Cover
Cover - shares | 6 Months Ended | |
Jul. 31, 2021 | Aug. 31, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-39495 | |
Entity Registrant Name | Asana, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-3912448 | |
Entity Address, Address Line One | 633 Folsom Street, Suite 100 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94107 | |
City Area Code | 415 | |
Local Phone Number | 525-3888 | |
Title of 12(b) Security | Class A Common Stock, $0.00001 par value per share | |
Trading Symbol | ASAN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001477720 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 95,138,121 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 88,762,762 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 270,315 | $ 259,878 |
Marketable securities | 103,270 | 126,396 |
Accounts receivable, net | 34,612 | 32,194 |
Prepaid expenses and other current assets | 26,999 | 27,295 |
Total current assets | 435,196 | 445,763 |
Property and equipment, net | 101,337 | 74,436 |
Operating lease right-of-use assets | 177,971 | 182,924 |
Investments, noncurrent | 8,739 | 19,125 |
Other assets | 12,265 | 8,871 |
Total assets | 735,508 | 731,119 |
Current liabilities | ||
Accounts payable | 6,013 | 9,599 |
Accrued expenses and other current liabilities | 60,020 | 41,616 |
Deferred revenue, current | 135,970 | 103,875 |
Operating lease liabilities, current | 5,577 | 8,386 |
Total current liabilities | 207,580 | 163,476 |
Term loan, net | 36,604 | 29,508 |
Convertible notes, net—related party | 0 | 351,161 |
Operating lease liabilities, noncurrent | 207,984 | 196,802 |
Other liabilities | 4,076 | 2,961 |
Total liabilities | 456,244 | 743,908 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity (deficit) | ||
Common stock | 2 | 2 |
Additional paid-in capital | 949,784 | 528,616 |
Accumulated other comprehensive income (loss) | (63) | 39 |
Accumulated deficit | (670,459) | (541,446) |
Total stockholders’ equity (deficit) | 279,264 | (12,789) |
Total liabilities and stockholders’ equity (deficit) | $ 735,508 | $ 731,119 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Income Statement [Abstract] | ||||
Revenues | $ 89,478 | $ 52,024 | $ 166,151 | $ 99,730 |
Cost of revenues | 9,869 | 7,021 | 17,783 | 13,227 |
Gross profit | 79,609 | 45,003 | 148,368 | 86,503 |
Operating expenses: | ||||
Research and development | 48,454 | 25,959 | 88,421 | 48,342 |
Sales and marketing | 63,930 | 38,822 | 120,714 | 74,913 |
General and administrative | 27,276 | 13,806 | 49,266 | 25,917 |
Total operating expenses | 139,660 | 78,587 | 258,401 | 149,172 |
Loss from operations | (60,051) | (33,584) | (110,033) | (62,669) |
Interest income and other income (expense), net | (328) | 1,045 | (320) | 1,399 |
Interest expense | (7,351) | (8,364) | (17,725) | (15,355) |
Loss before provision for income taxes | (67,730) | (40,903) | (128,078) | (76,625) |
Provision for income taxes | 625 | 163 | 935 | 286 |
Net loss | $ (68,355) | $ (41,066) | $ (129,013) | $ (76,911) |
Net loss per share: | ||||
Basic (in dollars per share) | $ (0.40) | $ (0.54) | $ (0.78) | $ (1.01) |
Diluted (in dollars per share) | $ (0.40) | $ (0.54) | $ (0.78) | $ (1.01) |
Weighted-average shares used in calculating net loss per share: | ||||
Basic (in shares) | 170,600 | 76,381 | 166,412 | 76,015 |
Diluted (in shares) | 170,600 | 76,381 | 166,412 | 76,015 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (68,355) | $ (41,066) | $ (129,013) | $ (76,911) |
Other comprehensive income (loss): | ||||
Net unrealized gains (losses) on marketable securities | 4 | (38) | (7) | (21) |
Foreign currency translation adjustments | (130) | 133 | (95) | 75 |
Comprehensive loss | $ (68,481) | $ (40,971) | $ (129,115) | $ (76,857) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Temporary equity, beginning balance (in shares) at Jan. 31, 2020 | 73,577 | ||||
Temporary equity, beginning balance at Jan. 31, 2020 | $ 250,581 | ||||
Temporary equity, ending balance (in shares) at Jul. 31, 2020 | 73,577 | ||||
Temporary equity, ending balance at Jul. 31, 2020 | $ 250,581 | ||||
Beginning balance (in shares) at Jan. 31, 2020 | 76,688 | ||||
Beginning balance at Jan. 31, 2020 | (145,315) | $ 1 | $ 184,522 | $ (102) | $ (329,736) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon the exercise of options (in shares) | 1,030 | ||||
Issuance of common stock upon the exercise of options | 1,428 | 1,428 | |||
Vesting of early exercised stock options | 1,731 | 1,731 | |||
Issuance of common stock upon the vesting and settlement of restricted stock units, net of shares withheld for taxes (in shares) | 20 | ||||
Issuance of common stock upon the vesting and settlement of restricted stock units, net of shares withheld for taxes | (186) | (186) | |||
Stock-based compensation expense | 9,522 | 9,522 | |||
Net unrealized gains (losses) on marketable securities | (21) | (21) | |||
Foreign currency translation adjustments | 75 | 75 | |||
Deemed capital contribution on issuance of convertible note—related party | 37,973 | 37,973 | |||
Net loss | (76,911) | (76,911) | |||
Ending balance (in shares) at Jul. 31, 2020 | 77,738 | ||||
Ending balance at Jul. 31, 2020 | $ (171,704) | $ 1 | 234,990 | (48) | (406,647) |
Temporary equity, beginning balance (in shares) at Apr. 30, 2020 | 73,577 | ||||
Temporary equity, beginning balance at Apr. 30, 2020 | $ 250,581 | ||||
Temporary equity, ending balance (in shares) at Jul. 31, 2020 | 73,577 | ||||
Temporary equity, ending balance at Jul. 31, 2020 | $ 250,581 | ||||
Beginning balance (in shares) at Apr. 30, 2020 | 77,159 | ||||
Beginning balance at Apr. 30, 2020 | (175,611) | $ 1 | 190,112 | (143) | (365,581) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon the exercise of options (in shares) | 565 | ||||
Issuance of common stock upon the exercise of options | 682 | 682 | |||
Vesting of early exercised stock options | 894 | 894 | |||
Issuance of common stock upon the vesting and settlement of restricted stock units, net of shares withheld for taxes (in shares) | 14 | ||||
Issuance of common stock upon the vesting and settlement of restricted stock units, net of shares withheld for taxes | (120) | (120) | |||
Stock-based compensation expense | 5,449 | 5,449 | |||
Net unrealized gains (losses) on marketable securities | (38) | (38) | |||
Foreign currency translation adjustments | 133 | 133 | |||
Deemed capital contribution on issuance of convertible note—related party | 37,973 | 37,973 | |||
Net loss | (41,066) | (41,066) | |||
Ending balance (in shares) at Jul. 31, 2020 | 77,738 | ||||
Ending balance at Jul. 31, 2020 | $ (171,704) | $ 1 | 234,990 | (48) | (406,647) |
Temporary equity, beginning balance (in shares) at Jan. 31, 2021 | 0 | ||||
Temporary equity, beginning balance at Jan. 31, 2021 | $ 0 | ||||
Temporary equity, ending balance (in shares) at Jul. 31, 2021 | 0 | ||||
Temporary equity, ending balance at Jul. 31, 2021 | $ 0 | ||||
Beginning balance (in shares) at Jan. 31, 2021 | 161,480 | ||||
Beginning balance at Jan. 31, 2021 | $ (12,789) | $ 2 | 528,616 | 39 | (541,446) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon the exercise of options (in shares) | 4,036 | 4,036 | |||
Issuance of common stock upon the exercise of options | $ 8,815 | 8,815 | |||
Vesting of early exercised stock options | 1,305 | 1,305 | |||
Repurchases of common stock (in shares) | (10) | ||||
Issuance of common stock upon the vesting and settlement of restricted stock units, net of shares withheld for taxes (in shares) | 956 | ||||
Issuance of common stock under employee share purchase plan (in shares) | 250 | ||||
Issuance of common stock under employee share purchase plan | 6,127 | 6,127 | |||
Issuance of common stock upon conversion of for convertible notes- related party (in shares) | 17,013 | ||||
Stock-based compensation expense | 36,462 | 36,462 | |||
Net unrealized gains (losses) on marketable securities | (7) | (7) | |||
Foreign currency translation adjustments | (95) | (95) | |||
Deemed capital contribution on issuance of convertible note—related party | 368,459 | 368,459 | |||
Net loss | (129,013) | (129,013) | |||
Ending balance (in shares) at Jul. 31, 2021 | 183,725 | ||||
Ending balance at Jul. 31, 2021 | $ 279,264 | $ 2 | 949,784 | (63) | (670,459) |
Temporary equity, beginning balance (in shares) at Apr. 30, 2021 | 0 | ||||
Temporary equity, beginning balance at Apr. 30, 2021 | $ 0 | ||||
Temporary equity, ending balance (in shares) at Jul. 31, 2021 | 0 | ||||
Temporary equity, ending balance at Jul. 31, 2021 | $ 0 | ||||
Beginning balance (in shares) at Apr. 30, 2021 | 163,471 | ||||
Beginning balance at Apr. 30, 2021 | (47,699) | $ 2 | 554,340 | 63 | (602,104) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon the exercise of options (in shares) | 2,656 | ||||
Issuance of common stock upon the exercise of options | 5,965 | 5,965 | |||
Vesting of early exercised stock options | 663 | 663 | |||
Repurchases of common stock (in shares) | (4) | ||||
Issuance of common stock upon the vesting and settlement of restricted stock units, net of shares withheld for taxes (in shares) | 589 | ||||
Issuance of common stock upon conversion of for convertible notes- related party (in shares) | 17,013 | ||||
Issuance of common stock upon conversion of convertible notes—related party | 368,459 | ||||
Stock-based compensation expense | 20,357 | 20,357 | |||
Net unrealized gains (losses) on marketable securities | 4 | 4 | |||
Foreign currency translation adjustments | (130) | (130) | |||
Deemed capital contribution on issuance of convertible note—related party | 368,459 | ||||
Net loss | (68,355) | (68,355) | |||
Ending balance (in shares) at Jul. 31, 2021 | 183,725 | ||||
Ending balance at Jul. 31, 2021 | $ 279,264 | $ 2 | $ 949,784 | $ (63) | $ (670,459) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (129,013) | $ (76,911) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Allowance for doubtful accounts | 766 | 1,120 |
Depreciation and amortization | 2,372 | 1,516 |
Gain on sale of property and equipment | 38 | 0 |
Amortization of deferred contract acquisition costs | 3,622 | 1,585 |
Stock-based compensation expense | 36,412 | 9,358 |
Net accretion of discount on marketable securities | 586 | (53) |
Non-cash lease expense | 8,780 | 6,585 |
Amortization of discount on convertible notes and term loan issuance costs | 10,636 | 9,614 |
Non-cash interest expense | 6,670 | 5,739 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,000) | (4,752) |
Prepaid expenses and other current assets | (5,571) | (4,377) |
Other assets | (3,511) | (1,362) |
Accounts payable | 1,692 | 1,541 |
Accrued expenses and other current liabilities | 13,350 | 3,498 |
Deferred revenue | 33,670 | 10,939 |
Operating lease liabilities | 4,541 | (4,310) |
Net cash used in operating activities | (15,960) | (40,270) |
Cash flows from investing activities | ||
Purchases of marketable securities | (48,470) | 0 |
Sales of marketable securities | 351 | 0 |
Maturities of marketable securities | 81,039 | 38,942 |
Purchases of property and equipment | (29,557) | (12,401) |
Sales of property and equipment | 20 | 0 |
Capitalized internal-use software | (296) | (818) |
Net cash provided by investing activities | 3,087 | 25,723 |
Cash flows from financing activities | ||
Proceeds from term loan, net of issuance costs | 9,000 | 2,915 |
Repayment of term loan | (667) | 0 |
Proceeds from issuance of convertible notes—related party | 0 | 150,000 |
Taxes paid related to net share settlement of equity awards | 0 | (186) |
Repurchases of common stock | (36) | 0 |
Proceeds from exercise of stock options | 8,968 | 1,751 |
Proceeds from employee stock purchase plan | 6,127 | 0 |
Net cash provided by financing activities | 23,392 | 154,480 |
Effect of foreign exchange rates on cash and cash equivalents and restricted cash | (82) | 64 |
Net increase in cash, cash equivalents, and restricted cash | 10,437 | 139,997 |
Cash, cash equivalents, and restricted cash | ||
Beginning of period | 259,878 | 310,677 |
End of period | 270,315 | 450,674 |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | ||
Cash and cash equivalents | 270,315 | 449,519 |
Restricted cash | 0 | 1,155 |
Total cash, cash equivalents, and restricted cash | 270,315 | 450,674 |
Supplemental cash flow data | ||
Cash paid for income taxes | 686 | 82 |
Cash paid for interest | 386 | 0 |
Supplemental non-cash investing and financing information | ||
Purchase of property and equipment in accounts payable and accrued expenses | 9,477 | 7,508 |
Vesting of early exercised stock options | 1,305 | 1,731 |
Issuance of common stock upon conversion of convertible notes—related party | $ 368,459 | $ 0 |
Organization
Organization | 6 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Organization and Description of Business Asana, Inc. (“Asana” or the “Company”) was incorporated in the state of Delaware on December 16, 2008. Asana is a work management platform that helps teams orchestrate work, from daily tasks to cross-functional strategic initiatives. The Company is headquartered in San Francisco, California. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company’s wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated on consolidation. The unaudited condensed consolidated balance sheet as of January 31, 2021 included herein was derived from the audited financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management's opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to state fairly the balance sheet, statements of comprehensive loss, statements of redeemable convertible preferred stock and stockholders' equity (deficit), and statements of cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2021. Direct Listing On September 30, 2020, the Company completed a direct listing of its Class A common stock (the “Direct Listing”) on the NYSE. The Company incurred fees related to financial advisory service, audit, and legal expenses in connection with the Direct Listing and recorded general and administrative expenses of $1.1 million and $2.2 million for the three and six months ended July 31, 2020, respectively. The Company recorded no general and administrative expenses in connection with the Direct Listing for the three and six months ended July 31, 2021. Prior to the Direct Listing, all 73.6 million outstanding shares of redeemable convertible preferred stock were converted into an equivalent number of shares of Class B common stock. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Estimates and assumptions reflected in the consolidated financial statements include, but are not limited to, revenue recognition, the useful lives and carrying values of long-lived assets, the fair value of the Convertible Notes (as defined in Note 6), the fair value of common stock for periods prior to the Direct Listing, stock-based compensation expense, the period of benefit for deferred contract acquisition costs, and income taxes. Actual results could differ from those estimates. Risks and Uncertainties As a result of the COVID-19 pandemic, the Company has temporarily closed its headquarters and other physical offices, required its employees and contractors to work remotely, and implemented travel restrictions, all of which represent a significant disruption in how the Company operates its business. The operations of its partners and customers have likewise been disrupted. While the duration and extent of the COVID-19 pandemic depends on future developments that cannot be accurately predicted at this time, such as the extent and effectiveness of containment and mitigation actions, the emergence of variant strains of the virus, and the availability and widespread use of effective vaccines, it has already had an adverse effect on the global economy and the ultimate societal and economic impact of the COVID-19 pandemic remains unknown. In particular, the conditions caused by this pandemic could affect the rate of global IT spending and could adversely affect demand for the Company’s platform, lengthen the Company’s sales cycles, reduce the value or duration of subscriptions, negatively impact collections of accounts receivable, reduce expected spending from new customers, cause some of the Company’s paying customers to go out of business, limit the ability of the Company’s direct sales force to travel to customers and potential customers, and affect contraction or attrition rates of the Company’s customers, all of which could adversely affect the Company’s business, results of operations, and financial condition. As of the date of issuance of the financial statements, the Company is not aware of any specific event or circumstance related to COVID-19 that would require it to update its estimates or judgments or adjust the carrying value of its assets or liabilities. Actual results could differ from those estimates and any such differences may be material to the condensed consolidated financial statements. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, and marketable securities. Substantially all the Company’s cash and cash equivalents are held by four financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. Cash equivalents are invested in highly rated money market funds. A large portion of the Company’s customers authorize the Company to bill their credit card accounts through the Company’s third-party payment processing partners, presenting additional credit risk. For the three and six months ended July 31, 2021 and July 31, 2020, there was no individual customer that accounted for 10% or more of the Company’s revenues. The Company had no individual customer account for more than 10% of accounts receivable as of July 31, 2021, and had one customer account for approximately 13% of accounts receivable as of January 31, 2021. Fair Value of Financial Instruments The carrying amounts reflected in the condensed consolidated balance sheets for cash equivalents, accounts receivable, and accounts payable approximate their respective fair values due to the short maturities of those instruments. Available-for-sale marketable securities are recorded at fair value on the condensed consolidated balance sheets. The Company accounts for certain of its financial assets at fair value. In determining and disclosing fair value, the Company uses a fair value hierarchy established by U.S. GAAP. The guidance defines fair value as an exit price, representing the amount that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company utilizes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs such as quoted prices in active markets. Level 2—Inputs other than the quoted prices in active markets that are observable either directly or indirectly. Level 3—Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Recently Issued Accounting Pronouncements Not Yet Adopted In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity , which simplifies the accounting for certain convertible instruments, amends the guidance on derivative scope exceptions for contracts in an entity's own equity, and modifies the guidance on diluted earnings per share calculations as a result of these changes. The guidance is effective for the Company’s fiscal years beginning after February 1, 2022. The Company is currently evaluating the impact of adopting ASU 2020-06. Recently Adopted Accounting Pronouncements On February 1, 2021, the Company adopted ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires the measurement and recognition of expected credit losses for financial assets held at amortized costs, including accounts receivables. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in more timely recognition of credit losses. The adoption of the guidance did not have a material impact on the Company’s condensed consolidated financial statements. On February 1, 2021, the Company adopted ASU No. 2018-15 , Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in ASU No. 2018-15 amend the definition of a hosting arrangement and requires a customer in a hosting arrangement that is a service contract to capitalize certain costs as if the arrangement were an internal-use software project . The Company adopted ASU No. 2018-15 as of February 1, 2021 using a prospective transition approach. |
Revenues
Revenues | 6 Months Ended |
Jul. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Deferred Revenue and Remaining Performance Obligations Total deferred revenue was $139.6 million as of July 31, 2021, of which $3.6 million is presented within other liabilities, as a noncurrent liability, in the condensed consolidated balance sheet. The Company recognized $30.7 million and $18.9 million of revenues during the three months ended July 31, 2021 and 2020, respectively, that were included in the deferred revenue balances at January 31, 2021 and 2020, respectively. The Company recognized $75.8 million and $46.5 million of revenues during the six months ended July 31, 2021 and 2020, respectively, that were included in the deferred revenue balances at January 31, 2021 and 2020, respectively. As of July 31, 2021, the Company's remaining performance obligations from subscription contracts was $171.1 million, of which the Company expects to recognize approximately 86% as revenues over the next 12 months and the remainder thereafter. Deferred Contract Acquisition Costs Deferred contract acquisition costs are amortized over a period of benefit of three years. The period of benefit was estimated by considering factors such as historical customer attrition rates, the useful life of the Company’s technology, and the impact of competition in the software-as-a-service industry. The following table summarizes the activity of deferred contract acquisition costs (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Beginning balance $ 14,586 $ 6,647 $ 12,093 $ 6,107 Capitalization of contract acquisition costs 4,381 2,094 8,503 3,345 Amortization of deferred contract acquisition costs (1,993) (874) (3,622) (1,585) Ending balance $ 16,974 $ 7,867 $ 16,974 $ 7,867 Deferred contract acquisition costs, current $ 8,055 $ 3,732 $ 8,055 $ 3,732 Deferred contract acquisition costs, noncurrent 8,919 4,135 8,919 4,135 Total deferred contract acquisition costs $ 16,974 $ 7,867 $ 16,974 $ 7,867 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table summarizes, for assets and liabilities measured at fair value, the respective fair value and classification by level of input within the fair value hierarchy (in thousands): July 31, 2021 Level 1 Level 2 Level 3 Total Current Assets Cash equivalents Money market funds $ 230,250 $ — $ — $ 230,250 Total cash equivalents $ 230,250 $ — $ — $ 230,250 Marketable securities U.S. treasury bonds $ 20,033 $ — $ — $ 20,033 Commercial paper — 48,710 — 48,710 Corporate bonds — 31,821 — 31,821 Certificate of deposit — 2,706 — 2,706 Total marketable securities $ 20,033 $ 83,237 $ — $ 103,270 Non-current Assets Corporate bonds — 8,739 — 8,739 Total assets $ 250,283 $ 91,976 $ — $ 342,259 January 31, 2021 Level 1 Level 2 Level 3 Total Current Assets Cash equivalents Money market funds $ 207,187 $ — $ — $ 207,187 Commercial paper — 2,230 — 2,230 Certificates of deposit — 1,050 — 1,050 Total cash equivalents $ 207,187 $ 3,280 $ — $ 210,467 Marketable securities U.S. treasury bonds $ 40,245 $ — $ — $ 40,245 Commercial paper — 43,159 — 43,159 Corporate bonds — 40,286 — 40,286 Certificate of deposit — 2,706 — 2,706 Total marketable securities $ 40,245 $ 86,151 $ — $ 126,396 Non-current Assets Corporate bonds — 19,125 — 19,125 Total assets $ 247,432 $ 108,556 $ — $ 355,988 The following table summarizes the Company's investments in marketable securities on the condensed consolidated balance sheets (in thousands): July 31, 2021 Amortized Gross Gross Unrealized Losses Estimated Current Assets U.S. treasury bonds $ 20,032 $ 1 $ — $ 20,033 Commercial paper 48,709 1 — 48,710 Corporate bonds 31,815 8 (2) 31,821 Certificates of deposit 2,705 1 — 2,706 Total marketable securities $ 103,261 $ 11 $ (2) $ 103,270 Non-current Assets Corporate bonds 8,731 9 (1) 8,739 Total assets $ 111,992 $ 20 $ (3) $ 112,009 January 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Current Assets U.S. treasury bonds $ 40,236 $ 9 $ — $ 40,245 Commercial paper 43,158 2 (1) 43,159 Corporate bonds 40,278 9 (1) 40,286 Certificates of deposit 2,705 1 — 2,706 Total marketable securities $ 126,377 $ 21 $ (2) $ 126,396 Non-current Assets Corporate bonds 19,120 8 (3) 19,125 Total assets $ 145,497 $ 29 $ (5) $ 145,521 The Company periodically evaluates its investments for other-than-temporary declines in fair value. The unrealized losses on the available-for-sale securities were primarily due to unfavorable changes in interest rates subsequent to the initial purchase of these securities. Gross unrealized losses of the Company’s available-for-sale securities that have been in a continuous unrealized loss position for twelve months or longer were immaterial as of July 31, 2021 and January 31, 2021. The Company expects to recover the full carrying value of its available-for-sale securities in an unrealized loss position as it does not intend or anticipate a need to sell these securities prior to recovering the associated unrealized losses. The Company also expects any credit losses would be immaterial based on the high-grade credit rating for each of such available-for-sale securities. As a result, the Company does not consider any portion of the unrealized losses as of July 31, 2021 or January 31, 2021 to represent an other-than temporary impairment or credit losses. In April 2020, the Company entered into a five-year $40.0 million term loan agreement with Silicon Valley Bank. As of July 31, 2021, $40.0 million was drawn and $39.3 million was outstanding under this term loan. The fair value of the term loan approximates its carrying value since the interest rate is at market. In January 2020 and June 2020, the Company issued convertible notes to a trust affiliated with the Company’s CEO. The fair value of the convertible notes at issuance on January 30, 2020 and June 26, 2020 was $203.0 million and $112.0 million, respectively. There were no significant changes in fair value between January 30, 2020 and January 31, 2020. The Company considers the fair values of the convertible notes to be a Level 3 measurement as the fair value is estimated using significant unobservable inputs. The fair value of the convertible notes was measured using a binomial lattice model. Inputs used to determine the estimated fair value of the convertible notes include the equity volatility of comparable companies, the risk-free interest rate, and the estimated fair value of the Company’s common stock. On July 1, 2021, pursuant to the terms of the Convertible Notes (as defined in Note 6), upon meeting the closing trading price criteria for optional conversion by the Company, the Company elected to convert the Convertible Notes into the Company’s Class B Common Stock. Refer to N ote 6. Convertible Notes—Related Party for additional information. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | Balance Sheet Components Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands): July 31, 2021 January 31, 2021 Desktop and other computer equipment $ 2,167 $ 2,229 Furniture and fixtures 7,466 2,012 Leasehold improvements 86,759 13,686 Capitalized internal-use software 10,912 10,498 Construction in progress 1 16,941 68,409 Total gross property and equipment 124,245 96,834 Less: Accumulated depreciation and amortization (22,908) (22,398) Total property and equipment, net $ 101,337 $ 74,436 __________________ 1 Construction in progress is primarily related to the build-out of the Company's new corporate headquarters. Refer to Note 9. Leases for additional information. Depreciation and amortization expense was $1.4 million and $0.8 million for the three months ended July 31, 2021 and 2020, respectively, and $2.4 million and $1.5 million for the six months ended July 31, 2021 and 2020, respectively. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): July 31, 2021 January 31, 2021 Prepaid expenses $ 15,050 $ 16,696 Deferred contract acquisition costs, current 8,055 5,742 Other current assets 3,894 4,857 Total prepaid expenses and other current assets $ 26,999 $ 27,295 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): July 31, 2021 January 31, 2021 Accrued payroll liabilities $ 14,964 $ 10,607 Accrued taxes for fringe benefits 2,473 2,963 Accrued advertising expenses 7,436 7,020 Accrued property and equipment 9,369 4,715 Accrued consulting expenses 4,578 2,393 Accrued sales and value-added taxes 6,778 3,704 Other liabilities 14,422 10,214 Total accrued expenses and other current liabilities $ 60,020 $ 41,616 |
Convertible Notes_Related Party
Convertible Notes—Related Party | 6 Months Ended |
Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
Convertible Notes - Related Party | Convertible Notes—Related Party The Company issued two 3.5% unsecured senior mandatory convertible promissory notes in January 2020 (“January 2020 Convertible Note”) and June 2020 (“June 2020 Convertible Note”) (collectively, the “Convertible Notes”) in principal amounts of $300.0 million and $150.0 million, respectively. The Convertible Notes were not transferable except to affiliates, contained no financial or restrictive covenants, and were expressly subordinated in right of payment to any of the Company’s existing or future secured indebtedness. Consistent with the terms of the Convertible Notes, in April and June 2020, the Dustin Moskovitz Trust entered into subordination agreements with Silicon Valley Bank to confirm the parties’ agreement that the Convertible Notes are subordinated to the five-year $40.0 million secured term loan facility. On July 1, 2021, upon meeting the closing trading price criteria for optional conversion by the Company (based on the Company’s Class A common stock closing trading price during the last 30 trading days of the previous calendar quarter as stated in the original terms of the Convertible Notes), the Company elected to convert both of the Convertible Notes into an aggregate of 17,012,822 shares of the Company’s Class B Common Stock pursuant to the original terms of the embedded, substantive conversion features in the Convertible Notes. The Company accounted for the conversion by adjusting its additional paid-in capital for the net carrying amount of the Convertible Notes as of July 1, 2021 of $368.5 million (including accrued interest of $20.4 million and the unamortized debt discount of $101.9 million). The net carrying amount of the Convertible Notes as of January 31, 2021 was as follows (in thousands): January 31, 2021 Principal $ 450,000 Unamortized discount (112,548) Accrued interest expense 13,709 Net carrying amount $ 351,161 Interest expense related to the Convertible Notes recorded prior to the conversion was as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Amortization of debt discount $ 4,382 $ 5,207 $ 10,628 $ 9,609 Contractual interest expense 2,740 3,150 6,670 5,739 Total interest expense $ 7,122 $ 8,357 $ 17,298 $ 15,348 In April 2020, the Company entered into a five-year $40.0 million term loan agreement with Silicon Valley Bank. As of July 31, 2021, $40.0 million was drawn and $39.3 million was outstanding under this term loan. As of July 31, 2021, the Company was in compliance with all financial covenants related to the term loan. The net carrying amount of the term loan was as follows (in thousands): July 31, 2021 Principal $ 39,333 Accrued Interest 76 Unamortized loan issuance costs (63) Net carrying amount $ 39,346 Term loan, current $ 2,742 Term loan, noncurrent $ 36,604 |
Debt
Debt | 6 Months Ended |
Jul. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Convertible Notes—Related Party The Company issued two 3.5% unsecured senior mandatory convertible promissory notes in January 2020 (“January 2020 Convertible Note”) and June 2020 (“June 2020 Convertible Note”) (collectively, the “Convertible Notes”) in principal amounts of $300.0 million and $150.0 million, respectively. The Convertible Notes were not transferable except to affiliates, contained no financial or restrictive covenants, and were expressly subordinated in right of payment to any of the Company’s existing or future secured indebtedness. Consistent with the terms of the Convertible Notes, in April and June 2020, the Dustin Moskovitz Trust entered into subordination agreements with Silicon Valley Bank to confirm the parties’ agreement that the Convertible Notes are subordinated to the five-year $40.0 million secured term loan facility. On July 1, 2021, upon meeting the closing trading price criteria for optional conversion by the Company (based on the Company’s Class A common stock closing trading price during the last 30 trading days of the previous calendar quarter as stated in the original terms of the Convertible Notes), the Company elected to convert both of the Convertible Notes into an aggregate of 17,012,822 shares of the Company’s Class B Common Stock pursuant to the original terms of the embedded, substantive conversion features in the Convertible Notes. The Company accounted for the conversion by adjusting its additional paid-in capital for the net carrying amount of the Convertible Notes as of July 1, 2021 of $368.5 million (including accrued interest of $20.4 million and the unamortized debt discount of $101.9 million). The net carrying amount of the Convertible Notes as of January 31, 2021 was as follows (in thousands): January 31, 2021 Principal $ 450,000 Unamortized discount (112,548) Accrued interest expense 13,709 Net carrying amount $ 351,161 Interest expense related to the Convertible Notes recorded prior to the conversion was as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Amortization of debt discount $ 4,382 $ 5,207 $ 10,628 $ 9,609 Contractual interest expense 2,740 3,150 6,670 5,739 Total interest expense $ 7,122 $ 8,357 $ 17,298 $ 15,348 In April 2020, the Company entered into a five-year $40.0 million term loan agreement with Silicon Valley Bank. As of July 31, 2021, $40.0 million was drawn and $39.3 million was outstanding under this term loan. As of July 31, 2021, the Company was in compliance with all financial covenants related to the term loan. The net carrying amount of the term loan was as follows (in thousands): July 31, 2021 Principal $ 39,333 Accrued Interest 76 Unamortized loan issuance costs (63) Net carrying amount $ 39,346 Term loan, current $ 2,742 Term loan, noncurrent $ 36,604 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Standby Letters of Credit As of July 31, 2021, the Company had several letters of credit outstanding related to its operating leases totaling $21.7 million. The letters of credit expire at various dates between 2021 and 2034. Purchase Commitments In January 2021, the Company entered into a 60-month contract with Amazon Web Services for hosting-related services. Pursuant to the terms of the contract, the Company is required to spend a minimum of $103.5 million over the term of the agreement. The commitment may be offset by up to $7.3 million in additional credits subject to the Company meeting certain conditions of the agreement, of which $2.0 million have been earned as of July 31, 2021 and the remainder of which the Company has determined are probable to be earned. As of July 31, 2021 , the Company ha d payments of $90.5 million remaining on the commitment, of which $1.6 million has been recorded on the Company’s condensed consolidated balance sheet within accounts payable or accrued expenses and other liabilities. Capital Commitments During the year ended January 31, 2021, the Company entered into multiple agreements with a construction company related to the build-out of the Company’s new corporate headquarters (see Note 9. Leases) . The cumulative contract value is $70.5 million, and as of July 31, 2021, $7.9 million remains unpaid under these agreements, of which $7.7 million has been recorded on the Company’s condensed consolidated balance sheet within accounts payable or accrued expenses and other liabilities. Indemnification Agreements The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against any liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. Additionally, in the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which it agrees to indemnify customers, vendors, lessors, business partners, and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by the Company, or from intellectual property infringement claims made by third parties. For the six months ended July 31, 2021 and 2020, no demands have been made upon the Company to provide indemnification under such agreements, and there are no claims that the Company is aware of that could have a material adverse effect on its financial position, results of operations, or cash flows. Contingencies From time to time in the normal course of business, the Company may be subject to various claims and other legal matters arising in the ordinary course of business. As of July 31, 2021, the Company believes that none of its current legal proceedings would have a material adverse effect on its financial position, results of operations, or cash flows. |
Leases
Leases | 6 Months Ended |
Jul. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company leases real estate facilities under non-cancelable operating leases with various expiration dates through fiscal 2034. The Company has no lease agreements that are classified as finance leases. The components of lease costs, lease term, and discount rate for operating leases are as follows: Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Operating lease costs (in thousands) $ 9,232 $ 5,645 $ 18,364 $ 8,701 Short-term lease costs (in thousands) 897 948 1,625 1,408 Variable lease costs (in thousands) 408 639 597 901 Total lease costs (in thousands) $ 10,537 $ 7,232 $ 20,586 $ 11,010 July 31, 2021 July 31, 2020 Weighted-average remaining lease term (in years) 11.9 1.9 Weighted-average discount rate 9.5 % 3.4 % Supplemental cash flow information related to operating leases are as follows (in thousands): Six Months Ended July 31, 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 6,041 $ 6,142 Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,883 $ 127,332 Future minimum lease payments (net of tenant improvement receivables) under non-cancelable operating leases with initial lease terms in excess of one year included in the Company’s lease liabilities as of July 31, 2021 are as follows (in thousands): Fiscal year ending January 31, Operating Lease Payments (Net) 2022 (6 months remaining) $ 5,861 2023 30,174 2024 28,227 2025 28,032 2026 and thereafter 284,041 Total undiscounted operating lease payments $ 376,335 Less: imputed interest (162,774) Total operating lease liabilities $ 213,561 The Company has an operating lease arrangement for office space in San Francisco, which commenced in May 2020 and expires in October 2033. As part of the agreement, the Company was required to issue a $17.0 million letter of credit upon access to the office space, which occurred in the year ended January 31, 2021. The Company participated in the construction of the office space and has incurred construction costs to prepare the office space for its use, which will be partially reimbursed by the landlord. During the year ended January 31, 2021 , all three phases of this lease commenced, and as a result, the Company recognized total ROU assets of $175.5 million, with corresponding operating lease liabilities of $173.4 million, on the consolidated balance sheet as of the respective commencement dates of these three phases. The Company expects to incur a total of approximately $382.7 million of future minimum payments and capital commitments, net of tenant improvement receivables, as of July 31, 2021, inclusive of $368.0 million of net lease payments included in the future minimum lease payments table above and the remaining capital commitments related to the build-out of the Company’s new corporate headquarters referenced in Note 8. Commitments and Contingencies . The lease arrangement also includes a fee for access to additional shared space, for which future payments total $3.9 million. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jul. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share The Company computes net loss per share using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, other than voting rights. Accordingly, the Class A common stock and Class B common stock share equally in the Company’s net income and losses. The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Numerator: Net loss $ (68,355) $ (41,066) $ (129,013) $ (76,911) Denominator: Weighted-average shares used in calculating net loss per share, basic and diluted 170,600 76,381 166,412 76,015 Net loss per share, basic and diluted $ (0.40) $ (0.54) $ (0.78) $ (1.01) The potential shares of common stock that were excluded from the computation of diluted net loss per share for the period presented because including them would have been anti-dilutive are as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Redeemable convertible preferred stock — 73,577 — 73,577 Stock options 17,752 33,024 17,752 33,024 Restricted stock units 8,713 3,451 8,713 3,451 Early exercised stock options 404 835 404 835 Shares issuable pursuant to the 2020 Employee Stock Purchase Plan 231 — 231 — Total 27,100 110,887 27,100 110,887 As noted in N ote 6. Convertible Notes—Related Party, |
Stockholders' Deficit
Stockholders' Deficit | 6 Months Ended |
Jul. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stockholders' Deficit | Stockholders’ Deficit Common Stock There are two classes of common stock that total 1,500,000,000 authorized shares: 1,000,000,000 authorized shares of Class A common stock and 500,000,000 authorized shares of Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to 10 votes per share and is convertible into one share of Class A common stock. There were 94,961,892 shares of Class A common stock and 88,762,762 shares of Class B common stock issued and outstanding as of July 31, 2021. Stock Plans The Company has a 2009 Stock Plan (the “2009 Plan”), a 2012 Amended and Restated Stock Plan (the “2012 Plan”), and a 2020 Equity Incentive Plan (the “2020 Plan”). Each plan was initially established to grant equity awards to employees and consultants of the Company to assist in attracting, retaining, and motivating employees and consultants and to provide incentives to promote the success of the Company’s business. Options granted under each of the plans may be either incentive stock options (“ISOs”) or nonqualified stock options (“NSOs”). ISOs may be granted only to Company employees (including officers and directors who are also employees). NSOs may be granted to Company employees and consultants. Restricted stock units may also be granted under the 2012 Plan and the 2020 Plan. Options under the 2012 and 2020 Plans may be granted for periods of up to 10 years. The exercise price of ISOs and NSOs shall not be less than 100% of the estimated fair value of the shares on the date of grant as determined by the Company’s board of directors (the “Board of Directors”). Options granted generally vest over four years and vest at a rate of 25% upon the first anniversary of the vesting commencement date and 1/48 per month thereafter. The Company has also issued RSUs pursuant to the 2012 Plan and 2020 Plan. RSUs granted generally vest on a predefined rate over a period of four years contingent upon continuous service. Shares of common stock purchased under the 2012 Plan or the 2020 Plan are subject to certain restrictions and repurchase rights. Stock Options Option activity under the Company’s combined stock plans is set forth below (in thousands, except years and per share data): Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual (in years) Aggregate Intrinsic Value Balances at January 31, 2021 22,340 $ 2.85 6.9 $ 726,455 Options granted — — Options exercised (4,036) 2.22 Options canceled (552) 4.11 Balances at July 31, 2021 17,752 $ 2.96 6.6 $ 1,209,007 Vested and exercisable at July 31, 2021 10,641 $ 2.25 6.0 $ 732,211 Vested and expected to vest at July 31, 2021 18,157 $ 2.99 6.6 $ 1,236,010 The weighted-average grant-date fair value of options granted and the total intrinsic value of options exercised during the periods presented were as follows: Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Weighted-average grant-date fair value per share N/A N/A N/A $ 6.77 Aggregate intrinsic value of options exercised (in thousands) $ 122,968 $ 7,264 $ 165,143 $ 12,353 Early Exercise of Employee Options The 2009 Plan and 2012 Plan allow for the early exercise of stock options. The consideration received for an early exercise of an option is considered to be a deposit of the exercise price, and the related dollar amount is recorded as a liability and reflected in accrued expenses and other current liabilities and other liabilities in the condensed consolidated balance sheets. This liability is reclassified to additional paid-in capital as the awards vest. If a stock option is early exercised, the unvested shares may be repurchased by the Company in case of employment termination at the price paid by the purchaser for such shares. Shares that were subject to repurchase totaled 403,688 and 835,488 at July 31, 2021 and 2020, respectively. Determination of Fair Values The assumptions used in the Black-Scholes pricing model for stock-based compensation for options granted in the periods below were as follows: Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Risk-free interest rate N/A N/A N/A 1.2% Expected term N/A N/A N/A 8 years Dividend yield N/A N/A N/A — % Expected volatility N/A N/A N/A 44.6% Restricted Stock Units The Company’s RSU activity is set forth below (in thousands, except per share data): Number of Shares Weighted- Average Grant Date Fair Value Aggregate Intrinsic Value Unvested RSUs at January 31, 2021 8,199 $ 19.01 $ 289,987 RSUs granted 2,018 35.82 RSUs vested (1,079) 17.32 RSUs cancelled/forfeited (425) 19.05 Unvested RSUs at July 31, 2021 8,713 23.10 $ 619,166 RSUs vested, not yet released at July 31, 2021 278 $ 16.29 Stock-Based Compensation Expense Stock-based compensation for stock-based awards to employees and non-employees in the Company’s condensed consolidated statements of operations for the periods below were as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Cost of revenues $ 150 $ 54 $ 270 $ 100 Research and development 11,250 2,656 20,390 4,737 Sales and marketing 5,350 1,522 9,503 2,621 General and administrative 3,631 1,144 6,249 1,900 Total stock-based compensation expense $ 20,381 $ 5,376 $ 36,412 $ 9,358 The stock-based compensation expense related to options granted to non-employees for the three and six months ended July 31, 2021 and 2020 were not material. Total unrecognized compensation costs related to unvested awards not yet recognized under all equity compensation plans was as follows: July 31, 2021 Unrecognized Expense Weighted-Average Expected Recognition Period Stock options $ 18,134 1.9 RSUs 182,458 3.2 Total unrecognized stock-based compensation expense (unaudited) $ 200,592 3.0 2020 Employee Stock Purchase Plan In September 2020, the Board of Directors adopted and approved the 2020 Employee Stock Purchase Plan (“ESPP”), which became effective on the effective date of the Company's registration statement on Form S-1 filed with the SEC in connection with the Direct Listing. The ESPP initially reserved and authorized the issuance of up to a total of 2,000,000 shares of Class A common stock to participating employees. The number of shares reserved under the ESPP was automatically increased on February 1, 2021 to 3,614,801 shares of Class A common stock pursuant to the evergreen provisions of the ESPP. The initial offering period began September 30, 2020 and will end on September 15, 2022, with purchase dates of March 15, 2021, September 15, 2021, March 15, 2022, and September 15, 2022. The ESPP provides for 24-month offering periods beginning September 16 and March 16 of each year, with each offering period consisting of four six-month purchase periods, except for the initial offering period which began on September 30, 2020 and will end on September 15, 2022. The purchase price of shares of Class A common stock under an offering will be the lesser of: (i) 85% of the fair market value of such shares of Class A common stock on the offering date, and (ii) 85% of the fair market value of such shares of Class A common stock on the applicable purchase date. Current employees who purchase shares under the ESPP may not sell such shares prior to the first anniversary of such purchase date and such shares will be designated with an applicable resale restriction. As of July 31, 2021, 250,270 shares have been purchased under the ESPP. During the six months ended July 31, 2021, the Company recognized $4.4 million of stock-based compensation expense related to the ESPP and withheld $5.8 million in contributions from employees. As of July 31, 2021, total unrecognized compensation costs related to the ESPP was $4.4 million, which will be amortized over a weighted average vesting term of 1.2 years. |
Interest Income and Other Incom
Interest Income and Other Income (Expense), Net | 6 Months Ended |
Jul. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Interest Income and Other Income (Expense), Net | Interest Income and Other Income (Expense), Net Interest income and other income (expense), net consist of the following (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Interest income $ 82 $ 109 $ 176 $ 803 Unrealized gains (losses) on foreign currency transactions (114) 751 (3) 593 Other non-operating expense (296) 185 (493) 3 Total interest income and other income (expense), net $ (328) $ 1,045 $ (320) $ 1,399 |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's income tax expense was $0.6 million and $0.2 million for the three months ended July 31, 2021 and 2020, respectively, and $0.9 million, and $0.3 million, for the six months ended July 31, 2021 and 2020 , respectively, |
Geographic Information
Geographic Information | 6 Months Ended |
Jul. 31, 2021 | |
Segment Reporting [Abstract] | |
Geographic Information | Geographic Information The following tables set forth revenues and long-lived assets, including operating lease ROU assets, by geographic area for the periods presented below (in thousands): Revenues Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 United States $ 51,103 $ 31,850 $ 95,210 $ 60,823 International 38,375 20,174 70,941 38,907 Total revenues $ 89,478 $ 52,024 $ 166,151 $ 99,730 Revenues by geography are based on the billing address of the customer. Long-Lived Assets July 31, 2021 January 31, 2021 United States $ 274,589 $ 252,521 International 4,719 4,839 Total long-lived assets $ 279,308 $ 257,360 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In January and June 2020, the Company issued Convertible Notes to a trust affiliated with the Company’s CEO. The Company elected to convert these Convertible Notes on July 1, 2021. See Note 6, “Convertible Notes—Related Party” for further details. During the fiscal year ended January 31, 2020, the Company began leasing certain office facilities from a company affiliated with Board members of the Company. Rent payments ma de under these leases totaled $0.6 million and $0.6 million during the three months ended July 31, 2021 and 2020, respectively, and $1.1 million, and $1.1 million during the six months ended July 31, 2021 and 2020 , respectively. The Company has entered into an advertising agreement with a company affiliated with a Board member of the Company. Payments under this agreement totaled $0.2 million and $0 during the three months ended July 31, 2021 and 2020, respectively, and $0.5 million and less than $0.1 million during the six months ended July 31, 2021 and 2020 , respectively. The Company has entered into various recurring subscription agreements with a company affiliated with a Board member of the Company. The Company recognized revenue under these subscription agreements of $0.1 million and less than $0.1 million during the three months ended July 31, 2021 and 2020, respectively, and $0.2 million and $0.1 million during the six months ended July 31, 2021 and 2020 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company’s wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated on consolidation. |
Basis of Accounting | The unaudited condensed consolidated balance sheet as of January 31, 2021 included herein was derived from the audited financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management's opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to state fairly the balance sheet, statements of comprehensive loss, statements of redeemable convertible preferred stock and stockholders' equity (deficit), and statements of cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2021. |
Direct Listing | Direct Listing On September 30, 2020, the Company completed a direct listing of its Class A common stock (the “Direct Listing”) on the NYSE. The Company incurred fees related to financial advisory service, audit, and legal expenses in connection with the Direct Listing and recorded general and administrative expenses of $1.1 million and $2.2 million for the three and six months ended July 31, 2020, respectively. The Company recorded no general and administrative expenses in connection with the Direct Listing for the three and six months ended July 31, 2021. Prior to the Direct Listing, all 73.6 million outstanding shares of redeemable convertible preferred stock were converted into an equivalent number of shares of Class B common stock. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Estimates and assumptions reflected in the consolidated financial statements include, but are not limited to, revenue recognition, the useful lives and carrying values of long-lived assets, the fair value of the Convertible Notes (as defined in Note 6), the fair value of common stock for periods prior to the Direct Listing, stock-based compensation expense, the period of benefit for deferred contract acquisition costs, and income taxes. Actual results could differ from those estimates. |
Risks and Uncertainties | Risks and Uncertainties As a result of the COVID-19 pandemic, the Company has temporarily closed its headquarters and other physical offices, required its employees and contractors to work remotely, and implemented travel restrictions, all of which represent a significant disruption in how the Company operates its business. The operations of its partners and customers have likewise been disrupted. While the duration and extent of the COVID-19 pandemic depends on future developments that cannot be accurately predicted at this time, such as the extent and effectiveness of containment and mitigation actions, the emergence of variant strains of the virus, and the availability and widespread use of effective vaccines, it has already had an adverse effect on the global economy and the ultimate societal and economic impact of the COVID-19 pandemic remains unknown. In particular, the conditions caused by this pandemic could affect the rate of global IT spending and could adversely affect demand for the Company’s |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, and marketable securities. Substantially all the Company’s cash and cash equivalents are held by four financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. Cash equivalents are invested in highly rated money market funds. A large portion of the Company’s customers authorize the Company to bill their credit card accounts through the Company’s third-party payment processing partners, presenting additional credit risk. For the three and six months ended July 31, 2021 and July 31, 2020, there was no individual customer that accounted for 10% or more of the Company’s revenues. The Company had no individual customer account for more than 10% of accounts receivable as of July 31, 2021, and had one customer account for approximately 13% of accounts receivable as of January 31, 2021. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts reflected in the condensed consolidated balance sheets for cash equivalents, accounts receivable, and accounts payable approximate their respective fair values due to the short maturities of those instruments. Available-for-sale marketable securities are recorded at fair value on the condensed consolidated balance sheets. The Company accounts for certain of its financial assets at fair value. In determining and disclosing fair value, the Company uses a fair value hierarchy established by U.S. GAAP. The guidance defines fair value as an exit price, representing the amount that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company utilizes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs such as quoted prices in active markets. Level 2—Inputs other than the quoted prices in active markets that are observable either directly or indirectly. Level 3—Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. |
Recently Issued Accounting Pronouncements Not Yet Adopted and Recently Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements Not Yet Adopted In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity , which simplifies the accounting for certain convertible instruments, amends the guidance on derivative scope exceptions for contracts in an entity's own equity, and modifies the guidance on diluted earnings per share calculations as a result of these changes. The guidance is effective for the Company’s fiscal years beginning after February 1, 2022. The Company is currently evaluating the impact of adopting ASU 2020-06. Recently Adopted Accounting Pronouncements On February 1, 2021, the Company adopted ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires the measurement and recognition of expected credit losses for financial assets held at amortized costs, including accounts receivables. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in more timely recognition of credit losses. The adoption of the guidance did not have a material impact on the Company’s condensed consolidated financial statements. On February 1, 2021, the Company adopted ASU No. 2018-15 , Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in ASU No. 2018-15 amend the definition of a hosting arrangement and requires a customer in a hosting arrangement that is a service contract to capitalize certain costs as if the arrangement were an internal-use software project . The Company adopted ASU No. 2018-15 as of February 1, 2021 using a prospective transition approach. |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Deferred Contract Acquisition Costs | The following table summarizes the activity of deferred contract acquisition costs (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Beginning balance $ 14,586 $ 6,647 $ 12,093 $ 6,107 Capitalization of contract acquisition costs 4,381 2,094 8,503 3,345 Amortization of deferred contract acquisition costs (1,993) (874) (3,622) (1,585) Ending balance $ 16,974 $ 7,867 $ 16,974 $ 7,867 Deferred contract acquisition costs, current $ 8,055 $ 3,732 $ 8,055 $ 3,732 Deferred contract acquisition costs, noncurrent 8,919 4,135 8,919 4,135 Total deferred contract acquisition costs $ 16,974 $ 7,867 $ 16,974 $ 7,867 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | The following table summarizes, for assets and liabilities measured at fair value, the respective fair value and classification by level of input within the fair value hierarchy (in thousands): July 31, 2021 Level 1 Level 2 Level 3 Total Current Assets Cash equivalents Money market funds $ 230,250 $ — $ — $ 230,250 Total cash equivalents $ 230,250 $ — $ — $ 230,250 Marketable securities U.S. treasury bonds $ 20,033 $ — $ — $ 20,033 Commercial paper — 48,710 — 48,710 Corporate bonds — 31,821 — 31,821 Certificate of deposit — 2,706 — 2,706 Total marketable securities $ 20,033 $ 83,237 $ — $ 103,270 Non-current Assets Corporate bonds — 8,739 — 8,739 Total assets $ 250,283 $ 91,976 $ — $ 342,259 January 31, 2021 Level 1 Level 2 Level 3 Total Current Assets Cash equivalents Money market funds $ 207,187 $ — $ — $ 207,187 Commercial paper — 2,230 — 2,230 Certificates of deposit — 1,050 — 1,050 Total cash equivalents $ 207,187 $ 3,280 $ — $ 210,467 Marketable securities U.S. treasury bonds $ 40,245 $ — $ — $ 40,245 Commercial paper — 43,159 — 43,159 Corporate bonds — 40,286 — 40,286 Certificate of deposit — 2,706 — 2,706 Total marketable securities $ 40,245 $ 86,151 $ — $ 126,396 Non-current Assets Corporate bonds — 19,125 — 19,125 Total assets $ 247,432 $ 108,556 $ — $ 355,988 |
Schedule of Debt Securities, Available-for-sale | The following table summarizes the Company's investments in marketable securities on the condensed consolidated balance sheets (in thousands): July 31, 2021 Amortized Gross Gross Unrealized Losses Estimated Current Assets U.S. treasury bonds $ 20,032 $ 1 $ — $ 20,033 Commercial paper 48,709 1 — 48,710 Corporate bonds 31,815 8 (2) 31,821 Certificates of deposit 2,705 1 — 2,706 Total marketable securities $ 103,261 $ 11 $ (2) $ 103,270 Non-current Assets Corporate bonds 8,731 9 (1) 8,739 Total assets $ 111,992 $ 20 $ (3) $ 112,009 January 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Current Assets U.S. treasury bonds $ 40,236 $ 9 $ — $ 40,245 Commercial paper 43,158 2 (1) 43,159 Corporate bonds 40,278 9 (1) 40,286 Certificates of deposit 2,705 1 — 2,706 Total marketable securities $ 126,377 $ 21 $ (2) $ 126,396 Non-current Assets Corporate bonds 19,120 8 (3) 19,125 Total assets $ 145,497 $ 29 $ (5) $ 145,521 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Property and Equipment, Net | Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands): July 31, 2021 January 31, 2021 Desktop and other computer equipment $ 2,167 $ 2,229 Furniture and fixtures 7,466 2,012 Leasehold improvements 86,759 13,686 Capitalized internal-use software 10,912 10,498 Construction in progress 1 16,941 68,409 Total gross property and equipment 124,245 96,834 Less: Accumulated depreciation and amortization (22,908) (22,398) Total property and equipment, net $ 101,337 $ 74,436 __________________ 1 Construction in progress is primarily related to the build-out of the Company's new corporate headquarters. Refer to Note 9. Leases for additional information. |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): July 31, 2021 January 31, 2021 Prepaid expenses $ 15,050 $ 16,696 Deferred contract acquisition costs, current 8,055 5,742 Other current assets 3,894 4,857 Total prepaid expenses and other current assets $ 26,999 $ 27,295 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): July 31, 2021 January 31, 2021 Accrued payroll liabilities $ 14,964 $ 10,607 Accrued taxes for fringe benefits 2,473 2,963 Accrued advertising expenses 7,436 7,020 Accrued property and equipment 9,369 4,715 Accrued consulting expenses 4,578 2,393 Accrued sales and value-added taxes 6,778 3,704 Other liabilities 14,422 10,214 Total accrued expenses and other current liabilities $ 60,020 $ 41,616 |
Convertible Notes_Related Par_2
Convertible Notes—Related Party (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
Summary of the Carrying Amount of Convertible Debt | The net carrying amount of the Convertible Notes as of January 31, 2021 was as follows (in thousands): January 31, 2021 Principal $ 450,000 Unamortized discount (112,548) Accrued interest expense 13,709 Net carrying amount $ 351,161 Interest expense related to the Convertible Notes recorded prior to the conversion was as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Amortization of debt discount $ 4,382 $ 5,207 $ 10,628 $ 9,609 Contractual interest expense 2,740 3,150 6,670 5,739 Total interest expense $ 7,122 $ 8,357 $ 17,298 $ 15,348 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The net carrying amount of the term loan was as follows (in thousands): July 31, 2021 Principal $ 39,333 Accrued Interest 76 Unamortized loan issuance costs (63) Net carrying amount $ 39,346 Term loan, current $ 2,742 Term loan, noncurrent $ 36,604 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Leases [Abstract] | |
Schedule of Lease Cost | The components of lease costs, lease term, and discount rate for operating leases are as follows: Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Operating lease costs (in thousands) $ 9,232 $ 5,645 $ 18,364 $ 8,701 Short-term lease costs (in thousands) 897 948 1,625 1,408 Variable lease costs (in thousands) 408 639 597 901 Total lease costs (in thousands) $ 10,537 $ 7,232 $ 20,586 $ 11,010 July 31, 2021 July 31, 2020 Weighted-average remaining lease term (in years) 11.9 1.9 Weighted-average discount rate 9.5 % 3.4 % Supplemental cash flow information related to operating leases are as follows (in thousands): Six Months Ended July 31, 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 6,041 $ 6,142 Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,883 $ 127,332 |
Schedule of Operating Lease, Liability, Maturity | Future minimum lease payments (net of tenant improvement receivables) under non-cancelable operating leases with initial lease terms in excess of one year included in the Company’s lease liabilities as of July 31, 2021 are as follows (in thousands): Fiscal year ending January 31, Operating Lease Payments (Net) 2022 (6 months remaining) $ 5,861 2023 30,174 2024 28,227 2025 28,032 2026 and thereafter 284,041 Total undiscounted operating lease payments $ 376,335 Less: imputed interest (162,774) Total operating lease liabilities $ 213,561 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Numerator: Net loss $ (68,355) $ (41,066) $ (129,013) $ (76,911) Denominator: Weighted-average shares used in calculating net loss per share, basic and diluted 170,600 76,381 166,412 76,015 Net loss per share, basic and diluted $ (0.40) $ (0.54) $ (0.78) $ (1.01) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The potential shares of common stock that were excluded from the computation of diluted net loss per share for the period presented because including them would have been anti-dilutive are as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Redeemable convertible preferred stock — 73,577 — 73,577 Stock options 17,752 33,024 17,752 33,024 Restricted stock units 8,713 3,451 8,713 3,451 Early exercised stock options 404 835 404 835 Shares issuable pursuant to the 2020 Employee Stock Purchase Plan 231 — 231 — Total 27,100 110,887 27,100 110,887 |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Options Activity | Option activity under the Company’s combined stock plans is set forth below (in thousands, except years and per share data): Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual (in years) Aggregate Intrinsic Value Balances at January 31, 2021 22,340 $ 2.85 6.9 $ 726,455 Options granted — — Options exercised (4,036) 2.22 Options canceled (552) 4.11 Balances at July 31, 2021 17,752 $ 2.96 6.6 $ 1,209,007 Vested and exercisable at July 31, 2021 10,641 $ 2.25 6.0 $ 732,211 Vested and expected to vest at July 31, 2021 18,157 $ 2.99 6.6 $ 1,236,010 |
Summary of Weighted-Average Grant-Date Fair Value of Options Granted and Total Intrinsic Value of Options Exercised | The weighted-average grant-date fair value of options granted and the total intrinsic value of options exercised during the periods presented were as follows: Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Weighted-average grant-date fair value per share N/A N/A N/A $ 6.77 Aggregate intrinsic value of options exercised (in thousands) $ 122,968 $ 7,264 $ 165,143 $ 12,353 |
Schedule Assumptions used in the Black-Scholes Pricing Model for Stock-based Compensation | The assumptions used in the Black-Scholes pricing model for stock-based compensation for options granted in the periods below were as follows: Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Risk-free interest rate N/A N/A N/A 1.2% Expected term N/A N/A N/A 8 years Dividend yield N/A N/A N/A — % Expected volatility N/A N/A N/A 44.6% |
Schedule of RSU Activity | The Company’s RSU activity is set forth below (in thousands, except per share data): Number of Shares Weighted- Average Grant Date Fair Value Aggregate Intrinsic Value Unvested RSUs at January 31, 2021 8,199 $ 19.01 $ 289,987 RSUs granted 2,018 35.82 RSUs vested (1,079) 17.32 RSUs cancelled/forfeited (425) 19.05 Unvested RSUs at July 31, 2021 8,713 23.10 $ 619,166 RSUs vested, not yet released at July 31, 2021 278 $ 16.29 |
Schedule of Stock-Based Compensation Expense | Stock-based compensation for stock-based awards to employees and non-employees in the Company’s condensed consolidated statements of operations for the periods below were as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Cost of revenues $ 150 $ 54 $ 270 $ 100 Research and development 11,250 2,656 20,390 4,737 Sales and marketing 5,350 1,522 9,503 2,621 General and administrative 3,631 1,144 6,249 1,900 Total stock-based compensation expense $ 20,381 $ 5,376 $ 36,412 $ 9,358 |
Summary of Unrecognized Compensation Costs, Related to Unvested Awards | Total unrecognized compensation costs related to unvested awards not yet recognized under all equity compensation plans was as follows: July 31, 2021 Unrecognized Expense Weighted-Average Expected Recognition Period Stock options $ 18,134 1.9 RSUs 182,458 3.2 Total unrecognized stock-based compensation expense (unaudited) $ 200,592 3.0 |
Interest Income and Other Inc_2
Interest Income and Other Income (Expense), Net (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Interest income and other income (expense), net consist of the following (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Interest income $ 82 $ 109 $ 176 $ 803 Unrealized gains (losses) on foreign currency transactions (114) 751 (3) 593 Other non-operating expense (296) 185 (493) 3 Total interest income and other income (expense), net $ (328) $ 1,045 $ (320) $ 1,399 |
Geographic Information (Tables)
Geographic Information (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Segment Reporting [Abstract] | |
Revenue by Geographic Areas | Revenues Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 United States $ 51,103 $ 31,850 $ 95,210 $ 60,823 International 38,375 20,174 70,941 38,907 Total revenues $ 89,478 $ 52,024 $ 166,151 $ 99,730 |
Long-lived Assets by Geographic Areas | Long-Lived Assets July 31, 2021 January 31, 2021 United States $ 274,589 $ 252,521 International 4,719 4,839 Total long-lived assets $ 279,308 $ 257,360 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) shares in Millions | Sep. 30, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 |
Revenue, Major Customer [Line Items] | ||||||
General and administrative expenses | $ 0 | $ 1,100,000 | $ 0 | $ 2,200,000 | ||
Number of shares from conversion (in shares) | 73.6 | |||||
Customer One | Revenue from Contract with Customer Benchmark | Customer Concentration Risk | ||||||
Revenue, Major Customer [Line Items] | ||||||
Concentration risk, percentage | 13.00% |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Deferred revenue | $ 139.6 | $ 139.6 | ||
Deferred revenue, non-current | 3.6 | 3.6 | ||
Deferred revenue recognized | $ 30.7 | $ 18.9 | $ 75.8 | $ 46.5 |
Deferred contract acquisition costs, amortization period | 3 years | 3 years |
Revenues - Performance Obligati
Revenues - Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-08-01 $ in Millions | Jul. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 171.1 |
Revenue, remaining performance obligation, percentage | 86.00% |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Revenues - Deferred Contract Ac
Revenues - Deferred Contract Acquisition Costs Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | |
Capitalized Contract Costs [Roll Forward] | |||||
Beginning balance | $ 14,586 | $ 6,647 | $ 12,093 | $ 6,107 | |
Capitalization of contract acquisition costs | 4,381 | 2,094 | 8,503 | 3,345 | |
Amortization of deferred contract acquisition costs | (1,993) | (874) | (3,622) | (1,585) | |
Ending balance | 16,974 | 7,867 | 16,974 | 7,867 | |
Deferred contract acquisition costs, current | 8,055 | 3,732 | 8,055 | 3,732 | $ 5,742 |
Deferred contract acquisition costs, noncurrent | 8,919 | 4,135 | 8,919 | 4,135 | |
Total deferred contract acquisition costs | $ 16,974 | $ 7,867 | $ 16,974 | $ 7,867 | $ 12,093 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 230,250 | $ 210,467 |
Marketable securities | 103,270 | 126,396 |
Total assets | 342,259 | 355,988 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 230,250 | 207,187 |
U.S. treasury bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 20,033 | 40,245 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,230 | |
Marketable securities | 48,710 | 43,159 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 31,821 | 40,286 |
Non-current Assets | 8,739 | 19,125 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,050 | |
Marketable securities | 2,706 | 2,706 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 230,250 | 207,187 |
Marketable securities | 20,033 | 40,245 |
Total assets | 250,283 | 247,432 |
Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 230,250 | 207,187 |
Level 1 | U.S. treasury bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 20,033 | 40,245 |
Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Marketable securities | 0 | 0 |
Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Non-current Assets | 0 | 0 |
Level 1 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Marketable securities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 3,280 |
Marketable securities | 83,237 | 86,151 |
Total assets | 91,976 | 108,556 |
Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 2 | U.S. treasury bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,230 | |
Marketable securities | 48,710 | 43,159 |
Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 31,821 | 40,286 |
Non-current Assets | 8,739 | 19,125 |
Level 2 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,050 | |
Marketable securities | 2,706 | 2,706 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Total assets | 0 | 0 |
Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 3 | U.S. treasury bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Marketable securities | 0 | 0 |
Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Non-current Assets | 0 | 0 |
Level 3 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Marketable securities | $ 0 | $ 0 |
Fair Value Measurements - Inves
Fair Value Measurements - Investments (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Current assets | ||
Amortized Cost | $ 103,261 | $ 126,377 |
Gross Unrealized Gains | 11 | 21 |
Gross Unrealized Losses | (2) | (2) |
Estimated Fair Value | 103,270 | 126,396 |
Non-current Assets | ||
Total assets, amortized cost | 111,992 | 145,497 |
Total assets, gross unrealized gains | 20 | 29 |
Total assets, gross unrealized losses | (3) | (5) |
Total assets, estimated fair value | 112,009 | 145,521 |
U.S. treasury bonds | ||
Current assets | ||
Amortized Cost | 20,032 | 40,236 |
Gross Unrealized Gains | 1 | 9 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 20,033 | 40,245 |
Commercial paper | ||
Current assets | ||
Amortized Cost | 48,709 | 43,158 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | 0 | (1) |
Estimated Fair Value | 48,710 | 43,159 |
Corporate bonds | ||
Current assets | ||
Amortized Cost | 31,815 | 40,278 |
Gross Unrealized Gains | 8 | 9 |
Gross Unrealized Losses | (2) | (1) |
Estimated Fair Value | 31,821 | 40,286 |
Non-current Assets | ||
Amortized Cost | 8,731 | 19,120 |
Gross Unrealized Gains | 9 | 8 |
Gross Unrealized Losses | (1) | (3) |
Estimated Fair Value | 8,739 | 19,125 |
Certificates of deposit | ||
Current assets | ||
Amortized Cost | 2,705 | 2,705 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 2,706 | $ 2,706 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 6 Months Ended | ||||
Jul. 31, 2021 | Jul. 31, 2020 | Jun. 26, 2020 | Apr. 30, 2020 | Jan. 30, 2020 | |
Debt Instrument [Line Items] | |||||
Debt drawn | $ 9,000,000 | $ 2,915,000 | |||
Term Loan Agreement | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Loan agreement term | 5 years | ||||
Long-term debt, face amount | $ 40,000,000 | ||||
Debt drawn | 40,000,000 | ||||
Principal | $ 39,333,000 | ||||
January 2020 Convertible Note | Fair Value | |||||
Debt Instrument [Line Items] | |||||
Convertible debt, fair value disclosures | $ 203,000,000 | ||||
June 2020 Convertible Note | Fair Value | |||||
Debt Instrument [Line Items] | |||||
Convertible debt, fair value disclosures | $ 112,000,000 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||||
Total gross property and equipment | $ 124,245 | $ 124,245 | $ 96,834 | ||
Less: Accumulated depreciation and amortization | (22,908) | (22,908) | (22,398) | ||
Property and equipment, net | 101,337 | 101,337 | 74,436 | ||
Depreciation and amortization | 1,400 | $ 800 | 2,400 | $ 1,500 | |
Desktop and other computer equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total gross property and equipment | 2,167 | 2,167 | 2,229 | ||
Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Total gross property and equipment | 7,466 | 7,466 | 2,012 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Total gross property and equipment | 86,759 | 86,759 | 13,686 | ||
Capitalized internal-use software | |||||
Property, Plant and Equipment [Line Items] | |||||
Total gross property and equipment | 10,912 | 10,912 | 10,498 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Total gross property and equipment | $ 16,941 | $ 16,941 | $ 68,409 |
Balance Sheet Components - Prep
Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jul. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Prepaid expenses | $ 15,050 | $ 16,696 | |
Deferred contract acquisition costs, current | 8,055 | 5,742 | $ 3,732 |
Other current assets | 3,894 | 4,857 | |
Prepaid expenses and other current assets | $ 26,999 | $ 27,295 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued payroll liabilities | $ 14,964 | $ 10,607 |
Accrued taxes for fringe benefits | 2,473 | 2,963 |
Accrued advertising expenses | 7,436 | 7,020 |
Accrued property and equipment | 9,369 | 4,715 |
Accrued consulting expenses | 4,578 | 2,393 |
Accrued sales and value-added taxes | 6,778 | 3,704 |
Accrued expenses and other current liabilities | 14,422 | 10,214 |
Accrued expenses and other current liabilities | $ 60,020 | $ 41,616 |
Convertible Notes_Related Par_3
Convertible Notes—Related Party - Narrative (Details) | Jul. 01, 2021USD ($)shares | Sep. 30, 2020shares | Jun. 30, 2020USD ($)debt_instrument | Jul. 31, 2021USD ($) | Jan. 31, 2021USD ($) | Apr. 30, 2020USD ($) | Jan. 31, 2020USD ($) |
Related Party Transaction [Line Items] | |||||||
Number of shares from conversion (in shares) | shares | 73,600,000 | ||||||
Convertible Debt | |||||||
Related Party Transaction [Line Items] | |||||||
Number of debt instruments issued in the period | debt_instrument | 2 | ||||||
Net carrying amount | $ 368,500,000 | $ 351,161,000 | |||||
Accrued interest expense | 20,400,000 | 13,709,000 | |||||
Unamortized discount | $ (101,900,000) | $ (112,548,000) | |||||
Convertible Debt | Common Class B | |||||||
Related Party Transaction [Line Items] | |||||||
Number of shares from conversion (in shares) | shares | 17,012,822 | ||||||
June 2020 Convertible Note | Convertible Debt | |||||||
Related Party Transaction [Line Items] | |||||||
Convertible notes, interest rate, stated percentage | 3.50% | ||||||
Long-term debt, face amount | $ 150,000,000 | ||||||
January 2020 Convertible Note | Convertible Debt | |||||||
Related Party Transaction [Line Items] | |||||||
Convertible notes, interest rate, stated percentage | 3.50% | ||||||
Long-term debt, face amount | $ 300,000,000 | ||||||
Term Loan Agreement | Secured Debt | |||||||
Related Party Transaction [Line Items] | |||||||
Long-term debt, face amount | $ 40,000,000 | ||||||
Long-term debt, term | 5 years | ||||||
Net carrying amount | $ 39,346,000 | ||||||
Accrued interest expense | $ 76,000 |
Convertible Notes_Related Par_4
Convertible Notes—Related Party - Net Carrying Amount of Convertible Notes (Details) - Convertible Debt - USD ($) $ in Thousands | Jul. 01, 2021 | Jan. 31, 2021 |
Related Party Transaction [Line Items] | ||
Principal | $ 450,000 | |
Unamortized discount | $ (101,900) | (112,548) |
Accrued interest expense | 20,400 | 13,709 |
Net carrying amount | $ 368,500 | $ 351,161 |
Convertible Notes_Related Par_5
Convertible Notes—Related Party - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Related Party Transaction [Line Items] | ||||
Amortization of debt discount | $ 10,636 | $ 9,614 | ||
Convertible Notes | ||||
Related Party Transaction [Line Items] | ||||
Amortization of debt discount | $ 4,382 | $ 5,207 | 10,628 | 9,609 |
Contractual interest expense | 2,740 | 3,150 | 6,670 | 5,739 |
Interest expense | $ 7,122 | $ 8,357 | $ 17,298 | $ 15,348 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Apr. 30, 2020 | |
Line of Credit Facility [Line Items] | |||
Debt drawn | $ 9,000,000 | $ 2,915,000 | |
Secured Debt | Term Loan Agreement | |||
Line of Credit Facility [Line Items] | |||
Long-term debt, term | 5 years | ||
Long-term debt, face amount | $ 40,000,000 | ||
Debt drawn | 40,000,000 | ||
Debt outstanding | $ 39,333,000 |
Debt - Net Carrying Amount of T
Debt - Net Carrying Amount of Term Loan (Details) - Secured Debt - Term Loan Agreement $ in Thousands | Jul. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
Principal | $ 39,333 |
Accrued Interest | 76 |
Unamortized loan issuance costs | (63) |
Net carrying amount | 39,346 |
Term loan, current | 2,742 |
Term loan, noncurrent | $ 36,604 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 1 Months Ended | |
Jan. 31, 2021 | Jul. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Letters of credit outstanding, amount | $ 21.7 | |
Long-term purchase commitment, period | 60 months | |
Minimum spending amount | $ 103.5 | |
Maximum offsetting amount | 7.3 | |
Credits earned | 2 | |
Purchase commitment remaining | 90.5 | |
Purchase commitments recognized in period | 1.6 | |
Cumulative contract value | $ 70.5 | |
Outstanding portion of agreement | 7.9 | |
Contractual obligation recognized in period | $ 7.7 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Leases [Abstract] | ||||
Operating lease costs (in thousands) | $ 9,232 | $ 5,645 | $ 18,364 | $ 8,701 |
Short-term lease costs (in thousands) | 897 | 948 | 1,625 | 1,408 |
Variable lease costs (in thousands) | 408 | 639 | 597 | 901 |
Total lease costs (in thousands) | $ 10,537 | $ 7,232 | $ 20,586 | $ 11,010 |
Weighted-average remaining lease term (in years) | 11 years 10 months 24 days | 1 year 10 months 24 days | 11 years 10 months 24 days | 1 year 10 months 24 days |
Weighted-average discount rate | 9.50% | 3.40% | 9.50% | 3.40% |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 6,041 | $ 6,142 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 3,883 | $ 127,332 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Jul. 31, 2021USD ($) |
Leases [Abstract] | |
2022 (6 months remaining) | $ 5,861 |
2023 | 30,174 |
2024 | 28,227 |
2025 | 28,032 |
2026 and thereafter | 284,041 |
Total undiscounted operating lease payments | 376,335 |
Less: imputed interest | (162,774) |
Total operating lease liabilities | $ 213,561 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding, amount | $ 21,700 | |
Operating lease right-of-use assets | 177,971 | $ 182,924 |
Total operating lease liabilities | 213,561 | |
Total of future payments | 3,900 | |
San Francisco | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding, amount | 17,000 | |
Operating lease right-of-use assets | 175,500 | |
Total operating lease liabilities | $ 173,400 | |
Lessee, operating lease, future minimum payments net of tenant improvements receivable | 382,700 | |
Lessee, operating lease, lease not yet commenced, undiscounted amount | $ 368,000 |
Net Loss per Share (Details)
Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Numerator: | ||||
Net loss | $ (68,355) | $ (41,066) | $ (129,013) | $ (76,911) |
Denominator: | ||||
Weighted-average shares used in calculating net loss per share, basic (in shares) | 170,600 | 76,381 | 166,412 | 76,015 |
Weighted-average shares used in calculating net loss per share, diluted (in shares) | 170,600 | 76,381 | 166,412 | 76,015 |
Net loss per share, basic (in dollars per share) | $ (0.40) | $ (0.54) | $ (0.78) | $ (1.01) |
Net loss per share, diluted (in dollars per share) | $ (0.40) | $ (0.54) | $ (0.78) | $ (1.01) |
Net Loss per Share - Antidiluti
Net Loss per Share - Antidilutive Securities (Details) - shares | Jul. 01, 2021 | Sep. 30, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Antidilutive securities (in shares) | 27,100,000 | 110,887,000 | 27,100,000 | 110,887,000 | ||
Number of shares from conversion (in shares) | 73,600,000 | |||||
Convertible Debt | Common Class B | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Number of shares from conversion (in shares) | 17,012,822 | |||||
Redeemable convertible preferred stock | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Antidilutive securities (in shares) | 0 | 73,577,000 | 0 | 73,577,000 | ||
Stock options | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Antidilutive securities (in shares) | 17,752,000 | 33,024,000 | 17,752,000 | 33,024,000 | ||
Restricted stock units | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Antidilutive securities (in shares) | 8,713,000 | 3,451,000 | 8,713,000 | 3,451,000 | ||
Early exercised stock options | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Antidilutive securities (in shares) | 404,000 | 835,000 | 404,000 | 835,000 | ||
Shares issuable pursuant to the 2020 Employee Stock Purchase Plan | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Antidilutive securities (in shares) | 231,000 | 0 | 231,000 | 0 |
Stockholders' Deficit - Narrati
Stockholders' Deficit - Narrative (Details) $ in Thousands | Sep. 30, 2020shares | Jul. 31, 2021USD ($)shares | Jul. 31, 2020USD ($)shares | Jul. 31, 2021USD ($)voteshares | Jul. 31, 2020USD ($)shares | Mar. 31, 2021shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, shares authorized (in shares) | 1,500,000,000 | 1,500,000,000 | ||||
Number of shares subject to repurchase (in shares) | 403,688 | 835,488 | 403,688 | 835,488 | ||
Remaining vesting period, vesting percentage | 2.08% | |||||
Total stock-based compensation expense | $ | $ 20,381 | $ 5,376 | $ 36,412 | $ 9,358 | ||
Employee contributions withheld | $ | 5,800 | 5,800 | ||||
Unrecognized expense | $ | 200,592 | $ 200,592 | ||||
Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options, expiration period | 10 years | |||||
Exercise price, minimum threshold, as a 100% of estimated fair value on the date of grant | 100.00% | |||||
Vesting period | 4 years | |||||
Stock options | Share-based Payment Arrangement, Tranche One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 25.00% | |||||
Restricted stock units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
Employee Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total stock-based compensation expense | $ | $ 4,400 | |||||
Unrecognized expense | $ | $ 4,400 | $ 4,400 | ||||
Unrecognized expense, period for recognition | 1 year 2 months 12 days | |||||
Common Class A | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | ||||
Number of votes per share | vote | 1 | |||||
Common stock, shares issued (in shares) | 94,961,892 | 94,961,892 | ||||
Common stock, shares outstanding (in shares) | 94,961,892 | 94,961,892 | ||||
Common Class A | Employee Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, shares reserved for future issuance (in shares) | 2,000,000 | |||||
Increase in authorized share amount (in shares) | 3,614,801 | |||||
Purchase price of common stock, percent | 85.00% | |||||
Shares purchased under the ESPP (in shares) | 250,270 | |||||
Common Class B | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | ||||
Number of votes per share | vote | 10 | |||||
Common stock, shares issued (in shares) | 88,762,762 | 88,762,762 | ||||
Common stock, shares outstanding (in shares) | 88,762,762 | 88,762,762 |
Stockholders' Deficit - Schedul
Stockholders' Deficit - Schedule of Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | |
Number of Shares | |||||
Beginning balance (in shares) | 22,340 | ||||
Options granted (in shares) | 0 | ||||
Options exercised (in shares) | (4,036) | ||||
Options canceled (in shares) | (552) | ||||
Ending balance (in shares) | 17,752 | 17,752 | 22,340 | ||
Vested and exercisable, end of period (in shares) | 10,641 | 10,641 | |||
Vested and expected to vest, end of period (in shares) | 18,157 | 18,157 | |||
Weighted- Average Exercise Price | |||||
Beginning balance (in dollars per share) | $ 2.85 | ||||
Options granted (in dollars per share) | 0 | ||||
Options exercised (in dollars per share) | 2.22 | ||||
Options canceled (in dollars per share) | 4.11 | ||||
Ending balance (in dollars per share) | $ 2.96 | 2.96 | $ 2.85 | ||
Vested and exercisable, end of period (in dollars per share) | 2.25 | 2.25 | |||
Vested and expected to vest, end of period (in dollars per share) | $ 2.99 | $ 2.99 | |||
Weighted average remaining contractual term | 6 years 7 months 6 days | 6 years 10 months 24 days | |||
Weighted average remaining contractual term, vested and exercisable | 6 years | ||||
Weighted average remaining contractual term, vested and expected to vest | 6 years 7 months 6 days | ||||
Aggregate intrinsic value, outstanding | $ 1,209,007 | $ 1,209,007 | $ 726,455 | ||
Aggregate intrinsic value, vested and exercisable | 732,211 | 732,211 | |||
Aggregate intrinsic value, vested and expected to vest | 1,236,010 | 1,236,010 | |||
Weighted-average grant-date fair value per share (in dollars per share) | $ 6.77 | ||||
Aggregate intrinsic value of options exercised (in thousands) | $ 122,968 | $ 7,264 | $ 165,143 | $ 12,353 |
Stockholders' Deficit - Fair Va
Stockholders' Deficit - Fair Value Assumptions (Details) | 6 Months Ended |
Jul. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Risk-free interest rate | 1.20% |
Expected term | 8 years |
Dividend yield | 0.00% |
Expected volatility | 44.60% |
Stockholders' Deficit - Sched_2
Stockholders' Deficit - Schedule of RSU Activity (Details) - Restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | |
Jul. 31, 2021 | Jan. 31, 2021 | |
Number of Shares | ||
Beginning Balance (in shares) | 8,199 | |
RSUs granted (in shares) | 2,018 | |
RSUs vested, and released (in shares) | (1,079) | |
RSUs cancelled/forfeited (in shares) | (425) | |
Ending Balance (in shares) | 8,713 | |
Weighted- Average Grant Date Fair Value | ||
Beginning Balance (in dollars per share) | $ 19.01 | |
RSUs granted (in dollars per share) | 35.82 | |
RSUs vested, and released (in dollars per share) | 17.32 | |
RSUs cancelled/forfeited (in dollars per share) | 19.05 | |
Ending Balance (in dollars per share) | $ 23.10 | |
RSUs vested, not released (in shares) | 278 | |
RSUs vested, not released (in dollars per share) | $ 16.29 | |
Aggregate Intrinsic Value | $ 619,166 | $ 289,987 |
Stockholders' Deficit - Stock-b
Stockholders' Deficit - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 20,381 | $ 5,376 | $ 36,412 | $ 9,358 |
Unrecognized expense, stock options | 18,134 | 18,134 | ||
Unrecognized expense, RSUs | 182,458 | 182,458 | ||
Total unrecognized stock-based compensation expense (unaudited) | 200,592 | $ 200,592 | ||
Weighted-Average Expected Recognition Period (in years) | 3 years | |||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-Average Expected Recognition Period (in years) | 1 year 10 months 24 days | |||
Restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-Average Expected Recognition Period (in years) | 3 years 2 months 12 days | |||
Cost of revenues | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 150 | 54 | $ 270 | 100 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 11,250 | 2,656 | 20,390 | 4,737 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 5,350 | 1,522 | 9,503 | 2,621 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 3,631 | $ 1,144 | $ 6,249 | $ 1,900 |
Interest Income and Other Inc_3
Interest Income and Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Other Income and Expenses [Abstract] | ||||
Interest income | $ 82 | $ 109 | $ 176 | $ 803 |
Unrealized gains (losses) on foreign currency transactions | (114) | 751 | (3) | 593 |
Other non-operating expense | (296) | 185 | (493) | 3 |
Interest income and other income (expense), net | $ (328) | $ 1,045 | $ (320) | $ 1,399 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 625 | $ 163 | $ 935 | $ 286 |
Geographic Information (Details
Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Revenues | $ 89,478 | $ 52,024 | $ 166,151 | $ 99,730 | |
Long-lived assets | 279,308 | 279,308 | $ 257,360 | ||
United States | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Revenues | 51,103 | 31,850 | 95,210 | 60,823 | |
Long-lived assets | 274,589 | 274,589 | 252,521 | ||
International | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Revenues | 38,375 | $ 20,174 | 70,941 | $ 38,907 | |
Long-lived assets | $ 4,719 | $ 4,719 | $ 4,839 |
Related Party Transactions (Det
Related Party Transactions (Details) - Affiliated Entity - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Related Party Transaction [Line Items] | ||||
Revenue from related parties | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.1 |
Lease Expense | ||||
Related Party Transaction [Line Items] | ||||
Amount of related party transactions | 0.6 | 0.6 | 1.1 | 1.1 |
Advertising Expense | ||||
Related Party Transaction [Line Items] | ||||
Amount of related party transactions | $ 0.2 | $ 0 | $ 0.5 | $ 0.1 |