of Class B common stock outstanding, of which no shares of Class B common stock were unvested. 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, 2019, the number of shares of our Class A common stock available for issuance under the 2013 EIP was 24,734,680 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. During our fiscal year ended January 31, 2019, our board of directors determined to add 6,393,122 shares of common stock to the 2013 EIP. 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. As of January 31, 2019, the number of shares available for issuance under our ESPP was 4,897,856. 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. Prior to the beginning of our fiscal year ended January 31, 2019, 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 ESPP commenced on the date of our initial public offering and ended on June 15, 2014. We have not had any open offering periods subsequent to the initial offering period. 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. 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. 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 the fiscal year ended January 31, 2019 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, 2018 16,024,146 $ 16.76 6.1 $ 738,648,507 Options granted 185,530 78.86 Options exercised (2,807,092 ) 9.10 Options forfeited/cancelled (441,187 ) 13.26 Options outstanding at January 31, 2019 12,961,397 $ 19.43 5.4 $ 1,161,695,032 Options vested and exercisable at January 31, 2019 6,415,267 $ 5.15 4.0 $ 666,620,512 Options vested and exercisable at January 31, 2019 and expected to vest thereafter 12,961,397 $ 19.43 5.4 $ 1,161,695,032 The weighted average grant-date fair value of options granted during the fiscal years ended January 31, 2019, 2018 and 2017 was $35.43, $30.87, and $14.12, respectively, per share. As of January 31, 2019, there was $93.7 million in unrecognized compensation cost 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 3.9 years. As of January 31, 2019, 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 31, 2019, the last trading day of fiscal year 2019 was $109.06. The total intrinsic value of options exercised was $212.1 million for the fiscal year ended January 31, 2019. Restricted Stock Units The 2013 EIP provides for the issuance of RSUs to employees. RSUs issued under the 2013 EIP generally vest over one to four years. A summary of RSU activity for the fiscal year ended January 31, 2019 is presented below: Unreleased restricted Weighted average grant stock units date fair value Balance at January 31, 2018 2,901,736 $ 38.14 RSUs granted 1,096,773 76.83 RSUs vested (1,313,823 ) 38.77 RSUs forfeited/cancelled (325,554 ) 45.70 Balance at January 31, 2019 2,359,132 $ 54.73 During the fiscal year ended January 31, 2019, we issued RSUs under the 2013 EIP with a weighted-average grant date fair value of $76.83. As of January 31, 2019, there was a total of $119.3 million in unrecognized compensation cost related to unvested RSUs, which are expected to be recognized over a weighted-average period of approximately 2.3 years. The total intrinsic value of RSUs vested was $110.4 million for the fiscal year ended January 31, 2019. Stock-Based Compensation Compensation expense related to share-based transactions, including equity awards to employees and non-employee directors, is measured and recognized in the consolidated financial statements based on fair value. The grant date fair value of each option award is estimated on the grant date using the Monte Carlo simulation or Black-Scholes option-pricing model. The stock-based compensation expense is recognized using a straight-line basis over the requisite service periods of the awards, which is generally four to nine years. For RSUs, the grant date fair value is based on the closing price of our common stock on the grant date. We adopted ASU 2016-09 on February 1, 2017. Upon adoption, we elected to account for forfeitures as they occur and to no longer estimate for forfeitures. As such, we recorded a net cumulative-effect adjustment of $0.7 million to increase our February 1, 2017 opening retained earnings balance. Our option-pricing model requires the input of 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: • 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 the historical volatility of our common stock over the expected term of the option. • 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 grant date fair value of options granted during the periods presented: Fiscal Year Ended January 31, 2019 2018 2017 Volatility 41% 42% – 44% 45% – 46% Expected term (in years) 6.25 – 6.35 6.35 6.31 – 7.56 Risk-free interest rate 2.57% – 2.74% 1.86% – 2.21% 1.48% – 2.10% Dividend yield 0% 0% 0% During the fiscal year ended January 31, 2018, we granted 2,838,635 stock options to our CEO. The stock option award is made up of five separate tranches. The first tranche vests over time, while the remaining four tranches vest based on certain stock price targets (market conditions). The grant date fair values of each tranche were calculated using a Monte Carlo simulation model. We have based our expected term on the historical stock activity behavior of our CEO. The following table provides the assumptions used in the Monte Carlo simulation for each tranche granted: Volatility 41 % Expected term (in years) 10.00 Risk-free interest rate 2.53 % Dividend yield 0 % For each of the years presented, we capitalized an immaterial amount of stock-based compensation as part of our internal-use software capitalization. |
Net Income per Share Attributab
Net Income per Share Attributable to Common Stockholders | 12 Months Ended |
Jan. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income per Share Attributable to Common Stockholders | We compute net income per share of our Class A and Class B common stock using the two-class method required for participating securities. 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 earnings attributable to participating securities. The net income per share attributable to common stockholders is allocated based on the contractual participation rights of the Class A common stock and Class B common stock as if the income for the year has been distributed. As the liquidation and dividend rights are identical, the net loss attributable to common stockholders is allocated on a proportionate basis. Basic net income per share of common stock is computed by dividing the net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. All participating securities are excluded from the basic weighted-average shares of common stock outstanding. Unvested shares of common stock resulting from the early exercises of stock options are excluded from the calculation of the weighted-average shares of common stock until they vest as they are subject to repurchase until they are vested. The unvested shares of common stock resulting from early exercises of stock options accounted for all of our participating securities. 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 equivalents outstanding during the period. The dilutive effect of potential shares of common stock are 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): For the fiscal year ended January 31, 2019 2018 2017 *As adjusted *As adjusted Class A Class B Class A Class B Class A Class B Basic Numerator Net income $ 194,607 $ 35,225 $ 121,203 $ 29,974 $ 56,145 $ 21,427 Undistributed earnings allocated to participating securities — — — — (2 ) (1 ) Net income attributable to common stockholders, basic $ 194,607 $ 35,225 $ 121,203 $ 29,974 $ 56,143 $ 21,426 Denominator Weighted average shares used in computing net income per share attributable to common stockholders, basic 122,137 22,107 112,491 27,820 98,216 37,482 Net income per share attributable to common stockholders, basic $ 1.59 $ 1.59 $ 1.08 $ 1.08 $ 0.57 $ 0.57 Diluted Numerator Net income attributable to common stockholders, basic $ 194,607 $ 35,225 $ 121,203 $ 29,974 $ 56,143 $ 21,426 Reallocation as a result of conversion of Class B to Class A common stock: Net income attributable to common stockholders, basic 35,225 — 29,974 — 21,426 — Reallocation of net income to Class B common stock — 14,800 — 10,545 — 4,519 Net income attributable to common stockholders, diluted $ 229,832 $ 50,025 $ 151,177 $ 40,519 $ 77,569 $ 25,945 Denominator Number of shares used for basic EPS computation 122,137 22,107 112,491 27,820 98,216 37,482 Conversion of Class B to Class A common stock 22,107 — 27,820 — 37,482 — Effect of potentially dilutive common shares 11,873 11,873 13,370 13,370 11,880 11,880 Weighted average shares used in computing net income per share attributable to common stockholders, diluted 156,117 33,980 153,681 41,190 147,578 49,362 Net income per share attributable to common stockholders, diluted $ 1.47 $ 1.47 $ 0.98 $ 0.98 $ 0.53 $ 0.53 * See note 1 of the notes to the consolidated financial statements for a summary of adjustments. Potential common share equivalents excluded where the inclusion would be anti-dilutive are as follows: Fiscal Year Ended January 31, 2019 2018 2017 Options and awards to purchase shares not included in the computation of diluted net income per share because their inclusion would be anti-dilutive 3,054,322 833,691 2,040,238 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Litigation IQVIA Litigation Matter. On January 10, 2017, IQVIA Inc. (formerly Quintiles IMS Incorporated) and IMS Software Services, Ltd. (collectively, “IQVIA”) filed a complaint against us in the U.S. District Court for the District of New Jersey (IQVIA Inc. v. Veeva Systems Inc. (No. 2:17-cv-00177)). In the complaint, IQVIA alleges that we have used unauthorized access to proprietary IQVIA data to improve our software and data products, and that our software is designed to steal IQVIA trade secrets. IQVIA further alleges that we have intentionally gained unauthorized access to IQVIA proprietary information to gain an unfair advantage in marketing our products and that we have made false statements concerning IQVIA’s conduct and our data security capabilities. IQVIA asserts claims under both federal and state misappropriation of trade secret laws, federal false advertising law, and common law claims for unjust enrichment, tortious interference, and unfair trade practices. The complaint seeks declaratory and injunctive relief and unspecified monetary damages. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of this action, and we are unable to make a meaningful estimate of the amount or range of loss, if any, that could result from any unfavorable outcome, we believe that IQVIA’s claims lack merit. On March 13, 2017, we filed our answer and counterclaims in the IQVIA action. Our counterclaims allege that IQVIA has abused monopoly power as the dominant provider of data products for life sciences companies to exclude Veeva OpenData and Veeva Network from their respective markets. The counterclaims allege that IQVIA has engaged in various tactics to prevent customers from using our applications and has deliberately raised costs and difficulty for customers attempting to switch from IQVIA to our data products. As amended, our counterclaims assert federal and state antitrust claims, as well as claims under California’s Unfair Practices Act and common law claims for intentional interference with contractual relations, intentional interference with prospective economic advantage, and negligent misrepresentation. The counterclaims seek injunctive relief, monetary damages exceeding $200 million, and attorneys’ fees. On May 3, 2017, in lieu of filing an answer, IQVIA filed a motion to dismiss our counterclaims. On October 3, 2018, the court denied IQVIA’s motion to dismiss and our antitrust claims will proceed. In addition, on December 3, 2018, we filed an amended answer and counterclaims. IQVIA filed its answer and affirmative defenses on December 21, 2018. There are no motions currently pending in the IQVIA case that have the potential to end the case prior to trial. Discovery in the IQVIA litigation is currently in process. Although no trial date has been set, we expect, based on the current case schedule, that trial could take place by late 2020. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of this action, and we are unable to make a meaningful estimate of the amount or range of loss, if any, that could result from any unfavorable outcome, we believe that IQVIA’s claims lack merit. Medidata Litigation Matter. On January 26, 2017, Medidata Solutions, Inc. filed a complaint in the U.S. District Court for the Southern District of New York (Medidata Solutions, Inc. v. Veeva Systems Inc. et al. (No. 1:17-cv-00589)) against us and five individual Veeva employees who previously worked for Medidata (“Individual Employees”). The complaint alleged that we induced and conspired with the Individual Employees to breach their employment agreements, including non-compete and confidentiality provisions, and to misappropriate Medidata’s confidential and trade secret information. The complaint sought declaratory and injunctive relief, unspecified monetary damages, and attorneys’ fees. Medidata has since amended its complaint twice, asserting the same claims with additional factual allegations, and has voluntarily dismissed the Individual Defendants without prejudice. Veeva filed a motion to compel the entire matter to arbitration, which the district court denied. We appealed the district court’s order to the U.S. Court of Appeals for the Second Circuit, which upheld the lower court’s ruling. Veeva also filed a motion to dismiss Medidata’s complaint, which the district court also denied. Neither motion, nor the district court orders denying them, are conclusory with respect to the merits of Medidata’s allegations but rather only require that Veeva answer Medidata’s complaint. Veeva filed its answer on December 10, 2018. There are no motions currently pending in the Medidata case that have the potential to end the case prior to trial. Discovery in the Medidata litigation is currently in process and no trial date has been set. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of this action, and we are unable to make a meaningful estimate of the amount or range of loss, if any, that could result from any unfavorable outcome, we believe that Medidata’s claims lack merit. Other Litigation Matters 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 other legal proceedings, the outcome of which, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, cash flows or financial position. Regardless of the outcome, such proceedings can have an adverse impact on us because of defense and settlement costs, diversion of resources and other factors, and there can be no assurances that favorable outcomes will be obtained. 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. 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 $5.9 million, $5.0 million and $4.5 million, for the fiscal years ended January 31, 2019, 2018 and 2017, respectively. Future minimum lease payments under non-cancelable operating leases as of January 31, 2019 are as follows (in thousands): Operating Period leases Fiscal 2020 $ 5,079 Fiscal 2021 4,843 Fiscal 2022 4,063 Fiscal 2023 2,534 Fiscal 2024 1,884 Thereafter 1,495 Total $ 19,898 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 certain of our multichannel CRM applications, including hosting infrastructure and data center operations provided by salesforce.com. The agreement, as amended, requires that we meet minimum order commitments of $500 million over the term of the agreement, which ends on September 1, 2025, including “true-up” payments if the orders we place with salesforce.com have not equaled or exceeded the following aggregate amounts within the timeframes indicated: (i) $250 million for the period from March 1, 2014 to September 1, 2020 and (ii) the full amount of $500 million by September 1, 2025. We have met our first minimum order commitment of $250 million, and a |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Jan. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | In September 2016, we entered into an agreement with Zoom Video Communications, Inc. (Zoom) to embed two of their products into our multichannel CRM applications. Pursuant to this agreement, we will pay Zoom a fixed annual fee that is not material to us. We have also entered into a contract with Zoom pursuant to which Zoom provides conference call, video conference and web conference capabilities for our internal use. Pursuant to this agreement, we pay Zoom a fee based on usage that has not been material in the past and that we do not expect to be material in the future. Our chief executive officer is on the board of directors of Zoom. Also, another member of our board of directors is the founder and a general partner of Emergence Capital Partners, one of Zoom's investors. |
Revenues by Product
Revenues by Product | 12 Months Ended |
Jan. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenues by Product | Our industry cloud solutions are grouped into two key product areas—Veeva Commercial Cloud and Veeva Vault. Veeva Commercial Cloud is a suite of multichannel CRM applications, territory allocation and alignment applications, master data management applications, and customer reference and key opinion leader data and services. Veeva Vault is a unified suite of cloud-based, enterprise content and data management applications. Total revenues consist of the following (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 *As adjusted *As adjusted Subscription services Veeva Commercial Cloud $ 395,039 $ 356,415 $ 307,648 Veeva Vault ( 1) 299,428 203,019 133,167 Total subscription services $ 694,467 $ 559,434 $ 440,815 Professional services Veeva Commercial Cloud $ 62,557 $ 61,516 $ 62,609 Veeva Vault ( 1) 105,186 69,609 47,118 Total professional services $ 167,743 $ 131,125 $ 109,727 Total revenues $ 862,210 $ 690,559 $ 550,542 (1) Veeva Vault revenues includes revenue from legacy Zinc Ahead products. * See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Information about Geographic Ar
Information about Geographic Areas | 12 Months Ended |
Jan. 31, 2019 | |
Segment Reporting [Abstract] | |
Information about Geographic Areas | We track and allocate revenues by the principal geographic area 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. Total revenues by geographic area, which is primarily measured by the estimated location of the end users for subscription services revenues and the estimated location of the resources performing the services for professional services, were as follows for the periods shown below (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 *As adjusted *As adjusted Revenues by geography North America $ 480,713 $ 377,797 $ 299,056 Europe and other 236,100 188,542 164,416 Asia Pacific 145,397 124,220 87,070 Total revenues $ 862,210 $ 690,559 $ 550,542 * See note 1 of the notes to the consolidated financial statements for a summary of adjustments. Long-lived assets by geographic area are as follows as of the periods shown below (in thousands): January 31, 2019 2018 2017 Long-lived assets by geography North America $ 51,748 $ 49,214 $ 47,096 Europe and other 1,783 1,840 1,762 Asia Pacific 1,435 1,230 1,049 Total long-lived assets $ 54,966 $ 52,284 $ 49,907 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Jan. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
401(k) Plan | We have a qualified defined contribution plan under Section 401(k) of the Code covering eligible employees as well as a Registered Retirement Savings Plan (RRSP) for eligible employees in Canada. Under the 401(k) plan, we match up to $2,000 per employee per year. Under the RRSP plan, we also match up to $2,000 per employee per year. For the fiscal years ended January 31, 2019 and 2018, total expense related to these plans was $3.3 million and $0.4 million, respectively. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Jan. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | Selected summarized quarterly financial information for fiscal years ended January 31, 2019 and 2018 is as follows (in thousands): Three Months Ended Jan. 31, 2019 Oct. 31, 2018 Jul. 31, 2018 Apr. 30, 2018 Jan. 31, 2018 Oct. 31, 2017 Jul. 31, 2017 Apr. 30, 2017 *As adjusted (in thousands) Consolidated Statements of Income Data: Total revenues $ 232,323 $ 224,731 $ 209,609 $ 195,547 $ 185,984 $ 177,008 $ 167,795 $ 159,772 Gross profit 167,797 163,357 150,383 135,392 127,073 123,774 117,395 110,895 Operating income 62,998 63,094 52,818 43,956 38,504 42,495 38,067 38,863 Net income $ 71,151 $ 64,085 $ 50,286 $ 44,310 $ 40,654 $ 34,925 $ 38,602 $ 36,996 Net income per share attributable to Class A and Class B common stockholders: Basic $ 0.49 $ 0.44 $ 0.35 $ 0.31 $ 0.29 $ 0.25 $ 0.28 $ 0.27 Diluted $ 0.45 $ 0.41 $ 0.32 $ 0.29 $ 0.26 $ 0.23 $ 0.25 $ 0.24 * See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Summary of Business and Signi_2
Summary of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Veeva is the leading provider of industry cloud solutions for the global life sciences industry. We were founded in 2007 on the premise that industry-specific cloud solutions could best address the operating challenges and regulatory requirements of life sciences companies. Our solutions are designed to meet the unique needs of our customers and their most strategic business functions—from research and development (R&D) to commercialization. Our solutions are designed to help life sciences companies develop and bring products to market faster and more efficiently, market and sell more effectively, and maintain compliance with government regulations. Veeva is also offering its content and data management solutions to a new set of customers outside of life sciences in regulated industries, including consumer goods, chemicals, and cosmetics. Our fiscal year end is January 31. |
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) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding annual financial reporting and include the accounts of our wholly-owned subsidiaries after elimination of intercompany accounts and transactions. Effective February 1, 2018, we adopted the requirements of Topic 606, ASU 2016-18, “ Statement of Cash Flows, Restricted Cash ,” and ASU 2018-02, “ Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ,” as discussed in this note. All amounts and disclosures set forth in this Form 10-K for previously reported periods have also been updated to comply with the new standards, as indicated by the “as adjusted” tables in this footnote. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make 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. Items subject to such estimates and assumptions include, but are not limited to: • the standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations; • the period of benefit for deferred costs; • the collectibility of our accounts receivable; • 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 realizability of deferred income tax assets and liabilities; and • the fair value of our stock-based awards. 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 primarily from subscription services and professional services. Subscription services revenues consist of fees from customers accessing our cloud-based software solutions and subscription or license fees for our data solutions. Professional services and other revenues consist primarily of fees from implementation services, configuration, data services, training and managed services related to our solutions. Revenues are recognized when control of these services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, we satisfy a performance obligation. Our subscription services agreements are generally non-cancelable during the term, although customers typically have the right to terminate their agreements for cause in the event of material breach. Subscription Services Revenues Subscription services revenues are recognized ratably over the respective non-cancelable subscription term because of the continuous transfer of control 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 billed on a time and materials basis and revenues are measured monthly based on time incurred and contractually agreed upon rates. Certain professional services revenues are billed on a fixed fee basis and revenues are typically recognized over time based on the proportion of total services performed. Data services and training revenues are generally recognized as the services are performed. Contracts with Multiple Performance Obligations Some of our contracts with customers contain multiple performance obligations. For these contracts, we account for individual performance obligations separately when they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our overall pricing objectives, taking into consideration market conditions and other factors, including other groupings such as customer type and geography. Unbilled Accounts Receivable Unbilled accounts receivable is a contract asset related to the delivery of our subscription services and professional services for which the related billings will occur in a future period. Unbilled accounts receivable consists of (i) revenue recognized for professional services performed but not yet billed and (ii) revenue recognized from non-cancelable, multi-year orders in which fees increase annually but for which we are not contractually able to invoice until a future period. |
Deferred Costs | Deferred Costs Deferred costs include sales commissions associated with obtaining a contract with a customer. These costs are deferred and then amortized over a period of benefit that we have determined to be three years. We determined the period of benefit by taking into consideration our customer contracts, our technology and other factors. Amortization expense is included in sales and marketing expenses in the accompanying consolidated statements of operations. |
Deferred Revenue | Deferred Revenue Deferred revenue is a contract liability primarily related to billings or payments received in advance of revenue recognition from our subscription services and, to a lesser extent, professional services and other revenues described above. Deferred revenue is recognized as we satisfy our performance obligations. We generally invoice our customers in annual or quarterly installments for subscription services. 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 and the remaining portion is recorded as noncurrent, which is included in other long-term liabilities on the consolidated balance sheet. |
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 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 by established 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 significantly 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, losses related to lack of collectibility have not been material. The following customers individually exceeded 10% of total accounts receivable as of the dates shown: January 31, January 31, 2019 2018 Customer 1 17% 18% Customer 2 * 13% Customer 3 10% * * Does not exceed 10%. In our fiscal years ended January 31, 2019, 2018 and 2017, our top 10 customers accounted for 39%, 42% and 45% of our total revenues, respectively. No single customer represented over 10% of our total revenues for any of the years presented. |
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, 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, net, in the 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, 2019 2018 2017 Balance at beginning of period $ 345 $ 659 $ 542 Add: charges (credits) to expenses 198 (242 ) 130 Less: (write-offs) (75 ) (72 ) (13 ) Balance at end of period $ 468 $ 345 $ 659 |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets and commences once the asset is placed in service or ready for its intended use. Construction in progress is related to the construction or development of property (including land) and equipment that has not yet been placed in service for our intended use. The estimated useful lives by asset classification are generally as follows: Asset Classification Estimated Useful Life Land Not depreciated Building 30 years Land and building improvements Shorter of remaining life of building or estimated useful life Equipment and computers 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of remaining life of the lease term or estimated useful life Upon sale or retirement of an asset, the 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 our statement of comprehensive income 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 CRM, content and information management 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 the underlying net tangible and intangible assets acquired and liabilities assumed 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 the fiscal year ended January 31, 2019, which did not result in any impairment of the goodwill balance. All other intangible assets associated with purchased intangibles, consisting of existing technology, databases, customer contracts and relationships, software, and brand are stated at cost less accumulated amortization and are amortized on a straight-line basis over their estimated remaining economic lives. Amortization expense related to existing technology, databases and software is included in cost of subscription services. Amortization expense related to customer contracts and relationships and brand are 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 any of the periods presented. |
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 either a Monte Carlo simulation for market condition awards or Black-Scholes option-pricing model and a single option award approach. These models require 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 fair value of each RSU award is measured based on the closing stock price of our common stock on the date of grant. We account for forfeitures as they occur. The compensation expense is recognized using a straight-line basis over the requisite service periods of the awards, which is generally four to nine years. The determination of the grant date fair value of stock based payment awards using an option-pricing model is 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 behaviors, risk-free interest rates and expected dividends. |
Cost of Revenues | Cost of Revenues Cost of subscription services revenues for all of our solutions consists of expenses related to our computing infrastructure provided by third parties, including salesforce.com and Amazon Web Services, personnel related costs associated with hosting our subscription services and providing support, including our data stewards, operating lease expense associated with computer equipment and software and allocated overhead, amortization expense associated with capitalized internal-use software related to our subscription services and amortization expense associated with purchased intangibles related to our subscription services. Cost of subscription services revenues for Veeva CRM and certain of our multichannel customer relationship management applications includes fees paid to salesforce.com for our use of the Salesforce1 Platform and the associated hosting infrastructure and data center operations that are provided by salesforce.com. We intend to continue to invest additional resources in our subscription services to enhance our product offerings and increase our delivery capacity. We may add or expand computing infrastructure capacity in the future, migrate to new computing infrastructure service providers, and make additional investments in the availability and security of our solutions. Cost of professional services and other revenues consists primarily of employee-related expenses associated with providing these services, including salaries, benefits and stock-based compensation expense, the cost of third-party subcontractors, travel costs and allocated overhead. The cost of providing professional services is significantly higher as a percentage of the related revenues than for our subscription services due to the direct labor costs and costs of third-party subcontractors. |
Sales Commissions | Sales Commissions Sales commission for subscription services are recorded when earned by our sales team. Commissions are typically earned upon the booking of a customer contract. The majority of our sales commissions are considered to be costs of obtaining our customer contracts and as a result are capitalized and then amortized over a period of benefit that we have estimated to be three years. The remaining sales commissions are recorded as a component of sales and marketing expenses and totaled $0.5 million, $4.8 million, and $3.5 million for the fiscal years ended January 31, 2019, 2018, and 2017, respectively. |
Advertising Expenses | Advertising Expenses Advertising is expensed as incurred. Advertising expense was immaterial for each of the years presented. |
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. We regularly assess the realizability of our deferred tax assets and establish a valuation allowance if it is more-likely-than-not that some or all of our deferred tax assets will not be realized. We evaluate and weigh all available positive and negative evidence such as historic results, future reversals of existing deferred tax liabilities, projected future taxable income, as well as prudent and feasible tax-planning strategies. Generally, more weight is given to objectively verifiable evidence, such as the cumulative income in recent years. 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 with the tax authority. 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 includes unrealized gains and losses on marketable securities that are available-for-sale and foreign currency translation adjustments. |
Foreign Currency Exchange | Foreign Currency Exchange The functional currency for Brazil, China, India, Japan, Korea and the Zinc subsidiaries in the United Kingdom 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 monetary assets and liabilities denominated non-functional currency are translated into the functional currency 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. |
Warranties and Indemnification | Warranties and Indemnification Our cloud applications are generally warranted to perform materially in accordance with our standard services description documentation. Additionally, our contracts generally include provisions for indemnifying customers against liabilities if our solutions infringe a third party’s intellectual property rights, and we may also incur liabilities if we breach the security and/or confidentiality obligations in our contracts. To date, we have not incurred any material costs, and we have not accrued any liabilities in the accompanying consolidated financial statements, as a result of these obligations. We also entered into service-level agreements with our customers that specify required levels of application uptime and permit customers to receive credits or to terminate their agreements and receive a refund of prepaid amounts related to unused subscription services in the event that we fail to meet required performance levels. As of January 31, 2019, we have not accrued any liabilities related to these agreements in the consolidated financial statements. |
New Accounting Pronouncements Adopted in Fiscal 2019 | New Accounting Pronouncements Adopted in Fiscal 2019 Income Taxes In March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118.” This standard amends ASC 740, Income Taxes, to provide accounting guidance for the tax effects of the Tax Cuts and Jobs Act of 2017 (Tax Act) pursuant to Staff Accounting Bulletin No. 118, which allows companies to complete the accounting under ASC 740 within a one-year measurement period from the Tax Act enactment date. This standard is effective upon issuance. As of January 31, 2019, we have completed our accounting for the income tax effects for the Tax Act. Future changes in law, interpretations, and facts may impact our provision for income taxes. Stranded Tax Effects in Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This update allows reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. Topic 220 is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. We early adopted this standard effective February 1, 2018. The impact on our consolidated financial statements was immaterial. Restricted Cash In November 2016, the FASB issued ASU 2016-18, “Statement of Cash, Restricted Cash,” which requires that amounts generally described as restricted cash or restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This standard is effective for our interim and annual reporting periods beginning after December 15, 2017. We adopted ASU 2016-18 retrospectively, effective February 1, 2018. As a result of including restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts presented on the consolidated statement of cash flows, the impact on net cash flows for the fiscal year ended January 31, 2019 was immaterial. Financial Instruments In January 2016, the FASB issued ASU 2016-01, “Financial Instruments.” ASU 2016-01, among other things, requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. This standard is effective for our interim and annual reporting periods beginning after December 15, 2017. We adopted ASU 2016-01 effective February 1, 2018. There was no impact to our consolidated financial statements. Revenue Recognition In May 2014, the FASB issued Topic 606. This guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model 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. Topic 606 supersedes the existing revenue recognition guidance in “Revenue Recognition (Topic 605)”. We have adopted the requirements of the new standard as of February 1, 2018, utilizing the full retrospective transition method. Adoption of the new standard resulted in changes to our accounting policies for revenue recognition, unbilled accounts receivable, and deferred costs as detailed above in our description of Revenue Recognition. We applied a practical expedient provided by the new standard and are not disclosing the amount of consideration allocated to the remaining performance obligations for all reporting periods presented before the date of the initial application. The impact of adoption included Subtopic 340-40, “Other Assets and Deferred Costs-Contracts with Customers,” requiring the deferral of costs to obtain customer contracts, which is comprised of commissions on our subscription services arrangements. Such costs were expensed as incurred under Topic 605, whereas under Topic 606, they are generally capitalized and amortized over the costs’ associated term of economic benefit. We have determined that the term of economic benefit of our costs to obtain customer contracts is three years. Revenue for the majority of our subscription services customer contracts will continue to be recognized over time because of the continuous transfer of control to the customer; however, there is some impact to revenue primarily driven by (i) accounting for the removal of the limitation on contingent revenue, which may result in revenue being recognized earlier for certain contracts and (ii) allocation of revenue from subscription services to professional services. We adjusted our consolidated financial statements from amounts previously reported due to the adoption of Topic 606, ASU 2016-18, and Topic 220. Select consolidated balance sheet line items, which reflect the adoption of these new standards are as follows (in thousands): January 31, 2018 As Reported Adjustments As adjusted Assets Accounts receivable ( 1) $ 233,731 (9,063 ) a $ 224,668 Unbilled accounts receivable ( 1) — 13,348 a 13,348 Deferred costs, net — 30,306 a 30,306 Deferred income taxes, non-current 3,490 (1,268 ) a 2,222 Liabilities Deferred revenue $ 275,446 $ (8,507 ) a $ 266,939 Deferred income taxes, non-current 3,828 7,121 a 10,949 Stockholders’ equity: Accumulated other comprehensive income $ 1,404 $ 196 b $ 1,600 Retained earnings 354,850 34,515 a, b 389,365 (1) Unbilled accounts receivable was previously included in Accounts receivable before the adoption of Topic 606. a Adjusted to reflect the adoption of ASU 2014-09, “ ” b Adjusted to reflect the adoption of ASU 2018-02, “ .” Select audited consolidated statement of comprehensive income line items, which reflect the adoption of the new standards are as follows (in thousands, except per share data): Year ended January 31, 2018 As Reported Adjustments As adjusted Revenues: Subscription services $ 554,446 $ 4,988 a $ 559,434 Operating expenses: Sales and marketing 130,898 (2,117 ) a 128,781 Operating income 150,792 7,137 a 157,929 Provision for income taxes 16,668 (2,074 ) a 14,594 Net income $ 141,966 $ 9,211 a $ 151,177 Net income per share attributable to Class A and Class B common stockholders: Basic $ 1.01 $ 0.07 a $ 1.08 Diluted $ 0.92 $ 0.06 a $ 0.98 Year ended January 31, 2017 As Reported Adjustments As adjusted Revenues: Subscription services $ 434,316 $ 6,499 a $ 440,815 Operating expenses: Sales and marketing 116,803 (6,169 ) a 110,634 Operating income 107,968 12,720 a 120,688 Provision for income taxes 40,831 3,952 a 44,783 Net income $ 68,804 $ 8,768 a $ 77,572 Net income per share attributable to Class A and Class B common stockholders: Basic $ 0.51 $ 0.06 a $ 0.57 Diluted $ 0.47 $ 0.06 a $ 0.53 a Adjusted to reflect the adoption of ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606). ” Select audited consolidated statement of cash flows line items, which reflect the adoption of the new standards are as follows (in thousands, except per share data): Year ended January 31, 2018 As Reported Adjustments As adjusted Cash flows from operating activities Net income $ 141,966 $ 9,211 a $ 151,177 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of deferred costs — 16,647 a 16,647 Deferred income taxes 3,282 (2,073 ) a 1,209 Changes in operating assets and liabilities: Accounts receivable (50,673 ) 2,874 a (47,799 ) Unbilled accounts receivable — (4,329 ) a (4,329 ) Deferred costs — (18,795 ) a (18,795 ) Deferred revenue 61,773 (3,533 ) a 58,240 Net cash provided by operating activities 233,437 1 a 233,438 Change in restricted cash and deposits (202 ) 202 b — Net cash used in investing activities (154,722 ) 202 b (154,520 ) Net change in cash, cash equivalents and restricted cash 102,577 203 b 102,780 Cash, cash equivalents and restricted cash at the beginning of period 217,606 1,001 b 218,607 Cash, cash equivalents and restricted cash at the end of period $ 320,183 $ 1,204 b $ 321,387 Year ended January 31, 2017 As Reported Adjustments As adjusted Cash flows from operating activities Net income $ 68,804 $ 8,768 a $ 77,572 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of deferred costs — 14,187 a 14,187 Deferred income taxes (5,073 ) 3,953 a (1,120 ) Changes in operating assets and liabilities: Accounts receivable (38,148 ) 1,501 a (36,647 ) Unbilled accounts receivable — (3,026 ) a (3,026 ) Deferred costs — (20,408 ) a (20,408 ) Deferred revenue 56,208 (4,974 ) a 51,234 Net cash provided by operating activities 144,011 — a 144,011 Change in restricted cash and deposits 102 (102 ) b — Net cash (used in) provided by investing activities (96,652 ) (102 ) b (96,754 ) Net change in cash, cash equivalents and restricted cash 85,427 (103 ) b 85,324 Cash, cash equivalents and restricted cash at the beginning of period 132,179 1,104 b 133,283 Cash, cash equivalents and restricted cash at the end of period $ 217,606 $ 1,001 b $ 218,607 a Adjusted to reflect the adoption of ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606). ” b Adjusted to reflect the adoption of ASU 2016-18, “ .” Future periods may or may not have the same impact as those set forth above. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Leases In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842), which requires lessees to record most leases on their balance sheets but recognize the expenses on their statements of comprehensive income in a manner similar to current accounting rules. Topic 842 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-of-use (ROU) asset for the right to use the underlying asset for the lease term. The updated guidance is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. We plan to adopt this new standard in the first quarter of fiscal 2020 on February 1, 2019 and expect to use the effective date as our date of initial application. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before February 1, 2019. The new standard provides a number of optional practical expedients in transition. We expect to elect the ‘package of practical expedients,’ which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We do not expect to elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to us. The new standard also provides practical expedients for an entity’s ongoing accounting. We currently expect to elect the short-term lease recognition exemption for all of our leases. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also currently do not expect to apply the practical expedient to not separate lease and non-lease components for all of our office leases but expect to apply this practical expedient for equipment leases. On adoption, we currently expect to recognize additional operating liabilities of approximately $20 to 21 |
Net Income per Share Attributable to Common Stockholders | We compute net income per share of our Class A and Class B common stock using the two-class method required for participating securities. 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 earnings attributable to participating securities. The net income per share attributable to common stockholders is allocated based on the contractual participation rights of the Class A common stock and Class B common stock as if the income for the year has been distributed. As the liquidation and dividend rights are identical, the net loss attributable to common stockholders is allocated on a proportionate basis. Basic net income per share of common stock is computed by dividing the net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. All participating securities are excluded from the basic weighted-average shares of common stock outstanding. Unvested shares of common stock resulting from the early exercises of stock options are excluded from the calculation of the weighted-average shares of common stock until they vest as they are subject to repurchase until they are vested. The unvested shares of common stock resulting from early exercises of stock options accounted for all of our participating securities. 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 equivalents outstanding during the period. The dilutive effect of potential shares of common stock are 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 Signi_3
Summary of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Summary Of Business And Accounting Policies [Line Items] | |
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, January 31, 2019 2018 Customer 1 17% 18% Customer 2 * 13% Customer 3 10% * * Does not exceed 10%. |
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, 2019 2018 2017 Balance at beginning of period $ 345 $ 659 $ 542 Add: charges (credits) to expenses 198 (242 ) 130 Less: (write-offs) (75 ) (72 ) (13 ) Balance at end of period $ 468 $ 345 $ 659 |
Schedule of Estimated Useful Lives by Asset Classification | The estimated useful lives by asset classification are generally as follows: Asset Classification Estimated Useful Life Land Not depreciated Building 30 years Land and building improvements Shorter of remaining life of building or estimated useful life Equipment and computers 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of remaining life of the lease term or estimated useful life |
Topic 606 [Member] | |
Summary Of Business And Accounting Policies [Line Items] | |
Schedule of Consolidated Balance Sheet | Select consolidated balance sheet line items, which reflect the adoption of these new standards are as follows (in thousands): January 31, 2018 As Reported Adjustments As adjusted Assets Accounts receivable ( 1) $ 233,731 (9,063 ) a $ 224,668 Unbilled accounts receivable ( 1) — 13,348 a 13,348 Deferred costs, net — 30,306 a 30,306 Deferred income taxes, non-current 3,490 (1,268 ) a 2,222 Liabilities Deferred revenue $ 275,446 $ (8,507 ) a $ 266,939 Deferred income taxes, non-current 3,828 7,121 a 10,949 Stockholders’ equity: Accumulated other comprehensive income $ 1,404 $ 196 b $ 1,600 Retained earnings 354,850 34,515 a, b 389,365 (1) Unbilled accounts receivable was previously included in Accounts receivable before the adoption of Topic 606. a Adjusted to reflect the adoption of ASU 2014-09, “ ” b Adjusted to reflect the adoption of ASU 2018-02, “ .” |
Schedule of Consolidated Statements of Comprehensive Income | Select audited consolidated statement of comprehensive income line items, which reflect the adoption of the new standards are as follows (in thousands, except per share data): Year ended January 31, 2018 As Reported Adjustments As adjusted Revenues: Subscription services $ 554,446 $ 4,988 a $ 559,434 Operating expenses: Sales and marketing 130,898 (2,117 ) a 128,781 Operating income 150,792 7,137 a 157,929 Provision for income taxes 16,668 (2,074 ) a 14,594 Net income $ 141,966 $ 9,211 a $ 151,177 Net income per share attributable to Class A and Class B common stockholders: Basic $ 1.01 $ 0.07 a $ 1.08 Diluted $ 0.92 $ 0.06 a $ 0.98 Year ended January 31, 2017 As Reported Adjustments As adjusted Revenues: Subscription services $ 434,316 $ 6,499 a $ 440,815 Operating expenses: Sales and marketing 116,803 (6,169 ) a 110,634 Operating income 107,968 12,720 a 120,688 Provision for income taxes 40,831 3,952 a 44,783 Net income $ 68,804 $ 8,768 a $ 77,572 Net income per share attributable to Class A and Class B common stockholders: Basic $ 0.51 $ 0.06 a $ 0.57 Diluted $ 0.47 $ 0.06 a $ 0.53 a Adjusted to reflect the adoption of ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606). ” |
Schedule of Consolidated Statement of Cash Flows | Select audited consolidated statement of cash flows line items, which reflect the adoption of the new standards are as follows (in thousands, except per share data): Year ended January 31, 2018 As Reported Adjustments As adjusted Cash flows from operating activities Net income $ 141,966 $ 9,211 a $ 151,177 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of deferred costs — 16,647 a 16,647 Deferred income taxes 3,282 (2,073 ) a 1,209 Changes in operating assets and liabilities: Accounts receivable (50,673 ) 2,874 a (47,799 ) Unbilled accounts receivable — (4,329 ) a (4,329 ) Deferred costs — (18,795 ) a (18,795 ) Deferred revenue 61,773 (3,533 ) a 58,240 Net cash provided by operating activities 233,437 1 a 233,438 Change in restricted cash and deposits (202 ) 202 b — Net cash used in investing activities (154,722 ) 202 b (154,520 ) Net change in cash, cash equivalents and restricted cash 102,577 203 b 102,780 Cash, cash equivalents and restricted cash at the beginning of period 217,606 1,001 b 218,607 Cash, cash equivalents and restricted cash at the end of period $ 320,183 $ 1,204 b $ 321,387 Year ended January 31, 2017 As Reported Adjustments As adjusted Cash flows from operating activities Net income $ 68,804 $ 8,768 a $ 77,572 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of deferred costs — 14,187 a 14,187 Deferred income taxes (5,073 ) 3,953 a (1,120 ) Changes in operating assets and liabilities: Accounts receivable (38,148 ) 1,501 a (36,647 ) Unbilled accounts receivable — (3,026 ) a (3,026 ) Deferred costs — (20,408 ) a (20,408 ) Deferred revenue 56,208 (4,974 ) a 51,234 Net cash provided by operating activities 144,011 — a 144,011 Change in restricted cash and deposits 102 (102 ) b — Net cash (used in) provided by investing activities (96,652 ) (102 ) b (96,754 ) Net change in cash, cash equivalents and restricted cash 85,427 (103 ) b 85,324 Cash, cash equivalents and restricted cash at the beginning of period 132,179 1,104 b 133,283 Cash, cash equivalents and restricted cash at the end of period $ 217,606 $ 1,001 b $ 218,607 a Adjusted to reflect the adoption of ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606). ” b Adjusted to reflect the adoption of ASU 2016-18, “ .” |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Short-Term Investments | At January 31, 2019, short-term investments consisted of the following (in thousands): Gross Gross Estimated Amortized unrealized unrealized fair cost gains losses value Available-for-sale securities: Certificates of deposits $ 6,001 $ 10 $ (1 ) $ 6,010 Asset-backed securities 78,682 13 (300 ) 78,395 Commercial paper 9,118 1 (2 ) 9,117 Corporate notes and bonds 185,409 178 (457 ) 185,130 Foreign government bonds 1,502 — (11 ) 1,491 U.S. agency obligations 15,912 2 (2 ) 15,912 U.S. treasury securities 243,119 78 (62 ) 243,135 Total available-for-sale securities $ 539,743 $ 282 $ (835 ) $ 539,190 At January 31, 2018, 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 $ 67,875 $ — $ (424 ) $ 67,451 Commercial paper 19,926 — (12 ) 19,914 Corporate notes and bonds 160,499 1 (759 ) 159,741 Foreign government bonds 1,504 — (18 ) 1,486 Mortgage backed securities 11,555 — (75 ) 11,480 U.S. agency obligations 71,206 1 (76 ) 71,131 U.S. treasury securities 110,707 5 (136 ) 110,576 Total available-for-sale securities $ 443,272 $ 7 $ (1,500 ) $ 441,779 |
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, 2019 2018 Due in one year or less $ 377,858 $ 308,172 Due in greater than one year 161,332 133,607 Total $ 539,190 $ 441,779 |
Schedule of Fair Values and Gross Unrealized Loss Position of Available-for-Sale Securities Aggregated by Investment Category | The following table shows the fair values of these available-for-sale securities that have been in a gross unrealized loss position for more than 12 months, aggregated by investment category as of January 31, 2019 (in thousands): Gross Fair unrealized value losses Certificates of deposits $ 999 $ (1 ) Asset-backed securities 69,131 (300 ) Commercial paper 7,155 (2 ) Corporate notes and bonds 121,006 (457 ) Foreign government bonds 1,490 (11 ) U.S. agency obligations 14,928 (2 ) U.S. treasury securities 130,785 (62 ) The following table shows the fair values of these available-for-sale securities that have been in a gross unrealized loss position for more than 12 months, aggregated by investment category as of January 31, 2018 (in thousands): Gross Fair unrealized value losses Asset-backed securities $ 65,690 $ (424 ) Commercial paper 19,914 (12 ) Corporate notes and bonds 155,419 (759 ) Foreign government bonds 1,485 (18 ) Mortgage backed securities 11,481 (75 ) U.S. agency obligations 66,655 (76 ) U.S. treasury securities 82,147 (136 ) |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
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, 2019 2018 Land $ 3,040 $ 3,040 Building 20,984 20,984 Land improvements and building improvements 20,911 20,073 Equipment and computers 7,945 7,732 Furniture and fixtures 11,230 9,619 Leasehold improvements 6,790 3,637 Construction in progress 330 36 71,230 65,121 Less accumulated depreciation (16,264 ) (12,837 ) Total property and equipment, net $ 54,966 $ 52,284 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Details of Intangible Assets | The following schedule presents the details of intangible assets as of January 31, 2019 (dollar amounts in thousands): January 31, 2019 Gross Remaining carrying Accumulated useful life amount amortization Net (in years) Existing technology $ 3,880 $ (3,834 ) $ 46 1.2 Database 4,939 (4,521 ) 418 1.2 Customer contracts and relationships 33,643 (12,350 ) 21,293 6.6 Software 10,867 (8,156 ) 2,711 1.2 Brand 1,141 (1,088 ) 53 0.2 $ 54,470 $ (29,949 ) $ 24,521 The following schedule presents the details of intangible assets as of January 31, 2018 (dollar amounts in thousands): January 31, 2018 Gross Remaining carrying Accumulated useful life amount amortization Net (in years) Existing technology $ 3,880 $ (3,509 ) $ 371 0.8 Database 4,939 (4,091 ) 848 2.0 Customer contracts and relationships 33,643 (8,798 ) 24,845 7.5 Software 10,867 (5,820 ) 5,047 2.2 Brand 1,141 (762 ) 379 1.2 $ 54,470 $ (22,980 ) $ 31,490 |
Estimated Amortization Expense | The estimated amortization expense for intangible assets for the next five years and thereafter is as follows as of January 31, 2019 (in thousands): Estimated amortization Period expense Fiscal 2020 $ 6,062 Fiscal 2021 3,629 Fiscal 2022 3,182 Fiscal 2023 3,182 Fiscal 2024 3,182 Thereafter 5,284 Total $ 24,521 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following as of the dates shown (in thousands): January 31, 2019 2018 Accrued commissions $ 2,633 $ 3,565 Accrued bonus 2,848 3,068 Accrued vacation 3,110 2,608 Payroll tax payable 1,971 3,580 Accrued other compensation and benefits 4,762 4,233 Total accrued compensation and benefits $ 15,324 $ 17,054 Accrued fees payable to salesforce.com 5,242 4,929 Accrued third-party professional services subcontractors' fees 1,619 1,614 Taxes payable 2,805 3,009 Other accrued expenses 6,479 3,600 Total accrued expenses and other current liabilities $ 16,145 $ 13,152 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy for Financial Assets and Liabilities 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, 2019 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 39,168 $ — $ — $ 39,168 Corporate notes and bonds — 1,034 — 1,034 U.S. treasury securities — 41,505 — 41,505 Short-term investments: Certificates of deposits — 6,010 — 6,010 Asset-backed securities — 78,395 — 78,395 Commercial paper — 9,117 — 9,117 Corporate notes and bonds — 185,130 — 185,130 Foreign government bonds — 1,491 — 1,491 U.S. agency obligations — 15,912 — 15,912 U.S. treasury securities — 243,135 — 243,135 Total $ 39,168 $ 581,729 $ — $ 620,897 Liabilities Foreign currency derivative contracts — 88 — 88 Total $ — $ 88 $ — $ 88 The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 25,820 $ — $ — $ 25,820 Commercial paper — 1,999 — 1,999 Corporate notes and bonds — 2,080 — 2,080 U.S. treasury securities — 8,000 — 8,000 Short-term investments: Asset-backed securities — 67,451 — 67,451 Commercial paper — 19,914 — 19,914 Corporate notes and bonds — 159,741 — 159,741 Foreign government bonds — 1,486 — 1,486 Mortgage backed securities — 11,480 — 11,480 U.S. agency obligations — 71,131 — 71,131 U.S. treasury securities — 110,576 — 110,576 Foreign currency derivative contracts — 127 — 127 Total $ 25,820 $ 453,985 $ — $ 479,805 Liabilities Foreign currency derivative contracts — 391 — 391 Total $ — $ 391 $ — $ 391 |
Summary Fair Value of Outstanding Derivative Instruments | The fair value of our outstanding derivative instruments is summarized below (in thousands): January 31, 2019 2018 Notional amount of foreign currency derivative contracts $ (5,112 ) $ 36,266 Fair value of foreign currency derivative contracts (5,024 ) 36,531 |
Summary of Outstanding Balance Sheet Hedges | Details on outstanding balance sheet hedges are presented below as of the date shown below (in thousands): January 31, 2019 2018 Derivative Assets Balance Sheet Location Derivatives not designated as hedging instruments: Foreign currency derivative contracts Prepaid expenses and other current assets $ — $ 127 Derivative Liabilities Derivatives not designated as hedging instruments: Foreign currency derivative contracts Accrued expenses $ 88 $ 391 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Other Income And Expenses [Abstract] | |
Other Income, Net | Other income, net consisted of the following (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 Foreign currency gain (loss) $ (2,103 ) $ 1,177 $ (1,009 ) Accretion (amortization) on investments 2,492 (1,718 ) (1,801 ) Interest income 15,388 8,383 4,477 Other income, net $ 15,777 $ 7,842 $ 1,667 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
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, 2019 2018 2017 United States $ 222,743 $ 140,172 $ 110,701 Foreign 15,900 25,599 11,654 Total $ 238,643 $ 165,771 $ 122,355 * See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Components of Provision for Income Taxes | Provision for income taxes consisted of the following for the periods shown (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 Current provision: Federal $ 5,466 $ 5,315 $ 36,004 State 4,089 209 4,924 Foreign 7,438 8,022 4,976 Total $ 16,993 $ 13,546 $ 45,904 Deferred provision: Federal (1,910 ) 1,681 966 State (619 ) 330 2 Foreign (5,653 ) (963 ) (2,089 ) Total $ (8,182 ) $ 1,048 $ (1,121 ) Provision for income taxes $ 8,811 $ 14,594 $ 44,783 * See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
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 21.0%, 33.8%, and 35.0% for the fiscal years ended January 31, 2019, 2018, and 2017, respectively, to income before income taxes as a result of the following for the periods shown (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 Federal tax statutory tax rate $ 50,115 $ 56,047 $ 42,824 State taxes 3,139 3,936 4,104 Permanent differences 594 (462 ) (367 ) Tax credits (21,415 ) (9,409 ) (6,739 ) Domestic manufacturing deduction — (1,096 ) (1,678 ) Stock-based compensation (33,332 ) (37,347 ) 4,338 Foreign rate differential 610 (2,207 ) 1,042 Valuation allowance 6,666 4,010 1,630 Impact of foreign operations 3,381 4,842 1,891 Others (947 ) (3,720 ) (2,262 ) Provision for income taxes $ 8,811 $ 14,594 $ 44,783 * See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
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 related to the following (in thousands): January 31, 2019 2018 Deferred Tax Assets: Accruals and reserves $ 4,970 $ 87 State income taxes 116 2,002 Net operating loss carryforward 2,885 236 Tax credit carryforward 15,411 10,196 Other 435 30 Gross Deferred Tax Assets $ 23,817 $ 12,551 Valuation Allowance (15,385 ) (10,329 ) Total Deferred Tax Assets $ 8,432 $ 2,222 Deferred Tax Liabilities: Property and equipment $ (822 ) $ (633 ) Intangible assets (7,159 ) (8,078 ) Expensed internal-use software (608 ) (595 ) Other — (1,643 ) Total Deferred Tax Liabilities $ (8,589 ) $ (10,949 ) Net Deferred Tax Assets (Liabilities) $ (157 ) $ (8,727 ) * See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
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, 2019 2018 2017 Beginning balance $ 11,398 $ 7,868 $ 5,248 Increases related to tax positions taken during the prior period 968 256 24 Increases related to tax positions taken during the current period 2,697 4,032 2,888 Decreases related to tax positions taken during the prior period (1,754 ) (67 ) — Audit settlements (403 ) — — Lapse of statute of limitations (309 ) (691 ) (292 ) Ending balance $ 12,597 $ 11,398 $ 7,868 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Summary of Stock Option Activity | A summary of stock option activity for the fiscal year ended January 31, 2019 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, 2018 16,024,146 $ 16.76 6.1 $ 738,648,507 Options granted 185,530 78.86 Options exercised (2,807,092 ) 9.10 Options forfeited/cancelled (441,187 ) 13.26 Options outstanding at January 31, 2019 12,961,397 $ 19.43 5.4 $ 1,161,695,032 Options vested and exercisable at January 31, 2019 6,415,267 $ 5.15 4.0 $ 666,620,512 Options vested and exercisable at January 31, 2019 and expected to vest thereafter 12,961,397 $ 19.43 5.4 $ 1,161,695,032 |
Summary of RSU Activity | A summary of RSU activity for the fiscal year ended January 31, 2019 is presented below: Unreleased restricted Weighted average grant stock units date fair value Balance at January 31, 2018 2,901,736 $ 38.14 RSUs granted 1,096,773 76.83 RSUs vested (1,313,823 ) 38.77 RSUs forfeited/cancelled (325,554 ) 45.70 Balance at January 31, 2019 2,359,132 $ 54.73 |
Schedule of Weighted-Average Assumptions Used to Estimate Grant Date Fair Value of Options Granted | The following table presents the weighted-average assumptions used to estimate the grant date fair value of options granted during the periods presented: Fiscal Year Ended January 31, 2019 2018 2017 Volatility 41% 42% – 44% 45% – 46% Expected term (in years) 6.25 – 6.35 6.35 6.31 – 7.56 Risk-free interest rate 2.57% – 2.74% 1.86% – 2.21% 1.48% – 2.10% Dividend yield 0% 0% 0% |
CEO [Member] | |
Schedule of Weighted-Average Assumptions Used to Estimate Grant Date Fair Value of Options Granted | The following table provides the assumptions used in the Monte Carlo simulation for each tranche granted: Volatility 41 % Expected term (in years) 10.00 Risk-free interest rate 2.53 % Dividend yield 0 % |
Net Income per Share Attribut_2
Net Income per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
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): For the fiscal year ended January 31, 2019 2018 2017 *As adjusted *As adjusted Class A Class B Class A Class B Class A Class B Basic Numerator Net income $ 194,607 $ 35,225 $ 121,203 $ 29,974 $ 56,145 $ 21,427 Undistributed earnings allocated to participating securities — — — — (2 ) (1 ) Net income attributable to common stockholders, basic $ 194,607 $ 35,225 $ 121,203 $ 29,974 $ 56,143 $ 21,426 Denominator Weighted average shares used in computing net income per share attributable to common stockholders, basic 122,137 22,107 112,491 27,820 98,216 37,482 Net income per share attributable to common stockholders, basic $ 1.59 $ 1.59 $ 1.08 $ 1.08 $ 0.57 $ 0.57 Diluted Numerator Net income attributable to common stockholders, basic $ 194,607 $ 35,225 $ 121,203 $ 29,974 $ 56,143 $ 21,426 Reallocation as a result of conversion of Class B to Class A common stock: Net income attributable to common stockholders, basic 35,225 — 29,974 — 21,426 — Reallocation of net income to Class B common stock — 14,800 — 10,545 — 4,519 Net income attributable to common stockholders, diluted $ 229,832 $ 50,025 $ 151,177 $ 40,519 $ 77,569 $ 25,945 Denominator Number of shares used for basic EPS computation 122,137 22,107 112,491 27,820 98,216 37,482 Conversion of Class B to Class A common stock 22,107 — 27,820 — 37,482 — Effect of potentially dilutive common shares 11,873 11,873 13,370 13,370 11,880 11,880 Weighted average shares used in computing net income per share attributable to common stockholders, diluted 156,117 33,980 153,681 41,190 147,578 49,362 Net income per share attributable to common stockholders, diluted $ 1.47 $ 1.47 $ 0.98 $ 0.98 $ 0.53 $ 0.53 * See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Potential Common Share Equivalents Excluded where the Inclusion would be Anti-dilutive | Potential common share equivalents excluded where the inclusion would be anti-dilutive are as follows: Fiscal Year Ended January 31, 2019 2018 2017 Options and awards to purchase shares not included in the computation of diluted net income per share because their inclusion would be anti-dilutive 3,054,322 833,691 2,040,238 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
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, 2019 are as follows (in thousands): Operating Period leases Fiscal 2020 $ 5,079 Fiscal 2021 4,843 Fiscal 2022 4,063 Fiscal 2023 2,534 Fiscal 2024 1,884 Thereafter 1,495 Total $ 19,898 |
Revenues by Product (Tables)
Revenues by Product (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Total Revenues | Total revenues consist of the following (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 *As adjusted *As adjusted Subscription services Veeva Commercial Cloud $ 395,039 $ 356,415 $ 307,648 Veeva Vault ( 1) 299,428 203,019 133,167 Total subscription services $ 694,467 $ 559,434 $ 440,815 Professional services Veeva Commercial Cloud $ 62,557 $ 61,516 $ 62,609 Veeva Vault ( 1) 105,186 69,609 47,118 Total professional services $ 167,743 $ 131,125 $ 109,727 Total revenues $ 862,210 $ 690,559 $ 550,542 (1) Veeva Vault revenues includes revenue from legacy Zinc Ahead products. * See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Information about Geographic _2
Information about Geographic Areas (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Segment Reporting [Abstract] | |
Revenues by Geographic Area | Total revenues by geographic area, which is primarily measured by the estimated location of the end users for subscription services revenues and the estimated location of the resources performing the services for professional services, were as follows for the periods shown below (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 *As adjusted *As adjusted Revenues by geography North America $ 480,713 $ 377,797 $ 299,056 Europe and other 236,100 188,542 164,416 Asia Pacific 145,397 124,220 87,070 Total revenues $ 862,210 $ 690,559 $ 550,542 * See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Long-Lived Assets by Geographic Area | Long-lived assets by geographic area are as follows as of the periods shown below (in thousands): January 31, 2019 2018 2017 Long-lived assets by geography North America $ 51,748 $ 49,214 $ 47,096 Europe and other 1,783 1,840 1,762 Asia Pacific 1,435 1,230 1,049 Total long-lived assets $ 54,966 $ 52,284 $ 49,907 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Information | Selected summarized quarterly financial information for fiscal years ended January 31, 2019 and 2018 is as follows (in thousands): Three Months Ended Jan. 31, 2019 Oct. 31, 2018 Jul. 31, 2018 Apr. 30, 2018 Jan. 31, 2018 Oct. 31, 2017 Jul. 31, 2017 Apr. 30, 2017 *As adjusted (in thousands) Consolidated Statements of Income Data: Total revenues $ 232,323 $ 224,731 $ 209,609 $ 195,547 $ 185,984 $ 177,008 $ 167,795 $ 159,772 Gross profit 167,797 163,357 150,383 135,392 127,073 123,774 117,395 110,895 Operating income 62,998 63,094 52,818 43,956 38,504 42,495 38,067 38,863 Net income $ 71,151 $ 64,085 $ 50,286 $ 44,310 $ 40,654 $ 34,925 $ 38,602 $ 36,996 Net income per share attributable to Class A and Class B common stockholders: Basic $ 0.49 $ 0.44 $ 0.35 $ 0.31 $ 0.29 $ 0.25 $ 0.28 $ 0.27 Diluted $ 0.45 $ 0.41 $ 0.32 $ 0.29 $ 0.26 $ 0.23 $ 0.25 $ 0.24 * See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Summary of Business and Signi_4
Summary of Business and Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Jan. 31, 2019USD ($)SegmentCustomer | Jan. 31, 2018USD ($)Customer | Jan. 31, 2017USD ($)Customer | |
Summary Of Business And Accounting Policies [Line Items] | |||
Number of operating segment | Segment | 1 | ||
Period of amortization | 3 years | ||
Highly liquid investments maturity | 3 months | ||
Impairment of goodwill | $ 0 | ||
Impairment recognized for long-lived assets | $ 0 | $ 0 | $ 0 |
Sales commissions amortization period | 3 years | ||
Sales and marketing [Member] | |||
Summary Of Business And Accounting Policies [Line Items] | |||
Remaining sales commissions | $ 500,000 | $ 4,800,000 | $ 3,500,000 |
Internal-Use Software [Member] | |||
Summary Of Business And Accounting Policies [Line Items] | |||
Useful Lives of Intangible Assets | 3 years | ||
Customer concentration risk [Member] | |||
Summary Of Business And Accounting Policies [Line Items] | |||
Sales percentage from largest customers | 39.00% | 42.00% | 45.00% |
Customer concentration risk [Member] | Revenues [Member] | |||
Summary Of Business And Accounting Policies [Line Items] | |||
Number of customers | Customer | 0 | 0 | 0 |
Minimum [Member] | |||
Summary Of Business And Accounting Policies [Line Items] | |||
Customer payment period | 30 days | ||
Minimum [Member] | Accounting Standards Update 2016-02 [Member] | |||
Summary Of Business And Accounting Policies [Line Items] | |||
Additional operating liabilities expected to be recognized | $ 20,000,000 | ||
ROU assets | $ 18,000,000 | ||
Minimum [Member] | 2007 Stock Plan [Member] | |||
Summary Of Business And Accounting Policies [Line Items] | |||
Share-based compensation cost recognition vesting service period | 4 years | ||
Maximum [Member] | |||
Summary Of Business And Accounting Policies [Line Items] | |||
Customer payment period | 60 days | ||
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | |||
Summary Of Business And Accounting Policies [Line Items] | |||
Additional operating liabilities expected to be recognized | $ 21,000,000 | ||
ROU assets | $ 19,000,000 | ||
Maximum [Member] | 2007 Stock Plan [Member] | |||
Summary Of Business And Accounting Policies [Line Items] | |||
Share-based compensation cost recognition vesting service period | 9 years |
Summary of Business and Signi_5
Summary of Business and Significant Accounting Policies - Schedule of Certain Risks and Concentrations of Credit Risk (Detail) - Customer concentration risk [Member] - Accounts receivable [Member] | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Customer 1 [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 17.00% | 18.00% |
Customer 2 [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 13.00% | |
Customer 3 [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 10.00% |
Summary of Business and Signi_6
Summary of Business and Significant Accounting Policies - Activity Related to Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | ||||
Receivables [Abstract] | ||||||
Balance at beginning of period | $ 345 | [1] | $ 659 | $ 542 | ||
Add: charges (credits) to expenses | 198 | (242) | [1] | 130 | [1] | |
Less: (write-offs) | (75) | (72) | (13) | |||
Balance at end of period | $ 468 | $ 345 | [1] | $ 659 | ||
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Summary of Business and Signi_7
Summary of Business and Significant Accounting Policies - Schedule of Estimated Useful Lives by Asset Classification (Detail) | 12 Months Ended |
Jan. 31, 2019 | |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life description | Not depreciated |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 30 years |
Land and building improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life description | Shorter of remaining life of building or estimated useful life |
Equipment and computers [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life description | Shorter of remaining life of the lease term or estimated useful life |
Summary of Business and Signi_8
Summary of Business and Significant Accounting Policies - Schedule of Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 | ||
Assets | ||||
Accounts receivable | $ 303,465 | $ 224,668 | [1],[2] | |
Unbilled accounts receivable | 18,122 | 13,348 | [1],[2] | |
Deferred costs, net | 30,869 | 30,306 | [1] | |
Deferred income taxes, noncurrent | 5,938 | 2,222 | [1] | |
Liabilities | ||||
Deferred revenue | 356,357 | 266,939 | [1] | |
Deferred income taxes, noncurrent | 6,095 | 10,949 | [1] | |
Stockholders’ equity: | ||||
Accumulated other comprehensive income | 928 | 1,600 | [1] | |
Retained earnings | $ 619,197 | 389,365 | [1] | |
As Reported [Member] | Topic 606 [Member] | ||||
Assets | ||||
Accounts receivable | [2] | 233,731 | ||
Deferred income taxes, noncurrent | 3,490 | |||
Liabilities | ||||
Deferred revenue | 275,446 | |||
Deferred income taxes, noncurrent | 3,828 | |||
Stockholders’ equity: | ||||
Accumulated other comprehensive income | 1,404 | |||
Retained earnings | 354,850 | |||
Adjustments [Member] | Topic 606 [Member] | ||||
Assets | ||||
Accounts receivable | [2],[3] | (9,063) | ||
Unbilled accounts receivable | [2],[3] | 13,348 | ||
Deferred costs, net | [3] | 30,306 | ||
Deferred income taxes, noncurrent | [3] | (1,268) | ||
Liabilities | ||||
Deferred revenue | [3] | (8,507) | ||
Deferred income taxes, noncurrent | [3] | 7,121 | ||
Stockholders’ equity: | ||||
Accumulated other comprehensive income | [4] | 196 | ||
Retained earnings | [3],[4] | $ 34,515 | ||
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. | |||
[2] | Unbilled accounts receivable was previously included in Accounts receivable before the adoption of Topic 606. | |||
[3] | Adjusted to reflect the adoption of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” | |||
[4] | Adjusted to reflect the adoption of ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” |
Summary of Business and Signi_9
Summary of Business and Significant Accounting Policies - Schedule of Consolidated Statements of Comprehensive Income (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | [1] | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | ||||
Revenues: | |||||||||||||||
Subscription services | $ 862,210 | $ 690,559 | [1] | $ 550,542 | [1] | ||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing | [2] | 148,867 | 128,781 | [1] | 110,634 | [1] | |||||||||
Operating income | $ 62,998 | $ 63,094 | $ 52,818 | $ 43,956 | $ 38,504 | $ 42,495 | $ 38,067 | $ 38,863 | 222,866 | 157,929 | [1] | 120,688 | [1] | ||
Provision for income taxes | 8,811 | 14,594 | [1] | 44,783 | [1] | ||||||||||
Net income | $ 71,151 | $ 64,085 | $ 50,286 | $ 44,310 | $ 40,654 | $ 34,925 | $ 38,602 | $ 36,996 | $ 229,832 | $ 151,177 | [1] | $ 77,572 | [1] | ||
Net income per share attributable to Class A and Class B common stockholders: | |||||||||||||||
Basic | $ 0.49 | $ 0.44 | $ 0.35 | $ 0.31 | $ 0.29 | $ 0.25 | $ 0.28 | $ 0.27 | $ 1.59 | $ 1.08 | [1] | $ 0.57 | [1] | ||
Diluted | $ 0.45 | $ 0.41 | $ 0.32 | $ 0.29 | $ 0.26 | $ 0.23 | $ 0.25 | $ 0.24 | $ 1.47 | $ 0.98 | [1] | $ 0.53 | [1] | ||
Subscription services [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Subscription services | $ 694,467 | $ 559,434 | [1] | $ 440,815 | [1] | ||||||||||
As Reported [Member] | Topic 606 [Member] | |||||||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing | 130,898 | 116,803 | |||||||||||||
Operating income | 150,792 | 107,968 | |||||||||||||
Provision for income taxes | 16,668 | 40,831 | |||||||||||||
Net income | $ 141,966 | $ 68,804 | |||||||||||||
Net income per share attributable to Class A and Class B common stockholders: | |||||||||||||||
Basic | $ 1.01 | $ 0.51 | |||||||||||||
Diluted | $ 0.92 | $ 0.47 | |||||||||||||
As Reported [Member] | Subscription services [Member] | Topic 606 [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Subscription services | $ 554,446 | $ 434,316 | |||||||||||||
Adjustments [Member] | Topic 606 [Member] | |||||||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing | [3] | (2,117) | (6,169) | ||||||||||||
Operating income | [3] | 7,137 | 12,720 | ||||||||||||
Provision for income taxes | [3] | (2,074) | 3,952 | ||||||||||||
Net income | [3] | $ 9,211 | $ 8,768 | ||||||||||||
Net income per share attributable to Class A and Class B common stockholders: | |||||||||||||||
Basic | [3] | $ 0.07 | $ 0.06 | ||||||||||||
Diluted | [3] | $ 0.06 | $ 0.06 | ||||||||||||
Adjustments [Member] | Subscription services [Member] | Topic 606 [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Subscription services | [3] | $ 4,988 | $ 6,499 | ||||||||||||
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. | ||||||||||||||
[2] | Includes stock-based compensation as follows: Cost of revenues: Cost of subscription services $1,553 $1,448 $1,109 Cost of professional services and other 10,575 8,476 6,002 Research and development 22,138 17,782 11,937 Sales and marketing 18,381 16,288 13,271 General and administrative 23,778 10,055 8,479 Total stock-based compensation $76,425 $54,049 $40,798 | ||||||||||||||
[3] | Adjusted to reflect the adoption of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” |
Summary of Business and Sign_10
Summary of Business and Significant Accounting Policies - Schedule of Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | ||||
Cash flows from operating activities | ||||||
Net income | $ 229,832 | $ 151,177 | [1] | $ 77,572 | [1] | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Amortization of deferred costs | 18,378 | 16,647 | [1] | 14,187 | [1] | |
Deferred income taxes | (8,091) | 1,209 | [1] | (1,120) | [1] | |
Changes in operating assets and liabilities: | ||||||
Accounts receivable | (78,995) | (47,799) | [1] | (36,647) | [1] | |
Unbilled accounts receivable | (4,774) | (4,329) | [1] | (3,026) | [1] | |
Deferred costs | (18,941) | (18,795) | [1] | (20,408) | [1] | |
Deferred revenue | 89,416 | 58,240 | [1] | 51,234 | [1] | |
Net cash provided by operating activities | 310,827 | 233,438 | [1] | 144,011 | [1] | |
Net cash (used in) provided by investing activities | (103,869) | (154,520) | [1] | (96,754) | [1] | |
Net change in cash, cash equivalents and restricted cash | 230,791 | 102,780 | [1] | 85,324 | [1] | |
Cash, cash equivalents, and restricted cash at beginning of period | [1] | 321,387 | 218,607 | 133,283 | ||
Cash, cash equivalents, and restricted cash at end of period | 552,178 | 321,387 | [1] | 218,607 | [1] | |
As Reported [Member] | Topic 606 [Member] | ||||||
Cash flows from operating activities | ||||||
Net income | 141,966 | 68,804 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Deferred income taxes | 3,282 | (5,073) | ||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | (50,673) | (38,148) | ||||
Deferred revenue | 61,773 | 56,208 | ||||
Net cash provided by operating activities | 233,437 | 144,011 | ||||
Change in restricted cash and deposits | (202) | 102 | ||||
Net cash (used in) provided by investing activities | (154,722) | (96,652) | ||||
Net change in cash, cash equivalents and restricted cash | 102,577 | 85,427 | ||||
Cash, cash equivalents, and restricted cash at beginning of period | 320,183 | 217,606 | 132,179 | |||
Cash, cash equivalents, and restricted cash at end of period | 320,183 | 217,606 | ||||
Adjustments [Member] | Topic 606 [Member] | ||||||
Cash flows from operating activities | ||||||
Net income | [2] | 9,211 | 8,768 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Amortization of deferred costs | [2] | 16,647 | 14,187 | |||
Deferred income taxes | [2] | (2,073) | 3,953 | |||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | [2] | 2,874 | 1,501 | |||
Unbilled accounts receivable | [2] | (4,329) | (3,026) | |||
Deferred costs | [2] | (18,795) | (20,408) | |||
Deferred revenue | [2] | (3,533) | (4,974) | |||
Net cash provided by operating activities | [2] | 1 | ||||
Change in restricted cash and deposits | [3] | 202 | (102) | |||
Net cash (used in) provided by investing activities | [3] | 202 | (102) | |||
Net change in cash, cash equivalents and restricted cash | [3] | 203 | (103) | |||
Cash, cash equivalents, and restricted cash at beginning of period | [3] | $ 1,204 | 1,001 | 1,104 | ||
Cash, cash equivalents, and restricted cash at end of period | [3] | $ 1,204 | $ 1,001 | |||
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. | |||||
[2] | Adjusted to reflect the adoption of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” | |||||
[3] | Adjusted to reflect the adoption of ASU 2016-18, “Statement of Cash Flows, Restricted Cash.” |
Short-Term Investments - Schedu
Short-Term Investments - Schedule of Short-Term Investments (Detail) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized cost | $ 539,743 | $ 443,272 | |
Available-for-sale securities, Gross unrealized gains | 282 | 7 | |
Available-for-sale securities, Gross unrealized losses | (835) | (1,500) | |
Available-for-sale securities, Estimated fair value | 539,190 | 441,779 | [1] |
Certificates of deposits [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized cost | 6,001 | ||
Available-for-sale securities, Gross unrealized gains | 10 | ||
Available-for-sale securities, Gross unrealized losses | (1) | ||
Available-for-sale securities, Estimated fair value | 6,010 | ||
Asset-backed securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized cost | 78,682 | 67,875 | |
Available-for-sale securities, Gross unrealized gains | 13 | ||
Available-for-sale securities, Gross unrealized losses | (300) | (424) | |
Available-for-sale securities, Estimated fair value | 78,395 | 67,451 | |
Commercial paper [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized cost | 9,118 | 19,926 | |
Available-for-sale securities, Gross unrealized gains | 1 | ||
Available-for-sale securities, Gross unrealized losses | (2) | (12) | |
Available-for-sale securities, Estimated fair value | 9,117 | 19,914 | |
Corporate notes and bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized cost | 185,409 | 160,499 | |
Available-for-sale securities, Gross unrealized gains | 178 | 1 | |
Available-for-sale securities, Gross unrealized losses | (457) | (759) | |
Available-for-sale securities, Estimated fair value | 185,130 | 159,741 | |
Foreign government bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized cost | 1,502 | 1,504 | |
Available-for-sale securities, Gross unrealized losses | (11) | (18) | |
Available-for-sale securities, Estimated fair value | 1,491 | 1,486 | |
Mortgage backed securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized cost | 11,555 | ||
Available-for-sale securities, Gross unrealized losses | (75) | ||
Available-for-sale securities, Estimated fair value | 11,480 | ||
U.S. agency obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized cost | 15,912 | 71,206 | |
Available-for-sale securities, Gross unrealized gains | 2 | 1 | |
Available-for-sale securities, Gross unrealized losses | (2) | (76) | |
Available-for-sale securities, Estimated fair value | 15,912 | 71,131 | |
U.S. treasury securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized cost | 243,119 | 110,707 | |
Available-for-sale securities, Gross unrealized gains | 78 | 5 | |
Available-for-sale securities, Gross unrealized losses | (62) | (136) | |
Available-for-sale securities, Estimated fair value | $ 243,135 | $ 110,576 | |
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Short-Term Investments - Summar
Short-Term Investments - Summary of Estimated Fair Value of Short-Term Investments, Designated as Available-for-Sale and Classified by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |||
Due in one year or less | $ 377,858 | $ 308,172 | |
Due in greater than one year | 161,332 | 133,607 | |
Total | $ 539,190 | $ 441,779 | [1] |
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Short-Term Investments - Additi
Short-Term Investments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | ||
Other-than-temporary impairment losses on investments | $ 0 | $ 0 |
Short-Term Investments - Sche_2
Short-Term Investments - Schedule of Fair Values and Gross Unrealized Loss Position of Available-for-Sale Securities Aggregated by Investment Category (Detail) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Certificates of deposits [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | $ 999 | |
Gross unrealized losses | (1) | |
Asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 69,131 | $ 65,690 |
Gross unrealized losses | (300) | (424) |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 7,155 | 19,914 |
Gross unrealized losses | (2) | (12) |
Corporate notes and bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 121,006 | 155,419 |
Gross unrealized losses | (457) | (759) |
Foreign government bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 1,490 | 1,485 |
Gross unrealized losses | (11) | (18) |
Mortgage backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 11,481 | |
Gross unrealized losses | (75) | |
U.S. agency obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 14,928 | 66,655 |
Gross unrealized losses | (2) | (76) |
U.S. treasury securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 130,785 | 82,147 |
Gross unrealized losses | $ (62) | $ (136) |
Deferred Costs - Additional Inf
Deferred Costs - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |||
Deferred Costs [Abstract] | |||||
Deferred costs | $ 30,869,000 | $ 30,306,000 | [1] | ||
Amortization of deferred costs | 18,378,000 | 16,647,000 | [1] | $ 14,187,000 | [1] |
Impairment losses recorded in relation to the costs capitalized | $ 0 | $ 0 | $ 0 | ||
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Property and Equipment, Net - C
Property and Equipment, Net - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | $ 71,230 | $ 65,121 | ||
Less accumulated depreciation | (16,264) | (12,837) | ||
Total property and equipment, net | 54,966 | 52,284 | [1] | $ 49,907 |
Land [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 3,040 | 3,040 | ||
Building [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 20,984 | 20,984 | ||
Land improvements and building improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 20,911 | 20,073 | ||
Equipment and computers [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 7,945 | 7,732 | ||
Furniture and fixtures [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 11,230 | 9,619 | ||
Leasehold improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 6,790 | 3,637 | ||
Construction in progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | $ 330 | $ 36 | ||
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Property Plant And Equipment [Abstract] | |||
Depreciation | $ 6.4 | $ 5.9 | $ 4.9 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Details of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | ||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross carrying amount | $ 54,470 | $ 54,470 | |
Intangible assets, Accumulated amortization | (29,949) | (22,980) | |
Intangible assets, Net | 24,521 | 31,490 | [1] |
Existing technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross carrying amount | 3,880 | 3,880 | |
Intangible assets, Accumulated amortization | (3,834) | (3,509) | |
Intangible assets, Net | $ 46 | $ 371 | |
Intangible assets, Remaining useful life | 1 year 2 months 12 days | 9 months 18 days | |
Database [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross carrying amount | $ 4,939 | $ 4,939 | |
Intangible assets, Accumulated amortization | (4,521) | (4,091) | |
Intangible assets, Net | $ 418 | $ 848 | |
Intangible assets, Remaining useful life | 1 year 2 months 12 days | 2 years | |
Customer contracts and relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross carrying amount | $ 33,643 | $ 33,643 | |
Intangible assets, Accumulated amortization | (12,350) | (8,798) | |
Intangible assets, Net | $ 21,293 | $ 24,845 | |
Intangible assets, Remaining useful life | 6 years 7 months 6 days | 7 years 6 months | |
Software [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross carrying amount | $ 10,867 | $ 10,867 | |
Intangible assets, Accumulated amortization | (8,156) | (5,820) | |
Intangible assets, Net | $ 2,711 | $ 5,047 | |
Intangible assets, Remaining useful life | 1 year 2 months 12 days | 2 years 2 months 12 days | |
Brand [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross carrying amount | $ 1,141 | $ 1,141 | |
Intangible assets, Accumulated amortization | (1,088) | (762) | |
Intangible assets, Net | $ 53 | $ 379 | |
Intangible assets, Remaining useful life | 2 months 12 days | 1 year 2 months 12 days | |
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 7 | $ 7.8 | $ 8.2 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 | [1] |
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract] | |||
Fiscal 2020 | $ 6,062 | ||
Fiscal 2021 | 3,629 | ||
Fiscal 2022 | 3,182 | ||
Fiscal 2023 | 3,182 | ||
Fiscal 2024 | 3,182 | ||
Thereafter | 5,284 | ||
Intangible assets, Net | $ 24,521 | $ 31,490 | |
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 | |
Payables And Accruals [Abstract] | |||
Accrued commissions | $ 2,633 | $ 3,565 | |
Accrued bonus | 2,848 | 3,068 | |
Accrued vacation | 3,110 | 2,608 | |
Payroll tax payable | 1,971 | 3,580 | |
Accrued other compensation and benefits | 4,762 | 4,233 | |
Total accrued compensation and benefits | 15,324 | 17,054 | [1] |
Accrued fees payable to salesforce.com | 5,242 | 4,929 | |
Accrued third-party professional services subcontractors' fees | 1,619 | 1,614 | |
Taxes payable | 2,805 | 3,009 | |
Other accrued expenses | 6,479 | 3,600 | |
Total accrued expenses and other current liabilities | $ 16,145 | $ 13,152 | [1] |
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 | |
Assets | |||
Short-term investments | $ 539,190 | $ 441,779 | [1] |
Commercial paper [Member] | |||
Assets | |||
Short-term investments | 9,117 | 19,914 | |
Corporate notes and bonds [Member] | |||
Assets | |||
Short-term investments | 185,130 | 159,741 | |
U.S. treasury securities [Member] | |||
Assets | |||
Short-term investments | 243,135 | 110,576 | |
Certificates of deposits [Member] | |||
Assets | |||
Short-term investments | 6,010 | ||
Asset-backed securities [Member] | |||
Assets | |||
Short-term investments | 78,395 | 67,451 | |
Foreign government bonds [Member] | |||
Assets | |||
Short-term investments | 1,491 | 1,486 | |
Mortgage backed securities [Member] | |||
Assets | |||
Short-term investments | 11,480 | ||
U.S. agency obligations [Member] | |||
Assets | |||
Short-term investments | 15,912 | 71,131 | |
Fair value, measurements recurring [Member] | |||
Assets | |||
Total | 620,897 | 479,805 | |
Liabilities | |||
Total | 88 | 391 | |
Fair value, measurements recurring [Member] | Money market funds [Member] | |||
Assets | |||
Cash equivalents | 39,168 | 25,820 | |
Fair value, measurements recurring [Member] | Commercial paper [Member] | |||
Assets | |||
Cash equivalents | 1,999 | ||
Short-term investments | 9,117 | 19,914 | |
Fair value, measurements recurring [Member] | Corporate notes and bonds [Member] | |||
Assets | |||
Cash equivalents | 1,034 | 2,080 | |
Short-term investments | 185,130 | 159,741 | |
Fair value, measurements recurring [Member] | U.S. treasury securities [Member] | |||
Assets | |||
Cash equivalents | 41,505 | 8,000 | |
Short-term investments | 243,135 | 110,576 | |
Fair value, measurements recurring [Member] | Certificates of deposits [Member] | |||
Assets | |||
Short-term investments | 6,010 | ||
Fair value, measurements recurring [Member] | Asset-backed securities [Member] | |||
Assets | |||
Short-term investments | 78,395 | 67,451 | |
Fair value, measurements recurring [Member] | Foreign government bonds [Member] | |||
Assets | |||
Short-term investments | 1,491 | 1,486 | |
Fair value, measurements recurring [Member] | Mortgage backed securities [Member] | |||
Assets | |||
Short-term investments | 11,480 | ||
Fair value, measurements recurring [Member] | U.S. agency obligations [Member] | |||
Assets | |||
Short-term investments | 15,912 | 71,131 | |
Fair value, measurements recurring [Member] | Foreign currency derivative contracts [Member] | |||
Assets | |||
Foreign currency derivative contracts | 127 | ||
Liabilities | |||
Foreign currency derivative contracts | 88 | 391 | |
Fair value, measurements recurring [Member] | Level 1 [Member] | |||
Assets | |||
Total | 39,168 | 25,820 | |
Fair value, measurements recurring [Member] | Level 1 [Member] | Money market funds [Member] | |||
Assets | |||
Cash equivalents | 39,168 | 25,820 | |
Fair value, measurements recurring [Member] | Level 2 [Member] | |||
Assets | |||
Total | 581,729 | 453,985 | |
Liabilities | |||
Total | 88 | 391 | |
Fair value, measurements recurring [Member] | Level 2 [Member] | Commercial paper [Member] | |||
Assets | |||
Cash equivalents | 1,999 | ||
Short-term investments | 9,117 | 19,914 | |
Fair value, measurements recurring [Member] | Level 2 [Member] | Corporate notes and bonds [Member] | |||
Assets | |||
Cash equivalents | 1,034 | 2,080 | |
Short-term investments | 185,130 | 159,741 | |
Fair value, measurements recurring [Member] | Level 2 [Member] | U.S. treasury securities [Member] | |||
Assets | |||
Cash equivalents | 41,505 | 8,000 | |
Short-term investments | 243,135 | 110,576 | |
Fair value, measurements recurring [Member] | Level 2 [Member] | Certificates of deposits [Member] | |||
Assets | |||
Short-term investments | 6,010 | ||
Fair value, measurements recurring [Member] | Level 2 [Member] | Asset-backed securities [Member] | |||
Assets | |||
Short-term investments | 78,395 | 67,451 | |
Fair value, measurements recurring [Member] | Level 2 [Member] | Foreign government bonds [Member] | |||
Assets | |||
Short-term investments | 1,491 | 1,486 | |
Fair value, measurements recurring [Member] | Level 2 [Member] | Mortgage backed securities [Member] | |||
Assets | |||
Short-term investments | 11,480 | ||
Fair value, measurements recurring [Member] | Level 2 [Member] | U.S. agency obligations [Member] | |||
Assets | |||
Short-term investments | 15,912 | 71,131 | |
Fair value, measurements recurring [Member] | Level 2 [Member] | Foreign currency derivative contracts [Member] | |||
Assets | |||
Foreign currency derivative contracts | 127 | ||
Liabilities | |||
Foreign currency derivative contracts | $ 88 | $ 391 | |
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Foreign currency forward contracts [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Foreign currency gain (losses) recognized | $ 0.3 | $ (4.3) |
Fair Value Measurements - Summa
Fair Value Measurements - Summary Fair Value of Outstanding Derivative Instruments (Detail) - Foreign currency derivative contracts [Member] - USD ($) | Jan. 31, 2019 | Jan. 31, 2018 |
Derivatives Fair Value [Line Items] | ||
Notional amount of foreign currency derivative contracts | $ (5,112,000) | $ 36,266,000 |
Fair value of foreign currency derivative contracts | $ (5,024,000) | $ 36,531,000 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Outstanding Balance Sheet Hedges (Detail) - Foreign currency derivative contracts [Member] - Derivatives not designated as hedging instruments [Member] - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Prepaid expenses and other current assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Assets | $ 127 | |
Accrued expenses [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Liabilities | $ 88 | $ 391 |
Other Income, Net - Other Incom
Other Income, Net - Other Income, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |||
Other Income And Expenses [Abstract] | |||||
Foreign currency gain (loss) | $ (2,103) | $ 1,177 | $ (1,009) | ||
Accretion (amortization) on investments | 2,492 | (1,718) | (1,801) | ||
Interest income | 15,388 | 8,383 | 4,477 | ||
Other income, net | $ 15,777 | $ 7,842 | [1] | $ 1,667 | [1] |
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Income Taxes - Components of In
Income Taxes - Components of Income before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |||
Income Tax Disclosure [Abstract] | |||||
United States | $ 222,743 | $ 140,172 | $ 110,701 | ||
Foreign | 15,900 | 25,599 | 11,654 | ||
Income before income taxes | $ 238,643 | $ 165,771 | [1] | $ 122,355 | [1] |
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |||
Current provision: | |||||
Federal | $ 5,466 | $ 5,315 | $ 36,004 | ||
State | 4,089 | 209 | 4,924 | ||
Foreign | 7,438 | 8,022 | 4,976 | ||
Total | 16,993 | 13,546 | 45,904 | ||
Deferred provision: | |||||
Federal | (1,910) | 1,681 | 966 | ||
State | (619) | 330 | 2 | ||
Foreign | (5,653) | (963) | (2,089) | ||
Total | (8,182) | 1,048 | (1,121) | ||
Provision for income taxes | $ 8,811 | $ 14,594 | [1] | $ 44,783 | [1] |
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income Tax Contingency [Line Items] | ||||
Federal statutory income tax rate | 21.00% | 33.80% | 35.00% | |
Net operating loss carryforwards for federal | $ 0 | |||
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 | $ 12,597,000 | $ 11,398,000 | $ 7,868,000 | $ 5,248,000 |
Unrecognized tax benefits, that would impact tax rate if recognized | $ 6,900,000 | |||
California [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Open tax years | 2014 | |||
Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Federal statutory income tax rate | 35.00% | |||
California [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax credits | $ 24,100,000 | |||
Federal [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax credits | $ 13,100,000 | |||
Tax credits expire year | 2029 | |||
Open tax years | 2016 | |||
Other states [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Open tax years | 2014 | |||
Foreign Jurisdictions [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Open tax years | 2013 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Federal Income Tax to Effective Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |||
Income Tax Disclosure [Abstract] | |||||
Federal tax statutory tax rate | $ 50,115 | $ 56,047 | $ 42,824 | ||
State taxes | 3,139 | 3,936 | 4,104 | ||
Permanent differences | 594 | (462) | (367) | ||
Tax credits | (21,415) | (9,409) | (6,739) | ||
Domestic manufacturing deduction | (1,096) | (1,678) | |||
Stock-based compensation | (33,332) | (37,347) | 4,338 | ||
Foreign rate differential | 610 | (2,207) | 1,042 | ||
Valuation allowance | 6,666 | 4,010 | 1,630 | ||
Impact of foreign operations | 3,381 | 4,842 | 1,891 | ||
Others | (947) | (3,720) | (2,262) | ||
Provision for income taxes | $ 8,811 | $ 14,594 | [1] | $ 44,783 | [1] |
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Deferred Tax Assets: | ||
Accruals and reserves | $ 4,970 | $ 87 |
State income taxes | 116 | 2,002 |
Net operating loss carryforward | 2,885 | 236 |
Tax credit carryforward | 15,411 | 10,196 |
Other | 435 | 30 |
Gross Deferred Tax Assets | 23,817 | 12,551 |
Valuation Allowance | (15,385) | (10,329) |
Total Deferred Tax Assets | 8,432 | 2,222 |
Deferred Tax Liabilities: | ||
Property and equipment | (822) | (633) |
Intangible assets | (7,159) | (8,078) |
Expensed internal-use software | (608) | (595) |
Other | (1,643) | |
Total Deferred Tax Liabilities | (8,589) | (10,949) |
Net Deferred Tax Assets (Liabilities) | $ (157) | $ (8,727) |
Income Taxes - Summary of Chang
Income Taxes - Summary of Changes in Total Gross Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 11,398 | $ 7,868 | $ 5,248 |
Increases related to tax positions taken during the prior period | 968 | 256 | 24 |
Increases related to tax positions taken during the current period | 2,697 | 4,032 | 2,888 |
Decreases related to tax positions taken during the prior period | (1,754) | (67) | |
Audit settlements | (403) | ||
Lapse of statute of limitations | (309) | (691) | (292) |
Ending balance | $ 12,597 | $ 11,398 | $ 7,868 |
Deferred Revenue and Performa_2
Deferred Revenue and Performance Obligations - Additional Information (Detail) - Subscription services [Member] - USD ($) $ in Millions | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Revenue From Contracts With Customers [Line Items] | ||
Recognition of deferred revenue | $ 264.8 | $ 206.8 |
Revenue expected to be recognized from remaining performance obligations | 737.7 | |
Revenue expected to recognize from remaining performance obligations over the next 12 months | $ 577.6 |
Deferred Revenue and Performa_3
Deferred Revenue and Performance Obligations - Additional Information (Detail1) | Jan. 31, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-02-01 | |
Revenue From Contracts With Customers [Line Items] | |
Revenue, remaining performance obligation, recognition period | 12 months |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Feb. 01, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option award | 12,961,397 | 16,024,146 | |||
Board of directors service term | 3 years | ||||
Dividend declared | $ 0 | ||||
Dividend paid | $ 0 | ||||
Weighted-average grant date fair value of options granted | $ 35.43 | $ 30.87 | $ 14.12 | ||
Unrecognized compensation cost related to unvested stock options granted | $ 93,700,000 | ||||
Closing stock price | $ 109.06 | ||||
Intrinsic value of options exercised | $ 212,100,000 | ||||
Stock options, granted | 185,530 | ||||
Accounting Standards Update 2016-09 [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Net cumulative-effect adjustment on retained earnings | $ 700,000 | ||||
Stock Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted average period of unvested stock | 3 years 10 months 24 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted average period of unvested stock | 2 years 3 months 18 days | ||||
Weighted average grant date fair value, RSUs granted | $ 76.83 | ||||
Unrecognized compensation cost related to unvested RSUs | $ 119,300,000 | ||||
Total intrinsic value, vested | $ 110,400,000 | ||||
CEO [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock options, granted | 2,838,635 | ||||
CEO [Member] | Stock Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of vesting tranches based on market conditions | The stock option award is made up of five separate tranches. The first tranche vests over time, while the remaining four tranches vest based on certain stock price targets (market conditions). | ||||
2007 Stock Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option award | 0 | ||||
2007 Stock Plan [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation cost recognition vesting service period | 9 years | ||||
2007 Stock Plan [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation cost recognition vesting service period | 4 years | ||||
2012 Equity Incentive Award Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option award | 0 | ||||
2013 Equity Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option award | 0 | ||||
Minimum incremental of issuance of common stock | 13,750,000 | ||||
Common shares outstanding percentage | 5.00% | ||||
Effective date of plan | Oct. 15, 2013 | ||||
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. During our fiscal year ended January 31, 2019, our board of directors determined to add 6,393,122 shares of common stock to the 2013 EIP. | ||||
2013 Equity Incentive Plan [Member] | Stock Options [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option exercisable period | 10 years | ||||
Award vesting period | 9 years | ||||
2013 Equity Incentive Plan [Member] | Stock Options [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 5 years | ||||
2013 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted average grant date fair value, RSUs granted | $ 76.83 | ||||
2013 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
2013 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
2013 Equity Incentive Plan [Member] | Board of Directors [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Incremental of issuance of common stock | 6,393,122 | ||||
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% | ||||
Common stock reserve for future issuance | 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. | ||||
Number of shares available for issuance | 4,897,856 | ||||
Common stock acquire at fair market value | 85.00% | ||||
Common stock purchases through payroll deductions | 15.00% | ||||
2007 Stock Plans [Member] | Stock Options [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option exercisable period | 10 years | ||||
Award vesting period | 5 years | ||||
2007 Stock Plans [Member] | Stock Options [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
2012 Stock Plan [Member] | Stock Options [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option exercisable period | 10 years | ||||
Award vesting period | 9 years | ||||
2012 Stock Plan [Member] | Stock Options [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award 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 cost recognition vesting service period | 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 cost recognition vesting service period | 4 years | ||||
Class A common stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock, shares outstanding | 125,980,019 | 117,246,735 | [1] | ||
Conversion of common stock outstanding | 100.00% | ||||
Conversion of common stock | 100.00% | ||||
Class A common stock [Member] | 2013 Equity Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock Available for issuance | 24,734,680 | ||||
Class B common stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock, shares outstanding | 20,210,060 | 24,822,661 | [1] | ||
Common stock, shares unvested | 0 | 0 | |||
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Option Activity (Detail) - USD ($) | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of shares, Options outstanding, Beginning Balance | 16,024,146 | |
Number of shares, Options granted | 185,530 | |
Number of shares, Options exercised | (2,807,092) | |
Number of shares, Options forfeited/cancelled | (441,187) | |
Number of shares, Options outstanding, Ending Balance | 12,961,397 | 16,024,146 |
Number of shares, Options vested and exercisable | 6,415,267 | |
Number of shares, Options vested and exercisable and expected to vest thereafter | 12,961,397 | |
Weighted average exercise price, Options outstanding, Beginning Balance | $ 16.76 | |
Weighted average exercise price, Options granted | 78.86 | |
Weighted average exercise price, Options exercised | 9.10 | |
Weighted average exercise price, Options forfeited/cancelled | 13.26 | |
Weighted average exercise price, Options outstanding, Ending Balance | 19.43 | $ 16.76 |
Weighted average exercise price, Options vested and exercisable | 5.15 | |
Weighted average exercise price, Options vested and exercisable and expected to vest thereafter | $ 19.43 | |
Weighted average remaining contractual term (in years), Options outstanding | 5 years 4 months 24 days | 6 years 1 month 6 days |
Weighted average remaining contractual term (in years), Options vested and exercisable | 4 years | |
Weighted average remaining contractual term (in years), Options vested and exercisable and expected to vest thereafter | 5 years 4 months 24 days | |
Aggregate intrinsic value, Options outstanding | $ 1,161,695,032 | $ 738,648,507 |
Aggregate intrinsic value, Options vested and exercisable | 666,620,512 | |
Aggregate intrinsic value, Options vested and exercisable and expected to vest thereafter | $ 1,161,695,032 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Jan. 31, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unreleased restricted stock units, Beginning Balance | shares | 2,901,736 |
Unreleased restricted stock units, RSUs granted | shares | 1,096,773 |
Unreleased restricted stock units, RSUs vested | shares | (1,313,823) |
Unreleased restricted stock units, RSUs forfeited/cancelled | shares | (325,554) |
Unreleased restricted stock units, Ending Balance | shares | 2,359,132 |
Weighted average grant date fair value, Beginning Balance | $ / shares | $ 38.14 |
Weighted average grant date fair value, RSUs granted | $ / shares | 76.83 |
Weighted average grant date fair value, RSUs vested | $ / shares | 38.77 |
Weighted average grant date fair value, RSUs forfeited/cancelled | $ / shares | 45.70 |
Weighted average grant date fair value, Ending Balance | $ / shares | $ 54.73 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Weighted-Average Assumptions Used to Estimate Grant Date Fair Value of Options Granted (Detail) - Stock Options [Member] | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility | 41.00% | ||
Volatility, Minimum | 42.00% | 45.00% | |
Volatility, Maximum | 44.00% | 46.00% | |
Expected term (in years) | 6 years 4 months 6 days | ||
Risk-free interest rate, Minimum | 2.57% | 1.86% | 1.48% |
Risk-free interest rate, Maximum | 2.74% | 2.21% | 2.10% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 3 months | 6 years 3 months 21 days | |
Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 4 months 6 days | 7 years 6 months 21 days |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Weighted-Average Assumptions Used In For Each Tranche Granted (Detail) - Stock Options [Member] | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility | 41.00% | ||
Expected term (in years) | 6 years 4 months 6 days | ||
Dividend yield | 0.00% | 0.00% | 0.00% |
CEO [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility | 41.00% | ||
Expected term (in years) | 10 years | ||
Risk-free interest rate | 2.53% | ||
Dividend yield | 0.00% |
Net Income per Share Attribut_3
Net Income per Share Attributable to Common Stockholders - Numerators and Denominators of the Basic and Diluted EPS Computations for Common Stock (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | [1] | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | ||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||||||||||
Net income | $ 71,151 | $ 64,085 | $ 50,286 | $ 44,310 | $ 40,654 | $ 34,925 | $ 38,602 | $ 36,996 | $ 229,832 | $ 151,177 | [1] | $ 77,572 | [1] | ||
Weighted average shares used in computing net income per share attributable to common stockholders, basic | 144,244 | 140,311 | [1] | 135,698 | [1] | ||||||||||
Net income per share attributable to common stockholders, basic | $ 0.49 | $ 0.44 | $ 0.35 | $ 0.31 | $ 0.29 | $ 0.25 | $ 0.28 | $ 0.27 | $ 1.59 | $ 1.08 | [1] | $ 0.57 | [1] | ||
Reallocation as a result of conversion of Class B to Class A common stock: | |||||||||||||||
Weighted average shares used in computing net income per share attributable to common stockholders, diluted | 156,117 | 153,681 | [1] | 147,578 | [1] | ||||||||||
Net income per share attributable to common stockholders, diluted | $ 0.45 | $ 0.41 | $ 0.32 | $ 0.29 | $ 0.26 | $ 0.23 | $ 0.25 | $ 0.24 | $ 1.47 | $ 0.98 | [1] | $ 0.53 | [1] | ||
Class A common stock [Member] | |||||||||||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||||||||||
Net income | $ 194,607 | ||||||||||||||
Net income attributable to common stockholders, basic | $ 194,607 | ||||||||||||||
Weighted average shares used in computing net income per share attributable to common stockholders, basic | 122,137 | ||||||||||||||
Net income per share attributable to common stockholders, basic | $ 1.59 | ||||||||||||||
Net income attributable to common stockholders, basic | $ 194,607 | ||||||||||||||
Reallocation as a result of conversion of Class B to Class A common stock: | |||||||||||||||
Net income attributable to common stockholders, basic | 35,225 | ||||||||||||||
Net income attributable to common stockholders, diluted | $ 229,832 | ||||||||||||||
Conversion of Class B to Class A common stock | 22,107 | ||||||||||||||
Effect of potentially dilutive common shares | 11,873 | ||||||||||||||
Weighted average shares used in computing net income per share attributable to common stockholders, diluted | 156,117 | ||||||||||||||
Net income per share attributable to common stockholders, diluted | $ 1.47 | ||||||||||||||
Class A common stock [Member] | As adjusted [Member] | |||||||||||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||||||||||
Net income | [1] | $ 121,203 | $ 56,145 | ||||||||||||
Undistributed earnings allocated to participating securities | [1] | (2) | |||||||||||||
Net income attributable to common stockholders, basic | [1] | $ 121,203 | $ 56,143 | ||||||||||||
Weighted average shares used in computing net income per share attributable to common stockholders, basic | [1] | 112,491 | 98,216 | ||||||||||||
Net income per share attributable to common stockholders, basic | [1] | $ 1.08 | $ 0.57 | ||||||||||||
Net income attributable to common stockholders, basic | [1] | $ 121,203 | $ 56,143 | ||||||||||||
Reallocation as a result of conversion of Class B to Class A common stock: | |||||||||||||||
Net income attributable to common stockholders, basic | [1] | 29,974 | 21,426 | ||||||||||||
Net income attributable to common stockholders, diluted | [1] | $ 151,177 | $ 77,569 | ||||||||||||
Conversion of Class B to Class A common stock | [1] | 27,820 | 37,482 | ||||||||||||
Effect of potentially dilutive common shares | [1] | 13,370 | 11,880 | ||||||||||||
Weighted average shares used in computing net income per share attributable to common stockholders, diluted | [1] | 153,681 | 147,578 | ||||||||||||
Net income per share attributable to common stockholders, diluted | [1] | $ 0.98 | $ 0.53 | ||||||||||||
Class B common stock [Member] | |||||||||||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||||||||||
Net income | $ 35,225 | ||||||||||||||
Net income attributable to common stockholders, basic | $ 35,225 | ||||||||||||||
Weighted average shares used in computing net income per share attributable to common stockholders, basic | 22,107 | ||||||||||||||
Net income per share attributable to common stockholders, basic | $ 1.59 | ||||||||||||||
Net income attributable to common stockholders, basic | $ 35,225 | ||||||||||||||
Reallocation as a result of conversion of Class B to Class A common stock: | |||||||||||||||
Reallocation of net income to Class B common stock | 14,800 | ||||||||||||||
Net income attributable to common stockholders, diluted | $ 50,025 | ||||||||||||||
Effect of potentially dilutive common shares | 11,873 | ||||||||||||||
Weighted average shares used in computing net income per share attributable to common stockholders, diluted | 33,980 | ||||||||||||||
Net income per share attributable to common stockholders, diluted | $ 1.47 | ||||||||||||||
Class B common stock [Member] | As adjusted [Member] | |||||||||||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||||||||||
Net income | [1] | $ 29,974 | $ 21,427 | ||||||||||||
Undistributed earnings allocated to participating securities | [1] | (1) | |||||||||||||
Net income attributable to common stockholders, basic | [1] | $ 29,974 | $ 21,426 | ||||||||||||
Weighted average shares used in computing net income per share attributable to common stockholders, basic | [1] | 27,820 | 37,482 | ||||||||||||
Net income per share attributable to common stockholders, basic | [1] | $ 1.08 | $ 0.57 | ||||||||||||
Net income attributable to common stockholders, basic | [1] | $ 29,974 | $ 21,426 | ||||||||||||
Reallocation as a result of conversion of Class B to Class A common stock: | |||||||||||||||
Reallocation of net income to Class B common stock | [1] | 10,545 | 4,519 | ||||||||||||
Net income attributable to common stockholders, diluted | [1] | $ 40,519 | $ 25,945 | ||||||||||||
Effect of potentially dilutive common shares | [1] | 13,370 | 11,880 | ||||||||||||
Weighted average shares used in computing net income per share attributable to common stockholders, diluted | [1] | 41,190 | 49,362 | ||||||||||||
Net income per share attributable to common stockholders, diluted | [1] | $ 0.98 | $ 0.53 | ||||||||||||
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Net Income per Share Attribut_4
Net Income per Share Attributable to Common Stockholders - Potential Common Share Equivalents Excluded where the Inclusion would be Anti-dilutive (Detail) - shares | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
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 | 3,054,322 | 833,691 | 2,040,238 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Mar. 13, 2017USD ($) | Jan. 26, 2017Employee | Jan. 31, 2019USD ($)Motion | Jan. 31, 2018USD ($) | Jan. 31, 2017USD ($) |
Long Term Purchase Commitment [Line Items] | |||||
Rent expense | $ 5,900,000 | $ 5,000,000 | $ 4,500,000 | ||
Value-Added Reseller Agreement [Member] | |||||
Long Term Purchase Commitment [Line Items] | |||||
Minimum fee commitment obligation | $ 216,400,000 | ||||
Purchase commitment, description | The agreement, as amended, requires that we meet minimum order commitments of $500 million over the term of the agreement, which ends on September 1, 2025, including “true-up” payments if the orders we place with salesforce.com have not equaled or exceeded the following aggregate amounts within the timeframes indicated: (i) $250 million for the period from March 1, 2014 to September 1, 2020 and (ii) the full amount of $500 million by September 1, 2025. | ||||
Minimum order commitment | $ 500,000,000 | ||||
Agreement maturity date | Sep. 1, 2025 | ||||
Amount of first minimum order commitment met | $ 250,000,000 | ||||
Value-Added Reseller Agreement [Member] | September 1, 2025 [Member] | |||||
Long Term Purchase Commitment [Line Items] | |||||
Minimum order commitment | 500,000,000 | ||||
Value-Added Reseller Agreement [Member] | March 1, 2014 to September 1, 2020 [Member] | |||||
Long Term Purchase Commitment [Line Items] | |||||
Minimum order commitment | $ 250,000,000 | ||||
IQVIA Litigation Matter [Member] | |||||
Long Term Purchase Commitment [Line Items] | |||||
Litigation filed date | January 10, 2017 | ||||
Number of motions pending | Motion | 0 | ||||
IQVIA Litigation Matter [Member] | Minimum [Member] | |||||
Long Term Purchase Commitment [Line Items] | |||||
Monetary damages | $ 200,000,000 | ||||
Medidata Litigation Matter [Member] | |||||
Long Term Purchase Commitment [Line Items] | |||||
Litigation filed date | January 26, 2017 | ||||
Number of motions pending | Motion | 0 | ||||
Number of former employees | Employee | 5 | ||||
Defendants dismissed from case | Individual Defendants |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments Under Non-cancelable Operating Leases (Detail) $ in Thousands | Jan. 31, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Fiscal 2020 | $ 5,079 |
Fiscal 2021 | 4,843 |
Fiscal 2022 | 4,063 |
Fiscal 2023 | 2,534 |
Fiscal 2024 | 1,884 |
Thereafter | 1,495 |
Total | $ 19,898 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) | 1 Months Ended |
Sep. 30, 2016Product | |
Zoom Video Communications, Inc [Member] | |
Related Party Transaction [Line Items] | |
Number of products to embed into our multichannel customer relationship management applications | 2 |
Revenues by Product - Summary o
Revenues by Product - Summary of Total Revenues (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jan. 31, 2019 | Jan. 31, 2018 | [1] | Jan. 31, 2017 | [1] | ||
Disaggregation Of Revenue [Line Items] | ||||||
Total revenues | $ 862,210 | $ 690,559 | $ 550,542 | |||
Subscription services, Veeva Commercial Cloud [Member] | ||||||
Disaggregation Of Revenue [Line Items] | ||||||
Total revenues | 395,039 | 356,415 | 307,648 | |||
Subscription services, Veeva Vault [Member] | ||||||
Disaggregation Of Revenue [Line Items] | ||||||
Total revenues | [2] | 299,428 | 203,019 | 133,167 | ||
Subscription services [Member] | ||||||
Disaggregation Of Revenue [Line Items] | ||||||
Total revenues | 694,467 | 559,434 | 440,815 | |||
Professional services, Veeva Commercial Cloud [Member] | ||||||
Disaggregation Of Revenue [Line Items] | ||||||
Total revenues | 62,557 | 61,516 | 62,609 | |||
Professional services, Veeva Vault [Member] | ||||||
Disaggregation Of Revenue [Line Items] | ||||||
Total revenues | [2] | 105,186 | 69,609 | 47,118 | ||
Professional services [Member] | ||||||
Disaggregation Of Revenue [Line Items] | ||||||
Total revenues | $ 167,743 | $ 131,125 | $ 109,727 | |||
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. | |||||
[2] | Veeva Vault revenues includes revenue from legacy Zinc Ahead products. |
Information about Geographic _3
Information about Geographic Areas - Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | [1] | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Revenues by geography | ||||||||||||
Total revenues | $ 232,323 | $ 224,731 | $ 209,609 | $ 195,547 | $ 185,984 | $ 177,008 | $ 167,795 | $ 159,772 | $ 862,210 | $ 690,559 | $ 550,542 | |
North America [Member] | ||||||||||||
Revenues by geography | ||||||||||||
Total revenues | 480,713 | 377,797 | 299,056 | |||||||||
Europe and other [Member] | ||||||||||||
Revenues by geography | ||||||||||||
Total revenues | 236,100 | 188,542 | 164,416 | |||||||||
Asia Pacific [Member] | ||||||||||||
Revenues by geography | ||||||||||||
Total revenues | $ 145,397 | $ 124,220 | $ 87,070 | |||||||||
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
Information about Geographic _4
Information about Geographic Areas - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Long-lived assets by geography | ||||
Total long-lived assets | $ 54,966 | $ 52,284 | [1] | $ 49,907 |
North America [Member] | ||||
Long-lived assets by geography | ||||
Total long-lived assets | 51,748 | 49,214 | 47,096 | |
Europe and other [Member] | ||||
Long-lived assets by geography | ||||
Total long-lived assets | 1,783 | 1,840 | 1,762 | |
Asia Pacific [Member] | ||||
Long-lived assets by geography | ||||
Total long-lived assets | $ 1,435 | $ 1,230 | $ 1,049 | |
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |
401(k) Plan - Additional Inform
401(k) Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Defined Contribution Plan Disclosure [Line Items] | ||
Total expense related defined benefit plan | $ 3,300,000 | $ 400,000 |
RRSP [Member] | Canada [Member] | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Employer maximum matching contribution amount per employee per year | 2,000 | |
401(K) Plan [Member] | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Employer maximum matching contribution amount per employee per year | $ 2,000 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data - Summary of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | [1] | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Total revenues | $ 232,323 | $ 224,731 | $ 209,609 | $ 195,547 | $ 185,984 | $ 177,008 | $ 167,795 | $ 159,772 | $ 862,210 | $ 690,559 | $ 550,542 | |||
Gross profit | 167,797 | 163,357 | 150,383 | 135,392 | 127,073 | 123,774 | 117,395 | 110,895 | 616,929 | 479,137 | [1] | 376,861 | [1] | |
Operating income | 62,998 | 63,094 | 52,818 | 43,956 | 38,504 | 42,495 | 38,067 | 38,863 | 222,866 | 157,929 | [1] | 120,688 | [1] | |
Net income | $ 71,151 | $ 64,085 | $ 50,286 | $ 44,310 | $ 40,654 | $ 34,925 | $ 38,602 | $ 36,996 | $ 229,832 | $ 151,177 | [1] | $ 77,572 | [1] | |
Net income per share attributable to Class A and Class B common stockholders: | ||||||||||||||
Basic | $ 0.49 | $ 0.44 | $ 0.35 | $ 0.31 | $ 0.29 | $ 0.25 | $ 0.28 | $ 0.27 | $ 1.59 | $ 1.08 | [1] | $ 0.57 | [1] | |
Diluted | $ 0.45 | $ 0.41 | $ 0.32 | $ 0.29 | $ 0.26 | $ 0.23 | $ 0.25 | $ 0.24 | $ 1.47 | $ 0.98 | [1] | $ 0.53 | [1] | |
[1] | See note 1 of the notes to the consolidated financial statements for a summary of adjustments. |