Document and Entity Information
Document and Entity Information Document - USD ($) $ in Billions | 12 Months Ended | ||
Jan. 31, 2022 | Mar. 15, 2022 | Jul. 31, 2021 | |
Document Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --01-31 | ||
Document Period End Date | Jan. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-38240 | ||
Entity Registrant Name | MONGODB, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 26-1463205 | ||
Entity Address, Address Line One | 1633 Broadway | ||
Entity Address, Address Line Two | 38th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10019 | ||
City Area Code | 646 | ||
Local Phone Number | 727-4092 | ||
Title of 12(b) Security | Class A Common Stock, par value $0.001 per share | ||
Trading Symbol | MDB | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 22.8 | ||
Entity Central Index Key | 0001441816 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 67,566,341 |
Audit Information
Audit Information | 12 Months Ended |
Jan. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | San Jose, California |
Auditor Firm ID | 238 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 473,904 | $ 429,697 |
Short-term investments | 1,352,019 | 528,045 |
Accounts receivable, net of allowance for doubtful accounts of $4,966 and $6,024 as of January 31, 2022 and 2021, respectively | 195,383 | 135,176 |
Deferred commissions | 63,523 | 36,619 |
Prepaid expenses and other current assets | 32,573 | 12,350 |
Total current assets | 2,117,402 | 1,141,887 |
Property and equipment, net | 62,625 | 62,364 |
Operating lease right-of-use assets | 41,745 | 34,587 |
Goodwill | 57,775 | 55,830 |
Acquired intangible assets, net | 20,608 | 26,275 |
Deferred tax assets | 1,939 | 997 |
Other assets | 147,494 | 85,555 |
Total assets | 2,449,588 | 1,407,495 |
Current liabilities: | ||
Accounts payable | 5,234 | 4,144 |
Accrued compensation and benefits | 112,568 | 70,210 |
Operating lease liabilities | 8,084 | 2,343 |
Other accrued liabilities | 48,848 | 56,440 |
Deferred revenue | 352,001 | 221,404 |
Total current liabilities | 526,735 | 354,541 |
Deferred tax liability, non-current | 81 | 773 |
Operating lease liabilities, non-current | 38,707 | 39,095 |
Deferred revenue, non-current | 23,179 | 16,547 |
Convertible senior notes, net | 1,136,521 | 937,729 |
Other liabilities, non-current | 57,665 | 59,129 |
Total liabilities | 1,782,888 | 1,407,814 |
Commitments and contingencies (Note 8) | ||
Temporary equity, convertible senior notes | 0 | 4,714 |
Stockholders’ equity (deficit): | ||
Additional paid-in capital | 1,860,514 | 932,332 |
Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of January 31, 2022 and 2021 | (1,319) | (1,319) |
Accumulated other comprehensive loss | (2,928) | (704) |
Accumulated deficit | (1,189,634) | (935,403) |
Total stockholders’ equity (deficit) | 666,700 | (5,033) |
Total liabilities, temporary equity and stockholders’ equity (deficit) | 2,449,588 | 1,407,495 |
Class A Common Stock | ||
Stockholders’ equity (deficit): | ||
Common stock | $ 67 | $ 61 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Current assets: | ||
Allowance for doubtful accounts | $ 4,966 | $ 6,024 |
Stockholders’ equity (deficit): | ||
Treasury stock, shares (in shares) | 99,371 | 99,371 |
Treasury stock acquired, cost per share (in dollars per share) | $ 13.27 | $ 13.27 |
Class A Common Stock | ||
Stockholders’ equity (deficit): | ||
Common stock, par value (in dollars per share) | $ 0.001 | |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 67,543,731 | 60,997,822 |
Common stock, shares outstanding (in shares) | 67,444,360 | 60,898,451 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Revenue: | |||
Total revenue | $ 873,782 | $ 590,380 | $ 421,720 |
Cost of revenue: | |||
Total cost of revenue | 259,492 | 177,076 | 125,356 |
Gross profit | 614,290 | 413,304 | 296,364 |
Operating expenses: | |||
Sales and marketing | 471,890 | 325,100 | 223,893 |
Research and development | 308,820 | 205,161 | 149,033 |
General and administrative | 122,944 | 92,347 | 71,304 |
Total operating expenses | 903,654 | 622,608 | 444,230 |
Loss from operations | (289,364) | (209,304) | (147,866) |
Other income (expense): | |||
Interest income | 926 | 4,569 | 8,556 |
Interest expense | (11,316) | (56,107) | (20,983) |
Other expense, net | (3,135) | (1,851) | (15,885) |
Loss before provision for (benefit from) income taxes | (302,889) | (262,693) | (176,178) |
Provision for (benefit from) income taxes | 3,977 | 4,251 | (656) |
Net loss | $ (306,866) | $ (266,944) | $ (175,522) |
Net loss per share, basic and diluted (in dollars per share) | $ (4.75) | $ (4.53) | $ (3.14) |
Weighted-average shares used to compute net loss per share, basic and diluted (in shares) | 64,563,032 | 58,984,604 | 55,939,032 |
Subscription | |||
Revenue: | |||
Total revenue | $ 842,047 | $ 565,349 | $ 399,826 |
Cost of revenue: | |||
Total cost of revenue | 217,901 | 145,280 | 101,691 |
Services | |||
Revenue: | |||
Total revenue | 31,735 | 25,031 | 21,894 |
Cost of revenue: | |||
Total cost of revenue | $ 41,591 | $ 31,796 | $ 23,665 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (306,866) | $ (266,944) | $ (175,522) |
Other comprehensive income (loss), net of tax: | |||
Unrealized gain (loss) on available-for-sale securities | (3,464) | (30) | 91 |
Foreign currency translation adjustment | 1,240 | (899) | 308 |
Other comprehensive income (loss) | (2,224) | (929) | 399 |
Total comprehensive loss | $ (309,090) | $ (267,873) | $ (175,123) |
CONSOLIDATED STATEMENT OF REDEE
CONSOLIDATED STATEMENT OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Cumulative effect of accounting change | Common Stock | Additional Paid-In Capital | Additional Paid-In CapitalCumulative effect of accounting change | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Accumulated DeficitCumulative effect of accounting change |
Common stock, beginning balance (in shares) at Jan. 31, 2019 | 54,321,810 | ||||||||
Beginning balance at Jan. 31, 2019 | $ 264,566 | $ (4,103) | $ 54 | $ 754,612 | $ (1,319) | $ (174) | $ (488,607) | $ (4,103) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercises (in shares) | 2,163,361 | ||||||||
Stock option exercises | 16,777 | $ 3 | 16,774 | ||||||
Repurchase of early exercised options (in shares) | (5,677) | ||||||||
Vesting of early exercised stock options | 296 | 296 | |||||||
Vesting of restricted stock units (in shares) | 748,061 | ||||||||
Stock-based compensation | 75,776 | 75,776 | |||||||
Issuance of common stock under the Employee Stock Purchase Plan (in shares) | 154,988 | ||||||||
Issuance of common stock under the Employee Stock Purchase Plan | 13,420 | 13,420 | |||||||
Equity component of the convertible senior notes | 288,998 | 288,998 | |||||||
Purchase of capped calls | (93,820) | (93,820) | |||||||
Impact from 2024 Notes Partial Repurchase | (303,929) | (303,929) | |||||||
Unrealized gain (loss) on available-for-sale securities | 91 | 91 | |||||||
Foreign currency translation adjustment | 308 | 308 | |||||||
Net loss | (175,522) | (175,522) | |||||||
Common stock, ending balance (in shares) at Jan. 31, 2020 | 57,382,543 | ||||||||
Ending balance at Jan. 31, 2020 | $ 82,858 | (227) | $ 57 | 752,127 | (1,319) | 225 | (668,232) | (227) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercises (in shares) | 2,218,661 | 2,218,661 | |||||||
Stock option exercises | $ 16,986 | $ 3 | 16,983 | ||||||
Repurchase of early exercised options (in shares) | (960) | ||||||||
Vesting of early exercised stock options | 100 | 100 | |||||||
Vesting of restricted stock units (in shares) | 1,163,259 | ||||||||
Vesting of restricted stock units | 1 | $ 1 | |||||||
Stock-based compensation | 149,313 | 149,313 | |||||||
Issuance of common stock under the Employee Stock Purchase Plan (in shares) | 134,930 | ||||||||
Issuance of common stock under the Employee Stock Purchase Plan | 18,523 | 18,523 | |||||||
Conversion of redeemable convertible preferred stock to common stock (in shares) | 18 | ||||||||
Temporary equity reclassification | (4,714) | (4,714) | |||||||
Unrealized gain (loss) on available-for-sale securities | (30) | (30) | |||||||
Foreign currency translation adjustment | (899) | (899) | |||||||
Net loss | (266,944) | (266,944) | |||||||
Common stock, ending balance (in shares) at Jan. 31, 2021 | 60,898,451 | ||||||||
Ending balance at Jan. 31, 2021 | $ (5,033) | $ (256,746) | $ 61 | 932,332 | $ (309,381) | (1,319) | (704) | (935,403) | $ 52,635 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercises (in shares) | 1,279,669 | 1,279,669 | |||||||
Stock option exercises | $ 9,665 | $ 1 | 9,664 | ||||||
Vesting of early exercised stock options | 10 | 10 | |||||||
Vesting of restricted stock units (in shares) | 1,437,133 | ||||||||
Vesting of restricted stock units | 1 | $ 1 | |||||||
Stock-based compensation | 251,982 | 251,982 | |||||||
Issuance of common stock under the Employee Stock Purchase Plan (in shares) | 85,401 | ||||||||
Issuance of common stock under the Employee Stock Purchase Plan | 25,210 | 25,210 | |||||||
Issuance of common stock, net of issuance costs (in shares) | 2,500,000 | ||||||||
Issuance of common stock, net of issuance costs | 889,184 | $ 3 | 889,181 | ||||||
Conversion of redeemable convertible preferred stock to common stock (in shares) | 1,243,706 | ||||||||
Conversion of convertible senior notes | 61,517 | $ 1 | 61,516 | ||||||
Unrealized gain (loss) on available-for-sale securities | (3,464) | (3,464) | |||||||
Foreign currency translation adjustment | 1,240 | 1,240 | |||||||
Net loss | (306,866) | (306,866) | |||||||
Common stock, ending balance (in shares) at Jan. 31, 2022 | 67,444,360 | ||||||||
Ending balance at Jan. 31, 2022 | $ 666,700 | $ 67 | $ 1,860,514 | $ (1,319) | $ (2,928) | $ (1,189,634) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Cash flows from operating activities | |||
Net loss | $ (306,866) | $ (266,944) | $ (175,522) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 13,671 | 14,177 | 12,783 |
Stock-based compensation | 251,069 | 149,313 | 75,776 |
Amortization of debt discount and issuance costs | 4,005 | 49,120 | 14,847 |
Amortization of finance right-of-use assets | 3,974 | 3,975 | 3,976 |
Amortization of operating right-of-use assets | 6,810 | 6,380 | 3,015 |
Non-cash interest on finance lease liabilities | 0 | 0 | 1,823 |
Deferred income taxes | (2,579) | (364) | (3,292) |
Accretion of discount on short-term investments | 7,540 | 1,460 | (4,060) |
Loss on early extinguishment of debt | 0 | 0 | 14,522 |
Unrealized foreign exchange gain (loss) | 1,519 | (1,329) | 0 |
Change in operating assets and liabilities: | |||
Accounts receivable | (62,277) | (47,633) | (12,692) |
Prepaid expenses and other current assets | (19,865) | 4,824 | (3,794) |
Deferred commissions | (84,742) | (41,623) | (28,362) |
Other long-term assets | 233 | (1,094) | (53) |
Accounts payable | 1,146 | 1,216 | 513 |
Accrued liabilities | 59,248 | 34,859 | 20,439 |
Operating lease liabilities | (6,866) | (4,014) | (3,291) |
Deferred revenue | 137,241 | 48,239 | 53,054 |
Other liabilities, non-current | 3,719 | 6,765 | 778 |
Net cash provided by (used in) operating activities | 6,980 | (42,673) | (29,540) |
Cash flows from investing activities | |||
Purchases of property and equipment | (8,072) | (11,773) | (3,564) |
Acquisition, net of cash acquired | (4,469) | 0 | (38,629) |
Investment in non-marketable securities | (4,343) | (500) | 0 |
Proceeds from maturities of marketable securities | 550,000 | 740,000 | 470,000 |
Purchases of marketable securities | (1,385,258) | (990,383) | (429,452) |
Net cash used in investing activities | (852,142) | (262,656) | (1,645) |
Cash flows from financing activities | |||
Proceeds from issuance of common stock, net of issuance costs | 889,184 | 0 | 0 |
Payments of issuance costs for convertible senior notes | 0 | (4,154) | 0 |
Proceeds from exercise of stock options, including early exercised stock options | 9,665 | 17,000 | 16,775 |
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan | 25,209 | 18,523 | 13,420 |
Repurchase of early exercised stock options | 0 | (11) | (43) |
Principal repayments of finance leases | (5,572) | (4,633) | (1,915) |
Proceeds from borrowings on convertible senior notes, net of issuance costs | 0 | 0 | 1,132,991 |
Repayments of convertible senior notes attributable to principal | (27,594) | 0 | (479,070) |
Payment for purchase of capped calls | 0 | 0 | (92,920) |
Proceeds from tenant improvement allowance on build-to-suit lease | 0 | 856 | 0 |
Net cash provided by financing activities | 890,892 | 27,581 | 589,238 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,532) | 1,264 | 306 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 44,198 | (276,484) | 558,359 |
Cash, cash equivalents and restricted cash, beginning of year | 430,222 | 706,706 | 148,347 |
Cash, cash equivalents and restricted cash, end of year | 474,420 | 430,222 | 706,706 |
Cash paid during the period for: | |||
Income taxes, net of refunds | 5,672 | 2,310 | 2,701 |
Interest expense, net | 6,271 | 6,998 | 2,375 |
Noncash investing and financing activities | |||
Vesting of early exercised stock options | 10 | 100 | 296 |
Debt issuance and capped call costs included in accounts payable and accrued liabilities | 0 | 0 | 4,200 |
Purchases of property and equipment included in accounts payable and accrued liabilities | $ 1,324 | $ 2,848 | $ 1,134 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS - Reconciliation - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 |
Reconciliation of cash, cash equivalents and restricted cash within the consolidated balance sheets to the amounts shown in the statements of cash flows above: | |||
Cash and cash equivalents | $ 473,904 | $ 429,697 | $ 706,192 |
Restricted cash, non-current | 516 | 525 | 514 |
Total cash, cash equivalents and restricted cash | $ 474,420 | $ 430,222 | $ 706,706 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Jan. 31, 2022 | |
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. MongoDB is the leading, modern, general purpose database platform. The Company’s robust platform enables developers to build and modernize applications rapidly and cost-effectively across a broad range of use cases. Organizations can deploy the Company’s platform at scale in the cloud, on-premise or in a hybrid environment. In addition to selling subscriptions to its software, the Company provides post-contract support, training and consulting services for its offerings. The Company’s fiscal year ends January 31. 2021 Common Stock Offering On June 29, 2021, the Company entered into an underwriting agreement with Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC, as representatives of the several underwriters named therein, pursuant to which the Company agreed to issue and sell 2,500,000 shares of its Class A common stock, par value $0.001 per share, at an offering price of $365.00 per share. The Company received net proceeds of $889.2 million, after deducting underwriting discounts and commissions of $22.7 million and offering expenses of $0.6 million. Offering expenses included legal, accounting and other fees and, along with underwriting discounts and commissions, were recorded in additional paid-in capital as a reduction of the proceeds upon the closing of the offering in July 2021. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2022 | |
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. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Such estimates include, but are not limited to, revenue recognition, allowances for doubtful accounts, the incremental borrowing rate related to the Company’s lease liabilities, stock-based compensation, legal contingencies, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, fair value of non-marketable securities 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. The ongoing COVID-19 pandemic has impacted demand and supply for a broad variety of goods and services, including demand from the Company’s customers, while also disrupting sales channels and marketing activities for an unknown period of time. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or adjust the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements. Foreign Currency The functional currency of the Company’s international subsidiaries is either the U.S. dollar or the local currency in which the international subsidiary operates. For foreign subsidiaries where the U.S. dollar is the functional currency, foreign currency denominated monetary assets and liabilities are re-measured into U.S. dollars at current exchange rates and foreign currency denominated non-monetary assets and liabilities are re-measured into U.S. dollars at historical exchange rates. Transaction gains or losses from foreign currency re-measurement and settlements are included in other income (expense), net in the consolidated statements of operations. For foreign subsidiaries where the functional currency is the local currency, the Company uses the exchange rate as of the balance sheet date to translate assets and liabilities and the average exchange rate during the period to translate revenue and expenses into U.S. dollars. Translation gains or losses resulting from translating foreign local currency financial statements into U.S. dollars are included in accumulated other comprehensive loss as a component of stockholders' equity (deficit). Comprehensive Loss The Company’s comprehensive loss includes net loss, unrealized gains and losses on available-for-sale debt securities and foreign currency translation adjustments. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains such investments primarily in money market funds, which have readily determinable fair values. Money market funds are measured using quoted prices in active markets with changes recorded in other income (expense), net on the consolidated statements of operations. Marketable Securities The Company’s short-term investments consist of U.S. government treasury securities. The Company determines the appropriate classification of its short-term investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its short-term investments as available-for-sale debt securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its short-term investments within current assets on the consolidated balance sheets. Available-for-sale debt securities are recorded at fair value each reporting period. Realized gains and losses are determined based on the individual security level and are reported in other income (expense), net in the consolidated statements of operations. Unrealized gains and losses, net of taxes, on these short-term investments are reported as a separate component of accumulated other comprehensive loss on the consolidated balance sheets until realized. If the estimated fair value of an available-for-sale debt security is below its amortized cost basis, then the Company evaluates for impairment. The Company considers its intent to sell the security or whether it is more likely than not that it will be required to sell the security before recovery of its amortized basis. If either of these criteria are met, the debt security’s amortized cost basis is written down to fair value through other income (expense), net in the consolidated statements of operations. If neither of these criteria are met, the Company evaluates whether unrealized losses have resulted from a credit loss or other factors. When a credit loss exists, the Company compares the present value of cash flows expected to be collected from the debt security with the amortized cost basis of the security to determine what allowance amount, if any, should be recorded. An impairment relating to credit losses is recorded through an allowance for credit losses reported in other income (expense), net in the consolidated statements of operations. The allowance is limited by the amount that the fair value of the debt security is below its amortized cost basis. For the years ended January 31, 2022, 2021 and 2020, the Company did not record any impairment charges for its marketable debt securities in its consolidated statements of operations. Restricted Cash As of January 31, 2022 and 2021, the Company pledged $0.5 million of collateral for its available credit on corporate credit cards. Restricted cash balances have been excluded from the Company’s cash and cash equivalents balance and are included in other assets on the consolidated balance sheets. Non-marketable Securities Non-marketable securities consist of debt and equity investments in privately-held companies, which are classified as other assets on the consolidated balance sheets. The Company’s non-marketable debt securities are measured at fair value at each reporting period. The Company’s non-marketable equity securities do not have readily determinable fair values. Under the measurement alternative election, the Company accounts for these non-marketable equity securities at cost and adjusts for observable price changes in orderly transactions for the identical or similar investment of the same issuer or upon impairment. These securities are not eligible for the net-asset-value practical expedient from fair value measurement. The measurement alternative election is reassessed each reporting period to determine whether the non-marketable securities continue to be eligible for this election. The Company periodically evaluates its non-marketable equity securities for impairment when events and circumstances indicate that the carrying amount of the investment may not be recovered. Impairment indicators may include, but are not limited to, a significant deterioration in earnings performance, credit rating, asset quality or business outlook or a significant adverse change in the regulatory, economic, or technological environment. If the non-marketable equity securities are considered impaired, the Company will record an impairment charge within other income (expense) on its consolidated statement of operations for the amount by which the carrying value exceeds the fair value of the investment. For the years ended January 31, 2022, 2021 and 2020, the Company did not record any impairment charges related to its non-marketable equity securities in its consolidated statements of operations. During the years ended January 31, 2022 and 2021, the Company invested $4.3 million and $0.5 million, respectively, of its cash in non-marketable securities of privately-held companies. The Company evaluated its ownership, contractual and other interests of its investments and determined that as of January 31, 2022, there were no variable interest entities required to be consolidated in the Company’s consolidated financial statements, as the Company was not the primary beneficiary and did not have the power to direct activities that most significantly impact the entities’ economic performance. The Company’s maximum loss exposure is limited to the carrying value of these investments. Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, non-marketable securities, accounts payable and accrued liabilities. Cash equivalents are measured at fair value on a recurring basis. Short-term investments classified as available-for-sale debt securities are recorded at fair value. Non-marketable securities consist of debt and equity securities. Non-marketable debt securities are measured at fair value at each reporting period. Non-marketable equity securities are measured at fair value under the measurement alternative when there have been observable price changes in orderly transactions for the identical or a similar investment of the same issuer or upon impairment. Accounts receivable, accounts payable and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. The Company follows ASC 820, Fair Value Measurements and Disclosures with respect to assets and liabilities that are measured at fair value. Under this standard, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs, as described below, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: • Level 1: Observable inputs, such as quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date. • Level 2: Observable inputs, other than Level 1 prices, such as quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, restricted cash, short-term investments and accounts receivable. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company maintains its cash accounts with financial institutions where, at times, deposits exceed insurance coverage limits. The Company invests its excess cash in highly-rated money market funds and in short-term investments consisting of U.S. government treasury securities. The Company extends credit to customers in the normal course of business. The Company performs credit analyses and monitors the financial health of its customers to reduce credit risk. The Company does not require collateral from customers to secure accounts receivable. Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company records an allowance for doubtful accounts relating to certain trade accounts receivable based on various factors, including the review of credit profiles of its customers, contractual terms and conditions, current economic trends and historical customer payment experience. As of January 31, 2022 and 2021, no customer represented 10% or more of net accounts receivable. For the years ended January 31, 2022, 2021 and 2020, no customer represented 10% or more of revenue. Software Development Costs Software development costs for software to be sold, leased, or otherwise marketed are expensed as incurred until the establishment of technological feasibility, at which time those costs are capitalized until the product is available for general release to customers and amortized over the estimated life of the product. Technological feasibility is established upon the completion of a working prototype that has been certified as having no critical bugs and is a release candidate. To date, costs and time incurred between the establishment of technological feasibility and product release have not been material, resulting in software development costs qualifying for capitalization being immaterial. As a result, the Company has not capitalized any related software development costs in any of the periods presented. Costs related to software acquired, developed, or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development, costs related to the development of web-based product, or implementation costs incurred in a hosting arrangement that is a service contract, are capitalized during the application development stage. Costs incurred during the preliminary planning and evaluation stage of the project and during post implementation operational stage are expensed as incurred. There were no material qualifying costs incurred during the application development stage and the Company did not capitalize any qualifying costs related to computer software developed for internal use, or implementation costs incurred in a hosting arrangement that is a service contract in the years ended January 31, 2022 and 2021. Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives: Property and Equipment Estimated Useful Life Computer and office equipment Two to three years Purchased software Two years Servers Three years Furniture and fixtures Five years Website costs Three years Leasehold improvements Lesser of estimated useful life or remaining lease term Depreciation commences once the asset is ready for its intended use. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation, is removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of operations. There was no material gain or loss incurred as a result of retirement or sale in the periods presented. Repair and maintenance costs are expensed as incurred. Business Combinations The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed as of the acquisition date. The excess of the fair value of purchase consideration over the fair values of the tangible and intangible assets acquired and liabilities assumed is recorded as goodwill. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially established in connection with a business combination as of the acquisition date. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. Leases The Company determines if an arrangement is, or contains, a lease at inception. An arrangement is or contains a lease if the arrangement conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company measures lease liabilities based on the present value of lease payments over the lease term at the lease commencement date. As the Company’s leases generally do not provide an implicit discount rate, the net present value of future minimum lease payments is determined using the Company’s incremental borrowing rate. Options in the lease terms to extend or terminate the lease are not reflected in the lease liabilities unless it is reasonably certain that any such option will be exercised. The Company measures right-of-use assets at the lease commencement date based on the corresponding lease liabilities adjusted for (i) prepayments made to the lessor at or before the commencement date, (ii) initial direct costs incurred and (iii) certain tenant incentives under the lease. The Company evaluates the recoverability of the right-of-use assets for possible impairment in accordance with the long-lived assets policy. The Company accounts for lease and non-lease components as a single lease component for all leases. The Company has elected not to recognize right-of-use assets or lease liabilities for leases with an initial lease term of twelve months or less, and instead recognize the associated lease payments for these short-term leases in the consolidated statements of operations on a straight-line basis over the lease term. Lease expenses for minimum lease payments for operating leases are recognized on a straight-line basis over the lease term. Amortization expense of the right-of-use assets for finance leases is generally recognized on a straight-line basis over the shorter of the lease term or the useful life of the asset. Interest expense for finance leases is recognized based on the incremental borrowing rate used to determine the finance lease liability. Variable lease payments are expensed as incurred and are not included within the lease liability and right-of-use assets calculation. Operating leases are reflected in operating lease right-of-use assets, operating lease liabilities and operating lease liabilities, non-current on the consolidated balance sheets. Finance leases are included in property and equipment, net, other accrued liabilities, and other liabilities, non-current on the consolidated balance sheets. Within the statements of cash flows, the Company classifies all cash payments associated with operating leases within operating activities and for finance leases, repayments of principal are presented within financing activities and interest payments are presented within operating activities. Impairment of Long-Lived Assets The Company evaluates the recoverability of its long-lived assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount is not recoverable, the carrying amount of such assets is reduced to fair value. Impairment charges related to long-lived assets during the years presented were not material. Refer to Note 4, Property and Equipment, net for more information. In addition to the recoverability assessment, the Company periodically reviews the remaining estimated useful lives of long-lived assets. If the estimated useful life assumption for any asset is changed due to new information, the remaining unamortized balance would be depreciated or amortized over the revised estimated useful life, on a prospective basis. Goodwill and Other Acquired Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations. Other acquired intangible assets are stated at the fair value acquired as determined by a valuation technique commensurate with the intended use of the related asset. Definite-lived intangible assets are considered long-lived assets and are amortized on a straight-line basis over the periods that expected economic benefits will be provided. Goodwill and any indefinite-lived intangible assets are not amortized; rather, they are evaluated for impairment annually and whenever events or changes in circumstances indicate that the value of the asset may be impaired. The Company performs its annual impairment analysis in the fourth quarter of each fiscal year. The Company first assesses the qualitative factors to determine whether it is more likely than not that the fair value of the Company’s single operating segment is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. If the Company determines that it is more likely than not that its fair value is less than its carrying amount, then the quantitative goodwill impairment test will be performed. The quantitative goodwill impairment test identifies goodwill impairment and measures the amount of goodwill impairment loss to be recognized by comparing the fair value of the Company’s single operating segment with its carrying amount. If the carrying amount exceeds its fair value, no further analysis is required; otherwise, any excess of the carrying amount over the implied fair value is recognized as an impairment loss and the carrying value of goodwill is written down to fair value. No indicators of impairment of goodwill were identified during the years ended January 31, 2022, 2021 and 2020, and accordingly, the Company has not recorded any impairment of goodwill during those periods. Revenue Recognition The Company derives its revenue from two sources: (1) sales of subscriptions, including term license and post-contract customer support (“PCS”) and consumption-based database-as-a-service offering; and (2) services revenue comprised of consulting and training arrangements. The Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: i. Identification of the contract, or contracts, with a customer - The Company contracts with its customers through order forms, which are governed by master sales agreements. The Company determines it has a contract with a customer when the contract is approved, each party’s rights regarding the products or services to be transferred is identified, the payment terms for the services can be identified, the Company has determined the customer has the ability and intent to pay and the contract has commercial substance. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, credit, reputation and financial or other information pertaining to the customer. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. The Company has concluded that its contracts with customers do not contain warranties that give rise to a separate performance obligation. ii. Identification of the performance obligations in the contract - Performance obligations promised in a contract are identified based on the services or products that will be transferred to the customer that are both (1) capable of being distinct, whereby the customer can benefit from the service or product either on its own or together with other resources that are readily available from third parties or from the Company and (2) distinct in the context of the contract, whereby the transfer of the services or products is separately identifiable from other promises in the contract. To the extent a contract includes multiple promised services or products, the Company applies judgment to determine whether promised services or products are capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised services or products are combined and accounted for as a single performance obligation. iii. Determination of the transaction price - The transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for transferring services and products to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. None of the Company’s contracts contain a significant financing component. iv. Allocation of the transaction price to the performance obligations in the contract - If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation based on a relative standalone selling price (“SSP”) basis. The Company also considers if there are any additional material rights inherent in a contract and if so, the Company allocates a portion of the transaction price to such rights based on SSP. The Company determines each SSP based on multiple factors, including past history of selling such performance obligations as standalone products. The Company estimates SSP for performance obligations with no observable evidence using adjusted market, cost plus and residual methods to establish the SSPs. In cases where directly observable standalone sales are not available, the Company utilizes all observable data points including competitor pricing for a similar or identical product, market and industry data points and the Company’s pricing practices to establish the SSP. v. Recognition of revenue when, or as, the Company satisfies a performance obligation - The Company recognizes revenue at the time the related performance obligation is satisfied when control of the services or products are transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or products. The Company records its revenue net of any value added or sales tax. Subscription Revenue The Company sells subscriptions directly through its field and inside sales teams and indirectly through channel partners, as well as through its self-serve channel. The majority of the Company’s subscription contracts are one year in duration and are invoiced upfront. When the Company enters into multi-year subscription contracts, the Company typically invoices the customer on an annual basis. The Company’s subscription contracts are generally non-cancelable and non-refundable. The Company’s subscription revenue includes time-based software licenses sold in conjunction with PCS. These subscription offerings are generally priced on a per server basis, subject to a per server random access memory (“RAM”) limit. Performance obligations related to subscription revenue for time-based software licenses include a license portion, which represents functional intellectual property under which a customer has the legal right to the license. The license provides significant standalone functionality and is therefore deemed a distinct performance obligation. License revenue is recognized at a point in time, upon delivery and transfer of control of the underlying license to the customer, which is typically the subscription start date. Performance obligations related to PCS include unspecified updates, as well as support and maintenance. While separate performance obligations are identified within PCS, the underlying performance obligations generally have a consistent continuous pattern of transfer to a customer during the term of a contract. Revenue from PCS is recognized ratably over the contract duration. The Company also derives subscription revenue from providing its software to customers with its database-as-a-service offering that include comprehensive infrastructure and management of the Company’s database and can also be purchased with additional enterprise features. Performance obligations related to database-as-a-service solutions are recognized on a usage-basis, as the consumption of this service represents a direct measurement of the value to the customer of the goods or services transferred to date relative to the remaining goods or services promised under the contract. Services Revenue The Company’s services contracts are generally provisioned on a time-and-materials basis. Revenue is recognized on a proportional performance basis as the services are delivered to the customers. Contracts with Multiple Performance Obligations Certain of the Company’s contracts with customers contain multiple performance obligations, including those described above such as the license portion of time-based software licenses, PCS, database-as-a-service offering and services. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to each separate performance obligation based on its relative SSP basis. Cost of Revenue Cost of Subscription Revenue Cost of subscription revenue primarily includes personnel costs, including salaries, bonuses and benefits and stock-based compensation for employees associated with the Company’s subscription arrangements principally related to support and allocated costs, including depreciation and amortization. The cost of subscription revenue for the Company’s database-as-a-service offering also includes third-party cloud infrastructure costs. Cost of Services Revenue Cost of services revenue primarily includes personnel costs, including salaries and benefits and stock-based compensation for employees associated with the Company’s professional service contracts, travel costs and allocated costs, including depreciation and amortization. Deferred Commissions The Company capitalizes its incremental costs of obtaining subscription contracts with customers, which generally consist of sales commissions paid to the Company’s sales force and related payroll taxes. Incremental costs that are expected to be amortized during the succeeding twelve months are recorded on the Company’s consolidated balance sheets as deferred commissions with the remaining, non-current, portion recorded under other assets. Deferred commissions are amortized over a period of benefit that the Company has determined to be generally five years. The Company determined the period of benefit by taking into consideration the length of its customer contracts, its technology and other factors. Deferred commissions also include all other sales commissions and related payroll taxes for subscription contracts, which are amortized based on the pattern of the associated revenue recognition over the related contractual subscription period. Sales commissions are generally paid up front and one m |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present information about the Company’s financial assets that have been measured at fair value on a recurring basis as of January 31, 2022 and 2021 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Fair Value at January 31, 2022 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 331,221 $ — $ — $ 331,221 Short-term investments: U.S. government treasury securities 1,352,019 — — 1,352,019 Total financial assets $ 1,683,240 $ — $ — $ 1,683,240 Fair Value at January 31, 2021 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 330,109 $ — $ — $ 330,109 Short-term investments: U.S. government treasury securities 528,045 — — 528,045 Total financial assets $ 858,154 $ — $ — $ 858,154 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. The contractual maturity of all marketable securities was less than one year as of January 31, 2022 and 2021. As of January 31, 2022, unrealized losses on our U.S. government treasury securities were approximately $3.4 million, net of tax. The changes in market interest rates as of January 31, 2022 have resulted in unrealized losses on these securities. The Company intends to hold these securities to maturity and as a result does not expect to realize these losses in its financial statements. As of January 31, 2021, gross unrealized gains for cash equivalents and short-term investments were not material. The Company concluded that an allowance for credit losses was unnecessary for short-term investments as of January 31, 2022 and 2021. Gross realized gains and losses were not material for each of the years ended January 31, 2022 and 2021. Convertible Senior Notes The Company measures the fair value of its outstanding convertible senior notes on a quarterly basis for disclosure purposes. The Company considers the fair value of its convertible senior notes at January 31, 2022 to be a Level 2 measurement due to limited trading activity of the convertible senior notes. Refer to Note 6, Convertible Senior Notes , to the consolidated financial statements for further details. Non-marketable Securities As of January 31, 2022 and 2021, the total amount of non-marketable equity and debt securities included in other assets on the Company’s balance sheets were $4.8 million and $0.5 million, respectively. Refer to Note 2, Summary of Significant Accounting Policies , for further details. The Company classifies these assets as Level 3 within the fair value hierarchy only if an impairment or observable price changes in orderly transactions are recognized on these non-marketable securities during the period. The estimation of fair value for these investments is inherently complex due to the lack of readily available market data and inherent lack of liquidity and requires the Company’s judgment and the use of significant unobservable inputs in an inactive market. In addition, the determination of whether an orderly transaction is for the identical or a similar investment requires significant management judgment, including understanding the differences in the rights and obligations of the investments, the extent to which those differences would affect the fair values of those investments and the stage of operational development of the entities. For the years ended January 31, 2022 and 2021, there have been no adjustments to the carrying values of the Company’s non-marketable securities as a result of impairment or observable price changes. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Jan. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consists of the following (in thousands): January 31, 2022 January 31, 2021 Servers $ 1,044 $ 1,262 Furniture and fixtures 2,903 2,955 Computer and office equipment 2,446 363 Purchased software 985 985 Leasehold improvements 30,070 29,080 Website costs 969 — Construction in process 4,562 227 Finance lease right-of-use assets 31,463 35,437 Total property and equipment 74,442 70,309 Less: accumulated depreciation and amortization (11,817) (7,945) Property and equipment, net $ 62,625 $ 62,364 Depreciation and amortization expense related to property and equipment was $4.5 million, $5.5 million and $2.7 million for the years ended January 31, 2022, 2021 and 2020, respectively. Depreciation and amortization expense excludes amortization with respect to the finance lease right-of-use asset, which is described further in Note 7, Leases . Depreciation expense for the year ended January 31, 2021 included an impairment charge of $2.1 million related to the Company’s former office space in Dublin, Ireland. In December 2019, the Company signed an agreement to lease approximately 40,000 square feet of office space to accommodate its growing employee base in Dublin. The lease commenced on February 1, 2020 and as of January 31, 2021, the former Dublin office was not occupied by the Company. Due to the impact of the ongoing COVID-19 pandemic, the Company has been unable to assign nor secure a sub-tenant for the former Dublin office. Accordingly, the Company recognized an impairment charge as part of depreciation expense that represented the remaining carrying value of the right-of-use asset for this office location. |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets, Net | 12 Months Ended |
Jan. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets, Net | Goodwill and Acquired Intangible Assets, Net The following table summarizes the changes in the carrying amount of goodwill during the periods presented (in thousands): January 31, 2022 January 31, 2021 Balance, beginning of the year $ 55,830 $ 55,830 Increase in goodwill related to business combinations 1,945 — Balance, end of the year $ 57,775 $ 55,830 In April 2021, the Company made an acquisition for total cash consideration of $9.0 million, of which $4.5 million was the purchase price to be allocated and $4.5 million will be recognized as post-combination compensation expense. For accounting purposes, this business combination was deemed immaterial. The Company allocated $3.4 million to the acquired developed technology intangible asset based on fair value to be amortized over its economic useful life of five years. The Company also recorded $1.9 million of goodwill, which included a tax benefit associated with the acquisition due to the release of the valuation allowance of $0.8 million. The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows (in thousands): January 31, 2022 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Developed technology $ 38,100 $ (22,982) $ 15,118 2.6 Customer relationships 15,200 (9,710) 5,490 1.8 Total $ 53,300 $ (32,692) $ 20,608 January 31, 2021 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Developed technology $ 34,700 $ (16,955) $ 17,745 3.3 Customer relationships 15,200 (6,670) 8,530 2.8 Total $ 49,900 $ (23,625) $ 26,275 Acquired intangible assets are amortized on a straight-line basis. Amortization expense of intangible assets was $9.1 million, $8.5 million and $10.1 million for the years ended January 31, 2022, 2021 and 2020, respectively. Amortization expense for developed technology was included as research and development expense in the Company’s consolidated statements of operations. Amortization expense for customer relationships was included as sales and marketing expense in the Company’s consolidated statements of operations. As of January 31, 2022, future amortization expense related to the intangible assets is as follows (in thousands): Years Ending January 31, 2023 $ 9,180 2024 8,505 2025 2,130 2026 680 2027 113 Total $ 20,608 |
Convertible Senior Notes
Convertible Senior Notes | 12 Months Ended |
Jan. 31, 2022 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | Convertible Senior Notes In June 2018, the Company issued $250.0 million aggregate principal amount of 0.75% convertible senior notes due 2024 in a private placement and, in July 2018, the Company issued an additional $50.0 million aggregate principal amount of convertible senior notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional convertible senior notes (collectively, the “2024 Notes”). The 2024 Notes were senior unsecured obligations of the Company with interest payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2018, at a rate of 0.75% per year. The 2024 Notes had a maturity date of June 15, 2024, unless earlier converted, redeemed or repurchased. The total net proceeds from the offering, after deducting initial purchase discounts and debt issuance costs, were approximately $291.1 million. In January 2020, the Company issued $1.0 billion aggregate principal amount of 0.25% convertible senior notes due 2026 in a private placement and, also in January 2020, the Company issued an additional $150.0 million aggregate principal amount of convertible senior notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional convertible senior notes (collectively, the “2026 Notes”). The 2026 Notes are senior unsecured obligations of the Company and interest is payable semiannually in arrears on July 15 and January 15 of each year, beginning on July 15, 2020, at a rate of 0.25% per year. The 2026 Notes will mature on January 15, 2026, unless earlier converted, redeemed or repurchased. The total net proceeds from the offering, after deducting initial purchase discounts and estimated debt issuance costs, were approximately $1.13 billion. On January 14, 2020, in connection with the issuance of the 2026 Notes, the Company used a portion of the net proceeds to repurchase $210.0 million aggregate principal amount of the 2024 Notes (the “2024 Notes Partial Repurchase”) leaving $90.0 million aggregate principal outstanding on the 2024 Notes immediately after the exchange. The 2024 Notes Partial Repurchase were individually privately negotiated transactions conducted not pursuant to a redemption notice. The 2024 Notes Partial Repurchase and issuance of the 2026 Notes were deemed to have substantially different terms due to the significant difference between the value of the conversion option immediately prior to and after the exchange, and accordingly, the 2024 Notes Partial Repurchase was accounted for as a debt extinguishment. The Company used $479.2 million of the net proceeds from the issuance of the 2026 Notes to complete the 2024 Notes Partial Repurchase, of which $175.1 million and $303.9 million were allocated to the liability and equity components of the 2024 Notes, respectively, and $0.2 million was allocated to the proportional interest paid. The cash consideration allocated to the liability component was based on the fair value of the liability component utilizing an effective discount rate of 5.04%. This rate was based on the Company’s estimated rate for a similar liability with the same maturity, but without the conversion option. To derive this effective discount rate, the Company observed the trading details of its 2024 Notes immediately prior to the repurchase date to determine the volatility of its 2024 Notes. The Company utilized the observed volatility to calculate the effective discount rate, which was adjusted to reflect the term of the remaining 2024 Notes. The cash consideration allocated to the equity component was calculated by deducting the fair value of the liability component from the aggregate cash consideration. The loss on extinguishment was subsequently determined by comparing the allocated cash consideration with the carrying value of the liability component, which includes the proportionate amounts of unamortized debt discount and the remaining unamortized debt issuance costs. The net carrying amount of the liability component of the 2024 Notes immediately prior to the repurchase was as follows (in thousands): January 14, 2020 2024 Notes Total 2024 Notes Principal $ 300,000 $ 209,998 Unamortized debt discount (65,366) (45,756) Unamortized debt issuance costs (5,175) (3,623) Net carrying amount $ 229,459 $ 160,619 The 2024 Notes Partial Repurchase resulted in a loss of early extinguishment of debt calculated as follows (in thousands): January 14, 2020 Cash consideration allocated to the liability component $ 175,141 Less: Net carrying amount of the liability component associated with the 2024 Notes Partial Repurchase (160,619) Loss from 2024 Notes Partial Repurchase $ 14,522 In connection with the 2024 Notes Partial Repurchase, the cash consideration allocated to the equity component of $303.9 million was recorded as a reduction to additional paid-in capital on the Company’s consolidated balance sheet as of January 31, 2020. Terms of the 2024 Notes For the 2024 Notes, the initial conversion rate was 14.6738 shares of the Company’s Class A common stock per $1,000 principal amount of the 2024 Notes, which was equal to an initial conversion price of approximately $68.15 per share of Class A common stock, subject to adjustment upon the occurrence of specified events. The 2024 Notes were convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding March 15, 2024, only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ending on October 31, 2018 (and only during such fiscal quarter), if the last reported sale price of the Company’s Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price of the 2024 Notes on each applicable trading day; (2) during the five-business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the 2024 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate of the 2024 Notes on each such trading day; (3) if the Company calls any or all of the 2024 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events (as set forth in the indenture governing the 2024 Notes). On or after March 15, 2024, until the close of business on the scheduled trading day immediately preceding the maturity date, holders could have converted all or any portion of their 2024 Notes, in multiples of $1,000 principal amount, at the option of the holder, regardless of the foregoing circumstances. Upon conversion, the Company would satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of the Company’s Class A common stock or a combination of cash and shares of the Company’s Class A common stock, at the Company’s election. If a fundamental change (as defined in the indenture governing the 2024 Notes) occurred prior to the maturity date, holders of the 2024 Notes had the right to require the Company to repurchase for cash all or any portion of their 2024 Notes at a repurchase price equal to 100% of the principal amount of the 2024 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, if specific corporate events were to occur prior to the applicable maturity date, or if the Company elected to redeem the 2024 Notes, the Company could have increased the conversion rate for a holder who elected to convert their notes in connection with such a corporate event or redemption in certain circumstances. On or after June 20, 2021, the Company had the option to redeem for cash all or any portion of the 2024 Notes, if the last reported sale price of its Class A common stock was at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on and including, the trading day immediately preceding the date on which the Company provided a notice of redemption at a redemption price equal to 100% of the principal amount of the 2024 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. On October 1, 2021, the Company issued a notice of redemption (the “Redemption Notice”) for the aggregate principal amount outstanding of its 2024 Notes. The Company satisfied its conversion obligations with respect to conversions occurring after the date of the Redemption Notice and prior to December 3, 2021 (the “Redemption Date”) by delivering shares of Class A common stock, plus cash in lieu of any resulting fractional shares (physical settlement). Pursuant to the Redemption Notice, on the Redemption Date, the Company redeemed the outstanding principal of the 2024 Notes that were not converted prior to such date at a redemption price in cash equal to 100% of the principal amount of the 2024 Notes, plus accrued and unpaid interest. Approximately $1.9 million aggregate principal amount outstanding as of October 31, 2021 were converted to 27,377 shares of the Company’s Class A common stock with the remaining balance settled in cash. The extinguishment of the 2024 Notes on December 3, 2021 was immaterial to the Company’s financial statements. Terms of the 2026 Notes For the 2026 Notes, the initial conversion rate is 4.7349 shares of the Company’s Class A common stock per $1,000 principal amount of the 2024 Notes, which is equal to an initial conversion price of approximately $211.20 per share of Class A common stock, subject to adjustment upon the occurrence of specified events. The 2026 Notes will be convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding October 15, 2025, only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ending on April 30, 2020 (and only during such fiscal quarter), if the last reported sale price of the Company’s Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price of the 2026 Notes on each applicable trading day; (2) during the five-business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate of the 2026 Notes on each such trading day; (3) if the Company calls any or all of the 2026 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events (as set forth in the indenture governing the 2026 Notes). On or after October 15, 2025, until the close of business on the scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2026 Notes, in multiples of $1,000 principal amount, at the option of the holder, regardless of the foregoing circumstances. Upon conversion, the Company will satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of the Company’s Class A common stock or a combination of cash and shares of the Company’s Class A common stock, at the Company’s election. If a fundamental change (as defined in the indenture governing the 2026 Notes) occurs prior to the maturity date, holders of the 2026 Notes will have the right to require the Company to repurchase for cash all or any portion of their 2026 Notes at a repurchase price equal to 100% of the principal amount of the 2026 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, if specific corporate events occur prior to the applicable maturity date, or if the Company elects to redeem the 2026 Notes, the Company will increase the conversion rate for a holder who elects to convert their notes in connection with such a corporate event or redemption in certain circumstances. It is the Company’s current intent to settle the principal amount of the 2026 Notes in cash. During the three months ended January 31, 2022, the conditional conversion feature of the 2026 Notes was triggered as the last reported sale price of the Company's Class A common stock was more than or equal to 130% of the conversion price for at least 20 trading days in the period of 30 consecutive trading days ending on January 29, 2021 (the last trading day of the fiscal quarter) and therefore the 2026 Notes are currently convertible, in whole or in part, at the option of the holders from February 1, 2022 through April 30, 2022. Whether the 2026 Notes will be convertible following such period will depend on the continued satisfaction of this condition or another conversion condition in the future. Since the Company has the election of repaying the 2026 Notes in cash, shares of the Company’s Class A common stock, or a combination of both, the Company continued to classify the 2026 Notes as long-term debt on the Company’s consolidated balance sheet as of January 31, 2022. The Company may not redeem the 2026 Notes prior to January 20, 2023. On or after January 20, 2023, the Company may redeem for cash all or any portion of the 2026 Notes, at its option, if the last reported sale price of its Class A common stock was at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on and including, the trading day immediately preceding the date on which the Company provides a notice of redemption at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Accounting for the 2024 Notes and 2026 Notes Upon issuance, the 2024 Notes and 2026 Notes were separated into liability and equity components for accounting purposes. The carrying amounts of the liability component were initially calculated by measuring the fair value of similar liabilities that do not have associated convertible features. The carrying amounts of the equity component representing the conversion option were determined by deducting the fair value of the liability component from the par value of the respective convertible senior notes. This difference represents the debt discount that is amortized to interest expense over the respective terms of the 2024 Notes and 2026 Notes using the effective interest rate method. The carrying amounts of the equity component representing the conversion option was determined to be $84.2 million and $294.9 million for the 2024 Notes and 2026 Notes, respectively. The equity component was recorded in additional paid-in capital and is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the debt issuance costs of $8.8 million and $20.3 million related to the 2024 Notes and 2026 Notes, respectively, the Company allocated each of the total amounts incurred to the liability and equity components of the 2024 Notes and 2026 Notes based on their relative values. Issuance costs attributable to the liability component of the 2024 Notes were $6.3 million upon issuance and were amortized, along with the debt discount, to interest expense over the contractual term of the 2024 Notes at an effective interest rate of 7.03%. Issuance costs attributable to the liability component of the 2026 Notes were $15.1 million upon issuance and will be amortized, along with the debt discount, to interest expense over the contractual term of the 2026 Notes at an effective interest rate of 5.60%. Issuance costs attributable to the equity component were $2.5 million and $5.2 million for the 2024 Notes and 2026 Notes, respectively, and are netted against the equity component representing the conversion option in additional paid-in capital. The net carrying amount of the equity component of the 2024 Notes recorded in additional paid-in capital was $81.7 million. For the 2026 Notes, the net carrying amount of the equity component was $289.0 million, which, in addition to the allocated issuance costs, also included a net deferred tax impact of $0.7 million. There was no deferred tax impact related to the 2024 Notes due to the full valuation allowance at the time of issuance for the 2024 Notes. Following the adoption of ASU 2020-06 as of February 1, 2021, the Company no longer records the conversion feature of its convertible senior notes in equity. Instead, the Company combined the previously separated equity component with the liability component, which together is now classified as debt, thereby eliminating the subsequent amortization of the debt discount as interest expense. Similarly, the portion of issuance costs previously allocated to equity was reclassified to debt and amortized as interest expense. Accordingly, the Company recorded a decrease to accumulated deficit of $52.6 million, a decrease to additional paid-in capital of $309.4 million, a decrease to temporary equity of $4.7 million and an increase to convertible senior notes, net, of $261.5 million. There was an immaterial benefit from the reversal of the deferred tax liability associated with the convertible senior notes upon the adoption of ASU 2020-06. Refer to Note 2, Summary of Significant Accounting Policies, for more information on the adoption of ASU 2020-06. During the fiscal year ended January 31, 2022, certain holders elected to redeem $90.0 million of aggregate principal amount of the 2024 Notes and the 2026 Notes. The Company elected to use $27.6 million of cash to settle a portion of the principal upon redemption, with the remainder settled through the issuance of 1,243,706 shares of Class A common stock. The difference between the settlement consideration and the liability component of the redeemed 2024 Notes and 2026 Notes was recorded to additional paid-in capital on the Company’s consolidated balance sheet. Pursuant to the Company’s adoption of ASU 2020-06, there was no gain nor loss recognized upon any conversions of either of the 2024 Notes and 2026 Notes. The Company may continue to elect to repay the 2026 Notes in cash, shares of the Company’s Class A common stock or a combination of both cash and shares with respect to future conversions of the 2026 Notes. The net carrying amounts of the liability component of the 2024 Notes and 2026 Notes were as follows for the periods presented (in thousands): January 31, 2022 January 31, 2021 2024 Notes (1) 2026 Notes 2024 Notes 2026 Notes Principal $ — $ 1,149,988 $ 90,000 $ 1,150,000 Unamortized debt discount (2) — — (15,459) (249,907) Unamortized debt issuance costs — (13,467) (1,265) (13,174) Net carrying amount (2) $ — $ 1,136,521 $ 73,276 $ 886,919 (1) The 2024 Notes were fully converted as of December 3, 2021, following the Redemption Notice. (2) The net carrying amount was increased on February 1, 2021, as a result of the adoption of ASU 2020-06. Refer also to Note 2. Summary of Significant Accounting Policies for further information. As of January 31, 2022, the total estimated fair value (Level 2) of the outstanding 2026 Notes was approximately $2.2 billion. The fair value was determined based on the closing trading price per $100 of the 2026 Notes as of the last day of trading for the period. The fair value of the 2026 Notes is primarily affected by the trading price of the Company’s common stock and market interest rates. The following table sets forth the interest expense related to the 2024 Notes and 2026 Notes for the periods presented (in thousands): January 31, 2022 January 31, 2021 January 31, 2020 2024 Notes 2026 Notes 2024 Notes 2026 Notes 2024 Notes 2026 Notes Contractual interest expense $ 168 $ 2,876 $ 675 $ 2,875 $ 2,178 $ 136 Amortization of debt discount (1) — — 3,976 43,026 12,021 1,977 Amortization of issuance costs (1) 647 3,358 276 1,851 767 82 Total $ 815 $ 6,234 $ 4,927 $ 47,752 $ 14,966 $ 2,195 (1) The decrease in total interest expense for the year ended January 31, 2022, as compared to the respective prior year was due to the derecognition of the unamortized debt discount, partially offset by the increase in the amortization of issuance costs previously recognized in equity. These changes were the result of the Company’s adoption of ASU 2020-06, as of February 1, 2021, as described in Note 2, Summary of Significant Accounting Policies . Capped Calls In connection with the pricing of the 2024 Notes and 2026 Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the “Capped Calls”). The Capped Calls associated with the 2024 Notes each had an initial strike price of approximately $68.15 per share, subject to certain adjustments, which corresponded to the initial conversion price of the 2024 Notes. These Capped Calls had initial cap prices of $106.90 per share, subject to certain adjustments. The Capped Calls associated with the 2026 Notes each have an initial strike price of approximately $211.20 per share, subject to certain adjustments, which corresponds to the initial conversion price of the 2026 Notes. These Capped Calls have initial cap prices of $296.42 per share, subject to certain adjustments. The Capped Calls are expected to partially offset the potential dilution to the Company’s Class A common stock upon any conversion of the 2024 Notes or 2026 Notes, with such offset subject to a cap based on the cap price. The Capped Calls associated with the 2024 Notes and 2026 Notes cover, subject to anti-dilution adjustments, approximately 4.4 million shares and 5.4 million shares of the Company’s Class A common stock, respectively. The Capped Calls are subject to adjustment upon the occurrence of specified extraordinary events affecting the Company, including merger events, tender offers and the announcement of such events. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including nationalization, insolvency or delisting, changes in law, failures to deliver, insolvency filings and hedging disruptions. For accounting purposes, the Capped Calls are separate transactions and not part of the terms of the 2024 Notes and 2026 Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders' equity (deficit) and are not accounted for as derivatives. The cost of $37.1 million and $93.8 million incurred to purchase the Capped Calls associated with the 2024 Notes and 2026 Notes, respectively, was recorded as a reduction to additional paid-in capital and will not be remeasured. The Company did not unwind any of its Capped Calls through January 31, 2022. |
Leases
Leases | 12 Months Ended |
Jan. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company has entered into non-cancelable operating and finance lease agreements, principally real estate for office space globally. The Company may receive renewal or expansion options, leasehold improvement allowances or other incentives on certain lease agreements. Lease terms range from 1 to 12 years and may include renewal options, which the company deems reasonably certain to be renewed. The exercise of the lease renewal option is at the company's discretion. During the year ended January 31, 2022, the Company entered into a new agreement to lease approximately 16,000 square feet of office space in Palo Alto for a term of eight years with one option to extend for an additional five years. The total estimated aggregate base rent payments are $14.2 million with payments beginning four months subsequent to the commencement date, which was April 13, 2021. The Company adopted ASC 842, Leases (“ASC 842”) effective February 1, 2019 on a modified retrospective basis for leases that existed as of February 1, 2019 using the additional transition method described in ASU No. 2018-11, Leases – Targeted Improvements . Upon the adoption of ASC 842, the Company derecognized certain build-to-suit assets and related liabilities and as a result recognized finance right-of-use assets of $43.4 million and finance lease liabilities of $64.0 million, reduced the existing deferred rent liability balance as of the adoption date of $1.9 million, and recorded $4.1 million as a decrease to the opening accumulated deficit as of February 1, 2019. Lease Costs The components of the Company’s lease costs included in its consolidated statement of operations were as follows (in thousands): Years Ended January 31, 2022 2021 Finance lease cost: Amortization of finance lease right-of-use assets $ 3,974 $ 3,975 Interest on finance lease liabilities 3,173 3,440 Operating lease cost 8,856 8,293 Short-term lease cost 1,207 2,339 Total lease cost $ 17,210 $ 18,047 Balance Sheet Components The balances of the Company’s finance and operating leases were recorded on the consolidated balance sheet as follows (in thousands): Years Ended January 31, 2022 2021 Finance Lease: Property and equipment, net $ 31,463 $ 35,437 Other accrued liabilities (current) 4,511 4,900 Other liabilities, non-current 49,173 54,356 Operating Leases: Operating lease right-of-use assets $ 41,745 $ 34,587 Operating lease liabilities (current) 8,084 2,343 Operating lease liabilities, non-current 38,707 39,095 Supplemental Information The following table presents supplemental information related to the Company’s finance and operating leases (in thousands, except weighted-average information): Years Ended January 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance lease $ 3,173 $ 3,440 Operating cash flows from operating leases 8,846 5,895 Financing cash flows from finance lease 5,572 4,633 Right-of-use assets obtained in exchange for lease obligations: Operating leases 14,434 30,805 Weighted-average remaining lease term (in years): Finance lease 7.9 8.9 Operating leases 7.0 7.9 Weighted-average discount rate: Finance lease 5.6 % 5.6 % Operating leases 4.2 % 4.5 % Maturities of Lease Liabilities Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of January 31, 2022 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases 2023 $ 7,401 $ 9,857 2024 8,073 9,090 2025 8,445 7,400 2026 8,711 5,983 2027 8,711 4,793 Thereafter 25,408 17,274 Total minimum payments 66,749 54,397 Less imputed interest (13,065) (7,606) Present value of future minimum lease payments 53,684 46,791 Less current obligations under leases (4,511) (8,084) Non-current lease obligations $ 49,173 $ 38,707 |
Leases | Leases The Company has entered into non-cancelable operating and finance lease agreements, principally real estate for office space globally. The Company may receive renewal or expansion options, leasehold improvement allowances or other incentives on certain lease agreements. Lease terms range from 1 to 12 years and may include renewal options, which the company deems reasonably certain to be renewed. The exercise of the lease renewal option is at the company's discretion. During the year ended January 31, 2022, the Company entered into a new agreement to lease approximately 16,000 square feet of office space in Palo Alto for a term of eight years with one option to extend for an additional five years. The total estimated aggregate base rent payments are $14.2 million with payments beginning four months subsequent to the commencement date, which was April 13, 2021. The Company adopted ASC 842, Leases (“ASC 842”) effective February 1, 2019 on a modified retrospective basis for leases that existed as of February 1, 2019 using the additional transition method described in ASU No. 2018-11, Leases – Targeted Improvements . Upon the adoption of ASC 842, the Company derecognized certain build-to-suit assets and related liabilities and as a result recognized finance right-of-use assets of $43.4 million and finance lease liabilities of $64.0 million, reduced the existing deferred rent liability balance as of the adoption date of $1.9 million, and recorded $4.1 million as a decrease to the opening accumulated deficit as of February 1, 2019. Lease Costs The components of the Company’s lease costs included in its consolidated statement of operations were as follows (in thousands): Years Ended January 31, 2022 2021 Finance lease cost: Amortization of finance lease right-of-use assets $ 3,974 $ 3,975 Interest on finance lease liabilities 3,173 3,440 Operating lease cost 8,856 8,293 Short-term lease cost 1,207 2,339 Total lease cost $ 17,210 $ 18,047 Balance Sheet Components The balances of the Company’s finance and operating leases were recorded on the consolidated balance sheet as follows (in thousands): Years Ended January 31, 2022 2021 Finance Lease: Property and equipment, net $ 31,463 $ 35,437 Other accrued liabilities (current) 4,511 4,900 Other liabilities, non-current 49,173 54,356 Operating Leases: Operating lease right-of-use assets $ 41,745 $ 34,587 Operating lease liabilities (current) 8,084 2,343 Operating lease liabilities, non-current 38,707 39,095 Supplemental Information The following table presents supplemental information related to the Company’s finance and operating leases (in thousands, except weighted-average information): Years Ended January 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance lease $ 3,173 $ 3,440 Operating cash flows from operating leases 8,846 5,895 Financing cash flows from finance lease 5,572 4,633 Right-of-use assets obtained in exchange for lease obligations: Operating leases 14,434 30,805 Weighted-average remaining lease term (in years): Finance lease 7.9 8.9 Operating leases 7.0 7.9 Weighted-average discount rate: Finance lease 5.6 % 5.6 % Operating leases 4.2 % 4.5 % Maturities of Lease Liabilities Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of January 31, 2022 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases 2023 $ 7,401 $ 9,857 2024 8,073 9,090 2025 8,445 7,400 2026 8,711 5,983 2027 8,711 4,793 Thereafter 25,408 17,274 Total minimum payments 66,749 54,397 Less imputed interest (13,065) (7,606) Present value of future minimum lease payments 53,684 46,791 Less current obligations under leases (4,511) (8,084) Non-current lease obligations $ 49,173 $ 38,707 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The following table includes certain non-cancelable agreements primarily for subscription, marketing services and cloud infrastructure capacity commitments entered into by the Company (in thousands): Year Ending January 31, Other Obligations 2023 $ 188,039 2024 192,659 2025 227,233 2026 235,243 2027 205,000 Thereafter 215000 Total minimum payments $ 1,263,174 Refer to Note 7, Leases , for further details on obligations under non-cancelable finance and operating leases, including future minimum lease payments. Non-cancelable Material Commitments In January 2022, the Company expanded its enterprise partnership arrangement with a cloud infrastructure provider that includes a non-cancelable commitment of $1.1 billion over the next six years, which commenced during February 2022. Other than this increase in cloud infrastructure capacity commitments and certain non-cancelable operating leases described in Note 7, Leases , during the year ended January 31, 2022, there have been no material changes outside the ordinary course of business to the Company’s contractual obligations and commitments from those disclosed in the 2021 Form 10-K. Other Commitments The Company has entered into irrevocable, standby letters of credit, which serve as security deposits for certain of the Company’s leases and expire through October 2025. The maximum amount that can be drawn under these letters of credit is $1.4 million. As of January 31, 2022, no amounts have been drawn under the letters of credit. Legal Matters From time to time, the Company has become involved in claims, litigation and other legal matters arising in the ordinary course of business including intellectual property claims, labor and employment claims and breach of contract claims. For example, on March 12, 2019, Realtime Data LLC (“Realtime”) filed a lawsuit against the Company in the United States District Court for the District of Delaware alleging that the Company is infringing three U.S. patents that it holds: U.S. Patent No. 9,116,908, U.S. Patent No. 9,667,751 and U.S. Patent No. 8,933,825. On May 4, 2021, in a consolidated action that includes Realtime’s case against MongoDB, the District Court granted certain defendants’ motion to dismiss without prejudice, finding that the patents are invalid under 35 U.S.C. § 101. Realtime filed an amended complaint against the Company on May 18, 2021, and the Company moved to dismiss that amended complaint on June 29, 2021. On August 23, 2021, the District Court granted the Company’s motion to dismiss. On August 25, 2021, Realtime filed a notice of appeal of the Delaware District Court’s order. Realtime’s opening appeal brief was filed on December 6, 2021, and the Company’s responsive brief was filed on March 11, 2022. Realtime’s reply brief is currently due on April 1, 2022. The Company investigates all claims, litigation and other legal matters as they arise. Although claims and litigation 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. Although the results of claims and litigation are inherently unpredictable, the Company believes that there was less than a reasonable possibility that the Company had incurred a material loss with respect to such loss contingencies, as of January 31, 2022 and 2021, therefore, the Company has not 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, landlords, 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) | 12 Months Ended |
Jan. 31, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity (Deficit) | Stockholders’ Equity (Deficit) Class A and Class B Common Stock On June 11, 2020, all outstanding shares of the Company’s Class B common stock, par value $0.001 per share, automatically converted into the same number of shares of Class A common stock, par value $0.001 per share, pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion. The conversion occurred pursuant to Article V, Section 5(a) of the Amended and Restated Certificate of Incorporation, which provided that each share of Class B common stock would convert automatically into one fully paid and nonassessable share of Class A common stock at 5:00 p.m. in New York City, New York on the first trading day falling on or after the date on which the outstanding shares of Class B common stock represented less than 10% of the aggregate number of shares of the then outstanding Class A common stock and Class B common stock. The Company filed a certificate with the Secretary of State of the State of Delaware effecting the retirement and cancellation of the Company’s Class B common stock. This certificate of retirement had the additional effect of eliminating the authorized Class B common stock, thereby reducing the total number of the Company’s authorized shares of common stock by 100,000,000. Prior to June 11, 2020, the Company had two classes of common stock, Class A and Class B. The rights of the holders of Class A and Class B common stock were 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 was entitled to 10 votes per share. Shares of Class B common stock may have been converted to Class A common stock at any time at the option of the stockholder. Shares of Class B common stock automatically converted to Class A common stock upon the following: (1) sale or transfer of such share of Class B common stock, subject to specified permitted transfers; (2) 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 (3) 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, voting together as a single class on an as-converted basis. Class A and Class B common stock were referred to as common stock throughout the notes to the consolidated financial statements, unless otherwise noted. As of January 31, 2022, the Company had authorized 1,000,000,000 shares of Class A common stock, each par value $0.001 per share, of which 67,543,731 shares of Class A common stock were issued and 67,444,360 were outstanding. |
Revenue
Revenue | 12 Months Ended |
Jan. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue Based on the information provided to and reviewed by the Company’s Chief Executive Officer, the Company believes that the nature, amount, timing and uncertainty of its revenue and cash flows and how they are affected by economic factors is most appropriately depicted through the Company’s primary geographical markets and subscription product categories. The Company’s primary geographical markets are North and South America (“Americas”); Europe, Middle East and Africa (“EMEA”); and Asia Pacific. The Company also disaggregates its subscription products between its MongoDB Atlas-related offerings and other subscription products, which include MongoDB Enterprise Advanced. The following table presents the Company’s revenues disaggregated by primary geographical markets, subscription product categories and services (in thousands): Years Ended January 31, 2022 2021 2020 Primary geographical markets: Americas $ 527,081 $ 361,351 $ 272,358 EMEA 257,846 177,448 118,660 Asia Pacific 88,855 51,581 30,702 Total $ 873,782 $ 590,380 $ 421,720 Subscription product categories and services: MongoDB Atlas-related $ 492,287 $ 270,805 $ 162,510 Other subscription 349,760 294,544 237,316 Services 31,735 25,031 21,894 Total $ 873,782 $ 590,380 $ 421,720 Customers located in the United States accounted for 54%, 56% and 59% of total revenue for the years ended January 31, 2022, 2021 and 2020, respectively. Customers located in the United Kingdom accounted for 10% of total revenue for both of the years ended January 31, 2021 and 2020. No other country accounted for 10% or more of revenue for the periods presented. As of January 31, 2022 and 2021, substantially all of the Company’s long-lived assets were located in the United States. Contract Liabilities The Company’s contract liabilities are recorded as deferred revenue in the Company’s consolidated balance sheet and consist of customer invoices issued or payments received in advance of revenues being recognized from the Company’s subscription and services contracts. Deferred revenue, including current and non-current balances as of January 31, 2022, 2021 and 2020 was $375.2 million, $238.0 million and $190.8 million, respectively. Approximately 23% and 28% of the total revenue recognized in the years ended January 31, 2022 and 2021 was from deferred revenue at the beginning of each respective period. Remaining Performance Obligations Remaining performance obligations represent the aggregate amount of the transaction price in contracts allocated to performance obligations not delivered, or partially undelivered, as of the end of the reporting period. Remaining performance obligations include unearned revenue, multi-year contracts with future installment payments and certain unfulfilled orders against accepted customer contracts at the end of any given period. As of January 31, 2022, the aggregate transaction price allocated to remaining performance obligations was $387.0 million. Approximately 56% is expected to be recognized as revenue over the next 12 months and the remainder thereafter. The Company applies the practical expedient to omit disclosure with respect to the amount of the transaction price allocated to remaining performance obligations if the related contract has a total duration of 12 months or less. Unbilled Receivables Revenue recognized in excess of invoiced amounts creates an unbilled receivable, which represents the Company’s unconditional right to consideration in exchange for goods or services that the Company has transferred to the customer. Unbilled receivables are recorded as part of accounts receivable, net in the Company’s consolidated balance sheets. As of January 31, 2022, 2021 and 2020, unbilled receivables were $6.1 million, $5.7 million and $6.7 million, respectively. Allowance for Doubtful Accounts The adoption of ASU 2016-13 on February 1, 2020 required the Company to shift from an incurred loss impairment model to an expected credit loss model. Accordingly, the Company considers expectations of forward-looking losses, in addition to historical loss rates, to estimate its allowance for doubtful accounts on its accounts receivable. The following is a summary of the changes in the Company’s allowance for doubtful accounts (in thousands): Allowance for Doubtful Accounts Balance at January 31, 2021 $ 6,024 Provision 4,749 Recoveries/write-offs (5,807) Balance at January 31, 2022 $ 4,966 The allowance for doubtful accounts as of January 31, 2021 reflected uncertainty around collections due to potential financial difficulties by the Company's customers as a result of the COVID-19 pandemic and associated global economic uncertainty. Based on collections during the year ended January 31, 2022, the Company has adjusted its estimates, which resulted in a lower allowance for doubtful accounts as of January 31, 2022. Costs Capitalized to Obtain Contracts with Customers Deferred commissions were $203.3 million and $118.6 million as of January 31, 2022 and 2021, respectively. Amortization expense with respect to deferred commissions, which is included in sales and marketing expense in the Company’s consolidated statement of operations, was $49.1 million, $28.6 million and $19.4 million for years ended January 31, 2022, 2021 and 2020, respectively. There was no impairment loss in relation to the costs capitalized for the periods presented. |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Jan. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans and Employee Stock Purchase Plan 2008 Stock Incentive Plan and 2016 Equity Incentive Plan 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, restricted stock units (“RSUs”) and other stock-based awards. 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. All outstanding stock options as of January 31, 2022 were granted as NSOs with the exception of one ISO award. The exercise prices of the stock option grants must be no 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 granted to new employees 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, subject to the grantee’s continued service to the Company. RSUs granted to existing employees generally vest quarterly over a period of four years, subject to the grantee’s continued service to the Company. Pursuant to the terms of the 2016 Plan, the shares of the Company’s Class A common stock reserved for issuance was increased by 3.0 million shares in March 2021. As of January 31, 2022, the Company has approximately 10.5 million shares of Class A common stock available for future grants. Stock Options The following table summarizes stock option activity for the periods presented (in thousands, except share and per share data and years): Options Outstanding Shares Weighted- Weighted- Aggregate Balance - January 31, 2020 6,178,999 $ 7.60 5.7 $ 965,860 Options exercised (2,218,661) 7.70 Options forfeited and expired (78,793) 9.30 Balance - January 31, 2021 3,881,545 7.50 4.8 1,405,540 Options exercised (1,279,669) 7.57 Options forfeited and expired (9,982) 10.95 Balance - January 31, 2022 2,591,894 $ 7.46 3.9 $ 1,030,680 Options vested and exercisable - January 31, 2021 3,566,091 $ 7.22 4.7 $ 1,292,303 Options vested and exercisable - January 31, 2022 2,591,894 $ 7.46 3.9 $ 1,030,680 Stock options vested and expected to vest - January 31, 2022 2,591,894 $ 7.46 3.9 $ 1,030,680 There were no options granted during the years ended January 31, 2022 and 2021. The intrinsic value of options exercised for the years ended January 31, 2022, 2021 and 2020 was determined to be $469.1 million, $481.8 million and $293.9 million, respectively. The aggregate grant date fair value of stock options vested during the years ended January 31, 2022, 2021 and 2020, was $1.3 million, $4.3 million and $6.3 million, respectively. As of January 31, 2022, there was no unrecognized stock-based compensation expense related to outstanding stock options. Restricted Stock Units The following table summarizes RSU activity for the years ended January 31, 2022 and 2021: Shares Weighted-Average Grant Date Fair Value per RSU Unvested - January 31, 2020 3,281,431 $ 102.30 RSUs granted 1,785,498 178.60 RSUs vested (1,163,259) 102.23 RSUs forfeited and canceled (430,158) 117.35 Unvested - January 31, 2021 3,473,512 139.68 RSUs granted 1,578,721 405.46 RSUs vested (1,437,133) 149.47 RSUs forfeited and canceled (388,341) 193.77 Unvested - January 31, 2022 3,226,759 $ 258.85 As of January 31, 2022, there was $768.0 million of unrecognized stock-based compensation expense related to outstanding RSUs that is expected to be recognized over a weighted-average period of 2.55 years. 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. These awards, which are granted to new employees, generally vest 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. Awards granted to existing employees generally vest quarterly over a period of four years, subject to the grantee’s continued service to the Company. 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 years ended January 31, 2022, 2021 and 2020 the Company granted 5,532, 2,763 and 5,975 units of the China SAR Plan, respectively, at a weighted average strike price of $386.23, $165.08 and $129.89 per share, respectively. During the years ended January 31, 2022, 2021 and 2020, upon the vesting of 1,296, 4,316 and 4,958 units, respectively, the total expense recognized related to China SAR was $1.6 million, $2.6 million and $2.1 million, respectively. As of January 31, 2022 and 2021, the Company’s liability balance related to the China SAR Plan was $6.5 million and $5.9 million, respectively. These amounts were recorded as part of the accrued compensation and benefits on the Company’s consolidated balance sheet and recognized as bonus expense in the Company’s consolidated statement of operations. During the year ended January 31, 2022, the Company paid $0.1 million in cash upon the exercise of 479 units. As of January 31, 2022, there were 18,324 China SAR Plan units outstanding of which 1,526 units remained unvested. As of November 1, 2021, the Company does not expect to grant stock appreciation rights in the future and will instead grant RSUs to its employees in China. 2017 Employee Stock Purchase Plan In October 2017, the Company’s Board of Directors adopted and stockholders approved, the 2017 Employee Stock Purchase Plan (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. 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, 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. Pursuant to the terms of the 2017 ESPP, the shares of the Company’s Class A common stock reserved for issuance was increased by 608,985 shares in April 2021. As of January 31, 2022, there were 2,476,888 shares of the Company’s Class A common stock available for future issuance under the 2017 ESPP. During the years ended January 31, 2022, 2021 and 2020 there were 85,401, 134,930 and 154,988 shares, respectively, of Class A common stock purchased under the ESPP. The total expense related to the ESPP for years ended January 31, 2022, 2021 and 2020 was $9.4 million, $7.0 million and $5.1 million, respectively. As of January 31, 2022, there was $5.1 million of unrecognized stock-based compensation expense related to the ESPP offering period expected to end in June 2022. 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: Years Ended January 31, 2022 2021 2020 Expected term (in years) 0.50 0.50 - 0.54 0.49 - 0.54 Expected volatility 56% - 61% 47% - 64% 42% - 48% Risk-free interest rate 0.06% - 0.13% 0.09% - 0.19% 1.6% - 2.2% Dividend yield —% —% —% Early Exercise of Stock Options The Company allowed 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 (1) the then-current fair market value of the common stock on the date of repurchase and (2) the original purchase price. The proceeds initially are recorded in other current and non-current liabilities from the early exercise of stock options and reclassified to common stock and paid-in capital as the repurchase right lapses. For the year ended January 31, 2020, the Company issued common stock of 1,064 shares, respectively, for stock options exercised prior to vesting. There were no shares of the Company’s common stock issued during the year ended January 31, 2022 and 2021 for stock options exercised prior to vesting. The Company did not repurchase any shares of common stock related to unvested stock options during the year ended January 31, 2022. For the year ended January 31, 2021, the Company repurchased 960 shares of common stock related to unvested stock options at the original exercise price due to the termination of employees. As of January 31, 2022 there were no shares held by employees and directors that were subject to repurchase. As of January 31, 2021, there were 1,135 shares held by employees and directors that were subject to potential repurchase at an aggregate price of and $0.01 million. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the Company’s consolidated statements of operations is as follows (in thousands): Years Ended January 31, 2022 2021 2020 Cost of revenue—subscription $ 14,387 $ 8,970 $ 4,996 Cost of revenue—services 6,325 4,953 3,047 Sales and marketing 91,947 54,632 26,640 Research and development 104,335 57,611 26,686 General and administrative 34,075 23,147 14,407 Total stock-based compensation expense $ 251,069 $ 149,313 $ 75,776 |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Jan. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The Company calculates basic net loss per share by dividing the net loss by the weighted-average number of shares of common stock outstanding during the year, less shares subject to repurchase. Diluted net loss per share is computed by giving effect to all potentially dilutive common shares outstanding for the period, including stock options and restricted stock units. Refer to Note 2, Summary of Significant Accounting Policies , for further details on the Company’s methodology for calculating net loss per share. Basic and diluted net loss per share was the same for each year presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive due to the net loss reported for each year presented. For periods in which there were Class B shares outstanding, the rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock were identical, except with respect to voting. Each share of Class A common stock was and is entitled to one vote per share and each share of Class B common stock was entitled to ten votes per share. As the liquidation and dividend rights were identical for Class A and Class B common stock, the undistributed earnings were allocated on a proportionate basis and the resulting net loss per share would, 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 (in thousands, except share and per share data): Years Ended January 31, 2022 2021 2020 Numerator: Net loss $ (306,866) $ (266,944) $ (175,522) Denominator: Weighted-average shares used to compute net loss per share, basic and diluted 64,563,032 58,984,604 55,939,032 Net loss per share, basic and diluted $ (4.75) $ (4.53) $ (3.14) Prior to the adoption of ASU 2020-06, the Company calculated the potential dilutive effect of its 2024 Notes and 2026 Notes under the treasury stock method. As a result, only the amount by which the conversion value exceeded the aggregate principal amount of the 2024 Notes and 2026 Notes (the “conversion spread”) was considered in the diluted earnings per share computation. The conversion spread only had a dilutive impact on diluted net income per share when the average market price of the Company’s Class A common stock for a given period exceeded the initial conversion price of $68.15 per share for the 2024 Notes and $211.20 per share for the 2026 Notes. Upon the adoption of ASU 2020-06 on February 1, 2021, the Company calculates the potential dilutive effect of its 2024 Notes and 2026 Notes under the if-converted method. Under this method, diluted earnings per share is determined by assuming that all of the 2024 Notes and 2026 Notes were converted into shares of the Company’s Class A common stock at the beginning of the reporting period. In connection with the issuance of the 2024 Notes and 2026 Notes, the Company entered into Capped Calls, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been antidilutive. The Capped Calls are expected to partially offset the potential dilution to the Company’s Class A common stock upon any conversion of the 2024 Notes and 2026 Notes. The following weighted-average outstanding potentially dilutive shares of common stock were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been anti-dilutive: Years Ended January 31, 2022 2021 2020 Stock options pursuant to the 2016 Equity Incentive Plan 778,172 1,340,476 2,145,462 Stock options pursuant to the 2008 Stock Incentive Plan (previously options to purchase Class B common stock) 2,391,439 3,759,063 5,076,831 Unvested restricted stock units 3,680,895 3,864,504 2,914,575 Early exercised stock options 102 5,032 29,532 Shares underlying the conversion option of the 2024 Notes (conversion spread only prior to the adoption of ASU 2020-06) 231,637 889,755 2,112,279 Shares underlying the conversion option of the 2026 Notes (conversion spread only prior to the adoption of ASU 2020-06) 5,445,107 450,869 — Total 12,527,352 10,309,699 12,278,679 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of loss before provision for (benefit from) income taxes were as follows (in thousands): Years Ended January 31, 2022 2021 2020 United States $ (161,502) $ (159,331) $ (117,943) Foreign (141,387) (103,362) (58,235) Total $ (302,889) $ (262,693) $ (176,178) The components of the provision for (benefit from) income taxes were as follows (in thousands): Years Ended January 31, 2022 2021 2020 Current: Federal $ 426 $ 215 $ 372 State 80 171 236 Foreign 6,005 4,229 2,028 Total 6,511 4,615 2,636 Deferred: Federal (1,574) 5 (2,534) State 6 10 (1,336) Foreign (966) (379) 578 Total (2,534) (364) (3,292) Provision for (benefit from) income taxes $ 3,977 $ 4,251 $ (656) The items accounting for the difference between income taxes computed at the federal statutory income tax rate and the provision for (benefit from) income taxes consisted of the following (in thousands): Years Ended January 31, 2022 2021 2020 Income tax benefit at statutory rate $ (63,606) $ (55,165) $ (36,997) State taxes, net of federal benefit 68 143 298 Impact of foreign income taxes 34,730 25,569 5,376 Foreign branch income included in the United States 1,175 297 — Stock-based compensation (138,842) (107,800) (41,800) Non-deductible expenses 2,200 991 2,114 Officer compensation in excess of $1 million 9,117 — — Change in valuation allowance 175,664 157,822 72,263 Research and development credits (14,932) (18,197) (1,899) Foreign tax credit (2,470) (711) — Foreign withholding tax expense 426 215 — Prior year true ups 447 1,100 59 Other — (13) (70) Provision for (benefit from) income taxes $ 3,977 $ 4,251 $ (656) The provision for income taxes during the year ended January 31, 2022 and January 31, 2021 was primarily due to foreign taxes as the Company continued its global expansion. The overall provision for income taxes decreased for the year ended January 31, 2022, as compared to prior year, due to a reduction in the valuation allowance as a result of goodwill from an immaterial business combination and the impact from the adoption of ASU 2020-06, partly offset by higher foreign taxes. Deferred Income Taxes Deferred income taxes arise from temporary differences between the carrying amounts of assets and liabilities for financial reporting and the amounts used for income tax reporting purposes, as well as operating losses and tax credit carryforwards. Significant components of the Company’s deferred tax assets are shown in the following table as of January 31, 2022 and 2021, respectively (in thousands): Years Ended January 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 636,011 $ 416,887 Deferred revenue 64,765 36,467 Finance and operating lease liabilities 23,500 23,184 Other reserves 23,460 18,020 Gross deferred tax assets 747,736 494,558 Valuation allowance (677,283) (374,790) Total deferred tax assets, net of valuation allowance 70,453 119,768 Deferred tax liabilities: Finance and operating lease right-of-use assets (16,765) (15,907) Convertible senior notes — (68,877) Deferred commission (43,063) (25,605) Other liabilities and accruals (8,767) (9,155) Total deferred tax liabilities (68,595) (119,544) Net deferred tax assets $ 1,858 $ 224 Deferred tax assets are recognized when management believes it more likely than not that they will be realized. Deferred tax assets are reduced by a valuation allowance if, based on available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The valuation allowance for deferred tax assets as of January 31, 2022 and 2021 was $677.3 million and $374.8 million, respectively. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income and tax planning strategies in making this assessment. As of January 31, 2022 the Company had net operating loss carryforwards for U.S. federal, state, Irish and U.K. income tax purposes of $1.9 billion, $1.7 billion, $558.4 million and $44.1 million, respectively, which begin to expire in the year ending January 31, 2028 for U.S. federal purposes and January 31, 2023 for state purposes. Operating losses in the United States, for years after January 31, 2018, in Ireland and the United Kingdom may be carried forward indefinitely. The Company also has U.S. federal and state research credit carryforwards of $70.6 million and $6.6 million, respectively, which begin to expire in the year ending January 31, 2029 for federal purposes and January 31, 2025 for state purposes. Utilization of the federal net operating loss carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended and similar state provisions. The annual limitation, should the Company undergo an ownership change, may result in the expiration of federal or state net operating losses and credits before utilization, however the Company does not expect any such limitation to be material. Uncertain Tax Positions The calculation of the Company’s tax obligations involves dealing with uncertainties in the application of complex tax laws and regulations. ASC 740, Income Taxes , provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. The Company has assessed its income tax positions and recorded tax benefits for all years subject to examination, based upon the Company’s evaluation of the facts, circumstances and information available at each period end. For those tax positions where the Company has determined there is a greater than 50% likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is determined there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit has been recognized. Although the Company believes that it has adequately reserved for its uncertain tax positions, the Company can provide no assurance that the final tax outcome of these matters will not be materially different. As the Company expands internationally, it will face increased complexity and its unrecognized tax benefits may increase in the future. The Company makes adjustments to its reserves when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made. The following table summarizes the changes in the Company’s unrecognized gross tax benefits during the periods presented (in thousands): Years Ended January 31, 2022 2021 2020 Unrecognized tax benefits at beginning of year $ 17,484 $ 5,290 $ 4,603 Increase (decrease) in tax positions in prior years (1,894) 6,059 53 Additions based on tax positions in the current year 7,108 6,135 634 Unrecognized tax benefits at end of year $ 22,698 $ 17,484 $ 5,290 As of January 31, 2022, unrecognized tax benefits would not have any impact on the Company’s effective tax rate if recognized. The Company continues to monitor and apply its permanent reinvestment of foreign earnings assertion under the rules of the Tax Act. The Company has not provided for U.S. federal income and foreign withholding taxes on approximately $3.4 million of undistributed earnings from non-U.S. operations as of January 31, 2022 because the Company intends to reinvest such earnings indefinitely outside of the United States. If the Company were to distribute these earnings, foreign tax credits may become available under current law to reduce the resulting U.S. income tax liability. The Company has estimated the amount of unrecognized deferred tax liability related to these earnings to be approximately $0.5 million. The Company is not currently under Internal Revenue Service, state, or foreign income tax examination with the exception of an audit in France for which the Company does not expect a material outcome. The Company does not anticipate any significant increases or decreases in its uncertain tax positions within the next twelve months. The Company files tax returns in the United States for federal and certain states. All tax years remain open to examination for both federal and state purposes as a result of the net operating loss and credit carryforwards. The Company files foreign tax returns in various foreign jurisdictions These foreign returns are open to examination for the fiscal years ending January 31, 2014 through January 31, 2021. The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted into U.S. federal law on March 27, 2020. The CARES Act provided numerous tax provisions and other stimulus measures, including temporary changes regarding the prior and future utilization of net operating losses, temporary changes to the prior and future limitations on interest deductions, and technical corrections from prior tax legislation for tax depreciation of certain qualified improvement property. The Company evaluated the provisions of the CARES Act and concluded that there was no material impact on its financial statements. The tax effects of other related foreign government assistance enacted into law in response to the Covid-19 pandemic are also not material to the Company. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts Disclosure | Schedule II: Valuation and Qualifying Accounts The table below details the activity of the allowance for doubtful accounts and the deferred tax asset valuation allowance for the years ended January 31, 2022, 2021 and 2020 (in thousands): Balance at Beginning of Year Additions Usage (Deductions) Balance at End of Year Year ended January 31, 2022 Allowance for doubtful accounts $ 6,024 $ 4,749 $ (5,807) $ 4,966 Deferred tax asset valuation allowance 374,790 302,493 — 677,283 Year ended January 31, 2021 Allowance for doubtful accounts $ 2,515 $ 5,181 $ (1,672) $ 6,024 Deferred tax asset valuation allowance 136,876 237,914 — 374,790 Year ended January 31, 2020 Allowance for doubtful accounts $ 1,539 $ 4,502 $ (3,526) $ 2,515 Deferred tax asset valuation allowance 101,502 35,374 — 136,876 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2022 | |
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. |
Use of Estimates | The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Such estimates include, but are not limited to, revenue recognition, allowances for doubtful accounts, the incremental borrowing rate related to the Company’s lease liabilities, stock-based compensation, legal contingencies, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, fair value of non-marketable securities 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. The ongoing COVID-19 pandemic has impacted demand and supply for a broad variety of goods and services, including demand from the Company’s customers, while also disrupting sales channels and marketing activities for an unknown period of time. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or adjust the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements. |
Foreign Currency | The functional currency of the Company’s international subsidiaries is either the U.S. dollar or the local currency in which the international subsidiary operates. For foreign subsidiaries where the U.S. dollar is the functional currency, foreign currency denominated monetary assets and liabilities are re-measured into U.S. dollars at current exchange rates and foreign currency denominated non-monetary assets and liabilities are re-measured into U.S. dollars at historical exchange rates. Transaction gains or losses from foreign currency re-measurement and settlements are included in other income (expense), net in the consolidated statements of operations. For foreign subsidiaries where the functional currency is the local currency, the Company uses the exchange rate as of the balance sheet date to translate assets and liabilities and the average exchange rate during the period to translate revenue and expenses into U.S. dollars. Translation gains or losses resulting from translating foreign local currency financial statements into U.S. dollars are included in accumulated other comprehensive loss as a component of stockholders' equity (deficit). |
Comprehensive Loss | The Company’s comprehensive loss includes net loss, unrealized gains and losses on available-for-sale debt securities and foreign currency translation adjustments. |
Cash and Cash Equivalents | The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains such investments primarily in money market funds, which have readily determinable fair values. Money market funds are measured using quoted prices in active markets with changes recorded in other income (expense), net on the consolidated statements of operations. |
Marketable Securities | The Company’s short-term investments consist of U.S. government treasury securities. The Company determines the appropriate classification of its short-term investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its short-term investments as available-for-sale debt securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its short-term investments within current assets on the consolidated balance sheets. Available-for-sale debt securities are recorded at fair value each reporting period. Realized gains and losses are determined based on the individual security level and are reported in other income (expense), net in the consolidated statements of operations. Unrealized gains and losses, net of taxes, on these short-term investments are reported as a separate component of accumulated other comprehensive loss on the consolidated balance sheets until realized. If the estimated fair value of an available-for-sale debt security is below its amortized cost basis, then the Company evaluates for impairment. The Company considers its intent to sell the security or whether it is more likely than not that it will be required to sell the security before recovery of its amortized basis. If either of these criteria are met, the debt security’s amortized cost basis is written down to fair value through other income (expense), net in the consolidated statements of operations. If neither of these criteria are met, the Company evaluates whether unrealized losses have resulted from a credit loss or other factors. When a credit loss exists, the Company compares the present value of cash flows expected to be collected from the debt security with the amortized cost basis of the security to determine what allowance amount, if any, should be recorded. An impairment relating to credit losses is recorded through an allowance for credit losses reported in other income (expense), net in the consolidated statements of operations. The allowance is limited by the amount that the fair value of the debt security is below its amortized cost basis. For the years ended January 31, 2022, 2021 and 2020, the Company did not record any impairment charges for its marketable debt securities in its consolidated statements of operations. |
Restricted Cash | Restricted cash balances have been excluded from the Company’s cash and cash equivalents balance and are included in other assets on the consolidated balance sheets. |
Non-marketable Securities | Non-marketable securities consist of debt and equity investments in privately-held companies, which are classified as other assets on the consolidated balance sheets. The Company’s non-marketable debt securities are measured at fair value at each reporting period. The Company’s non-marketable equity securities do not have readily determinable fair values. Under the measurement alternative election, the Company accounts for these non-marketable equity securities at cost and adjusts for observable price changes in orderly transactions for the identical or similar investment of the same issuer or upon impairment. These securities are not eligible for the net-asset-value practical expedient from fair value measurement. The measurement alternative election is reassessed each reporting period to determine whether the non-marketable securities continue to be eligible for this election. The Company periodically evaluates its non-marketable equity securities for impairment when events and circumstances indicate that the carrying amount of the investment may not be recovered. Impairment indicators may include, but are not limited to, a significant deterioration in earnings performance, credit rating, asset quality or business outlook or a significant adverse change in the regulatory, economic, or technological environment. If the non-marketable equity securities are considered impaired, the Company will record an impairment charge within other income (expense) on its consolidated statement of operations for the amount by which the carrying value exceeds the fair value of the investment. For the years ended January 31, 2022, 2021 and 2020, the Company did not record any impairment charges related to its non-marketable equity securities in its consolidated statements of operations. During the years ended January 31, 2022 and 2021, the Company invested $4.3 million and $0.5 million, respectively, of its cash in non-marketable securities of privately-held companies. The Company evaluated its ownership, contractual and other interests of its investments and determined that as of January 31, 2022, there were no variable interest entities required to be consolidated in the Company’s consolidated financial statements, as the Company was not the primary beneficiary and did not have the power to direct activities that most significantly impact the entities’ economic performance. The Company’s maximum loss exposure is limited to the carrying value of these investments. |
Fair Value of Financial Instruments | The Company’s financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, non-marketable securities, accounts payable and accrued liabilities. Cash equivalents are measured at fair value on a recurring basis. Short-term investments classified as available-for-sale debt securities are recorded at fair value. Non-marketable securities consist of debt and equity securities. Non-marketable debt securities are measured at fair value at each reporting period. Non-marketable equity securities are measured at fair value under the measurement alternative when there have been observable price changes in orderly transactions for the identical or a similar investment of the same issuer or upon impairment. Accounts receivable, accounts payable and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. The Company follows ASC 820, Fair Value Measurements and Disclosures with respect to assets and liabilities that are measured at fair value. Under this standard, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs, as described below, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: • Level 1: Observable inputs, such as quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date. • Level 2: Observable inputs, other than Level 1 prices, such as quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Concentration of Credit Risk | Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, restricted cash, short-term investments and accounts receivable. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company maintains its cash accounts with financial institutions where, at times, deposits exceed insurance coverage limits. The Company invests its excess cash in highly-rated money market funds and in short-term investments consisting of U.S. government treasury securities.The Company extends credit to customers in the normal course of business. The Company performs credit analyses and monitors the financial health of its customers to reduce credit risk. The Company does not require collateral from customers to secure accounts receivable. Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company records an allowance for doubtful accounts relating to certain trade accounts receivable based on various factors, including the review of credit profiles of its customers, contractual terms and conditions, current economic trends and historical customer payment experience. |
Capitalized Software Costs | Software development costs for software to be sold, leased, or otherwise marketed are expensed as incurred until the establishment of technological feasibility, at which time those costs are capitalized until the product is available for general release to customers and amortized over the estimated life of the product. Technological feasibility is established upon the completion of a working prototype that has been certified as having no critical bugs and is a release candidate. To date, costs and time incurred between the establishment of technological feasibility and product release have not been material, resulting in software development costs qualifying for capitalization being immaterial. As a result, the Company has not capitalized any related software development costs in any of the periods presented. Costs related to software acquired, developed, or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development, costs related to the development of web-based product, or implementation costs incurred in a hosting arrangement that is a service contract, are capitalized during the application development stage. Costs incurred during the preliminary planning and evaluation stage of the project and during post implementation operational stage are expensed as incurred. There were no material qualifying costs incurred during the application development stage and the Company did not capitalize any qualifying costs related to computer software developed for internal use, or implementation costs incurred in a hosting arrangement that is a service contract in the years ended January 31, 2022 and 2021. |
Property and Equipment | Property and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives: Property and Equipment Estimated Useful Life Computer and office equipment Two to three years Purchased software Two years Servers Three years Furniture and fixtures Five years Website costs Three years Leasehold improvements Lesser of estimated useful life or remaining lease term Depreciation commences once the asset is ready for its intended use. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation, is removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of operations. There was no material gain or loss incurred as a result of retirement or sale in the periods presented. Repair and maintenance costs are expensed as incurred. |
Business Combinations | The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed as of the acquisition date. The excess of the fair value of purchase consideration over the fair values of the tangible and intangible assets acquired and liabilities assumed is recorded as goodwill. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially established in connection with a business combination as of the acquisition date. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. |
Leases | The Company determines if an arrangement is, or contains, a lease at inception. An arrangement is or contains a lease if the arrangement conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company measures lease liabilities based on the present value of lease payments over the lease term at the lease commencement date. As the Company’s leases generally do not provide an implicit discount rate, the net present value of future minimum lease payments is determined using the Company’s incremental borrowing rate. Options in the lease terms to extend or terminate the lease are not reflected in the lease liabilities unless it is reasonably certain that any such option will be exercised. The Company measures right-of-use assets at the lease commencement date based on the corresponding lease liabilities adjusted for (i) prepayments made to the lessor at or before the commencement date, (ii) initial direct costs incurred and (iii) certain tenant incentives under the lease. The Company evaluates the recoverability of the right-of-use assets for possible impairment in accordance with the long-lived assets policy. The Company accounts for lease and non-lease components as a single lease component for all leases. The Company has elected not to recognize right-of-use assets or lease liabilities for leases with an initial lease term of twelve months or less, and instead recognize the associated lease payments for these short-term leases in the consolidated statements of operations on a straight-line basis over the lease term. Lease expenses for minimum lease payments for operating leases are recognized on a straight-line basis over the lease term. Amortization expense of the right-of-use assets for finance leases is generally recognized on a straight-line basis over the shorter of the lease term or the useful life of the asset. Interest expense for finance leases is recognized based on the incremental borrowing rate used to determine the finance lease liability. Variable lease payments are expensed as incurred and are not included within the lease liability and right-of-use assets calculation. Operating leases are reflected in operating lease right-of-use assets, operating lease liabilities and operating lease liabilities, non-current on the consolidated balance sheets. Finance leases are included in property and equipment, net, other accrued liabilities, and other liabilities, non-current on the consolidated balance sheets. Within the statements of cash flows, the Company classifies all cash payments associated with operating leases within operating activities and for finance leases, repayments of principal are presented within financing activities and interest payments are presented within operating activities. |
Long-Lived Assets, Including Other Acquired Intangible Assets | The Company evaluates the recoverability of its long-lived assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount is not recoverable, the carrying amount of such assets is reduced to fair value. Impairment charges related to long-lived assets during the years presented were not material. Refer to Note 4, Property and Equipment, net for more information. In addition to the recoverability assessment, the Company periodically reviews the remaining estimated useful lives of long-lived assets. If the estimated useful life assumption for any asset is changed due to new information, the remaining unamortized balance would be depreciated or amortized over the revised estimated useful life, on a prospective basis. |
Goodwill | The Company performs its annual impairment analysis in the fourth quarter of each fiscal year. The Company first assesses the qualitative factors to determine whether it is more likely than not that the fair value of the Company’s single operating segment is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. If the Company determines that it is more likely than not that its fair value is less than its carrying amount, then the quantitative goodwill impairment test will be performed. The quantitative goodwill impairment test identifies goodwill impairment and measures the amount of goodwill impairment loss to be recognized by comparing the fair value of the Company’s single operating segment with its carrying amount. If the carrying amount exceeds its fair value, no further analysis is required; otherwise, any excess of the carrying amount over the implied fair value is recognized as an impairment loss and the carrying value of goodwill is written down to fair value. |
Revenue Recognition | The Company derives its revenue from two sources: (1) sales of subscriptions, including term license and post-contract customer support (“PCS”) and consumption-based database-as-a-service offering; and (2) services revenue comprised of consulting and training arrangements. The Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: i. Identification of the contract, or contracts, with a customer - The Company contracts with its customers through order forms, which are governed by master sales agreements. The Company determines it has a contract with a customer when the contract is approved, each party’s rights regarding the products or services to be transferred is identified, the payment terms for the services can be identified, the Company has determined the customer has the ability and intent to pay and the contract has commercial substance. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, credit, reputation and financial or other information pertaining to the customer. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. The Company has concluded that its contracts with customers do not contain warranties that give rise to a separate performance obligation. ii. Identification of the performance obligations in the contract - Performance obligations promised in a contract are identified based on the services or products that will be transferred to the customer that are both (1) capable of being distinct, whereby the customer can benefit from the service or product either on its own or together with other resources that are readily available from third parties or from the Company and (2) distinct in the context of the contract, whereby the transfer of the services or products is separately identifiable from other promises in the contract. To the extent a contract includes multiple promised services or products, the Company applies judgment to determine whether promised services or products are capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised services or products are combined and accounted for as a single performance obligation. iii. Determination of the transaction price - The transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for transferring services and products to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. None of the Company’s contracts contain a significant financing component. iv. Allocation of the transaction price to the performance obligations in the contract - If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation based on a relative standalone selling price (“SSP”) basis. The Company also considers if there are any additional material rights inherent in a contract and if so, the Company allocates a portion of the transaction price to such rights based on SSP. The Company determines each SSP based on multiple factors, including past history of selling such performance obligations as standalone products. The Company estimates SSP for performance obligations with no observable evidence using adjusted market, cost plus and residual methods to establish the SSPs. In cases where directly observable standalone sales are not available, the Company utilizes all observable data points including competitor pricing for a similar or identical product, market and industry data points and the Company’s pricing practices to establish the SSP. v. Recognition of revenue when, or as, the Company satisfies a performance obligation - The Company recognizes revenue at the time the related performance obligation is satisfied when control of the services or products are transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or products. The Company records its revenue net of any value added or sales tax. Subscription Revenue The Company sells subscriptions directly through its field and inside sales teams and indirectly through channel partners, as well as through its self-serve channel. The majority of the Company’s subscription contracts are one year in duration and are invoiced upfront. When the Company enters into multi-year subscription contracts, the Company typically invoices the customer on an annual basis. The Company’s subscription contracts are generally non-cancelable and non-refundable. The Company’s subscription revenue includes time-based software licenses sold in conjunction with PCS. These subscription offerings are generally priced on a per server basis, subject to a per server random access memory (“RAM”) limit. Performance obligations related to subscription revenue for time-based software licenses include a license portion, which represents functional intellectual property under which a customer has the legal right to the license. The license provides significant standalone functionality and is therefore deemed a distinct performance obligation. License revenue is recognized at a point in time, upon delivery and transfer of control of the underlying license to the customer, which is typically the subscription start date. Performance obligations related to PCS include unspecified updates, as well as support and maintenance. While separate performance obligations are identified within PCS, the underlying performance obligations generally have a consistent continuous pattern of transfer to a customer during the term of a contract. Revenue from PCS is recognized ratably over the contract duration. The Company also derives subscription revenue from providing its software to customers with its database-as-a-service offering that include comprehensive infrastructure and management of the Company’s database and can also be purchased with additional enterprise features. Performance obligations related to database-as-a-service solutions are recognized on a usage-basis, as the consumption of this service represents a direct measurement of the value to the customer of the goods or services transferred to date relative to the remaining goods or services promised under the contract. Services Revenue The Company’s services contracts are generally provisioned on a time-and-materials basis. Revenue is recognized on a proportional performance basis as the services are delivered to the customers. Contracts with Multiple Performance Obligations Certain of the Company’s contracts with customers contain multiple performance obligations, including those described above such as the license portion of time-based software licenses, PCS, database-as-a-service offering and services. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to each separate performance obligation based on its relative SSP basis. Cost of Revenue Cost of Subscription Revenue Cost of subscription revenue primarily includes personnel costs, including salaries, bonuses and benefits and stock-based compensation for employees associated with the Company’s subscription arrangements principally related to support and allocated costs, including depreciation and amortization. The cost of subscription revenue for the Company’s database-as-a-service offering also includes third-party cloud infrastructure costs. Cost of Services Revenue Cost of services revenue primarily includes personnel costs, including salaries and benefits and stock-based compensation for employees associated with the Company’s professional service contracts, travel costs and allocated costs, including depreciation and amortization. Deferred Commissions The Company capitalizes its incremental costs of obtaining subscription contracts with customers, which generally consist of sales commissions paid to the Company’s sales force and related payroll taxes. Incremental costs that are expected to be amortized during the succeeding twelve months are recorded on the Company’s consolidated balance sheets as deferred commissions with the remaining, non-current, portion recorded under other assets. Deferred commissions are amortized over a period of benefit that the Company has determined to be generally five years. The Company determined the period of benefit by taking into consideration the length of its customer contracts, its technology and other factors. Deferred commissions also include all other sales commissions and related payroll taxes for subscription contracts, which are amortized based on the pattern of the associated revenue recognition over the related contractual subscription period. Sales commissions are generally paid up front and one month in arrears, however, the timing of payment is based on contractual terms of the underlying subscription contract and is subject to an evaluation of customer credit-worthiness. The deferred commission amounts are recoverable through the future revenue streams under the non-cancelable customer contracts. Amortization of deferred commissions is included in sales and marketing expense in the consolidated statements of operations. The Company adopted the practical expedient that permits an entity to expense the costs to obtain a contract as incurred when the expected amortization period is one year or less. Deferred commissions are reviewed periodically for impairment. Refer to Note 10, Revenue for more information. |
Accounts Receivable and Allowance for Doubtful Accounts | The Company records a receivable when an unconditional right to consideration exists, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of invoicing to customers. If revenue recognized on a contract exceeds the billings, then the Company records an unbilled receivable for that excess amount, which is included as part of accounts receivable, net in the Company’s consolidated balance sheets. The Company is exposed to credit losses primarily through the sales of subscriptions and services, which are recorded as accounts receivable, inclusive of unbilled receivables. The Company performs initial and ongoing evaluations of its customers' financial position and generally extends credit without collateral. Accounts receivable are recorded at amortized cost, net of an allowance for doubtful accounts, and do not bear interest. The allowance for doubtful accounts represents the best estimate of lifetime expected credit losses against the existing accounts receivable, inclusive of unbilled receivables, based on certain factors including past collection experience, credit quality of the customer, current aging of the receivable balance, current economic conditions, reasonable and supportable forecasts, as well as specific circumstances arising with individual customers. Extensive judgment is required in assessing these factors. Due to the short-term nature of the Company’s accounts receivable, forecasts have limited relevance to the Company’s expected credit loss estimates. Accounts receivable are written off against the allowance for doubtful accounts when management determines a balance is uncollectible and the Company no longer actively pursues collection of the receivable. The Company’s estimates of the allowance for credit losses may not be indicative of the Company’s actual credit losses requiring additional charges to be incurred to reflect the actual amount collected. See also Note 10, Revenue for more information on allowance for doubtful accounts and unbilled receivables. |
Convertible Senior Notes | The Company early adopted Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06— Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”) as of February 1, 2021 using the modified retrospective transition method. Prior to the adoption of ASU 2020-06, in accounting for the issuance of the Company’s convertible senior notes (the “Notes”), the Notes were separated into liability and equity components. The carrying amounts of the liability component was calculated by measuring the fair value of similar liabilities that do not have associated convertible features. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the respective Notes. This difference represented the debt discount that was amortized to interest expense over the respective terms of the Notes using the effective interest rate method. The equity component was recorded in additional paid-in capital and was not remeasured as long as it continued to meet the conditions for equity classification. In accounting for the debt issuance costs related to the Notes, the Company allocated the total amount incurred to the liability and equity components of the Notes based on their relative fair values. Issuance costs attributable to the liability component were being amortized to interest expense over the contractual term of the Notes. The issuance costs attributable to the equity component were netted against the equity component representing the conversion option in additional paid-in capital. Transactions involving contemporaneous exchanges of cash between the same debtor and creditor in connection with the issuance of a new debt obligation and satisfaction of an existing debt obligation by the debtor are evaluated as a modification or an exchange transaction depending on whether the exchange is determined to have substantially different terms. For exchange transactions that are considered an extinguishment of debt, the total consideration for such an exchange is separated into liability and equity components by estimating the fair value of a similar liability without a conversion option and assigning the residual value to the equity component. The gain or loss on extinguishment of the debt is subsequently determined by comparing repurchase consideration allocated to the liability component to the sum of the carrying value of the liability component, net of the proportionate amounts of unamortized debt discount and remaining unamortized debt issuance costs. The liability component of the Notes was classified as non-current until the reporting period date was within one year of maturity of the Notes or when the Company has received a redemption request, but settlement would occur after the reporting period date. Under these circumstances, the net carrying amount of the Notes was classified as a current liability and a portion of the equity component representing the conversion option was reclassified to temporary equity in the consolidated balance sheets. The portion of the equity component classified as temporary equity was measured as the difference between the principal and net carrying amount of the Notes, excluding debt issuance costs. Upon adoption of ASU 2020-06, the Company no longer records the conversion feature of its convertible senior notes in equity. Instead, the Company combined the previously separated equity component with the liability component, which together is now classified as debt, thereby eliminating the subsequent amortization of the debt discount as interest expense. Similarly, the portion of issuance costs previously allocated to equity was reclassified to debt and amortized as interest expense. Accordingly, the Company recorded a decrease to accumulated deficit of $52.6 million, a decrease to additional paid-in capital of $309.4 million, a decrease to temporary equity of $4.7 million and an increase to convertible senior notes, net, of $261.5 million. There was an immaterial benefit from the reversal of the deferred tax liability associated with the convertible senior notes upon the adoption of ASU 2020-06. Prior period financial statements were not restated. Also upon adoption, the Company is no longer utilizing the treasury stock method for earnings per share purposes. Instead, the Company is applying the if-converted method when reporting the number of potentially dilutive shares of common stock. Although the required use of the if-converted method will not impact the diluted net loss per share as long as the Company is in a net loss position, the Company is required to include disclosures of all the underlying shares regardless of the average stock price for the reporting period. The Company’s convertible senior notes are classified as non-current liabilities until the reporting period date is within one year of maturity of the convertible senior notes or when the Company has received a redemption request, but settlement will occur after the reporting period date. Under such circumstances, the carrying amount of the convertible senior notes, net of the associated unamortized debt issuance costs, is classified as a current liability. |
Research and Development | Research and development costs are expensed as incurred and consist primarily of personnel costs, including salaries, bonuses and benefits and stock-based compensation. Research and development costs also include amortization associated with acquired finite-lived intangible assets and allocated overhead. |
Advertising | Advertising costs are expensed as incurred, or the first time the advertising takes place, based on the nature of the advertising and include direct marketing, events, public relations, sales collateral materials and partner programs. |
Stock-Based Compensation | Compensation expense related to stock-based awards granted to employees and non-employees is calculated based on the fair value of stock-based awards on the date of grant. For restricted stock units, fair value is based on the closing price of the Company’s Class A common stock on the grant date. For stock options and purchase rights issued to employees under the 2017 Employee Stock Purchase Plan (“2017 ESPP”), the Company determines the grant date fair value using the Black-Scholes option-pricing model. This option-pricing model requires the use of assumptions, which are subjective and generally requires significant judgment to determine. The assumptions for the option-pricing model were determined as follows: i. 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 purchase rights granted under the 2017 ESPP, the expected term represents the offering period. ii. Expected Volatility. Since the Company had limited trading history of its common stock, the expected volatility for its stock option grants was derived from the average historical stock volatilities of several unrelated public companies within the Company’s industry that the Company considered to be comparable to its own business over a period equivalent to the expected term of the stock option grants. For purchase rights granted under the 2017 ESPP, the volatility is derived from the historical volatility of the Company’s Class A common stock. iii. 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 and 2017 ESPP offering period. iv. 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 Company’s stock price volatility and expected option life involve management's best estimates, both of which impact the fair value estimated under the Black-Scholes option-pricing model and, ultimately, the expense that will be recognized. The Company recognizes the related stock-based compensation expense for restricted stock units and stock options on a straight-line basis over the employee’s requisite service period, which is generally four years. The Company has elected to account for forfeitures as they occur. The Company recognizes the stock-based compensation expense related to the 2017 Employee Stock Purchase Plan on a straight-line basis over the offering period. |
Net Loss Per Share | The Company calculates basic net loss per share 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 is computed by giving effect to all potentially dilutive securities outstanding for the period, including stock options, restricted stock units and convertible senior notes. The Company calculates basic net loss per share by dividing the net loss by the weighted-average number of shares of common stock outstanding during the year, less shares subject to repurchase. Diluted net loss per share is computed by giving effect to all potentially dilutive common shares outstanding for the period, including stock options and restricted stock units. Refer to Note 2, Summary of Significant Accounting Policies , for further details on the Company’s methodology for calculating net loss per share. Basic and diluted net loss per share was the same for each year presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive due to the net loss reported for each year presented. For periods in which there were Class B shares outstanding, the rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock were identical, except with respect to voting. Each share of Class A common stock was and is entitled to one vote per share and each share of Class B common stock was entitled to ten votes per share. As the liquidation and dividend rights were identical for Class A and Class B common stock, the undistributed earnings were allocated on a proportionate basis and the resulting net loss per share would, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. |
Segment Information | The Company has one operating and reportable segment as the Company’s chief operating decision maker, the Company’s Chief Executive Officer, reviews financial information on an aggregate and consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, all required segment information can be found in the consolidated financial statements. |
Income Taxes | The Company follows the asset and liability method of accounting for income taxes. This method requires recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. Valuation allowances are established when necessary to reduce the deferred tax assets to the amount the Company believes is more likely than not to be realized. The Company recognizes the tax benefit from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest benefit that is more likely than not of being realized upon ultimate settlement. The Company recognizes interest and penalties on amounts due to taxing authorities as a component of other income (expense), net. The calculation of the Company’s tax obligations involves dealing with uncertainties in the application of complex tax laws and regulations. ASC 740, Income Taxes , provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. The Company has assessed its income tax positions and recorded tax benefits for all years subject to examination, based upon the Company’s evaluation of the facts, circumstances and information available at each period end. For those tax positions where the Company has determined there is a greater than 50% likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is determined there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit has been recognized. |
Related Party Transactions | All contracts with related parties are executed in the ordinary course of business. |
Recently Adopted and New Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements Convertible Senior Notes. In August 2020, the FASB ASU 2020-06. The new standard simplifies the accounting for convertible instruments by eliminating the conversion option separation model for convertible debt that can be settled in cash and by eliminating the measurement model for beneficial conversion features. Convertible instruments that continue to be subject to separation models are (1) those with conversion options that are required to be accounted for as bifurcated derivatives and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. Additionally, among other changes, the new guidance eliminates some of the conditions for equity classification for contracts in an entity’s own equity, thereby making it easier for equity contracts to qualify for the derivative scope exception. The new standard also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. The Company early adopted ASU 2020-06 as of February 1, 2021 using the modified retrospective transition method. Refer to Convertible Senior Notes section in this Note 2, Summary of Significant Accounting Policies , for more information on the impact from the adoption of ASU 2020-06 on the Company’s consolidated financial statements. Income Taxes. In December 2019, the FASB issued ASU 2019-12— Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application and simplification of GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted ASU 2019-12 effective February 1, 2021 and the adoption of this standard did not have a material impact on the Company’s consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Accounting Policies [Abstract] | |
Property, plant and equipment | Property and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives: Property and Equipment Estimated Useful Life Computer and office equipment Two to three years Purchased software Two years Servers Three years Furniture and fixtures Five years Website costs Three years Leasehold improvements Lesser of estimated useful life or remaining lease term Property and equipment, net consists of the following (in thousands): January 31, 2022 January 31, 2021 Servers $ 1,044 $ 1,262 Furniture and fixtures 2,903 2,955 Computer and office equipment 2,446 363 Purchased software 985 985 Leasehold improvements 30,070 29,080 Website costs 969 — Construction in process 4,562 227 Finance lease right-of-use assets 31,463 35,437 Total property and equipment 74,442 70,309 Less: accumulated depreciation and amortization (11,817) (7,945) Property and equipment, net $ 62,625 $ 62,364 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
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 that have been measured at fair value on a recurring basis as of January 31, 2022 and 2021 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Fair Value at January 31, 2022 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 331,221 $ — $ — $ 331,221 Short-term investments: U.S. government treasury securities 1,352,019 — — 1,352,019 Total financial assets $ 1,683,240 $ — $ — $ 1,683,240 Fair Value at January 31, 2021 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 330,109 $ — $ — $ 330,109 Short-term investments: U.S. government treasury securities 528,045 — — 528,045 Total financial assets $ 858,154 $ — $ — $ 858,154 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives: Property and Equipment Estimated Useful Life Computer and office equipment Two to three years Purchased software Two years Servers Three years Furniture and fixtures Five years Website costs Three years Leasehold improvements Lesser of estimated useful life or remaining lease term Property and equipment, net consists of the following (in thousands): January 31, 2022 January 31, 2021 Servers $ 1,044 $ 1,262 Furniture and fixtures 2,903 2,955 Computer and office equipment 2,446 363 Purchased software 985 985 Leasehold improvements 30,070 29,080 Website costs 969 — Construction in process 4,562 227 Finance lease right-of-use assets 31,463 35,437 Total property and equipment 74,442 70,309 Less: accumulated depreciation and amortization (11,817) (7,945) Property and equipment, net $ 62,625 $ 62,364 |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets, Net (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The following table summarizes the changes in the carrying amount of goodwill during the periods presented (in thousands): January 31, 2022 January 31, 2021 Balance, beginning of the year $ 55,830 $ 55,830 Increase in goodwill related to business combinations 1,945 — Balance, end of the year $ 57,775 $ 55,830 |
Gross carrying amount and accumulated amortization of intangible assets | The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows (in thousands): January 31, 2022 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Developed technology $ 38,100 $ (22,982) $ 15,118 2.6 Customer relationships 15,200 (9,710) 5,490 1.8 Total $ 53,300 $ (32,692) $ 20,608 January 31, 2021 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Developed technology $ 34,700 $ (16,955) $ 17,745 3.3 Customer relationships 15,200 (6,670) 8,530 2.8 Total $ 49,900 $ (23,625) $ 26,275 |
Future amortization expense related to intangible assets | As of January 31, 2022, future amortization expense related to the intangible assets is as follows (in thousands): Years Ending January 31, 2023 $ 9,180 2024 8,505 2025 2,130 2026 680 2027 113 Total $ 20,608 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Debt Disclosure [Abstract] | |
Convertible debt schedules | The net carrying amount of the liability component of the 2024 Notes immediately prior to the repurchase was as follows (in thousands): January 14, 2020 2024 Notes Total 2024 Notes Principal $ 300,000 $ 209,998 Unamortized debt discount (65,366) (45,756) Unamortized debt issuance costs (5,175) (3,623) Net carrying amount $ 229,459 $ 160,619 The 2024 Notes Partial Repurchase resulted in a loss of early extinguishment of debt calculated as follows (in thousands): January 14, 2020 Cash consideration allocated to the liability component $ 175,141 Less: Net carrying amount of the liability component associated with the 2024 Notes Partial Repurchase (160,619) Loss from 2024 Notes Partial Repurchase $ 14,522 The net carrying amounts of the liability component of the 2024 Notes and 2026 Notes were as follows for the periods presented (in thousands): January 31, 2022 January 31, 2021 2024 Notes (1) 2026 Notes 2024 Notes 2026 Notes Principal $ — $ 1,149,988 $ 90,000 $ 1,150,000 Unamortized debt discount (2) — — (15,459) (249,907) Unamortized debt issuance costs — (13,467) (1,265) (13,174) Net carrying amount (2) $ — $ 1,136,521 $ 73,276 $ 886,919 (1) The 2024 Notes were fully converted as of December 3, 2021, following the Redemption Notice. (2) The net carrying amount was increased on February 1, 2021, as a result of the adoption of ASU 2020-06. Refer also to Note 2. Summary of Significant Accounting Policies for further information. |
Interest expense related to Notes | The following table sets forth the interest expense related to the 2024 Notes and 2026 Notes for the periods presented (in thousands): January 31, 2022 January 31, 2021 January 31, 2020 2024 Notes 2026 Notes 2024 Notes 2026 Notes 2024 Notes 2026 Notes Contractual interest expense $ 168 $ 2,876 $ 675 $ 2,875 $ 2,178 $ 136 Amortization of debt discount (1) — — 3,976 43,026 12,021 1,977 Amortization of issuance costs (1) 647 3,358 276 1,851 767 82 Total $ 815 $ 6,234 $ 4,927 $ 47,752 $ 14,966 $ 2,195 (1) The decrease in total interest expense for the year ended January 31, 2022, as compared to the respective prior year was due to the derecognition of the unamortized debt discount, partially offset by the increase in the amortization of issuance costs previously recognized in equity. These changes were the result of the Company’s adoption of ASU 2020-06, as of February 1, 2021, as described in Note 2, Summary of Significant Accounting Policies . |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Leases [Abstract] | |
Lease Costs and Supplemental Information | The components of the Company’s lease costs included in its consolidated statement of operations were as follows (in thousands): Years Ended January 31, 2022 2021 Finance lease cost: Amortization of finance lease right-of-use assets $ 3,974 $ 3,975 Interest on finance lease liabilities 3,173 3,440 Operating lease cost 8,856 8,293 Short-term lease cost 1,207 2,339 Total lease cost $ 17,210 $ 18,047 The following table presents supplemental information related to the Company’s finance and operating leases (in thousands, except weighted-average information): Years Ended January 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance lease $ 3,173 $ 3,440 Operating cash flows from operating leases 8,846 5,895 Financing cash flows from finance lease 5,572 4,633 Right-of-use assets obtained in exchange for lease obligations: Operating leases 14,434 30,805 Weighted-average remaining lease term (in years): Finance lease 7.9 8.9 Operating leases 7.0 7.9 Weighted-average discount rate: Finance lease 5.6 % 5.6 % Operating leases 4.2 % 4.5 % |
Balance Sheet Components | The balances of the Company’s finance and operating leases were recorded on the consolidated balance sheet as follows (in thousands): Years Ended January 31, 2022 2021 Finance Lease: Property and equipment, net $ 31,463 $ 35,437 Other accrued liabilities (current) 4,511 4,900 Other liabilities, non-current 49,173 54,356 Operating Leases: Operating lease right-of-use assets $ 41,745 $ 34,587 Operating lease liabilities (current) 8,084 2,343 Operating lease liabilities, non-current 38,707 39,095 |
Maturities of Lease Liabilities | Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of January 31, 2022 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases 2023 $ 7,401 $ 9,857 2024 8,073 9,090 2025 8,445 7,400 2026 8,711 5,983 2027 8,711 4,793 Thereafter 25,408 17,274 Total minimum payments 66,749 54,397 Less imputed interest (13,065) (7,606) Present value of future minimum lease payments 53,684 46,791 Less current obligations under leases (4,511) (8,084) Non-current lease obligations $ 49,173 $ 38,707 |
Finance Lease, Liability, Maturity | Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of January 31, 2022 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases 2023 $ 7,401 $ 9,857 2024 8,073 9,090 2025 8,445 7,400 2026 8,711 5,983 2027 8,711 4,793 Thereafter 25,408 17,274 Total minimum payments 66,749 54,397 Less imputed interest (13,065) (7,606) Present value of future minimum lease payments 53,684 46,791 Less current obligations under leases (4,511) (8,084) Non-current lease obligations $ 49,173 $ 38,707 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of other commitments | The following table includes certain non-cancelable agreements primarily for subscription, marketing services and cloud infrastructure capacity commitments entered into by the Company (in thousands): Year Ending January 31, Other Obligations 2023 $ 188,039 2024 192,659 2025 227,233 2026 235,243 2027 205,000 Thereafter 215000 Total minimum payments $ 1,263,174 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | The following table presents the Company’s revenues disaggregated by primary geographical markets, subscription product categories and services (in thousands): Years Ended January 31, 2022 2021 2020 Primary geographical markets: Americas $ 527,081 $ 361,351 $ 272,358 EMEA 257,846 177,448 118,660 Asia Pacific 88,855 51,581 30,702 Total $ 873,782 $ 590,380 $ 421,720 Subscription product categories and services: MongoDB Atlas-related $ 492,287 $ 270,805 $ 162,510 Other subscription 349,760 294,544 237,316 Services 31,735 25,031 21,894 Total $ 873,782 $ 590,380 $ 421,720 |
Changes in allowance for doubtful accounts | The following is a summary of the changes in the Company’s allowance for doubtful accounts (in thousands): Allowance for Doubtful Accounts Balance at January 31, 2021 $ 6,024 Provision 4,749 Recoveries/write-offs (5,807) Balance at January 31, 2022 $ 4,966 The allowance for doubtful accounts as of January 31, 2021 reflected uncertainty around collections due to potential financial difficulties by the Company's customers as a result of the COVID-19 pandemic and associated global economic uncertainty. Based on collections during the year ended January 31, 2022, the Company has adjusted its estimates, which resulted in a lower allowance for doubtful accounts as of January 31, 2022. |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock option activity | The following table summarizes stock option activity for the periods presented (in thousands, except share and per share data and years): Options Outstanding Shares Weighted- Weighted- Aggregate Balance - January 31, 2020 6,178,999 $ 7.60 5.7 $ 965,860 Options exercised (2,218,661) 7.70 Options forfeited and expired (78,793) 9.30 Balance - January 31, 2021 3,881,545 7.50 4.8 1,405,540 Options exercised (1,279,669) 7.57 Options forfeited and expired (9,982) 10.95 Balance - January 31, 2022 2,591,894 $ 7.46 3.9 $ 1,030,680 Options vested and exercisable - January 31, 2021 3,566,091 $ 7.22 4.7 $ 1,292,303 Options vested and exercisable - January 31, 2022 2,591,894 $ 7.46 3.9 $ 1,030,680 Stock options vested and expected to vest - January 31, 2022 2,591,894 $ 7.46 3.9 $ 1,030,680 |
Schedule of RSU activity | The following table summarizes RSU activity for the years ended January 31, 2022 and 2021: Shares Weighted-Average Grant Date Fair Value per RSU Unvested - January 31, 2020 3,281,431 $ 102.30 RSUs granted 1,785,498 178.60 RSUs vested (1,163,259) 102.23 RSUs forfeited and canceled (430,158) 117.35 Unvested - January 31, 2021 3,473,512 139.68 RSUs granted 1,578,721 405.46 RSUs vested (1,437,133) 149.47 RSUs forfeited and canceled (388,341) 193.77 Unvested - January 31, 2022 3,226,759 $ 258.85 |
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: Years Ended January 31, 2022 2021 2020 Expected term (in years) 0.50 0.50 - 0.54 0.49 - 0.54 Expected volatility 56% - 61% 47% - 64% 42% - 48% Risk-free interest rate 0.06% - 0.13% 0.09% - 0.19% 1.6% - 2.2% Dividend yield —% —% —% |
Schedule of stock-based compensation expense recognized in consolidated statements of operations | Total stock-based compensation expense recognized in the Company’s consolidated statements of operations is as follows (in thousands): Years Ended January 31, 2022 2021 2020 Cost of revenue—subscription $ 14,387 $ 8,970 $ 4,996 Cost of revenue—services 6,325 4,953 3,047 Sales and marketing 91,947 54,632 26,640 Research and development 104,335 57,611 26,686 General and administrative 34,075 23,147 14,407 Total stock-based compensation expense $ 251,069 $ 149,313 $ 75,776 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
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 (in thousands, except share and per share data): Years Ended January 31, 2022 2021 2020 Numerator: Net loss $ (306,866) $ (266,944) $ (175,522) Denominator: Weighted-average shares used to compute net loss per share, basic and diluted 64,563,032 58,984,604 55,939,032 Net loss per share, basic and diluted $ (4.75) $ (4.53) $ (3.14) |
Schedule of antidilutive securities excluded from computation of earnings per share | The following weighted-average outstanding potentially dilutive shares of common stock were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been anti-dilutive: Years Ended January 31, 2022 2021 2020 Stock options pursuant to the 2016 Equity Incentive Plan 778,172 1,340,476 2,145,462 Stock options pursuant to the 2008 Stock Incentive Plan (previously options to purchase Class B common stock) 2,391,439 3,759,063 5,076,831 Unvested restricted stock units 3,680,895 3,864,504 2,914,575 Early exercised stock options 102 5,032 29,532 Shares underlying the conversion option of the 2024 Notes (conversion spread only prior to the adoption of ASU 2020-06) 231,637 889,755 2,112,279 Shares underlying the conversion option of the 2026 Notes (conversion spread only prior to the adoption of ASU 2020-06) 5,445,107 450,869 — Total 12,527,352 10,309,699 12,278,679 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of loss before provision for income taxes | The components of loss before provision for (benefit from) income taxes were as follows (in thousands): Years Ended January 31, 2022 2021 2020 United States $ (161,502) $ (159,331) $ (117,943) Foreign (141,387) (103,362) (58,235) Total $ (302,889) $ (262,693) $ (176,178) |
Components of the provision for income taxes | The components of the provision for (benefit from) income taxes were as follows (in thousands): Years Ended January 31, 2022 2021 2020 Current: Federal $ 426 $ 215 $ 372 State 80 171 236 Foreign 6,005 4,229 2,028 Total 6,511 4,615 2,636 Deferred: Federal (1,574) 5 (2,534) State 6 10 (1,336) Foreign (966) (379) 578 Total (2,534) (364) (3,292) Provision for (benefit from) income taxes $ 3,977 $ 4,251 $ (656) |
Schedule of effective income tax rate reconciliation | The items accounting for the difference between income taxes computed at the federal statutory income tax rate and the provision for (benefit from) income taxes consisted of the following (in thousands): Years Ended January 31, 2022 2021 2020 Income tax benefit at statutory rate $ (63,606) $ (55,165) $ (36,997) State taxes, net of federal benefit 68 143 298 Impact of foreign income taxes 34,730 25,569 5,376 Foreign branch income included in the United States 1,175 297 — Stock-based compensation (138,842) (107,800) (41,800) Non-deductible expenses 2,200 991 2,114 Officer compensation in excess of $1 million 9,117 — — Change in valuation allowance 175,664 157,822 72,263 Research and development credits (14,932) (18,197) (1,899) Foreign tax credit (2,470) (711) — Foreign withholding tax expense 426 215 — Prior year true ups 447 1,100 59 Other — (13) (70) Provision for (benefit from) income taxes $ 3,977 $ 4,251 $ (656) |
Components of deferred tax assets for federal and state income taxes | Significant components of the Company’s deferred tax assets are shown in the following table as of January 31, 2022 and 2021, respectively (in thousands): Years Ended January 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 636,011 $ 416,887 Deferred revenue 64,765 36,467 Finance and operating lease liabilities 23,500 23,184 Other reserves 23,460 18,020 Gross deferred tax assets 747,736 494,558 Valuation allowance (677,283) (374,790) Total deferred tax assets, net of valuation allowance 70,453 119,768 Deferred tax liabilities: Finance and operating lease right-of-use assets (16,765) (15,907) Convertible senior notes — (68,877) Deferred commission (43,063) (25,605) Other liabilities and accruals (8,767) (9,155) Total deferred tax liabilities (68,595) (119,544) Net deferred tax assets $ 1,858 $ 224 |
Summary of activity within unrecognized gross tax benefits | The following table summarizes the changes in the Company’s unrecognized gross tax benefits during the periods presented (in thousands): Years Ended January 31, 2022 2021 2020 Unrecognized tax benefits at beginning of year $ 17,484 $ 5,290 $ 4,603 Increase (decrease) in tax positions in prior years (1,894) 6,059 53 Additions based on tax positions in the current year 7,108 6,135 634 Unrecognized tax benefits at end of year $ 22,698 $ 17,484 $ 5,290 |
Organization and Description _2
Organization and Description of Business (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 29, 2021 | Jul. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | Jun. 11, 2020 |
Class of Stock [Line Items] | ||||||
Shares issued, price per share (in dollars per share) | $ 365 | |||||
Proceeds from issuance of common stock, net of issuance costs | $ 889,184 | $ 0 | $ 0 | |||
Offering expenses | $ 22,700 | |||||
2021 Common Stock Offering | ||||||
Class of Stock [Line Items] | ||||||
Professional Fees | 600 | |||||
Class A Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock, net of issuance costs (in shares) | 2,500,000 | 2,500,000 | ||||
Additional Paid-In Capital | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from issuance of common stock, net of issuance costs | $ 889,200 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Marketable Securities (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Accounting Policies [Abstract] | |||
Impairment charges | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Millions | Jan. 31, 2022 | Jan. 31, 2021 |
Accounting Policies [Abstract] | ||
Restricted cash | $ 0.5 | $ 0.5 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Non-Marketable Securities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Payments to acquire non-marketable securities | $ 4.3 | $ 0.5 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment Useful Lives (Details) | 12 Months Ended |
Jan. 31, 2022 | |
Servers | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Purchased software | |
Property, Plant and Equipment [Line Items] | |
Useful life | 2 years |
Website costs | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Long-Lived Assets, Including Goodwill and Other Acquired Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Accounting Policies [Abstract] | |||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Revenue Recognition (Details) | 12 Months Ended |
Jan. 31, 2022revenue_source | |
Accounting Policies [Abstract] | |
Number of revenue sources | 2 |
Capitalized contract cost, amortization period | 5 years |
Typical payment term period | 30 days |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Advertising (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Accounting Policies [Abstract] | |||
Advertising costs | $ 18 | $ 12.8 | $ 7.6 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Stock-Based Compensation (Details) | 12 Months Ended |
Jan. 31, 2022 | |
Accounting Policies [Abstract] | |
Award requisite service period | 4 years |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Segment Information (Details) | 12 Months Ended |
Jan. 31, 2022segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands | Feb. 01, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | Feb. 01, 2019 | Jan. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating lease right-of-use assets | $ 41,745 | $ 34,587 | ||||
Operating lease, liability | 46,791 | |||||
Property and equipment, net | 62,625 | 62,364 | ||||
Finance lease, right-of-use asset | 31,463 | 35,437 | ||||
Finance lease, liability | 53,684 | |||||
Cumulative effect adjustment | 666,700 | (5,033) | $ 82,858 | $ 264,566 | ||
Temporary equity, convertible senior notes | 0 | 4,714 | ||||
Convertible senior notes, net | 1,136,521 | 937,729 | ||||
Accounting Standards Update 2020-06 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Temporary equity, period increase (decrease) | $ 4,700 | |||||
Cumulative effect of accounting change | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect adjustment | (256,746) | (227) | (4,103) | |||
Accumulated Deficit | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect adjustment | (1,189,634) | (935,403) | (668,232) | (488,607) | ||
Accumulated Deficit | Accounting Standards Update 2020-06 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' equity, period increase (decrease) | 52,600 | |||||
Accumulated Deficit | Cumulative effect of accounting change | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect adjustment | 52,635 | (227) | $ (4,100) | (4,103) | ||
Additional Paid-In Capital | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect adjustment | $ 1,860,514 | 932,332 | $ 752,127 | $ 754,612 | ||
Additional Paid-In Capital | Accounting Standards Update 2020-06 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' equity, period increase (decrease) | $ 309,400 | |||||
Additional Paid-In Capital | Cumulative effect of accounting change | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect adjustment | $ (309,381) |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Short-term investments: | ||
Total financial assets | $ 1,683,240 | $ 858,154 |
Level 1 | ||
Short-term investments: | ||
Total financial assets | 1,683,240 | 858,154 |
Level 2 | ||
Short-term investments: | ||
Total financial assets | 0 | 0 |
Level 3 | ||
Short-term investments: | ||
Total financial assets | 0 | 0 |
U.S. government treasury securities | ||
Short-term investments: | ||
U.S. government treasury securities | 1,352,019 | 528,045 |
U.S. government treasury securities | Level 1 | ||
Short-term investments: | ||
U.S. government treasury securities | 1,352,019 | 528,045 |
U.S. government treasury securities | Level 2 | ||
Short-term investments: | ||
U.S. government treasury securities | 0 | 0 |
U.S. government treasury securities | Level 3 | ||
Short-term investments: | ||
U.S. government treasury securities | 0 | 0 |
Money market funds | ||
Cash and cash equivalents: | ||
Money market funds | 331,221 | 330,109 |
Money market funds | Level 1 | ||
Cash and cash equivalents: | ||
Money market funds | 331,221 | 330,109 |
Money market funds | Level 2 | ||
Cash and cash equivalents: | ||
Money market funds | 0 | 0 |
Money market funds | Level 3 | ||
Cash and cash equivalents: | ||
Money market funds | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable equity securities | $ 147,494,000 | $ 85,555,000 |
Non marketable securities, adjustment | 0 | $ 0 |
Unrealized gain (loss) on securities | $ 3,400,000 | |
Class A Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Common stock, shares issued (in shares) | 67,543,731 | 60,997,822 |
Variable Interest Entity, Not Primary Beneficiary | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable equity securities | $ 4,800,000 | $ 500,000 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 74,442 | $ 70,309 |
Less: accumulated depreciation and amortization | (11,817) | (7,945) |
Property and equipment, net | 62,625 | 62,364 |
Servers | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,044 | 1,262 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 2,903 | 2,955 |
Computer and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 2,446 | 363 |
Purchased software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 985 | 985 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 30,070 | 29,080 |
Website costs | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 969 | 0 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 4,562 | 227 |
Finance lease right-of-use assets | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 31,463 | $ 35,437 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) ft² in Thousands, $ in Millions | 12 Months Ended | |||
Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($) | Jan. 31, 2020USD ($) | Dec. 31, 2019ft² | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization expense | $ 4.5 | $ 5.5 | $ 2.7 | |
Impairment charge | $ 2.1 | |||
Dublin Lease | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of leased space (in sq ft) | ft² | 40 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets, Net - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Goodwill [Roll Forward] | ||
Balance, beginning of the year | $ 55,830 | $ 55,830 |
Increase in goodwill related to business combinations | 1,945 | 0 |
Balance, end of the year | $ 57,775 | $ 55,830 |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 57,775 | $ 55,830 | $ 55,830 | |
Amortization of intangible assets | $ 9,100 | $ 8,500 | $ 10,100 | |
2021 Acquisition | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Cash consideration for acquisition | $ 9,000 | |||
Consideration transferred | 4,500 | |||
Post-combination compensation expense | 4,500 | |||
Goodwill | 1,900 | |||
Other tax expense (benefit) | 800 | |||
Developed technology | 2021 Acquisition | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Business acquisition, finite-lived intangibles | $ 3,400 | |||
Finite-lived intangible asset, useful life | 5 years |
Goodwill and Acquired Intangi_5
Goodwill and Acquired Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 53,300 | $ 49,900 |
Accumulated Amortization | (32,692) | (23,625) |
Net Book Value | 20,608 | 26,275 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 38,100 | 34,700 |
Accumulated Amortization | (22,982) | (16,955) |
Net Book Value | $ 15,118 | $ 17,745 |
Weighted average useful life | 2 years 7 months 6 days | 3 years 3 months 18 days |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 15,200 | $ 15,200 |
Accumulated Amortization | (9,710) | (6,670) |
Net Book Value | $ 5,490 | $ 8,530 |
Weighted average useful life | 1 year 9 months 18 days | 2 years 9 months 18 days |
Goodwill and Acquired Intangi_6
Goodwill and Acquired Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 9,180 | |
2024 | 8,505 | |
2025 | 2,130 | |
2026 | 680 | |
2027 | 113 | |
Net Book Value | $ 20,608 | $ 26,275 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Details) | Jan. 20, 2023day | Oct. 31, 2021USD ($)shares | Feb. 01, 2021USD ($) | Jan. 14, 2020USD ($) | Jan. 31, 2020USD ($) | Jul. 31, 2018USD ($)day | Jan. 31, 2022USD ($)day$ / shares | Jan. 31, 2022USD ($)day$ / sharesshares | Jan. 31, 2021USD ($) | Jan. 31, 2020USD ($) | Jul. 31, 2019USD ($)$ / shares | Jun. 30, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Proceeds from borrowings on convertible senior notes, net of issuance costs | $ 1,130,000,000 | $ 0 | $ 0 | $ 1,132,991,000 | ||||||||
Effective discount rate | 5.04% | |||||||||||
Convertible debt, conversion ratio | 4.7349 | 14.6738 | ||||||||||
Convertible debt, conversion ratio denominator | $ 1,000 | |||||||||||
Initial conversion price (in dollars per share) | $ / shares | $ 211.20 | $ 211.20 | $ 68.15 | |||||||||
Carrying amount of convertible debt equity component | $ 84,200,000 | |||||||||||
Accounting Standards Update 2020-06 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Temporary equity, period increase (decrease) | $ 4,700,000 | |||||||||||
Accumulated Deficit | Accounting Standards Update 2020-06 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stockholders' equity, period increase (decrease) | 52,600,000 | |||||||||||
Additional Paid-In Capital | Accounting Standards Update 2020-06 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stockholders' equity, period increase (decrease) | 309,400,000 | |||||||||||
2026 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | $ 1,136,521,000 | $ 1,136,521,000 | 886,919,000 | |||||||||
Debt issuance costs | 13,467,000 | 13,467,000 | 13,174,000 | |||||||||
Fair value of convertible debt | 2,200,000,000 | 2,200,000,000 | ||||||||||
2024 Notes Partial Repurchase | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | $ 160,619,000 | |||||||||||
Debt issuance costs | 3,623,000 | |||||||||||
2024 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face amount of debt | $ 1,900,000 | |||||||||||
Long-term debt | 229,459,000 | 0 | 0 | 73,276,000 | ||||||||
Debt issuance costs | 5,175,000 | $ 0 | $ 0 | $ 1,265,000 | ||||||||
Debt conversion, shares issued (in shares) | shares | 27,377 | |||||||||||
Redemption Period 1 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Consecutive threshold trading days | day | 30 | 30 | 30 | |||||||||
Threshold percentage of stock price trigger | 130.00% | 130.00% | 130.00% | |||||||||
Redemption Period 1 | Forecast | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Consecutive threshold trading days | day | 30 | |||||||||||
Threshold percentage of stock price trigger | 130.00% | |||||||||||
Redemption Period 1 | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Threshold trading days | day | 20 | 20 | 20 | |||||||||
Redemption Period 1 | Minimum | Forecast | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Threshold trading days | day | 20 | |||||||||||
Redemption Period 2 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Convertible debt, conversion ratio denominator | $ 1,000 | |||||||||||
Threshold trading days | day | 5 | |||||||||||
Consecutive threshold trading days | day | 5 | |||||||||||
Redemption Period 2 | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Trading price as a percentage of stock price and debt conversion rate | 98.00% | |||||||||||
Convertible Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face amount of debt | 90,000,000 | $ 50,000,000 | $ 250,000,000 | |||||||||
Interest rate | 0.75% | 0.75% | ||||||||||
Proceeds from borrowings on convertible senior notes, net of issuance costs | 479,200,000 | $ 291,100,000 | ||||||||||
Convertible debt, conversion ratio denominator | $ 100 | $ 100 | ||||||||||
Percentage of principal amount redeemed | 100.00% | 100.00% | ||||||||||
Debt issuance costs | $ 8,800,000 | |||||||||||
Effective interest rate | 7.03% | |||||||||||
Convertible Debt | Forecast | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of principal amount redeemed | 100.00% | |||||||||||
Convertible Debt | Accounting Standards Update 2020-06 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, increase (decrease), net | $ 261,500,000 | |||||||||||
Convertible Debt | 2026 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face amount of debt | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||||
Interest rate | 0.25% | 0.25% | ||||||||||
Carrying amount of convertible debt equity component | 294,900,000 | |||||||||||
Debt issuance costs | $ 20,300,000 | $ 20,300,000 | ||||||||||
Effective interest rate | 5.60% | 5.60% | ||||||||||
Net deferred tax liabilities | $ 700,000 | $ 700,000 | ||||||||||
Convertible Debt | Additional Convertible Senior Notes Due 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face amount of debt | 150,000,000 | 150,000,000 | ||||||||||
Convertible Debt | 2024 Notes Partial Repurchase | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face amount of debt | 210,000,000 | |||||||||||
Convertible Debt | Convertible Senior Notes, Liability Component | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from borrowings on convertible senior notes, net of issuance costs | 175,141,000 | |||||||||||
Debt issuance costs | $ 6,300,000 | |||||||||||
Convertible Debt | Convertible Senior Notes, Equity Component | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from borrowings on convertible senior notes, net of issuance costs | 303,900,000 | |||||||||||
Debt issuance costs | 2,500,000 | |||||||||||
Convertible Debt | Convertible Senior Notes, Interest Component | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from borrowings on convertible senior notes, net of issuance costs | $ 200,000 | |||||||||||
Convertible Debt | Convertible Senior Notes Due 2026, Liability Component | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt issuance costs | 15,100,000 | 15,100,000 | ||||||||||
Convertible Debt | Convertible Senior Notes Due 2026, Equity Component | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt issuance costs | 5,200,000 | 5,200,000 | ||||||||||
Convertible Debt | Convertible Notes Due 2024 and 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, redeemed amount | 90,000,000 | 90,000,000 | ||||||||||
Repayments of convertible senior notes attributable to principal | $ 27,600,000 | |||||||||||
Debt conversion, shares issued (in shares) | shares | 1,243,706 | |||||||||||
Equity | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Carrying amount of convertible debt equity component | $ 81,700,000 | |||||||||||
Equity | Convertible Debt | 2026 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Carrying amount of convertible debt equity component | $ 289,000,000 | $ 289,000,000 |
Convertible Senior Notes - Sche
Convertible Senior Notes - Schedule of Net Carrying Amount of the Liability Component of the Notes (Details) - USD ($) $ in Thousands | Jan. 14, 2020 | Jan. 31, 2020 | Jul. 31, 2018 | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | Jul. 31, 2019 |
Debt Instrument [Line Items] | |||||||
Proceeds from borrowings on convertible senior notes, net of issuance costs | $ 1,130,000 | $ 0 | $ 0 | $ 1,132,991 | |||
Less: Net carrying amount of the liability component associated with the 2024 Notes Partial Repurchase | $ (160,619) | ||||||
Loss from 2024 Notes Partial Repurchase | 14,522 | 0 | 0 | $ (14,522) | |||
Convertible Debt | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized debt issuance costs | $ (8,800) | ||||||
Proceeds from borrowings on convertible senior notes, net of issuance costs | 479,200 | $ 291,100 | |||||
2024 Notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal | 300,000 | 0 | 90,000 | ||||
Unamortized debt discount (2) | (65,366) | 0 | (15,459) | ||||
Unamortized debt issuance costs | (5,175) | 0 | (1,265) | ||||
Net carrying amount (2) | 229,459 | 0 | 73,276 | ||||
2024 Notes Partial Repurchase | |||||||
Debt Instrument [Line Items] | |||||||
Principal | 209,998 | ||||||
Unamortized debt discount (2) | (45,756) | ||||||
Unamortized debt issuance costs | (3,623) | ||||||
Net carrying amount (2) | 160,619 | ||||||
Convertible Senior Notes, Liability Component | Convertible Debt | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized debt issuance costs | $ (6,300) | ||||||
Proceeds from borrowings on convertible senior notes, net of issuance costs | $ 175,141 | ||||||
2026 Notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal | 1,149,988 | 1,150,000 | |||||
Unamortized debt discount (2) | 0 | (249,907) | |||||
Unamortized debt issuance costs | (13,467) | (13,174) | |||||
Net carrying amount (2) | 1,136,521 | $ 886,919 | |||||
2026 Notes | Convertible Debt | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized debt issuance costs | $ (20,300) |
Convertible Senior Notes - Sc_2
Convertible Senior Notes - Schedule of Interest Expense for the Notes (Details) - Convertible Debt - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
2024 Notes | |||
Debt Instrument [Line Items] | |||
Contractual interest expense | $ 168 | $ 675 | $ 2,178 |
Amortization of debt discount (1) | 0 | 3,976 | 12,021 |
Amortization of issuance costs (1) | 647 | 276 | 767 |
Total | 815 | 4,927 | 14,966 |
2026 Notes | |||
Debt Instrument [Line Items] | |||
Contractual interest expense | 2,876 | 2,875 | 136 |
Amortization of debt discount (1) | 0 | 43,026 | 1,977 |
Amortization of issuance costs (1) | 3,358 | 1,851 | 82 |
Total | $ 6,234 | $ 47,752 | $ 2,195 |
Convertible Senior Notes - Capp
Convertible Senior Notes - Capped Calls (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 1 Months Ended | 2 Months Ended | 12 Months Ended |
Jan. 31, 2020 | Jul. 31, 2018 | Jan. 31, 2020 | |
Option Indexed to Issuer's Equity [Line Items] | |||
Purchase of capped calls | $ 37,100 | $ 303,929 | |
Capped Calls | |||
Option Indexed to Issuer's Equity [Line Items] | |||
Strike price (in dollars per share) | $ 68.15 | ||
Cap price (in dollars per share) | $ 106.90 | ||
Capped Calls | Class A Common Stock | |||
Option Indexed to Issuer's Equity [Line Items] | |||
Underlying capped calls (in shares) | 4.4 | ||
Convertible Debt | 2026 Notes | |||
Option Indexed to Issuer's Equity [Line Items] | |||
Strike price (in dollars per share) | $ 211.20 | ||
Cap price (in dollars per share) | $ 296.42 | ||
Underlying capped calls (in shares) | 5.4 | ||
Purchase of capped calls | $ 93,800 |
Leases - Narrative (Details)
Leases - Narrative (Details) ft² in Thousands, $ in Thousands | Jan. 31, 2022USD ($)ft² | Jan. 31, 2021USD ($) | Jan. 31, 2020USD ($) | Feb. 01, 2019USD ($) | Jan. 31, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |||||
Total minimum payments | $ 66,749 | ||||
Finance lease, right-of-use asset | 31,463 | $ 35,437 | |||
Finance lease, liability | 53,684 | ||||
Cumulative effect adjustment | 666,700 | (5,033) | $ 82,858 | $ 264,566 | |
Cumulative effect of accounting change | |||||
Lessee, Lease, Description [Line Items] | |||||
Cumulative effect adjustment | (256,746) | (227) | (4,103) | ||
Accumulated Deficit | |||||
Lessee, Lease, Description [Line Items] | |||||
Cumulative effect adjustment | $ (1,189,634) | (935,403) | (668,232) | (488,607) | |
Accumulated Deficit | Cumulative effect of accounting change | |||||
Lessee, Lease, Description [Line Items] | |||||
Cumulative effect adjustment | $ 52,635 | $ (227) | $ (4,100) | $ (4,103) | |
ASC 842 | |||||
Lessee, Lease, Description [Line Items] | |||||
Finance lease, right-of-use asset | 43,400 | ||||
Finance lease, liability | 64,000 | ||||
Deferred rent liability | $ 1,900 | ||||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, lease, term of contract | 1 year | ||||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, lease, term of contract | 12 years | ||||
Palo Alto | |||||
Lessee, Lease, Description [Line Items] | |||||
Area of leased space (in sq ft) | ft² | 16 | ||||
Term of lease | 8 years | ||||
Renewal option term | 5 years | ||||
Lease not yet commenced, estimated base rent payments | $ 14,200 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Finance lease cost: | |||
Amortization of finance lease right-of-use assets | $ 3,974 | $ 3,975 | $ 3,976 |
Interest on finance lease liabilities | 3,173 | 3,440 | |
Operating lease cost | 8,856 | 8,293 | |
Short-term lease cost | 1,207 | 2,339 | |
Total lease cost | $ 17,210 | $ 18,047 |
Leases - Balance Sheet Componen
Leases - Balance Sheet Components (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Finance Lease: | ||
Property and equipment, net | $ 31,463 | $ 35,437 |
Other accrued liabilities (current) | 4,511 | 4,900 |
Other liabilities, non-current | 49,173 | 54,356 |
Operating Leases: | ||
Operating lease right-of-use assets | 41,745 | 34,587 |
Operating lease liabilities (current) | 8,084 | 2,343 |
Operating lease liabilities, non-current | $ 38,707 | $ 39,095 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other accrued liabilities | Other accrued liabilities |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities, non-current | Other liabilities, non-current |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Leases - Supplemental Informati
Leases - Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from finance lease | $ 3,173 | $ 3,440 | |
Operating cash flows from operating leases | 8,846 | 5,895 | |
Financing cash flows from finance lease | 5,572 | 4,633 | $ 1,915 |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | $ 14,434 | $ 30,805 | |
Weighted-average remaining lease term (in years): | |||
Finance lease | 7 years 10 months 24 days | 8 years 10 months 24 days | |
Operating leases | 7 years | 7 years 10 months 24 days | |
Weighted-average discount rate: | |||
Finance lease | 5.60% | 5.60% | |
Operating leases | 4.20% | 4.50% |
Leases - Lease Maturities (Deta
Leases - Lease Maturities (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Finance Lease | ||
2023 | $ 7,401 | |
2024 | 8,073 | |
2025 | 8,445 | |
2026 | 8,711 | |
2027 | 8,711 | |
Thereafter | 25,408 | |
Total minimum payments | 66,749 | |
Less imputed interest | $ (13,065) | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities, non-current | |
Present value of future minimum lease payments | $ 53,684 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other accrued liabilities | Other accrued liabilities |
Less current obligations under leases | $ (4,511) | $ (4,900) |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities, non-current | Other liabilities, non-current |
Non-current lease obligations | $ 49,173 | $ 54,356 |
Operating Leases | ||
2023 | 9,857 | |
2024 | 9,090 | |
2025 | 7,400 | |
2026 | 5,983 | |
2027 | 4,793 | |
Thereafter | 17,274 | |
Total minimum payments | 54,397 | |
Less imputed interest | (7,606) | |
Present value of future minimum lease payments | 46,791 | |
Less current obligations under leases | (8,084) | (2,343) |
Operating lease liabilities, non-current | $ 38,707 | $ 39,095 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Financing and Operating Leases and Other Non-Cancellable Agreements (Details) $ in Thousands | Jan. 31, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 188,039 |
2024 | 192,659 |
2025 | 227,233 |
2026 | 235,243 |
2027 | 205,000 |
Thereafter | 215,000 |
Total minimum payments | $ 1,263,174 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Other Commitments [Line Items] | ||
Other Commitment | $ 1,263,174,000 | |
Accrual for contingencies | 0 | $ 0 |
Line of Credit | Letter of Credit | ||
Other Commitments [Line Items] | ||
Maximum borrowing capacity | 1,400,000 | |
Long-term debt | 0 | |
Partnership Arrangement | ||
Other Commitments [Line Items] | ||
Other Commitment | $ 1,100,000,000 | |
Commitment period | 6 years |
Stockholders_ Equity (Deficit)
Stockholders’ Equity (Deficit) (Details) | Jun. 10, 2020class_of_stockshares | Jan. 31, 2022vote$ / sharesshares | Jun. 29, 2021$ / shares | Jan. 31, 2021shares | Jun. 11, 2020$ / sharesshares |
Class of Stock [Line Items] | |||||
Reduction of shares (in shares) | 100,000,000 | ||||
Number of class of common stock | class_of_stock | 2 | ||||
Class B Common Stock | |||||
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||
Percent of aggregate number of shares | 10.00% | ||||
Number of votes | 10 | 10 | |||
Period of automatic conversion after death of founder | 9 months | ||||
Percent of outstanding stock | 10.00% | ||||
Class A Common Stock | |||||
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||
Number of votes | 1 | 1 | |||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | |||
Common stock, shares issued (in shares) | 67,543,731 | 60,997,822 | |||
Common stock, shares outstanding (in shares) | 67,444,360 | 60,898,451 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Total | $ 873,782 | $ 590,380 | $ 421,720 |
MongoDB Atlas-related | |||
Disaggregation of Revenue [Line Items] | |||
Total | 492,287 | 270,805 | 162,510 |
Other subscription | |||
Disaggregation of Revenue [Line Items] | |||
Total | 349,760 | 294,544 | 237,316 |
Services | |||
Disaggregation of Revenue [Line Items] | |||
Total | 31,735 | 25,031 | 21,894 |
Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total | 527,081 | 361,351 | 272,358 |
EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Total | 257,846 | 177,448 | 118,660 |
Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total | $ 88,855 | $ 51,581 | $ 30,702 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Geographic Concentration Risk | Revenue from Contract with Customer | United States | |||
Disaggregation of Revenue [Abstract] | |||
Concentration risk, percentage | 54.00% | 56.00% | 59.00% |
Revenue - Contract Liabilities
Revenue - Contract Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Contract with customer, liability | $ 375.2 | $ 238 | $ 190.8 |
Deferred revenue, percent | 23.00% | 28.00% |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligations (Details) $ in Millions | Jan. 31, 2022USD ($) |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, amount | $ 387 |
Remaining performance obligation, percentage | 56.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Disaggregation of Revenue [Line Items] | |
Performance obligation, expected timing of satisfaction, period | 12 months |
Revenue - Unbilled Receivables
Revenue - Unbilled Receivables (Details) - USD ($) $ in Millions | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 |
Revenue from Contract with Customer [Abstract] | |||
Unbilled Receivables | $ 6.1 | $ 5.7 | $ 6.7 |
Revenue - Allowance for Doubtfu
Revenue - Allowance for Doubtful Accounts (Details) $ in Thousands | 12 Months Ended |
Jan. 31, 2022USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Balance at January 31, 2021 | $ 6,024 |
Provision | 4,749 |
Recoveries/write-offs | (5,807) |
Balance at January 31, 2022 | $ 4,966 |
Revenue - Costs Capitalized to
Revenue - Costs Capitalized to Obtain Contracts with Customers (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Capitalized contract costs | $ 203,300,000 | $ 118,600,000 | |
Capitalized contract cost, amortization | 49,100,000 | 28,600,000 | $ 19,400,000 |
Impairment loss for capitalized costs | $ 0 | $ 0 | $ 0 |
Equity Incentive Plans - 2008 a
Equity Incentive Plans - 2008 and 2016 Stock Plan (Details) - shares shares in Millions | 1 Months Ended | 12 Months Ended |
Apr. 30, 2020 | Jan. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for issuance, period increase (in shares) | 3 | |
Number of shares available for grant (in shares) | 10.5 | |
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] | ||
Award vesting period | 1 year | |
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% | |
25 to 36 Months | Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 36 months | |
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 | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Shares | |||
Balance - beginning of period (in shares) | 3,881,545 | 6,178,999 | |
Options exercised (in shares) | (1,279,669) | (2,218,661) | |
Options forfeited and expired (in shares) | (9,982) | (78,793) | |
Balance - end of period (in shares) | 2,591,894 | 3,881,545 | 6,178,999 |
Weighted- Average Exercise Price Per Share | |||
Balance - beginning of period (in dollars per share) | $ 7.50 | $ 7.60 | |
Options exercised (in dollars per share) | 7.57 | 7.70 | |
Options forfeited and expired (in dollars per share) | 10.95 | 9.30 | |
Balance - end of period (in dollars per share) | $ 7.46 | $ 7.50 | $ 7.60 |
Options vested and exercisable (in shares) | 2,591,894 | 3,566,091 | |
Options vested and exercisable - Stock options vested and expected to vest (in shares) | 2,591,894 | ||
Options vested and exercisable (in dollars per share) | $ 7.46 | $ 7.22 | |
Options vested and exercisable - Stock options vested and expected to vest (in dollars per share) | $ 7.46 | ||
Weighted- Average Remaining Contractual Term (In Years) | |||
Balance | 3 years 10 months 24 days | 4 years 9 months 18 days | 5 years 8 months 12 days |
Options vested and exercisable | 3 years 10 months 24 days | 4 years 8 months 12 days | |
Stock options vested and expected to vest | 3 years 10 months 24 days | ||
Aggregate Intrinsic Value | |||
Balance | $ 1,030,680 | $ 1,405,540 | $ 965,860 |
Options vested and exercisable | 1,030,680 | $ 1,292,303 | |
Stock options vested and expected to vest, intrinsic value | $ 1,030,680 |
Equity Incentive Plans - Stock
Equity Incentive Plans - Stock Options and Restricted Stock Units, Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value | $ 469.1 | $ 481.8 | $ 293.9 |
Stock options vested, fair value | 1.3 | $ 4.3 | $ 6.3 |
Share-based compensation cost not yet recognized | 0 | ||
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount | $ 5.1 | ||
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted (in shares) | 0 | 0 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, period for recognition | 2 years 6 months 18 days | ||
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount | $ 768 |
Equity Incentive Plans - Sche_2
Equity Incentive Plans - Schedule of RSU Activity (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Shares | ||
Unvested - Beginning of period (in shares) | 3,473,512 | 3,281,431 |
RSUs granted (in shares) | 1,578,721 | 1,785,498 |
RSUs vested (in shares) | (1,437,133) | (1,163,259) |
RSUs forfeited and canceled (in shares) | (388,341) | (430,158) |
Unvested - End of period (in shares) | 3,226,759 | 3,473,512 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Unvested - Beginning of period (in dollars per share) | $ 139.68 | $ 102.30 |
RSUs granted (in dollars per share) | 405.46 | 178.60 |
RSUs vested (in dollars per share) | 149.47 | 102.23 |
RSUs forfeited and canceled (in dollars per share) | 193.77 | 117.35 |
Unvested - End of period (in dollars per share) | $ 258.85 | $ 139.68 |
Equity Incentive Plans - 2016 C
Equity Incentive Plans - 2016 China Stock Appreciation Rights Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 251,069 | $ 149,313 | $ 75,776 |
Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Awards granted (in shares) | 5,532 | 2,763 | 5,975 |
Exercise price of awards granted (in dollars per share) | $ 386.23 | $ 165.08 | $ 129.89 |
Awards vested (in shares) | 1,296 | 4,316 | 4,958 |
Stock-based compensation expense | $ 1,600 | $ 2,600 | $ 2,100 |
Stock-based compensation, liability | 6,500 | $ 5,900 | |
Cash paid for exercise of SARs | $ 100 | ||
SARs exercised (in shares) | 479 | ||
Nonvested awards (in shares) | 1,526 | ||
Shares outstanding (in shares) | 18,324 | ||
One Year Anniversary | Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
Vesting rights percentage | 25.00% | ||
25 to 36 Months | Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 36 months |
Equity Incentive Plans - 2017 E
Equity Incentive Plans - 2017 Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2020 | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for issuance, period increase (in shares) | 3,000,000 | |||
Stock-based compensation expense | $ 251,069 | $ 149,313 | $ 75,776 | |
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount | $ 5,100 | |||
Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued (in shares) | 85,401 | 134,930 | 154,988 | |
Class A Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued (in shares) | 134,930 | 154,988 | ||
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum employee contribution rate | 15.00% | |||
Duration of separate offering periods | 6 months | |||
Purchase price of common stock, as a percent | 85.00% | |||
Shares available for issuance, period increase (in shares) | 608,985 | |||
Reserved for future issuance (in shares) | 2,476,888 | |||
Stock-based compensation expense | $ 9,400 | $ 7,000 | $ 5,100 |
Equity Incentive Plans - Stoc_2
Equity Incentive Plans - Stock Option Repricing (Details) - shares | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding (in shares) | 2,591,894 | 3,881,545 | 6,178,999 |
Equity Incentive Plans - Early
Equity Incentive Plans - Early Exercise of Stock Options (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Issuance of common stock (in shares) | 1,279,669 | 2,218,661 |
Common stock subject to repurchase (in shares) | 1,135 | |
Fair value of shares subject to repurchase | $ 10 | |
Early Exercised Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Issuance of common stock (in shares) | 1,064 | |
Stock repurchased (in shares) | 960 |
Equity Incentive Plans - Sche_3
Equity Incentive Plans - Schedule of ESPP Valuation Assumptions (Details) - Employee Stock Purchase Plan | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, minimum | 56.00% | 47.00% | 42.00% |
Expected volatility, maximum | 61.00% | 64.00% | 48.00% |
Risk-free interest rate, minimum | 0.06% | 0.09% | 1.60% |
Risk-free interest rate, maximum | 0.13% | 0.19% | 2.20% |
Dividend yield (as a percent) | 0.00% | 0.00% | 0.00% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 months | 5 months 26 days | |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 months 14 days | 6 months 14 days |
Equity Incentive Plans - Stock-
Equity Incentive Plans - Stock-based Compensation Expense Recognized in Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 251,069 | $ 149,313 | $ 75,776 |
Cost of revenue—subscription | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 14,387 | 8,970 | 4,996 |
Cost of revenue—services | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 6,325 | 4,953 | 3,047 |
Sales and marketing | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 91,947 | 54,632 | 26,640 |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 104,335 | 57,611 | 26,686 |
General and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 34,075 | $ 23,147 | $ 14,407 |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Details) | Jun. 10, 2020shares | Jan. 31, 2022vote$ / shares | Jul. 31, 2019$ / shares |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Initial conversion price (in dollars per share) | $ 211.20 | $ 68.15 | |
Class A Common Stock | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Number of votes | 1 | 1 | |
Class B Common Stock | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Number of votes | 10 | 10 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Numerator: | |||
Net loss | $ (306,866) | $ (266,944) | $ (175,522) |
Denominator: | |||
Weighted-average shares used to compute net loss per share, basic and diluted (in shares) | 64,563,032 | 58,984,604 | 55,939,032 |
Net loss per share, basic and diluted (in dollars per share) | $ (4.75) | $ (4.53) | $ (3.14) |
Net Loss Per Share - Schedule_2
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from the Computation of Diluted Net loss per share (Details) - shares | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 12,527,352 | 10,309,699 | 12,278,679 |
Stock options to purchase common stock | 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) | 778,172 | 1,340,476 | 2,145,462 |
Stock options to purchase common stock | 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) | 2,391,439 | 3,759,063 | 5,076,831 |
Unvested restricted stock units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 3,680,895 | 3,864,504 | 2,914,575 |
Early exercised stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 102 | 5,032 | 29,532 |
Shares underlying the conversion option of the 2024 Notes (conversion spread only prior to the adoption of ASU 2020-06) | 2024 Notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 231,637 | 889,755 | 2,112,279 |
Shares underlying the conversion option of the 2024 Notes (conversion spread only prior to the adoption of ASU 2020-06) | 2026 Notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,445,107 | 450,869 | 0 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (161,502) | $ (159,331) | $ (117,943) |
Foreign | (141,387) | (103,362) | (58,235) |
Loss before provision for (benefit from) income taxes | $ (302,889) | $ (262,693) | $ (176,178) |
Income Taxes - Schedule of Co_2
Income Taxes - Schedule of Components of Provision for Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Current: | |||
Federal | $ 426 | $ 215 | $ 372 |
State | 80 | 171 | 236 |
Foreign | 6,005 | 4,229 | 2,028 |
Total | 6,511 | 4,615 | 2,636 |
Deferred: | |||
Federal | (1,574) | 5 | (2,534) |
State | 6 | 10 | (1,336) |
Foreign | (966) | (379) | 578 |
Total | (2,534) | (364) | (3,292) |
Provision for (benefit from) income taxes | $ 3,977 | $ 4,251 | $ (656) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income tax benefit at statutory rate | $ (63,606) | $ (55,165) | $ (36,997) |
State taxes, net of federal benefit | 68 | 143 | 298 |
Impact of foreign income taxes | 34,730 | 25,569 | 5,376 |
Foreign branch income included in the United States | 1,175 | 297 | 0 |
Stock-based compensation | (138,842) | (107,800) | (41,800) |
Non-deductible expenses | 2,200 | 991 | 2,114 |
Officer compensation in excess of $1 million | 9,117 | 0 | 0 |
Change in valuation allowance | 175,664 | 157,822 | 72,263 |
Research and development credits | (14,932) | (18,197) | (1,899) |
Foreign tax credit | (2,470) | (711) | 0 |
Foreign withholding tax expense | 426 | 215 | 0 |
Prior year true ups | 447 | 1,100 | 59 |
Other | 0 | (13) | (70) |
Provision for (benefit from) income taxes | $ 3,977 | $ 4,251 | $ (656) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 636,011 | $ 416,887 |
Deferred revenue | 64,765 | 36,467 |
Finance and operating lease liabilities | 23,500 | 23,184 |
Other reserves | 23,460 | 18,020 |
Gross deferred tax assets | 747,736 | 494,558 |
Valuation allowance | (677,283) | (374,790) |
Total deferred tax assets, net of valuation allowance | 70,453 | 119,768 |
Deferred tax liabilities: | ||
Finance and operating lease right-of-use assets | (16,765) | (15,907) |
Convertible senior notes | 0 | (68,877) |
Deferred commission | (43,063) | (25,605) |
Other liabilities and accruals | (8,767) | (9,155) |
Total deferred tax liabilities | (68,595) | (119,544) |
Net deferred tax assets | $ 1,858 | $ 224 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Jan. 31, 2022 | Jan. 31, 2021 |
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | $ 677,283,000 | $ 374,790,000 |
Undistributed earnings of foreign subsidiaries | 3,400,000 | |
Unrecognized deferred tax liability related to undistributed earnings of foreign subsidiaries | 500,000 | |
Significant change in unrecognized tax benefits within the next twelve months | 0 | |
Domestic Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 1,900,000,000 | |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 1,700,000,000 | |
Research Tax Credit Carryforward | Domestic Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 70,600,000 | |
Research Tax Credit Carryforward | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 6,600,000 | |
Ireland | Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 558,400,000 | |
United Kingdom | Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 44,100,000 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits at beginning of year | $ 17,484 | $ 5,290 | $ 4,603 |
Decrease in tax positions in prior years | (1,894) | ||
Increase in tax positions in prior years | 6,059 | 53 | |
Additions based on tax positions in the current year | 7,108 | 6,135 | 634 |
Unrecognized tax benefits at end of year | $ 22,698 | $ 17,484 | $ 5,290 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Account (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Year | $ 6,024 | $ 2,515 | $ 1,539 |
Additions | 4,749 | 5,181 | 4,502 |
Usage (Deductions) | (5,807) | (1,672) | (3,526) |
Balance at End of Year | 4,966 | 6,024 | 2,515 |
Deferred tax asset valuation allowance | |||
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Year | 374,790 | 136,876 | 101,502 |
Additions | 302,493 | 237,914 | 35,374 |
Usage (Deductions) | 0 | 0 | 0 |
Balance at End of Year | $ 677,283 | $ 374,790 | $ 136,876 |