Document and Entity Information
Document and Entity Information - USD ($) shares in Millions, $ in Billions | 12 Months Ended | ||
Jan. 31, 2019 | Mar. 31, 2019 | Jul. 31, 2018 | |
Document 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 | ZUO | ||
Entity Registrant Name | ZUORA INC | ||
Entity Central Index Key | 0001423774 | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1.7 | ||
Class A common stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 81.7 | ||
Class B common stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 28.8 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 67,940 | $ 48,208 |
Short-term investments | 107,908 | 0 |
Accounts receivable, net of allowance for doubtful accounts of $2,522 and $3,292 as of January 31, 2019 and January 31, 2018, respectively | 58,258 | 49,764 |
Restricted cash, current portion | 400 | 0 |
Prepaid expenses and other current assets | 10,414 | 9,302 |
Total current assets | 244,920 | 107,274 |
Property and equipment, net | 19,625 | 10,204 |
Restricted cash, net of current portion | 1,684 | 5,155 |
Purchased intangibles, net | 9,042 | 11,292 |
Goodwill | 20,861 | 20,614 |
Other assets | 3,292 | 827 |
Total assets | 299,424 | 155,366 |
Current liabilities: | ||
Accounts payable | 1,512 | 2,572 |
Accrued expenses and other current liabilities | 14,210 | 24,496 |
Accrued employee liabilities | 22,603 | 17,701 |
Debt, current portion | 2,963 | 2,917 |
Deferred revenue, current portion | 90,565 | 66,058 |
Lease obligation, current portion | 0 | 1,066 |
Total current liabilities | 131,853 | 114,810 |
Debt, net of current portion | 10,494 | 12,052 |
Deferred revenue, net of current portion | 406 | 346 |
Lease obligation, net of current portion | 0 | 324 |
Other long-term liabilities | 3,678 | 1,168 |
Total liabilities | 146,431 | 128,700 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Additional paid-in capital | 488,776 | 286,152 |
Related party receivable | 0 | (1,281) |
Accumulated other comprehensive income | 481 | 471 |
Accumulated deficit | (336,275) | (258,685) |
Total stockholders’ equity | 152,993 | 26,666 |
Total liabilities and stockholders’ equity | 299,424 | 155,366 |
Preferred stock | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Convertible preferred stock | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 6 |
Class A common stock | ||
Stockholders’ equity: | ||
Common stock | 8 | 0 |
Class B common stock | ||
Stockholders’ equity: | ||
Common stock | $ 3 | $ 3 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Allowance for doubtful accounts | $ 2,552 | $ 3,292 |
Preferred stock | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized (in shares) | 10,000,000 | 0 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Convertible preferred stock | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized (in shares) | 0 | 61,984,025 |
Preferred stock, issued (in shares) | 0 | 61,983,995 |
Preferred stock, outstanding (in shares) | 0 | 61,983,995 |
Class A common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 500,000,000 | 0 |
Common stock, issued (in shares) | 77,119,000 | 0 |
Common stock, outstanding (in shares) | 77,119,000 | 0 |
Class B common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 500,000,000 | 111,850,000 |
Common stock, issued (in shares) | 32,575,000 | 30,524,000 |
Common stock, outstanding (in shares) | 32,575,000 | 30,524,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Revenue: | |||
Total revenue | $ 235,196 | $ 167,926 | $ 113,008 |
Cost of revenue: | |||
Total cost of revenue | 116,590 | 79,906 | 48,162 |
Gross profit | 118,606 | 88,020 | 64,846 |
Operating expenses: | |||
Research and development | 54,417 | 38,639 | 26,355 |
Sales and marketing | 100,766 | 73,087 | 62,384 |
General and administrative | 39,230 | 22,572 | 15,140 |
Total operating expenses | 194,413 | 134,298 | 103,879 |
Loss from operations | (75,807) | (46,278) | (39,033) |
Interest and other income (expense), net | (417) | 252 | 219 |
Loss before income taxes | (76,224) | (46,026) | (38,814) |
Income tax provision | (1,366) | (1,129) | (284) |
Net loss | (77,590) | (47,155) | (39,098) |
Comprehensive loss: | |||
Foreign currency translation adjustment | 3 | 960 | (470) |
Unrealized gain on available-for-sale securities | 7 | 0 | 0 |
Comprehensive loss | $ (77,580) | $ (46,195) | $ (39,568) |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.85) | $ (1.78) | $ (1.64) |
Weighted-average shares outstanding used in calculating net loss per share attributable to common stockholders, basic and diluted (in shares) | 91,267 | 26,563 | 23,891 |
Subscription | |||
Revenue: | |||
Total revenue | $ 168,798 | $ 120,373 | $ 89,836 |
Cost of revenue: | |||
Total cost of revenue | 42,993 | 31,077 | 22,840 |
Professional services | |||
Revenue: | |||
Total revenue | 66,398 | 47,553 | 23,172 |
Cost of revenue: | |||
Total cost of revenue | $ 73,597 | $ 48,829 | $ 25,322 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Class A common stock | Class B common stock | Preferred Stock | Common StockClass A common stock | Common StockClass B common stock | Additional Paid-in Capital | Related Party Receivable | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit |
Beginning balance (in shares) at Jan. 31, 2016 | 61,984,000 | |||||||||
Beginning balance (in shares) at Jan. 31, 2016 | 0 | 23,789,000 | ||||||||
Beginning balance at Jan. 31, 2016 | $ 87,880 | $ 6 | $ 0 | $ 3 | $ 260,322 | $ 0 | $ (19) | $ (172,432) | ||
Issuance of common stock upon exercise of stock options and warrants (in shares) | 846,000 | |||||||||
Issuance of common stock upon exercise of stock options and warrants | 1,554 | 1,554 | ||||||||
Vesting of early exercised stock options | 731 | 731 | ||||||||
Stock-based compensation | 4,383 | 4,383 | ||||||||
Other comprehensive income (loss) | (470) | (470) | ||||||||
Net loss | (39,098) | (39,098) | ||||||||
Ending balance (in shares) at Jan. 31, 2017 | 61,984,000 | |||||||||
Ending balance (in shares) at Jan. 31, 2017 | 0 | 24,635,000 | ||||||||
Ending balance at Jan. 31, 2017 | 54,980 | $ 6 | $ 0 | $ 3 | 266,990 | 0 | (489) | (211,530) | ||
Issuance of common stock in connection with acquisition (in shares) | 3,986,000 | |||||||||
Issuance of common stock in connection with acquisition | $ 5,955 | 5,955 | ||||||||
Issuance of common stock upon exercise of stock options and warrants (in shares) | 1,903,000 | 1,903,000 | ||||||||
Issuance of common stock upon exercise of stock options and warrants | $ 3,483 | 3,483 | ||||||||
Vesting of early exercised stock options | 734 | 734 | ||||||||
Stock-based compensation | 8,990 | 8,990 | ||||||||
Related party notes receivable | (1,281) | (1,281) | ||||||||
Other comprehensive income (loss) | 960 | 960 | ||||||||
Net loss | (47,155) | (47,155) | ||||||||
Ending balance (in shares) at Jan. 31, 2018 | 61,984,000 | |||||||||
Ending balance (in shares) at Jan. 31, 2018 | 0 | 30,524,000 | 0 | 30,524,000 | ||||||
Ending balance at Jan. 31, 2018 | 26,666 | $ 6 | $ 0 | $ 3 | 286,152 | (1,281) | 471 | (258,685) | ||
Conversion of convertible preferred stock to common stock in connection with initial public offering (in shares) | (61,984,000) | 61,984,000 | ||||||||
Conversion of convertible preferred stock to common stock in connection with initial public offering | 0 | $ (6) | $ 6 | |||||||
Conversion of Class B common stock to Class A common stock (in shares) | 63,500,000 | 63,469,000 | (63,469,000) | |||||||
Conversion of Class B common stock to Class A common stock | 0 | $ 7 | $ (7) | |||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and issuance costs (in shares) | 12,650,000 | |||||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and issuance costs | $ 159,457 | $ 1 | 159,456 | |||||||
Issuance of common stock upon exercise of stock options and warrants (in shares) | 3,642,000 | 369,000 | 3,271,000 | |||||||
Issuance of common stock upon exercise of stock options and warrants | $ 9,395 | $ 1 | 9,394 | |||||||
RSU releases (in shares) | 138,000 | 265,000 | ||||||||
RSU releases | 0 | |||||||||
Purchases of common stock under the ESPP (in shares) | 446,000 | |||||||||
Purchases of common stock under the ESPP | 5,329 | 5,329 | ||||||||
Charitable donation of stock (in shares) | 47,303 | 47,000 | ||||||||
Charitable donation of stock | 1,000 | $ 1,000 | 1,000 | |||||||
Lapse of restrictions on common stock related to early exercise of stock options | 2,088 | 2,088 | ||||||||
Stock-based compensation | 25,357 | 25,357 | ||||||||
Related party notes receivable | 1,281 | 1,281 | ||||||||
Other comprehensive income (loss) | 10 | 10 | ||||||||
Net loss | (77,590) | (77,590) | ||||||||
Ending balance (in shares) at Jan. 31, 2019 | 0 | |||||||||
Ending balance (in shares) at Jan. 31, 2019 | 77,119,000 | 32,575,000 | 77,119,000 | 32,575,000 | ||||||
Ending balance at Jan. 31, 2019 | $ 152,993 | $ 0 | $ 8 | $ 3 | $ 488,776 | $ 0 | $ 481 | $ (336,275) |
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 loss | $ (77,590) | $ (47,155) | $ (39,098) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 8,793 | 6,550 | 4,551 |
Stock-based compensation | 25,357 | 8,990 | 4,383 |
Provision for doubtful accounts | 3,949 | 3,306 | 3,095 |
Accretion of discount on short-term investments | (565) | 0 | 0 |
Donation of common stock to charitable foundation | 1,000 | 0 | 0 |
Other | 147 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (12,443) | (20,983) | (7,562) |
Prepaid expenses and other current assets | (3,445) | (3,215) | (1,099) |
Other assets | (2,465) | (122) | 0 |
Accounts payable | (1,103) | (3,774) | (428) |
Accrued expenses and other current liabilities | 3,738 | 3,422 | (25) |
Accrued employee liabilities | 4,902 | 6,371 | 3,304 |
Deferred revenue | 24,567 | 21,290 | 7,904 |
Other long-term liabilities | 1,577 | 544 | 0 |
Net cash used in operating activities | (23,581) | (24,776) | (24,975) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (13,412) | (4,698) | (3,776) |
Releases of deposits, net | 0 | 0 | 91 |
Purchases of short-term investments | (107,464) | 0 | 0 |
Business combination, net of cash acquired | (247) | (11,420) | 0 |
Net cash used in investing activities | (121,123) | (16,118) | (3,685) |
Cash flows from financing activities: | |||
Payments under capital leases | (3,623) | (2,081) | (1,982) |
Proceeds from issuance of common stock upon exercise of stock options | 11,481 | 4,453 | 1,621 |
Repurchases of unvested common stock | (18) | (2) | (67) |
Payments of offering costs | (4,399) | (643) | 0 |
Proceeds of issuance of common stock under employee stock purchase plan | 5,329 | 0 | 0 |
Proceeds from initial public offering, net of underwriters’ discounts and commissions | 164,703 | 0 | 0 |
Payments under related party notes receivable | (4,344) | (1,281) | 0 |
Repayments of related party notes receivable | 5,625 | 0 | 0 |
Principal payments on long-term debt | (834) | 0 | 0 |
Payments related to business combination | (12,558) | 0 | 0 |
Proceeds from long-term debt, net of issuance costs | 0 | 14,969 | 0 |
Net cash provided by (used in) financing activities | 161,362 | 15,415 | (428) |
Effect of exchange rates on cash and cash equivalents and restricted cash | 3 | 960 | (470) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 16,661 | (24,519) | (29,558) |
Cash and cash equivalents and restricted cash, beginning of period | 53,363 | 77,882 | 107,440 |
Cash and cash equivalents and restricted cash, end of period | 70,024 | 53,363 | 77,882 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 963 | 421 | 160 |
Cash paid for tax | 755 | 952 | 402 |
Supplemental disclosure of non-cash investing and financing activities: | |||
Property and equipment acquired under capital leases | 0 | 644 | 1,264 |
Lapse in restrictions on early exercised common stock options | 2,088 | 734 | 731 |
Property and equipment purchases accrued or in accounts payable | 307 | 171 | 16 |
Deferred offering costs payable or accrued but not paid | 210 | 1,817 | 0 |
Accrued acquisition-related payments | 0 | 12,558 | 0 |
Accrued interest on related party notes receivable | 0 | 5 | 0 |
Reconciliation of cash and cash equivalents and restricted cash within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above: | |||
Cash and cash equivalents | 67,940 | 48,208 | 72,645 |
Restricted cash, current | 400 | 0 | 0 |
Restricted cash, net of current portion | $ 1,684 | $ 5,155 | $ 5,237 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 12 Months Ended |
Jan. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview and Basis of Presentation | Note 1. Overview and Basis of Presentation Description of Business Zuora, Inc. was incorporated in the state of Delaware in 2006 and began operations in 2007. Zuora is headquartered in San Mateo, California. The Company provides cloud-based software on a subscription basis that enables any company in any industry to successfully launch, manage, and transform into a subscription business. Architected specifically for dynamic, recurring subscription business models, Zuora functions as an intelligent hub that automates and orchestrates the entire subscription order-to-cash process. The Company’s cloud-based software solution is the new system of record for subscription businesses. References to Zuora, “Company”, “our”, or “we” in these notes refer to Zuora, Inc. and its subsidiaries on a consolidated basis. Initial Public Offering In April 2018, the Company completed an IPO, in which the Company issued and sold an aggregate of 12.7 million shares of its newly authorized Class A common stock at a price to the public of $14.00 per share. The shares sold included 1.7 million shares pursuant to the exercise by the underwriters of an option to purchase additional shares at a price of $14.00 per share. The Company received aggregate net proceeds of $159.7 million from the IPO after deducting underwriting discounts and commissions and payments of offering costs as of January 31, 2019 . Prior to the completion of the IPO, 30.5 million shares of common stock then outstanding were reclassified as Class B common stock, and all shares of convertible preferred stock outstanding immediately prior to the IPO were converted into 62.0 million shares of Class B common stock on a one-to-one basis. During fiscal 2019 , approximately 63.5 million shares were converted from Class B to Class A common stock. As of January 31, 2019 , 77.1 million shares of the Company’s Class A common stock and 32.6 million shares of Class B common stock were outstanding. Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation. The Company's fiscal year end is January 31. References to fiscal 2019, for example, refer to the fiscal year ended January 31, 2019. Reverse Stock Split On March 21, 2018, the Company effected a 2-for-1 reverse stock split of its outstanding common stock, preferred stock, stock options, and RSUs. All share and per share amounts for all periods presented in these consolidated financial statements and notes thereto have been adjusted retrospectively, where applicable, to reflect this reverse stock split. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, as well as reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. The Company’s most significant estimates and assumptions are related to revenue recognition with respect to the determination of the relative selling prices for the Company’s services; determination of the fair value of the Company’s common stock for valuation of the Company’s stock-based awards issued prior to the completion of the IPO; valuation of the Company’s stock-based awards; estimates of allowance for doubtful accounts; estimates of the fair value of goodwill, intangible assets and other long-lived assets; and the valuation of deferred income tax assets and contingencies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ materially from these estimates under different assumptions or conditions. Foreign Currency The functional currencies of the Company’s foreign subsidiaries are the respective local currencies. Translation adjustments arising from the use of differing exchange rates from period to period are included in accumulated other comprehensive income within the consolidated balance sheets. Foreign currency transaction gains and losses are included in interest and other income (expense), net in the consolidated statements of comprehensive loss and were not material for fiscal 2019, 2018 and 2017 . All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenue and expenses are translated at the average exchange rate during the period, and equity balances are translated using historical exchange rates. Segment Information The Company operates as one operating segment. The Company’s chief operating decision maker is its Chief Executive Officer, who primarily reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Jan. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | Note 2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements Revenue Recognition and Deferred Revenue The Company generates revenue primarily from two sources: (1) subscription services which is comprised of revenue from subscription fees from customers accessing the Company’s cloud-based software and (2) professional services and other revenue, which consists primarily of fees from consultation services to support business process mapping, configuration, data migration, integration, and training. Subscription services revenue is recognized on a ratable basis over the related subscription period beginning on the date the customer is first given access to the system (i.e., provision date). The Company's professional service revenue contracts are generally time and material based and revenue is recognized as the service is provided. Certain contracts are fixed priced arrangements where the revenue is recognized using a proportional performance method. In most cases, the customers do not have the contractual right to take possession of the Company’s software. However, certain contracts inherited with the Company’s acquisition of Leeyo do give the customer the right to take possession of the software. These contracts are described below under “Leeyo On-Premise Arrangements.” The Company commences revenue recognition when all of the following conditions are met: • there is persuasive evidence of an arrangement; • the service is being provided to the customer; • the collection of the fees is reasonably assured; and • the amount of fees to be paid by the customer is fixed or determinable. Revenue from new customers is often generated under subscription agreements with multiple elements, comprised of subscription services fees from customers accessing its on-demand application suite and professional services associated with implementation services. The Company evaluates each element in a multiple-element arrangement to determine whether it represents a separate unit of accounting. An element constitutes a separate unit of accounting when the delivered item has stand-alone value and delivery of the undelivered element is probable and within the Company’s control. Subscription services have stand-alone value because they are routinely sold separately by the Company. Professional services have stand-alone value because the Company has sold professional services separately and there are several third-party vendors that routinely contract directly with the customer and provide these services to the customer on a stand-alone basis. For cloud-based software subscription services revenue and professional services revenue, the Company allocates revenue to each element in an arrangement based on a selling price hierarchy. The selling price for an element is based on its vendor-specific objective evidence (VSOE) if available; third-party evidence (TPE) if VSOE is not available; or estimated selling price (ESP) if neither VSOE nor TPE is available. The Company determines whether VSOE can be established for elements of its arrangements by reviewing the prices at which such elements are sold in stand-alone arrangements. Through January 31, 2019, the Company has not established VSOE or TPE for any of the elements of the Company's arrangements. Therefore, the Company utilizes the ESP for all its elements. The Company establishes ESP for both its cloud-based subscriptions services and professional services elements primarily by considering the actual sales prices of the element when sold on a stand-alone basis or when sold together with other elements. The consideration allocated to subscription services is typically recognized as revenue over the noncancelable contract period on a straight-line basis. The consideration allocated to professional services is typically recognized as revenue once the revenue recognition criteria have been met based on a proportional performance method for fixed price engagements or as the service is being provided for time and material based contracts. Amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. Other than a small number of "Leeyo On-Premise Arrangements" most arrangements with customers do not provide the customer with the right to take possession of the software supporting the on-demand application service. Sales and other taxes collected from customers to be remitted to government authorities are reported on a net basis and, therefore, excluded from revenue. The Company classifies reimbursements received from clients for out-of-pocket expenses as professional services revenue as incurred. Subscription agreements generally have terms ranging from one to three years and are generally invoiced annually or quarterly in advance over the term. The professional services component of the arrangements is generally earned during the first year of the subscription period depending on the size and complexity of the business utilizing the platform service. The subscription agreements occasionally provide service-level uptime commitments per period, excluding scheduled maintenance. The failure to meet this level of service availability may require the Company to credit qualifying customers up to the value of an entire month of their platform fees. Based on the Company’s historical experience of consistently meeting its service-level commitments, the Company does not currently have any reserves for these commitments. Leeyo On-Premise Arrangements The Company acquired Leeyo on May 31, 2017. Leeyo had previously entered into some legacy customer agreements where the customer was entitled to take possession of the software on its premises. These arrangements were typically sold through a term license (term-based license). Term-based license revenue contracts where the customer is entitled to take possession of the software are governed by ASC 985-605, Software — Revenue Recognition. For term-based license arrangements, the Company sells the software license and related maintenance as a bundle and recognizes the total contracted amount ratably over the term of the arrangement beginning upon delivery of the software once the revenue recognition criteria have been met. The Company is not able to establish VSOE for the maintenance and support for those licenses as those elements are not sold separately. For term-based licenses sold with professional services, the entire arrangement consideration including professional services is recognized ratably over the term of the term-based license. Term-based license revenue and related maintenance (PCS) are included in subscription revenue in the Company’s consolidated statements of comprehensive loss and were less than 5% of consolidated revenues for the year ended January 31, 2019. Cost of Revenue Cost of subscription revenue primarily consists of costs relating to the hosting of the Company’s cloud-based software platform, including salaries and benefits of technical operations and support personnel, data communications costs, allocated overhead and property and equipment depreciation, and the amortization of internal-use software and purchased intangibles. Cost of professional services revenue primarily consists of the costs of delivering implementation services to customers of the Company’s cloud-based software platform, including salaries and benefits of professional services personnel and fees for third party resources used in the delivery of implementation services. Advertising Expense Advertising costs are expensed as incurred. For the periods presented, advertising expense was not material. Concentrations of Credit Risk and Significant Clients and Suppliers The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments, accounts receivable, and restricted cash. The Company deposits its cash and restricted cash, and short-term investments, primarily with one financial institution, and accordingly, such deposits regularly exceed federally insured limits. No single customer accounted for more than 10% of the Company’s revenue or accounts receivable balance in any of the periods presented. Geographical Information Revenue by country from customers, based on the customer’s address at the time of sale, was as follows (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 United States $ 166,770 $ 125,275 $ 83,385 Others 68,426 42,651 29,623 Total $ 235,196 $ 167,926 $ 113,008 Other than the United States, no individual country exceeded 10% of total revenue for fiscal 2019, 2018 and 2017 . Property and equipment by geographic location is based on the location of the legal entity that owns the asset. As of January 31, 2019 , the majority of the Company’s property and equipment was located in the United States. Deferred Offering Costs Deferred offering costs consist primarily of accounting, legal and other fees related to the Company’s IPO. Upon completion of the offering, these costs are offset against the offering proceeds within the consolidated statements of stockholders’ equity. There was $0.2 million in deferred offering costs outstanding as of January 31, 2019, and as of January 31, 2018 there was $2.5 million in deferred offering costs in prepaid expenses and other current assets in the consolidated balance sheets. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original or remaining maturities of three months or less on the purchase date to be cash equivalents. Cash and cash equivalents carrying value approximate fair value and consist primarily of bank deposits and money market funds. Restricted cash consists of letters of credit held with the Company’s financial institution related to facility and equipment leases, and are classified as current or long-term in the Company’s consolidated balance sheets based on the maturities of the underlying letters of credit. Short-term Investments The Company typically invests in high quality, investment grade securities from diverse issuers. The Company classifies its short-term investments as available-for-sale. In general, these investments are free of trading restrictions. The Company carries these investments at fair value, based on quoted market prices or other readily available market information. Unrealized gains and losses, net of taxes, are included in accumulated other comprehensive income, which is reflected as a separate component of stockholders’ equity in the Company’s consolidated balance sheets. Gains and losses are recognized when realized in the Company's consolidated statements of comprehensive loss. When the Company has determined that an other-than-temporary decline in fair value has occurred, the amount of the decline that is related to a credit loss is recognized in income. Gains and losses are determined using the specific identification method. The Company reviews its 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. The Company considers factors such as the length of time and extent to which the market value has been less than the cost, the financial condition and near-term prospects of the issuer and our intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s amortized cost basis. If the Company believes that an other-than-temporary decline exists in one of these securities, it will write down these investments to fair value. The portion of the write-down related to credit loss would be recorded to interest and other income (expense), net in our consolidated statements of comprehensive loss. Any portion not related to credit loss would be recorded to accumulated other comprehensive income, which is reflected as a separate component of stockholders' equity in our consolidated balance sheets. The Company may sell its 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, the Company has classified its investments, including any securities with maturities beyond 12 months, as current assets in the accompanying consolidated balance sheet as of January 31, 2019 . Securities with original or remaining maturities of three months or less on the purchase date are considered to be cash equivalents and are reflected in cash and cash equivalents in the accompanying consolidated balance sheet as of January 31, 2019 . The Company did not hold any short-term investments as of January 31, 2018 . Accounts Receivable The Company’s accounts receivable consists of client obligations due under normal trade terms, and are reported at the principal amount outstanding, net of the allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts that is based upon historical loss patterns, the number of days that billings are past due, and an evaluation of the potential risk of loss related to problem accounts. The allowance for doubtful accounts consists of the following activity (in thousands): Fiscal Year Ended January 31, 2019 2018 Allowance for doubtful accounts, beginning balance $ 3,292 $ 2,572 Additions: Charged to revenue 3,949 3,306 Charged to deferred revenue 4,719 2,419 Deductions: Write-offs to revenue (4,253 ) (2,686 ) Write-offs to deferred revenue (5,185 ) (2,319 ) Allowance for doubtful accounts, ending balance $ 2,522 $ 3,292 Property and Equipment, Net Property and equipment are stated at cost. Depreciation is calculated on a straight-line basis over the estimated useful lives of the related assets, generally three to five years. Leasehold improvements are depreciated over the shorter of their remaining related lease term or estimated useful life. When assets are retired, the cost and accumulated depreciation are removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in operating expenses in the accompanying consolidated statements of comprehensive loss. Business Combinations When the Company acquires a business, management allocates the purchase price to the net tangible and identifiable intangible assets acquired. Any residual purchase price is recorded as goodwill. The allocation of the purchase price requires management to make significant estimates in determining the fair values of assets acquired and liabilities assumed, especially with respect to intangible assets. These estimates can include, but are not limited to, the cash flows that an asset is expected to generate in the future, the appropriate weighted average cost of capital, and the cost savings expected to be derived from acquiring an asset. These estimates are inherently uncertain and unpredictable. Goodwill, Acquired Intangible Assets, and Impairment Assessment of Long-Lived Assets Goodwill. Goodwill represents the excess purchase consideration of an acquired business over the fair value of the net tangible and identifiable intangible assets. Goodwill is evaluated for impairment annually on December 1, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, a significant adverse change in customer demand or business climate or a significant decrease in expected cash flows. An impairment loss is recognized to the extent that the carrying amount exceeds the reporting unit’s fair value, not to exceed the carrying amount of goodwill. The Company has the option to first assess qualitative factors to determine whether events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount and determine whether further action is needed. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary. No impairment charges were recorded during fiscal 2019 , 2018 or 2017 . Acquired Intangible Assets. Acquired intangible assets consist of developed technology, customer relationships, and a trade name, resulting from the Company’s acquisitions. Acquired intangible assets are recorded at fair value on the date of acquisition and amortized over their estimated useful lives on a straight-line basis. Impairment of Long-Lived Assets. The carrying amounts of long-lived assets, including property and equipment, capitalized internal-use software, and acquired intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable or that the useful life is shorter than originally estimated. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to future undiscounted net cash flows the asset is expected to generate over its remaining life. If the asset is determined to be impaired, the amount of any impairment recognized is measured as the difference between the carrying value and the fair value of the impaired asset. If the useful life is shorter than originally estimated, the Company amortizes the remaining carrying value over the new shorter useful life. There were no material impairments recognized for fiscal 2019 , 2018 or 2017 . Internal-Use Software and Web Site Development Costs The Company capitalizes costs related to developing new functionality for its suite of products that are hosted by the Company and accessed by its customers on a subscription basis. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Costs incurred in the preliminary stages of development are expensed as incurred. Once an application has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the software is substantially complete and ready for its intended use. Capitalized costs are recorded as part of property and equipment, net in our consolidated balance sheets. Maintenance and training costs are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life, generally three years. There were no impairments to internal-use software during fiscal 2019, 2018 and 2017 . The Company did not incur any significant website development costs during the periods presented. The Company capitalized $2.3 million , $1.2 million and $2.3 million in internal-use software during fiscal 2019 , 2018 and 2017 , respectively. Amortization expense of internal-use software and website development costs for fiscal 2019, 2018 and 2017 was $1.3 million , $1.2 million , and $0.5 million , respectively, and is included in cost of subscription revenue in the consolidated statements of comprehensive loss. Income Taxes The Company uses the asset-and-liability method of accounting for income taxes. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The Company records a valuation allowance to reduce its deferred tax assets to the net amount that the Company believes is more likely than not to be realized. In assessing the need for a valuation allowance, the Company has considered its historical levels of income, expectations of future taxable income and ongoing tax planning strategies. Because of the uncertainty of the realization of the deferred tax assets in the U.S., the Company has recorded a full valuation allowance against its deferred tax assets. Realization of its deferred tax assets is dependent primarily upon future U.S. taxable income. The Company recognizes and measures tax benefits from uncertain tax positions using a two-step approach. The first step is to evaluate the tax position taken or expected to be taken by determining if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. Significant judgment is required to evaluate uncertain tax positions. Although the Company believes that it has adequately reserved for its uncertain tax positions, it can provide no assurance that the final tax outcome of these matters will not be materially different. The Company evaluates its uncertain tax position on a regular basis and evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of an audit and effective settlement of audit issues. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on the Company’s financial condition and results of operations. The provision for income taxes includes the effects of any accruals that the Company believes are appropriate, as well as the related net interest and penalties. Stock-Based Compensation The Company measures its employee and director stock-based compensation awards, including purchase rights issued under the Company's ESPP, based on the award's estimated fair value on the date of grant. Expense associated with these awards is recognized using the straig ht-line attribution method over the requisite service period for stock options, RSUs and restricted stock; and over the offering period for the purchase rights issued under the ESPP, and is reported in the Company's consolidated statements of comprehensive loss. The Company estimates the fair value of its stock options, and purchase rights under the ESPP, using the Black-Scholes option-pricing model. The resulting fair value, net of estimated forfeitures, is recognized on a straight-line basis over the period during which an employee is required to provide service in exchange for the award. Stock options generally vest over two to four years and have a contractual term of ten years. ESPP purchase rights generally vest over the two year offering period. The Company estimates the fair value of its restricted stock and RSU grants based on the grant date fair value of the Company’s common stock. The resulting fair value, net of estimated forfeitures, is recognized on a straight-line basis over the period during which an employee is required to provide service in exchange for the award, which is generally three to four years. Estimated forfeitures are based upon the Company’s historical experience and the Company revises its estimates, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Determining the grant date fair value of options, restricted stock, and RSUs requires management to make assumptions and judgments. These estimate s involve inherent uncertainties and if different assumptions had been used, stock-based compensation expense could have been materially different from the amounts recorded. The assumptions and estimates for valuing stock options are as follows: • Fair value per share of Company’s common stock. Prior to the IPO, because there was no public market for the Company’s common stock, the Company’s Board of Directors, with the assistance of a third-party valuation specialist, determined the common stock fair value at the time of the grant of stock options by considering a number of objective and subjective factors, including the Company’s actual operating and financial performance, market conditions and performance of comparable publicly traded companies, developments and milestones in the Company, the likelihood of achieving a liquidity event, and transactions involving the Company’s common stock, among other factors. After the IPO, the Company used the publicly quoted price of its common stock as reported on the New York Stock Exchange as the fair value of its common stock. • Expected volatility. The Company determines the expected volatility based on historical average volatilities of similar publicly traded companies corresponding to the expected term of the awards. • Expected term. The Company determines the expected term of awards which contain only service conditions using the simplified approach, in which the expected term of an award is presumed to be the mid-point between the vesting date and the expiration date of the award, as the Company does not have sufficient historical data relating to stock-option exercises. • Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect during the period the options were granted corresponding to the expected term of the awards. • Estimated dividend yield. The estimated dividend yield is zero , as the Company does not currently intend to declare dividends in the foreseeable future. Net Loss per Share Basic net loss per share attributable to common stockholders is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Options subject to early exercise that are exercised prior to vesting are excluded from the computation of weighted-average number of shares of common stock outstanding until such shares have vested. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period increased by giving effect to all potentially dilutive securities to the extent they are dilutive. Recent Accounting Pronouncements—Not Yet Adopted The Jumpstart Our Business Startups Act (JOBS Act) allows the Company, as an “emerging growth company,” to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election. In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, Revenue from Contracts with Customers and has modified the standard thereafter. This standard replaces existing revenue recognition rules with a comprehensive revenue measurement and recognition standard and expanded disclosure requirements. ASU 2014-09, as amended, became effective for public companies for fiscal years beginning after December 15, 2017 and interim periods within those years. Under the JOBS Act, the Company has an additional year to adopt the standard. The Company adopted ASU 2014-09, effective February 1, 2019, using the full retrospective transition method. The adoption of the new standard is expected to have an impact on revenue and commissions expense for all periods presented. The primary impacts on revenue are an increased number of allocations of arrangement consideration between subscription and professional services and the recognition of discounts evenly across the term for multiple year subscription arrangements. Both of these impacts are primarily due to the elimination of the contingent revenue rule. The Company also expect an impact due to a change in the recognition of legacy on-premise term deals inherited during our acquisition of Leeyo Software, Inc., which will require more revenue being recognized at the beginning of the license term as opposed to evenly over the term. In addition to impacting the way that the Company recognizes revenue, the new standard will also impact the accounting for incremental commission costs of obtaining subscription contracts. Under the new standard, the Company will defer all incremental commission costs to obtain the contract. The Company expects to amortize these costs on a straight-line basis over the period of economic benefit which has been determined to be five years. In January 2016, the FASB issued ASU No. 2016-01 (Subtopic 825-10), Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities , which primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The accounting for other financial instruments, such as loans, investments in debt securities, and financial liabilities is largely unchanged. ASU 2016-01 is effective for fiscal years beginning after December 15, 2018, and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company adopted ASU 2016-01 effective February 1, 2019 and the adoption did not have a significant impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which supersedes the guidance in topic ASC 840, Leases . Under the new standard, lessees will be required to record a right-of-use assets and a lease liability for all leases, with certain exceptions, on their balance sheets. The Company expects to adopt ASU 2016-02 beginning with its fiscal year ending January 31, 2020 and interim periods thereafter. The Company is currently evaluating its lease portfolio and expects the adoption of this standard to have a material impact on its consolidated balance sheet. In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . Under existing U.S. GAAP, the effects of changes in tax rates and laws on deferred tax balances are recorded as a component of income tax expense in the period in which the law was enacted. When deferred tax balances related to items originally recorded in accumulated other comprehensive income are adjusted, certain tax effects become stranded in accumulated other comprehensive income. The amendments in ASU 2018-02 allow a reclassification from accumulated other comprehensive income to retained earnings (accumulated deficit) for stranded income tax effects resulting from the Tax Cuts and Jobs Act (the Tax Reform Act). The amendments in this ASU also require certain disclosures about stranded income tax effects. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption in any period is permitted. The Company’s provisional adjustments recorded in the fiscal year ended January 31, 2018 to account for the impact of the Tax Reform Act did not result in stranded tax effects. The Company adopted ASU 2018-02 effective February 1, 2019, and the adoption of the standard did not have a significant impact on its consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting . The guidance expands the scope of the topic to include share-based payments granted to non-employees in exchange for goods or services. Upon adoption, the fair value of awards granted to non-employees will be determined as of the grant date, which will be recognized over the service period. Previous guidance required the awards to be remeasured at fair value periodically when determining the related expense. ASU 2018-07 is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early ad |
Investments
Investments | 12 Months Ended |
Jan. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 3. Investments The amortized costs, unrealized gains and losses and estimated fair values of the Company’s short-term investments as of January 31, 2019 were as follows (in thousands): As of January 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government securities $ 17,950 $ 1 $ — $ 17,951 Corporate bonds 34,296 8 (2 ) 34,302 Commercial paper 55,655 — — 55,655 Total short-term investments $ 107,901 $ 9 $ (2 ) $ 107,908 There were no realized gains or losses from sales of marketable securities and there were no reclassifications out of accumulated other comprehensive income into investment income during fiscal 2019 . The Company does not believe that any unrealized losses represent other-than-temporary impairments based on its evaluation of available evidence. All securities had stated effective maturities of one year or less. The Company had no investments as of January 31, 2018 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements The accounting guidance for fair value measurements establishes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level input Input definition Level 1 Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date Level 3 Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date In general, and where applicable, the Company uses quoted prices in active markets for identical assets or liabilities to determine fair value. If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, then the Company uses quoted prices for similar assets and liabilities or inputs other than the quoted prices that are observable either directly or indirectly. The following table summarizes the Company ’ s fair value hierarchy for its financial assets measured at fair value on a recurring basis as of January 31, 2019 (in thousands): As of January 31, 2019 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 61,201 $ — $ — $ 61,201 Short-term investments: U.S. government securities $ — $ 17,951 $ — $ 17,951 Corporate bonds — 34,302 — 34,302 Commercial paper — 55,655 — 55,655 Total short-term investments $ — $ 107,908 $ — $ 107,908 Restricted cash: Money market funds $ 2,084 $ — $ — $ 2,084 As of January 31, 2018 , the Company held cash equivalents and restricted cash of approximately $35.1 million in money market funds measured at fair value using Level 1 inputs. The Company did not have any investments as of January 31, 2018 . The carrying amounts of certain financial instruments, including cash held in bank accounts, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their relatively short maturity. The carrying amount of debt approximates fair value due to its floating interest rate. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Jan. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | Note 5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): As of January 31, 2019 2018 Prepaid software subscriptions $ 4,797 $ 3,239 Prepaid insurance 790 445 Prepaid hosting costs 1,251 486 Prepaid rent 991 657 Taxes 579 533 Short-term deposits 181 480 Capitalized offering costs — 2,460 Other 1,825 1,002 $ 10,414 $ 9,302 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Jan. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Note 6. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): As of January 31, 2019 2018 Servers $ 14,972 $ 11,283 Computer equipment 10,109 6,885 Software 10,770 7,148 Leasehold improvements 5,010 1,968 Furniture and fixtures 2,523 1,446 Vehicles 109 25 43,493 28,755 Less accumulated depreciation and amortization (23,868 ) (18,551 ) Total $ 19,625 $ 10,204 Depreciation and amortization expense related to property and equipment, which includes capitalized internal-use software, was $6.5 million , $5.0 million and $3.8 million for fiscal 2019, 2018 and 2017 , respectively, and is included in operating expenses and cost of revenue in the accompanying consolidated statements of comprehensive loss. As of January 31, 2019 and 2018 , capitalized internal-use software costs, net of amortization, was $4.3 million and $3.4 million , respectively. Internal-use software amortization recorded to cost of subscription revenue was $1.3 million , $1.2 million and $0.5 million for fiscal 2019, 2018 and 2017 , respectively. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Jan. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Note 7. Intangible Assets and Goodwill Intangible Assets The following table summarizes the purchased intangible asset balances (in thousands): As of January 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 7,697 $ (4,045 ) $ 3,652 Customer relationships 5,933 (1,236 ) 4,697 Trade name 909 (216 ) 693 Total $ 14,539 $ (5,497 ) $ 9,042 As of January 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 7,697 $ (2,666 ) $ 5,031 Customer relationships 5,933 (494 ) 5,439 Trade name 909 (87 ) 822 Total $ 14,539 $ (3,247 ) $ 11,292 Amortization expense related to purchased intangible assets was $2.3 million , $2.1 million and $0.7 million for fiscal 2019, 2018 and 2017 , respectively. Amortization expense related to purchased intangible assets is included in cost of subscription revenue in the accompanying consolidated statements of comprehensive loss. The expected future amortization expense for intangible assets as of January 31, 2019 is as follows (in thousands): Fiscal 2020 $ 1,979 Fiscal 2021 1,962 Fiscal 2022 1,962 Fiscal 2023 1,235 Fiscal 2024 871 Thereafter 1,033 $ 9,042 Goodwill On May 31, 2017, the Company acquired Leeyo in a business combination, which resulted in $19.1 million of additional goodwill and assembled workforce. The change in the carrying amount of goodwill was as follows (in thousands): Goodwill as of January 31, 2017 $ 1,521 Goodwill resulting from the acquisition of Leeyo 19,093 Goodwill as of January 31, 2018 20,614 Activity during fiscal 2019 247 Goodwill as of January 31, 2019 $ 20,861 The Company, which has one reporting unit, performed an annual test for goodwill impairment on December 1 of fiscal 2019 and determined that goodwill was not impaired. In addition, there have been no significant events or circumstances affecting the valuation of goodwill subsequent to the Company’s annual assessment. Furthermore, no events or changes in circumstances have occurred to suggest that the carrying amounts for any of the Company’s long-lived assets or identifiable intangible assets may be non-recoverable. As such, the Company was not required to re-evaluate the recoverability of its long-lived assets. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Jan. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Note 8. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As of January 31, 2019 2018 Accrued acquisition-related payments $ — $ 12,558 Accrued outside services and consulting 2,089 2,834 Accrued goods and services taxes 3,098 2,488 Accrued IPO-related costs 210 1,120 Accrued taxes 1,620 652 Employee early exercised stock options 436 556 Other accrued expenses 6,757 4,288 Total $ 14,210 $ 24,496 |
Debt
Debt | 12 Months Ended |
Jan. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Note 9. Debt In June 2017, the Company entered into a loan and security agreement with Silicon Valley Bank that includes both a revolving and term loan facility. In October 2018, the agreement was amended (Debt Agreement) to, among other things, increase the availability under the revolving loan to $30.0 million (from $10 million ), lower the borrowing costs under both the revolving and term loans to the prime rate published by the Wall Street Journal (WSJ Prime Rate) minus 1.00% , extend the interest-only repayment period under the term loan until June 2019, after which time principal and interest will be due in thirty-six ( 36 ) equal monthly installments, extend the revolving loan maturity date until October 2021, and extend the latest term loan maturity date until June 2022. The Company accounted for this amendment as a debt modification and will recognize the unamortized fees related to the Debt Agreement over the duration of the term loan. Revolving Loan. The Debt Agreement allows the Company to borrow up to $30.0 million until June 2019 in revolving loans. Advances drawn down under the revolving loan incur interest at the WSJ Prime Rate minus 1.00% which is due monthly on any amounts drawn down, with the principal due at maturity. Any outstanding amounts must be fully repaid on or before October 2021. The Company is required to pay an annual fee of $20,000 on this revolving loan, regardless of any amounts drawn down. As of January 31, 2019 , the Company had not drawn down any amounts under this revolving loan. Term Loan. The Debt Agreement allows the Company to borrow $15.0 million in term loans, which was drawn down in June 2017 to partially finance the acquisition of Leeyo. Any outstanding amounts under the term loan accrue interest at the WSJ Prime rate minus 1.00% , which is due monthly through June 2019. The interest rate was 4.50% as of January 31, 2019 . Beginning with the term loan payment due on July 1, 2019, the Company is required to make equal monthly payments of principal and interest over 36 months until the term loan is repaid. The Company may prepay all outstanding principal and accrued interest at any time without penalty. The Company will incur a fee of 1.5% of the original principal amount of the term loan, or $225,000 , upon the earlier to occur of prepayment or the termination of the facility. As of January 31, 2019 and 2018 , the Company had $13.5 million and $15.0 million outstanding under the term loan. Both the revolving loan and the term loan are subject to a certain financial covenant to maintain an adjusted quick ratio of no less than 1.10 :1.00. As of January 31, 2019 , the Company was in compliance with this financial covenant. The Debt Agreement also imposes certain limitations with respect to lines of business, mergers, investments and acquisitions, additional indebtedness, distributions, guarantees, liens, and encumbrances. The Company was also in compliance with these restrictions as of January 31, 2019 . The Company incurred transaction costs and fees payable to the lender related to the issuance of the term loan. The amount, net of amortization, is immaterial and is presented as a reduction to the carrying amount of the term loan and is presented under debt in the Company's consolidated balance sheets. The Company’s indebtedness under the Debt Agreement is secured by a lien on substantially all of its assets, including its intellectual property. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10. Income Taxes Net loss before provision for income taxes consisted of the following (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 Domestic $ (83,563 ) $ (49,489 ) $ (40,846 ) Foreign 7,339 3,463 2,032 Loss before income taxes $ (76,224 ) $ (46,026 ) $ (38,814 ) The components of the Company's income tax provision are as follows (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 Current: Federal $ — $ — $ — State (81 ) — (46 ) International (1,406 ) (1,129 ) (238 ) $ (1,487 ) $ (1,129 ) $ (284 ) Deferred: Federal $ — $ — $ — State — — — International 121 — — Income tax provision $ (1,366 ) $ (1,129 ) $ (284 ) Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred income tax assets and liabilities consisted of the following (in thousands): As of January 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 78,844 $ 64,844 Tax credit carryforwards 7,076 6,413 Allowances and other 8,226 3,284 Depreciation and amortization 1,010 1,105 Total deferred tax assets $ 95,156 $ 75,646 Deferred tax liabilities: Allowances and other $ — $ (935 ) Intangibles (3,299 ) (3,709 ) Total deferred tax liabilities (3,299 ) (4,644 ) Valuation allowance (91,632 ) (70,900 ) Net deferred tax assets $ 225 $ 102 The Company has assessed, based on available evidence, both positive and negative, it is more likely than not that the deferred tax assets will not be utilized, such that a valuation allowance has been recorded. The valuation allowance increased by $20.7 million and decreased by $8.7 million , respectively, for fiscal 2019 and 2018 . As of January 31, 2019 , the Company had U.S. federal and state net operating loss carryforwards of approximately $304.6 million and $224.1 million , respectively, available to offset future taxable income. As of January 31, 2018, the Company had U.S. federal and state net operating loss carryforwards of approximately $235.4 million and $181.2 million , respectively, available to offset future taxable income. If not utilized, these carryforward losses will expire in various amounts for federal and state tax purposes beginning in 2028 and 2027, respectively. The Company has approximately $5.9 million and $7.4 million of federal and state research and development tax credits, respectively, available to offset future taxes as of January 31, 2019, and approximately $5.5 million and $6.5 million of federal and state research and development tax credits, respectively, available to offset future taxes as of January 31, 2018. If not utilized, the federal credits will begin to expire in 2030. California state research and development tax credits may be carried forward indefinitely. Utilization of the net operating loss and tax credit carryforwards may be subject to a substantial annual limitation due to the "ownership change" limitations provided by Section 382 and 383 of the Internal Revenue Code of 1986, as amended, and other similar state provisions. Any annual limitation may result in the expiration of net operation loss and tax credit carryforwards before utilization. Furthermore, under the Tax Reform Act, although the treatment of tax losses generated in taxable years ending before December 31, 2017 has generally not changed, tax losses generated in taxable years beginning after December 31, 2017 may be utilized to offset no more than 80% of taxable income annually. This change may require us to pay federal income taxes in future years despite generating a loss for federal income tax purposes in the current and prior years. On December 22, 2017, Staff Accounting Bulletin No. 118 (SAB 118) was issued to address the application of US GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. Companies are allowed to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. Our provision for income taxes for the year ended January 31, 2018 was based in part on our best estimate of the effects of the transition tax and existing deferred tax balances with our understanding of the Tax Reform Act and guidance available as of the date of filing. Under guidance in place at January 31, 2019, no adjustments to our provisional effects of the Tax Reform Act recorded at January 31, 2018 are necessary. We have completed our accounting for the income tax effects of the Tax Reform Act. The Tax Reform Act creates a new requirement that certain income (i.e., GILTI) earned by controlled foreign corporations (CFCs) must be included currently in the gross income of the CFCs’ U.S. shareholder. Under U.S. GAAP, the Company is allowed to make an accounting policy choice of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred (the “period cost method”) or (2) factoring such amounts into a company’s measurement of its deferred taxes (the “deferred method”). The Company selected the period cost method. The amount of accumulated foreign earnings of the Company’s foreign subsidiaries was immaterial as of January 31, 2019. If the Company’s foreign earnings were repatriated, additional tax expense might result. Any additional taxes associated with such repatriation would be immaterial. A reconciliation of the U.S. federal statutory tax rate to the Company’s provision for income tax is as follows (dollars in thousands): Fiscal Year Ended January 31, 2019 2018 2017 Amount Percent Amount Percent Amount Percent Federal income tax benefit at statutory rates $ 16,007 21.0 % $ 15,556 33.8 % $ 13,197 34.0 % State income taxes, net of effect of federal 3,337 4.4 6,634 14.4 1,030 2.7 Permanent differences (1,242 ) (1.6 ) (1,094 ) (2.4 ) (965 ) (2.5 ) Federal and state R&D credits 1,029 1.3 1,221 2.7 1,649 4.2 Foreign income tax (239 ) (0.3 ) (918 ) (2.0 ) (238 ) (0.6 ) Change in tax rate — — (30,010 ) (65.2 ) — — Other 476 0.6 (2,375 ) (5.2 ) 1,325 3.4 Change in valuation allowance (20,734 ) (27.2 ) 9,857 21.4 (16,282 ) (41.9 )% Income tax benefit (provision) $ (1,366 ) (1.8 )% $ (1,129 ) (2.5 )% $ (284 ) (0.7 )% The Company is required to inventory, evaluate, and measure all uncertain tax positions taken or to be taken on tax returns and to record liabilities for the amount of such positions that may not be sustained, or may only partially be sustained, upon examination by the relevant taxing authorities. As of January 31, 2019 , the Company’s total gross unrecognized tax benefits were $6.6 million exclusive of interest and penalties described below. As of January 31, 2018, the Company’s total gross unrecognized tax benefits were $5.9 million exclusive of interest and penalties described below. Because of the Company’s valuation allowance position, $0.5 million of unrecognized tax benefits, if recognized, would reduce the effective tax rate in a future period. The Company does not expect that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months of the reporting date. A reconciliation of the beginning and ending amounts of uncertain tax position is as follows (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 Gross amount of unrecognized tax benefits as of the beginning of the period $ 5,918 $ 5,373 $ 3,723 Increase related to prior year tax provisions 8 921 — Decrease related to prior year tax provisions (366 ) (1,649 ) — Increase related to current year tax provisions 1,028 1,273 1,650 Gross amount of unrecognized tax benefits as of the end of the period 6,588 5,918 5,373 The Company files tax returns in the U.S. federal and various state jurisdictions, Australia, China, France, India, Japan, and the United Kingdom. All tax years remain subject to examination by tax authorities due to the carryforward of unutilized net operating losses and research and development credits. During fiscal 2019 and 2018 , the Company recognized interest and penalties of $0.1 million associated with unrecognized tax benefits. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jan. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Note 11. Stockholders' Equity Convertible Preferred Stock Immediately prior to the completion of the IPO, all shares of convertible preferred stock then outstanding were converted into 62.0 million shares of Class B common stock on a one-to-one basis. As of January 31, 2019 , there were no shares of convertible preferred stock issued and outstanding. The authorized, issued and outstanding shares of convertible preferred stock and liquidation preferences as of January 31, 2018 were as follows (in thousands, except share and per share amounts): Series Issuance Authorized Issued and Liquidation Series A $ 0.5984 10,862,295 10,862,290 $ 6,500 Series B 1.2518 11,982,744 11,982,740 15,000 Series C 3.1052 8,051,010 8,051,007 25,000 Series D 4.6716 7,711,486 7,711,483 36,025 Series E 6.0664 8,242,123 8,242,119 50,000 Series F 7.5986 15,134,367 15,134,356 115,000 61,984,025 61,983,995 $ 247,525 Preferred Stock As of January 31, 2019, the Company had authorized 10 million shares of preferred stock, each with a par value of $0.0001 per share. As of January 31, 2019, no shares of preferred stock were issued and outstanding. Common Stock Prior to the IPO, all shares of common stock then outstanding were reclassified into Class B common stock. Shares offered and sold in the IPO consisted of newly authorized shares of Class A common stock. As of January 31, 2019 , the Company had authorized 500 million shares of Class A common stock and 500 million shares of Class B common stock, each with a par value of $0.0001 per share. As of January 31, 2019 , 77.1 million shares of Class A common stock and 32.6 million shares of Class B common stock were issued and outstanding. Holders of Class A and Class B common stock are entitled to one vote per share and ten votes per share, respectively, and the shares of Class A common stock and Class B common stock are identical, except for voting rights and the right to convert Class B shares to Class A shares. Charitable Contributions During fiscal 2019 , the Company donated 47,303 shares of its Class A common stock to a charitable foundation and recognized $1.0 million as a non-cash general and administrative expense in its consolidated statement of comprehensive loss. Accumulated Other Comprehensive Income Components of accumulated other comprehensive income were as follows (in thousands): Foreign Currency Translation Adjustment Unrealized Gain on Available-for-Sale Securities Total Balance, February 1, 2018 $ 471 $ — $ 471 Foreign currency translation adjustment 3 — 3 Unrealized gain on available-for-sale securities — 7 7 Balance, January 31, 2019 $ 474 $ 7 $ 481 There were no reclassifications out of accumulated other comprehensive income during fiscal 2019 . Additionally, there was no tax impact on the amounts presented. |
Employee Stock Plans
Employee Stock Plans | 12 Months Ended |
Jan. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Plans | Note 12. Employee Stock Plans Equity Incentive Plans In March 2018, the Company’s Board of Directors adopted and its stockholders approved the 2018 Equity Incentive Plan (2018 Plan). The 2018 Plan authorizes the award of stock options, restricted stock awards, stock appreciation rights, RSUs, performance awards, and stock bonuses. As of January 31, 2019 , approximately 9.3 million shares of Class A common stock were reserved and available for issuance under the 2018 Plan. In addition, as of January 31, 2019 , 15.1 million stock options and RSUs exercisable or settleable for Class B common stock were outstanding in the aggregate under the Company’s 2006 Stock Plan (2006 Plan) and 2015 Equity Incentive Plan (2015 Plan), which plans were terminated in May 2015 and April 2018, respectively. The 2006 Plan and 2015 Plan continue to govern outstanding equity awards granted thereunder. As of January 31, 2019, shares of common stock reserved for future issuance were as follows (in thousands): As of January 31, 2019 Stock options outstanding 14,784 Restricted stock units 1,819 Shares reserved for future award issuances 7,760 Total 24,363 Stock Options The following table summarizes stock option activity and related information (in thousands except exercise price and contractual term): Shares Weighted Average Aggregate Balance as of January 31, 2017 11,870 $ 2.83 7.77 $ 5,755 Granted 6,296 4.52 Exercised (1,903 ) 2.34 12,619 Forfeited (862 ) 3.40 Balance as of January 31, 2018 15,401 3.56 7.91 83,322 Granted 3,697 8.50 Exercised (3,642 ) 3.15 42,912 Forfeited (672 ) 5.48 Balance as of January 31, 2019 14,784 4.81 7.41 249,119 Exercisable as of January 31, 2019 14,227 4.70 6.82 241,057 Vested and expected to vest as of January 31, 2019 14,249 $ 4.74 7.37 $ 241,048 The weighted average grant date fair value per share of options granted were $6.81 , $2.29 , and $1.38 for fiscal 2019, 2018 and 2017 , respectively. The aggregate intrinsic value of options exercised was $42.9 million , $12.6 million , and $1.2 million for fiscal 2019, 2018 and 2017 , respectively. As of January 31, 2019 , there was $25.4 million of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over the next 2.3 years . The Company used the Black-Scholes option-pricing model to estimate the fair value of its stock options granted with the following assumptions: Fiscal Year Ended January 31, 2019 2018 2017 Expected volatility 32.4% - 40.9% 40.0% - 42.6% 42.5% - 45.7% Expected term (in years) 5.1 - 6.4 4.3 - 7.0 5.0 - 7.0 Risk-free interest rate 2.6% - 3.0% 1.7% - 2.3% 1.1% - 1.9% Expected dividend yield — — — Options Subject to Early Exercise At the discretion of the Company’s Board of Directors, certain options may be exercisable immediately at the date of grant but are subject to a repurchase right, under which the Company may buy back any unvested shares at the lower of their original exercise price or then current fair market value in the event of an employee’s termination prior to vesting. The consideration received for an exercise of an unvested option is considered to be a deposit of the exercise price and the related dollar amount is recorded as a liability. The liabilities are reclassified into equity as the awards vest. As of January 31, 2019 and 2018 , the Company had $0.7 million , respectively, recorded in accrued expenses and other current liabilities, and other long-term liabilities, related to early exercises of options to acquire 0.2 million shares of common stock, respectively. RSU and Restricted Stock Award Activity The following table summarizes RSU and restricted stock award activity and related information for fiscal 2019 and fiscal 2018 , (in thousands except grant date fair value): Number of RSUs and RSAs Weighted-Average Grant Date Fair Value Balance as of January 31, 2017 — Granted 3,689 $ 5.36 Exercised (629 ) 5.36 Forfeited (23 ) 5.54 Balance as of January 31, 2018 3,037 5.37 Granted 1,513 24.28 Vested (1,349 ) 5.97 Forfeited (123 ) 17.66 Balance as of January 31, 2019 3,078 $ 13.92 As of January 31, 2019 , there was $35.7 million of unrecognized compensation cost related to unvested RSUs and restricted stock awards, which is expected to be recognized over the next 2.4 years . 2018 Employee Stock Purchase Plan In March 2018, the Company adopted the ESPP, which became effective on the date of the prospectus filed with the SEC on April 12, 2018 in connection with our IPO . The ESPP initially reserved and authorized the issuance of up to a total of 2.4 million shares of Class A common stock to participating employees. The initial offering period began April 11, 2018 and will end on June 14, 2020 with purchase dates of December 14, 2018, June 14, 2019, December 14, 2019 and June 14, 2020. Except for the initial offering period, the ESPP provides for 24 -month offering periods beginning June 15 and December 15 of each year, and each offering period will consist of four , six -month purchase periods. On each purchase date, ESPP participants will purchase shares of the Company’s Class A common stock at a price per share equal to 85% of the lesser of (1) the fair market value of the Class A common stock on the offering date or (2) the fair market value of the Class A common stock on the purchase date. As of January 31, 2019 , there was approximately $6.0 million of unrecognized stock-based compensation expense related to the ESPP that is expected to be recognized over the remaining term of the initial offering period. The Company estimated the fair value of ESPP purchase rights using a Black-Scholes option pricing model with the following assumptions: As of January 31, 2019 Expected volatility 24.6% - 42.4% Expected term (in years) 0.5 - 2.2 Risk-free interest rate 2.0% - 2.8% Expected dividend yield — Stock-based Compensation Expense Stock-based compensation expense was recorded in the following cost and expense categories in the accompanying consolidated statements of comprehensive loss (in thousands): As of January 31, 2019 2018 2017 Cost of subscription revenue $ 1,967 $ 747 $ 326 Cost of professional services revenue 5,900 2,121 583 Research and development 6,345 2,292 1,126 Sales and marketing 7,384 2,717 1,577 General and administrative 3,761 1,113 771 Total stock-based compensation expense $ 25,357 $ 8,990 $ 4,383 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13. Commitments and Contingencies (a) Leases The Company periodically leases facilities and equipment under noncancelable operating and capital leases. The terms of the lease agreements may include graduated rental payments, allowances, rent holidays and escalations. Accordingly, the Company recognizes the related rent expense on a straight-line basis over the entire lease term and records the difference between amounts charged to operations and amounts paid as deferred rent. The Company paid $2.3 million in cash in November 2018 to purchase data center equipment and related software previously held under several capital leases. The Company also canceled letters of credit for $4.3 million that it had previously issued in connection with these leases. As of January 31, 2019, the company had no capital leases. As of January 31, 2019, the Company had operating leases in the United States and around the world. The initial lease term for these facilities ranged from three -to seven years and includes approximately 155,000 square feet of space. As of January 31, 2019 and 2018, the company had bank issued irrevocable letters of credit associated with the leases of $2.1 million and $5.2 million , respectively, classified as restricted cash in the accompanying consolidated balance sheet. Deferred rent was $3.0 million and $1.0 million as of January 31, 2019 and 2018 , respectively, and is included in accrued expenses and other current liabilities and other long-term liabilities in the accompanying consolidated balance sheets. Rent expense was $9.6 million , $6.0 million and $5.7 million for fiscal 2019, 2018 and 2017 , respectively. As of January 31, 2019 , the future minimum lease payments by fiscal year were as follows (in thousands): Minimum Operating Lease Payments 2020 $ 7,894 2021 6,027 2022 6,156 2023 6,037 2024 3,697 Thereafter 614 Total future lease commitments $ 30,425 See Note 17. Subsequent Events of the notes to our consolidated financial statements included in this Form 10-K for more information about the operating lease for our new headquarters. (b) Legal Matters The Company may be subject to legal proceedings, as well as demands, claims and threatened litigation that arise in the normal course of its business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of such matters will not have a material adverse effect on the Company’s results of operations or financial condition. (c) Other Contractual Obligations As of January 31, 2019 , the Company's only other material contractual obligation was to purchase $4.0 million in web hosting services from one of its vendors by September 30, 2019 . |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 12 Months Ended |
Jan. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Note 14. Net Loss Per Share Attributable to Common Stockholders Basic and diluted net loss per common share is presented in conformity with the two-class method required for participating securities. The Company considered all series of convertible preferred stock to be participating securities as the holders of the convertible preferred stock were entitled to receive a non-cumulative dividend on a pari passu basis in the event that a dividend was paid on the common stock. The holders of the convertible preferred stock did not have a contractual obligation to share in the Company’s losses. As such, the Company’s net losses were not allocated to these participating securities. Class A and Class B common stock were the only outstanding equity in the Company as of January 31, 2019. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. Shares of Class B common stock may be converted into Class A common stock at any time at the option of the stockholder, and are automatically converted into Class A common stock upon sale or transfer, subject to certain limited exceptions. Basic net loss per share attributable to common stockholders is computed using the weighted-average number of common shares outstanding during the period. Diluted net loss per share attributable to common stockholders is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except per share data): Fiscal Year Ended January 31, 2019 2018 2017 Numerator: Net loss $ (77,590 ) $ (47,155 ) $ (39,098 ) Denominator: Weighted-average common shares outstanding, basic and diluted 91,267 26,563 23,891 Net loss per share attributable to common stockholders, basic and diluted $ (0.85 ) $ (1.78 ) $ (1.64 ) Since the Company was in a loss position for all periods presented, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows (in thousands): As of January 31, 2019 2018 2017 Conversion of convertible preferred stock — 61,984 61,984 Issued and outstanding stock options 14,784 15,401 11,870 Unvested restricted stock issued and outstanding 1,259 2,203 — Unvested RSUs issued and outstanding 1,819 834 — Shares committed under ESPP 141 — — Total 18,003 80,422 73,854 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15. Related Party Transactions Certain members of the Company’s Board of Directors serve or are closely affiliated with people who serve on the board of directors of companies that are customers or vendors of the Company. Certain of the Company’s executive officers also serve on the board of directors of companies that are customers or vendors of the Company. Related party transactions were not material during fiscal 2019 . In November 2017 and April 2018, the Company paid an aggregate $5.6 million of taxes owed in connection with restricted stock granted to two employees in exchange for full-recourse promissory notes, which notes were secured by 4.6 million shares of common stock. The notes accrued interest at rates ranging from 1.85% to 2.72% and were payable in full upon the earlier of: (i) a change in control or (ii) January 12, 2019. Consistent with ASC 505-10-45, the notes receivable balance is presented as a deduction from stockholders’ equity. In August 2018, the notes were fully repaid. |
Business Combination
Business Combination | 12 Months Ended |
Jan. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combination | Note 16. Business Combination Leeyo Software, Inc. On May 31, 2017, the Company acquired Leeyo. Under the terms of the Agreement and Plan of Merger, the Company paid $29.2 million in cash and 1,153,885 shares of common stock, for total purchase consideration of approximately $35.2 million , in exchange for all of the outstanding shares of Leeyo’s capital stock. The acquisition has been accounted for as a business combination under U.S. GAAP. The total cash portion of the consideration consisted of two separate payments: $16.7 million that was paid during fiscal 2018 and $12.6 million that was paid during fiscal 2019. The Company issued 1,153,885 shares of its common stock to Leeyo stockholders. This stock portion of the acquisition had a fair value upon issuance of approximately $6.0 million and the shares were issued upon the close of the transaction. $3.0 million of the purchase price and 363,190 shares with a fair value upon issuance of $1.9 million , were placed into escrow for indemnification obligations. All shares were released from escrow during fiscal year 2019. Acquisition-related costs incurred by the Company of approximately $0.8 million were expensed as incurred and are included in operating expenses in the consolidated statement of comprehensive loss. The Company agreed to pay cash of $3.1 million to certain Leeyo employees, of which, $2.5 million was paid upon closing and was expensed on the acquisition date, $0.3 million was paid on the 12 -month anniversary and the remaining $0.3 million will be disbursed to the employees upon the 24 -month anniversary of the acquisition, contingent upon continued employment with the Company. These payments are being recognized to expense on a straight-line basis over the service period in the consolidated statements of comprehensive loss. The Company also agreed to pay additional cash of $1.9 million to certain Leeyo employees who held vested options on the acquisition date, contingent upon continued employment with the Company. This payment was made in December 2017 and was recognized to expense on a straight-line basis over the service period in the consolidated statements of comprehensive loss. The Company issued 2,832,411 shares of the Company’s restricted common stock with a total grant date fair value of $14.6 million , which have service-based vesting requirements and are therefore excluded from the purchase consideration. These restricted shares will vest monthly over three years following the acquisition date. The Company also issued 856,296 RSUs with a total fair value of $4.4 million , which have service-based vesting requirements and are therefore also excluded from the purchase consideration. Of these RSUs, 219,546 vest over three years with 1/3rd of the RSUs vesting one year after the date of acquisition and 1/36th vesting monthly thereafter. The remaining 636,750 RSUs vest over four years with 1/4th of the RSUs vesting one year after the acquisition date and 1/48th vesting monthly thereafter. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17. Subsequent Events Operating Lease Agreement In March 2019, the Company entered into a new operating lease agreement for approximately 100,000 square feet of office space located in Redwood Shores, California that will replace its existing headquarters in San Mateo, CA. The initial rental rate is $446,460 per month with seven months of free rent in the first year, with annual increases of three percent ( 3% ). The initial lease term is 127 months, with an option to renew for an additional seven years at the then prevailing rental rate. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation. The Company's fiscal year end is January 31. References to fiscal 2019, for example, refer to the fiscal year ended January 31, 2019. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, as well as reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. The Company’s most significant estimates and assumptions are related to revenue recognition with respect to the determination of the relative selling prices for the Company’s services; determination of the fair value of the Company’s common stock for valuation of the Company’s stock-based awards issued prior to the completion of the IPO; valuation of the Company’s stock-based awards; estimates of allowance for doubtful accounts; estimates of the fair value of goodwill, intangible assets and other long-lived assets; and the valuation of deferred income tax assets and contingencies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ materially from these estimates under different assumptions or conditions. |
Foreign Currency | Foreign Currency The functional currencies of the Company’s foreign subsidiaries are the respective local currencies. Translation adjustments arising from the use of differing exchange rates from period to period are included in accumulated other comprehensive income within the consolidated balance sheets. Foreign currency transaction gains and losses are included in interest and other income (expense), net in the consolidated statements of comprehensive loss and were not material for fiscal 2019, 2018 and 2017 . All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenue and expenses are translated at the average exchange rate during the period, and equity balances are translated using historical exchange rates. |
Segment Information | Segment Information The Company operates as one operating segment. The Company’s chief operating decision maker is its Chief Executive Officer, who primarily reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. |
Revenue Recognition and Deferred Revenue | Revenue Recognition and Deferred Revenue The Company generates revenue primarily from two sources: (1) subscription services which is comprised of revenue from subscription fees from customers accessing the Company’s cloud-based software and (2) professional services and other revenue, which consists primarily of fees from consultation services to support business process mapping, configuration, data migration, integration, and training. Subscription services revenue is recognized on a ratable basis over the related subscription period beginning on the date the customer is first given access to the system (i.e., provision date). The Company's professional service revenue contracts are generally time and material based and revenue is recognized as the service is provided. Certain contracts are fixed priced arrangements where the revenue is recognized using a proportional performance method. In most cases, the customers do not have the contractual right to take possession of the Company’s software. However, certain contracts inherited with the Company’s acquisition of Leeyo do give the customer the right to take possession of the software. These contracts are described below under “Leeyo On-Premise Arrangements.” The Company commences revenue recognition when all of the following conditions are met: • there is persuasive evidence of an arrangement; • the service is being provided to the customer; • the collection of the fees is reasonably assured; and • the amount of fees to be paid by the customer is fixed or determinable. Revenue from new customers is often generated under subscription agreements with multiple elements, comprised of subscription services fees from customers accessing its on-demand application suite and professional services associated with implementation services. The Company evaluates each element in a multiple-element arrangement to determine whether it represents a separate unit of accounting. An element constitutes a separate unit of accounting when the delivered item has stand-alone value and delivery of the undelivered element is probable and within the Company’s control. Subscription services have stand-alone value because they are routinely sold separately by the Company. Professional services have stand-alone value because the Company has sold professional services separately and there are several third-party vendors that routinely contract directly with the customer and provide these services to the customer on a stand-alone basis. For cloud-based software subscription services revenue and professional services revenue, the Company allocates revenue to each element in an arrangement based on a selling price hierarchy. The selling price for an element is based on its vendor-specific objective evidence (VSOE) if available; third-party evidence (TPE) if VSOE is not available; or estimated selling price (ESP) if neither VSOE nor TPE is available. The Company determines whether VSOE can be established for elements of its arrangements by reviewing the prices at which such elements are sold in stand-alone arrangements. Through January 31, 2019, the Company has not established VSOE or TPE for any of the elements of the Company's arrangements. Therefore, the Company utilizes the ESP for all its elements. The Company establishes ESP for both its cloud-based subscriptions services and professional services elements primarily by considering the actual sales prices of the element when sold on a stand-alone basis or when sold together with other elements. The consideration allocated to subscription services is typically recognized as revenue over the noncancelable contract period on a straight-line basis. The consideration allocated to professional services is typically recognized as revenue once the revenue recognition criteria have been met based on a proportional performance method for fixed price engagements or as the service is being provided for time and material based contracts. Amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. Other than a small number of "Leeyo On-Premise Arrangements" most arrangements with customers do not provide the customer with the right to take possession of the software supporting the on-demand application service. Sales and other taxes collected from customers to be remitted to government authorities are reported on a net basis and, therefore, excluded from revenue. The Company classifies reimbursements received from clients for out-of-pocket expenses as professional services revenue as incurred. Subscription agreements generally have terms ranging from one to three years and are generally invoiced annually or quarterly in advance over the term. The professional services component of the arrangements is generally earned during the first year of the subscription period depending on the size and complexity of the business utilizing the platform service. The subscription agreements occasionally provide service-level uptime commitments per period, excluding scheduled maintenance. The failure to meet this level of service availability may require the Company to credit qualifying customers up to the value of an entire month of their platform fees. Based on the Company’s historical experience of consistently meeting its service-level commitments, the Company does not currently have any reserves for these commitments. |
Leeyo On-Premise Arrangements | Leeyo On-Premise Arrangements The Company acquired Leeyo on May 31, 2017. Leeyo had previously entered into some legacy customer agreements where the customer was entitled to take possession of the software on its premises. These arrangements were typically sold through a term license (term-based license). Term-based license revenue contracts where the customer is entitled to take possession of the software are governed by ASC 985-605, Software — Revenue Recognition. For term-based license arrangements, the Company sells the software license and related maintenance as a bundle and recognizes the total contracted amount ratably over the term of the arrangement beginning upon delivery of the software once the revenue recognition criteria have been met. The Company is not able to establish VSOE for the maintenance and support for those licenses as those elements are not sold separately. For term-based licenses sold with professional services, the entire arrangement consideration including professional services is recognized ratably over the term of the term-based license. Term-based license revenue and related maintenance (PCS) are included in subscription revenue in the Company’s consolidated statements of comprehensive loss and were less than 5% of consolidated revenues for the year ended January 31, 2019. |
Cost of Revenue | Cost of Revenue Cost of subscription revenue primarily consists of costs relating to the hosting of the Company’s cloud-based software platform, including salaries and benefits of technical operations and support personnel, data communications costs, allocated overhead and property and equipment depreciation, and the amortization of internal-use software and purchased intangibles. Cost of professional services revenue primarily consists of the costs of delivering implementation services to customers of the Company’s cloud-based software platform, including salaries and benefits of professional services personnel and fees for third party resources used in the delivery of implementation services. |
Advertising Expense | Advertising Expense Advertising costs are expensed as incurred. |
Concentrations of Credit Risk and Significant Clients and Suppliers | Concentrations of Credit Risk and Significant Clients and Suppliers The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments, accounts receivable, and restricted cash. The Company deposits its cash and restricted cash, and short-term investments, primarily with one financial institution, and accordingly, such deposits regularly exceed federally insured limits. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original or remaining maturities of three months or less on the purchase date to be cash equivalents. Cash and cash equivalents carrying value approximate fair value and consist primarily of bank deposits and money market funds. Restricted cash consists of letters of credit held with the Company’s financial institution related to facility and equipment leases, and are classified as current or long-term in the Company’s consolidated balance sheets based on the maturities of the underlying letters of credit. |
Short-term Investments | Short-term Investments The Company typically invests in high quality, investment grade securities from diverse issuers. The Company classifies its short-term investments as available-for-sale. In general, these investments are free of trading restrictions. The Company carries these investments at fair value, based on quoted market prices or other readily available market information. Unrealized gains and losses, net of taxes, are included in accumulated other comprehensive income, which is reflected as a separate component of stockholders’ equity in the Company’s consolidated balance sheets. Gains and losses are recognized when realized in the Company's consolidated statements of comprehensive loss. When the Company has determined that an other-than-temporary decline in fair value has occurred, the amount of the decline that is related to a credit loss is recognized in income. Gains and losses are determined using the specific identification method. The Company reviews its 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. The Company considers factors such as the length of time and extent to which the market value has been less than the cost, the financial condition and near-term prospects of the issuer and our intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s amortized cost basis. If the Company believes that an other-than-temporary decline exists in one of these securities, it will write down these investments to fair value. The portion of the write-down related to credit loss would be recorded to interest and other income (expense), net in our consolidated statements of comprehensive loss. Any portion not related to credit loss would be recorded to accumulated other comprehensive income, which is reflected as a separate component of stockholders' equity in our consolidated balance sheets. The Company may sell its 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, the Company has classified its investments, including any securities with maturities beyond 12 months, as current assets in the accompanying consolidated balance sheet as of January 31, 2019 . Securities with original or remaining maturities of three months or less on the purchase date are considered to be cash equivalents and are reflected in cash and cash equivalents in the accompanying consolidated balance sheet as of January 31, 2019 . |
Accounts Receivable | Accounts Receivable The Company’s accounts receivable consists of client obligations due under normal trade terms, and are reported at the principal amount outstanding, net of the allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts that is based upon historical loss patterns, the number of days that billings are past due, and an evaluation of the potential risk of loss related to problem accounts. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are stated at cost. Depreciation is calculated on a straight-line basis over the estimated useful lives of the related assets, generally three to five years. Leasehold improvements are depreciated over the shorter of their remaining related lease term or estimated useful life. When assets are retired, the cost and accumulated depreciation are removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in operating expenses in the accompanying consolidated statements of comprehensive loss. |
Business Combinations | Business Combinations When the Company acquires a business, management allocates the purchase price to the net tangible and identifiable intangible assets acquired. Any residual purchase price is recorded as goodwill. The allocation of the purchase price requires management to make significant estimates in determining the fair values of assets acquired and liabilities assumed, especially with respect to intangible assets. These estimates can include, but are not limited to, the cash flows that an asset is expected to generate in the future, the appropriate weighted average cost of capital, and the cost savings expected to be derived from acquiring an asset. These estimates are inherently uncertain and unpredictable. |
Goodwill | Goodwill. Goodwill represents the excess purchase consideration of an acquired business over the fair value of the net tangible and identifiable intangible assets. Goodwill is evaluated for impairment annually on December 1, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, a significant adverse change in customer demand or business climate or a significant decrease in expected cash flows. An impairment loss is recognized to the extent that the carrying amount exceeds the reporting unit’s fair value, not to exceed the carrying amount of goodwill. The Company has the option to first assess qualitative factors to determine whether events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount and determine whether further action is needed. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary. |
Acquired Intangible Assets | Acquired Intangible Assets. Acquired intangible assets consist of developed technology, customer relationships, and a trade name, resulting from the Company’s acquisitions. Acquired intangible assets are recorded at fair value on the date of acquisition and amortized over their estimated useful lives on a straight-line basis. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets. The carrying amounts of long-lived assets, including property and equipment, capitalized internal-use software, and acquired intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable or that the useful life is shorter than originally estimated. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to future undiscounted net cash flows the asset is expected to generate over its remaining life. If the asset is determined to be impaired, the amount of any impairment recognized is measured as the difference between the carrying value and the fair value of the impaired asset. If the useful life is shorter than originally estimated, the Company amortizes the remaining carrying value over the new shorter useful life. |
Internal-Use Software and Web Site Development Costs | Internal-Use Software and Web Site Development Costs The Company capitalizes costs related to developing new functionality for its suite of products that are hosted by the Company and accessed by its customers on a subscription basis. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Costs incurred in the preliminary stages of development are expensed as incurred. Once an application has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the software is substantially complete and ready for its intended use. Capitalized costs are recorded as part of property and equipment, net in our consolidated balance sheets. Maintenance and training costs are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life, generally three years. |
Income Taxes | Income Taxes The Company uses the asset-and-liability method of accounting for income taxes. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The Company records a valuation allowance to reduce its deferred tax assets to the net amount that the Company believes is more likely than not to be realized. In assessing the need for a valuation allowance, the Company has considered its historical levels of income, expectations of future taxable income and ongoing tax planning strategies. Because of the uncertainty of the realization of the deferred tax assets in the U.S., the Company has recorded a full valuation allowance against its deferred tax assets. Realization of its deferred tax assets is dependent primarily upon future U.S. taxable income. The Company recognizes and measures tax benefits from uncertain tax positions using a two-step approach. The first step is to evaluate the tax position taken or expected to be taken by determining if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. Significant judgment is required to evaluate uncertain tax positions. Although the Company believes that it has adequately reserved for its uncertain tax positions, it can provide no assurance that the final tax outcome of these matters will not be materially different. The Company evaluates its uncertain tax position on a regular basis and evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of an audit and effective settlement of audit issues. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on the Company’s financial condition and results of operations. The provision for income taxes includes the effects of any accruals that the Company believes are appropriate, as well as the related net interest and penalties. |
Stock-Based Compensation | Stock-Based Compensation The Company measures its employee and director stock-based compensation awards, including purchase rights issued under the Company's ESPP, based on the award's estimated fair value on the date of grant. Expense associated with these awards is recognized using the straig ht-line attribution method over the requisite service period for stock options, RSUs and restricted stock; and over the offering period for the purchase rights issued under the ESPP, and is reported in the Company's consolidated statements of comprehensive loss. The Company estimates the fair value of its stock options, and purchase rights under the ESPP, using the Black-Scholes option-pricing model. The resulting fair value, net of estimated forfeitures, is recognized on a straight-line basis over the period during which an employee is required to provide service in exchange for the award. Stock options generally vest over two to four years and have a contractual term of ten years. ESPP purchase rights generally vest over the two year offering period. The Company estimates the fair value of its restricted stock and RSU grants based on the grant date fair value of the Company’s common stock. The resulting fair value, net of estimated forfeitures, is recognized on a straight-line basis over the period during which an employee is required to provide service in exchange for the award, which is generally three to four years. Estimated forfeitures are based upon the Company’s historical experience and the Company revises its estimates, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Determining the grant date fair value of options, restricted stock, and RSUs requires management to make assumptions and judgments. These estimate s involve inherent uncertainties and if different assumptions had been used, stock-based compensation expense could have been materially different from the amounts recorded. The assumptions and estimates for valuing stock options are as follows: • Fair value per share of Company’s common stock. Prior to the IPO, because there was no public market for the Company’s common stock, the Company’s Board of Directors, with the assistance of a third-party valuation specialist, determined the common stock fair value at the time of the grant of stock options by considering a number of objective and subjective factors, including the Company’s actual operating and financial performance, market conditions and performance of comparable publicly traded companies, developments and milestones in the Company, the likelihood of achieving a liquidity event, and transactions involving the Company’s common stock, among other factors. After the IPO, the Company used the publicly quoted price of its common stock as reported on the New York Stock Exchange as the fair value of its common stock. • Expected volatility. The Company determines the expected volatility based on historical average volatilities of similar publicly traded companies corresponding to the expected term of the awards. • Expected term. The Company determines the expected term of awards which contain only service conditions using the simplified approach, in which the expected term of an award is presumed to be the mid-point between the vesting date and the expiration date of the award, as the Company does not have sufficient historical data relating to stock-option exercises. • Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect during the period the options were granted corresponding to the expected term of the awards. • Estimated dividend yield. The estimated dividend yield is zero , as the Company does not currently intend to declare dividends in the foreseeable future. N |
Net Loss per Share | t Loss per Share Basic net loss per share attributable to common stockholders is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Options subject to early exercise that are exercised prior to vesting are excluded from the computation of weighted-average number of shares of common stock outstanding until such shares have vested. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period increased by giving effect to all potentially dilutive securities to the extent they are dilutive. |
Recent Accounting Pronouncements | cent Accounting Pronouncements—Not Yet Adopted The Jumpstart Our Business Startups Act (JOBS Act) allows the Company, as an “emerging growth company,” to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election. In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, Revenue from Contracts with Customers and has modified the standard thereafter. This standard replaces existing revenue recognition rules with a comprehensive revenue measurement and recognition standard and expanded disclosure requirements. ASU 2014-09, as amended, became effective for public companies for fiscal years beginning after December 15, 2017 and interim periods within those years. Under the JOBS Act, the Company has an additional year to adopt the standard. The Company adopted ASU 2014-09, effective February 1, 2019, using the full retrospective transition method. The adoption of the new standard is expected to have an impact on revenue and commissions expense for all periods presented. The primary impacts on revenue are an increased number of allocations of arrangement consideration between subscription and professional services and the recognition of discounts evenly across the term for multiple year subscription arrangements. Both of these impacts are primarily due to the elimination of the contingent revenue rule. The Company also expect an impact due to a change in the recognition of legacy on-premise term deals inherited during our acquisition of Leeyo Software, Inc., which will require more revenue being recognized at the beginning of the license term as opposed to evenly over the term. In addition to impacting the way that the Company recognizes revenue, the new standard will also impact the accounting for incremental commission costs of obtaining subscription contracts. Under the new standard, the Company will defer all incremental commission costs to obtain the contract. The Company expects to amortize these costs on a straight-line basis over the period of economic benefit which has been determined to be five years. In January 2016, the FASB issued ASU No. 2016-01 (Subtopic 825-10), Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities , which primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The accounting for other financial instruments, such as loans, investments in debt securities, and financial liabilities is largely unchanged. ASU 2016-01 is effective for fiscal years beginning after December 15, 2018, and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company adopted ASU 2016-01 effective February 1, 2019 and the adoption did not have a significant impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which supersedes the guidance in topic ASC 840, Leases . Under the new standard, lessees will be required to record a right-of-use assets and a lease liability for all leases, with certain exceptions, on their balance sheets. The Company expects to adopt ASU 2016-02 beginning with its fiscal year ending January 31, 2020 and interim periods thereafter. The Company is currently evaluating its lease portfolio and expects the adoption of this standard to have a material impact on its consolidated balance sheet. In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . Under existing U.S. GAAP, the effects of changes in tax rates and laws on deferred tax balances are recorded as a component of income tax expense in the period in which the law was enacted. When deferred tax balances related to items originally recorded in accumulated other comprehensive income are adjusted, certain tax effects become stranded in accumulated other comprehensive income. The amendments in ASU 2018-02 allow a reclassification from accumulated other comprehensive income to retained earnings (accumulated deficit) for stranded income tax effects resulting from the Tax Cuts and Jobs Act (the Tax Reform Act). The amendments in this ASU also require certain disclosures about stranded income tax effects. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption in any period is permitted. The Company’s provisional adjustments recorded in the fiscal year ended January 31, 2018 to account for the impact of the Tax Reform Act did not result in stranded tax effects. The Company adopted ASU 2018-02 effective February 1, 2019, and the adoption of the standard did not have a significant impact on its consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting . The guidance expands the scope of the topic to include share-based payments granted to non-employees in exchange for goods or services. Upon adoption, the fair value of awards granted to non-employees will be determined as of the grant date, which will be recognized over the service period. Previous guidance required the awards to be remeasured at fair value periodically when determining the related expense. ASU 2018-07 is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. The Company has not yet adopted ASU 2018-07 and does not expect the adoption to have a significant impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which amends ASC 820, Fair Value Measurement . The standard no longer requires disclosure of the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies will be required to disclose the range and weighted-average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual periods beginning after December 15, 2019 and early adoption is permitted. The Company has not yet adopted ASU 2018-13 and does not expect the adoption to have a significant impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract . This standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective for annual periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021, with early adoption permitted. The Company has not yet adopted ASU 2018-15 and does not expect the adoption to have a significant impact on its consolidated financial statements. In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification , amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. The final rule is effective November 5, 2018. We expect to present this analysis beginning with our Quarterly Report on Form 10-Q for the three months ending April 30, 2019. Recent Accounting Pronouncements—Adopted in Fiscal 2019 In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes , which simplifies the presentation of deferred income taxes. ASU 2015-17 provides presentation requirements to classify deferred tax assets and liabilities as noncurrent in a classified statement of financial position. The standard is effective for fiscal years beginning after December 15, 2017 and interim periods within annual periods beginning after December 15, 2018. The Company adopted ASU 2015-17 effective February 1, 2018 and the adoption of the standard did not have a significant impact on its consolidated financial statements. The Company adopted ASU No. 2016-09 (Topic 718), Improvements to Employee Share-Based Payments Accounting , effective February 1, 2018. The Company elected to continue to estimate its forfeiture rate. The adoption of this standard did not have a significant impact on the Company's consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18 (Topic 230), Statement of Cash Flows, Restricted Cash , which amends the guidance in ASC 230 Statement of Cash Flows and requires that entities show the changes in total of cash, cash equivalents, restricted cash, and restricted cash equivalents in their statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. On February 1, 2018, the Company adopted ASU 2016-18 and is presenting its cash and cash equivalents and restricted cash together in its consolidated statements of cash flows. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business , which amends the guidance of FASB Accounting Standards Codification Topic 805, “Business Combinations,” adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. On February 1, 2018, the Company adopted ASU 2017-01 and the adoption did not have an impact on its consolidated financial statements as no business combinations have occurred since adoption. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment , which removes the second step of the goodwill impairment test that requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. On February 1, 2018, the Company adopted ASU 2017-04 and the adoption did not have a significant impact on its consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718) Scope of Modification Accounting , which clarifies which changes to the terms or conditions of a share-based payment award are subject to the guidance on modification accounting. Entities would apply the modification accounting guidance unless the value, vesting requirements, and classification of a share-based payment award are the same immediately before and after a change to the terms or conditions of the award. On February 1, 2018, the Company adopted ASU 2017-09 and the adoption did not have a significant impact on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Revenue by Country | Revenue by country from customers, based on the customer’s address at the time of sale, was as follows (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 United States $ 166,770 $ 125,275 $ 83,385 Others 68,426 42,651 29,623 Total $ 235,196 $ 167,926 $ 113,008 |
Schedule of Allowance for Doubtful Accounts | The allowance for doubtful accounts consists of the following activity (in thousands): Fiscal Year Ended January 31, 2019 2018 Allowance for doubtful accounts, beginning balance $ 3,292 $ 2,572 Additions: Charged to revenue 3,949 3,306 Charged to deferred revenue 4,719 2,419 Deductions: Write-offs to revenue (4,253 ) (2,686 ) Write-offs to deferred revenue (5,185 ) (2,319 ) Allowance for doubtful accounts, ending balance $ 2,522 $ 3,292 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Short-term Investments | The amortized costs, unrealized gains and losses and estimated fair values of the Company’s short-term investments as of January 31, 2019 were as follows (in thousands): As of January 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government securities $ 17,950 $ 1 $ — $ 17,951 Corporate bonds 34,296 8 (2 ) 34,302 Commercial paper 55,655 — — 55,655 Total short-term investments $ 107,901 $ 9 $ (2 ) $ 107,908 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Hierarchy for Financial Assets Measured on a Recurring Basis | The following table summarizes the Company ’ s fair value hierarchy for its financial assets measured at fair value on a recurring basis as of January 31, 2019 (in thousands): As of January 31, 2019 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 61,201 $ — $ — $ 61,201 Short-term investments: U.S. government securities $ — $ 17,951 $ — $ 17,951 Corporate bonds — 34,302 — 34,302 Commercial paper — 55,655 — 55,655 Total short-term investments $ — $ 107,908 $ — $ 107,908 Restricted cash: Money market funds $ 2,084 $ — $ — $ 2,084 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): As of January 31, 2019 2018 Prepaid software subscriptions $ 4,797 $ 3,239 Prepaid insurance 790 445 Prepaid hosting costs 1,251 486 Prepaid rent 991 657 Taxes 579 533 Short-term deposits 181 480 Capitalized offering costs — 2,460 Other 1,825 1,002 $ 10,414 $ 9,302 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): As of January 31, 2019 2018 Servers $ 14,972 $ 11,283 Computer equipment 10,109 6,885 Software 10,770 7,148 Leasehold improvements 5,010 1,968 Furniture and fixtures 2,523 1,446 Vehicles 109 25 43,493 28,755 Less accumulated depreciation and amortization (23,868 ) (18,551 ) Total $ 19,625 $ 10,204 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Purchased Intangible Assets | The following table summarizes the purchased intangible asset balances (in thousands): As of January 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 7,697 $ (4,045 ) $ 3,652 Customer relationships 5,933 (1,236 ) 4,697 Trade name 909 (216 ) 693 Total $ 14,539 $ (5,497 ) $ 9,042 As of January 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 7,697 $ (2,666 ) $ 5,031 Customer relationships 5,933 (494 ) 5,439 Trade name 909 (87 ) 822 Total $ 14,539 $ (3,247 ) $ 11,292 |
Schedule of Expected Future Amortization Expense for Intangible Assets | The expected future amortization expense for intangible assets as of January 31, 2019 is as follows (in thousands): Fiscal 2020 $ 1,979 Fiscal 2021 1,962 Fiscal 2022 1,962 Fiscal 2023 1,235 Fiscal 2024 871 Thereafter 1,033 $ 9,042 |
Schedule of Carrying Amount of Goodwill | The change in the carrying amount of goodwill was as follows (in thousands): Goodwill as of January 31, 2017 $ 1,521 Goodwill resulting from the acquisition of Leeyo 19,093 Goodwill as of January 31, 2018 20,614 Activity during fiscal 2019 247 Goodwill as of January 31, 2019 $ 20,861 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): As of January 31, 2019 2018 Accrued acquisition-related payments $ — $ 12,558 Accrued outside services and consulting 2,089 2,834 Accrued goods and services taxes 3,098 2,488 Accrued IPO-related costs 210 1,120 Accrued taxes 1,620 652 Employee early exercised stock options 436 556 Other accrued expenses 6,757 4,288 Total $ 14,210 $ 24,496 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Net loss before provision for income taxes consisted of the following (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 Domestic $ (83,563 ) $ (49,489 ) $ (40,846 ) Foreign 7,339 3,463 2,032 Loss before income taxes $ (76,224 ) $ (46,026 ) $ (38,814 ) |
Schedule of Components of Income Tax Provision | The components of the Company's income tax provision are as follows (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 Current: Federal $ — $ — $ — State (81 ) — (46 ) International (1,406 ) (1,129 ) (238 ) $ (1,487 ) $ (1,129 ) $ (284 ) Deferred: Federal $ — $ — $ — State — — — International 121 — — Income tax provision $ (1,366 ) $ (1,129 ) $ (284 ) |
Schedule of Deferred Tax Assets and Liabilities | The Company’s deferred income tax assets and liabilities consisted of the following (in thousands): As of January 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 78,844 $ 64,844 Tax credit carryforwards 7,076 6,413 Allowances and other 8,226 3,284 Depreciation and amortization 1,010 1,105 Total deferred tax assets $ 95,156 $ 75,646 Deferred tax liabilities: Allowances and other $ — $ (935 ) Intangibles (3,299 ) (3,709 ) Total deferred tax liabilities (3,299 ) (4,644 ) Valuation allowance (91,632 ) (70,900 ) Net deferred tax assets $ 225 $ 102 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. federal statutory tax rate to the Company’s provision for income tax is as follows (dollars in thousands): Fiscal Year Ended January 31, 2019 2018 2017 Amount Percent Amount Percent Amount Percent Federal income tax benefit at statutory rates $ 16,007 21.0 % $ 15,556 33.8 % $ 13,197 34.0 % State income taxes, net of effect of federal 3,337 4.4 6,634 14.4 1,030 2.7 Permanent differences (1,242 ) (1.6 ) (1,094 ) (2.4 ) (965 ) (2.5 ) Federal and state R&D credits 1,029 1.3 1,221 2.7 1,649 4.2 Foreign income tax (239 ) (0.3 ) (918 ) (2.0 ) (238 ) (0.6 ) Change in tax rate — — (30,010 ) (65.2 ) — — Other 476 0.6 (2,375 ) (5.2 ) 1,325 3.4 Change in valuation allowance (20,734 ) (27.2 ) 9,857 21.4 (16,282 ) (41.9 )% Income tax benefit (provision) $ (1,366 ) (1.8 )% $ (1,129 ) (2.5 )% $ (284 ) (0.7 )% |
Schedule of Uncertain Tax Position | A reconciliation of the beginning and ending amounts of uncertain tax position is as follows (in thousands): Fiscal Year Ended January 31, 2019 2018 2017 Gross amount of unrecognized tax benefits as of the beginning of the period $ 5,918 $ 5,373 $ 3,723 Increase related to prior year tax provisions 8 921 — Decrease related to prior year tax provisions (366 ) (1,649 ) — Increase related to current year tax provisions 1,028 1,273 1,650 Gross amount of unrecognized tax benefits as of the end of the period 6,588 5,918 5,373 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Equity [Abstract] | |
Schedule of Convertible Preferred Stock | The authorized, issued and outstanding shares of convertible preferred stock and liquidation preferences as of January 31, 2018 were as follows (in thousands, except share and per share amounts): Series Issuance Authorized Issued and Liquidation Series A $ 0.5984 10,862,295 10,862,290 $ 6,500 Series B 1.2518 11,982,744 11,982,740 15,000 Series C 3.1052 8,051,010 8,051,007 25,000 Series D 4.6716 7,711,486 7,711,483 36,025 Series E 6.0664 8,242,123 8,242,119 50,000 Series F 7.5986 15,134,367 15,134,356 115,000 61,984,025 61,983,995 $ 247,525 |
Schedule of Components of Accumulated Other Comprehensive Income | Components of accumulated other comprehensive income were as follows (in thousands): Foreign Currency Translation Adjustment Unrealized Gain on Available-for-Sale Securities Total Balance, February 1, 2018 $ 471 $ — $ 471 Foreign currency translation adjustment 3 — 3 Unrealized gain on available-for-sale securities — 7 7 Balance, January 31, 2019 $ 474 $ 7 $ 481 |
Employee Stock Plans (Tables)
Employee Stock Plans (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Shares Reserved for Future Issuance | As of January 31, 2019, shares of common stock reserved for future issuance were as follows (in thousands): As of January 31, 2019 Stock options outstanding 14,784 Restricted stock units 1,819 Shares reserved for future award issuances 7,760 Total 24,363 Stock Options |
Schedule of Stock Option Activity | The following table summarizes stock option activity and related information (in thousands except exercise price and contractual term): Shares Weighted Average Aggregate Balance as of January 31, 2017 11,870 $ 2.83 7.77 $ 5,755 Granted 6,296 4.52 Exercised (1,903 ) 2.34 12,619 Forfeited (862 ) 3.40 Balance as of January 31, 2018 15,401 3.56 7.91 83,322 Granted 3,697 8.50 Exercised (3,642 ) 3.15 42,912 Forfeited (672 ) 5.48 Balance as of January 31, 2019 14,784 4.81 7.41 249,119 Exercisable as of January 31, 2019 14,227 4.70 6.82 241,057 Vested and expected to vest as of January 31, 2019 14,249 $ 4.74 7.37 $ 241,048 |
Schedule of Valuation Assumptions for Estimated Fair Value of Stock Options | The Company used the Black-Scholes option-pricing model to estimate the fair value of its stock options granted with the following assumptions: Fiscal Year Ended January 31, 2019 2018 2017 Expected volatility 32.4% - 40.9% 40.0% - 42.6% 42.5% - 45.7% Expected term (in years) 5.1 - 6.4 4.3 - 7.0 5.0 - 7.0 Risk-free interest rate 2.6% - 3.0% 1.7% - 2.3% 1.1% - 1.9% Expected dividend yield — — — |
Schedule of RSU and Restricted Stock Award Activity | The following table summarizes RSU and restricted stock award activity and related information for fiscal 2019 and fiscal 2018 , (in thousands except grant date fair value): Number of RSUs and RSAs Weighted-Average Grant Date Fair Value Balance as of January 31, 2017 — Granted 3,689 $ 5.36 Exercised (629 ) 5.36 Forfeited (23 ) 5.54 Balance as of January 31, 2018 3,037 5.37 Granted 1,513 24.28 Vested (1,349 ) 5.97 Forfeited (123 ) 17.66 Balance as of January 31, 2019 3,078 $ 13.92 |
Schedule of Valuation Assumptions for Estimated Fair Value of Employee Stock Purchase Plan | The Company estimated the fair value of ESPP purchase rights using a Black-Scholes option pricing model with the following assumptions: As of January 31, 2019 Expected volatility 24.6% - 42.4% Expected term (in years) 0.5 - 2.2 Risk-free interest rate 2.0% - 2.8% Expected dividend yield — |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense was recorded in the following cost and expense categories in the accompanying consolidated statements of comprehensive loss (in thousands): As of January 31, 2019 2018 2017 Cost of subscription revenue $ 1,967 $ 747 $ 326 Cost of professional services revenue 5,900 2,121 583 Research and development 6,345 2,292 1,126 Sales and marketing 7,384 2,717 1,577 General and administrative 3,761 1,113 771 Total stock-based compensation expense $ 25,357 $ 8,990 $ 4,383 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments Under Operating Leases | As of January 31, 2019 , the future minimum lease payments by fiscal year were as follows (in thousands): Minimum Operating Lease Payments 2020 $ 7,894 2021 6,027 2022 6,156 2023 6,037 2024 3,697 Thereafter 614 Total future lease commitments $ 30,425 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except per share data): Fiscal Year Ended January 31, 2019 2018 2017 Numerator: Net loss $ (77,590 ) $ (47,155 ) $ (39,098 ) Denominator: Weighted-average common shares outstanding, basic and diluted 91,267 26,563 23,891 Net loss per share attributable to common stockholders, basic and diluted $ (0.85 ) $ (1.78 ) $ (1.64 ) |
Schedule of Potential Dilutive Securities Not Included in the Diluted Per Share Calculations | Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows (in thousands): As of January 31, 2019 2018 2017 Conversion of convertible preferred stock — 61,984 61,984 Issued and outstanding stock options 14,784 15,401 11,870 Unvested restricted stock issued and outstanding 1,259 2,203 — Unvested RSUs issued and outstanding 1,819 834 — Shares committed under ESPP 141 — — Total 18,003 80,422 73,854 |
Overview and Basis of Present_2
Overview and Basis of Presentation - Narrative (Details) $ / shares in Units, $ in Thousands | Mar. 31, 2018shares | Mar. 21, 2018 | Apr. 30, 2018$ / sharesshares | Jan. 31, 2019USD ($)shares | Jan. 31, 2019USD ($)segmentshares | Jan. 31, 2018USD ($)shares | Jan. 31, 2017USD ($) |
Overview and Basis of Presentation [Line Items] | |||||||
Public offering price (in dollars per share) | $ / shares | $ 14 | ||||||
Aggregate proceeds received, net | $ | $ 164,703 | $ 0 | $ 0 | ||||
Common stock reclassified as Class B common stock (in shares) | 30,500,000 | ||||||
Reverse stock split, 2-for1 conversion ratio | 0.50 | ||||||
Number of operating segments | segment | 1 | ||||||
Class A common stock | |||||||
Overview and Basis of Presentation [Line Items] | |||||||
Conversion of Class B to Class A common stock (in shares) | 63,500,000 | ||||||
Common stock outstanding (in shares) | 77,119,000 | 77,119,000 | 0 | ||||
Class B common stock | |||||||
Overview and Basis of Presentation [Line Items] | |||||||
Common stock issued upon conversion of convertible preferred stock (in shares) | 62,000,000 | ||||||
Number of common shares issued for each share of convertible preferred stock (in shares) | 1 | ||||||
Common stock outstanding (in shares) | 32,575,000 | 32,575,000 | 30,524,000 | ||||
IPO | |||||||
Overview and Basis of Presentation [Line Items] | |||||||
Shares issued and sold (in shares) | 12,700,000 | ||||||
Aggregate proceeds received, net | $ | $ 159,700 | ||||||
Over-Allotment Option | |||||||
Overview and Basis of Presentation [Line Items] | |||||||
Shares issued and sold (in shares) | 1,700,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Recent Accounting Pronouncements - Narrative (Details) - USD ($) | 12 Months Ended | |||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | Feb. 01, 2019 | |
Accounting Policies [Line Items] | ||||
Term-based license revenue and related maintenance as percentage of consolidated revenues (less than) | 5.00% | |||
Deferred offering costs in additional paid-in capital reflected as offset against proceeds | $ 200,000 | |||
Deferred offering costs | 0 | $ 2,460,000 | ||
Goodwill impairment charges | 0 | 0 | $ 0 | |
Impairment of long-lived assets | 0 | 0 | 0 | |
Impairment of internal-use software | 0 | 0 | 0 | |
Internal-use software capitalized costs | 2,300,000 | 1,200,000 | 2,300,000 | |
Internal-use software amortization | $ 1,300,000 | $ 1,200,000 | $ 500,000 | |
ESPP offering period (in years) | 2 years | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% | |
Minimum | ||||
Accounting Policies [Line Items] | ||||
Subscription agreements term (in years) | 1 year | |||
Property and equipment estimated useful life (in years) | 3 years | |||
Maximum | ||||
Accounting Policies [Line Items] | ||||
Subscription agreements term (in years) | 3 years | |||
Property and equipment estimated useful life (in years) | 5 years | |||
ASU No. 2014-09 | Forecast | ||||
Accounting Policies [Line Items] | ||||
Incremental commission costs to obtain contract, amortization period (in years) | 5 years | |||
Stock Options | ||||
Accounting Policies [Line Items] | ||||
Contractual terms (in years) | 10 years | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% | |
Stock Options | Minimum | ||||
Accounting Policies [Line Items] | ||||
Vesting period (in years) | 2 years | |||
Stock Options | Maximum | ||||
Accounting Policies [Line Items] | ||||
Vesting period (in years) | 4 years | |||
RSUs and Restricted Shares | Minimum | ||||
Accounting Policies [Line Items] | ||||
Service period for equity award (in years) | 3 years | |||
RSUs and Restricted Shares | Maximum | ||||
Accounting Policies [Line Items] | ||||
Service period for equity award (in years) | 4 years | |||
Internal-use software | ||||
Accounting Policies [Line Items] | ||||
Property and equipment estimated useful life (in years) | 3 years | |||
Internal-use software amortization | $ 1,300,000 | $ 1,200,000 | $ 500,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Recent Accounting Pronouncements - Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 235,196 | $ 167,926 | $ 113,008 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 166,770 | 125,275 | 83,385 |
Others | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 68,426 | $ 42,651 | $ 29,623 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Recent Accounting Pronouncements - Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Allowance for doubtful accounts, beginning balance | $ 3,292 | $ 2,572 |
Charged to revenue | 3,949 | 3,306 |
Charged to deferred revenue | 4,719 | 2,419 |
Write-offs to revenue | (4,253) | (2,686) |
Write-offs to deferred revenue | (5,185) | (2,319) |
Allowance for doubtful accounts, ending balance | $ 2,522 | $ 3,292 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Short-term investments, Amortized Cost | $ 107,901,000 | |
Gross Unrealized Gains | 9,000 | |
Gross Unrealized Losses | (2,000) | |
Short-term investments, Fair Value | 107,908,000 | $ 0 |
Realized gain (loss) on sale of marketable securities | 0 | |
U.S. government securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Short-term investments, Amortized Cost | 17,950,000 | |
Gross Unrealized Gains | 1,000 | |
Gross Unrealized Losses | 0 | |
Short-term investments, Fair Value | 17,951,000 | |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Short-term investments, Amortized Cost | 34,296,000 | |
Gross Unrealized Gains | 8,000 | |
Gross Unrealized Losses | (2,000) | |
Short-term investments, Fair Value | 34,302,000 | |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Short-term investments, Amortized Cost | 55,655,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Short-term investments, Fair Value | $ 55,655,000 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) | Jan. 31, 2019 | Jan. 31, 2018 |
Assets Measured on Recurring Basis | ||
Short-term investments | $ 107,908,000 | $ 0 |
U.S. government securities | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 17,951,000 | |
Corporate bonds | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 34,302,000 | |
Commercial paper | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 55,655,000 | |
Recurring | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 107,908,000 | |
Recurring | Money market funds | ||
Assets Measured on Recurring Basis | ||
Cash equivalents | 61,201,000 | |
Restricted cash | 2,084,000 | |
Recurring | U.S. government securities | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 17,951,000 | |
Recurring | Corporate bonds | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 34,302,000 | |
Recurring | Commercial paper | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 55,655,000 | |
Recurring | Level 1 | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 0 | |
Recurring | Level 1 | Money market funds | ||
Assets Measured on Recurring Basis | ||
Cash equivalents | 61,201,000 | |
Restricted cash | 2,084,000 | |
Cash equivalents and restricted cash | $ 35,100,000 | |
Recurring | Level 1 | U.S. government securities | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 0 | |
Recurring | Level 1 | Corporate bonds | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 0 | |
Recurring | Level 1 | Commercial paper | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 0 | |
Recurring | Level 2 | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 107,908,000 | |
Recurring | Level 2 | Money market funds | ||
Assets Measured on Recurring Basis | ||
Cash equivalents | 0 | |
Restricted cash | 0 | |
Recurring | Level 2 | U.S. government securities | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 17,951,000 | |
Recurring | Level 2 | Corporate bonds | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 34,302,000 | |
Recurring | Level 2 | Commercial paper | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 55,655,000 | |
Recurring | Level 3 | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 0 | |
Recurring | Level 3 | Money market funds | ||
Assets Measured on Recurring Basis | ||
Cash equivalents | 0 | |
Restricted cash | 0 | |
Recurring | Level 3 | U.S. government securities | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 0 | |
Recurring | Level 3 | Corporate bonds | ||
Assets Measured on Recurring Basis | ||
Short-term investments | 0 | |
Recurring | Level 3 | Commercial paper | ||
Assets Measured on Recurring Basis | ||
Short-term investments | $ 0 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid software subscriptions | $ 4,797 | $ 3,239 |
Prepaid insurance | 790 | 445 |
Prepaid hosting costs | 1,251 | 486 |
Prepaid rent | 991 | 657 |
Taxes | 579 | 533 |
Short-term deposits | 181 | 480 |
Capitalized offering costs | 0 | 2,460 |
Other | 1,825 | 1,002 |
Total | $ 10,414 | $ 9,302 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 43,493 | $ 28,755 |
Less accumulated depreciation and amortization | (23,868) | (18,551) |
Total | 19,625 | 10,204 |
Servers | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 14,972 | 11,283 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 10,109 | 6,885 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 10,770 | 7,148 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,010 | 1,968 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,523 | 1,446 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 109 | $ 25 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense related to property and equipment | $ 6.5 | $ 5 | $ 3.8 |
Internal-use software amortization | 1.3 | 1.2 | 0.5 |
Internal-use software | |||
Property, Plant and Equipment [Line Items] | |||
Capitalized internal-use software costs | 4.3 | 3.4 | |
Internal-use software amortization | $ 1.3 | $ 1.2 | $ 0.5 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 14,539 | $ 14,539 |
Accumulated Amortization | (5,497) | (3,247) |
Net Carrying Amount | 9,042 | 11,292 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7,697 | 7,697 |
Accumulated Amortization | (4,045) | (2,666) |
Net Carrying Amount | 3,652 | 5,031 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,933 | 5,933 |
Accumulated Amortization | (1,236) | (494) |
Net Carrying Amount | 4,697 | 5,439 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 909 | 909 |
Accumulated Amortization | (216) | (87) |
Net Carrying Amount | $ 693 | $ 822 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Narrative (Details) $ in Thousands | May 31, 2017USD ($) | Jan. 31, 2019USD ($)reporting_unit | Jan. 31, 2018USD ($) | Jan. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense related to purchased intangible assets | $ 2,300 | $ 2,100 | $ 700 | |
Number of reporting units | reporting_unit | 1 | |||
Business Acquisition [Line Items] | ||||
Goodwill acquired | $ 19,093 | |||
Leeyo | ||||
Business Acquisition [Line Items] | ||||
Goodwill acquired | $ 19,100 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Future Amortization Expense (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Future Amortization Expense | ||
Fiscal 2020 | $ 1,979 | |
Fiscal 2021 | 1,962 | |
Fiscal 2022 | 1,962 | |
Fiscal 2023 | 1,235 | |
Fiscal 2024 | 871 | |
Thereafter | 1,033 | |
Net Carrying Amount | $ 9,042 | $ 11,292 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 20,614 | $ 1,521 |
Goodwill resulting from the acquisition of Leeyo | 19,093 | |
Activity during fiscal year | 247 | |
Goodwill, ending balance | $ 20,861 | $ 20,614 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accrued acquisition-related payments | $ 0 | $ 12,558 |
Accrued outside services and consulting | 2,089 | 2,834 |
Accrued goods and services taxes | 3,098 | 2,488 |
Accrued IPO-related costs | 210 | 1,120 |
Accrued taxes | 1,620 | 652 |
Employee early exercised stock options | 436 | 556 |
Other accrued expenses | 6,757 | 4,288 |
Total | $ 14,210 | $ 24,496 |
Debt - Narrative (Details)
Debt - Narrative (Details) - Silicon Valley Bank Debt Agreement | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2018USD ($)payment | Jun. 30, 2017USD ($) | Jan. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Jan. 31, 2018USD ($) | |
Line of Credit Facility [Line Items] | |||||
Variable interest rate basis | WSJ prime rate | ||||
Revolving Loan | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility maximum borrowing capacity | $ 30,000,000 | $ 30,000,000 | $ 10,000,000 | ||
Credit facility expiration date | Oct. 31, 2021 | ||||
Annual fee on revolving loan | 20,000 | ||||
Amount drawn under credit facility | 0 | ||||
Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Number of equal installment payments after interest-only period | payment | 36 | ||||
Frequency of periodic payment | Monthly | ||||
Credit facility expiration date | Jun. 30, 2022 | ||||
Amount drawn under credit facility | $ 13,500,000 | $ 15,000,000 | |||
Proceeds from amounts borrowed | $ 15,000,000 | ||||
Effective interest rate (percent) | 4.50% | ||||
Period of repayment (in months) | 36 months | ||||
Duration of periodic payments due after interest-only period (in months) | 36 months | ||||
Prepayment or termination fee (percent) | 1.50% | ||||
Amount due per agreement upon prepayment or termination of facility | $ 225,000 | ||||
Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Adjusted quick ratio for debt agreement covenant | 110.00% | ||||
WSJ Prime Rate | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable interest rate, minus (percent) | 1.00% | ||||
WSJ Prime Rate | Revolving Loan | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable interest rate, minus (percent) | 1.00% | ||||
WSJ Prime Rate | Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable interest rate, minus (percent) | 1.00% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | ||||
Increase (decrease) in valuation allowance | $ (20,700) | $ 8,700 | ||
Gross unrecognized tax benefits | 6,588 | 5,918 | $ 5,373 | $ 3,723 |
Unrecognized tax benefits that would impact effective tax rate in a future period | 500 | |||
Tax-related interest and penalties recognized | 100 | 100 | ||
Federal | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 304,600 | 235,400 | ||
Federal | Research and Development | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credits | 5,900 | 5,500 | ||
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 224,100 | 181,200 | ||
State | Research and Development | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credits | $ 7,400 | $ 6,500 |
Income Taxes - Net Loss Before
Income Taxes - Net Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Net Loss Before Provision for Income Taxes | |||
Domestic | $ (83,563) | $ (49,489) | $ (40,846) |
Foreign | 7,339 | 3,463 | 2,032 |
Loss before income taxes | $ (76,224) | $ (46,026) | $ (38,814) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Current: | |||
Federal | $ 0 | $ 0 | $ 0 |
State | (81) | 0 | (46) |
International | (1,406) | (1,129) | (238) |
Current | (1,487) | (1,129) | (284) |
Deferred: | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
International | 121 | 0 | 0 |
Income tax provision | $ (1,366) | $ (1,129) | $ (284) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 78,844 | $ 64,844 |
Tax credit carryforwards | 7,076 | 6,413 |
Allowances and other | 8,226 | 3,284 |
Depreciation and amortization | 1,010 | 1,105 |
Total deferred tax assets | 95,156 | 75,646 |
Deferred tax liabilities: | ||
Allowances and other | 0 | (935) |
Intangibles | (3,299) | (3,709) |
Total deferred tax liabilities | (3,299) | (4,644) |
Valuation allowance | (91,632) | (70,900) |
Net deferred tax assets | $ 225 | $ 102 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Federal income tax benefit at statutory rates | $ 16,007 | $ 15,556 | $ 13,197 |
State income taxes, net of effect of federal | 3,337 | 6,634 | 1,030 |
Permanent differences | (1,242) | (1,094) | (965) |
Federal and state R&D credits | 1,029 | 1,221 | 1,649 |
Foreign income tax | (239) | (918) | (238) |
Change in tax rate | 0 | (30,010) | 0 |
Other | 476 | (2,375) | 1,325 |
Change in valuation allowance | (20,734) | 9,857 | (16,282) |
Income tax provision | $ (1,366) | $ (1,129) | $ (284) |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal income tax benefit at statutory rates (percent) | 21.00% | 33.80% | 34.00% |
State income taxes, net of effect of federal (percent) | 4.40% | 14.40% | 2.70% |
Permanent differences (percent) | (1.60%) | (2.40%) | (2.50%) |
Federal and state R&D credits (percent) | 1.30% | 2.70% | 4.20% |
Foreign income tax (percent) | (0.30%) | (2.00%) | (0.60%) |
Change in tax rate (percent) | 0.00% | (65.20%) | 0.00% |
Other (percent) | 0.60% | (5.20%) | 3.40% |
Change in valuation allowance (percent) | (27.20%) | 21.40% | (41.90%) |
Income tax provision (percent) | (1.80%) | (2.50%) | (0.70%) |
Income Taxes - Uncertain Tax Po
Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross amount of unrecognized tax benefits, beginning of period | $ 5,918 | $ 5,373 | $ 3,723 |
Increase related to prior year tax provisions | 8 | 921 | 0 |
Decrease related to prior year tax provisions | (366) | (1,649) | 0 |
Increase related to current year tax provisions | 1,028 | 1,273 | 1,650 |
Gross amount of unrecognized tax benefits, end of period | $ 6,588 | $ 5,918 | $ 5,373 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands | Mar. 31, 2018shares | Jan. 31, 2019USD ($)vote$ / sharesshares | Apr. 30, 2018shares | Jan. 31, 2018$ / sharesshares |
Class of Stock [Line Items] | ||||
Charitable donation of stock | $ | $ 1,000 | |||
Class A common stock | ||||
Class of Stock [Line Items] | ||||
Common stock authorized (in shares) | 500,000,000 | 0 | ||
Common stock par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||
Common stock issued (in shares) | 77,119,000 | 0 | ||
Common stock outstanding (in shares) | 77,119,000 | 0 | ||
Common stock voting rights | one vote per share | |||
Number of votes for each share of stock held (in votes) | vote | 1 | |||
Charitable donation of stock (in shares) | 47,303 | |||
Charitable donation of stock | $ | $ 1,000 | |||
Class B common stock | ||||
Class of Stock [Line Items] | ||||
Common stock issued upon conversion of convertible preferred stock (in shares) | 62,000,000 | |||
Number of common shares issued for each share of convertible preferred stock (in shares) | 1 | |||
Common stock authorized (in shares) | 500,000,000 | 111,850,000 | ||
Common stock par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||
Common stock issued (in shares) | 32,575,000 | 30,524,000 | ||
Common stock outstanding (in shares) | 32,575,000 | 30,524,000 | ||
Common stock voting rights | ten votes per share | |||
Number of votes for each share of stock held (in votes) | vote | 10 | |||
Convertible preferred stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, authorized (in shares) | 0 | 61,984,025 | ||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||
Preferred stock, issued (in shares) | 0 | 61,983,995 | ||
Preferred stock, outstanding (in shares) | 0 | 61,983,995 | ||
Preferred stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, authorized (in shares) | 10,000,000 | 0 | ||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||
Preferred stock, issued (in shares) | 0 | 0 | ||
Preferred stock, outstanding (in shares) | 0 | 0 |
Stockholders' Equity - Converti
Stockholders' Equity - Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Series A convertible preferred stock | ||
Class of Stock [Line Items] | ||
Issuance Price per Share | $ 0.5984 | |
Authorized Shares | 10,862,295 | |
Issued Shares | 10,862,290 | |
Outstanding Shares | 10,862,290 | |
Liquidation Preference | $ 6,500 | |
Series B convertible preferred stock | ||
Class of Stock [Line Items] | ||
Issuance Price per Share | $ 1.2518 | |
Authorized Shares | 11,982,744 | |
Issued Shares | 11,982,740 | |
Outstanding Shares | 11,982,740 | |
Liquidation Preference | $ 15,000 | |
Series C convertible preferred stock | ||
Class of Stock [Line Items] | ||
Issuance Price per Share | $ 3.1052 | |
Authorized Shares | 8,051,010 | |
Issued Shares | 8,051,007 | |
Outstanding Shares | 8,051,007 | |
Liquidation Preference | $ 25,000 | |
Series D convertible preferred stock | ||
Class of Stock [Line Items] | ||
Issuance Price per Share | $ 4.6716 | |
Authorized Shares | 7,711,486 | |
Issued Shares | 7,711,483 | |
Outstanding Shares | 7,711,483 | |
Liquidation Preference | $ 36,025 | |
Series E convertible preferred stock | ||
Class of Stock [Line Items] | ||
Issuance Price per Share | $ 6.0664 | |
Authorized Shares | 8,242,123 | |
Issued Shares | 8,242,119 | |
Outstanding Shares | 8,242,119 | |
Liquidation Preference | $ 50,000 | |
Series F convertible preferred stock | ||
Class of Stock [Line Items] | ||
Issuance Price per Share | $ 7.5986 | |
Authorized Shares | 15,134,367 | |
Issued Shares | 15,134,356 | |
Outstanding Shares | 15,134,356 | |
Liquidation Preference | $ 115,000 | |
Convertible preferred stock | ||
Class of Stock [Line Items] | ||
Authorized Shares | 0 | 61,984,025 |
Issued Shares | 0 | 61,983,995 |
Outstanding Shares | 0 | 61,983,995 |
Liquidation Preference | $ 247,525 |
Stockholders' Equity - Componen
Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Components of Accumulated Other Comprehensive Income | |||
Beginning balance | $ 26,666 | $ 54,980 | $ 87,880 |
Foreign currency translation adjustment | 3 | 960 | (470) |
Unrealized gain on available-for-sale securities | 7 | 0 | 0 |
Ending balance | 152,993 | 26,666 | 54,980 |
AOCI | |||
Components of Accumulated Other Comprehensive Income | |||
Beginning balance | 471 | (489) | (19) |
Ending balance | 481 | 471 | $ (489) |
Foreign Currency Translation Adjustment | |||
Components of Accumulated Other Comprehensive Income | |||
Beginning balance | 471 | ||
Ending balance | 474 | 471 | |
Unrealized Gain on Available-for-Sale Securities | |||
Components of Accumulated Other Comprehensive Income | |||
Beginning balance | 0 | ||
Ending balance | $ 7 | $ 0 |
Employee Stock Plans - Narrativ
Employee Stock Plans - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jan. 31, 2019USD ($)purchase_period$ / sharesshares | Jan. 31, 2018USD ($)$ / sharesshares | Jan. 31, 2017USD ($)$ / shares | Mar. 31, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved and available for issuance (in shares) | shares | 24,363 | |||
Weighted average grant date fair value of options granted (in dollars per share) | $ / shares | $ 6.81 | $ 2.29 | $ 1.38 | |
Aggregate intrinsic value of options exercised | $ | $ 42,912 | $ 12,619 | $ 1,200 | |
Liability related to early exercise of stock options | $ | $ 700 | $ 700 | ||
Early exercise of stock options (in shares) | shares | 200 | 200 | ||
ESPP offering period (in months) | 2 years | |||
2018 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
ESPP offering period (in months) | 24 months | |||
Number of purchase periods during offering period | purchase_period | 4 | |||
Term of purchase period (in months) | 6 months | |||
Purchase price, percentage of fair market value | 85.00% | |||
Unrecognized stock-based compensation expense related to ESPP | $ | $ 6,000 | |||
Class A common stock | 2018 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved and available for issuance (in shares) | shares | 9,300 | |||
Class A common stock | 2018 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved and available for issuance (in shares) | shares | 2,400 | |||
Stock Options and RSUs | 2006 Stock Plan and 2015 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate equity awards outstanding (in shares) | shares | 15,100 | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ | $ 25,400 | |||
Unrecognized compensation cost, recognition period | 2 years 3 months 19 days | |||
RSUs and Restricted Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ | $ 35,700 | |||
Unrecognized compensation cost, recognition period | 2 years 4 months 24 days |
Employee Stock Plans - Shares R
Employee Stock Plans - Shares Reserved for Future Issuance (Details) - shares shares in Thousands | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options outstanding (in shares) | 14,784 | 15,401 | 11,870 |
Shares reserved for future award issuances (in shares) | 7,760 | ||
Total common stock reserved for issuance (in shares) | 24,363 | ||
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units (in shares) | 1,819 |
Employee Stock Plans - Schedule
Employee Stock Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Shares Subject To Outstanding Stock Options | |||
Outstanding, beginning balance (in shares) | 15,401 | 11,870 | |
Granted (in shares) | 3,697 | 6,296 | |
Exercised (in shares) | (3,642) | (1,903) | |
Forfeited (in shares) | (672) | (862) | |
Outstanding, ending balance (in shares) | 14,784 | 15,401 | 11,870 |
Exercisable (in shares) | 14,227 | ||
Vested and expected to vest (in shares) | 14,249 | ||
Weighted Average Exercise Price | |||
Weighted average exercise price, beginning balance (in dollars per share) | $ 3.56 | $ 2.83 | |
Granted (in dollars per share) | 8.50 | 4.52 | |
Exercised (in dollars per share) | 3.15 | 2.34 | |
Forfeited (in dollars per share) | 5.48 | 3.40 | |
Weighted average exercise price, ending balance (in dollars per share) | 4.81 | $ 3.56 | $ 2.83 |
Exercisable (in dollars per share) | 4.70 | ||
Vested and expected to vest (in dollars per share) | $ 4.74 | ||
Average Remaining Contractual Term (Years) | |||
Average remaining contractual term (years), outstanding | 7 years 4 months 28 days | 7 years 10 months 28 days | 7 years 9 months 8 days |
Average remaining contractual term (years), exercisable | 6 years 9 months 25 days | ||
Average remaining contractual term (years), vested and expected to vest | 7 years 4 months 13 days | ||
Aggregate Intrinsic Value | |||
Aggregate intrinsic value, outstanding | $ 249,119 | $ 83,322 | $ 5,755 |
Aggregate intrinsic value, exercised | 42,912 | $ 12,619 | $ 1,200 |
Aggregate intrinsic value, exercisable | 241,057 | ||
Aggregate intrinsic value, vested and expected to vest | $ 241,048 |
Employee Stock Plans - Valuatio
Employee Stock Plans - Valuation Assumptions for Estimated Fair Value of Stock Options (Details) | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, minimum | 32.40% | 40.00% | 42.50% |
Expected volatility, maximum | 40.90% | 42.60% | 45.70% |
Risk-free interest rate, minimum | 2.60% | 1.70% | 1.10% |
Risk-free interest rate, maximum | 3.00% | 2.30% | 1.90% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Stock Options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 5 years 1 month 6 days | 4 years 3 months 19 days | 5 years |
Stock Options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 6 years 4 months 24 days | 7 years | 7 years |
Employee Stock Plans - Schedu_2
Employee Stock Plans - Schedule of RSU and Restricted Stock Award Activity (Details) - RSUs and Restricted Shares - $ / shares shares in Thousands | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Number of RSUs and RSAs | ||
Outstanding, beginning balance (in shares) | 3,037 | 0 |
Granted (in shares) | 1,513 | 3,689 |
Vested (in shares) | (1,349) | (629) |
Forfeited (in shares) | (123) | (23) |
Outstanding, ending balance (in shares) | 3,078 | 3,037 |
Weighted-Average Grant Date Fair Value | ||
Outstanding, beginning balance (in dollars per share) | $ 5.37 | |
Granted (in dollars per share) | 24.28 | $ 5.36 |
Vested (in dollars per share) | 5.97 | 5.36 |
Forfeited (in dollars per share) | 17.66 | 5.54 |
Outstanding, ending balance (in dollars per share) | $ 13.92 | $ 5.37 |
Employee Stock Plans - Valuat_2
Employee Stock Plans - Valuation Assumptions for Estimated Fair Value of Employee Stock Purchase Plan (Details) | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
2018 Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, minimum | 24.60% | ||
Expected volatility, maximum | 42.40% | ||
Risk-free interest rate, minimum | 2.00% | ||
Risk-free interest rate, maximum | 2.80% | ||
Expected dividend yield | 0.00% | ||
2018 Employee Stock Purchase Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 months | ||
2018 Employee Stock Purchase Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 2 years 2 months 12 days |
Employee Stock Plans - Schedu_3
Employee Stock Plans - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Cost of Revenue | |||
Stock-based compensation expense | $ 25,357 | $ 8,990 | $ 4,383 |
Cost of subscription revenue | |||
Cost of Revenue | |||
Stock-based compensation expense | 1,967 | 747 | 326 |
Cost of professional services revenue | |||
Cost of Revenue | |||
Stock-based compensation expense | 5,900 | 2,121 | 583 |
Research and development | |||
Cost of Revenue | |||
Stock-based compensation expense | 6,345 | 2,292 | 1,126 |
Sales and marketing | |||
Cost of Revenue | |||
Stock-based compensation expense | 7,384 | 2,717 | 1,577 |
General and administrative | |||
Cost of Revenue | |||
Stock-based compensation expense | $ 3,761 | $ 1,113 | $ 771 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) ft² in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2018USD ($) | Jan. 31, 2019USD ($)ft²vendor | Jan. 31, 2018USD ($) | Jan. 31, 2017USD ($) | |
Other Commitments [Line Items] | ||||
Payments for purchase of data center equipment and related software | $ 2,300,000 | |||
Capital leases | $ 0 | |||
Deferred rent included in accrued expenses and other current liabilities and other long-term liabilities | 3,000,000 | $ 1,000,000 | ||
Rent expense | $ 9,600,000 | 6,000,000 | $ 5,700,000 | |
Capital Lease Agreements | ||||
Other Commitments [Line Items] | ||||
Previously issued letters of credit canceled | $ 4,300,000 | |||
Operating Lease Agreements | ||||
Other Commitments [Line Items] | ||||
Operating leases, area (sq ft) | ft² | 155 | |||
Letters of credit outstanding | $ 2,100,000 | $ 5,200,000 | ||
Operating Lease Agreements | Minimum | ||||
Other Commitments [Line Items] | ||||
Initial operating lease term (in years) | 3 years | |||
Operating Lease Agreements | Maximum | ||||
Other Commitments [Line Items] | ||||
Initial operating lease term (in years) | 7 years | |||
Web Hosting Services | ||||
Other Commitments [Line Items] | ||||
Contractual obligation | $ 4,000,000 | |||
Number of vendors related to contractual obligation | vendor | 1 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands | Jan. 31, 2019USD ($) |
Minimum Operating Lease Payments | |
2020 | $ 7,894 |
2021 | 6,027 |
2022 | 6,156 |
2023 | 6,037 |
2024 | 3,697 |
Thereafter | 614 |
Total future lease commitments | $ 30,425 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Narrative (Details) | Jan. 31, 2019vote |
Class A common stock | |
Class of Stock [Line Items] | |
Number of votes for each share of stock held (in votes) | 1 |
Class B common stock | |
Class of Stock [Line Items] | |
Number of votes for each share of stock held (in votes) | 10 |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Numerator: | |||
Net loss | $ (77,590) | $ (47,155) | $ (39,098) |
Denominator: | |||
Weighted-average common shares outstanding, basic and diluted (in shares) | 91,267 | 26,563 | 23,891 |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.85) | $ (1.78) | $ (1.64) |
Net Loss Per Share Attributab_5
Net Loss Per Share Attributable to Common Stockholders - Schedule of Potential Dilutive Securities Not Included in the Diluted Per Share Calculations (Details) - shares shares in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in the diluted per share calculation | 18,003 | 80,422 | 73,854 |
Conversion of convertible preferred stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in the diluted per share calculation | 0 | 61,984 | 61,984 |
Issued and outstanding stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in the diluted per share calculation | 14,784 | 15,401 | 11,870 |
Unvested restricted stock issued and outstanding | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in the diluted per share calculation | 1,259 | 2,203 | 0 |
Unvested RSUs issued and outstanding | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in the diluted per share calculation | 1,819 | 834 | 0 |
Shares committed under ESPP | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in the diluted per share calculation | 141 | 0 | 0 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - Employees shares in Millions, $ in Millions | 6 Months Ended | 10 Months Ended |
Apr. 30, 2018USD ($)employee | Aug. 31, 2018shares | |
Related Party Transaction [Line Items] | ||
Payment for taxes owed in connection with restricted stock award | $ | $ 5.6 | |
Number of employees in related party agreement | employee | 2 | |
Promissory note receivable | ||
Related Party Transaction [Line Items] | ||
Shares of restricted common stock that secure promissory notes (in shares) | shares | 4.6 | |
Promissory note receivable | Minimum | ||
Related Party Transaction [Line Items] | ||
Promissory notes interest rate (percent) | 1.85% | |
Promissory note receivable | Maximum | ||
Related Party Transaction [Line Items] | ||
Promissory notes interest rate (percent) | 2.72% |
Business Combination - Narrativ
Business Combination - Narrative (Details) $ in Millions | May 31, 2017USD ($)paymentshares | Jan. 31, 2019USD ($) | Jan. 31, 2018USD ($) | Jan. 31, 2019USD ($) | May 31, 2019USD ($) | May 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Leeyo | |||||||
Business Acquisition [Line Items] | |||||||
Cash payments for acquisition | $ 12.6 | $ 16.7 | $ 29.2 | ||||
Shares issued as consideration (in shares) | shares | 1,153,885 | ||||||
Total purchase consideration | $ 35.2 | ||||||
Number of cash payments for acquisition | payment | 2 | ||||||
Fair value of shares issued as consideration | $ 6 | ||||||
Cash consideration placed into escrow | $ 3 | ||||||
Equity consideration placed into escrow (shares) | shares | 363,190 | ||||||
Fair value of equity consideration placed into escrow | $ 1.9 | ||||||
Acquisition-related costs | 0.8 | ||||||
Cash to be paid to certain acquiree employees per agreement | 3.1 | ||||||
Cash payment to certain acquiree employees | $ 2.5 | $ 0.3 | |||||
Time frame from closing date for second employee-related payment (in months) | 12 months | ||||||
Time frame from closing date for third employee-related payment (in months) | 24 months | ||||||
Cash payment to certain acquiree employees who held vested options at acquisition date | $ 1.9 | ||||||
Leeyo | Forecast | |||||||
Business Acquisition [Line Items] | |||||||
Cash payment to certain acquiree employees | $ 0.3 | ||||||
Restricted stock | |||||||
Business Acquisition [Line Items] | |||||||
Shares/units granted (in shares) | shares | 2,832,411 | ||||||
Aggregate grant date fair value of share/units granted | $ 14.6 | ||||||
Vesting period (in years) | 3 years | ||||||
RSUs | |||||||
Business Acquisition [Line Items] | |||||||
Shares/units granted (in shares) | shares | 856,296 | ||||||
Aggregate grant date fair value of share/units granted | $ 4.4 | ||||||
RSUs | Vesting Tranche One | |||||||
Business Acquisition [Line Items] | |||||||
Shares/units granted (in shares) | shares | 219,546 | ||||||
Vesting period (in years) | 3 years | ||||||
RSUs | Vesting Tranche One, Group One | |||||||
Business Acquisition [Line Items] | |||||||
Vesting rights (percent) | 33.33% | ||||||
Vesting period (in years) | 1 year | ||||||
RSUs | Vesting Tranche One, Group Two | |||||||
Business Acquisition [Line Items] | |||||||
Vesting rights related to monthly vesting after year one (percent) | 2.78% | ||||||
RSUs | Vesting Tranche Two | |||||||
Business Acquisition [Line Items] | |||||||
Shares/units granted (in shares) | shares | 636,750 | ||||||
Vesting period (in years) | 4 years | ||||||
RSUs | Vesting Tranche Two, Group One | |||||||
Business Acquisition [Line Items] | |||||||
Vesting rights (percent) | 25.00% | ||||||
Vesting period (in years) | 1 year | ||||||
RSUs | Vesting Tranche Two, Group Two | |||||||
Business Acquisition [Line Items] | |||||||
Vesting rights related to monthly vesting after year one (percent) | 2.08% |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - Subsequent Event - Redwood Shores Office Space ft² in Thousands | 1 Months Ended |
Mar. 31, 2019USD ($)ft² | |
Subsequent Event [Line Items] | |
Area of leased office space | ft² | 100 |
Initial monthly rental rate per lease agreement | $ | $ 446,460 |
Rent holiday period within year one (in months) | 7 months |
Annual rental rate increase (percent) | 3.00% |
Initial lease term (in months) | 127 months |
Optional renewal term (in years) | 7 years |