Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Oct. 31, 2017 | Dec. 11, 2017 | |
Document Information [Abstract] | ||
Entity Registrant Name | MongoDB, Inc. | |
Entity Central Index Key | 1,441,816 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Class A Common Stock | ||
Entity Common Stock, Shares Outstanding | 9,326,098 | |
Class B Common Stock | ||
Entity Common Stock, Shares Outstanding | 41,255,576 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 31, 2017 | Jan. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 242,745 | $ 69,305 |
Short-term investments | 45,810 | 47,195 |
Accounts receivable, net of allowance for doubtful accounts of $1,456 and $958 as of October 31, 2017 and January 31, 2017, respectively | 35,233 | 31,340 |
Deferred commissions | 9,850 | 7,481 |
Prepaid expenses and other current assets | 5,221 | 3,131 |
Total current assets | 338,859 | 158,452 |
Property and equipment, net | 4,430 | 4,877 |
Goodwill | 1,700 | 1,700 |
Acquired intangible assets, net | 1,848 | 2,511 |
Deferred tax assets | 102 | 114 |
Other assets | 7,056 | 6,778 |
Total assets | 353,995 | 174,432 |
Current liabilities: | ||
Accounts payable | 3,147 | 2,841 |
Accrued compensation and benefits | 10,870 | 11,402 |
Other accrued liabilities | 10,788 | 5,269 |
Deferred revenue | 92,447 | 78,278 |
Total current liabilities | 117,252 | 97,790 |
Redeemable convertible preferred stock warrant liability | 0 | 1,272 |
Deferred rent, non-current | 973 | 1,058 |
Deferred tax liability, non-current | 259 | 108 |
Deferred revenue, non-current | 22,326 | 15,461 |
Total liabilities | 140,810 | 115,689 |
Commitments and contingencies (Note 4) | ||
Redeemable convertible preferred stock, par value $0.001 per share; no shares authorized, issued or outstanding as of October 31, 2017; 41,234,841 shares authorized as of January 31, 2017; 41,148,282 shares issued and outstanding with aggregate liquidation preference of $345,997 as of January 31, 2017 | 0 | 345,257 |
Stockholders’ equity (deficit): | ||
Additional paid-in capital | 632,055 | 62,557 |
Treasury stock, 99,371 shares as of October 31, 2017 and January 31, 2017 | (1,319) | (1,319) |
Accumulated other comprehensive loss | (216) | (364) |
Accumulated deficit | (417,386) | (347,401) |
Total stockholders’ equity (deficit) | 213,185 | (286,514) |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | 353,995 | 174,432 |
Redeemable Preferred Stock | ||
Current liabilities: | ||
Redeemable convertible preferred stock, par value $0.001 per share; no shares authorized, issued or outstanding as of October 31, 2017; 41,234,841 shares authorized as of January 31, 2017; 41,148,282 shares issued and outstanding with aggregate liquidation preference of $345,997 as of January 31, 2017 | 0 | 345,257 |
Class A Common Stock | ||
Stockholders’ equity (deficit): | ||
Common stock | 9 | 0 |
Class B Common Stock | ||
Stockholders’ equity (deficit): | ||
Common stock | $ 42 | $ 13 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Oct. 31, 2017 | Jan. 31, 2017 |
Current assets: | ||
Allowance for doubtful accounts | $ 1,456 | $ 958 |
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) | ||
Redeemable convertible preferred stock outstanding (in shares) | 0 | 41,148,282 |
Stockholders’ equity (deficit): | ||
Treasury stock (in shares) | 99,371 | 99,371 |
Redeemable Preferred Stock | ||
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) | ||
Redeemable convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Redeemable convertible preferred stock authorized (in shares) | 0 | 41,234,841 |
Redeemable convertible preferred stock issued (in shares) | 0 | 41,148,282 |
Redeemable convertible preferred stock outstanding (in shares) | 0 | 41,148,282 |
Aggregate liquidation preference | $ 0 | $ 345,997 |
Class A Common Stock | ||
Stockholders’ equity (deficit): | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock authorized (in shares) | 1,000,000,000 | 162,500,000 |
Common stock issued (in shares) | 9,325,098 | 0 |
Common stock outstanding (in shares) | 9,325,098 | 0 |
Class B Common Stock | ||
Stockholders’ equity (deficit): | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock authorized (in shares) | 100,000,000 | 113,000,000 |
Common stock issued (in shares) | 41,341,283 | 13,192,992 |
Common stock outstanding (in shares) | 41,241,912 | 13,093,621 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Revenue: | ||||
Subscription | $ 37,885 | $ 23,805 | $ 99,603 | $ 64,018 |
Services | 3,603 | 2,500 | 9,875 | 7,406 |
Total revenue | 41,488 | 26,305 | 109,478 | 71,424 |
Cost of revenue: | ||||
Subscription | 7,904 | 4,981 | 21,669 | 13,656 |
Services | 3,167 | 2,238 | 8,789 | 7,866 |
Total cost of revenue | 11,071 | 7,219 | 30,458 | 21,522 |
Gross profit | 30,417 | 19,086 | 79,020 | 49,902 |
Operating expenses: | ||||
Sales and marketing | 28,050 | 18,656 | 77,087 | 56,110 |
Research and development | 16,588 | 13,300 | 45,414 | 38,540 |
General and administrative | 9,829 | 6,385 | 26,533 | 19,916 |
Total operating expenses | 54,467 | 38,341 | 149,034 | 114,566 |
Loss from operations | (24,050) | (19,255) | (70,014) | (64,664) |
Other income (expense): | ||||
Interest income | 227 | 83 | 556 | 221 |
Interest expense | 0 | (3) | (8) | (7) |
Other income (expense), net | (57) | (257) | 298 | (158) |
Loss before provision for income taxes | (23,880) | (19,432) | (69,168) | (64,608) |
Provision for income taxes | 336 | 103 | 817 | 253 |
Net loss | $ (24,216) | $ (19,535) | $ (69,985) | $ (64,861) |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (1.39) | $ (1.57) | $ (4.74) | $ (5.41) |
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted (in shares) | 17,421,642 | 12,418,879 | 14,749,500 | 11,983,324 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (24,216) | $ (19,535) | $ (69,985) | $ (64,861) |
Other comprehensive (loss) income, net of tax: | ||||
Unrealized (loss) gain on available-for-sale securities | 4 | 2 | (33) | 40 |
Foreign currency translation adjustments | 21 | (78) | 181 | (40) |
Other comprehensive (loss) income | 25 | (76) | 148 | 0 |
Total comprehensive loss | $ (24,191) | $ (19,611) | $ (69,837) | $ (64,861) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENT OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT - 9 months ended Oct. 31, 2017 - USD ($) $ in Thousands | Total | Class A and Class B Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Preferred stock, beginning balance (in shares) at Jan. 31, 2017 | 41,148,282 | |||||
Beginning Balance, Redeemable Convertible Preferred Stock at Jan. 31, 2017 | $ 345,257 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Exercise of common stock warrants (in shares) | 85,170 | |||||
Exercise of preferred stock warrants | $ 1,171 | |||||
Conversion of redeemable convertible preferred stock to common stock (in shares) | (41,233,452) | |||||
Conversion of redeemable convertible preferred stock to common stock | $ (346,428) | |||||
Preferred stock, beginning balance (in shares) at Oct. 31, 2017 | 0 | |||||
Ending Balance, Redeemable Convertible Preferred Stock at Oct. 31, 2017 | $ 0 | |||||
Common stock, beginning balance (in shares) at Jan. 31, 2017 | 13,093,621 | |||||
Beginning balance at Jan. 31, 2017 | (286,514) | $ 13 | $ 62,557 | $ (1,319) | $ (364) | $ (347,401) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of common stock warrants (in shares) | 99,534 | |||||
Exercise of common stock warrants | $ 1 | $ 1 | ||||
Stock option exercises (in shares) | 1,242,172 | 1,242,172 | ||||
Stock option exercises (in shares) | $ 5,471 | $ 1 | 5,470 | |||
Repurchase of early exercised options (in shares) | (21,721) | |||||
Conversion of redeemable convertible preferred stock to common stock (in shares) | 26,953,404 | |||||
Conversion of redeemable convertible preferred stock to common stock | 346,428 | $ 27 | 346,401 | |||
Issuance of common stock upon initial public offering, net (in shares) | 9,200,000 | |||||
Issuance of common stock upon initial public offering, net | 201,620 | $ 9 | 201,611 | |||
Vesting of early exercised stock options | 950 | 950 | ||||
Stock-based compensation | 15,066 | 15,066 | ||||
Unrealized gain on available-for-sale securities | (33) | (33) | ||||
Foreign currency translation adjustment | 181 | 181 | ||||
Net loss | (69,985) | (69,985) | ||||
Common stock, ending balance (in shares) at Oct. 31, 2017 | 50,567,010 | |||||
Ending balance at Oct. 31, 2017 | $ 213,185 | $ 51 | $ 632,055 | $ (1,319) | $ (216) | $ (417,386) |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Cash flows from operating activities | ||
Net loss | $ (69,985) | $ (64,861) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,789 | 2,781 |
Stock-based compensation | 15,066 | 16,517 |
Deferred income taxes | 163 | 37 |
Change in fair value of warrant liability | (101) | (144) |
Change in operating assets and liabilities: | ||
Accounts receivable | (4,653) | 4,600 |
Prepaid expenses and other current assets | (2,120) | (1,435) |
Deferred commissions | (2,217) | (2,344) |
Other long-term assets | (670) | (203) |
Accounts payable | 687 | (272) |
Deferred rent | (85) | (493) |
Accrued liabilities | 2,163 | 2,057 |
Deferred revenue | 21,794 | 15,768 |
Net cash used in operating activities | (37,169) | (27,992) |
Cash flows from investing activities | ||
Purchases of property and equipment | (1,714) | (1,422) |
Proceeds from maturities of marketable securities | 74,230 | 114,792 |
Purchases of marketable securities | (72,879) | (82,036) |
Net cash (used in) provided by investing activities | (363) | 31,334 |
Cash flows from financing activities | ||
Proceeds from exercise of stock options, including early exercised stock options | 8,201 | 7,187 |
Repurchase of early exercised stock options | (149) | (22) |
Proceeds from the initial public offering, net of underwriting discounts and commissions | 205,494 | 0 |
Proceeds from exercise of redeemable convertible preferred stock warrants | 1 | 0 |
Payment of initial public offering costs | (2,344) | 0 |
Net cash provided by financing activities | 211,203 | 7,165 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 182 | 42 |
Net increase in cash, cash equivalents, and restricted cash | 173,853 | 10,549 |
Cash, cash equivalents, and restricted cash, beginning of period | 69,412 | 33,313 |
Cash, cash equivalents, and restricted cash, end of period | 243,265 | 43,862 |
Supplemental Disclosure of Noncash Investing and Financing Activities | ||
Vesting of early exercised stock options | 950 | 707 |
Costs related to initial public offering included in accounts payable and accrued liabilities | 1,529 | 0 |
Conversion of redeemable convertible preferred stock warrant liability to redeemable convertible preferred stock as a result of warrant exercise | $ 1,171 | $ 0 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Oct. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business MongoDB, Inc. (“MongoDB” or the “Company”) was originally incorporated in the state of Delaware in November 2007 under the name 10Gen, Inc. In August 2013, the Company changed its name to MongoDB, Inc. The Company is headquartered in New York City. The Company develops and sells subscriptions to a modern, general purpose database platform that was built to run applications at scale across a broad range of use cases in the cloud, on-premise or in a hybrid environment. The Company designed its platform to address the performance, scalability, flexibility and reliability demands of modern applications while maintaining the core capabilities of legacy databases. In addition to selling its software, the Company provides post-contract support, training, and consulting services for its offerings. The Company’s fiscal year ends January 31. Reverse Stock Split In October 2017, the Company's Board of Directors (the “Board of Directors”) and stockholders approved an amendment to the Company's amended and restated certificate of incorporation effecting a 1-for-2 reverse stock split of the Company's issued and outstanding shares of common stock and accordingly adjusted the conversion rate of the Series A, B, C, D and E redeemable convertible preferred stock to common stock to 1:0.75 and the conversion rate of the Series F redeemable convertible preferred stock to common stock to 1:0.5. The reverse split was effected on October 5, 2017. The par value of the common stock and redeemable convertible preferred stock was not adjusted as a result of the reverse stock split. All issued and outstanding share and per share amounts included in the accompanying unaudited condensed consolidated financial statements have been adjusted to reflect this reverse stock split for all periods presented. Initial Public Offering In October 2017, the Company closed its initial public offering (“IPO”) of 9,200,000 shares of its Class A common stock at an offering price of $24.00 per share, including 1,200,000 shares pursuant to the underwriters’ option to purchase additional shares of the Company’s Class A common stock. The Company received net proceeds of $201.6 million , after deducting underwriting discounts and commissions of $15.5 million and offering expenses of $3.9 million . Immediately prior to the closing of the IPO, all 41,232,762 shares of the Company’s then-outstanding redeemable convertible preferred stock automatically converted into 26,952,887 shares of common stock at their respective conversion ratios and the Company reclassified $346.4 million from temporary equity to Class B common stock and additional paid-in capital on its consolidated balance sheet. Deferred Offering Costs Deferred offering costs of $3.9 million , consisting of legal, accounting and other fees and costs related to the IPO, were reclassified to additional paid-in capital as a reduction of the proceeds upon the closing of the IPO in October 2017. During the nine months ended October 31, 2017 , $2.3 million of the deferred offering costs were paid. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in the Company’s final prospectus for its IPO dated as of October 18, 2017 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on October 19, 2017. Interim Unaudited Condensed Consolidated Financial Statements The accompanying interim condensed consolidated balance sheets as of October 31, 2017 , the interim condensed consolidated statements of operations and of comprehensive loss for the three and nine months ended October 31, 2016 and 2017 , and the interim condensed consolidated statement of cash flows and the interim condensed consolidated statement of redeemable convertible preferred stock and stockholders’ equity (deficit) for the nine months ended October 31, 2017 are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position as of October 31, 2017 , its results of operations and of comprehensive loss for the three and nine months ended October 31, 2017 and 2016 , and its statement of cash flows for the nine months ended October 31, 2017 and 2016 and its statement of redeemable convertible preferred stock and stockholders’ equity (deficit) for the nine months ended October 31, 2017 . The financial data and the other financial information disclosed in the notes to these condensed consolidated financial statements related to the three- and nine -month periods are also unaudited. The results of operations for the three and nine months ended October 31, 2017 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2018 or for any other future year or interim period. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, revenue recognition, allowances for doubtful accounts, stock-based compensation, fair value of common stock and redeemable convertible preferred stock warrants prior to the IPO, legal contingencies, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, and accounting for income taxes. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. Emerging Growth Company Status As an “emerging growth company” (“EGC”), the Jump-start Our Business Start-ups Act (“JOBS Act”), allows the 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. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies, which may make the Company’s common stock less attractive to investors. Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in the Company’s final prospectus for its IPO dated as of October 18, 2017 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on October 19, 2017. Recently Adopted Accounting Pronouncements Stock-Based Compensation. Starting February 1, 2016, the Company elected to early adopt Accounting Standards Update (“ASU”) No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting , which would among other items, provide an accounting policy election to account for forfeitures as they occur, rather than to account for them based on an estimate of expected forfeitures and modifies financial statement presentation of excess tax benefits or deficiencies. The Company elected to account for forfeitures as they occur and therefore, stock-based compensation expense for the three and nine months ended October 31, 2017 and 2016 has been calculated based on actual forfeitures in the unaudited condensed consolidated statements of operations. The cumulative effect of this change increased the accumulated deficit and decreased additional paid-in capital as of February 1, 2016 by $1.5 million . In addition, the effect on the Company’s historical consolidated financial statements was limited to an immaterial cumulative-effect adjustment for previously unrecognized excess tax benefits as a deferred tax asset with an offset to opening accumulated deficit, which was fully offset by a valuation allowance. Consolidated Statements of Cash Flows. Starting February 1, 2016, the Company elected to early adopt ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments and ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . ASU No. 2016-15 eliminates the diversity in practice related to the classification of certain cash receipts and payments for debt prepayment or extinguishment costs, the maturing of a zero-coupon bond, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions from certain equity method investees and beneficial interests obtained in a financial asset securitization. ASU No. 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company adopted ASU No. 2016-15 and ASU No. 2016-18 using the retrospective transition method and adjusted the consolidated statements of cash flows in all comparative periods presented. New Accounting Pronouncements Not Yet Adopted Stock-Based Compensation. In May 2017, the Financial Accounting Standards Board (“FASB”), issued ASU 2017-09, Compensation—Stock Compensation (Topic 718). The amendments in the update provide guidance on types of changes to the terms or conditions of share-based payment awards, which would be required to apply modification accounting under Accounting Standards Codification (“ASC”) 718. The new guidance becomes effective for the Company for the fiscal year ending January 31, 2018, though early adoption is permitted. The Company is currently evaluating whether this standard will have a material impact on its consolidated financial statements. Goodwill Impairment. In January 2017, the FASB issued ASU 2017-04— Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The new standard will simplify the measurement of goodwill by eliminating step two of the two-step impairment test. Step two measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The new guidance becomes effective for the Company for the fiscal year ending January 31, 2022, though early adoption is permitted. The Company does not expect the adoption of the new accounting standard to have a material impact on its consolidated financial statements. Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which modifies lease accounting for lessees to increase transparency and comparability by recording lease assets and liabilities for operating leases and disclosing key information about leasing arrangements. Depending on when the Company loses its EGC status, it may be required to adopt the new lease standard as early as its interim results for the period ending April 30, 2019, but no later than for its annual results for the fiscal year ending January 31, 2021, though early adoption is permitted. The Company is currently evaluating adoption methods and whether this standard will have a material impact on its consolidated financial statements. Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the existing accounting standard for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount to which an entity expects to be entitled when products are transferred to customers. Subsequently, the FASB has issued the following pronouncements related to ASU 2014-09: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations ; ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ; ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients ; and ASU 2016-20, Technical Corrections and Improvements to Topic 606 , which clarifies narrow aspects of ASC 606 or corrects unintended application of the guidance. The Company must adopt ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20 with ASU 2014-09 (collectively, the “new revenue standard”). The Company plans to adopt the new revenue standard using the full retrospective transition method when it becomes effective for the Company. Depending on when the Company loses its EGC status, it may be required to adopt the new revenue standard as early as its annual results for the fiscal year ending January 31, 2019, but no later than for its annual results for the fiscal year ending January 31, 2020, though early adoption is permitted. While the Company continues to assess the potential impacts of the new revenue standard, the Company currently expects unearned subscription revenue to decline significantly upon adoption. Currently, as the Company’s subscription offerings include software term licenses and post-contract customer support for which the Company has not established vendor specific objective evidence (“VSOE”), the entire subscription fee is recognized ratably over the term of the contract. However, under the new revenue standard, the requirement for VSOE for undelivered elements is eliminated and, as a result, the Company is required to identify all deliverables in a contract and recognize revenue based on each deliverable separately. The Company currently expects that the portion related to the software term license deliverable will be recognized upon delivery. The Company is in the process of determining the revenue recognition impact for the other deliverables of each contract. The Company continues to evaluate the effect that the new revenue standard will have on its consolidated financial statements and related disclosures, and preliminary assessments are subject to change. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value on a recurring basis as of October 31, 2017 and January 31, 2017 , and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Fair Value Measurement at October 31, 2017 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 225,756 $ — $ — $ 225,756 Short-term investments: U.S. government treasury securities 45,810 — — 45,810 Total financial assets $ 271,566 $ — $ — $ 271,566 Fair Value Measurement at January 31, 2017 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 35,104 $ — $ — $ 35,104 U.S. government treasury securities 20,000 20,000 Short-term investments: U.S. government treasury securities 47,195 — — 47,195 Total financial assets $ 102,299 $ — $ — $ 102,299 Financial Liability: Redeemable convertible preferred stock warrant liability $ — $ — $ 1,272 $ 1,272 Total financial liability $ — $ — $ 1,272 $ 1,272 The Company utilized the market approach and Level 1 valuation inputs to value its money market mutual funds and U.S. government treasury securities because published net asset values were readily available. As of October 31, 2017 and January 31, 2017 , gross unrealized gains and unrealized losses for cash equivalents and short-term investments were not material, and the contractual maturity of all marketable securities was less than one year. The Company’s redeemable convertible preferred stock warrants were categorized as Level 3 because they were valued based on unobservable inputs and management’s judgment due to the absence of quoted mark prices, inherent lack of liquidity and the long-term nature of such financial instruments. The Company estimated the fair value of its historical redeemable convertible preferred stock warrant liability using the Black-Scholes pricing model. The significant unobservable inputs used in the fair value measurement of the redeemable convertible preferred stock warrant liability were the fair value of the underlying stock at the valuation date and the estimated term of the warrant. Generally, increases (decreases) in the fair value of the underlying stock and estimated term resulted in a directionally similar impact to the fair value measurement, as recognized in other income (expense), net in the unaudited condensed consolidated statements of operations. As of October 31, 2017, all previously outstanding redeemable convertible preferred stock warrants were fully exercised, as described in Note 6, Warrants . The following table presents a reconciliation of the redeemable convertible preferred stock warrant liability measured at fair value using significant unobservable inputs (in thousands): Fair value, beginning balance, January 31, 2017 $ 1,272 Issuance of redeemable convertible preferred stock warrants — Conversion of redeemable convertible preferred (1,171 ) Change in fair value of redeemable convertible preferred stock warrant liability (101 ) Fair value, ending balance, October 31, 2017 $ — |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company has entered into non-cancellable operating leases, primarily related to rental of office space expiring through 2027. The Company recognizes operating lease costs on a straight-line basis over the term of the agreement, taking into account adjustments for market provisions such as free or escalating base monthly rental payments or deferred payment terms such as rent holidays that defer the commencement date of the required payments. The Company may receive renewal or expansion options, leasehold improvement allowances or other incentives on certain lease agreements. Total rent expense related to operating leases was $2.3 million and $1.8 million for the three months ended October 31, 2017 and 2016 , respectively, and $6.6 million and $5.0 million for the nine months ended October 31, 2017 and 2016 , respectively. In August 2016, the Company amended an existing irrevocable, standby letter of credit with Silicon Valley Bank for $0.5 million to serve as a security deposit for the Company’s headquarters lease in New York City. The amendment reduced the letter of credit from $1.1 million to $0.5 million . In January 2017, the Company entered into an irrevocable, standby letter of credit with Silicon Valley Bank for $0.4 million to serve as a security deposit for the Company’s lease in Texas. In October 2017, the Company entered into an irrevocable, standby letter of credit with Silicon Valley Bank for $0.2 million to serve as a security deposit for the Company’s lease in Australia. These letters of credit mature at various dates, but do not extend beyond the corresponding lease agreements for which such letter of credit has been obtained. Other Obligations The Company has entered into certain other non-cancelable agreements primarily for subscription, marketing services and capacity commitments. During the three and nine months ended October 31, 2017 , the Company increased certain capacity commitments with respect to cloud infrastructure services. In addition, in November 2017, the Company entered into an enterprise partnership arrangement with a cloud infrastructure provider and in December 2017, the Company entered into a lease agreement for office space in New York City. Both of these subsequent events include additional commitments that are described further in Note 12, Subsequent Events . Future minimum lease payments under non-cancelable operating leases and other non-cancelable agreements as of October 31, 2017 , were as follows (in thousands): Year Ending January 31, Operating Leases Other Obligations Remainder of 2018 $ 2,422 $ 2,771 2019 8,235 3,383 2020 2,879 2,525 2021 2,823 1279 2022 1,523 — Thereafter 4,902 — Total minimum payments $ 22,784 $ 9,958 Legal Matters From time to time, the Company has become involved in claims and other legal matters arising in the ordinary course of business. The Company investigates these claims as they arise. Although claims are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together have a material adverse effect on its business, financial position, results of operations or cash flows. The Company accrues estimates for resolution of legal and other contingencies when losses are probable and estimable. From time to time, the Company is a party to litigation and subject to claims and threatened claims incident to the ordinary course of business, including intellectual property claims, labor and employment claims, breach of contract claims, and other matters. Although the results of litigation and claims are inherently unpredictable, the Company believes that there was not at least a reasonable possibility that the Company had incurred a material loss with respect to such loss contingencies, as of October 31, 2017 and January 31, 2017 , therefore, the Company has no t recorded an accrual for such contingencies. Indemnification The Company enters into indemnification provisions under its agreements with other companies in the ordinary course of business, including business partners, contractors and parties performing its research and development. Pursuant to these arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified party for certain losses suffered or incurred by the indemnified party as a result of the Company’s activities. The terms of these indemnification agreements are generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is not material. The Company maintains commercial general liability insurance and product liability insurance to offset certain of the Company’s potential liabilities under these indemnification provisions. The Company has entered into indemnification agreements with each of its directors and executive officers. These agreements require the Company to indemnify such individuals, to the fullest extent permitted by Delaware law, for certain liabilities to which they may become subject as a result of their affiliation with the Company. |
Stockholders_ Equity (Deficit)
Stockholders’ Equity (Deficit) | 9 Months Ended |
Oct. 31, 2017 | |
Equity [Abstract] | |
Stockholders’ Equity (Deficit) | Stockholders’ Equity (Deficit) Redeemable Convertible Preferred Stock The Company previously issued redeemable convertible preferred stock in one or more series, each with such designations, rights, qualifications, limitations, and restrictions as set forth in the Company’s certificate of incorporation, as in effect prior to the IPO. Immediately prior to the completion of the IPO, as described in Note 1, Organization and Business Description , all shares of redeemable convertible preferred stock then outstanding were automatically converted to 26,952,887 shares of Class B common stock at the respective conversion ratios. Class A and Class B Common Stock The Company has two classes of common stock, Class A and Class B. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to 10 votes per share. Shares of Class B common stock may be converted to Class A common stock at any time at the option of the stockholder. Shares of Class B common stock automatically convert to Class A common stock upon the following: (i) sale or transfer of such share of Class B common stock, subject to specified permitted transfers; (ii) the death of the Class B common stockholder (or nine months after the date of death if the stockholder is one of the founders); and (iii) on the final conversion date, defined as the earlier of (a) the first trading day on or after the date on which the outstanding shares of Class B common stock represent less than 10% of the then-outstanding Class A and Class B common stock; or (b) the date specified by vote of the Board of Directors and the holders of a majority of the outstanding shares of Class B common stock and redeemable convertible preferred stock, voting together as a single class on an as-converted basis. Class A and Class B common stock are referred to as common stock throughout the notes to the unaudited condensed consolidated financial statements, unless otherwise noted. As of October 31, 2017 , the Company had authorized 1,000,000,000 shares and 100,000,000 shares of Class A and Class B common stock, respectively, each par value $0.001 per share, of which 9,325,098 shares of Class A common stock were issued and outstanding and 41,341,283 and 41,241,912 shares of Class B common stock were issued and outstanding, respectively. Warrants Redeemable Convertible Preferred Stock Warrants The Company previously issued warrants to purchase Series E and Series F redeemable convertible preferred stock at an exercise price of $0.01 per share in connection with a software development contract with a customer. During the nine months ended October 31, 2017 , warrants to purchase 45,301 shares of Series E redeemable convertible preferred stock and 41,258 shares of Series F redeemable convertible preferred stock were exercised in full, representing the total number of redeemable convertible preferred stock warrants outstanding. Upon the exercise of these warrants, the aggregate fair value of the Series E and Series F redeemable convertible preferred stock warrant liabilities was re-measured to be $1.2 million on the exercise date and was reclassified to redeemable convertible preferred stock. During the three months ended October 31, 2017 , these shares of redeemable convertible preferred stock were automatically converted to 53,562 shares of Class B common stock at the respective conversion ratios. Common Stock Warrants In April 2013, in connection with a lease agreement and a loan agreement with the same financial institution, the Company issued immediately exercisable and fully vested warrants to purchase an aggregate of 116,258 shares of Class B common stock at an exercise price of $5.72 per share. Furthermore, in April 2013, in connection with a loan agreement with another financial institution, the Company issued immediately exercisable and fully vested warrants to purchase 5,785 shares of Class B common stock at an exercise price of $5.72 per share. These warrants were net exercised in full during the three months ended October 31, 2017 and the Company issued 99,534 shares of Class B common stock upon such exercise. No common stock warrants were outstanding as of October 31, 2017 . |
Warrants
Warrants | 9 Months Ended |
Oct. 31, 2017 | |
Equity [Abstract] | |
Warrants | Stockholders’ Equity (Deficit) Redeemable Convertible Preferred Stock The Company previously issued redeemable convertible preferred stock in one or more series, each with such designations, rights, qualifications, limitations, and restrictions as set forth in the Company’s certificate of incorporation, as in effect prior to the IPO. Immediately prior to the completion of the IPO, as described in Note 1, Organization and Business Description , all shares of redeemable convertible preferred stock then outstanding were automatically converted to 26,952,887 shares of Class B common stock at the respective conversion ratios. Class A and Class B Common Stock The Company has two classes of common stock, Class A and Class B. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to 10 votes per share. Shares of Class B common stock may be converted to Class A common stock at any time at the option of the stockholder. Shares of Class B common stock automatically convert to Class A common stock upon the following: (i) sale or transfer of such share of Class B common stock, subject to specified permitted transfers; (ii) the death of the Class B common stockholder (or nine months after the date of death if the stockholder is one of the founders); and (iii) on the final conversion date, defined as the earlier of (a) the first trading day on or after the date on which the outstanding shares of Class B common stock represent less than 10% of the then-outstanding Class A and Class B common stock; or (b) the date specified by vote of the Board of Directors and the holders of a majority of the outstanding shares of Class B common stock and redeemable convertible preferred stock, voting together as a single class on an as-converted basis. Class A and Class B common stock are referred to as common stock throughout the notes to the unaudited condensed consolidated financial statements, unless otherwise noted. As of October 31, 2017 , the Company had authorized 1,000,000,000 shares and 100,000,000 shares of Class A and Class B common stock, respectively, each par value $0.001 per share, of which 9,325,098 shares of Class A common stock were issued and outstanding and 41,341,283 and 41,241,912 shares of Class B common stock were issued and outstanding, respectively. Warrants Redeemable Convertible Preferred Stock Warrants The Company previously issued warrants to purchase Series E and Series F redeemable convertible preferred stock at an exercise price of $0.01 per share in connection with a software development contract with a customer. During the nine months ended October 31, 2017 , warrants to purchase 45,301 shares of Series E redeemable convertible preferred stock and 41,258 shares of Series F redeemable convertible preferred stock were exercised in full, representing the total number of redeemable convertible preferred stock warrants outstanding. Upon the exercise of these warrants, the aggregate fair value of the Series E and Series F redeemable convertible preferred stock warrant liabilities was re-measured to be $1.2 million on the exercise date and was reclassified to redeemable convertible preferred stock. During the three months ended October 31, 2017 , these shares of redeemable convertible preferred stock were automatically converted to 53,562 shares of Class B common stock at the respective conversion ratios. Common Stock Warrants In April 2013, in connection with a lease agreement and a loan agreement with the same financial institution, the Company issued immediately exercisable and fully vested warrants to purchase an aggregate of 116,258 shares of Class B common stock at an exercise price of $5.72 per share. Furthermore, in April 2013, in connection with a loan agreement with another financial institution, the Company issued immediately exercisable and fully vested warrants to purchase 5,785 shares of Class B common stock at an exercise price of $5.72 per share. These warrants were net exercised in full during the three months ended October 31, 2017 and the Company issued 99,534 shares of Class B common stock upon such exercise. No common stock warrants were outstanding as of October 31, 2017 . |
Equity Incentive Plans
Equity Incentive Plans | 9 Months Ended |
Oct. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans 2008 and 2016 Stock Plan In 2008 and 2016, the Company adopted the 2008 Stock Incentive Plan (as amended, the “2008 Plan”), and the 2016 Equity Incentive Plan (as amended, the “2016 Plan”), primarily for the purpose of granting stock-based awards to employees, directors, and consultants, including stock options and other stock-based awards including restricted stock units (“RSUs”). With the establishment of the 2016 Plan in December 2016, all shares available for grant under the 2008 Plan were transferred to the 2016 Plan. The Company no longer grants any stock-based awards under the 2008 Plan and any shares underlying stock options canceled under the 2008 Plan will be automatically transferred to the 2016 Plan. Stock options granted under the stock option plans may be either incentive stock options (“ISOs”) or nonstatutory stock options (“NSOs”). ISOs may be granted to employees and NSOs may be granted to employees, directors, or consultants. As of January 31, 2017 , the Company made one ISO grant, all other stock options outstanding were granted as NSOs. The exercise prices of the stock option grants must be not less than 100% of the fair value of the common stock on the grant date as determined by the Board of Directors. If, at the date of grant, the optionee owns more than 10% of the total combined voting power of all classes of outstanding stock (a “ 10% stockholder”), the exercise price must be at least 110% of the fair value of the common stock on the date of grant as determined by the Board of Directors. Options granted are exercisable over a maximum term of 10 years from the date of grant or five years from the date of grant for ISOs granted to any 10% stockholder. The Board of Directors or a committee thereof determines the vesting schedule for all equity awards. Stock option awards generally vest over a period of four years with 25% vesting on the one year anniversary of the award and the remainder vesting monthly over the next 36 months of the grantee’s service to the Company. RSU awards generally vest over a period of four years with 25% vesting on the one year anniversary of the award and the remainder vesting quarterly over the next 12 quarters of the grantee’s service to the Company. Stock Options and Restricted Stock Units The following table summarizes stock option and RSU award activity for the 2008 and 2016 Plans (in thousands, except share and per share data and years): Options Outstanding Shares Shares Weighted- Weighted- Aggregate Balance - January 31, 2017 678,260 11,090,597 $ 6.47 8.2 $ 21,717 Authorized 3,000,000 — — Options granted (3,596,525 ) 3,596,525 10.57 Options exercised — (1,242,172 ) 7.54 Early exercised shares repurchased 21,721 — — Options forfeited and expired 669,623 (669,623 ) 7.49 RSUs granted (54,550 ) Balance - October 31, 2017 718,529 12,775,327 7.56 8.0 292,772 Options vested and exercisable - January 31, 2017 4,344,092 6.21 7.3 9,875 Options vested and exercisable - October 31, 2017 5,011,187 $ 6.29 6.8 $ 121,224 During the three months ended October 31, 2017 , the Company granted 29,550 RSUs to employees with a grant date fair value of $0.7 million . During the nine months ended October 31, 2017 , the Company granted 54,550 RSUs with a total grant date fair value of $0.9 million . No RSUs were vested, forfeited or canceled as of October 31, 2017 . No RSUs were granted during the three and nine months ended October 31, 2016. 2016 China Stock Appreciation Rights Plan In April 2016, the Company adopted the 2016 China Stock Appreciation Rights Plan (as amended, the “China SAR Plan”) for its employees in China. For grants made prior to the IPO, the China SAR Plan included a service vesting condition and a performance vesting condition. The service vesting condition is generally over four years with 25% vesting on the one year anniversary of the award and the remainder vesting monthly over the next 36 months of the grantee’s service to the Company. The performance vesting condition is defined as the Company’s common stock being publicly traded (a qualifying liquidity event). The China SAR Plan units are cash settled upon exercise and will be paid as a cash bonus equal to the difference between the strike price of the vested plan units and the fair market value of common stock at the end of each reporting period. For the year ended January 31, 2017 , the Company granted 21,500 units of the China SAR Plan at a weighted average strike price of $6.78 per share. The Company granted no units under this plan for the three and nine months ended October 31, 2017 . All of the units granted during the year ended January 31, 2017 were still outstanding as of October 31, 2017 . During the three and nine months ended October 31, 2017 , upon the vesting of 7,958 units, the total expense and liability related to China SAR for three and nine months ended October 31, 2017 was $0.2 million and was recorded as part of the “Accrued compensation and benefits” on the Company’s unaudited condensed consolidated balance sheet. The Company did not recognize any compensation expense related to the China SAR Plan prior to October 18, 2017 because the Company had determined the performance conditions, with respect to the occurrence of a qualifying liquidity event, were not probable until the successful IPO. 2017 Employee Stock Purchase Plan In October 2017, the Board of Directors adopted, and stockholders approved, the 2017 Employee Stock Purchase Plan (“ESPP”). A total of 995,000 shares of the Company’s Class A common stock have been initially authorized for issuance under the 2017 ESPP. Subject to any plan limitations, the 2017 ESPP allows eligible employees to contribute, normally through payroll deductions, up to 15% of their earnings for the purchase of the Company’s Class A common stock at a discounted price per share. Except for the initial offering period, the ESPP provides for separate six -month offering periods. The initial offering period will run from October 18, 2017 through June 15, 2018. Unless otherwise determined by the Board of Directors, the Company’s Class A common stock will be purchased for the accounts of employees participating in the ESPP at a price per share that is the lesser of (1) 85% of the fair market value of the Company’s Class A common stock on the first trading day of the offering period, which for the initial offering period is the price at which shares of the Company’s Class A common stock were first sold to the public, or (2) 85% of the fair market value of the Company’s Class A common stock on the last trading day of the offering period. During the three and nine months ended October 31, 2017 , no shares of Class A common stock were purchased under the 2017 ESPP. The total expense related to the 2017 ESPP for three and nine months ended October 31, 2017 was $0.1 million . Stock Option Repricing On April 13, 2016, the Company amended all then-current employee and active non-employee stock options with an exercise price greater than $6.50 per share that remained outstanding and unexercised on such date to reprice their respective exercise prices to $6.50 per share, the fair market value of the Company’s common stock as of April 13, 2016, as determined by the Board of Directors. Pursuant to this repricing, options to purchase 6,898,736 shares of common stock were repriced, including options to purchase 3,303,786 shares of common stock held by the Company’s executive officers. The Company determined the total incremental compensation expense related to the repriced awards was $10.7 million , of which $0.6 million was recorded in both the three months ended October 31, 2017 and 2016 , respectively, and $1.8 million and $4.9 million in the nine months ended October 31, 2017 and 2016 , respectively. Early Exercise of Stock Options The Company allows employees and directors to exercise options granted prior to vesting. The unvested shares are subject to lapsing repurchase rights upon termination of employment. For early exercised stock options under the 2008 Plan, the repurchase price is at the original purchase price. For early exercised stock options under the 2016 Plan, the repurchase price is the lower of (i) the then-current fair market value of the common stock on the date of repurchase, and (ii) the original purchase price. The proceeds initially are recorded in other current and noncurrent liabilities from the early exercise of stock options and reclassified to common stock and paid-in capital as the repurchase right lapses. For the three months ended October 31, 2017 and 2016 , the Company issued common stock of 99,618 and 21,506 shares, respectively, for stock options exercised prior to vesting. For the nine months ended October 31, 2017 and 2016 , the Company issued common stock of 358,380 and 202,973 shares, respectively, for stock options exercised prior to vesting. For the three months ended October 31, 2017 and 2016 , we repurchased 11,362 and 3,437 shares, respectively, of common stock related to unvested stock options at the original exercise price due to the termination of employees. For the nine months ended October 31, 2017 and 2016 , we repurchased 21,721 and 3,516 shares, respectively, of common stock related to unvested stock options at the original exercise price due to the termination of employees. As of October 31, 2017 and January 31, 2017 , 311,710 and 118,059 shares held by employees and directors were subject to potential repurchase at an aggregate price of $2.4 million and $0.8 million , respectively. Determination of Fair Value The determination of the fair value of stock options on the date of grant using an option-pricing model is affected by the fair value of the Company’s common stock, as well as assumptions regarding a number of complex and subjective variables. The Company uses the Black-Scholes option-pricing model to calculate the fair value of stock options, , which requires the use of assumptions including actual and projected employee stock option exercise behaviors, expected price volatility of the Company’s common stock, the risk-free interest rate and expected dividends. Each of these inputs is subjective and generally requires significant judgment to determine. Fair Value of Common Stock. Prior to the IPO, the fair value of common stock underlying the stock options had historically been determined by the Board of Directors, with input from the Company’s management. The Board of Directors previously determined the fair value of the common stock at the time of grant of the options by considering a number of objective and subjective factors, including valuations of comparable companies, sales of redeemable convertible preferred stock, sales of common stock to unrelated third parties, operating and financial performance, the lack of liquidity of the Company’s capital stock, and general and industry-specific economic outlook. Subsequent to the IPO, the fair value of the underlying common stock is determined by the closing price, on the date of grant, of the Company’s Class A common stock, which is traded publicly on the NASDAQ Stock Market. Expected Term. The expected term represents the period that stock-based awards are expected to be outstanding. For option grants that are considered to be “plain vanilla,” the Company determines the expected term using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the options. For other option grants, the Company estimates the expected term using historical data on employee exercises and post-vesting employment termination behavior taking into account the contractual life of the award. Expected Volatility. Since the Company has limited trading history of its common stock, the expected volatility is derived from the average historical stock volatilities of several unrelated public companies within the Company’s industry that the Company considers to be comparable to its own business over a period equivalent to the expected term of the stock option grants. Risk-Free Interest Rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the option’s expected term. Dividend Rate. The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plans to do so. The fair value of stock options granted was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Three Months Ended October 31, Nine Months Ended October 31, 2017 2016 2017 2016 Expected term (in years) 5.97 - 6.11 5.91 - 6.08 5.85 - 6.20 5.77 - 6.99 Expected volatility 44.6% - 45.7% 41.4% - 41.5% 41.9% - 45.7% 41.4% - 42.5% Risk-free interest rate 1.8% - 2.1% 1.4 % 1.8% - 2.1% 1.2% - 1.5% Dividend yield 0% 0% 0% 0% The fair value of the purchase rights granted under the 2017 ESPP was estimated on the first day of the offering period using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended October 31, 2017 Expected term (in years) 0.67 - 0.7 Expected volatility 23% - 24% Risk-free interest rate 1.2% Dividend yield 0% Stock-Based Compensation Expense Total stock-based compensation expense recognized in the Company’s unaudited condensed consolidated statements of operations is as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2017 2016 2017 2016 Cost of revenue—subscription $183 $131 $503 $425 Cost of revenue—services 123 70 292 397 Sales and marketing 1,704 1,095 4,400 4,346 Research and development 1,505 1,206 4,072 4,518 General and administrative 2,184 1,732 5,799 6,831 Total stock-based compensation expense $ 5,699 $ 4,234 $ 15,066 $ 16,517 |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 9 Months Ended |
Oct. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders The Company calculates basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method required for companies with participating securities. The Company considered all series of redeemable convertible preferred stock to have been participating securities as the holders were entitled to receive non-cumulative dividends on a pari passu basis in the event that a dividend was paid on common stock. Under the two-class method, the net loss attributable to common stockholders is not allocated to the redeemable convertible preferred stock as the holders of redeemable convertible preferred stock do not have a contractual obligation to share in losses. Under the two-class method, basic net loss per share attributable to common stockholders is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. Diluted net loss per share attributable to common stockholders is computed by giving effect to all potentially dilutive common stock equivalents outstanding for the period. For purposes of this calculation, redeemable convertible preferred stock, stock options to purchase common stock, early exercised stock options, and warrants to purchase redeemable convertible preferred stock and common stock are considered common shares equivalents, but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is antidilutive. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been antidilutive. The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data): Three Months Ended October 31, Nine Months Ended October 31, 2017 2016 2017 2016 Net loss attributable to common stockholders $ (24,216 ) $ (19,535 ) $ (69,985 ) $ (64,861 ) Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted 17,421,642 12,418,879 14,749,500 11,983,324 Net loss per share attributable to common stockholders, basic and diluted $ (1.39 ) $ (1.57 ) $ (4.74 ) $ (5.41 ) The following weighted-average outstanding potentially dilutive common shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because the impact of including them would have been antidilutive: Three Months Ended October 31, Nine Months Ended October 31, 2017 2016 2017 2016 Redeemable convertible preferred stock (as converted) 24,316,192 25,853,450 26,045,352 25,853,450 Redeemable convertible preferred stock warrants (as converted) 1,339 54,604 30,122 54,604 Common stock warrants 116,485 122,043 120,190 122,043 Stock options to purchase Class B common stock 9,321,627 11,220,176 9,783,945 10,736,027 Stock options to purchase Class A common stock 3,258,405 — 2,207,524 — Early exercised stock options 318,240 117,487 236,231 67,528 |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded a provision for income taxes of $0.3 million and $0.1 million for the three months ended October 31, 2017 and 2016, respectively and $0.8 million and $0.3 million for the nine months ended October 31, 2017 and 2016, respectively. The provision for income taxes was primarily due to foreign taxes. The Company assesses uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainties in Tax . As of October 31, 2017, the Company’s net unrecognized tax benefits totaled $5.2 million , no ne of which would impact the Company’s effective tax rate if recognized. The Company anticipates that the amount of reasonably possible unrecognized tax benefits that could decrease over the next 12 months due to the expiration of certain statutes of limitations and settlement of tax audits is no t material to the Company’s unaudited condensed consolidated financial statements. |
Segments
Segments | 9 Months Ended |
Oct. 31, 2017 | |
Segment Reporting [Abstract] | |
Segments | Segments The Company operates its business as one operating segment as it only reports financial information on an aggregate and consolidated basis to the Chief Executive Officer, who is the Company’s chief operating decision maker. The following table sets forth the Company’s total revenue by geographic area based on the customers’ location (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2017 2016 2017 2016 Americas $ 28,045 $ 17,931 $ 74,965 $ 48,617 Europe 11,418 7,543 30,340 20,616 Asia Pacific 2,025 831 4,173 2,191 Total $ 41,488 $ 26,305 $ 109,478 $ 71,424 Customers located in the United States accounted for 64% , 65% , 65% and 65% of total revenue for the three months ended October 31, 2017 and 2016 and the nine months ended October 31, 2017 and 2016 , respectively. Customers located in the United Kingdom accounted for 11% , 10% , 11% and 11% of total revenue for the three months ended October 31, 2017 and 2016 and the nine months ended October 31, 2017 and 2016 , respectively. No other country accounted for 10% or more of revenue for the periods presented. As of October 31, 2017 and January 31, 2017 , substantially all of the Company’s long-lived assets were located in the United States. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Oct. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions All contracts with related parties are executed in ordinary course of business. There were no material related party transactions in the three and nine months ended October 31, 2017 and 2016 . As of October 31, 2017 and January 31, 2017 , there were no material amounts payable to or amounts receivable from related parties. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Oct. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In November 2017, the Company entered into an enterprise partnership arrangement with a cloud infrastructure provider that includes a non-cancelable commitment of $36.0 million over the next three years , inclusive of capacity commitments that existed as of October 31, 2017 of approximately $6.7 million . In December 2017, the Company entered into a lease agreement for 106,230 rentable square feet of office space (the “Premises”) to accommodate its growing employee base in New York City. The Company expects delivery of the Premises on January 1, 2018 to commence renovations of the Premises and expects to complete the renovations and vacate its current office space prior to the expiration of its existing lease in December 2018. Total estimated aggregate base rent payments over the initial 12 -year term of the lease are $87.9 million , with payments beginning 18 months after delivery of the Premises. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in the Company’s final prospectus for its IPO dated as of October 18, 2017 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on October 19, 2017. |
Use of Estimates | The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, revenue recognition, allowances for doubtful accounts, stock-based compensation, fair value of common stock and redeemable convertible preferred stock warrants prior to the IPO, legal contingencies, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, and accounting for income taxes. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. |
Emerging Growth Company Status | As an “emerging growth company” (“EGC”), the Jump-start Our Business Start-ups Act (“JOBS Act”), allows the 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. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies, which may make the Company’s common stock less attractive to investors. |
Recently Adopted and Not Yet Adopted New Accounting Pronouncements | Recently Adopted Accounting Pronouncements Stock-Based Compensation. Starting February 1, 2016, the Company elected to early adopt Accounting Standards Update (“ASU”) No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting , which would among other items, provide an accounting policy election to account for forfeitures as they occur, rather than to account for them based on an estimate of expected forfeitures and modifies financial statement presentation of excess tax benefits or deficiencies. The Company elected to account for forfeitures as they occur and therefore, stock-based compensation expense for the three and nine months ended October 31, 2017 and 2016 has been calculated based on actual forfeitures in the unaudited condensed consolidated statements of operations. The cumulative effect of this change increased the accumulated deficit and decreased additional paid-in capital as of February 1, 2016 by $1.5 million . In addition, the effect on the Company’s historical consolidated financial statements was limited to an immaterial cumulative-effect adjustment for previously unrecognized excess tax benefits as a deferred tax asset with an offset to opening accumulated deficit, which was fully offset by a valuation allowance. Consolidated Statements of Cash Flows. Starting February 1, 2016, the Company elected to early adopt ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments and ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . ASU No. 2016-15 eliminates the diversity in practice related to the classification of certain cash receipts and payments for debt prepayment or extinguishment costs, the maturing of a zero-coupon bond, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions from certain equity method investees and beneficial interests obtained in a financial asset securitization. ASU No. 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company adopted ASU No. 2016-15 and ASU No. 2016-18 using the retrospective transition method and adjusted the consolidated statements of cash flows in all comparative periods presented. New Accounting Pronouncements Not Yet Adopted Stock-Based Compensation. In May 2017, the Financial Accounting Standards Board (“FASB”), issued ASU 2017-09, Compensation—Stock Compensation (Topic 718). The amendments in the update provide guidance on types of changes to the terms or conditions of share-based payment awards, which would be required to apply modification accounting under Accounting Standards Codification (“ASC”) 718. The new guidance becomes effective for the Company for the fiscal year ending January 31, 2018, though early adoption is permitted. The Company is currently evaluating whether this standard will have a material impact on its consolidated financial statements. Goodwill Impairment. In January 2017, the FASB issued ASU 2017-04— Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The new standard will simplify the measurement of goodwill by eliminating step two of the two-step impairment test. Step two measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The new guidance becomes effective for the Company for the fiscal year ending January 31, 2022, though early adoption is permitted. The Company does not expect the adoption of the new accounting standard to have a material impact on its consolidated financial statements. Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which modifies lease accounting for lessees to increase transparency and comparability by recording lease assets and liabilities for operating leases and disclosing key information about leasing arrangements. Depending on when the Company loses its EGC status, it may be required to adopt the new lease standard as early as its interim results for the period ending April 30, 2019, but no later than for its annual results for the fiscal year ending January 31, 2021, though early adoption is permitted. The Company is currently evaluating adoption methods and whether this standard will have a material impact on its consolidated financial statements. Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the existing accounting standard for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount to which an entity expects to be entitled when products are transferred to customers. Subsequently, the FASB has issued the following pronouncements related to ASU 2014-09: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations ; ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ; ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients ; and ASU 2016-20, Technical Corrections and Improvements to Topic 606 , which clarifies narrow aspects of ASC 606 or corrects unintended application of the guidance. The Company must adopt ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20 with ASU 2014-09 (collectively, the “new revenue standard”). |
Equity Incentive Plans | The determination of the fair value of stock options on the date of grant using an option-pricing model is affected by the fair value of the Company’s common stock, as well as assumptions regarding a number of complex and subjective variables. The Company uses the Black-Scholes option-pricing model to calculate the fair value of stock options, , which requires the use of assumptions including actual and projected employee stock option exercise behaviors, expected price volatility of the Company’s common stock, the risk-free interest rate and expected dividends. Each of these inputs is subjective and generally requires significant judgment to determine. Fair Value of Common Stock. Prior to the IPO, the fair value of common stock underlying the stock options had historically been determined by the Board of Directors, with input from the Company’s management. The Board of Directors previously determined the fair value of the common stock at the time of grant of the options by considering a number of objective and subjective factors, including valuations of comparable companies, sales of redeemable convertible preferred stock, sales of common stock to unrelated third parties, operating and financial performance, the lack of liquidity of the Company’s capital stock, and general and industry-specific economic outlook. Subsequent to the IPO, the fair value of the underlying common stock is determined by the closing price, on the date of grant, of the Company’s Class A common stock, which is traded publicly on the NASDAQ Stock Market. Expected Term. The expected term represents the period that stock-based awards are expected to be outstanding. For option grants that are considered to be “plain vanilla,” the Company determines the expected term using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the options. For other option grants, the Company estimates the expected term using historical data on employee exercises and post-vesting employment termination behavior taking into account the contractual life of the award. Expected Volatility. Since the Company has limited trading history of its common stock, the expected volatility is derived from the average historical stock volatilities of several unrelated public companies within the Company’s industry that the Company considers to be comparable to its own business over a period equivalent to the expected term of the stock option grants. Risk-Free Interest Rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the option’s expected term. Dividend Rate. The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plans to do so. |
Net Loss per Share | The Company calculates basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method required for companies with participating securities. The Company considered all series of redeemable convertible preferred stock to have been participating securities as the holders were entitled to receive non-cumulative dividends on a pari passu basis in the event that a dividend was paid on common stock. Under the two-class method, the net loss attributable to common stockholders is not allocated to the redeemable convertible preferred stock as the holders of redeemable convertible preferred stock do not have a contractual obligation to share in losses. Under the two-class method, basic net loss per share attributable to common stockholders is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. Diluted net loss per share attributable to common stockholders is computed by giving effect to all potentially dilutive common stock equivalents outstanding for the period. For purposes of this calculation, redeemable convertible preferred stock, stock options to purchase common stock, early exercised stock options, and warrants to purchase redeemable convertible preferred stock and common stock are considered common shares equivalents, but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is antidilutive. |
Income Taxes | The Company assesses uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainties in Tax . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities measured at fair value on a recurring basis | The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value on a recurring basis as of October 31, 2017 and January 31, 2017 , and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Fair Value Measurement at October 31, 2017 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 225,756 $ — $ — $ 225,756 Short-term investments: U.S. government treasury securities 45,810 — — 45,810 Total financial assets $ 271,566 $ — $ — $ 271,566 Fair Value Measurement at January 31, 2017 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 35,104 $ — $ — $ 35,104 U.S. government treasury securities 20,000 20,000 Short-term investments: U.S. government treasury securities 47,195 — — 47,195 Total financial assets $ 102,299 $ — $ — $ 102,299 Financial Liability: Redeemable convertible preferred stock warrant liability $ — $ — $ 1,272 $ 1,272 Total financial liability $ — $ — $ 1,272 $ 1,272 |
Schedule of reconciliation of the redeemable convertible preferred stock warrant liability | The following table presents a reconciliation of the redeemable convertible preferred stock warrant liability measured at fair value using significant unobservable inputs (in thousands): Fair value, beginning balance, January 31, 2017 $ 1,272 Issuance of redeemable convertible preferred stock warrants — Conversion of redeemable convertible preferred (1,171 ) Change in fair value of redeemable convertible preferred stock warrant liability (101 ) Fair value, ending balance, October 31, 2017 $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum rental payments for operating leases | Future minimum lease payments under non-cancelable operating leases and other non-cancelable agreements as of October 31, 2017 , were as follows (in thousands): Year Ending January 31, Operating Leases Other Obligations Remainder of 2018 $ 2,422 $ 2,771 2019 8,235 3,383 2020 2,879 2,525 2021 2,823 1279 2022 1,523 — Thereafter 4,902 — Total minimum payments $ 22,784 $ 9,958 |
Schedule of other commitments | Future minimum lease payments under non-cancelable operating leases and other non-cancelable agreements as of October 31, 2017 , were as follows (in thousands): Year Ending January 31, Operating Leases Other Obligations Remainder of 2018 $ 2,422 $ 2,771 2019 8,235 3,383 2020 2,879 2,525 2021 2,823 1279 2022 1,523 — Thereafter 4,902 — Total minimum payments $ 22,784 $ 9,958 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock option activity | The following table summarizes stock option and RSU award activity for the 2008 and 2016 Plans (in thousands, except share and per share data and years): Options Outstanding Shares Shares Weighted- Weighted- Aggregate Balance - January 31, 2017 678,260 11,090,597 $ 6.47 8.2 $ 21,717 Authorized 3,000,000 — — Options granted (3,596,525 ) 3,596,525 10.57 Options exercised — (1,242,172 ) 7.54 Early exercised shares repurchased 21,721 — — Options forfeited and expired 669,623 (669,623 ) 7.49 RSUs granted (54,550 ) Balance - October 31, 2017 718,529 12,775,327 7.56 8.0 292,772 Options vested and exercisable - January 31, 2017 4,344,092 6.21 7.3 9,875 Options vested and exercisable - October 31, 2017 5,011,187 $ 6.29 6.8 $ 121,224 |
Schedule of stock option valuation assumptions | The fair value of stock options granted was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Three Months Ended October 31, Nine Months Ended October 31, 2017 2016 2017 2016 Expected term (in years) 5.97 - 6.11 5.91 - 6.08 5.85 - 6.20 5.77 - 6.99 Expected volatility 44.6% - 45.7% 41.4% - 41.5% 41.9% - 45.7% 41.4% - 42.5% Risk-free interest rate 1.8% - 2.1% 1.4 % 1.8% - 2.1% 1.2% - 1.5% Dividend yield 0% 0% 0% 0% |
Schedule of ESPP valuation assumptions | The fair value of the purchase rights granted under the 2017 ESPP was estimated on the first day of the offering period using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended October 31, 2017 Expected term (in years) 0.67 - 0.7 Expected volatility 23% - 24% Risk-free interest rate 1.2% Dividend yield 0% |
Schedule of stock-based compensation expense recognized in consolidated statements of operations | Total stock-based compensation expense recognized in the Company’s unaudited condensed consolidated statements of operations is as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2017 2016 2017 2016 Cost of revenue—subscription $183 $131 $503 $425 Cost of revenue—services 123 70 292 397 Sales and marketing 1,704 1,095 4,400 4,346 Research and development 1,505 1,206 4,072 4,518 General and administrative 2,184 1,732 5,799 6,831 Total stock-based compensation expense $ 5,699 $ 4,234 $ 15,066 $ 16,517 |
Net Loss per Share Attributab24
Net Loss per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings (loss) per share | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data): Three Months Ended October 31, Nine Months Ended October 31, 2017 2016 2017 2016 Net loss attributable to common stockholders $ (24,216 ) $ (19,535 ) $ (69,985 ) $ (64,861 ) Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted 17,421,642 12,418,879 14,749,500 11,983,324 Net loss per share attributable to common stockholders, basic and diluted $ (1.39 ) $ (1.57 ) $ (4.74 ) $ (5.41 ) |
Schedule of antidilutive securities excluded from computation of earnings per share | The following weighted-average outstanding potentially dilutive common shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because the impact of including them would have been antidilutive: Three Months Ended October 31, Nine Months Ended October 31, 2017 2016 2017 2016 Redeemable convertible preferred stock (as converted) 24,316,192 25,853,450 26,045,352 25,853,450 Redeemable convertible preferred stock warrants (as converted) 1,339 54,604 30,122 54,604 Common stock warrants 116,485 122,043 120,190 122,043 Stock options to purchase Class B common stock 9,321,627 11,220,176 9,783,945 10,736,027 Stock options to purchase Class A common stock 3,258,405 — 2,207,524 — Early exercised stock options 318,240 117,487 236,231 67,528 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of total revenue by geographic areas | The following table sets forth the Company’s total revenue by geographic area based on the customers’ location (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2017 2016 2017 2016 Americas $ 28,045 $ 17,931 $ 74,965 $ 48,617 Europe 11,418 7,543 30,340 20,616 Asia Pacific 2,025 831 4,173 2,191 Total $ 41,488 $ 26,305 $ 109,478 $ 71,424 |
Organization and Description 26
Organization and Description of Business - Reverse Stock Split (Details) | 1 Months Ended |
Oct. 31, 2017shares | |
Series A Redeemable Convertible Preferred Stock | |
Class of Stock [Line Items] | |
Convertible preferred stock, shares issued upon conversion | 0.75 |
Series B Redeemable Convertible Preferred Stock | |
Class of Stock [Line Items] | |
Convertible preferred stock, shares issued upon conversion | 0.75 |
Series C Redeemable Convertible Preferred Stock | |
Class of Stock [Line Items] | |
Convertible preferred stock, shares issued upon conversion | 0.75 |
Series D Redeemable Convertible Preferred Stock | |
Class of Stock [Line Items] | |
Convertible preferred stock, shares issued upon conversion | 0.75 |
Series E Redeemable Convertible Preferred Stock | |
Class of Stock [Line Items] | |
Convertible preferred stock, shares issued upon conversion | 0.75 |
Series F Redeemable Convertible Preferred Stock | |
Class of Stock [Line Items] | |
Convertible preferred stock, shares issued upon conversion | 0.5 |
Common Stock | |
Class of Stock [Line Items] | |
Stock split conversion ratio | 0.5 |
Organization and Description 27
Organization and Description of Business - Initial Public Offering and Deferred Offering Costs (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2017 | Oct. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Proceeds from the IPO, net of underwriting discounts and commissions | $ 201,600 | ||
Underwriting discounts and commissions | 15,500 | ||
Deferred offering costs | 3,900 | ||
Redeemable convertible preferred stock outstanding (in shares) | 41,233,452 | ||
Conversion of redeemable convertible preferred stock to common stock | $ 346,400 | $ 346,428 | |
Payment of offering costs | $ 2,344 | $ 0 | |
Common Stock | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Conversion of stock, shares converted (in shares) | 26,952,887 | 26,953,404 | |
Class A Common Stock | IPO | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Number of shares issued (in shares) | 9,200,000 | ||
Stock price (in dollars per share) | $ 24 | $ 24 | |
Class A Common Stock | Over-Allotment Option | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Number of shares issued (in shares) | 1,200,000 | ||
Redeemable Preferred Stock | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Redeemable convertible preferred stock outstanding (in shares) | 41,232,762 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Details) - Accounting Standards Update 2016-09 $ in Millions | Jan. 31, 2016USD ($) |
Accumulated Deficit | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative effect of new accounting principle in period of adoption | $ 1.5 |
Additional Paid-In Capital | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative effect of new accounting principle in period of adoption | $ (1.5) |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Oct. 31, 2017 | Jan. 31, 2017 |
Financial Liability: | ||
Redeemable convertible preferred stock warrant liability | $ 0 | $ 1,272 |
Recurring | ||
Short-term investments: | ||
Total financial assets | 271,566 | 102,299 |
Financial Liability: | ||
Redeemable convertible preferred stock warrant liability | 1,272 | |
Total financial liability | 1,272 | |
Recurring | Level 1 | ||
Short-term investments: | ||
Total financial assets | 271,566 | 102,299 |
Financial Liability: | ||
Redeemable convertible preferred stock warrant liability | 0 | |
Total financial liability | 0 | |
Recurring | Level 2 | ||
Short-term investments: | ||
Total financial assets | 0 | 0 |
Financial Liability: | ||
Redeemable convertible preferred stock warrant liability | 0 | |
Total financial liability | 0 | |
Recurring | Level 3 | ||
Short-term investments: | ||
Total financial assets | 0 | 0 |
Financial Liability: | ||
Redeemable convertible preferred stock warrant liability | 1,272 | |
Total financial liability | 1,272 | |
U.S. government treasury securities | Recurring | ||
Short-term investments: | ||
Short-term investments: | 45,810 | 47,195 |
U.S. government treasury securities | Recurring | Level 1 | ||
Short-term investments: | ||
Short-term investments: | 45,810 | 47,195 |
U.S. government treasury securities | Recurring | Level 2 | ||
Short-term investments: | ||
Short-term investments: | 0 | 0 |
U.S. government treasury securities | Recurring | Level 3 | ||
Short-term investments: | ||
Short-term investments: | 0 | 0 |
Money Market Funds | Recurring | ||
Cash and cash equivalents: | ||
Cash and cash equivalents: | 225,756 | 35,104 |
Money Market Funds | Recurring | Level 1 | ||
Cash and cash equivalents: | ||
Cash and cash equivalents: | 225,756 | 35,104 |
Money Market Funds | Recurring | Level 2 | ||
Cash and cash equivalents: | ||
Cash and cash equivalents: | 0 | 0 |
Money Market Funds | Recurring | Level 3 | ||
Cash and cash equivalents: | ||
Cash and cash equivalents: | $ 0 | 0 |
U.S. government treasury securities | Recurring | ||
Cash and cash equivalents: | ||
Cash and cash equivalents: | 20,000 | |
U.S. government treasury securities | Recurring | Level 1 | ||
Cash and cash equivalents: | ||
Cash and cash equivalents: | $ 20,000 |
Fair Value Measurements - Sch30
Fair Value Measurements - Schedule of Reconciliation of Redeemable Convertible Preferred Stock Warrant Liability (Details) - Redeemable Convertible Preferred Stock Warrant Liability $ in Thousands | 9 Months Ended |
Oct. 31, 2017USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value, beginning balance | $ 1,272 |
Issuance of redeemable convertible preferred stock warrants | 0 |
Conversion of redeemable convertible preferred stock warrant liability into redeemable convertible preferred stock | (1,171) |
Change in fair value of redeemable convertible preferred stock warrant liability | (101) |
Fair value, ending balance | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Jan. 31, 2017 | Aug. 31, 2016 | Jul. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||||||
Operating leases, rent expense | $ 2,300,000 | $ 1,800,000 | $ 6,600,000 | $ 5,000,000 | |||
Loss Contingencies [Line Items] | |||||||
Accrual for contingencies | 0 | 0 | $ 0 | ||||
Operating Lease in New York | |||||||
Loss Contingencies [Line Items] | |||||||
Letters of credit outstanding | $ 500,000 | $ 1,100,000 | |||||
Operating Lease in Texas | |||||||
Loss Contingencies [Line Items] | |||||||
Letters of credit outstanding | $ 400,000 | ||||||
Operating Lease in Australia | |||||||
Loss Contingencies [Line Items] | |||||||
Letters of credit outstanding | $ 200,000 | $ 200,000 |
Commitments and Contingencies32
Commitments and Contingencies - Future Minimum Operating Lease and Other Non-Cancellable Agreement Payments (Details) $ in Thousands | Oct. 31, 2017USD ($) |
Operating Leases | |
Remainder of 2018 | $ 2,422 |
2,019 | 8,235 |
2,020 | 2,879 |
2,021 | 2,823 |
2,022 | 1,523 |
Thereafter | 4,902 |
Total minimum payments | 22,784 |
Other Obligations | |
Remainder of 2018 | 2,771 |
2,019 | 3,383 |
2,020 | 2,525 |
2,021 | 1,279 |
2,022 | 0 |
Thereafter | 0 |
Total minimum payments | $ 9,958 |
Stockholders_ Equity (Deficit)
Stockholders’ Equity (Deficit) (Details) | 1 Months Ended | 9 Months Ended | |
Oct. 31, 2017$ / sharesshares | Oct. 31, 2017vote$ / sharesshares | Jan. 31, 2017$ / sharesshares | |
Class A Common Stock | |||
Class of Stock [Line Items] | |||
Number of votes per share | vote | 1 | ||
Common stock authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 162,500,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock issued (in shares) | 9,325,098 | 9,325,098 | 0 |
Common stock outstanding (in shares) | 9,325,098 | 9,325,098 | 0 |
Class B Common Stock | |||
Class of Stock [Line Items] | |||
Number of votes per share | vote | 10 | ||
Period of automatic conversion after death of founder | 9 months | ||
Percent of outstanding stock | 10.00% | ||
Common stock authorized (in shares) | 100,000,000 | 100,000,000 | 113,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock issued (in shares) | 41,341,283 | 41,341,283 | 13,192,992 |
Common stock outstanding (in shares) | 41,241,912 | 41,241,912 | 13,093,621 |
Common Stock | |||
Class of Stock [Line Items] | |||
Conversion of stock, shares converted (in shares) | 26,952,887 | 26,953,404 | |
Common stock outstanding (in shares) | 50,567,010 | 50,567,010 | 13,093,621 |
Warrants (Details)
Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2017 | Apr. 30, 2013 | |
Class of Warrant or Right [Line Items] | |||
Exercise of common stock warrants (in shares) | 85,170 | ||
Redeemable convertible preferred stock | $ 1,171 | ||
Warrants outstanding (in shares) | 0 | 0 | |
Series E and Series F Redeemable Convertible Preferred Stock | |||
Class of Warrant or Right [Line Items] | |||
Exercise price (in dollars per share) | $ 0.01 | $ 0.01 | |
Class B Common Stock | Financial Institution 1 | |||
Class of Warrant or Right [Line Items] | |||
Exercise price (in dollars per share) | $ 5.72 | ||
Number of shares convertible from warrant exercise (in shares) | 116,258 | ||
Class B Common Stock | Financial Institution 2 | |||
Class of Warrant or Right [Line Items] | |||
Exercise price (in dollars per share) | $ 5.72 | ||
Number of shares convertible from warrant exercise (in shares) | 5,785 | ||
Warrant | |||
Class of Warrant or Right [Line Items] | |||
Warrants outstanding (in shares) | 0 | 0 | |
Common Stock | |||
Class of Warrant or Right [Line Items] | |||
Exercise of common stock warrants (in shares) | 99,534 | ||
Series E and Series F Redeemable Convertible Preferred Stock | |||
Class of Warrant or Right [Line Items] | |||
Redeemable convertible preferred stock | $ 1,200 | ||
Series E Redeemable Convertible Preferred Stock | |||
Class of Warrant or Right [Line Items] | |||
Exercise of common stock warrants (in shares) | 45,301 | ||
Series F Redeemable Convertible Preferred Stock | |||
Class of Warrant or Right [Line Items] | |||
Exercise of common stock warrants (in shares) | 41,258 | ||
Class B Common Stock | Common Stock | |||
Class of Warrant or Right [Line Items] | |||
Exercise of common stock warrants (in shares) | 53,562 | 99,534 |
Equity Incentive Plans - 2008 a
Equity Incentive Plans - 2008 and 2016 Stock Plan (Details) | 9 Months Ended |
Oct. 31, 2017 | |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expiration period | 10 years |
Award vesting period | 4 years |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 4 years |
One Year Anniversary | Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting rights percentage | 25.00% |
One Year Anniversary | Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting rights percentage | 25.00% |
13 to 36 Months | Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting rights percentage | 75.00% |
13 to 36 Months | Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting rights percentage | 75.00% |
Over 10% Stockholder | Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expiration period | 5 years |
Minimum | Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Purchase price of common stock, as a percent | 100.00% |
Minimum | Over 10% Stockholder | Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Purchase price of common stock, as a percent | 110.00% |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 31, 2017 | Jan. 31, 2017 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 |
Shares Available for Grant | ||||||
Balance - beginning of period (in shares) | 678,260 | |||||
Authorized (in shares) | 3,000,000 | |||||
Options granted (in shares) | (3,596,525) | |||||
Early exercised shares repurchased (in shares) | 21,721 | |||||
Options forfeited and expired (in shares) | 669,623 | |||||
Balance - end of period (in shares) | 718,529 | 678,260 | 718,529 | 718,529 | ||
Shares | ||||||
Balance - beginning of period (in shares) | 11,090,597 | |||||
Options granted (in shares) | 3,596,525 | |||||
Options exercised (in shares) | (1,242,172) | |||||
Options forfeited and expired (in shares) | (669,623) | |||||
Balance - end of period (in shares) | 12,775,327 | 11,090,597 | 12,775,327 | 12,775,327 | ||
Options vested and exercisable (in shares) | 5,011,187 | 4,344,092 | 5,011,187 | 5,011,187 | ||
Weighted- Average Exercise Price Per Share | ||||||
Balance - beginning of period (in dollars per share) | $ 6.47 | |||||
Options granted (in dollars per share) | 10.57 | |||||
Options exercised (in dollars per share) | 7.54 | |||||
Options forfeited and expired (in dollars per share) | 7.49 | |||||
Balance - end of period (in dollars per share) | $ 7.56 | $ 6.47 | $ 7.56 | 7.56 | ||
Options vested and exercisable (in dollars per share) | $ 6.29 | $ 6.21 | $ 6.29 | $ 6.29 | ||
Weighted- Average Remaining Contractual Term (In Years) | ||||||
Balance | 8 years | 8 years 2 months 12 days | ||||
Options vested and exercisable | 6 years 9 months 18 days | 7 years 3 months 18 days | ||||
Aggregate Intrinsic Value | ||||||
Balance | $ 292,772 | $ 21,717 | $ 292,772 | $ 292,772 | ||
Options vested and exercisable | $ 121,224 | $ 9,875 | $ 121,224 | $ 121,224 | ||
Restricted Stock Units (RSUs) | ||||||
Shares Available for Grant | ||||||
RSUs granted (in shares) | (29,550) | 0 | (54,550) | 0 |
Equity Incentive Plans - Stock
Equity Incentive Plans - Stock Options and Restricted Stock Units, Additional Information (Details) - Restricted Stock Units (RSUs) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted (in shares) | 29,550 | 0 | 54,550 | 0 |
Grant date fair value | $ 0.7 | $ 0.9 | ||
Awards vested (in shares) | 0 | |||
Awards forfeited/canceled (in shares) | 0 |
Equity Incentive Plans - 2016 C
Equity Incentive Plans - 2016 China Stock Appreciation Rights Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Jan. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 5,699 | $ 4,234 | $ 15,066 | $ 16,517 | |
Stock Appreciation Rights (SARs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
Awards granted (in shares) | 0 | 0 | 21,500 | ||
Exercise price of awards granted (in dollars per share) | $ 6.78 | ||||
Awards vested (in shares) | 7,958 | 7,958 | |||
Stock-based compensation expense | $ 200 | $ 200 | |||
Stock Appreciation Rights (SARs) | One Year Anniversary | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rights percentage | 25.00% | ||||
Stock Appreciation Rights (SARs) | 25 to 36 Months | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rights percentage | 75.00% |
Equity Incentive Plans - 2017 E
Equity Incentive Plans - 2017 Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 5,699 | $ 4,234 | $ 15,066 | $ 16,517 | |
Class A Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued (in shares) | 0 | 0 | |||
Employee Stock Purchase Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum employee contribution rate | 15.00% | 15.00% | 15.00% | ||
Duration of separate offering periods | 6 months | ||||
Purchase price of common stock, as a percent | 85.00% | ||||
Stock-based compensation expense | $ 100 | $ 100 | |||
Employee Stock Purchase Plan | Class A Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Reserved for future issuance (in shares) | 995,000 | 995,000 | 995,000 |
Equity Incentive Plans - Stoc40
Equity Incentive Plans - Stock Option Repricing (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 10 Months Ended | |||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Jan. 31, 2017 | Apr. 13, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options outstanding (in shares) | 12,775,327 | 12,775,327 | 11,090,597 | |||
Stock Option Repricing | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average exercise price (in dollars per share) | $ 6.50 | |||||
Options outstanding (in shares) | 6,898,736 | |||||
Compensation cost | $ 0.6 | $ 0.6 | $ 1.8 | $ 4.9 | $ 10.7 | |
Stock Option Repricing | Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options outstanding (in shares) | 3,303,786 | |||||
Stock Option Repricing | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average exercise price (in dollars per share) | $ 6.5 |
Equity Incentive Plans - Early
Equity Incentive Plans - Early Exercise of Stock Options (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Jan. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Issuance of common stock (in shares) | 1,242,172 | ||||
Common stock subject to repurchase (in shares) | 311,710 | 311,710 | 118,059 | ||
Fair value of shares subject to repurchase | $ 2.4 | $ 2.4 | $ 0.8 | ||
Early Exercised Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Issuance of common stock (in shares) | 99,618 | 21,506 | 358,380 | 202,973 | |
Stock repurchased (in shares) | 11,362 | 3,437 | 21,721 | 3,516 |
Equity Incentive Plans - Sche42
Equity Incentive Plans - Schedule of Stock Option Valuation Assumptions (Details) - Employee Stock Option | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility, minimum | 44.60% | 41.40% | 41.90% | 41.40% |
Expected volatility, maximum | 45.70% | 41.50% | 45.70% | 42.50% |
Risk-free interest rate, minimum (as a percent) | 1.80% | 1.40% | 1.80% | 1.20% |
Risk-free interest rate, maximum (as a percent) | 2.10% | 1.40% | 2.10% | 1.50% |
Dividend yield (as a percent) | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 5 years 11 months 19 days | 5 years 10 months 28 days | 5 years 10 months 6 days | 5 years 9 months 7 days |
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 1 month 10 days | 6 years 29 days | 6 years 2 months 12 days | 6 years 11 months 27 days |
Equity Incentive Plans - Sche43
Equity Incentive Plans - Schedule of ESPP Valuation Assumptions (Details) - Employee Stock Purchase Plan | 3 Months Ended |
Oct. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility, minimum | 23.00% |
Expected volatility, maximum | 24.00% |
Risk-free interest rate (as a percent) | 1.20% |
Dividend yield (as a percent) | 0.00% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected term (in years) | 8 months 1 day |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected term (in years) | 8 months 12 days |
Equity Incentive Plans - Stock-
Equity Incentive Plans - Stock-based Compensation Expense Recognized in Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 5,699 | $ 4,234 | $ 15,066 | $ 16,517 |
Cost of revenue—subscription | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 183 | 131 | 503 | 425 |
Cost of revenue—services | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 123 | 70 | 292 | 397 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 1,704 | 1,095 | 4,400 | 4,346 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 1,505 | 1,206 | 4,072 | 4,518 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 2,184 | $ 1,732 | $ 5,799 | $ 6,831 |
Net Loss per Share Attributab45
Net Loss per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Earnings Per Share [Abstract] | ||||
Net loss attributable to common stockholders | $ (24,216) | $ (19,535) | $ (69,985) | $ (64,861) |
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted (in shares) | 17,421,642 | 12,418,879 | 14,749,500 | 11,983,324 |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (1.39) | $ (1.57) | $ (4.74) | $ (5.41) |
Net Loss per Share Attributab46
Net Loss per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from the Computation of Diluted Net loss per share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Redeemable Convertible Preferred Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 24,316,192 | 25,853,450 | 26,045,352 | 25,853,450 |
Warrants Subject to Mandatory Redemption | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,339 | 54,604 | 30,122 | 54,604 |
Warrant | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 116,485 | 122,043 | 120,190 | 122,043 |
Employee Stock Option | Class B Common Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 9,321,627 | 11,220,176 | 9,783,945 | 10,736,027 |
Employee Stock Option | Class A Common Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 3,258,405 | 0 | 2,207,524 | 0 |
Early Exercised Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 318,240 | 117,487 | 236,231 | 67,528 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 336,000 | $ 103,000 | $ 817,000 | $ 253,000 |
Unrecognized tax benefits | 5,200,000 | 5,200,000 | ||
Unrecognized tax benefits that would impact effective tax rate | 0 | 0 | ||
Decrease in unrecognized tax benefits is reasonably possible | $ 0 | $ 0 |
Segments - Additional Informati
Segments - Additional Information (Details) - Segment | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Segment Reporting [Abstract] | ||||
Number of operating segments | 1 | |||
Geographic Concentration Risk | Revenue, Net | United States | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 64.00% | 65.00% | 65.00% | 65.00% |
Geographic Concentration Risk | Revenue, Net | United Kingdom | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 11.00% | 10.00% | 11.00% | 11.00% |
Segments - Schedule of total re
Segments - Schedule of total revenue by geographic areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total | $ 41,488 | $ 26,305 | $ 109,478 | $ 71,424 |
Americas | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total | 28,045 | 17,931 | 74,965 | 48,617 |
Europe | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total | 11,418 | 7,543 | 30,340 | 20,616 |
Asia Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total | $ 2,025 | $ 831 | $ 4,173 | $ 2,191 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | Oct. 31, 2017 | Jan. 31, 2017 |
Related Party Transactions [Abstract] | ||
Due to related parties | $ 0 | $ 0 |
Due from related parties | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Jan. 01, 2018USD ($) | Dec. 14, 2017ft² | Nov. 30, 2017USD ($) | Oct. 31, 2017USD ($) |
Subsequent Event [Line Items] | ||||
Commitment value | $ 6.7 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Commitment value | $ 36 | |||
Purchase commitment period | 3 years | |||
Area of office space (in square feet) | ft² | 106,230 | |||
Term of lease | 12 years | |||
Base rent payments | $ 87.9 | |||
Period payments begin after delivery of premises | 18 months |