Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 31, 2018 | Aug. 31, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Cloudera, Inc. | |
Entity Central Index Key | 1,535,379 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 151,113,590 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2018 | Jan. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 52,970 | $ 43,247 |
Short-term marketable securities | 325,413 | 327,842 |
Accounts receivable, net | 96,364 | 130,579 |
Prepaid expenses and other current assets | 20,534 | 31,470 |
Total current assets | 495,281 | 533,138 |
Property and equipment, net | 22,089 | 17,600 |
Marketable securities, noncurrent | 61,747 | 71,580 |
Intangible assets, net | 4,540 | 5,855 |
Goodwill | 33,621 | 33,621 |
Restricted cash | 18,024 | 18,052 |
Other assets | 7,696 | 9,312 |
TOTAL ASSETS | 642,998 | 689,158 |
CURRENT LIABILITIES: | ||
Accounts payable | 2,543 | 2,722 |
Accrued compensation | 31,286 | 41,393 |
Other accrued liabilities | 13,871 | 13,454 |
Deferred revenue, current portion | 253,779 | 257,141 |
Total current liabilities | 301,479 | 314,710 |
Deferred revenue, less current portion | 30,500 | 34,870 |
Other liabilities | 19,745 | 16,601 |
TOTAL LIABILITIES | 351,724 | 366,181 |
STOCKHOLDERS’ EQUITY: | ||
Common stock | 8 | 7 |
Additional paid-in capital | 1,438,493 | 1,385,592 |
Accumulated other comprehensive loss | (1,021) | (832) |
Accumulated deficit | (1,146,206) | (1,061,790) |
TOTAL STOCKHOLDERS’ EQUITY | 291,274 | 322,977 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 642,998 | $ 689,158 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | ||
Revenue: | |||||
Total revenue | $ 110,338 | $ 89,828 | $ 213,045 | $ 169,424 | |
Cost of revenue: | |||||
Total cost of revenue | [1],[2] | 32,132 | 31,970 | 65,483 | 92,082 |
Gross profit | 78,206 | 57,858 | 147,562 | 77,342 | |
Operating expenses: | |||||
Research and development | [1],[2] | 39,800 | 42,844 | 83,464 | 138,675 |
Sales and marketing | [1],[2] | 55,166 | 62,135 | 114,943 | 172,578 |
General and administrative | [1],[2] | 17,090 | 18,564 | 33,426 | 54,114 |
Total operating expenses | [1],[2] | 112,056 | 123,543 | 231,833 | 365,367 |
Loss from operations | (33,850) | (65,685) | (84,271) | (288,025) | |
Interest income, net | 2,173 | 1,440 | 3,980 | 2,089 | |
Other income (expense), net | (907) | 817 | (2,028) | 839 | |
Net loss before provision for income taxes | (32,584) | (63,428) | (82,319) | (285,097) | |
Provision for income taxes | (791) | (801) | (2,097) | (1,451) | |
Net loss | $ (33,375) | $ (64,229) | $ (84,416) | $ (286,548) | |
Net loss per share, basic and diluted (in dollars per share) | $ (0.22) | $ (0.48) | $ (0.57) | $ (3.28) | |
Weighted-average shares used in computing net loss per share, basic and diluted (in shares) | 149,505 | 134,506 | 148,115 | 87,293 | |
Subscription Revenue | |||||
Revenue: | |||||
Total revenue | $ 93,123 | $ 73,986 | $ 179,022 | $ 138,657 | |
Cost of revenue: | |||||
Total cost of revenue | [1],[2] | 14,961 | 15,215 | 30,768 | 41,687 |
Services Revenue | |||||
Revenue: | |||||
Total revenue | 17,215 | 15,842 | 34,023 | 30,767 | |
Cost of revenue: | |||||
Total cost of revenue | [1],[2] | $ 17,171 | $ 16,755 | $ 34,715 | $ 50,395 |
[1] | Amounts include amortization of acquired intangible assets as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2018 2017 2018 2017Cost of revenue – subscription $622 $510 $1,244 $1,024Sales and marketing 35 431 70 861 | ||||
[2] | Amounts include stock‑based compensation expense as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2018 2017 2018 2017 Cost of revenue – subscription $2,496 $3,693 $5,044 $19,393Cost of revenue – services 2,776 3,890 5,250 24,227Research and development 8,336 13,128 18,197 81,029Sales and marketing 2,698 12,137 8,777 72,678General and administrative 4,169 6,603 8,573 33,206 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Operations - Parenthetical - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Amortization expense of intangible assets | $ 600 | $ 900 | $ 1,300 | $ 1,900 |
Cost of revenue – subscription | ||||
Stock-based compensation expense | 2,496 | 3,693 | 5,044 | 19,393 |
Amortization expense of intangible assets | 622 | 510 | 1,244 | 1,024 |
Cost of revenue – services | ||||
Stock-based compensation expense | 2,776 | 3,890 | 5,250 | 24,227 |
Research and development | ||||
Stock-based compensation expense | 8,336 | 13,128 | 18,197 | 81,029 |
Sales and marketing | ||||
Stock-based compensation expense | 2,698 | 12,137 | 8,777 | 72,678 |
Amortization expense of intangible assets | 35 | 431 | 70 | 861 |
General and administrative | ||||
Stock-based compensation expense | $ 4,169 | $ 6,603 | $ 8,573 | $ 33,206 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (33,375) | $ (64,229) | $ (84,416) | $ (286,548) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation loss | (252) | (34) | (349) | (26) |
Unrealized gain on investments | 306 | 26 | 160 | 61 |
Total other comprehensive income (loss), net of tax | 54 | (8) | (189) | 35 |
Comprehensive loss | $ (33,321) | $ (64,237) | $ (84,605) | $ (286,513) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (84,416) | $ (286,548) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 5,068 | 6,994 |
Stock-based compensation | 45,841 | 230,533 |
Accretion and amortization of marketable securities | (195) | 414 |
Gain on disposal of fixed assets | (20) | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | 34,366 | 16,744 |
Prepaid expenses and other assets | 12,297 | 639 |
Accounts payable | 583 | 1,674 |
Accrued compensation | (9,437) | (4,983) |
Accrued expenses and other liabilities | 3,999 | 2,970 |
Deferred revenue | (7,276) | 13,697 |
Net cash provided by (used in) operating activities | 810 | (17,866) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of marketable securities and other investments | (252,376) | (387,154) |
Sales of marketable securities and other investments | 32,294 | 43,198 |
Maturities of marketable securities and other investments | 230,903 | 117,604 |
Capital expenditures | (7,690) | (1,971) |
Proceeds from sale of equipment | 27 | 0 |
Net cash provided by (used in) investing activities | 3,158 | (228,323) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net proceeds from issuance of common stock in initial public offering | 0 | 237,686 |
Proceeds from employee stock plans | 11,330 | 5,932 |
Shares withheld related to net share settlement of restricted stock units | (4,388) | 0 |
Net cash provided by financing activities | 6,942 | 243,618 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,215) | (77) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 9,695 | (2,648) |
Cash, cash equivalents and restricted cash — Beginning of period | 61,299 | 89,632 |
Cash, cash equivalents and restricted cash — End of period | 70,994 | 86,984 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for income taxes | 1,898 | 1,352 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Purchases of property and equipment in other accrued liabilities | 561 | 3,054 |
Offering costs in accounts payable and other accrued liabilities | 0 | 264 |
Conversion of redeemable convertible preferred stock to common stock | $ 0 | $ 657,687 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jul. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Cloudera, Inc. was incorporated in the state of Delaware on June 27, 2008 and is headquartered in Palo Alto, California. We sell subscriptions and services for our data management, machine learning and advanced analytics platform, optimized for the cloud. This platform delivers an integrated suite of capabilities for data management, machine learning and advanced analytics, affording customers an agile, scalable and cost‑effective solution for transforming their businesses. Unless the context requires otherwise, the words “we,” “us,” “our,” the “Company” and “Cloudera” refer to Cloudera, Inc. and its subsidiaries taken as a whole. As of both July 31, 2018 and January 31, 2018 , we had an accumulated deficit of $1.1 billion , respectively. We have funded our operations primarily with the net proceeds we received through the sale of our common stock in our initial public offering (IPO), our follow-on public offering (Follow-on Offering), other public or private sales of equity securities and proceeds from the sale of our subscriptions and services. Management believes that currently available resources will be sufficient to fund our cash requirements for at least the next twelve months. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. The condensed consolidated financial statements include the results of Cloudera, Inc. and its wholly owned subsidiaries which are located in various countries, including the United States, Australia, China, Germany, Hungary and the United Kingdom. All intercompany balances and transactions have been eliminated upon consolidation. The condensed consolidated balance sheet as of January 31, 2018 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The information contained herein reflects all adjustments necessary for a fair presentation of our results of operations, financial position and cash flows. All such adjustments are of a normal, recurring nature. The results of operations for the three and six months ended July 31, 2018 are not necessarily indicative of results to be expected for the full year ending January 31, 2019 or for any other interim period or for any other future year. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended January 31, 2018 , filed with the SEC on April 4, 2018. Significant Accounting Policies There have been no changes to our significant accounting policies described in the annual report filed with the SEC on April 4, 2018. Fiscal Year Our fiscal year ends on January 31. References to fiscal 2019 , for example, refer to the fiscal year ending January 31, 2019 . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to such estimates include revenue recognition, the useful lives of property and equipment and intangible assets, allowance for doubtful accounts, stock‑based compensation expense, annual bonus attainment, self‑insurance costs incurred, the fair value of tangible and intangible assets acquired and liabilities assumed resulting from business combinations, the fair value of common stock prior to our IPO in fiscal 2018, the assessment of elements in a multi‑element arrangement and the valuation assigned to each element, and contingencies. These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ significantly from these estimates. Segments We operate as two operating segments – subscription and services. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker, who is our chief executive officer, in deciding how to allocate resources and assess performance. Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of short‑term, highly liquid investments with original maturities of three months or less from the date of purchase. Restricted cash represents cash on deposit with financial institutions in support of letters of credit outstanding in favor of certain landlords for office space. Cash as reported on the condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and the restricted cash as shown on the condensed consolidated balance sheets. Cash as reported on the condensed consolidated statements of cash flows consists of the following (in thousands): As of July 31, 2018 2017 Cash and cash equivalents $ 52,970 $ 68,936 Restricted cash 18,024 18,048 Cash, cash equivalents and restricted cash $ 70,994 $ 86,984 Concentration of Credit Risk and Significant Customers Financial instruments that subject us to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, restricted cash, and accounts receivable. Our cash is deposited with high credit quality financial institutions. At times such deposits may be in excess of the Federal Depository Insurance Corporation insured limits. We have not experienced any losses on these deposits. At July 31, 2018 , no customer represented 10% or more of accounts receivable. At January 31, 2018 , one customer represented 16% of accounts receivable. For the three and six months ended July 31, 2018 and 2017 , no single customer accounted for 10% or more of revenue. Revenue Recognition We generate revenue from subscriptions and services. Subscription arrangements are typically one to three years in length but may be up to seven years in limited cases. Arrangements with our customers typically do not include general rights of return. Incremental direct costs incurred related to the acquisition or origination of a customer contract are expensed as incurred. Revenue recognition commences when all of the following criteria are met: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred; (iii) the fee is fixed or determinable; and (iv) collection is probable. Subscription revenue Subscription revenue primarily relates to term (or time‑based) subscription agreements for both open source and proprietary software. Subscriptions include internet, email and phone support, bug fixes, and the right to receive unspecified software updates and upgrades released when and if available during the subscription term. Revenue for subscription arrangements is recognized ratably over the contractual term of the arrangement beginning on the date access to the subscription is made available to the customer. Services revenue Services revenue relates to professional services for the implementation and use of our subscriptions, machine learning expertise and consultation, training and education services and related reimbursable travel costs. For time and materials and fixed fee arrangements, revenue is recognized as the services are performed or upon acceptance, if applicable. For milestone‑based arrangements, revenue is recognized upon acceptance or subsequent to completion upon the lapse of any acceptance period. Revenue for training and education services is recognized upon delivery, except for On‑Demand Training, which is recognized ratably over the contractual term. Multiple ‑ element arrangements Arrangements with our customers generally include multiple elements such as subscription and services. We allocate revenue to each element of the arrangement based on vendor‑specific objective evidence of each element’s fair value (VSOE) when we can demonstrate sufficient evidence of the fair value. VSOE for elements of an arrangement is based upon the normal pricing and discounting practices for those elements when sold separately on a stand‑alone basis. We have established VSOE for some of our services. If VSOE for one or more undelivered elements does not exist, revenue recognition does not commence until delivery of both the subscription and services have commenced, or when VSOE of the undelivered elements has been established. Once revenue recognition commences, revenue for the arrangement is recognized ratably over the longest service period in the arrangement. Reseller arrangements We recognize subscription revenue for sales through resellers or other indirect sales channels. Subscription revenue from these sales is generally recognized upon sell‑through to an end user customer. Where payments to us are believed to be contingent upon payment by the end user to the reseller, subscription revenue is not recognized until cash is collected. Deferred revenue Deferred revenue consists of amounts billed to or collected from customers under a binding agreement provided delivery of the related subscription and services has commenced. Stock‑Based Compensation We recognize stock‑based compensation expense for all stock‑based payments. Employee stock‑based compensation cost is estimated at the grant date based on the fair value of the equity for financial reporting purposes and is recognized as expense over the requisite service period. We calculate the fair value of stock options and purchase rights granted under the 2017 Employee Stock Purchase Plan (ESPP) based on the Black‑Scholes option‑pricing model. The Black‑Scholes model requires the use of various assumptions including expected term and expected stock price volatility. We estimate the expected term for options using the simplified method due to the lack of historical exercise activity. The simplified method calculates the expected term as the midpoint between the vesting date and the contractual expiration date of the award. The expected term for the ESPP purchase rights is estimated using the offering period, which is typically six months. We estimate volatility for options and ESPP purchase rights using volatilities of a group of public companies in a similar industry, stage of life cycle and size. The interest rate is derived from government bonds with a similar term to that of the options or ESPP purchase rights granted. We have not declared nor do we expect to declare dividends. Therefore, there is no dividend impact on the valuation of options or ESPP purchase rights. We use the straight‑line method for employee expense attribution for options and ESPP purchase rights. We have granted restricted stock units (RSUs) to our employees and members of our board of directors under our 2008 Equity Incentive Plan (2008 Plan) and our 2017 Equity Incentive Plan (2017 Plan). Prior to our IPO in May 2017, the employee RSUs vested upon the satisfaction of both a service‑based vesting condition and a liquidity event‑related performance condition. RSUs granted subsequent to our IPO vest upon the satisfaction of a service‑based vesting condition only. The service‑based condition for the majority of these awards is generally satisfied pro‑rata over four years. The liquidity event‑related performance condition was achieved for the majority of our RSUs and became probable of being achieved for the remaining RSUs on April 27, 2017, the effective date of our IPO. We recognized stock‑based compensation expense using the accelerated attribution method with a cumulative catch‑up of stock‑based compensation expense in the amount of $181.5 million in fiscal 2018, attributable to service prior to such effective date. We estimate the fair value of options and other equity awards granted to non‑employees using the Black‑Scholes method. These awards are subject to periodic re‑measurement over the period during which services are rendered. Stock‑based compensation expense is recognized over the vesting period on a straight‑line basis. Income Taxes We account for income taxes under the liability method, whereby deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is established when, in management’s estimate, it is more likely than not that the deferred tax asset will not be realized. Any liability related to uncertain tax positions is recorded on the financial statements within other liabilities. Penalties and interest expense related to income taxes, including uncertain tax positions, are classified as a component of provision for income taxes, as necessary. In December 2017, the U.S. federal government enacted the 2017 Tax Cuts & Jobs Act (Tax Act). The Tax Act includes a number of changes in existing tax law impacting businesses, including the transition tax, a one‑time deemed repatriation of cumulative undistributed foreign earnings and a permanent reduction in the U.S. federal statutory rate from 35% to 21%, effective on January 1, 2018. We were required to recognize the effects of the tax law changes in the period of enactment, including the determination of the transition tax and the re-measurement of deferred taxes as well as to re-assess the realizability of our deferred tax assets. Subsequent to the enactment of the Tax Act, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118), which allows companies to record provisional amounts related to the effects of the Tax Act during a measurement period not to extend beyond one year of the enactment date. Due to the timing of the Tax Act and additional guidance and interpretations that may be issued by the U.S. Treasury Department, Internal Revenue Service and other standard-setting bodies in the future, we have not completed our analysis of the income tax effects of the Tax Act. Our provisional estimates will be adjusted during the measurement period defined under SAB 118, based upon our ongoing analysis of our data and tax positions along with the new guidance from regulators and interpretations of the law. JOBS Act Accounting Election We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. We have elected to retain the ability to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. Because the market value of our common stock held by non-affiliates exceeds $700 million as of July 31, 2018, we will be deemed a “large accelerated filer” under the Exchange Act and will lose emerging growth company status as of January 31, 2019. Recently Adopted Accounting Standards We adopted the following accounting standards in the first quarter of fiscal 2019: ▪ ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ▪ ASU 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory ▪ ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ▪ ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting The adoption of the above listed accounting standards did not have a material impact on our condensed consolidated financial statements for the three and six month periods ended July 31, 2018 . Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers (Topic 606) , or ASU 2014‑09, which amended the existing FASB Accounting Standards Codification. ASU 2014‑09 establishes a principle for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services and also provides guidance on the recognition of costs related to obtaining and fulfilling customer contracts. We plan to adopt this standard on February 1, 2019 using the full-retrospective method. This method will result in the new standard being applied retrospectively to each prior period presented within the consolidated financial statements at the adoption date. We are also currently evaluating the impact ASU 2014‑09 will have on our consolidated financial statements, accounting policies, processes, and system requirements. We have assigned internal resources in addition to engaging third party service providers to assist in the evaluation. While we continue to assess all potential impacts under ASU 2014‑09, we have completed a preliminary assessment to determine the effect of adoption on our existing revenue arrangements and are analyzing specific transactions to confirm those conclusions. We have also begun implementing our new revenue recognition systems. We currently recognize subscription revenue ratably over the subscription period. Under the new standard, these subscription arrangements represent two performance obligations; a software license that is delivered upfront and a series of performance obligations that are delivered over time. We believe that a significant portion of our subscription revenue meets the criteria for revenue recognition over time and the vast majority of the revenue will continue to be recognized ratably under the new standard. We expect that a portion of the arrangement fee related to the software license will be recognized upfront, which we believe will usually be insignificant in comparison to the entire arrangement, as we offer the substantial majority of functional features for free in the open source version of our software. Accounting for certain sales commissions under ASU 2014‑09 is different than our current accounting policy which is to expense sales commissions as incurred whereas such costs will be deferred and amortized under ASU 2014‑09. This will result in an increase in deferred costs recognized on our balance sheet. Additionally, we believe that the amortization period for such deferred commission costs will be longer than the contract term, as ASU 2014‑09 requires entities to determine whether the costs relate to specific anticipated contracts. While we continue to assess the potential impacts of ASU 2014‑09, including the areas described above, and anticipate the standard will have a material impact on our consolidated financial statements, we do not know and cannot reasonably estimate the quantitative impact on our consolidated financial statements at this time. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), which requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee).The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition the amendments in this update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. We plan to adopt this standard on February 1, 2019. The Company does not know or cannot reasonably estimate the quantitative impact of the new standard on our consolidated financial statements and disclosures at this time. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , or ASU 2016-02, which requires lessees to record most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. ASU 2016‑02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right‑to‑use asset for the right to use the underlying asset for the lease term. We plan to adopt this standard on February 1, 2019. We have assigned internal resources in addition to engaging third party service providers to assist in our evaluation of the impact of the adoption of this standard on our consolidated financial statements. We are in the process of assessing the appropriate changes to our accounting policies, business processes, controls, and systems necessary to support the adoption of this standard. We do not know or cannot reasonably estimate the quantitative impact of the new standard on our consolidated financial statements and disclosures at this time. |
Cash Equivalents and Marketable
Cash Equivalents and Marketable Securities | 6 Months Ended |
Jul. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash Equivalents and Marketable Securities | Cash Equivalents and Marketable Securities The following are the fair values of our cash equivalents and marketable securities as of July 31, 2018 (in thousands): Amortized Unrealized Unrealized Estimated Cash equivalents: (1) Money market funds $ 13,301 $ — $ — $ 13,301 Commercial paper 10,982 — — 10,982 Marketable securities: U.S. agency obligations 7,787 — (24 ) 7,763 Asset-backed securities 66,337 — (134 ) 66,203 Corporate notes and obligations 153,096 24 (415 ) 152,705 Commercial paper 93,762 — (5 ) 93,757 Certificates of deposit 40,802 10 (12 ) 40,800 U.S. treasury securities 21,972 — (39 ) 21,933 Foreign government obligations 4,000 — (1 ) 3,999 Total cash equivalents and marketable securities $ 412,039 $ 34 $ (630 ) $ 411,443 (1) Included in “cash and cash equivalents” in the accompanying consolidated balance sheet as of July 31, 2018 . The following are the fair values of our cash equivalents and marketable securities as of January 31, 2018 (in thousands): Amortized Unrealized Unrealized Estimated Cash equivalents: (1) Money market funds $ 10,226 $ — $ — $ 10,226 Asset-backed securities 1,600 — — 1,600 Marketable securities: U.S. agency obligations 7,803 (39 ) 7,764 Asset-backed securities 46,529 — (124 ) 46,405 Corporate notes and obligations 195,460 3 (517 ) 194,946 Commercial paper 85,438 — (16 ) 85,422 Municipal securities 13,339 — (18 ) 13,321 Certificates of deposit 24,705 3 (7 ) 24,701 U.S. treasury securities 26,903 — (40 ) 26,863 Total cash equivalents and marketable securities $ 412,003 $ 6 $ (761 ) $ 411,248 (1) Included in “cash and cash equivalents” in the accompanying consolidated balance sheet as of January 31, 2018 . Maturities of our noncurrent marketable securities generally ranged from one year to three years at July 31, 2018 and January 31, 2018 . As of July 31, 2018 , the following marketable securities were in an unrealized loss position (in thousands): Less than 12 months Greater than 12 months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. agency obligations $ 7,763 $ (24 ) $ — $ — $ 7,763 $ (24 ) Asset-backed securities 60,862 (134 ) 399 — 61,261 (134 ) Corporate notes and obligations 107,384 (365 ) 11,656 (50 ) 119,040 (415 ) Commercial paper 32,347 (5 ) — — 32,347 (5 ) Certificates of deposit 10,490 (12 ) — — 10,490 (12 ) U.S. treasury securities 21,933 (39 ) — — 21,933 (39 ) Foreign government obligations 3,999 (1 ) — — 3,999 (1 ) Total $ 244,778 $ (580 ) $ 12,055 $ (50 ) $ 256,833 $ (630 ) As of January 31, 2018 , the following marketable securities were in an unrealized loss position (in thousands): Less than 12 months Greater than 12 months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. agency obligations $ 7,764 $ (39 ) $ — $ — $ 7,764 $ (39 ) Asset-backed securities 42,399 (124 ) 308 — 42,707 (124 ) Corporate notes and obligations 173,508 (498 ) 7,997 (19 ) 181,505 (517 ) Commercial paper 25,852 (16 ) — — 25,852 (16 ) Municipal securities 9,323 (18 ) — — 9,323 (18 ) Certificates of deposit 16,199 (7 ) — — 16,199 (7 ) U.S. treasury securities 21,863 (40 ) — — 21,863 (40 ) Total $ 296,908 $ (742 ) $ 8,305 $ (19 ) $ 305,213 $ (761 ) The unrealized loss for each of these fixed rate marketable securities was not material as of July 31, 2018 or as of January 31, 2018 . We do not believe any of the unrealized losses represent an other‑than‑temporary impairment based on our evaluation of available evidence as of July 31, 2018 and January 31, 2018 . We expect to receive the full principal and interest on all of these marketable securities and have the ability and intent to hold these investments until a recovery of fair value. Realized gains and realized losses on our cash equivalents and marketable securities are included in other income (expense), net on the condensed consolidated statement of operations and were not material for the three and six months ended July 31, 2018 and 2017 . Reclassification adjustments out of accumulated other comprehensive loss into net loss were not material for the three and six months ended July 31, 2018 and 2017 . |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jul. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement Our financial assets and liabilities consist principally of cash and cash equivalents, marketable securities, restricted cash, accounts receivable, and accounts payable. We measure and record certain financial assets and liabilities at fair value on a recurring basis. The estimated fair value of accounts receivable and accounts payable approximates their carrying value due to their short‑term nature. Cash equivalents, marketable securities and restricted cash are recorded at estimated fair value. We follow a three‑level valuation hierarchy for disclosure of fair value measurements as follows: Level 1 Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. All of our cash equivalents and marketable securities are classified within Level 1 or Level 2 because the cash equivalents and marketable securities are valued using quoted market prices or alternative pricing sources and models utilizing observable market inputs. The following table represents our financial assets according to the fair value hierarchy, measured at fair value as of July 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 13,301 $ — $ — $ 13,301 Commercial paper — 10,982 — 10,982 Marketable securities: U.S. agency obligations — 7,763 — 7,763 Asset-backed securities — 66,203 — 66,203 Corporate notes and obligations — 152,705 — 152,705 Commercial paper — 93,757 — 93,757 Certificates of deposit — 40,800 — 40,800 U.S. treasury securities(1) 9,970 11,963 — 21,933 Foreign government obligations — 3,999 — 3,999 Restricted cash: Money market funds 14,672 — — 14,672 Total financial assets $ 37,943 $ 388,172 $ — $ 426,115 (1) U.S. treasury securities classified as Level 1 are U.S. treasury bills for which there are quoted prices in active markets The following table represents our financial assets according to the fair value hierarchy, measured at fair value as of January 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 10,226 $ — $ — $ 10,226 Asset-backed securities — 1,600 — 1,600 Marketable securities: U.S. agency obligations — 7,764 — 7,764 Asset-backed securities — 46,405 — 46,405 Corporate notes and obligations — 194,946 — 194,946 Commercial paper — 85,422 — 85,422 Municipal securities — 13,321 — 13,321 Certificates of deposit — 24,701 — 24,701 U.S. treasury securities (1) 24,886 1,977 — 26,863 Restricted cash: Money market funds 14,672 — — 14,672 Total financial assets $ 49,784 $ 376,136 $ — $ 425,920 (1) U.S. treasury securities classified as Level 1 are U.S. treasury bills for which there are quoted prices in active markets. We value our Level 1 assets using quoted prices in active markets for identical instruments. We value our Level 2 assets with the help of a third‑party pricing service using quoted market prices for similar instruments, nonbinding market prices that are corroborated by observable market data, or pricing models such as discounted cash flow techniques. We use such pricing data as the primary input, to which we have not made any material adjustments during the periods presented, to make our determination and assessments as to the ultimate valuation of these assets.There were no transfers into or out of Level 1, Level 2 or Level 3 assets and liabilities for the three and six months ended July 31, 2018 and 2017 . |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jul. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | Balance Sheet Components Property and Equipment, Net The cost and accumulated depreciation and amortization of property and equipment are as follows (in thousands): As of July 31, 2018 January 31, 2018 Computer equipment and software $ 18,031 $ 17,139 Office furniture and equipment 10,107 7,981 Leasehold improvements 19,537 13,469 Construction in progress 483 3,243 Property and equipment, gross 48,158 41,832 Less: accumulated depreciation and amortization (26,069 ) (24,232 ) Property and equipment, net $ 22,089 $ 17,600 Construction in progress primarily consists of leasehold improvements that have not been placed into service as of July 31, 2018 and January 31, 2018 . Depreciation expense was $2.1 million and $2.4 million for the three months ended July 31, 2018 and 2017 , respectively, and $3.8 million and $5.1 million for the six months ended July 31, 2018 and 2017 , respectively. Intangible Assets Intangible assets consisted of the following as of July 31, 2018 (dollars in thousands): Gross Fair Accumulated Net Book Weighted Average Developed technology $ 11,986 $ (8,014 ) $ 3,972 2.2 Customer relationships and other acquired intangible assets 6,797 (6,229 ) 568 4.1 Total $ 18,783 $ (14,243 ) $ 4,540 2.4 Intangible assets consisted of the following as of January 31, 2018 (dollars in thousands): Gross Fair Accumulated Net Book Weighted Average Developed technology $ 11,986 $ (6,769 ) $ 5,217 2.5 Customer relationships and other acquired intangible assets 6,797 (6,159 ) 638 4.6 Total $ 18,783 $ (12,928 ) $ 5,855 2.8 Amortization expense for intangible assets was $0.6 million and $0.9 million for the three months ended July 31, 2018 and 2017 , respectively, and $1.3 million and $1.9 million for the six months ended July 31, 2018 and 2017 , respectively. The expected future amortization expense of these intangible assets as of July 31, 2018 is as follows (in thousands, by fiscal year): Remaining six months of fiscal 2019 $ 1,314 2020 1,737 2021 944 2022 464 2023 and thereafter 81 Total intangible assets, net $ 4,540 Accrued Compensation Accrued compensation consists of the following (in thousands): As of July 31, January 31, Accrued salaries, benefits and commissions $ 13,180 $ 15,039 Accrued bonuses 10,888 17,875 Employee stock purchase plan withholdings 2,119 2,238 Accrued compensation related taxes and other 5,099 6,241 Total accrued compensation $ 31,286 $ 41,393 Other Accrued Liabilities Other accrued liabilities consists of the following (in thousands): As of July 31, January 31, Accrued taxes $ 2,458 $ 2,092 Accrued professional costs 1,956 2,463 Accrued self-insurance costs 1,257 1,285 Accrued travel 2,884 1,492 Accrued sublessee liability — 1,573 Other 5,316 4,549 Total other accrued liabilities $ 13,871 $ 13,454 Other includes deferred real estate costs, customer deposits, amounts owed to third‑party vendors that provide marketing, corporate event planning and cloud‑computing services. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Letters of Credit As of July 31, 2018 and January 31, 2018 , we had a total of $19.5 million and $19.7 million in letters of credit outstanding in favor of certain landlords for office space. There have been no draws on these letters of credit, and they renew annually and expire at various dates through 2027. Operating Leases We lease facilities space under non‑cancelable operating leases with various expiration dates through November, 2027 . Future minimum lease payments and sublease proceeds under non-cancelable operating leases at July 31, 2018 are as follows (in thousands, by fiscal year): Minimum Lease Payments Sublease Rental Proceeds Net Minimum Lease Payments Remaining six months of fiscal 2019 $ 18,211 $ (7,412 ) $ 10,799 2020 35,732 (15,073 ) 20,659 2021 35,571 (14,446 ) 21,125 2022 31,835 (10,858 ) 20,977 2023 29,480 (4,388 ) 25,092 2024 and thereafter 133,388 — 133,388 Total $ 284,217 $ (52,177 ) $ 232,040 Rental expense related to our non‑cancelable operating leases was approximately $5.6 million and $3.3 million for the three months ended July 31, 2018 and 2017 , respectively, and $11.5 million and $5.7 million for the six months ended July 31, 2018 and 2017 , respectively. Deferred rent We account for operating leases containing predetermined fixed increases of the base rental rate during the lease term on a straight‑line basis over the lease term. We recorded the difference between amounts charged to operations and amounts payable under our operating leases as deferred rent in the consolidated balance sheets. Indemnification From time to time, we enter into certain types of contracts that contingently require us to indemnify various parties against claims from third parties. These contracts primarily relate to (i) certain real estate leases under which we may be required to indemnify property owners for environmental and other liabilities and other claims arising from our use of the applicable premises, (ii) our bylaws, under which we must indemnify directors and executive officers, and may indemnify other officers and employees, for liabilities arising out of their relationship with us, (iii) contracts under which we must indemnify directors and certain officers for liabilities arising out of their relationship with us, (iv) contracts under which we may be required to indemnify customers or partners against certain claims, including claims from third parties asserting, among other things, infringement of their intellectual property rights, and (v) procurement, consulting, or license agreements under which we may be required to indemnify vendors, consultants or licensors for certain claims, including claims that may be brought against them arising from our acts or omissions with respect to the supplied products, technology or services. From time to time, we may receive indemnification claims under these contracts in the normal course of business. In addition, under these contracts we may have to modify the accused infringing intellectual property and/or refund amounts received. In the event that one or more of these matters were to result in a claim against us, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on our future business, operating results or financial condition. It is not possible to determine the maximum potential amount under these contracts due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. We maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and certain officers. To date, we have not incurred any material costs, and have not accrued any liabilities in the consolidated financial statements as a result of these provisions. Contingencies In the ordinary course of business, we are or may be involved in a variety of litigation matters, suits, investigations, and proceedings, including actions with respect to intellectual property claims, government investigations, labor and employment claims, breach of contract claims, tax, and other matters. Regardless of the outcome, these litigation matters can have an adverse impact on us because of defense costs, diversion of management resources, harm to reputation, and other factors. In addition, it is possible that an unfavorable resolution of one or more such litigation matters could, in the future, materially and adversely affect our financial position, results of operations, and cash flows in a particular period or subject us to an injunction that could seriously harm our business. We record a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. With respect to our outstanding legal matters management believes that the amount or estimable range of possible loss will not, either individually or in the aggregate, have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows. However, the outcome of litigation is inherently uncertain. Therefore, if one or more of these legal matters were resolved against us for amounts in excess of management’s expectations, our results of operations and financial condition including in a particular reporting period, could be materially adversely affected. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jul. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock At July 31, 2018 and January 31, 2018 there were 1,200,000,000 shares of common stock, par value $0.00005 , authorized and 150,997,502 and 145,327,001 shares of common stock issued and outstanding, respectively. Employee stock plans We maintain two share-based compensation plans: the 2017 Plan and the 2008 Plan and collectively with the 2017 Plan, the Stock Plans. We do not expect to grant any additional awards under the 2008 Plan. Outstanding awards under the 2008 Plan continue to be subject to the terms and conditions of the 2008 Plan. The number of shares reserved for issuance under our 2017 Plan will increase automatically on the first day of February of each calendar year during the term of the 2017 Plan by a number of shares of common stock equal to the lesser of (i) 5% of the total outstanding shares of our common stock as of the immediately preceding January 31st or (ii) a number of shares determined by our board of directors. On February 1, 2018, 7,266,350 additional shares were authorized for issuance by the board of directors. As of July 31, 2018 there were 71,587,731 shares of common stock reserved and available for future issuance under the Stock Plans. The Stock Plans provide for stock options to be granted at an exercise price not less than 100% of the fair market value at the grant date as determined by our board of directors, unless, with respect to incentive stock options, the optionee is a 10% stockholder, in which case the stock option price will not be less than 110% of such fair market value. Stock options granted generally have a maximum term of ten years from the grant date, are exercisable upon vesting unless otherwise designated for early exercise by the board of directors at the time of grant, and generally vest over a four year period, with 25% vesting after one year and then ratably on a monthly basis for the remaining three years. The following tables summarize stock option activity and related information under the Stock Plans: Stock Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Balance —January 31, 2018 18,406,920 $ 5.03 5.3 $ 252,571 Exercised (1,467,007 ) 3.57 Canceled (357,062 ) 9.93 Balance —July 31, 2018 16,582,851 $ 5.06 4.8 $ 145,557 The total intrinsic value of stock options exercised during the six months ended July 31, 2018 and 2017 was $16.9 million and $12.2 million , respectively. The intrinsic value is the difference between the current fair market value of the stock for accounting purposes at the time of exercise and the exercise price of the stock option. As we have accumulated net operating losses, no future tax benefit related to stock option exercises has been recognized. There were no employee stock options granted during the six months ended July 31, 2018 . The weighted‑average grant‑date value for purposes of recognizing stock‑based compensation expense of employee stock options granted during the six months ended July 31, 2017 was $8.83 per share . The unamortized stock‑based compensation expense for stock options of $5.2 million at July 31, 2018 will be recognized over the average remaining vesting period of 1.3 years. We issue RSUs to employees and directors under the Stock Plans. For new employee grants, the RSUs generally meet the service‑based condition over a four -year period, with 25% met after one year and then ratably on a quarterly basis for the remaining three years. For continuing employee grants, the RSUs generally meet the service‑based condition pro‑rata quarterly over the four ‑year period (without a one ‑year cliff). The employee RSUs issued prior to our IPO under the 2008 Plan have two vesting conditions: (1) a service‑based condition and (2) a liquidity event‑related performance condition which is considered a performance‑based condition. The liquidity event‑related performance condition was achieved for the majority of our RSUs and became probable of being achieved for the remaining RSUs on April 27, 2017, the effective date of our IPO. We recognized stock‑based compensation expense using the accelerated attribution method with a cumulative catch‑up of stock‑based compensation expense in the amount of $181.5 million attributable to service prior to such effective date. Restricted stock activity for our Stock Plans is as follows: Restricted Stock Units Outstanding Number of Restricted Stock Units Weighted-Average Grant Date Fair Value Per Share Balance —January 31, 2018 22,243,334 $ 16.08 Granted 3,230,550 17.67 Canceled (2,387,430 ) 15.63 Vested and converted to shares (3,998,750 ) 16.00 Balance —July 31, 2018 19,087,704 $ 16.43 The unamortized stock‑based compensation expense for RSUs of $223.6 million at July 31, 2018 will be recognized over the average remaining vesting period of 2.5 years. 2017 Employee Stock Purchase Plan In March 2017, we adopted our 2017 Employee Stock Purchase Plan (ESPP). The ESPP became effective on April 27, 2017, the effective date of our IPO. Our ESPP is intended to qualify as an employee stock purchase plan under Section 423 of the United States Internal Revenue Code of 1986, as amended. Purchases will be accomplished through participation in discrete offering periods. Each offering period is six months (commencing each June 21 and December 21) and consists of one six ‑month purchase period, unless otherwise determined by our board of directors or our compensation committee. Under our ESPP, eligible employees will be able to acquire shares of our common stock by accumulating funds through payroll deductions. Our employees generally are eligible to participate in our ESPP if they are employed by us for at least 20 hours per week and more than five months in a calendar year. Employees who are 5% stockholders, or would become 5% stockholders as a result of their participation in our ESPP, are ineligible to participate in our ESPP. We may impose additional restrictions on eligibility. Our eligible employees are able to select a rate of payroll deduction between 1% and 15% of their base cash compensation. The purchase price for shares of our common stock purchased under our ESPP is 85% of the lesser of the fair market value of our common stock on (i) the first trading day of the applicable offering period and (ii) the last trading day of each purchase period in the applicable offering period. No participant has the right to purchase shares of our common stock in an amount, when aggregated with purchase rights under all our employee stock purchase plans that are also in effect in the same calendar year(s), that has a fair market value of more than $25,000 , determined as of the first day of the applicable purchase period, for each calendar year in which that right is outstanding. In addition, no participant is permitted to purchase more than 2,500 shares during any one purchase period or such lesser amount determined by our compensation committee or our board of directors. Once an employee is enrolled in our ESPP, participation will be automatic in subsequent offering periods. An employee’s participation automatically ends upon termination of employment for any reason. We initially reserved 3,000,000 shares of our common stock for issuance under our ESPP. The number of shares reserved for issuance under our ESPP will increase automatically on February 1st of each of the first 10 calendar years following the first offering date by the number of shares equal to the lesser of either (i) 1% of the total outstanding shares of our common stock as of the immediately preceding January 31st (rounded to the nearest whole share) or (ii) a number of shares of our common stock determined by our board of directors. On February 1, 2018, 1,453,270 additional shares were authorized for issuance by the board of directors. As of July 31, 2018 , $2.1 million has been withheld on behalf of employees for a future purchase under the ESPP and is recorded in accrued compensation. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income taxes Our quarterly income taxes reflect an estimate of our corresponding year’s annual effective tax rate and include, when applicable, adjustments for discrete items. For the six months ended July 31, 2018 , our tax provision was $2.1 million , compared to $1.5 million for the same period a year ago. The tax provision for the six months ended July 31, 2018 primarily relates to income taxes of our non-U.S. operations as our U.S. operations were in a loss position and we maintain a full valuation allowance against our U.S. deferred tax assets. In December 2017, the SEC staff issued Staff Accounting Bulletin ("SAB") No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act, which allows companies to record provisional amounts for the Tax Cut and Jobs Act during a measurement period not to extend beyond one year of the enactment date. As of July 31, 2018 we did not have any significant adjustments to our provisional amounts. We will continue our analysis of these provisional amounts, which are still subject to change during the measurement period. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jul. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Intel Corporation We have been engaged in commercial transactions with Intel Corporation (Intel), a holder of our common stock, representing approximately 17% of outstanding shares as of July 31, 2018 , with the right to designate a person that our board of directors must nominate for election, or nominate for re-election, to our board of directors, including a multi‑year subscription and services agreement, and a collaboration and optimization agreement. The aggregate revenue we recognized from Intel was $1.9 million and $3.0 million for the three months ended July 31, 2018 and 2017 , respectively, and $4.8 million and $5.3 million for the six months ended July 31, 2018 and 2017 , respectively. There was $2.7 million in accounts receivable due from Intel as of July 31, 2018 and no amount was included in accounts receivable from Intel as of January 31, 2018 . There was $3.5 million and $2.7 million in deferred revenue as of July 31, 2018 and January 31, 2018 , respectively. Cloudera Foundation In January 2017, the Cloudera Foundation, an independent non‑profit organization, was created to provide our products, skills and people, to help solve important social problems around the world. We donated 1,175,063 shares of our common stock to the Cloudera Foundation during the fourth quarter of fiscal 2017 . In conjunction with the IPO, we donated $2.4 million , or 1% of the net proceeds, in the second quarter of fiscal 2018 to fund the Cloudera Foundation’s activities. We do not control the Cloudera Foundation’s activities, and accordingly, we do not consolidate the financial statements of the Cloudera Foundation. Other related parties Certain members of our board of directors currently serve on the board of directors or as an executive of three companies that are our customers. The aggregate revenue we recognized from these customers was $2.1 million and $1.8 million for the three months ended July 31, 2018 and 2017 , respectively, and $4.1 million and $3.4 million for the six months ended July 31, 2018 and 2017 , respectively. There was $1.0 million and $1.5 million in accounts receivable due from these customers as of July 31, 2018 and January 31, 2018 , respectively. There was $5.6 million and $5.2 million in deferred revenue attributable to these customers as of July 31, 2018 and January 31, 2018 , respectively. |
Segment Information
Segment Information | 6 Months Ended |
Jul. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The results of the reportable segments are derived directly from our management reporting system and are based on our methods of internal reporting which are not necessarily in conformity with GAAP. Management measures the performance of each segment based on several metrics, including contribution margin, as defined below. Management does not use asset information to assess performance and make decisions regarding allocation of resources. Therefore, depreciation and amortization expense is not allocated among segments. Contribution margin is used, in part, to evaluate the performance of, and allocate resources to, each of the segments. Segment contribution margin includes segment revenue less the related cost of sales excluding certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level. These unallocated costs include stock‑based compensation expense, amortization of acquired intangible assets, direct sales and marketing costs, research and development costs, corporate general and administrative costs, such as legal and accounting, interest income, interest expense, and other income and expense. Financial information for each reportable segment was as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2018 2017 2018 2017 Revenue: Subscription $ 93,123 $ 73,986 $ 179,022 $ 138,657 Services 17,215 15,842 34,023 30,767 Total revenue $ 110,338 $ 89,828 $ 213,045 $ 169,424 Three Months Ended July 31, Six Months Ended July 31, 2018 2017 2018 2017 Contribution margin: Subscription $ 81,280 $ 62,974 $ 154,542 $ 117,387 Services 2,820 2,977 4,558 4,599 Total segment contribution margin $ 84,100 $ 65,951 $ 159,100 $ 121,986 The reconciliation of segment financial information to our loss from operations is as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2018 2017 2018 2017 Segment contribution margin $ 84,100 $ 65,951 $ 159,100 $ 121,986 Amortization of acquired intangible assets (657 ) (941 ) (1,314 ) (1,885 ) Stock-based compensation expense (20,475 ) (39,451 ) (45,841 ) (230,533 ) Corporate costs, such as research and development, corporate general and administrative and other (96,818 ) (91,244 ) (196,216 ) (177,593 ) Loss from operations $ (33,850 ) $ (65,685 ) $ (84,271 ) $ (288,025 ) Sales outside of the United States represented approximately 36% and 28% of our total revenue for three months ended July 31, 2018 and 2017 , respectively, and 34% and 27% of our total revenue for the six months ended 2018 and 2017 , respectively. All revenues from customers outside of the United States are attributed to individual countries on an end‑customer basis, based on domicile of the purchasing entity, if known, or the location of the customer’s headquarters if the specific purchasing entity within the customer is unknown. As of July 31, 2018 and January 31, 2018 , assets located outside the United States were 3% and 4% of total assets, respectively. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jul. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The following table sets forth the calculation of basic and diluted net loss per share attributable to common stockholders during the periods presented (in thousands, except per share data): Three Months Ended July 31, Six Months Ended July 31, 2018 2017 2018 2017 Numerator: Net loss $ (33,375 ) $ (64,229 ) $ (84,416 ) $ (286,548 ) Denominator: Weighted-average shares used in computing net loss, per share basic and diluted 149,505 134,506 148,115 87,293 Net loss per share, basic and diluted $ (0.22 ) $ (0.48 ) $ (0.57 ) $ (3.28 ) The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share attributable to common stockholders for the periods presented because their effect would have been anti‑dilutive (in thousands): As of July 31, 2018 2017 Stock options to purchase common stock 16,583 22,211 Restricted stock units 19,088 18,172 Shares issuable pursuant to the ESPP 554 1,004 Total 36,225 41,387 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. The condensed consolidated financial statements include the results of Cloudera, Inc. and its wholly owned subsidiaries which are located in various countries, including the United States, Australia, China, Germany, Hungary and the United Kingdom. All intercompany balances and transactions have been eliminated upon consolidation. The condensed consolidated balance sheet as of January 31, 2018 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The information contained herein reflects all adjustments necessary for a fair presentation of our results of operations, financial position and cash flows. All such adjustments are of a normal, recurring nature. The results of operations for the three and six months ended July 31, 2018 are not necessarily indicative of results to be expected for the full year ending January 31, 2019 or for any other interim period or for any other future year. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended January 31, 2018 , filed with the SEC on April 4, 2018. |
Fiscal Year | Our fiscal year ends on January 31. References to fiscal 2019 , for example, refer to the fiscal year ending January 31, 2019 . |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to such estimates include revenue recognition, the useful lives of property and equipment and intangible assets, allowance for doubtful accounts, stock‑based compensation expense, annual bonus attainment, self‑insurance costs incurred, the fair value of tangible and intangible assets acquired and liabilities assumed resulting from business combinations, the fair value of common stock prior to our IPO in fiscal 2018, the assessment of elements in a multi‑element arrangement and the valuation assigned to each element, and contingencies. These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ significantly from these estimates. |
Segments | We operate as two operating segments – subscription and services. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker, who is our chief executive officer, in deciding how to allocate resources and assess performance. |
Cash, Cash Equivalents and Restricted Cash | Cash equivalents consist of short‑term, highly liquid investments with original maturities of three months or less from the date of purchase. Restricted cash represents cash on deposit with financial institutions in support of letters of credit outstanding in favor of certain landlords for office space. Cash as reported on the condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and the restricted cash as shown on the condensed consolidated balance sheets. |
Concentration of Credit Risk and Significant Customers | Financial instruments that subject us to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, restricted cash, and accounts receivable. Our cash is deposited with high credit quality financial institutions. At times such deposits may be in excess of the Federal Depository Insurance Corporation insured limits. We have not experienced any losses on these deposits. |
Revenue Recognition | We generate revenue from subscriptions and services. Subscription arrangements are typically one to three years in length but may be up to seven years in limited cases. Arrangements with our customers typically do not include general rights of return. Incremental direct costs incurred related to the acquisition or origination of a customer contract are expensed as incurred. Revenue recognition commences when all of the following criteria are met: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred; (iii) the fee is fixed or determinable; and (iv) collection is probable. Subscription revenue Subscription revenue primarily relates to term (or time‑based) subscription agreements for both open source and proprietary software. Subscriptions include internet, email and phone support, bug fixes, and the right to receive unspecified software updates and upgrades released when and if available during the subscription term. Revenue for subscription arrangements is recognized ratably over the contractual term of the arrangement beginning on the date access to the subscription is made available to the customer. Services revenue Services revenue relates to professional services for the implementation and use of our subscriptions, machine learning expertise and consultation, training and education services and related reimbursable travel costs. For time and materials and fixed fee arrangements, revenue is recognized as the services are performed or upon acceptance, if applicable. For milestone‑based arrangements, revenue is recognized upon acceptance or subsequent to completion upon the lapse of any acceptance period. Revenue for training and education services is recognized upon delivery, except for On‑Demand Training, which is recognized ratably over the contractual term. Multiple ‑ element arrangements Arrangements with our customers generally include multiple elements such as subscription and services. We allocate revenue to each element of the arrangement based on vendor‑specific objective evidence of each element’s fair value (VSOE) when we can demonstrate sufficient evidence of the fair value. VSOE for elements of an arrangement is based upon the normal pricing and discounting practices for those elements when sold separately on a stand‑alone basis. We have established VSOE for some of our services. If VSOE for one or more undelivered elements does not exist, revenue recognition does not commence until delivery of both the subscription and services have commenced, or when VSOE of the undelivered elements has been established. Once revenue recognition commences, revenue for the arrangement is recognized ratably over the longest service period in the arrangement. Reseller arrangements We recognize subscription revenue for sales through resellers or other indirect sales channels. Subscription revenue from these sales is generally recognized upon sell‑through to an end user customer. Where payments to us are believed to be contingent upon payment by the end user to the reseller, subscription revenue is not recognized until cash is collected. Deferred revenue Deferred revenue consists of amounts billed to or collected from customers under a binding agreement provided delivery of the related subscription and services has commenced. |
Stock-Based Compensation | We recognize stock‑based compensation expense for all stock‑based payments. Employee stock‑based compensation cost is estimated at the grant date based on the fair value of the equity for financial reporting purposes and is recognized as expense over the requisite service period. We calculate the fair value of stock options and purchase rights granted under the 2017 Employee Stock Purchase Plan (ESPP) based on the Black‑Scholes option‑pricing model. The Black‑Scholes model requires the use of various assumptions including expected term and expected stock price volatility. We estimate the expected term for options using the simplified method due to the lack of historical exercise activity. The simplified method calculates the expected term as the midpoint between the vesting date and the contractual expiration date of the award. The expected term for the ESPP purchase rights is estimated using the offering period, which is typically six months. We estimate volatility for options and ESPP purchase rights using volatilities of a group of public companies in a similar industry, stage of life cycle and size. The interest rate is derived from government bonds with a similar term to that of the options or ESPP purchase rights granted. We have not declared nor do we expect to declare dividends. Therefore, there is no dividend impact on the valuation of options or ESPP purchase rights. We use the straight‑line method for employee expense attribution for options and ESPP purchase rights. We have granted restricted stock units (RSUs) to our employees and members of our board of directors under our 2008 Equity Incentive Plan (2008 Plan) and our 2017 Equity Incentive Plan (2017 Plan). Prior to our IPO in May 2017, the employee RSUs vested upon the satisfaction of both a service‑based vesting condition and a liquidity event‑related performance condition. RSUs granted subsequent to our IPO vest upon the satisfaction of a service‑based vesting condition only. The service‑based condition for the majority of these awards is generally satisfied pro‑rata over four years. The liquidity event‑related performance condition was achieved for the majority of our RSUs and became probable of being achieved for the remaining RSUs on April 27, 2017, the effective date of our IPO. We recognized stock‑based compensation expense using the accelerated attribution method with a cumulative catch‑up of stock‑based compensation expense in the amount of $181.5 million in fiscal 2018, attributable to service prior to such effective date. We estimate the fair value of options and other equity awards granted to non‑employees using the Black‑Scholes method. These awards are subject to periodic re‑measurement over the period during which services are rendered. Stock‑based compensation expense is recognized over the vesting period on a straight‑line basis. |
Income Taxes | We account for income taxes under the liability method, whereby deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is established when, in management’s estimate, it is more likely than not that the deferred tax asset will not be realized. Any liability related to uncertain tax positions is recorded on the financial statements within other liabilities. Penalties and interest expense related to income taxes, including uncertain tax positions, are classified as a component of provision for income taxes, as necessary. In December 2017, the U.S. federal government enacted the 2017 Tax Cuts & Jobs Act (Tax Act). The Tax Act includes a number of changes in existing tax law impacting businesses, including the transition tax, a one‑time deemed repatriation of cumulative undistributed foreign earnings and a permanent reduction in the U.S. federal statutory rate from 35% to 21%, effective on January 1, 2018. We were required to recognize the effects of the tax law changes in the period of enactment, including the determination of the transition tax and the re-measurement of deferred taxes as well as to re-assess the realizability of our deferred tax assets. Subsequent to the enactment of the Tax Act, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118), which allows companies to record provisional amounts related to the effects of the Tax Act during a measurement period not to extend beyond one year of the enactment date. Due to the timing of the Tax Act and additional guidance and interpretations that may be issued by the U.S. Treasury Department, Internal Revenue Service and other standard-setting bodies in the future, we have not completed our analysis of the income tax effects of the Tax Act. Our provisional estimates will be adjusted during the measurement period defined under SAB 118, based upon our ongoing analysis of our data and tax positions along with the new guidance from regulators and interpretations of the law. |
JOBS Act Accounting Election | We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. We have elected to retain the ability to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. |
Recently Adopted Accounting Standards | We adopted the following accounting standards in the first quarter of fiscal 2019: ▪ ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ▪ ASU 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory ▪ ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ▪ ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting The adoption of the above listed accounting standards did not have a material impact on our condensed consolidated financial statements for the three and six month periods ended July 31, 2018 . Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers (Topic 606) , or ASU 2014‑09, which amended the existing FASB Accounting Standards Codification. ASU 2014‑09 establishes a principle for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services and also provides guidance on the recognition of costs related to obtaining and fulfilling customer contracts. We plan to adopt this standard on February 1, 2019 using the full-retrospective method. This method will result in the new standard being applied retrospectively to each prior period presented within the consolidated financial statements at the adoption date. We are also currently evaluating the impact ASU 2014‑09 will have on our consolidated financial statements, accounting policies, processes, and system requirements. We have assigned internal resources in addition to engaging third party service providers to assist in the evaluation. While we continue to assess all potential impacts under ASU 2014‑09, we have completed a preliminary assessment to determine the effect of adoption on our existing revenue arrangements and are analyzing specific transactions to confirm those conclusions. We have also begun implementing our new revenue recognition systems. We currently recognize subscription revenue ratably over the subscription period. Under the new standard, these subscription arrangements represent two performance obligations; a software license that is delivered upfront and a series of performance obligations that are delivered over time. We believe that a significant portion of our subscription revenue meets the criteria for revenue recognition over time and the vast majority of the revenue will continue to be recognized ratably under the new standard. We expect that a portion of the arrangement fee related to the software license will be recognized upfront, which we believe will usually be insignificant in comparison to the entire arrangement, as we offer the substantial majority of functional features for free in the open source version of our software. Accounting for certain sales commissions under ASU 2014‑09 is different than our current accounting policy which is to expense sales commissions as incurred whereas such costs will be deferred and amortized under ASU 2014‑09. This will result in an increase in deferred costs recognized on our balance sheet. Additionally, we believe that the amortization period for such deferred commission costs will be longer than the contract term, as ASU 2014‑09 requires entities to determine whether the costs relate to specific anticipated contracts. While we continue to assess the potential impacts of ASU 2014‑09, including the areas described above, and anticipate the standard will have a material impact on our consolidated financial statements, we do not know and cannot reasonably estimate the quantitative impact on our consolidated financial statements at this time. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), which requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee).The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition the amendments in this update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. We plan to adopt this standard on February 1, 2019. The Company does not know or cannot reasonably estimate the quantitative impact of the new standard on our consolidated financial statements and disclosures at this time. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , or ASU 2016-02, which requires lessees to record most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. ASU 2016‑02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right‑to‑use asset for the right to use the underlying asset for the lease term. We plan to adopt this standard on February 1, 2019. We have assigned internal resources in addition to engaging third party service providers to assist in our evaluation of the impact of the adoption of this standard on our consolidated financial statements. We are in the process of assessing the appropriate changes to our accounting policies, business processes, controls, and systems necessary to support the adoption of this standard. We do not know or cannot reasonably estimate the quantitative impact of the new standard on our consolidated financial statements and disclosures at this time. |
Deferred Rent | We account for operating leases containing predetermined fixed increases of the base rental rate during the lease term on a straight‑line basis over the lease term. We recorded the difference between amounts charged to operations and amounts payable under our operating leases as deferred rent in the consolidated balance sheets. |
Indemnification | From time to time, we enter into certain types of contracts that contingently require us to indemnify various parties against claims from third parties. These contracts primarily relate to (i) certain real estate leases under which we may be required to indemnify property owners for environmental and other liabilities and other claims arising from our use of the applicable premises, (ii) our bylaws, under which we must indemnify directors and executive officers, and may indemnify other officers and employees, for liabilities arising out of their relationship with us, (iii) contracts under which we must indemnify directors and certain officers for liabilities arising out of their relationship with us, (iv) contracts under which we may be required to indemnify customers or partners against certain claims, including claims from third parties asserting, among other things, infringement of their intellectual property rights, and (v) procurement, consulting, or license agreements under which we may be required to indemnify vendors, consultants or licensors for certain claims, including claims that may be brought against them arising from our acts or omissions with respect to the supplied products, technology or services. From time to time, we may receive indemnification claims under these contracts in the normal course of business. In addition, under these contracts we may have to modify the accused infringing intellectual property and/or refund amounts received. In the event that one or more of these matters were to result in a claim against us, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on our future business, operating results or financial condition. It is not possible to determine the maximum potential amount under these contracts due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. We maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and certain officers. To date, we have not incurred any material costs, and have not accrued any liabilities in the consolidated financial statements as a result of these provisions. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash as reported on the condensed consolidated statements of cash flows consists of the following (in thousands): As of July 31, 2018 2017 Cash and cash equivalents $ 52,970 $ 68,936 Restricted cash 18,024 18,048 Cash, cash equivalents and restricted cash $ 70,994 $ 86,984 The following are the fair values of our cash equivalents and marketable securities as of July 31, 2018 (in thousands): Amortized Unrealized Unrealized Estimated Cash equivalents: (1) Money market funds $ 13,301 $ — $ — $ 13,301 Commercial paper 10,982 — — 10,982 Marketable securities: U.S. agency obligations 7,787 — (24 ) 7,763 Asset-backed securities 66,337 — (134 ) 66,203 Corporate notes and obligations 153,096 24 (415 ) 152,705 Commercial paper 93,762 — (5 ) 93,757 Certificates of deposit 40,802 10 (12 ) 40,800 U.S. treasury securities 21,972 — (39 ) 21,933 Foreign government obligations 4,000 — (1 ) 3,999 Total cash equivalents and marketable securities $ 412,039 $ 34 $ (630 ) $ 411,443 (1) Included in “cash and cash equivalents” in the accompanying consolidated balance sheet as of July 31, 2018 . The following are the fair values of our cash equivalents and marketable securities as of January 31, 2018 (in thousands): Amortized Unrealized Unrealized Estimated Cash equivalents: (1) Money market funds $ 10,226 $ — $ — $ 10,226 Asset-backed securities 1,600 — — 1,600 Marketable securities: U.S. agency obligations 7,803 (39 ) 7,764 Asset-backed securities 46,529 — (124 ) 46,405 Corporate notes and obligations 195,460 3 (517 ) 194,946 Commercial paper 85,438 — (16 ) 85,422 Municipal securities 13,339 — (18 ) 13,321 Certificates of deposit 24,705 3 (7 ) 24,701 U.S. treasury securities 26,903 — (40 ) 26,863 Total cash equivalents and marketable securities $ 412,003 $ 6 $ (761 ) $ 411,248 (1) Included in “cash and cash equivalents” in the accompanying consolidated balance sheet as of January 31, 2018 . |
Cash as Reported on the Condensed Consolidated Statements of Cash Flows | Cash as reported on the condensed consolidated statements of cash flows consists of the following (in thousands): As of July 31, 2018 2017 Cash and cash equivalents $ 52,970 $ 68,936 Restricted cash 18,024 18,048 Cash, cash equivalents and restricted cash $ 70,994 $ 86,984 |
Cash Equivalents and Marketab20
Cash Equivalents and Marketable Securities (Tables) | 6 Months Ended |
Jul. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Fair Value of Cash and Cash Equivalents | Cash as reported on the condensed consolidated statements of cash flows consists of the following (in thousands): As of July 31, 2018 2017 Cash and cash equivalents $ 52,970 $ 68,936 Restricted cash 18,024 18,048 Cash, cash equivalents and restricted cash $ 70,994 $ 86,984 The following are the fair values of our cash equivalents and marketable securities as of July 31, 2018 (in thousands): Amortized Unrealized Unrealized Estimated Cash equivalents: (1) Money market funds $ 13,301 $ — $ — $ 13,301 Commercial paper 10,982 — — 10,982 Marketable securities: U.S. agency obligations 7,787 — (24 ) 7,763 Asset-backed securities 66,337 — (134 ) 66,203 Corporate notes and obligations 153,096 24 (415 ) 152,705 Commercial paper 93,762 — (5 ) 93,757 Certificates of deposit 40,802 10 (12 ) 40,800 U.S. treasury securities 21,972 — (39 ) 21,933 Foreign government obligations 4,000 — (1 ) 3,999 Total cash equivalents and marketable securities $ 412,039 $ 34 $ (630 ) $ 411,443 (1) Included in “cash and cash equivalents” in the accompanying consolidated balance sheet as of July 31, 2018 . The following are the fair values of our cash equivalents and marketable securities as of January 31, 2018 (in thousands): Amortized Unrealized Unrealized Estimated Cash equivalents: (1) Money market funds $ 10,226 $ — $ — $ 10,226 Asset-backed securities 1,600 — — 1,600 Marketable securities: U.S. agency obligations 7,803 (39 ) 7,764 Asset-backed securities 46,529 — (124 ) 46,405 Corporate notes and obligations 195,460 3 (517 ) 194,946 Commercial paper 85,438 — (16 ) 85,422 Municipal securities 13,339 — (18 ) 13,321 Certificates of deposit 24,705 3 (7 ) 24,701 U.S. treasury securities 26,903 — (40 ) 26,863 Total cash equivalents and marketable securities $ 412,003 $ 6 $ (761 ) $ 411,248 (1) Included in “cash and cash equivalents” in the accompanying consolidated balance sheet as of January 31, 2018 . |
Schedule of Fair Value of Marketable Securities | The following are the fair values of our cash equivalents and marketable securities as of July 31, 2018 (in thousands): Amortized Unrealized Unrealized Estimated Cash equivalents: (1) Money market funds $ 13,301 $ — $ — $ 13,301 Commercial paper 10,982 — — 10,982 Marketable securities: U.S. agency obligations 7,787 — (24 ) 7,763 Asset-backed securities 66,337 — (134 ) 66,203 Corporate notes and obligations 153,096 24 (415 ) 152,705 Commercial paper 93,762 — (5 ) 93,757 Certificates of deposit 40,802 10 (12 ) 40,800 U.S. treasury securities 21,972 — (39 ) 21,933 Foreign government obligations 4,000 — (1 ) 3,999 Total cash equivalents and marketable securities $ 412,039 $ 34 $ (630 ) $ 411,443 (1) Included in “cash and cash equivalents” in the accompanying consolidated balance sheet as of July 31, 2018 . The following are the fair values of our cash equivalents and marketable securities as of January 31, 2018 (in thousands): Amortized Unrealized Unrealized Estimated Cash equivalents: (1) Money market funds $ 10,226 $ — $ — $ 10,226 Asset-backed securities 1,600 — — 1,600 Marketable securities: U.S. agency obligations 7,803 (39 ) 7,764 Asset-backed securities 46,529 — (124 ) 46,405 Corporate notes and obligations 195,460 3 (517 ) 194,946 Commercial paper 85,438 — (16 ) 85,422 Municipal securities 13,339 — (18 ) 13,321 Certificates of deposit 24,705 3 (7 ) 24,701 U.S. treasury securities 26,903 — (40 ) 26,863 Total cash equivalents and marketable securities $ 412,003 $ 6 $ (761 ) $ 411,248 (1) Included in “cash and cash equivalents” in the accompanying consolidated balance sheet as of January 31, 2018 . |
Schedule of Marketable Securities in an Unrealized Loss Position | As of July 31, 2018 , the following marketable securities were in an unrealized loss position (in thousands): Less than 12 months Greater than 12 months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. agency obligations $ 7,763 $ (24 ) $ — $ — $ 7,763 $ (24 ) Asset-backed securities 60,862 (134 ) 399 — 61,261 (134 ) Corporate notes and obligations 107,384 (365 ) 11,656 (50 ) 119,040 (415 ) Commercial paper 32,347 (5 ) — — 32,347 (5 ) Certificates of deposit 10,490 (12 ) — — 10,490 (12 ) U.S. treasury securities 21,933 (39 ) — — 21,933 (39 ) Foreign government obligations 3,999 (1 ) — — 3,999 (1 ) Total $ 244,778 $ (580 ) $ 12,055 $ (50 ) $ 256,833 $ (630 ) As of January 31, 2018 , the following marketable securities were in an unrealized loss position (in thousands): Less than 12 months Greater than 12 months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. agency obligations $ 7,764 $ (39 ) $ — $ — $ 7,764 $ (39 ) Asset-backed securities 42,399 (124 ) 308 — 42,707 (124 ) Corporate notes and obligations 173,508 (498 ) 7,997 (19 ) 181,505 (517 ) Commercial paper 25,852 (16 ) — — 25,852 (16 ) Municipal securities 9,323 (18 ) — — 9,323 (18 ) Certificates of deposit 16,199 (7 ) — — 16,199 (7 ) U.S. treasury securities 21,863 (40 ) — — 21,863 (40 ) Total $ 296,908 $ (742 ) $ 8,305 $ (19 ) $ 305,213 $ (761 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jul. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities According to the Fair Value Hierarchy, Measured at Fair Value | The following table represents our financial assets according to the fair value hierarchy, measured at fair value as of July 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 13,301 $ — $ — $ 13,301 Commercial paper — 10,982 — 10,982 Marketable securities: U.S. agency obligations — 7,763 — 7,763 Asset-backed securities — 66,203 — 66,203 Corporate notes and obligations — 152,705 — 152,705 Commercial paper — 93,757 — 93,757 Certificates of deposit — 40,800 — 40,800 U.S. treasury securities(1) 9,970 11,963 — 21,933 Foreign government obligations — 3,999 — 3,999 Restricted cash: Money market funds 14,672 — — 14,672 Total financial assets $ 37,943 $ 388,172 $ — $ 426,115 (1) U.S. treasury securities classified as Level 1 are U.S. treasury bills for which there are quoted prices in active markets The following table represents our financial assets according to the fair value hierarchy, measured at fair value as of January 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 10,226 $ — $ — $ 10,226 Asset-backed securities — 1,600 — 1,600 Marketable securities: U.S. agency obligations — 7,764 — 7,764 Asset-backed securities — 46,405 — 46,405 Corporate notes and obligations — 194,946 — 194,946 Commercial paper — 85,422 — 85,422 Municipal securities — 13,321 — 13,321 Certificates of deposit — 24,701 — 24,701 U.S. treasury securities (1) 24,886 1,977 — 26,863 Restricted cash: Money market funds 14,672 — — 14,672 Total financial assets $ 49,784 $ 376,136 $ — $ 425,920 (1) U.S. treasury securities classified as Level 1 are U.S. treasury bills for which there are quoted prices in active markets. |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jul. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cost and Accumulated Depreciation and Amortization of Property and Equipment | The cost and accumulated depreciation and amortization of property and equipment are as follows (in thousands): As of July 31, 2018 January 31, 2018 Computer equipment and software $ 18,031 $ 17,139 Office furniture and equipment 10,107 7,981 Leasehold improvements 19,537 13,469 Construction in progress 483 3,243 Property and equipment, gross 48,158 41,832 Less: accumulated depreciation and amortization (26,069 ) (24,232 ) Property and equipment, net $ 22,089 $ 17,600 |
Schedule of Intangible Assets | Intangible assets consisted of the following as of July 31, 2018 (dollars in thousands): Gross Fair Accumulated Net Book Weighted Average Developed technology $ 11,986 $ (8,014 ) $ 3,972 2.2 Customer relationships and other acquired intangible assets 6,797 (6,229 ) 568 4.1 Total $ 18,783 $ (14,243 ) $ 4,540 2.4 Intangible assets consisted of the following as of January 31, 2018 (dollars in thousands): Gross Fair Accumulated Net Book Weighted Average Developed technology $ 11,986 $ (6,769 ) $ 5,217 2.5 Customer relationships and other acquired intangible assets 6,797 (6,159 ) 638 4.6 Total $ 18,783 $ (12,928 ) $ 5,855 2.8 |
Schedule of Expected Future Amortization Expense of Intangible Assets | The expected future amortization expense of these intangible assets as of July 31, 2018 is as follows (in thousands, by fiscal year): Remaining six months of fiscal 2019 $ 1,314 2020 1,737 2021 944 2022 464 2023 and thereafter 81 Total intangible assets, net $ 4,540 |
Accrued Compensation and Other Accrued Liabilities | Accrued compensation consists of the following (in thousands): As of July 31, January 31, Accrued salaries, benefits and commissions $ 13,180 $ 15,039 Accrued bonuses 10,888 17,875 Employee stock purchase plan withholdings 2,119 2,238 Accrued compensation related taxes and other 5,099 6,241 Total accrued compensation $ 31,286 $ 41,393 Other Accrued Liabilities Other accrued liabilities consists of the following (in thousands): As of July 31, January 31, Accrued taxes $ 2,458 $ 2,092 Accrued professional costs 1,956 2,463 Accrued self-insurance costs 1,257 1,285 Accrued travel 2,884 1,492 Accrued sublessee liability — 1,573 Other 5,316 4,549 Total other accrued liabilities $ 13,871 $ 13,454 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jul. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments and Sublease Proceeds Under Non-Cancelable Operating Leases | Future minimum lease payments and sublease proceeds under non-cancelable operating leases at July 31, 2018 are as follows (in thousands, by fiscal year): Minimum Lease Payments Sublease Rental Proceeds Net Minimum Lease Payments Remaining six months of fiscal 2019 $ 18,211 $ (7,412 ) $ 10,799 2020 35,732 (15,073 ) 20,659 2021 35,571 (14,446 ) 21,125 2022 31,835 (10,858 ) 20,977 2023 29,480 (4,388 ) 25,092 2024 and thereafter 133,388 — 133,388 Total $ 284,217 $ (52,177 ) $ 232,040 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jul. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Option Activity | The following tables summarize stock option activity and related information under the Stock Plans: Stock Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Balance —January 31, 2018 18,406,920 $ 5.03 5.3 $ 252,571 Exercised (1,467,007 ) 3.57 Canceled (357,062 ) 9.93 Balance —July 31, 2018 16,582,851 $ 5.06 4.8 $ 145,557 |
Schedule of Restricted Stock Activity | Restricted stock activity for our Stock Plans is as follows: Restricted Stock Units Outstanding Number of Restricted Stock Units Weighted-Average Grant Date Fair Value Per Share Balance —January 31, 2018 22,243,334 $ 16.08 Granted 3,230,550 17.67 Canceled (2,387,430 ) 15.63 Vested and converted to shares (3,998,750 ) 16.00 Balance —July 31, 2018 19,087,704 $ 16.43 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jul. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information by Reportable Segment | Financial information for each reportable segment was as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2018 2017 2018 2017 Revenue: Subscription $ 93,123 $ 73,986 $ 179,022 $ 138,657 Services 17,215 15,842 34,023 30,767 Total revenue $ 110,338 $ 89,828 $ 213,045 $ 169,424 Three Months Ended July 31, Six Months Ended July 31, 2018 2017 2018 2017 Contribution margin: Subscription $ 81,280 $ 62,974 $ 154,542 $ 117,387 Services 2,820 2,977 4,558 4,599 Total segment contribution margin $ 84,100 $ 65,951 $ 159,100 $ 121,986 |
Reconciliation of Segment Financial Information to Loss from Operations | The reconciliation of segment financial information to our loss from operations is as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2018 2017 2018 2017 Segment contribution margin $ 84,100 $ 65,951 $ 159,100 $ 121,986 Amortization of acquired intangible assets (657 ) (941 ) (1,314 ) (1,885 ) Stock-based compensation expense (20,475 ) (39,451 ) (45,841 ) (230,533 ) Corporate costs, such as research and development, corporate general and administrative and other (96,818 ) (91,244 ) (196,216 ) (177,593 ) Loss from operations $ (33,850 ) $ (65,685 ) $ (84,271 ) $ (288,025 ) |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jul. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of the Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table sets forth the calculation of basic and diluted net loss per share attributable to common stockholders during the periods presented (in thousands, except per share data): Three Months Ended July 31, Six Months Ended July 31, 2018 2017 2018 2017 Numerator: Net loss $ (33,375 ) $ (64,229 ) $ (84,416 ) $ (286,548 ) Denominator: Weighted-average shares used in computing net loss, per share basic and diluted 149,505 134,506 148,115 87,293 Net loss per share, basic and diluted $ (0.22 ) $ (0.48 ) $ (0.57 ) $ (3.28 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share attributable to common stockholders for the periods presented because their effect would have been anti‑dilutive (in thousands): As of July 31, 2018 2017 Stock options to purchase common stock 16,583 22,211 Restricted stock units 19,088 18,172 Shares issuable pursuant to the ESPP 554 1,004 Total 36,225 41,387 |
Organization and Description 27
Organization and Description of Business - Narrative (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jan. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 1,146,206 | $ 1,061,790 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Cash as Reported on the Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jan. 31, 2018 | Jul. 31, 2017 | Jan. 31, 2017 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 52,970 | $ 43,247 | $ 68,936 | |
Restricted cash | 18,024 | 18,052 | 18,048 | |
Cash, cash equivalents and restricted cash | $ 70,994 | $ 61,299 | $ 86,984 | $ 89,632 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Narrative (Details) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2018USD ($)segment | Jan. 31, 2018USD ($) | |
Concentration Risk [Line Items] | ||
Number of operating segments | segment | 2 | |
Share based compensation service period | 4 years | |
Common stock held by non-affiliates | $ 700,000,000 | |
Equity Incentive Plan 2008 | Restricted stock units | ||
Concentration Risk [Line Items] | ||
Catch up share based compensation expense | $ 181,500,000 | |
Customer Concentration Risk | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk (as a percent) | 16.00% | |
Subscription Services | Minimum | ||
Concentration Risk [Line Items] | ||
Revenue recognition period (in years) | 1 year | |
Subscription Services | Maximum | ||
Concentration Risk [Line Items] | ||
Revenue recognition period (in years) | 3 years | |
Subscription Arrangement, Limited Case | ||
Concentration Risk [Line Items] | ||
Revenue recognition period (in years) | 7 years |
Cash Equivalents and Marketab30
Cash Equivalents and Marketable Securities - Schedule of Fair Value of Cash and Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jan. 31, 2018 |
Marketable securities: | ||
Unrealized Gains | $ 34 | $ 6 |
Unrealized Losses | (630) | (761) |
Amortized Cost | 412,039 | 412,003 |
Cash equivalents and marketable securities, estimated fair value | 411,443 | 411,248 |
U.S. agency obligations | ||
Marketable securities: | ||
Amortized Cost | 7,787 | 7,803 |
Unrealized Gains | 0 | |
Unrealized Losses | (24) | (39) |
Estimated Fair Value | 7,763 | 7,764 |
Asset-backed securities | ||
Marketable securities: | ||
Amortized Cost | 66,337 | 46,529 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (134) | (124) |
Estimated Fair Value | 66,203 | 46,405 |
Corporate notes and obligations | ||
Marketable securities: | ||
Amortized Cost | 153,096 | 195,460 |
Unrealized Gains | 24 | 3 |
Unrealized Losses | (415) | (517) |
Estimated Fair Value | 152,705 | 194,946 |
Commercial paper | ||
Marketable securities: | ||
Amortized Cost | 93,762 | 85,438 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (5) | (16) |
Estimated Fair Value | 93,757 | 85,422 |
Municipal securities | ||
Marketable securities: | ||
Amortized Cost | 13,339 | |
Unrealized Gains | 0 | |
Unrealized Losses | (18) | |
Estimated Fair Value | 13,321 | |
Certificates of deposit | ||
Marketable securities: | ||
Amortized Cost | 40,802 | 24,705 |
Unrealized Gains | 10 | 3 |
Unrealized Losses | (12) | (7) |
Estimated Fair Value | 40,800 | 24,701 |
U.S. treasury securities | ||
Marketable securities: | ||
Amortized Cost | 21,972 | 26,903 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (39) | (40) |
Estimated Fair Value | 21,933 | 26,863 |
Foreign government obligations | ||
Marketable securities: | ||
Amortized Cost | 4,000 | |
Unrealized Gains | 0 | |
Unrealized Losses | (1) | |
Estimated Fair Value | 3,999 | |
Money market funds | ||
Cash Equivalents: | ||
Amortized Cost | 13,301 | 10,226 |
Estimated Fair Value | 13,301 | 10,226 |
Asset-backed securities | ||
Cash Equivalents: | ||
Amortized Cost | 1,600 | |
Estimated Fair Value | $ 1,600 | |
Commercial paper | ||
Cash Equivalents: | ||
Amortized Cost | 10,982 | |
Estimated Fair Value | $ 10,982 |
Cash Equivalents and Marketab31
Cash Equivalents and Marketable Securities - Narrative (Details) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2018 | Jan. 31, 2018 | |
Minimum | ||
Cash and Cash Equivalents [Line Items] | ||
Marketable securities term | 1 year | 1 year |
Maximum | ||
Cash and Cash Equivalents [Line Items] | ||
Marketable securities term | 3 years | 3 years |
Cash Equivalents and Marketab32
Cash Equivalents and Marketable Securities - Schedule of Marketable Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jan. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | $ 244,778 | $ 296,908 |
Unrealized loss, less than 12 months | (580) | (742) |
Fair value, greater than 12 months | 12,055 | 8,305 |
Unrealized losses, greater than 12 months | (50) | (19) |
Total fair value | 256,833 | 305,213 |
Total unrealized losses | (630) | (761) |
U.S. agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 7,763 | 7,764 |
Unrealized loss, less than 12 months | (24) | (39) |
Fair value, greater than 12 months | 0 | 0 |
Unrealized losses, greater than 12 months | 0 | 0 |
Total fair value | 7,763 | 7,764 |
Total unrealized losses | (24) | (39) |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 60,862 | 42,399 |
Unrealized loss, less than 12 months | (134) | (124) |
Fair value, greater than 12 months | 399 | 308 |
Unrealized losses, greater than 12 months | 0 | 0 |
Total fair value | 61,261 | 42,707 |
Total unrealized losses | (134) | (124) |
Corporate notes and obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 107,384 | 173,508 |
Unrealized loss, less than 12 months | (365) | (498) |
Fair value, greater than 12 months | 11,656 | 7,997 |
Unrealized losses, greater than 12 months | (50) | (19) |
Total fair value | 119,040 | 181,505 |
Total unrealized losses | (415) | (517) |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 32,347 | 25,852 |
Unrealized loss, less than 12 months | (5) | (16) |
Fair value, greater than 12 months | 0 | 0 |
Unrealized losses, greater than 12 months | 0 | 0 |
Total fair value | 32,347 | 25,852 |
Total unrealized losses | (5) | (16) |
Municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 9,323 | |
Unrealized loss, less than 12 months | (18) | |
Fair value, greater than 12 months | 0 | |
Unrealized losses, greater than 12 months | 0 | |
Total fair value | 9,323 | |
Total unrealized losses | (18) | |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 10,490 | 16,199 |
Unrealized loss, less than 12 months | (12) | (7) |
Fair value, greater than 12 months | 0 | 0 |
Unrealized losses, greater than 12 months | 0 | 0 |
Total fair value | 10,490 | 16,199 |
Total unrealized losses | (12) | (7) |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 21,933 | 21,863 |
Unrealized loss, less than 12 months | (39) | (40) |
Fair value, greater than 12 months | 0 | 0 |
Unrealized losses, greater than 12 months | 0 | 0 |
Total fair value | 21,933 | 21,863 |
Total unrealized losses | (39) | $ (40) |
Foreign government obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 3,999 | |
Unrealized loss, less than 12 months | (1) | |
Fair value, greater than 12 months | 0 | |
Unrealized losses, greater than 12 months | 0 | |
Total fair value | 3,999 | |
Total unrealized losses | $ (1) |
Fair Value Measurement - Sched
Fair Value Measurement - Schedule of Financial Assets and Liabilities According to the Fair Value Hierarchy, Measured at Fair Value (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jan. 31, 2018 |
U.S. agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 7,763 | $ 7,764 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 66,203 | 46,405 |
Corporate notes and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 152,705 | 194,946 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 13,321 | |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 40,800 | 24,701 |
U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 21,933 | 26,863 |
Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 3,999 | |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 426,115 | 425,920 |
Fair Value, Measurements, Recurring | U.S. agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 7,763 | 7,764 |
Fair Value, Measurements, Recurring | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 66,203 | 46,405 |
Fair Value, Measurements, Recurring | Corporate notes and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 152,705 | 194,946 |
Fair Value, Measurements, Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 93,757 | 85,422 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 13,321 | |
Fair Value, Measurements, Recurring | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 40,800 | 24,701 |
Fair Value, Measurements, Recurring | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 21,933 | 26,863 |
Fair Value, Measurements, Recurring | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 3,999 | |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 37,943 | 49,784 |
Fair Value, Measurements, Recurring | Level 1 | U.S. agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Corporate notes and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 9,970 | 24,886 |
Fair Value, Measurements, Recurring | Level 1 | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 388,172 | 376,136 |
Fair Value, Measurements, Recurring | Level 2 | U.S. agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 7,763 | 7,764 |
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 66,203 | 46,405 |
Fair Value, Measurements, Recurring | Level 2 | Corporate notes and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 152,705 | 194,946 |
Fair Value, Measurements, Recurring | Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 93,757 | 85,422 |
Fair Value, Measurements, Recurring | Level 2 | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 13,321 | |
Fair Value, Measurements, Recurring | Level 2 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 40,800 | 24,701 |
Fair Value, Measurements, Recurring | Level 2 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 11,963 | 1,977 |
Fair Value, Measurements, Recurring | Level 2 | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 3,999 | |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Corporate notes and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Fair Value, Measurements, Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 13,301 | 10,226 |
Restricted cash | 14,672 | 14,672 |
Fair Value, Measurements, Recurring | Money market funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 13,301 | 10,226 |
Restricted cash | 14,672 | 14,672 |
Fair Value, Measurements, Recurring | Money market funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Fair Value, Measurements, Recurring | Money market funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Fair Value, Measurements, Recurring | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,600 | |
Fair Value, Measurements, Recurring | Asset-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Fair Value, Measurements, Recurring | Asset-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,600 | |
Fair Value, Measurements, Recurring | Asset-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 0 | |
Fair Value, Measurements, Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 10,982 | |
Fair Value, Measurements, Recurring | Commercial paper | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Fair Value, Measurements, Recurring | Commercial paper | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 10,982 | |
Fair Value, Measurements, Recurring | Commercial paper | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 0 |
Balance Sheet Components - Sch
Balance Sheet Components - Schedule of Cost and Accumulated Depreciation and Amortization of Property and Equipment (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jan. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 48,158 | $ 41,832 |
Less: accumulated depreciation and amortization | (26,069) | (24,232) |
Property and equipment, net | 22,089 | 17,600 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 18,031 | 17,139 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 10,107 | 7,981 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 19,537 | 13,469 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 483 | $ 3,243 |
Balance Sheet Components - Narr
Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Depreciation | $ 2.1 | $ 2.4 | $ 3.8 | $ 5.1 |
Amortization expense of intangible assets | $ 0.6 | $ 0.9 | $ 1.3 | $ 1.9 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 31, 2018 | Jan. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 18,783 | $ 18,783 |
Accumulated Amortization | (14,243) | (12,928) |
Net Book Value | $ 4,540 | $ 5,855 |
Weighted Average Remaining Useful Life (in years) | 2 years 5 months | 2 years 9 months 18 days |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 11,986 | $ 11,986 |
Accumulated Amortization | (8,014) | (6,769) |
Net Book Value | $ 3,972 | $ 5,217 |
Weighted Average Remaining Useful Life (in years) | 2 years 2 months | 2 years 6 months |
Customer relationships and other acquired intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 6,797 | $ 6,797 |
Accumulated Amortization | (6,229) | (6,159) |
Net Book Value | $ 568 | $ 638 |
Weighted Average Remaining Useful Life (in years) | 4 years 1 month | 4 years 7 months 6 days |
Balance Sheet Components - Sc37
Balance Sheet Components - Schedule of Expected Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jan. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Remaining six months of fiscal 2019 | $ 1,314 | |
2,020 | 1,737 | |
2,021 | 944 | |
2,022 | 464 | |
2023 and thereafter | 81 | |
Net Book Value | $ 4,540 | $ 5,855 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Compensation and Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jan. 31, 2018 |
Accrued Compensation | ||
Accrued salaries, benefits and commissions | $ 13,180 | $ 15,039 |
Accrued bonuses | 10,888 | 17,875 |
Employee stock purchase plan withholdings | 2,119 | 2,238 |
Accrued compensation related taxes and other | 5,099 | 6,241 |
Total accrued compensation | 31,286 | 41,393 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued taxes | 2,458 | 2,092 |
Accrued professional costs | 1,956 | 2,463 |
Accrued self-insurance costs | 1,257 | 1,285 |
Accrued travel | 2,884 | 1,492 |
Accrued sublessee liability | 0 | 1,573 |
Other | 5,316 | 4,549 |
Total other accrued liabilities | $ 13,871 | $ 13,454 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | Jan. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Letters of credit | $ 19.5 | $ 19.5 | $ 19.7 | ||
Rent expense | $ 5.6 | $ 3.3 | $ 11.5 | $ 5.7 |
Commitments and Contingencies
Commitments and Contingencies - Future Minimum Lease Payments and Sublease Proceeds Under Non-Cancelable Operating Leases (Details) $ in Thousands | Jul. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum Lease Payments, Remaining six months of fiscal 2019 | $ 18,211 |
Sublease Rental Proceeds, Remaining six months of fiscal 2019 | (7,412) |
Net Minimum Lease Payments, Remaining six months of fiscal 2019 | 10,799 |
Minimum Lease Payments, 2020 | 35,732 |
Sublease Rental Proceeds, 2020 | (15,073) |
Net Minimum Lease Payments, 2020 | 20,659 |
Minimum Lease Payments, 2021 | 35,571 |
Sublease Rental Proceeds, 2021 | (14,446) |
Net Minimum Lease Payments, 2021 | 21,125 |
Minimum Lease Payments, 2022 | 31,835 |
Sublease Rental Proceeds, 2022 | (10,858) |
Net Minimum Lease Payments, 2022 | 20,977 |
Minimum Lease Payments, 2023 | 29,480 |
Sublease Rental Proceeds, 2023 | (4,388) |
Net Minimum Lease Payments, 2023 | 25,092 |
Minimum Lease Payments, 2024 and thereafter | 133,388 |
Sublease Rental Proceeds, 2024 and thereafter | 0 |
Net Minimum Lease Payments, 2024 and thereafter | 133,388 |
Minimum Lease Payments, Total | 284,217 |
Sublease Rental Proceeds, Total | (52,177) |
Net Minimum Lease Payments, Total | $ 232,040 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | Feb. 01, 2018shares | Mar. 31, 2017USD ($)hourshares | Jul. 31, 2018USD ($)$ / sharesshares | Jul. 31, 2017USD ($)$ / shares | Jan. 31, 2018USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock authorized (in shares) | 1,200,000,000 | 1,200,000,000 | |||
Common stock par value (in dollars per share) | $ / shares | $ 0.00005 | $ 0.00005 | |||
Common stock issued (in shares) | 150,997,502 | 145,327,001 | |||
Common stock outstanding (in shares) | 150,997,502 | 145,327,001 | |||
Reserved for issuance under plans (in shares) | 71,587,731 | ||||
Intrinsic value of exercised options | $ | $ 16,900,000 | $ 12,200,000 | |||
Tax benefit from stock options | $ | $ 0 | ||||
Stock options granted (in shares) | 0 | ||||
Weighted average grant date value of employee options (in dollars per share) | $ / shares | $ 8.83 | ||||
Unamortized stock based compensation expense | $ | $ 5,200,000 | ||||
Average remaining vesting period (in years) | 1 year 3 months | ||||
Employee stock purchase plan withholdings | $ | $ 2,119,000 | $ 2,238,000 | |||
Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Option exercise price as percent of fair value (as a percent) | 100.00% | ||||
Award expiration period (in years) | 10 years | ||||
Award vesting period (in years) | 4 years | ||||
Employee Stock Option | After one year | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 1 year | ||||
Award vesting (as a percent) | 25.00% | ||||
Employee Stock Option | Quarterly basis on years two through four | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 3 years | ||||
Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 4 years | ||||
Average remaining vesting period (in years) | 2 years 6 months | ||||
Unamortized stock based compensation expense RSUs | $ | $ 223,600,000 | ||||
Restricted stock units | After one year | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 1 year | ||||
Award vesting (as a percent) | 25.00% | ||||
Restricted stock units | Quarterly basis on years two through four | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 3 years | ||||
Ten Percent Stockholder | Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Option exercise price as percent of fair value (as a percent) | 110.00% | ||||
Equity Incentive Plan 2017 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restriction on increase to shares outstanding (as a percent) | 5.00% | ||||
Increase in shares reserved for grant (in shares) | 7,266,350 | ||||
Equity Incentive Plan 2008 | Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Catch up share based compensation expense | $ | $ 181,500,000 | ||||
Employee Stock Purchase Plan 2017 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restriction on increase to shares outstanding (as a percent) | 1.00% | ||||
Reserved for issuance under plans (in shares) | 1,453,270 | 3,000,000 | |||
Offering period (in months) | 6 months | ||||
Minimum work hours per week for eligibility | hour | 20 | ||||
Minimum months worked for plan eligibility | 5 months | ||||
Maximum ownership interest for plan participation (as a percent) | 5.00% | ||||
Purchase price (as a percent) | 85.00% | ||||
Maximum stock value purchased | $ | $ 25,000 | ||||
Maximum shares purchased (in shares) | 2,500 | ||||
Employee Stock Purchase Plan 2017 | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum payroll deduction (as a percent) | 1.00% | ||||
Employee Stock Purchase Plan 2017 | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum payroll deduction (as a percent) | 15.00% |
Stockholders' Equity - Schedul
Stockholders' Equity - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 31, 2018 | Jan. 31, 2018 | Jul. 31, 2018 |
Stock Options Outstanding | |||
Options outstanding at the beginning of the period (in shares) | 18,406,920 | ||
Exercised (in shares) | (1,467,007) | ||
Canceled (in shares) | (357,062) | ||
Options outstanding at the end of the period (in shares) | 16,582,851 | 18,406,920 | 16,582,851 |
Weighted- Average Exercise Price | |||
Options outstanding at the beginning of the period (in dollars per share) | $ 5.03 | ||
Exercised (in dollars per share) | 3.57 | ||
Canceled (in dollars per share) | 9.93 | ||
Options outstanding at the end of the period (in dollars per share) | $ 5.06 | $ 5.03 | $ 5.06 |
Additional Information | |||
Weighted-Average Remaining Contractual Term (Years) | 4 years 9 months | 5 years 3 months | |
Aggregate Intrinsic Value Beginning of Period | $ 252,571 | ||
Aggregate Intrinsic Value End of Period | $ 145,557 | $ 252,571 | $ 145,557 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Restricted Stock Activity (Details) - Restricted stock units | 6 Months Ended |
Jul. 31, 2018$ / sharesshares | |
Number of Restricted Stock Units | |
Number of Restricted Stock Units Outstanding Beginning of Period (in shares) | shares | 22,243,334 |
Granted (in shares) | shares | 3,230,550 |
Canceled (in shares) | shares | (2,387,430) |
Vested and converted to shares (in shares) | shares | (3,998,750) |
Number of Restricted Stock Units Outstanding End of Period (in shares) | shares | 19,087,704 |
Weighted-Average Grant Date Fair Value Per Share | |
Weighted- Average Grant Date Fair Value Per Share Beginning of Period (in dollars per share) | $ / shares | $ 16.08 |
Granted (in dollars per share) | $ / shares | 17.67 |
Canceled (in dollars per share) | $ / shares | 15.63 |
Vested (in dollars per share) | $ / shares | 16 |
Weighted- Average Grant Date Fair Value Per Share End of Period (in dollars per share) | $ / shares | $ 16.43 |
Income Taxes - Narrative (Deta
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Tax provision | $ 791 | $ 801 | $ 2,097 | $ 1,451 |
Related Party Transactions - N
Related Party Transactions - Narrative (Details) - Affiliated Entity | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2018USD ($) | Jul. 31, 2017USD ($) | Jan. 31, 2017shares | Jul. 31, 2018USD ($)company | Jul. 31, 2017USD ($) | Jan. 31, 2018USD ($) | |
Intel Corporation | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership interest (as a percent) | 17.00% | 17.00% | ||||
Intel Corporation | Revenue from Affiliated Companies | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from related party | $ 1,900,000 | $ 3,000,000 | $ 4,800,000 | $ 5,300,000 | ||
Intel Corporation | Accounts Receivable from Affiliated Companies | ||||||
Related Party Transaction [Line Items] | ||||||
Accounts receivable related party | 2,700,000 | 2,700,000 | $ 0 | |||
Intel Corporation | Deferred Revenue from Affiliated Companies | ||||||
Related Party Transaction [Line Items] | ||||||
Deferred revenue | 3,500,000 | $ 3,500,000 | 2,700,000 | |||
Cloudera Foundation | Donation to Non-Profit Affiliate | ||||||
Related Party Transaction [Line Items] | ||||||
Donated common shares (in shares) | shares | 1,175,063 | |||||
Cash donation | $ 2,400,000 | |||||
IPO proceeds donated (as a percent) | 1.00% | |||||
Other Related Parties | ||||||
Related Party Transaction [Line Items] | ||||||
Number of related parties | company | 3 | |||||
Other Related Parties | Revenue from Affiliated Companies | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from related party | 2,100,000 | $ 1,800,000 | $ 4,100,000 | $ 3,400,000 | ||
Other Related Parties | Accounts Receivable from Affiliated Companies | ||||||
Related Party Transaction [Line Items] | ||||||
Accounts receivable related party | 1,000,000 | 1,000,000 | 1,500,000 | |||
Other Related Parties | Deferred Revenue from Affiliated Companies | ||||||
Related Party Transaction [Line Items] | ||||||
Deferred revenue | $ 5,600,000 | $ 5,600,000 | $ 5,200,000 |
Segment Information - Schedule
Segment Information - Schedule of Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 110,338 | $ 89,828 | $ 213,045 | $ 169,424 |
Segment contribution margin | 84,100 | 65,951 | 159,100 | 121,986 |
Subscription | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 93,123 | 73,986 | 179,022 | 138,657 |
Segment contribution margin | 81,280 | 62,974 | 154,542 | 117,387 |
Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 17,215 | 15,842 | 34,023 | 30,767 |
Segment contribution margin | $ 2,820 | $ 2,977 | $ 4,558 | $ 4,599 |
Segment Information - Reconcili
Segment Information - Reconciliation of Segment Financial Information to Loss from Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | ||
Segment Reporting Information [Line Items] | |||||
Segment contribution margin | $ 84,100 | $ 65,951 | $ 159,100 | $ 121,986 | |
Amortization of acquired intangible assets | (600) | (900) | (1,300) | (1,900) | |
Corporate costs, such as research and development, corporate general and administrative and other | [1],[2] | (112,056) | (123,543) | (231,833) | (365,367) |
Loss from operations | (33,850) | (65,685) | (84,271) | (288,025) | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Segment contribution margin | 84,100 | 65,951 | 159,100 | 121,986 | |
Corporate, Non-Segment | |||||
Segment Reporting Information [Line Items] | |||||
Amortization of acquired intangible assets | (657) | (941) | (1,314) | (1,885) | |
Stock-based compensation expense | (20,475) | (39,451) | (45,841) | (230,533) | |
Corporate costs, such as research and development, corporate general and administrative and other | $ (96,818) | $ (91,244) | $ (196,216) | $ (177,593) | |
[1] | Amounts include amortization of acquired intangible assets as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2018 2017 2018 2017Cost of revenue – subscription $622 $510 $1,244 $1,024Sales and marketing 35 431 70 861 | ||||
[2] | Amounts include stock‑based compensation expense as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2018 2017 2018 2017 Cost of revenue – subscription $2,496 $3,693 $5,044 $19,393Cost of revenue – services 2,776 3,890 5,250 24,227Research and development 8,336 13,128 18,197 81,029Sales and marketing 2,698 12,137 8,777 72,678General and administrative 4,169 6,603 8,573 33,206 |
Segment Information - Narrative
Segment Information - Narrative (Details) - Non-US - Geographic Concentration | Jul. 31, 2018 | Jan. 31, 2018 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 |
Total Revenue | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk (as a percent) | 36.00% | 28.00% | 34.00% | 27.00% | ||
Total Assets | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk (as a percent) | 3.00% | 4.00% |
Net Loss Per Share - Schedule
Net Loss Per Share - Schedule of the Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Numerator: | ||||
Net loss | $ (33,375) | $ (64,229) | $ (84,416) | $ (286,548) |
Denominator: | ||||
Weighted-average shares used in computing net loss per share, basic and diluted (in shares) | 149,505 | 134,506 | 148,115 | 87,293 |
Net loss per share, basic and diluted (in shares) | $ (0.22) | $ (0.48) | $ (0.57) | $ (3.28) |
Net Loss Per Share - Schedul50
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands | 6 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 36,225 | 41,387 |
Stock options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 16,583 | 22,211 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 19,088 | 18,172 |
Shares issuable pursuant to the ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 554 | 1,004 |