Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Jan. 31, 2020 | Feb. 28, 2020 | Jul. 31, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-38982 | ||
Entity Registrant Name | Medallia, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 77-0558353 | ||
Entity Address, Address Line One | 575 Market Street | ||
Entity Address, Address Line Two | Suite 1850 | ||
Entity Address, City or Town | San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94105 | ||
City Area Code | 650 | ||
Local Phone Number | 321-3000 | ||
Title of 12(b) Security | Common Stock, $0.001 par value per share | ||
Trading Symbol | MDLA | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2.5 | ||
Entity Common Stock, Shares Outstanding | 133,901,496 | ||
Documents Incorporated by Reference | Portions of the Registrant’s definitive Proxy Statement for the Registrant’s 2020 Annual Meeting of Stockholders are incorporated by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. The Proxy Statement will be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days of the Registrant’s fiscal year ended January 31, 2020. | ||
Entity Central Index Key | 0001540184 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --01-31 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 226,866 | $ 44,876 |
Marketable securities | 116,833 | 0 |
Trade and other receivables, net of allowance for doubtful accounts of $982 and $253 as of January 31, 2020 and 2019, respectively | 150,661 | 106,120 |
Deferred commissions, current | 22,455 | 15,874 |
Prepaid expenses and other current assets | 22,492 | 15,595 |
Total current assets | 539,307 | 182,465 |
Property and equipment, net | 34,879 | 42,989 |
Deferred commissions, noncurrent | 51,540 | 35,727 |
Intangible assets, net | 21,306 | 305 |
Goodwill | 79,324 | 16,745 |
Other noncurrent assets | 5,293 | 1,953 |
Total assets | 731,649 | 280,184 |
Current liabilities: | ||
Accounts payable | 3,608 | 1,007 |
Accrued expenses and other current liabilities | 20,268 | 12,840 |
Accrued compensation | 37,160 | 19,708 |
Deferred revenue, current | 263,115 | 210,666 |
Total current liabilities | 324,151 | 244,221 |
Deferred revenue, noncurrent | 1,407 | 1,151 |
Deferred rent, noncurrent | 2,799 | 37,182 |
Other liabilities | 5,496 | 4,188 |
Total liabilities | 333,853 | 286,742 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity (deficit): | ||
Common stock | 132 | 0 |
Accumulated other comprehensive loss | (206) | (1,096) |
Additional paid-in capital | 878,843 | 363,076 |
Accumulated deficit | (480,973) | (368,640) |
Total stockholders' equity (deficit) | 397,796 | (6,558) |
Total liabilities and stockholders' equity (deficit) | 731,649 | 280,184 |
Preferred Stock | ||
Stockholders' equity (deficit): | ||
Preferred stock | 0 | 0 |
Common Class A | ||
Stockholders' equity (deficit): | ||
Common stock | 0 | 30 |
Common Class B | ||
Stockholders' equity (deficit): | ||
Common stock | 0 | 0 |
Convertible preferred stock | ||
Stockholders' equity (deficit): | ||
Preferred stock | 0 | 72 |
Convertible preferred stock | Preferred Stock | ||
Stockholders' equity (deficit): | ||
Total stockholders' equity (deficit) | $ 0 | $ 72 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Allowance for doubtful accounts | $ 982 | $ 253 |
Common stock, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 0 |
Common stock, shares issued (in shares) | 132,346,402 | 0 |
Common stock, shares outstanding (in shares) | 132,346,402 | 0 |
Preferred Stock | ||
Preferred stock, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Convertible preferred stock | ||
Preferred stock, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 0 | 72,622,216 |
Preferred stock, shares issued (in shares) | 72,482,609 | |
Preferred stock, shares outstanding (in shares) | 72,482,609 | |
Preferred stock aggregate liquidation preference | $ 0 | $ 276,853 |
Common Class A | ||
Common stock, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 0 | 200,000,000 |
Common stock, shares issued (in shares) | 0 | 29,755,883 |
Common stock, shares outstanding (in shares) | 0 | 29,755,883 |
Early exercised stock options (in shares) | 0 | 147,245 |
Common Class B | ||
Common stock, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 0 | 3,000 |
Common stock, shares issued (in shares) | 0 | 3,000 |
Common stock, shares outstanding (in shares) | 0 | 3,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Revenue: | |||
Total revenue | $ 402,463 | $ 313,642 | $ 261,195 |
Cost of revenue: | |||
Total cost of revenue | 145,189 | 115,901 | 95,777 |
Gross profit | 257,274 | 197,741 | 165,418 |
Operating expenses: | |||
Research and development | 95,978 | 86,272 | 86,368 |
Sales and marketing | 180,711 | 138,674 | 110,002 |
General and administrative | 95,515 | 53,239 | 40,183 |
Total operating expenses | 372,204 | 278,185 | 236,553 |
Loss from operations | (114,930) | (80,444) | (71,135) |
Interest income and other income (expense), net | 3,129 | (11) | 2,412 |
Loss before provision for income taxes | (111,801) | (80,455) | (68,723) |
Provision for income taxes | 532 | 1,779 | 1,638 |
Net loss | $ (112,333) | $ (82,234) | $ (70,361) |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (1.35) | $ (3.07) | $ (3.12) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares) | 83,269 | 26,770 | 22,571 |
Subscription | |||
Revenue: | |||
Total revenue | $ 312,168 | $ 246,797 | $ 201,801 |
Cost of revenue: | |||
Total cost of revenue | 61,369 | 47,948 | 36,397 |
Professional services | |||
Revenue: | |||
Total revenue | 90,295 | 66,845 | 59,394 |
Cost of revenue: | |||
Total cost of revenue | $ 83,820 | $ 67,953 | $ 59,380 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (112,333) | $ (82,234) | $ (70,361) |
Other comprehensive income, net of taxes: | |||
Foreign currency translation adjustment | 792 | (912) | 390 |
Change in unrealized gain (loss) on marketable securities | 22 | 12 | (11) |
Change in unrealized gain (loss) on cash flow hedges | 76 | 924 | (41) |
Other comprehensive income | 890 | 24 | 338 |
Comprehensive loss | $ (111,443) | $ (82,210) | $ (70,023) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Preferred StockConvertible preferred stock | Preferred StockConvertible preferred stockConversion of Preferred Stock | Common Stock | Common StockConversion of Common Stock | Common StockConversion of Preferred Stock | Common StockCommon Class A | Common StockCommon Class AConversion of Common Stock | Common StockCommon Class B | Common StockCommon Class BConversion of Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance at Jan. 31, 2017 | $ 78,751 | $ 72 | $ 0 | $ 20 | $ 0 | $ 295,975 | $ (1,458) | $ (215,858) | |||||
Beginning balance (in shares) at Jan. 31, 2017 | 72,394,601 | 0 | 21,743,594 | 3,000 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Exercise of employee stock options | $ 6,356 | $ 3 | 6,353 | ||||||||||
Exercise of employee stock options (in shares) | 3,020,883 | 3,020,883 | |||||||||||
Repurchase of early exercised stock options (in shares) | 126,676 | ||||||||||||
Vesting of early exercised stock options and other | $ 1,725 | $ 1 | 1,724 | ||||||||||
Stock-based compensation | 18,248 | 18,248 | |||||||||||
Other comprehensive income (loss) | 338 | 338 | |||||||||||
Net loss | (70,361) | (70,361) | |||||||||||
Ending balance at Jan. 31, 2018 | 35,057 | $ 72 | $ 0 | $ 24 | $ 0 | 322,300 | (1,120) | (286,219) | |||||
Ending balance (in shares) at Jan. 31, 2018 | 72,394,601 | 0 | 24,637,801 | 3,000 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Cumulative effect of the adoption of ASU 2016-09 | 187 | (187) | |||||||||||
Exercise of employee stock options | $ 11,897 | $ 6 | 11,891 | ||||||||||
Exercise of employee stock options (in shares) | 5,067,450 | 5,067,450 | |||||||||||
Repurchase of early exercised stock options (in shares) | 30,801 | ||||||||||||
Vesting of early exercised stock options and other | $ 840 | 840 | |||||||||||
Issuance of shares at end of escrow period in connection with prior period acquisitions (in shares) | 88,008 | 81,433 | |||||||||||
Stock-based compensation | 27,858 | 27,858 | |||||||||||
Other comprehensive income (loss) | 24 | 24 | |||||||||||
Net loss | (82,234) | (82,234) | |||||||||||
Ending balance at Jan. 31, 2019 | (6,558) | $ 72 | $ 0 | $ 30 | $ 0 | 363,076 | (1,096) | (368,640) | |||||
Ending balance (in shares) at Jan. 31, 2019 | 72,482,609 | 0 | 29,755,883 | 3,000 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Issuance of Series F preferred shares, net of issuance costs | 69,848 | $ 5 | 69,843 | ||||||||||
Issuance of Series F preferred shares, net of issuance costs (in shares) | 4,666,666 | ||||||||||||
Conversion of stock | $ (77) | $ 31 | $ 77 | $ (31) | |||||||||
Conversion of stock (in shares) | (77,149,275) | 31,129,701 | 77,149,275 | (31,126,701) | (3,000) | ||||||||
Proceeds from Initial Public Offering, net of issuance and underwriter's discounts and commissions and concurrent private placement | 319,572 | $ 17 | 319,555 | ||||||||||
Proceeds from Initial Public Offering, net of issuance and underwriter's discounts and commissions and concurrent private placement (in shares) | 16,680,000 | ||||||||||||
Warrant exercises (in shares) | 121,915 | ||||||||||||
Exercise of employee stock options | $ 34,340 | $ 7 | $ 1 | 34,332 | |||||||||
Exercise of employee stock options (in shares) | 7,972,770 | 6,601,952 | 1,370,818 | ||||||||||
Repurchase of early exercised stock options (in shares) | 823 | ||||||||||||
Vesting of early exercised stock options and other | $ 487 | 487 | |||||||||||
Release of restricted stock units (in shares) | 1,170,861 | ||||||||||||
Shares repurchased for tax withholdings on release of restricted stock units | (17,906) | (17,906) | |||||||||||
Shares repurchased for tax withholdings on release of restricted stock units (in shares) | (506,479) | ||||||||||||
Stock-based compensation | 109,456 | 109,456 | |||||||||||
Other comprehensive income (loss) | 890 | 890 | |||||||||||
Net loss | (112,333) | (112,333) | |||||||||||
Ending balance at Jan. 31, 2020 | $ 397,796 | $ 0 | $ 132 | $ 0 | $ 0 | $ 878,843 | $ (206) | $ (480,973) | |||||
Ending balance (in shares) at Jan. 31, 2020 | 0 | 132,346,402 | 0 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Operating activities | |||
Net loss | $ (112,333) | $ (82,234) | $ (70,361) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 15,611 | 13,856 | 11,995 |
Amortization of deferred commissions | 19,030 | 13,201 | 10,415 |
Stock-based compensation expense | 109,456 | 27,858 | 18,248 |
Impairment (gain) on property and equipment, and lease termination | (13,783) | 3,398 | 0 |
Other | (698) | (417) | 708 |
Changes in assets and liabilities: | |||
Trade and other receivables | (43,268) | (16,383) | (12,432) |
Deferred commissions | (41,424) | (27,218) | (16,016) |
Prepaid expenses and other current assets | (6,198) | 2,176 | (6,165) |
Lease incentives receivable | 0 | 635 | 22,318 |
Other noncurrent assets | (252) | (853) | 250 |
Accounts payable | 2,097 | 877 | (2,584) |
Deferred revenue | 49,749 | 42,935 | 42,655 |
Accrued expenses and other current liabilities | 20,282 | 6,809 | 6,026 |
Other noncurrent liabilities | 137 | 163 | 11,353 |
Net cash provided by (used in) operating activities | (1,594) | (15,197) | 16,410 |
Investing activities | |||
Purchases of property, equipment and other | (22,009) | (11,259) | (38,542) |
Purchase of marketable securities | (182,389) | (18,684) | (36,971) |
Maturities of marketable securities | 65,853 | 34,840 | 66,717 |
Proceeds from sale of marketable securities | 511 | 1,296 | 0 |
Acquisitions, net of cash acquired | (76,532) | 0 | 0 |
Other | (1,500) | 0 | 0 |
Net cash provided by (used in) investing activities | (216,066) | 6,193 | (8,796) |
Financing activities | |||
Proceeds from initial public offering, net of issuance costs, underwriters discounts and commissions, and concurrent private placement | 319,572 | 0 | 0 |
Proceeds from Series F convertible preferred stock, net of issuance costs | 69,848 | 0 | 0 |
Payment of employee taxes withheld upon release of restricted stock units | (17,907) | 0 | 0 |
Proceeds from exercise of stock options | 34,009 | 12,093 | 6,143 |
Payment of capital leases | (3,540) | (708) | (100) |
Repayment of debt assumed in acquisition | (2,297) | 0 | 0 |
Net cash provided by financing activities | 399,685 | 11,385 | 6,043 |
Effect of exchange rate changes on cash and cash equivalents | (35) | (204) | 267 |
Net increase in cash and cash equivalents | 181,990 | 2,177 | 13,924 |
Cash and cash equivalents at beginning of period | 44,876 | 42,699 | 28,775 |
Cash and cash equivalents at end of period | 226,866 | 44,876 | 42,699 |
Supplemental disclosures of cash flow information | |||
Cash paid for interest | 637 | 134 | 4 |
Cash paid for income taxes | 1,563 | 2,352 | 943 |
Noncash investing and financing activities | |||
Other receivables related to stock option exercises | 331 | 0 | 0 |
Noncash investing and financing activities | 487 | 840 | 1,225 |
Accrued unpaid capital expenditures | $ 6,078 | $ 6,455 | $ 319 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2020 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies Description of Business Medallia, Inc. (the Company) provides an enterprise Software-as-a-Service (SaaS) platform that utilizes deep learning-based artificial intelligence (AI) technology to analyze structured and unstructured data from signal fields across human, digital and Internet of Things (IoT) interactions at great scale to derive personalized and predictive insights. Medallia's customers include companies in various industries such as retail, technology, manufacturing, financial services, insurance and hospitality. Medallia is headquartered in San Francisco, California. Basis of Presentation and Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company's fiscal year ends on January 31. References to fiscal 2020, for example, refer to the fiscal year ended January 31, 2020. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the periods covered by the financial statements and accompanying notes. Such estimates include, but are not limited to revenue recognition, stock-based compensation expense, including estimation of the grant date fair value of the common stock, allowance for doubtful accounts, the assessment of the recoverability of long-lived assets (goodwill, and identified intangible assets), and contingencies. The Company bases its estimates on historical experience and on assumptions that it believes are reasonable. The Company assesses these estimates on a regular basis; however, actual results could materially differ from these estimates. Initial Public Offering and Private Placement In July 2019, the Company completed its initial public offering (the IPO) and sold 16,060,000 shares of its common stock, including the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $21.00 per share. The Company received net proceeds of $313.7 million after deducting underwriting discounts and commissions. In connection with the IPO: • all the shares of convertible preferred stock outstanding automatically converted into an aggregate of 77,149,275 shares of the Company’s common stock; • all shares of the Company’s Class A and Class B common stock outstanding immediately prior to the IPO automatically converted into an aggregate of 31,129,701 shares of the Company’s common stock; • the outstanding warrant to purchase 75,000 shares of preferred stock automatically converted into a warrant to purchase the same number of shares of common stock; and • in a concurrent private placement, a current stockholder purchased 620,000 shares of the Company’s common stock at $21.00 per share. The Company received aggregate proceeds of $13.0 million and did not pay any underwriting discounts or commissions with respect to the shares that were sold in this private placement. Deferred offering costs consist primarily of accounting, legal, and other fees related to the IPO. Prior to the IPO, all deferred offering costs were capitalized in other noncurrent assets in the consolidated balance sheets. After the IPO, $7.1 million of deferred offering costs were reclassified into stockholders’ equity as a reduction of the IPO proceeds in the consolidated balance sheets and the consolidated statements of stockholders’ equity (deficit). JOBS Act Accounting Election The Company is an emerging growth company (EGC), as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, EGCs 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. The Company has elected 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 the Company (i) is 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, the Company’s consolidated financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. Segment Information Operating segments are defined as components of an enterprise where separate financial information is evaluated regularly by the chief operating decision maker, which the Company has identified as being the chief executive officer, in deciding how to allocate resources and assessing performance. The Company operates in one operating segment. The Company's chief operating decision maker allocates resources and assesses performance at the consolidated level. Revenue Recognition Revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company determines revenue recognition through the following steps: • identification of the contract, or contracts, with a customer; • identification of the performance obligations in the contract; • determination of the transaction price; • allocation of the transaction price to the performance obligations in the contract; and • recognition of revenue when, or as, the Company satisfies a performance obligation. Subscription Revenue Subscription revenue is derived from customers accessing the Company's proprietary hosted cloud application. The Company's customers do not have the ability to take possession of the software operating the cloud application. The contracted subscription terms are typically one year to three years. The Company recognizes subscription revenue ratably over the subscription term, commencing on the date the service is provisioned. Professional Services Revenue Professional services revenue consists of managed services and implementation and other services. These services are distinct from subscription revenue. Managed services support our customers by providing a range of ongoing services including program design, launch, enhancement, expansion and analytics. Managed services are a stand-ready obligation to perform these services over the term of the arrangement and as a result, revenues are recognized ratably over the term of the arrangement. Implementation services consist primarily of initial design, integration and configuration services. Other professional services include insights projects that enable customers to gain insightful business information through data analysis, and the Company's institute training programs. Implementation and other services revenue are recognized as services are performed. Contracts with Multiple Performance Obligations Most of the Company's contracts with customers contain multiple performance obligations. The Company's subscription services are sold for a broad range of amounts (the selling price is highly variable) and a representative standalone selling price (SSP) is not discernible from past transactions or other observable evidence. Standalone selling prices for professional services are estimated based upon observable transactions when those services are sold on a standalone basis. As a result, the SSP for subscription services included in a contract with multiple performance obligations is determined by applying a residual approach whereby performance obligations related to professional services within a contract are first allocated a portion of the transaction price based upon their respective SSPs, with the residual amount of transaction price allocated to subscription services. Contract Balances and Remaining Performance Obligations Contract assets represent revenue recognized for contracts that have not yet been invoiced to customers, typically for multi-year arrangements. Total contract assets were $2.1 million and $2.5 million as of January 31, 2020 and 2019, respectively, and are included within trade and other receivables, net, on the consolidated balance sheets. Contract liabilities consist of deferred revenue. Revenue is deferred when the Company has the right to invoice in advance of services being provided. The Company recognized revenue of $210.7 million and $168.2 million during the years ended January 31, 2020 and 2019, respectively, that were included in the deferred revenue balances at the beginning of the respective periods. The Company applied a practicable expedient allowing it not to disclose the amount of the transaction price allocated to the remaining performance obligations for contracts with an original expected duration of one year or less, which includes certain professional service contracts. Remaining performance obligations represent contracted revenue that has not yet been recognized, and include deferred revenue, and amounts that will be invoiced and recognized as revenue in future periods. As of January 31, 2020, the Company's remaining performance obligations were $679.0 million, approximately 51% of which it expects to recognize as revenue over the next 12 months and the remaining balance will be recognized thereafter. As of January 31, 2019, the Company's remaining performance obligations were $470.6 million, approximately 56% of which was recognized as revenue during the year ended January 31, 2020, and the remaining balance will be recognized thereafter. Disaggregation of Revenue by Geographic Region The following table sets forth revenue by geographic region based on the billing address of the customers' parent for the periods presented (in thousands): Year Ended January 31, 2020 2019 2018 North America $ 305,600 $ 232,175 $ 198,818 EMEA 65,681 57,851 46,239 Other 31,182 23,616 16,138 Total $ 402,463 $ 313,642 $ 261,195 The United States comprised 72%, 70%, and 73% of the Company's revenue in the years ended January 31, 2020, 2019 and 2018, respectively. No other country comprised 10% or greater of the Company's revenue for each of the years ended January 31, 2020, 2019 and 2018. Deferred Commissions Sales commissions earned by the sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions for initial contracts are deferred and then amortized on a straight-line basis over a period of benefit that the Company has determined to be five years. The Company determined the period of benefit by taking into consideration its customer contracts, technology and other factors. Sales commissions for renewal contracts (which are not considered commensurate with sales commissions for new revenue contracts) are deferred and amortized on a straight-line basis over the related contractual renewal period. Amortization expense is included in sales and marketing expenses in the consolidated statements of operations. Commissions earned and capitalized during the years ended January 31, 2020, 2019 and 2018 were $41.4 million, $27.2 million, $16.0 million, respectively. Amortization expense for deferred commissions during the years ended January 31, 2020, 2019 and 2018 were $19.0 million, and $13.2 million and $10.4 million, respectively. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. The Company's cash equivalents generally consist of money market funds. Cash and cash equivalents are recorded at cost, which approximates fair value. Marketable Securities The Company's investments consist primarily of commercial paper, corporate bonds, municipal bonds, U.S. agency obligations and U.S. treasury securities. The Company typically invests in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. The Company's policy generally requires investments to be investment grade, with the primary objective of minimizing the potential risk of principal loss. The Company classifies investments as available-for-sale at the time of purchase and re-evaluates such classification as of each balance sheet date. All investments are recorded at estimated fair value. Unrealized gains and losses, net of tax, for available-for-sale securities are included in accumulated other comprehensive income (loss) (OCI). The Company evaluates its investments to assess whether those with unrealized loss positions are other than temporarily impaired. The Company considers impairments to be other than temporary if it is likely it will sell the securities before the recovery of the cost basis. Declines in value judged to be other than temporary are determined based on the specific identification method and are reported in interest income and other income (expense), net, in the consolidated statements of operations. Fair Value Measurements The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability. Derivative Financial Instruments and Hedging Activities The Company uses derivative financial instruments to manage foreign currency risks. Derivative instruments are carried at fair value. Derivative assets are included in prepaid expenses and other current assets in the consolidated balance sheets. Derivative liabilities are included in accrued expenses and other current liabilities in the consolidated balance sheets. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting. For foreign currency forward contracts not designated as hedging instruments, which the Company uses to hedge a portion of its net outstanding monetary assets and liabilities, the gains or losses are recorded in interest income and other income (expense), net in the consolidated statements of operations in the period of change. For derivative instruments designated as a cash flow hedge, which the Company uses to hedge certain customer contracts and certain operating expenses denominated in foreign currencies, the change in fair value on the effective portion is recorded to OCI in the consolidated balance sheets each reporting period. The balance in OCI is subsequently reclassified to the related revenue or operating expense line item in the consolidated statements of operations in the same period that the underlying revenue is earned and expenses incurred. The Company is subject to netting agreements with certain counterparties of the foreign exchange contracts, under which it is permitted to net settle transactions of the same currency with a single net amount payable by one party to the other. It is the Company's policy to present the derivatives gross in the consolidated balance sheets. The Company's foreign currency forward contracts are not subject to any credit contingent features or collateral requirements and the Company does not believe it is subject to significant counterparty concentration risk given the short-term nature, volume, and size of the derivative contracts outstanding. Trade and Other Receivables and Allowance for Doubtful Accounts Trade and other receivables are primarily comprised of trade receivables that are recorded at the invoice amount, net of an allowance for doubtful accounts. Other receivables represent unbilled receivables related to subscription and professional services contracts. The allowance for doubtful accounts is based on the Company's assessment of the collectability of accounts receivable. The Company regularly reviews the adequacy of the allowance for doubtful accounts by considering the age of each outstanding invoice and the collection history of each customer to determine whether a specific allowance is appropriate. Accounts deemed uncollectible are charged against the allowance for doubtful accounts when identified. Concentrations of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and trade and other receivables. For cash, cash equivalents and marketable securities, the Company is exposed to credit risk in the event of default to the extent of the amounts recorded on the consolidated balance sheets. A majority of the cash balances are with U.S. banks and are insured to the extent defined by the Federal Deposit Insurance Corporation. The Company does not require collateral for trade receivables. No customer accounted for 10% or more of total revenues for the years ended January 31, 2020, 2019 and 2018. No customer accounted for 10% of accounts receivable as of January 31, 2020 and one customer accounted for 11% of accounts receivable as of January 31, 2019. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of three years for computer equipment and software and five years for all other asset categories except leasehold improvements, which are amortized over the shorter of the lease term or the expected useful life of the leasehold improvements. Equipment leased under capital leases is amortized over the shorter of the lease term or the asset's estimated useful life. Leases The Company categorizes leases at their inception as either operating or capital leases. In certain lease agreements, the Company may receive rent holidays and other incentives. For operating leases, the Company recognizes lease costs on a straight-line basis once control of the space is achieved, without regard to deferred payment terms such as rent holidays that defer the commencement date of required payments. Additionally, lease incentives received are treated as a reduction to rent expense over the term of the agreement. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of an acquired business over the fair value of the underlying net tangible and intangible assets. Goodwill amounts are not amortized, but rather tested for impairment at least annually, and more frequently when changes in circumstances indicate that the carrying value may not be recoverable. The Company has determined that it operates its business as one reporting unit and the Company completes its annual impairment test in the fourth quarter. In the event that the Company determines that the fair value of the reporting unit is less than the reporting unit's carrying value, goodwill impairment charge will be incurred for the amount of the difference during the quarter in which the determination is made. The Company did not record any goodwill impairment charge in the years ended January 31, 2020, 2019 and 2018. Intangible assets with a finite life are amortized over their useful life. The Company evaluates intangible assets and long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate. In the event that the Company determines that the fair value of an intangible asset is less than the carrying value, the Company will incur an impairment charge. Software Development Costs Software development costs include costs to develop software to be used to meet internal needs and applications used to deliver our services. The Company capitalizes development costs related to these software applications once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended. As of January 31, 2020 the Company had capitalized software development costs of $1.7 million included in other long-term assets on the consolidated balance sheets. Depreciation and amortization is computed using the straight-line method over an estimated useful life of five years. Costs related to preliminary project activities, including training and maintenance are expensed as incurred and recorded to research and development expenses. Research and Development Research and development expenditures are expensed as incurred. Business Combinations The Company includes the results of operations of the businesses that it acquires from the date of acquisition. The Company determines the fair value of the assets acquired and liabilities assumed based on its estimated fair values as of the respective date of acquisition. The excess purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates, and selection of comparable companies. The Company estimates the fair value are based on assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill. At the conclusion of the measurement period, any subsequent adjustments are reflected in the Company's consolidated statements of operations. When the Company grants equity to selling stockholders in connection with an acquisition, it evaluates whether the awards are compensatory. This evaluation includes whether stock award vesting is contingent on the continued employment of the selling stockholder beyond the acquisition date. If continued employment is required for stock awards to vest, the award is treated as compensation for post-acquisition services and is recognized as compensation expense. Transaction costs associated with business combinations are expensed as incurred and are included in general and administrative expenses in the Company's consolidated statements of operations. Stock-Based Compensation The Company measures equity instruments, including stock options, restricted stock units (RSUs), and shares of common stock to be issued under the 2019 Employee Stock Purchase Plan (ESPP) based on the estimated grant-date fair value of the award. The Company estimates the fair values of its stock options and shares issuable under its ESPP using the Black-Scholes-Merton option-pricing model. The Company estimates fair value of its restricted stock awards (RSU) based on the fair value of the underlying common stock and accounts for forfeitures as they incur. Determining the grant date fair value of stock options and ESPP using the Black-Scholes-Merton option-pricing model requires management to make assumptions and judgments, mostly related to the determination of the expected term, volatility, risk free interest rate and the expected dividend rate. If any of the assumptions used in the valuation models change significantly, stock-based compensation expense for future awards may differ materially compared with the awards granted previously. Prior to the IPO, due to the absence of an active market for our common stock prior to the Company's IPO, the Company obtained third-party valuations (prepared contemporaneously in connection with grants of share-based payments) to estimate the fair value of its common stock for purposes of measuring stock-based compensation expense to be recognized. The third-party valuations are prepared using methodologies, approaches and assumptions consistent with the American Institute of Certified Public Accountants Practice Guide, Valuation of Privately-Held Company Equity Securities Issued as Compensation , the Company's board of directors exercised reasonable judgment and considered numerous objective and subjective factors to determine the best estimate of the fair value of the Company's common stock including: • contemporaneous valuations performed by unrelated third-party specialists; • the prices, rights, preferences and privileges of the Company's redeemable convertible preferred stock relative to those of the Company's common stock; • lack of marketability of the Company's common stock; • the Company's actual operating and financial performance; • current business conditions and projections; • hiring of key personnel and the experience of the Company's management; • the history of the Company and the introduction of new services; • the Company's stage of development; • likelihood of achieving a liquidity event, such as an initial public offering or a merger or acquisition of the Company, given prevailing market conditions; • illiquidity of stock-based awards involving securities in a private company; • the market performance of comparable publicly traded companies; and • the U.S. and global capital market conditions. Changes in the input assumptions outlined above can affect the fair value estimates used to measure stock-based compensation expense to be recognized. In valuing the Company's common stock, its board of directors determined the equity value of the Company's business generally using a combination of the option pricing method, or OPM, and the Probability Weighted Expected Return Method, or PWERM, which is known as the Hybrid Method. The Hybrid Method involves the estimation of multiple future potential outcomes for the Company and estimates of the probability of each respective potential outcome. The Company scenarios included the use of initial public offering scenario and a scenario assuming continued operation as a private entity (in which an OPM was applied). After the equity value was determined and allocated to the various classes of shares, a discount for lack of marketability, or DLOM, was applied to arrive at the fair value of the common stock. A DLOM is applied based on the theory that as a private company, an owner of the stock has limited opportunities to sell this stock and any such sale would involve significant transaction costs, thereby reducing overall fair market value. After the IPO, the Company uses the publicly quoted price as reported on the New York Stock Exchange as the fair value of its common stock. The RSUs that the Company had issued prior to the IPO vest upon the satisfaction of both a service-based and a liquidity event-related performance vesting condition. Certain RSUs, in addition to the satisfaction of the service-based and liquidity event-related performance vesting conditions, also require the fulfillment of a performance vesting condition which includes the achievement of certain subscription revenue growth targets. The service-based vesting period is generally between three and four years. The liquidity condition was satisfied upon the completion of the IPO, and the Company recognized an expense of $23.1 million for RSUs as of that date, using the accelerated recognition method. The RSUs issued after the completion of the IPO vest upon the satisfaction of a service-based vesting condition which generally is three years. Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the tax bases of assets and liabilities and their financial statement carrying amounts, and consideration is given to operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company determines current tax expense, together with assessing temporary differences resulting from differences for financial reporting purposes and tax purposes for certain items, such as accruals and allowances not currently deductible for tax purposes. These temporary differences result in deferred tax assets and liabilities, which are included in the consolidated balance sheets. Accordingly, realization of the Company's deferred tax assets is dependent on future taxable income against which these deductions, losses, and credits can be utilized. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income, and to the extent the Company believes that recovery is not likely, the Company establishes a valuation allowance. Given the Company's history of operating losses, the realization of its deferred tax assets is uncertain, and therefore, the Company has a full valuation allowance on its deferred tax assets. The Company recognizes and measures uncertain tax positions using a two-step approach. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained upon audit, including resolution of any related appeals or litigation processes. For tax positions that are more likely than not to be sustained upon audit, the second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. Significant judgment is required to evaluate uncertain tax positions. The Company's evaluations are based upon a number of factors, including changes in facts or circumstances, changes in tax law and the Company's interpretation of the tax laws, correspondence with tax authorities during the course of audits, and effective settlement of audit issues. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in the income tax provision. Contingencies From time to time, the Company has become involved in claims and other legal matters arising in the ordinary course of business. The Company investigates these claims as they arise. The Company records a loss contingency when it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. The Company also discloses material contingencies when it is believed a loss is not probable but reasonably possible. Accounting for contingencies requires the Company to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Foreign Currency The functional currency of the Company's foreign subsidiaries is predominately the respective local currency. Foreign currency-denominated assets and liabilities of foreign subsidiaries, where the local currency is the functional currency, are translated into U.S. dollars using the exchange rates in effect at the balance sheet dates, and income and expenses are translated at the average exchange rate during the period. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive loss, a component of stockholders' equity (deficit). Gains and losses from foreign currency transactions are included in interest income and other income (expense) net, in the consolidated statements of operations. Advertising Expense Advertising costs are expensed as incurred and are included in sales and marketing expense in the consolidated statements of operation. Advertising expense was $6.7 million , $2.5 million, and $0.5 million for the years ended January 31, 2020, 2019 and 2018, respectively. Net Loss Per Share Attributable to Common Stockholders The Company computes basic and diluted net loss per share attributable to com |
Cash Equivalents and Marketable
Cash Equivalents and Marketable Securities | 12 Months Ended |
Jan. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash Equivalents and Marketable Securities | Cash Equivalents and Marketable Securities As of January 31, 2020, cash equivalent and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 92,272 $ — $ — $ 92,272 U.S. government and agency securities 115,412 13 — 115,425 Commercial paper 31,379 — — 31,379 Corporate notes and bonds 5,665 9 — 5,674 Total $ 244,728 $ 22 $ — $ 244,750 Included in cash and cash equivalents $ 127,917 $ — $ — $ 127,917 Included in marketable securities $ 116,811 $ 22 $ — $ 116,833 Marketable securities as of January 31, 2020 have a stated maturity date of less than one year. As of January 31, 2019, cash equivalents of $0.1 million co nsisted of U.S. government treasury bills and approximated fair value and there were no marketable securities. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Jan. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | Fair Value of Assets and LiabilitiesThe Company estimates the fair value of cash equivalents, marketable securities and foreign currency derivative contracts by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data or other means. Level 3: Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. The inputs require significant management judgment or estimation. All of the Company's cash equivalents, marketable securities and foreign currency derivative contracts are classified within Level 1 or Level 2 because the Company's cash equivalents, marketable securities and foreign currency derivative contracts are valued using quoted market prices or alternative pricing sources and models utilizing observable market inputs. The following tables represents the fair value of assets and liabilities measured at fair value on a recurring basis using the above hierarchy (in thousands): January 31, 2020 January 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 92,272 $ — $ — $ 92,272 $ 106 $ — $ — $ 106 Commercial paper — 17,667 — 17,667 — — — — U.S. government and agency securities — 17,978 — 17,978 — — — — Total cash equivalents 92,272 35,645 — 127,917 106 — — 106 Marketable securities: Corporate notes and bonds — 5,675 — 5,675 — — — — Commercial paper — 13,712 — 13,712 — — — — U.S. government and agency securities — 97,446 — 97,446 — — — — Total marketable securities — 116,833 — 116,833 — — — — Derivative assets — 683 — 683 — 1,073 — 1,073 Total assets measured at fair value $ 92,272 $ 153,161 $ — $ 245,433 $ 106 $ 1,073 $ — $ 1,179 Liabilities: Derivative liabilities $ — $ 342 $ — $ 342 $ — $ 673 $ — $ 673 Total liabilities measured at fair value $ — $ 342 $ — $ 342 $ — $ 673 $ — $ 673 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Jan. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Cash Flow Hedges As of January 31, 2020 and 2019, the Company had outstanding foreign currency forward contracts designated as cash flow hedges with total notional values of $5.8 million and $9.9 million, respectively. All contracts have maturities not greater than 13 months. The notional value represents the amount that will be bought or sold upon maturity of the forward contract. During fiscal 2020 and 2019, all cash flow hedges were considered effective. Foreign Currency Forward Contracts Not Designated as Hedges As of January 31, 2020 and 2019, the Company had outstanding forward contracts with total notional values o f $23.5 million and $2.5 million, respectively. All contracts have maturities not greater than 13 months. The fair values of outstandi ng derivative instruments were as follows (in thousands): January 31, 2020 2019 Derivative assets (recorded in prepaid expenses and other current assets): Foreign currency forward contracts designated as cash flow hedges $ 384 $ 621 Foreign currency forward contracts not designated as hedges 299 453 Derivative liabilities (recorded in accrued expenses and other current liabilities): Foreign currency forward contracts designated as cash flow hedges 76 71 Foreign currency forward contracts not designated as hedges 266 602 Gains (losses) associated with foreign currency forward contracts designated as cash flow hedges were as follows (in thousands): Consolidated Statements of Operations and Statements of Comprehensive Loss (OCI) Locations Year Ended January 31, 2020 2019 2018 Gains (losses) recognized in OCI (effective portion) Change in unrealized gain (loss) on cash flow hedges, net of tax $ (15) $ 248 $ 576 Gains (losses) reclassified from OCI into income (effective portion) Revenues 458 (1) 15 Gains (losses) reclassified from OCI into income (effective portion) General and administrative (549) (675) 602 Gains (losses) recognized in income (amount excluded from effectiveness testing and ineffective portion) Interest income and other income (expense), net (121) 19 (90) Of the gains (losses) recognized in OCI for the effective portion of foreign currency forward contracts designated as cash flow hedges as of January 31, 2020 and 2019, $0.9 million an d $0.5 million, respectively, is expected to be reclassified out of OCI within the next 12 months. Gains (losses) associated with foreign currency forward contracts not designated as cash flow hedges were as follows (in thousands): Consolidated Statements of Year Ended January 31, Derivative Type 2020 2019 2018 Foreign currency forward contracts not designated as hedges Interest income and other income (expense), net $ 368 $ 625 $ — As of January 31, 2020, information related to offsetting arrangements was as follows (in thousands): Gross Gross Net Gross Amounts Not Net Asset Financial Cash Derivative assets: Counterparty A $ 102 $ — $ 102 $ (5) $ — $ 97 Counterparty B 581 — 581 (337) — 244 Total $ 683 $ — $ 683 $ (342) $ — $ 341 Gross Gross Net Gross Amounts Not Net Financial Cash Derivative liabilities: Counterparty A $ 5 $ — $ 5 $ (5) $ — $ — Counterparty B 337 — 337 (337) — — Total $ 342 $ — $ 342 $ (342) $ — $ — As of January 31, 2019, information related to offsetting arrangements was as follows (in thousands): Gross Gross Net Gross Amounts Not Net Asset Financial Cash Derivative assets: Counterparty A $ 297 $ — $ 297 $ — $ — $ 297 Counterparty B 776 — 776 (673) — 103 Total $ 1,073 $ — $ 1,073 $ (673) $ — $ 400 Gross Gross Net Gross Amounts Not Net Financial Cash Derivative liabilities: Counterparty A $ — $ — $ — $ — $ — $ — Counterparty B 673 — 673 (673) — — Total $ 673 $ — $ 673 $ (673) $ — $ — |
Business Combinations
Business Combinations | 12 Months Ended |
Jan. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations On May 16, 2019, the Company acquired Strikedeck Inc. (Strikedeck), a privately-held company for the purchase price of $11.0 million in cash. Strikedeck is a customer success platform for business-to-business customers. On June 17, 2019, the Company acquired Cooladata Ltd. (Cooladata), a privately-held company for a purchase price of $7.6 million in cash. Cooladata is a cloud-based behavioral analytics platform that can derive and predict customer sentiment. On July 15, 2019, the Company acquired Promoter.io Inc. (Promoter.io), a privately-held company for a purchase price of $2.3 million in cash. Promoter.io is a Net Promoter Score (NPS) platform for small and medium sized businesses that can measure loyalty and customer sentiment using the NPS. On September 23, 2019, the Company acquired Zingle Inc. (Zingle), a privately-held company for a purchase price of $47.3 million in cash. Zingle is a leading multi-channel mobile messaging and customer engagement solution. On October 3, 2019, the Company acquired Crowdicity Limited (Crowdicity), a privately-held company for a purchase price of $16.6 million in cash. Crowdicity is an idea and innovation management platform. The above transactions were each accounted for as business combinations. Accordingly, assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date when control was obtained. The Company expensed all transaction costs in the period in which they were incurred. The fair value of developed technologies and customer relationships were determined by using the Multiple Period Excess Earnings Method, and the fair value of the trademarks was determined using the Royalty Relief Method. The excess of the consideration paid over the fair value of the net tangible assets and liabilities and identifiable intangible assets acquired is recorded as goodwill. The goodwill resulting from the acquisitions are largely attributable to the synergies expected to be realized. None of the goodwill recorded from the acquisitions will be deductible for income tax purposes. The Company is in the process of settling working capital adjustments for Zingle and Crowdicity, and therefore the provisional measurements of identifiable assets and liabilities, and the resulting goodwill related to these acquisitions are subject to change and the final purchase price accounting could be different from the amounts presented h erein. The following table summarizes the purchase consideration, net of cash acquired, and the related fair values of the assets acquired and liabilities assumed (in thousands): Purchase Consideration, Net of Cash Acquired Net Liabilities Assumed Identifiable Intangible Assets Goodwill Crowdicity $ 15,865 $ (2,350) $ 4,811 $ 13,404 Zingle 42,702 (665) 8,715 34,652 Promoter 1,694 (431) 900 1,225 Cooladata 7,346 (2,784) 4,600 5,530 Strikedeck 10,498 (439) 4,000 6,937 Total $ 78,105 $ (6,669) $ 23,026 $ 61,748 The following table sets forth each component of identifiable intangible assets acquired in connection with the acquisitions, (in thousands): Crowdicity Zingle Promoter.io Cooladata Strikedeck Identifiable Intangible Assets Amount Useful Life (years) Amount Useful Life (years) Amount Useful Life (years) Amount Useful Life (years) Amount Useful Life (years) Developed technology $ 2,406 5 $ 4,915 5 $ 700 5 $ 4,600 5 $ 4,000 5 Customer relationships 2,105 5 3,000 5 — — — — — — Trademarks 300 5 800 5 200 5 — — — — Total $ 4,811 $ 8,715 $ 900 $ 4,600 $ 4,000 The financial results for the above acquisitions are included in the Company's consolidated financial statements from the date of acquisition through January 31, 2020. |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Jan. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | Balance Sheet Components Property and Equipment, Net The following table summarizes property and equipment which consists of the following (in thousands): January 31, 2020 2019 Computer equipment and software $ 56,758 $ 43,605 Furniture, fixtures and equipment 1,028 2,790 Leasehold improvements 6,941 23,645 Equipment acquired under capital leases 11,687 6,125 Construction-in-progress 3,113 3,804 Total property and equipment, gross 79,527 79,969 Less accumulated depreciation and amortization (44,648) (36,980) Property and equipment, net $ 34,879 $ 42,989 Depreciation and amortization expense during the years ended January 31, 2020, 2019 and 2018 totaled $13.2 million, $13.5 million and $11.0 million, respectively, which includes depreciation of assets recorded under capital leases o f $3.6 million, $0.9 million and $0.1 million for the years ended January 31, 2020, 2019 and 2018 respectively. Property and equipment located outside the U.S. was $13.4 million and $8.5 million as of January 31, 2020 and 2019, respectively. During the year ended January 31, 2020, the Company recorded a net gain of approximately $4.0 million as a result of the termination of its lease for its former corporate headquarters which included the gain on the reversal of deferred rent of $34.5 million, partially offset by the impairment of property and equipment of $20.7 million and cash payments associated with the termination and other fees of $9.8 million. Accrued Expenses and Other Current Liabilities The following table summarizes accrued expenses and other current liabilities which consists of the following (in thousands): January 31, 2020 2019 Capital leases, current $ 4,316 $ 2,293 Income tax liability 3,932 2,884 Indemnity holdback related to acquisitions 1,573 — Other 10,447 7,663 Accrued expenses and other current liabilities $ 20,268 $ 12,840 Accrued Compensation The following table summarizes accrued compensation which consists of the following (in thousands): January 31, 2020 2019 Accrued salaries and bonuses $ 8,312 $ 2,958 Accrued commissions 11,280 10,215 Accrued vacation 3,906 4,013 Employee stock purchase plan 8,693 — Payroll taxes 4,969 2,522 Accrued compensation $ 37,160 $ 19,708 |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 12 Months Ended |
Jan. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net Goodwill represents the excess of the of the purchase price in a business combination of the fair value of net assets acquired. Goodwill amounts are not amortized, but rather tested for impairment at least annually during the fourth quarter. The changes in the goodwill are as follows (in thousands): Balance as of January 31, 2019 and 2018 $ 16,745 Acquisitions 61,748 Foreign currency translation 831 Balance as of January 31, 2020 $ 79,324 Intangible asset activity for the year ended January 31, 2020, net was as follows (in thousands): January 31, 2019 Identifiable Intangible Assets Acquired Accumulated Amortization Foreign Currency Translation January 31, 2020 Weighted Average Remaining Useful Life (Years) Developed technology $ 1,900 $ 16,621 $ (3,473) $ 149 $ 15,197 4.5 Customer relationships — 5,105 (351) 132 4,886 4.7 Trademarks — 1,300 (97) 20 1,223 4.6 $ 1,900 $ 23,026 $ (3,921) $ 301 $ 21,306 Intangible asset activity for the year ended January 31, 2019, net was as follows (in thousands): January 31, 2018 Identifiable Intangible Assets Acquired Accumulated Amortization Foreign Currency Translation January 31, 2019 Weighted Average Remaining Useful Life (Years) Developed technology $ 1,900 $ — $ (1,594) $ — $ 306 1.8 The total amortization expense for intangible assets wa s $2.3 million, $0.4 million and $1.0 million for the years ended January 31, 2020, 2019 and 2018. Amortization expense related to the intangible assets is as follows (in thousands): Year Ending January 31: 2021 $ 4,802 2022 4,653 2023 4,653 2024 4,653 2025 2,545 Thereafter — Total $ 21,306 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Revolving Line of Credit As of January 31, 2020 and 2019, the Company maintained a revolving line of credit that matures in September 2020 and provides for aggregate borrowings of up to $50.0 million. Prior to the maturity date, the Company has the option to borrow an aggregate amount not to exceed $15.0 million and convert the borrowing to a term loan (Term-Out Loan), provided that no prior event of default has occurred. The existing aggregate borrowing amount on the revolving line of credit is reduced by the amount of the Term-Out Loan. Principal payments on the Term-Out Loan are repaid in consecutive monthly installments. The maturity date is the earlier of (i) 48 months after such Term-Out Loan was made and (ii) September 2023. The applicable interest rate for borrowings under the revolving line of credit and the Term-Out Loan are determined as follows: for borrowings less than $5.0 million, the interest rate is based on the Wall Street Journal's Prime Rate plus a 0.5% margin. For borrowings greater than or equal to $5.0 million, but less than $10.0 million, the interest rate is based on the Wall Street Journal's Prime Rate. For borrowings greater or equal to $10.0 million, the interest rate is based on the Wall Street Journal's Prime Rate minus a 0.5% applicable margin. Standby letters of credit related to the Company's office lease facilities of $3.5 million and $10.5 million were outstanding as of January 31, 2020 and 2019, respectively, and such amounts reduce aggregate borrowings available under the revolving line of credit. As of January 31, 2020 and 2019, $46.5 million and $39.5 million, respectively, was available for borrowing under the revolving line of credit. As of January 31, 2020, the Company was in compliance with the financial covenants contained in the revolving line of credit. The revolving line of credit requires the Company to achieve a minimum level of quarterly subscription revenue and liquidity as defined in the credit agreement. Operating and Capital Leases The Company leases certain office and data center facilities under operating leases that expire in fiscal 2020 to 2031. Certain of our leases include options to renew with terms of up to five years. The Company's corporate headquarters is located in San Francisco, California. Rent expense during the years ended January 31, 2020, 2019 and 2018, was $14.9 million, $16.5 million and $17.6 million, respectively. Future minimum lease payments by year under noncancelable purchase obligations and leases are as follows (in thousands): January 31, 2020 Purchase Obligations (1) Operating Capital Leases (2) Period ending January 31: 2021 $ 8,988 $ 9,505 $ 4,765 2022 2,171 9,989 3,891 2023 1,511 7,382 690 2024 653 6,564 — 2025 693 5,571 — Thereafter 1,512 11,471 — Total minimum payments $ 15,528 $ 50,482 9,346 Less interest payments (628) Total present value of minimum payments $ 8,718 (1) Purchase obligations relate primarily to IT and product infrastructure costs, enterprise subscription agreements, and sales and marketing costs. (2) Capital leases comprise of financing for data center equipment. In February, 2020, the Company executed a lease agreement to expand its San Francisco headquarters and entered into a new lease agreement in San Mateo which will replace its existing lease agreement which was cancelled in the fourth quarter of fiscal year 2020. The new San Francisco lease agreement spans to September 2028 for a total commitment of approximately $9.6 million. The new San Mateo office lease spans to April 2026 for a total commitment of approximately $7.6 million. Warranties, Indemnification, and Contingent Obligations The Company's arrangements generally include provisions indemnifying customers against liabilities if their customer data is compromised due to a breach of information security, or if the Company's applications or services infringe a third-party's intellectual property rights. To date, the Company has not incurred any costs as a result of such indemnification and has not accrued any liabilities related to such obligations in the consolidated financial statements. The Company enters into service level agreements with customers which warrant defined levels of uptime and support response times and permit those customers to receive credits for prepaid amounts in the event that those performance and response levels are not met. To date, the Company has not experienced any significant failures to meet defined levels of performance and response. In connection with the service level agreements, the Company has not incurred any significant costs and has not accrued any liabilities in the consolidated financial statements. The Company's subscription services agreements also generally include a warranty that the service performs in accordance with the applicable specifications document. The Company's professional services are generally warranted to be performed in a professional manner and in a manner that will comply with the terms of the customer agreements. To date, the Company has not incurred any material costs associated with these warranties. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of (income) loss before provision for income taxes are as follows (in thousands): Year Ended January 31, 2020 2019 2018 Domestic $ (112,376) $ (69,464) $ (59,465) Foreign 575 (10,991) (9,258) Loss before provision for income taxes $ (111,801) $ (80,455) $ (68,723) The provision for (benefit from) income taxes are as follows (in thousands): Year Ended January 31, 2020 2019 2018 Current: Federal $ — $ — $ — State 88 43 43 Foreign 1,845 1,796 1,743 Total 1,933 1,839 1,786 Deferred: Federal (658) — — State (173) — — Foreign (570) (60) (148) Total (1,401) (60) (148) Provision for income taxes $ 532 $ 1,779 $ 1,638 Due to the Company's history of net operating losses and the full valuation allowance against the Company's deferred tax assets, the provision for income taxes primarily relates to foreign income and withholding taxes for the periods presented. The reconciliation between effective statutory tax rate and the Company's tax rate is as follows ( in percentages): Year Ended January 31, 2020 2019 2018 Federal statutory rate 21.0 % 21.0 % 32.9 % Effect of: Foreign tax rate differences (1.0) % (4.0) % (1.5) % Research tax credits 1.0 % 1.4 % 1.1 % State tax, net of federal benefit 0.1 % 3.2 % 2.2 % Stock-based compensation 12.7 % (3.8) % (5.5) % Change in valuation allowance (34.3) % (24.2) % 18.4 % Change in federal tax rate — % — % (49.5) % Other 0.1 % 4.3 % (0.5) % (0.4) % (2.1) % (2.4) % For the year ended January 31, 2020, the Company recorded an expense for income taxes of $0.5 million, resulting in an effective tax rate of (0.4)%. The effective tax rate is different than the statutory United States federal tax rate primarily due to the full valuation allowance on the Company’s United States and Israel deferred tax assets, the mix of income and losses among the Company’s foreign jurisdictions, and withholding taxes. The components of deferred tax assets and liabilities for federal and state income taxes consists of the following (in thousands): January 31, 2020 2019 US net operating loss carryforwards $ 118,318 $ 69,867 Federal and state credit carryforwards 9,478 7,110 Deferred revenue 382 33 Stock-based compensation 24,113 5,850 Deferred lease incentive 153 3,695 Accrued liabilities and allowances not currently deductible 1,858 2,173 Depreciation 2,226 5,444 Other — 28 Total deferred tax assets 156,528 94,200 Deferred commissions expense (17,970) (12,067) Amortization (1,216) — Other (211) — Total deferred tax liabilities (19,397) (12,067) Valuation allowance (137,368) (87,480) Net deferred tax liabilities $ (237) $ (5,347) The Company accounts for deferred taxes, which involves weighing positive and negative evidence concerning the realizability of the Company’s deferred tax assets in each jurisdiction. The Company evaluated its ability to realize the benefit of its deferred tax assets, net of deferred tax liabilities, and weighted all available positive and negative evidence both objective and subjective in nature. In determining the need for a valuation allowance, the weight given to positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. Based on the weight of the available evidence, which includes the Company's historical operating losses, lack of taxable income, and accumulated deficit, as of January 31, 2020 and 2019, the Company provided a full valuation allowance against the federal, state and foreign deferred tax assets. As of January 31, 2020, 2019 and 2018, $12.8 million, $7.5 million and $7.3 million, respectively, of undistributed earnings from non-U.S. operations held by the Company's foreign subsidiaries which are designated as permanently reinvested outside the United States. Accordingly, no additional U.S. income taxes or additional foreign withholding taxes have been provided thereon. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable. In January 2020, the Company completed an intra-entity asset transfer of certain of its intellectual property rights to an Israel subsidiary, recently acquired. The transfer resulted in a step-up in the tax basis of the transferred intellectual property rights and a correlated increase in U.S. deferred tax assets. As of January 31, 2020, the Company believes it is more likely than not that these additional U.S. deferred tax assets will not be realized and, therefore, are offset by a full valuation allowance. Operating losses by jurisdiction which begin to expire consists of the following (in thousands): 2020 2019 Expiration Year United States Federal $ 450,262 $ 308,325 2031 United States - California 58,858 41,396 2031 United States - Other states 136,528 75,690 2021 Israel 36,851 20,771 Indefinite Research and development credits by jurisdiction which begin to expire consists of the following (in thousands): 2020 2019 Expiration Year United States Federal $ 10,875 $ 7,926 2029 United States - California 10,450 8,170 Indefinite The following table summarizes the activity related to unrecognized tax benefits (in thousands): Year Ended January 31, 2020 2019 2018 Beginning balance $ 9,200 $ 7,000 $ 5,400 Increases related to tax positions taken during a prior year 1,142 400 — Decreases related to tax positions taken during a prior year (78) — (500) Increases related to tax positions taken during the current year 2,267 1,800 2,100 Ending balance $ 12,531 $ 9,200 $ 7,000 As of January 31, 2020, the Company had unrecognized tax benefits of $12.5 million, of which $0.2 million of unrecognized benefits, if recognized would reduce the effective tax rate. The Company does not reasonably believe that the total amounts of unrecognized tax benefits will significantly increase or decrease within the following 12 months. The Company is subject to taxation in the United States and various other state and foreign jurisdictions. The material jurisdictions in which the Company is subject to potential examination include the United States, Israel, Argentina, and the United Kingdom. The Company is currently not under examination by the Internal Revenue Service (IRS) or by any local taxing authority for any tax years. All tax years remain open to examination by the IRS and local taxing authorities. |
Equity Incentive Plans and Stoc
Equity Incentive Plans and Stockholders' Equity | 12 Months Ended |
Jan. 31, 2020 | |
Equity [Abstract] | |
Equity Incentive Plans and Stockholders' Equity | Equity Incentive Plans and Stockholders' Equity Equity Incentive Plans The Company’s 2008 Equity Incentive Plan (the 2008 Plan) provides for the granting of options to purchase shares of common stock, restricted stock units (RSUs) and stock appreciation rights to employees, directors, and consultants of the Company. The 2008 Plan provides for grants of immediately exercisable options; however, such exercises contain repurchase provisions that provide the Company with rights to repurchase any unvested common stock upon termination of employment at the original exercise price. In December 2017, the Company’s board of directors adopted, and in February 2018 the stockholders approved, the 2017 Equity Incentive Plan (the 2017 Plan), with an initial share reserve of 3,000,000 shares of common stock, plus any reserved but unissued shares under the 2008 Plan. The 2017 Plan is the successor to and continuation of the 2008 Plan. The 2017 Plan provides for at the Company’s discretion, grants of immediately exercisable options, subject to repurchase provisions. Options and RSUs granted generally vest between three approved an increase to the share reserve for issuance under the 2017 Plan by 5,000,000 shares and 22,000,000 shares, respectively. In June 2019, the Company’s board of directors adopted, and the stockholders approved, the 2019 Equity Incentive Plan (the 2019 Plan), with an initial share reserve of 19,000,000, plus any reserved but unissued shares under the 2017 Plan. The 2019 Plan became effective July 17, 2019 and is the successor to and continuation of the 2008 and 2017 Plans. The reserve is automatically increased at the beginning of the fiscal year by the lesser of (a) 19 million shares, or (b) up to 5% of the Company's outstanding common, subject to the Company's board approval. Stock options and RSU’s granted generally vest between three In connection with the IPO, the 2008 and the 2017 Plans were terminated. All shares that remained available for future issuance under the 2008 and 2017 Plans at that time were transferred to the 2019 Plan. To the extent that grants outstanding under the 2008 and 2017 Plans terminate, cancel or are forfeited, the shares reserved for issuance under such grants are transferred to the 2019 Plan and become available for subsequent grant thereunder. In June 2019, the Company’s board of directors adopted, and the stockholders approved, the Employee Stock Purchase Plan (ESPP), which qualifies as an "employee stock purchase plan" under Section 423 of the Internal Revenue Code, and pursuant to which 4,000,000 shares of common stock were reserved for future issuance with an annual automatic increase at the beginning of each fiscal year of up to 1% of the Company's outstanding common, subject to the Company's board approval. The ESPP became effective on July 17, 2019. The ESPP is designed to enable eligible employees to purchase shares of the Company's common stock at a discount on a periodic basis through payroll deductions. Each offering period under the ESPP covers six months and consists generally of one six The Plan activity is as follows: Year Ended January 31, 2020 2019 2018 Opening balance 4,023,140 3,725,180 4,473,893 Shares authorized 24,000,000 22,000,000 8,500,000 Options and RSUs granted (8,827,186) (28,118,877) (13,976,675) Cancelled shares 3,854,778 6,386,036 4,601,286 Repurchase of early exercise of options — 30,801 126,676 Ending balance 23,050,732 4,023,140 3,725,180 The stock-based compensation expense by line item in the consolidated statements of operations is summarized as follows (in thousands): Year Ended January 31, 2020 2019 2018 Cost of subscription revenue $ 3,058 $ 1,143 $ 423 Cost of professional services revenue 8,824 2,379 2,256 Research and development expense 18,176 7,563 5,182 Sales and marketing expense 28,519 6,813 4,882 General and administrative expense 50,879 9,960 5,505 Total stock-based compensation $ 109,456 $ 27,858 $ 18,248 Option Activity The fair value of each stock option granted to employees was estimated at the date of grant using the Black-Scholes-Merton option-pricing model with the following assumptions. Year Ended January 31, 2020 2019 2018 Risk-free interest rate 2.5 % 2.5% - 3.0% 1.7% - 2.4% Expected volatility 41 % 40% - 44% 43% - 47% Expected term (in years) 5.85 5.50 - 6.69 5.13 - 6.54 Expected dividend rate — — — The following table summarizes the stock option activity: Options Outstanding Number of Average Weighted Aggregate Balance as of January 31, 2017 32,932,513 $ 3.37 7.24 $ 74,454 Options granted 13,976,675 5.90 Options exercised (3,020,883) 2.14 11,268 Options cancelled or expired (4,601,286) 4.88 Balance as of January 31, 2018 39,287,019 4.19 7.43 76,705 Options granted 24,963,680 6.46 Options exercised (5,067,450) 2.40 20,158 Options cancelled or expired (6,386,036) 5.52 Balance as of January 31, 2019 52,797,213 5.27 8.12 388,531 Options granted 478,278 12.63 Options exercised (7,972,770) 4.31 339,899 Options cancelled or expired (3,367,548) 6.14 Balance as of January 31, 2020 41,935,173 $ 5.47 7.29 $ 954,124 Exercisable at January 31, 2020 25,703,463 $ 4.80 6.59 $ 602,099 The weighted-average grant-date fair value of options granted during the years ended January 31, 2020 2019 and 2018 was $5.38, $2.88 and $2.69 per share, respectively. The grant date fair value of stock options vested during the years ended January 31, 2020, 2019 and 2018 was $35.2 million, $23.3 million and $18.6 million, respectively. Total unrecognized compensation expense related to stock options was $45.6 million, $82.5 million and $50.5 million as of January 31, 2020, 2019 and 2018, which are expected to be recognized over a weighted-average remaining recognition period of 2.5 years, 3.0 years and 2.8 years, respectively. Restricted Stock Units Activity The following table summarizes restricted stock unit activities: Restricted Stock Units Performance Based Number of Weighted Number Weighted Balance as of January 31, 2018 — $ — — $ — Stock units granted 3,155,197 6.29 — — Balance as of January 31, 2019 3,155,197 6.29 — — Stock units granted 7,448,329 18.78 900,579 13.91 stock units vested (1,170,861) 6.98 — — Stock units cancelled and expired (412,984) 16.10 (74,246) 13.41 Balance as of January 31, 2020 9,019,681 $ 16.07 826,333 $ 13.95 These RSUs generally vest upon the satisfaction of a service-based performance vesting condition with a vesting period generally between three years to four years. Certain RSUs, in addition to the satisfaction of the service-based performance vesting conditions, also require the fulfillment of a performance vesting condition which includes the achievement of certain subscription revenue growth targets through January 31, 2022. RSUs granted prior to the IPO vested upon the satisfaction of both a service-based and liquidity event-related performance vesting conditions. The liquidity condition was satisfied upon the completion of the IPO, and the Company recognized an expense of $23.1 million for RSUs as of that date, using the accelerated recognition method. In conjunction with the termination of certain executives and other employees of the Company, the Company accelerated the vesting of certain unvested stock options and RSUs and as a result of those modifications recorded stock-based compensation expense of $13.7 million. RSUs were first granted during fiscal year 2019. The total unrecognized compensation expense related to the RSUs was $98.5 million and $19.9 million as of January 31, 2020 and 2019 and will be recognized over a weighted-average remaining period of 2.4 years and 3.5 years, respectively. The intrinsic value of the RSUs is $277.9 million and $39.9 million as of January 31, 2020 and 2019, respectively. Employee Stock Purchase Plan The fair value of each ESPP share is estimated on the enrollment date of the offering period using the Black-Scholes-Merton option-pricing model and the assumptions noted in the following table: January 31, 2020 Risk-free interest rate 1.9% Expected volatility 38% Expected term (in years) 0.65 Expected dividend rate — The fair value of stock purchase rights granted under the ESPP during the period from July 19, 2019 to October 31, 2019 was $5.78 per share. As of January 31, 2020, the Company had $0.7 million of unrecognized compensation expense related to ESPP subscriptions that will be recognized over 0.2 years. Common stock and preferred stock In connection with the Company's IPO, the Company's stockholders approved the amended and restated certificate of incorporation and amended and restated bylaws, to authorize the issuance of 1,000,000,000 shares of common stock at par value of $0.001 per share and 100,000,000 shares of preferred stock at par value of $0.001 par value per share. Common Stock Subject to Repurchase The 2008 Plan allows certain option grants to be exercised prior to vesting. The Company has the right to repurchase, at the original purchase price, any issued but unvested common shares, upon termination of the service of an employee. The consideration received by the Company upon exercise of an unvested option is considered to be a deposit of the exercise price, and the related amount is recorded as a liability. This liability is reclassified into stockholders' equity on a ratable basis as the award vests. Common shares issued prior to vesting have voting rights and the right to receive dividends as declared and are shown as common shares outstanding at the time of the exercise. During the years ended January 31, 2020 and 2019, the Company repurchased 823 and 30,801 unvested early exercised stock options for nil and $0.1 million, respectively. The Company has a liability of nil and $0.5 million relating to nil and 147,245 options, respectively, that were exercised but remained unvested at January 31, 2020 and 2019 respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit PlansThe Company has a 401(k) retirement plan that covers substantially all of its U.S. employees. The 401(k) retirement plan provides for voluntary salary contributions of eligible participants' annual compensation, subject to the maximum allowed by law. During the year ended January 31, 2020 the Company provided a matching contribution equal to 50% of eligible participants' contributions, up to a maximum of $2,000 per participant during the plan year. The Company recognized approximately $2.5 million in expense related to the 401(k) match for the year ended January 31, 2020. During the year ended January 31, 2019 and 2018, the Company did not provide matching contributions. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 12 Months Ended |
Jan. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. The Company considers all series of our convertible preferred stock to be participating securities. Under the two-class method, the net loss attributable to common stockholders is not allocated to the convertible preferred stock as the holders of the Company's convertible preferred stock do not have a contractual obligation to share in its losses. In July 19, 2019, upon completion of the Company's IPO, all shares of convertible preferred stock then outstanding, were automatically converted into an equivalent number of shares of common stock on a one-to-one basis. As of July 31, 2019, the Company did not have shares of convertible preferred stock issued and outstanding. Basic net loss per share attributable to common stockholders is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. The diluted net loss per share attributable to common stockholders is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, our convertible preferred stock, stock options, early exercised stock options, RSUs and purchase rights granted under the ESPP are considered to be potential common stock equivalents. Since the Company has reported net losses for all periods presented, the Company has excluded all potentially dilutive securities from the calculation of the diluted net loss per share attributable to common stockholders as their effect is antidilutive and accordingly, basic and diluted net loss per share attributable to common stockholders is the same for all periods presented. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Year Ended January 31, 2020 2019 2018 Net loss attributable to common stockholders $ (112,333) $ (82,234) $ (70,361) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 83,269 26,770 22,571 Net loss per share attributable to common stockholders, basic and diluted $ (1.35) $ (3.07) $ (3.12) The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows (in thousands): Year Ended January 31, 2020 2019 2018 Convertible preferred stock — 72,483 72,395 Stock options 41,935 52,797 39,287 Restricted stock units 9,846 3,155 — ESPP 683 — — Unvested early exercises subject to repurchase — 147 393 Convertible preferred stock warrant — 56 56 Common stock warrant — 75 75 Total 52,464 128,713 112,206 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jan. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Year Ended January 31, 2020 Year Ended January 31, 2019 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 (stated in thousands, except per share amounts) Total revenue $ 110,100 $ 103,074 $ 95,670 $ 93,619 $ 86,384 $ 81,166 $ 75,426 $ 70,666 Total cost of revenue 39,116 38,595 34,883 32,595 29,321 29,401 29,559 27,620 Gross profit 70,984 64,479 60,787 61,024 57,063 51,765 45,867 43,046 Operating expense 103,750 106,146 99,239 63,069 66,369 68,258 73,436 70,122 Loss from operations (32,766) (41,667) (38,452) (2,045) (9,306) (16,493) (27,569) (27,076) Net loss (31,870) (39,620) (38,284) (2,559) (9,948) (16,611) (28,147) (27,528) Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted 129,365 127,715 43,986 30,430 28,861 27,482 25,970 24,699 Net loss per share attributable to common stockholders, basic and diluted $ (0.25) $ (0.31) $ (0.87) $ (0.08) $ (0.34) $ (0.60) $ (1.08) $ (1.11) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn February 19, 2020 the Company acquired LivingLens Enterprise Ltd. (LivingLens), a privately-held company for approximately $26.0 million in cash. LivingLens provides a video feedback platform to humanize feedback and bring the voice of the customer and employee to life. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the periods covered by the financial statements and accompanying notes. Such estimates include, but are not limited to revenue recognition, stock-based compensation expense, including estimation of the grant date fair value of the common stock, allowance for doubtful accounts, the assessment of the recoverability of long-lived assets (goodwill, and identified intangible assets), and contingencies. The Company bases its estimates on historical experience and on assumptions that it believes are reasonable. The Company assesses these estimates on a regular basis; however, actual results could materially differ from these estimates. |
Initial Public Offering And Private Placement Policy | Initial Public Offering and Private Placement In July 2019, the Company completed its initial public offering (the IPO) and sold 16,060,000 shares of its common stock, including the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $21.00 per share. The Company received net proceeds of $313.7 million after deducting underwriting discounts and commissions. In connection with the IPO: • all the shares of convertible preferred stock outstanding automatically converted into an aggregate of 77,149,275 shares of the Company’s common stock; • all shares of the Company’s Class A and Class B common stock outstanding immediately prior to the IPO automatically converted into an aggregate of 31,129,701 shares of the Company’s common stock; • the outstanding warrant to purchase 75,000 shares of preferred stock automatically converted into a warrant to purchase the same number of shares of common stock; and • in a concurrent private placement, a current stockholder purchased 620,000 shares of the Company’s common stock at $21.00 per share. The Company received aggregate proceeds of $13.0 million and did not pay any underwriting discounts or commissions with respect to the shares that were sold in this private placement. |
Jobs Act Accounting Election Policy | JOBS Act Accounting Election The Company is an emerging growth company (EGC), as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, EGCs 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. The Company has elected 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 the Company (i) is 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, the Company’s consolidated financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. |
Segment Information | Segment Information Operating segments are defined as components of an enterprise where separate financial information is evaluated regularly by the chief operating decision maker, which the Company has identified as being the chief executive officer, in deciding how to allocate resources and assessing performance. The Company operates in one operating segment. The Company's chief operating decision maker allocates resources and assesses performance at the consolidated level. |
Revenue Recognition | Revenue Recognition Revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company determines revenue recognition through the following steps: • identification of the contract, or contracts, with a customer; • identification of the performance obligations in the contract; • determination of the transaction price; • allocation of the transaction price to the performance obligations in the contract; and • recognition of revenue when, or as, the Company satisfies a performance obligation. Subscription Revenue Subscription revenue is derived from customers accessing the Company's proprietary hosted cloud application. The Company's customers do not have the ability to take possession of the software operating the cloud application. The contracted subscription terms are typically one year to three years. The Company recognizes subscription revenue ratably over the subscription term, commencing on the date the service is provisioned. Professional Services Revenue Professional services revenue consists of managed services and implementation and other services. These services are distinct from subscription revenue. Managed services support our customers by providing a range of ongoing services including program design, launch, enhancement, expansion and analytics. Managed services are a stand-ready obligation to perform these services over the term of the arrangement and as a result, revenues are recognized ratably over the term of the arrangement. Implementation services consist primarily of initial design, integration and configuration services. Other professional services include insights projects that enable customers to gain insightful business information through data analysis, and the Company's institute training programs. Implementation and other services revenue are recognized as services are performed. Contracts with Multiple Performance Obligations Most of the Company's contracts with customers contain multiple performance obligations. The Company's subscription services are sold for a broad range of amounts (the selling price is highly variable) and a representative standalone selling price (SSP) is not discernible from past transactions or other observable evidence. Standalone selling prices for professional services are estimated based upon observable transactions when those services are sold on a standalone basis. As a result, the SSP for subscription services included in a contract with multiple performance obligations is determined by applying a residual approach whereby performance obligations related to professional services within a contract are first allocated a portion of the transaction price based upon their respective SSPs, with the residual amount of transaction price allocated to subscription services. Contract Balances and Remaining Performance Obligations Contract assets represent revenue recognized for contracts that have not yet been invoiced to customers, typically for multi-year arrangements. Total contract assets were $2.1 million and $2.5 million as of January 31, 2020 and 2019, respectively, and are included within trade and other receivables, net, on the consolidated balance sheets. Contract liabilities consist of deferred revenue. Revenue is deferred when the Company has the right to invoice in advance of services being provided. The Company recognized revenue of $210.7 million and $168.2 million during the years ended January 31, 2020 and 2019, respectively, that were included in the deferred revenue balances at the beginning of the respective periods. The Company applied a practicable expedient allowing it not to disclose the amount of the transaction price allocated to the remaining performance obligations for contracts with an original expected duration of one year or less, which includes certain professional service contracts. Remaining performance obligations represent contracted revenue that has not yet been recognized, and include deferred revenue, and amounts that will be invoiced and recognized as revenue in future periods. As of January 31, 2020, the Company's remaining performance obligations were $679.0 million, approximately 51% of which it expects to recognize as revenue over the next 12 months and the remaining balance will be recognized thereafter. As of January 31, 2019, the Company's remaining performance obligations were $470.6 million, approximately 56% of which was recognized as revenue during the year ended January 31, 2020, and the remaining balance will be recognized thereafter. |
Deferred Commissions | Deferred Commissions Sales commissions earned by the sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions for initial contracts are deferred and then amortized on a straight-line basis over a period of benefit that the Company has determined to be five years. The Company determined the period of benefit by taking into consideration its customer contracts, technology and other factors. Sales commissions for renewal contracts (which are not considered commensurate with sales commissions for new revenue contracts) are deferred and amortized on a straight-line basis over the related contractual renewal period. Amortization expense is included in sales and marketing expenses in the consolidated statements of operations. Commissions earned and capitalized during the years ended January 31, 2020, 2019 and 2018 were $41.4 million, $27.2 million, $16.0 million, respectively. Amortization expense for deferred commissions during the years ended January 31, 2020, 2019 and 2018 were $19.0 million, and $13.2 million and $10.4 million, respectively. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. The Company's cash equivalents generally consist of money market funds. Cash and cash equivalents are recorded at cost, which approximates fair value. |
Marketable Securities | Marketable Securities The Company's investments consist primarily of commercial paper, corporate bonds, municipal bonds, U.S. agency obligations and U.S. treasury securities. The Company typically invests in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. The Company's policy generally requires investments to be investment grade, with the primary objective of minimizing the potential risk of principal loss. The Company classifies investments as available-for-sale at the time of purchase and re-evaluates such classification as of each balance sheet date. All investments are recorded at estimated fair value. Unrealized gains and losses, net of tax, for available-for-sale securities are included in accumulated other comprehensive income (loss) (OCI). The Company evaluates its investments to assess whether those with unrealized loss positions are other than temporarily impaired. The Company considers impairments to be other than temporary if it is likely it will sell the securities before the recovery of the cost basis. Declines in value judged to be other than temporary are determined based on the specific identification method and are reported in interest income and other income (expense), net, in the consolidated statements of operations. |
Fair Value Measurements | Fair Value Measurements The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability. |
Derivatives Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities The Company uses derivative financial instruments to manage foreign currency risks. Derivative instruments are carried at fair value. Derivative assets are included in prepaid expenses and other current assets in the consolidated balance sheets. Derivative liabilities are included in accrued expenses and other current liabilities in the consolidated balance sheets. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting. For foreign currency forward contracts not designated as hedging instruments, which the Company uses to hedge a portion of its net outstanding monetary assets and liabilities, the gains or losses are recorded in interest income and other income (expense), net in the consolidated statements of operations in the period of change. For derivative instruments designated as a cash flow hedge, which the Company uses to hedge certain customer contracts and certain operating expenses denominated in foreign currencies, the change in fair value on the effective portion is recorded to OCI in the consolidated balance sheets each reporting period. The balance in OCI is subsequently reclassified to the related revenue or operating expense line item in the consolidated statements of operations in the same period that the underlying revenue is earned and expenses incurred. The Company is subject to netting agreements with certain counterparties of the foreign exchange contracts, under which it is permitted to net settle transactions of the same currency with a single net amount payable by one party to the other. It is the Company's policy to present the derivatives gross in the consolidated balance sheets. The Company's foreign currency forward contracts are not subject to any credit contingent features or collateral requirements and the Company does not believe it is subject to significant counterparty concentration risk given the short-term nature, volume, and size of the derivative contracts outstanding. |
Trade and Other Receivables and Allowance for Doubtful Accounts | Trade and Other Receivables and Allowance for Doubtful Accounts Trade and other receivables are primarily comprised of trade receivables that are recorded at the invoice amount, net of an allowance for doubtful accounts. Other receivables represent unbilled receivables related to subscription and professional services contracts. The allowance for doubtful accounts is based on the Company's assessment of the collectability of accounts receivable. The Company regularly reviews the adequacy of the allowance for doubtful accounts by considering the age of each outstanding invoice and the collection history of each customer to determine whether a specific allowance is appropriate. Accounts deemed uncollectible are charged against the allowance for doubtful accounts when identified. |
Concentrations of Credit Risk and Significant Customers | Concentrations of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and trade and other receivables. For cash, cash equivalents and marketable securities, the Company is exposed to credit risk in the event of default to the extent of the amounts recorded on the consolidated balance sheets. A majority of the cash balances are with U.S. banks and are insured to the extent defined by the Federal Deposit Insurance Corporation. The Company does not require collateral for trade receivables. No customer accounted for 10% or more of total revenues for the years ended January 31, 2020, 2019 and 2018. No customer accounted for 10% of accounts receivable as of January 31, 2020 and one customer accounted for 11% of accounts receivable as of January 31, 2019. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of three years for computer equipment and software and five years for all other asset categories except leasehold improvements, which are amortized over the shorter of the lease term or the expected useful life of the leasehold improvements. Equipment leased under capital leases is amortized over the shorter of the lease term or the asset's estimated useful life. |
Leases | Leases The Company categorizes leases at their inception as either operating or capital leases. In certain lease agreements, the Company may receive rent holidays and other incentives. For operating leases, the Company recognizes lease costs on a straight-line basis once control of the space is achieved, without regard to deferred payment terms such as rent holidays that defer the commencement date of required payments. Additionally, lease incentives received are treated as a reduction to rent expense over the term of the agreement. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of an acquired business over the fair value of the underlying net tangible and intangible assets. Goodwill amounts are not amortized, but rather tested for impairment at least annually, and more frequently when changes in circumstances indicate that the carrying value may not be recoverable. The Company has determined that it operates its business as one reporting unit and the Company completes its annual impairment test in the fourth quarter. In the event that the Company determines that the fair value of the reporting unit is less than the reporting unit's carrying value, goodwill impairment charge will be incurred for the amount of the difference during the quarter in which the determination is made. The Company did not record any goodwill impairment charge in the years ended January 31, 2020, 2019 and 2018. Intangible assets with a finite life are amortized over their useful life. The Company evaluates intangible assets and long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate. In the event that the Company determines that the fair value of an intangible asset is less than the carrying value, the Company will incur an impairment charge. |
Software Development Costs | Software Development Costs Software development costs include costs to develop software to be used to meet internal needs and applications used to deliver our services. The Company capitalizes development costs related to these software applications once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended. As of January 31, 2020 the Company had capitalized software development costs of $1.7 million included in other long-term assets on the consolidated balance sheets. Depreciation and amortization is computed using the straight-line method over an estimated useful life of five years. Costs related to preliminary project activities, including training and maintenance are expensed as incurred and recorded to research and development expenses. |
Research and Development | Research and Development Research and development expenditures are expensed as incurred. |
Business Combinations | Business Combinations The Company includes the results of operations of the businesses that it acquires from the date of acquisition. The Company determines the fair value of the assets acquired and liabilities assumed based on its estimated fair values as of the respective date of acquisition. The excess purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates, and selection of comparable companies. The Company estimates the fair value are based on assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill. At the conclusion of the measurement period, any subsequent adjustments are reflected in the Company's consolidated statements of operations. When the Company grants equity to selling stockholders in connection with an acquisition, it evaluates whether the awards are compensatory. This evaluation includes whether stock award vesting is contingent on the continued employment of the selling stockholder beyond the acquisition date. If continued employment is required for stock awards to vest, the award is treated as compensation for post-acquisition services and is recognized as compensation expense. Transaction costs associated with business combinations are expensed as incurred and are included in general and administrative expenses in the Company's consolidated statements of operations. |
Stock-Based Compensation | Stock-Based Compensation The Company measures equity instruments, including stock options, restricted stock units (RSUs), and shares of common stock to be issued under the 2019 Employee Stock Purchase Plan (ESPP) based on the estimated grant-date fair value of the award. The Company estimates the fair values of its stock options and shares issuable under its ESPP using the Black-Scholes-Merton option-pricing model. The Company estimates fair value of its restricted stock awards (RSU) based on the fair value of the underlying common stock and accounts for forfeitures as they incur. Determining the grant date fair value of stock options and ESPP using the Black-Scholes-Merton option-pricing model requires management to make assumptions and judgments, mostly related to the determination of the expected term, volatility, risk free interest rate and the expected dividend rate. If any of the assumptions used in the valuation models change significantly, stock-based compensation expense for future awards may differ materially compared with the awards granted previously. Prior to the IPO, due to the absence of an active market for our common stock prior to the Company's IPO, the Company obtained third-party valuations (prepared contemporaneously in connection with grants of share-based payments) to estimate the fair value of its common stock for purposes of measuring stock-based compensation expense to be recognized. The third-party valuations are prepared using methodologies, approaches and assumptions consistent with the American Institute of Certified Public Accountants Practice Guide, Valuation of Privately-Held Company Equity Securities Issued as Compensation , the Company's board of directors exercised reasonable judgment and considered numerous objective and subjective factors to determine the best estimate of the fair value of the Company's common stock including: • contemporaneous valuations performed by unrelated third-party specialists; • the prices, rights, preferences and privileges of the Company's redeemable convertible preferred stock relative to those of the Company's common stock; • lack of marketability of the Company's common stock; • the Company's actual operating and financial performance; • current business conditions and projections; • hiring of key personnel and the experience of the Company's management; • the history of the Company and the introduction of new services; • the Company's stage of development; • likelihood of achieving a liquidity event, such as an initial public offering or a merger or acquisition of the Company, given prevailing market conditions; • illiquidity of stock-based awards involving securities in a private company; • the market performance of comparable publicly traded companies; and • the U.S. and global capital market conditions. Changes in the input assumptions outlined above can affect the fair value estimates used to measure stock-based compensation expense to be recognized. In valuing the Company's common stock, its board of directors determined the equity value of the Company's business generally using a combination of the option pricing method, or OPM, and the Probability Weighted Expected Return Method, or PWERM, which is known as the Hybrid Method. The Hybrid Method involves the estimation of multiple future potential outcomes for the Company and estimates of the probability of each respective potential outcome. The Company scenarios included the use of initial public offering scenario and a scenario assuming continued operation as a private entity (in which an OPM was applied). After the equity value was determined and allocated to the various classes of shares, a discount for lack of marketability, or DLOM, was applied to arrive at the fair value of the common stock. A DLOM is applied based on the theory that as a private company, an owner of the stock has limited opportunities to sell this stock and any such sale would involve significant transaction costs, thereby reducing overall fair market value. After the IPO, the Company uses the publicly quoted price as reported on the New York Stock Exchange as the fair value of its common stock. The RSUs that the Company had issued prior to the IPO vest upon the satisfaction of both a service-based and a liquidity event-related performance vesting condition. Certain RSUs, in addition to the satisfaction of the service-based and liquidity event-related performance vesting conditions, also require the fulfillment of a performance vesting condition which includes the achievement of certain subscription revenue growth targets. The service-based vesting period is generally between three and four years. The liquidity condition was satisfied upon the completion of the IPO, and the Company recognized an expense of $23.1 million for RSUs as of that date, using the accelerated recognition method. The RSUs issued after the completion of the IPO vest upon the satisfaction of a service-based vesting condition which generally is three years. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the tax bases of assets and liabilities and their financial statement carrying amounts, and consideration is given to operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company determines current tax expense, together with assessing temporary differences resulting from differences for financial reporting purposes and tax purposes for certain items, such as accruals and allowances not currently deductible for tax purposes. These temporary differences result in deferred tax assets and liabilities, which are included in the consolidated balance sheets. Accordingly, realization of the Company's deferred tax assets is dependent on future taxable income against which these deductions, losses, and credits can be utilized. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income, and to the extent the Company believes that recovery is not likely, the Company establishes a valuation allowance. Given the Company's history of operating losses, the realization of its deferred tax assets is uncertain, and therefore, the Company has a full valuation allowance on its deferred tax assets. The Company recognizes and measures uncertain tax positions using a two-step approach. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained upon audit, including resolution of any related appeals or litigation processes. For tax positions that are more likely than not to be sustained upon audit, the second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. Significant judgment is required to evaluate uncertain tax positions. The Company's evaluations are based upon a number of factors, including changes in facts or circumstances, changes in tax law and the Company's interpretation of the tax laws, correspondence with tax authorities during the course of audits, and effective settlement of audit issues. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in the income tax provision. |
Commitments and Contingencies | Contingencies From time to time, the Company has become involved in claims and other legal matters arising in the ordinary course of business. The Company investigates these claims as they arise. The Company records a loss contingency when it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. The Company also discloses material contingencies when it is believed a loss is not probable but reasonably possible. Accounting for contingencies requires the Company to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. |
Foreign Currency | Foreign Currency The functional currency of the Company's foreign subsidiaries is predominately the respective local currency. Foreign currency-denominated assets and liabilities of foreign subsidiaries, where the local currency is the functional currency, are translated into U.S. dollars using the exchange rates in effect at the balance sheet dates, and income and expenses are translated at the average exchange rate during the period. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive loss, a component of stockholders' equity (deficit). Gains and losses from foreign currency transactions are included in interest income and other income (expense) net, in the consolidated statements of operations. |
Advertising Expense | Advertising ExpenseAdvertising costs are expensed as incurred and are included in sales and marketing expense in the consolidated statements of operation. |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders The Company computes basic and diluted net loss per share attributable to common stockholders using the two-class method required for companies with participating securities. The Company's basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less the weighted-average unvested common stock subject to repurchase. The diluted net income per share attributable to common stockholders is computed by giving effect to all potentially dilutive common shares equivalents outstanding during the period. The effects of options to purchase common stock, convertible preferred stock, RSUs, the common stock warrant and the preferred stock warrant are excluded from the computation of diluted net loss per share attributable to common stockholders for all periods presented because the effect is antidilutive. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Topic 606 supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition ("Topic 605"), and requires an entity to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the considerations to which the entity expects to be entitled to in exchange for those goods or services. Topic 606 also includes Subtopic 340-40, Other Assets and Deferred Costs Contracts with Customers , which requires the deferral of incremental costs of obtaining a contract with a customer. Collectively, the Company refers to Topic 606 and Subtopic 340-40 as Topic 606. The Company early-adopted the requirements of Topic 606 utilizing the full retrospective method of adoption. In June 2018, the FASB issued ASU No. 2018-07 Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . The updated guidance simplifies the accounting for nonemployee share-based payment transactions. The amendments in the new guidance specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor's own operations by issuing share-based payment awards. The Company early adopted the standard prospectively as of February 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. In December 2019, the FASB issued ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. This guidance also reduces complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The Company early adopted the standard prospectively, as of January 31, 2020, and it did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases, as amended, which would require lessees to put all leases on their balance sheets, whether operating or financing, while continuing to recognize the expenses on their income statements in a similar manner to current practice. The guidance 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. The guidance will be effective for the Company for its fiscal year ending January 31, 2021 and interim periods thereafter. While the Company is evaluating the accounting, transition and disclosure requirements of the standard, the Company anticipates the recognition of additional assets and corresponding liabilities related to the leases on its balance sheets. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments , as amended, which requires the measurement and recognition of expected credit losses for financial assets not held at fair value. ASU 2016-13 replaces the existing incurred loss impairment model with a forward-looking expected credit loss model which will result in earlier recognition of credit losses. The guidance will be effective for the Company for its fiscal year ending January 31, 2023 and interim periods within that fiscal year. Early adoption is permitted. The Company is in the process of evaluating the impact of this accounting standard. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, as amended |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Accounting Policies [Abstract] | |
Revenue from External Customers by Geographic Areas | The following table sets forth revenue by geographic region based on the billing address of the customers' parent for the periods presented (in thousands): Year Ended January 31, 2020 2019 2018 North America $ 305,600 $ 232,175 $ 198,818 EMEA 65,681 57,851 46,239 Other 31,182 23,616 16,138 Total $ 402,463 $ 313,642 $ 261,195 |
Cash Equivalents and Marketab_2
Cash Equivalents and Marketable Securities (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Investments | As of January 31, 2020, cash equivalent and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 92,272 $ — $ — $ 92,272 U.S. government and agency securities 115,412 13 — 115,425 Commercial paper 31,379 — — 31,379 Corporate notes and bonds 5,665 9 — 5,674 Total $ 244,728 $ 22 $ — $ 244,750 Included in cash and cash equivalents $ 127,917 $ — $ — $ 127,917 Included in marketable securities $ 116,811 $ 22 $ — $ 116,833 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables represents the fair value of assets and liabilities measured at fair value on a recurring basis using the above hierarchy (in thousands): January 31, 2020 January 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 92,272 $ — $ — $ 92,272 $ 106 $ — $ — $ 106 Commercial paper — 17,667 — 17,667 — — — — U.S. government and agency securities — 17,978 — 17,978 — — — — Total cash equivalents 92,272 35,645 — 127,917 106 — — 106 Marketable securities: Corporate notes and bonds — 5,675 — 5,675 — — — — Commercial paper — 13,712 — 13,712 — — — — U.S. government and agency securities — 97,446 — 97,446 — — — — Total marketable securities — 116,833 — 116,833 — — — — Derivative assets — 683 — 683 — 1,073 — 1,073 Total assets measured at fair value $ 92,272 $ 153,161 $ — $ 245,433 $ 106 $ 1,073 $ — $ 1,179 Liabilities: Derivative liabilities $ — $ 342 $ — $ 342 $ — $ 673 $ — $ 673 Total liabilities measured at fair value $ — $ 342 $ — $ 342 $ — $ 673 $ — $ 673 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values and Gains (Losses) Associated with Derivative Instruments | The fair values of outstandi ng derivative instruments were as follows (in thousands): January 31, 2020 2019 Derivative assets (recorded in prepaid expenses and other current assets): Foreign currency forward contracts designated as cash flow hedges $ 384 $ 621 Foreign currency forward contracts not designated as hedges 299 453 Derivative liabilities (recorded in accrued expenses and other current liabilities): Foreign currency forward contracts designated as cash flow hedges 76 71 Foreign currency forward contracts not designated as hedges 266 602 Gains (losses) associated with foreign currency forward contracts designated as cash flow hedges were as follows (in thousands): Consolidated Statements of Operations and Statements of Comprehensive Loss (OCI) Locations Year Ended January 31, 2020 2019 2018 Gains (losses) recognized in OCI (effective portion) Change in unrealized gain (loss) on cash flow hedges, net of tax $ (15) $ 248 $ 576 Gains (losses) reclassified from OCI into income (effective portion) Revenues 458 (1) 15 Gains (losses) reclassified from OCI into income (effective portion) General and administrative (549) (675) 602 Gains (losses) recognized in income (amount excluded from effectiveness testing and ineffective portion) Interest income and other income (expense), net (121) 19 (90) |
Derivatives Not Designated as Hedging Instruments | Gains (losses) associated with foreign currency forward contracts not designated as cash flow hedges were as follows (in thousands): Consolidated Statements of Year Ended January 31, Derivative Type 2020 2019 2018 Foreign currency forward contracts not designated as hedges Interest income and other income (expense), net $ 368 $ 625 $ — |
Information Related to Offsetting Arrangements, Derivative Assets | As of January 31, 2020, information related to offsetting arrangements was as follows (in thousands): Gross Gross Net Gross Amounts Not Net Asset Financial Cash Derivative assets: Counterparty A $ 102 $ — $ 102 $ (5) $ — $ 97 Counterparty B 581 — 581 (337) — 244 Total $ 683 $ — $ 683 $ (342) $ — $ 341 Gross Gross Net Gross Amounts Not Net Financial Cash Derivative liabilities: Counterparty A $ 5 $ — $ 5 $ (5) $ — $ — Counterparty B 337 — 337 (337) — — Total $ 342 $ — $ 342 $ (342) $ — $ — As of January 31, 2019, information related to offsetting arrangements was as follows (in thousands): Gross Gross Net Gross Amounts Not Net Asset Financial Cash Derivative assets: Counterparty A $ 297 $ — $ 297 $ — $ — $ 297 Counterparty B 776 — 776 (673) — 103 Total $ 1,073 $ — $ 1,073 $ (673) $ — $ 400 Gross Gross Net Gross Amounts Not Net Financial Cash Derivative liabilities: Counterparty A $ — $ — $ — $ — $ — $ — Counterparty B 673 — 673 (673) — — Total $ 673 $ — $ 673 $ (673) $ — $ — |
Information Related to Offsetting Arrangements, Derivative Liabilities | As of January 31, 2020, information related to offsetting arrangements was as follows (in thousands): Gross Gross Net Gross Amounts Not Net Asset Financial Cash Derivative assets: Counterparty A $ 102 $ — $ 102 $ (5) $ — $ 97 Counterparty B 581 — 581 (337) — 244 Total $ 683 $ — $ 683 $ (342) $ — $ 341 Gross Gross Net Gross Amounts Not Net Financial Cash Derivative liabilities: Counterparty A $ 5 $ — $ 5 $ (5) $ — $ — Counterparty B 337 — 337 (337) — — Total $ 342 $ — $ 342 $ (342) $ — $ — As of January 31, 2019, information related to offsetting arrangements was as follows (in thousands): Gross Gross Net Gross Amounts Not Net Asset Financial Cash Derivative assets: Counterparty A $ 297 $ — $ 297 $ — $ — $ 297 Counterparty B 776 — 776 (673) — 103 Total $ 1,073 $ — $ 1,073 $ (673) $ — $ 400 Gross Gross Net Gross Amounts Not Net Financial Cash Derivative liabilities: Counterparty A $ — $ — $ — $ — $ — $ — Counterparty B 673 — 673 (673) — — Total $ 673 $ — $ 673 $ (673) $ — $ — |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Acquisition Consideration and Related Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the purchase consideration, net of cash acquired, and the related fair values of the assets acquired and liabilities assumed (in thousands): Purchase Consideration, Net of Cash Acquired Net Liabilities Assumed Identifiable Intangible Assets Goodwill Crowdicity $ 15,865 $ (2,350) $ 4,811 $ 13,404 Zingle 42,702 (665) 8,715 34,652 Promoter 1,694 (431) 900 1,225 Cooladata 7,346 (2,784) 4,600 5,530 Strikedeck 10,498 (439) 4,000 6,937 Total $ 78,105 $ (6,669) $ 23,026 $ 61,748 |
Component of Identifiable Intangible Assets Acquired in Connection with Acquisitions | The following table sets forth each component of identifiable intangible assets acquired in connection with the acquisitions, (in thousands): Crowdicity Zingle Promoter.io Cooladata Strikedeck Identifiable Intangible Assets Amount Useful Life (years) Amount Useful Life (years) Amount Useful Life (years) Amount Useful Life (years) Amount Useful Life (years) Developed technology $ 2,406 5 $ 4,915 5 $ 700 5 $ 4,600 5 $ 4,000 5 Customer relationships 2,105 5 3,000 5 — — — — — — Trademarks 300 5 800 5 200 5 — — — — Total $ 4,811 $ 8,715 $ 900 $ 4,600 $ 4,000 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property, Plant and Equipment | The following table summarizes property and equipment which consists of the following (in thousands): January 31, 2020 2019 Computer equipment and software $ 56,758 $ 43,605 Furniture, fixtures and equipment 1,028 2,790 Leasehold improvements 6,941 23,645 Equipment acquired under capital leases 11,687 6,125 Construction-in-progress 3,113 3,804 Total property and equipment, gross 79,527 79,969 Less accumulated depreciation and amortization (44,648) (36,980) Property and equipment, net $ 34,879 $ 42,989 |
Schedule of Accrued Expenses and Other Current Liabilities | The following table summarizes accrued expenses and other current liabilities which consists of the following (in thousands): January 31, 2020 2019 Capital leases, current $ 4,316 $ 2,293 Income tax liability 3,932 2,884 Indemnity holdback related to acquisitions 1,573 — Other 10,447 7,663 Accrued expenses and other current liabilities $ 20,268 $ 12,840 |
Schedule of Accrued Compensation | The following table summarizes accrued compensation which consists of the following (in thousands): January 31, 2020 2019 Accrued salaries and bonuses $ 8,312 $ 2,958 Accrued commissions 11,280 10,215 Accrued vacation 3,906 4,013 Employee stock purchase plan 8,693 — Payroll taxes 4,969 2,522 Accrued compensation $ 37,160 $ 19,708 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets, Net (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the goodwill are as follows (in thousands): Balance as of January 31, 2019 and 2018 $ 16,745 Acquisitions 61,748 Foreign currency translation 831 Balance as of January 31, 2020 $ 79,324 |
Schedule of Finite-Lived Intangible Assets | Intangible asset activity for the year ended January 31, 2020, net was as follows (in thousands): January 31, 2019 Identifiable Intangible Assets Acquired Accumulated Amortization Foreign Currency Translation January 31, 2020 Weighted Average Remaining Useful Life (Years) Developed technology $ 1,900 $ 16,621 $ (3,473) $ 149 $ 15,197 4.5 Customer relationships — 5,105 (351) 132 4,886 4.7 Trademarks — 1,300 (97) 20 1,223 4.6 $ 1,900 $ 23,026 $ (3,921) $ 301 $ 21,306 Intangible asset activity for the year ended January 31, 2019, net was as follows (in thousands): January 31, 2018 Identifiable Intangible Assets Acquired Accumulated Amortization Foreign Currency Translation January 31, 2019 Weighted Average Remaining Useful Life (Years) Developed technology $ 1,900 $ — $ (1,594) $ — $ 306 1.8 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Amortization expense related to the intangible assets is as follows (in thousands): Year Ending January 31: 2021 $ 4,802 2022 4,653 2023 4,653 2024 4,653 2025 2,545 Thereafter — Total $ 21,306 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Maturity of Contractual Obligations | Future minimum lease payments by year under noncancelable purchase obligations and leases are as follows (in thousands): January 31, 2020 Purchase Obligations (1) Operating Capital Leases (2) Period ending January 31: 2021 $ 8,988 $ 9,505 $ 4,765 2022 2,171 9,989 3,891 2023 1,511 7,382 690 2024 653 6,564 — 2025 693 5,571 — Thereafter 1,512 11,471 — Total minimum payments $ 15,528 $ 50,482 9,346 Less interest payments (628) Total present value of minimum payments $ 8,718 (1) Purchase obligations relate primarily to IT and product infrastructure costs, enterprise subscription agreements, and sales and marketing costs. (2) Capital leases comprise of financing for data center equipment. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The components of (income) loss before provision for income taxes are as follows (in thousands): Year Ended January 31, 2020 2019 2018 Domestic $ (112,376) $ (69,464) $ (59,465) Foreign 575 (10,991) (9,258) Loss before provision for income taxes $ (111,801) $ (80,455) $ (68,723) |
Schedule of Components of Income Tax Expense (Benefit) | The provision for (benefit from) income taxes are as follows (in thousands): Year Ended January 31, 2020 2019 2018 Current: Federal $ — $ — $ — State 88 43 43 Foreign 1,845 1,796 1,743 Total 1,933 1,839 1,786 Deferred: Federal (658) — — State (173) — — Foreign (570) (60) (148) Total (1,401) (60) (148) Provision for income taxes $ 532 $ 1,779 $ 1,638 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation between effective statutory tax rate and the Company's tax rate is as follows ( in percentages): Year Ended January 31, 2020 2019 2018 Federal statutory rate 21.0 % 21.0 % 32.9 % Effect of: Foreign tax rate differences (1.0) % (4.0) % (1.5) % Research tax credits 1.0 % 1.4 % 1.1 % State tax, net of federal benefit 0.1 % 3.2 % 2.2 % Stock-based compensation 12.7 % (3.8) % (5.5) % Change in valuation allowance (34.3) % (24.2) % 18.4 % Change in federal tax rate — % — % (49.5) % Other 0.1 % 4.3 % (0.5) % (0.4) % (2.1) % (2.4) % |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities for federal and state income taxes consists of the following (in thousands): January 31, 2020 2019 US net operating loss carryforwards $ 118,318 $ 69,867 Federal and state credit carryforwards 9,478 7,110 Deferred revenue 382 33 Stock-based compensation 24,113 5,850 Deferred lease incentive 153 3,695 Accrued liabilities and allowances not currently deductible 1,858 2,173 Depreciation 2,226 5,444 Other — 28 Total deferred tax assets 156,528 94,200 Deferred commissions expense (17,970) (12,067) Amortization (1,216) — Other (211) — Total deferred tax liabilities (19,397) (12,067) Valuation allowance (137,368) (87,480) Net deferred tax liabilities $ (237) $ (5,347) |
Summary of Operating Loss Carryforwards | Operating losses by jurisdiction which begin to expire consists of the following (in thousands): 2020 2019 Expiration Year United States Federal $ 450,262 $ 308,325 2031 United States - California 58,858 41,396 2031 United States - Other states 136,528 75,690 2021 Israel 36,851 20,771 Indefinite |
Summary of Tax Credit Carryforwards | Research and development credits by jurisdiction which begin to expire consists of the following (in thousands): 2020 2019 Expiration Year United States Federal $ 10,875 $ 7,926 2029 United States - California 10,450 8,170 Indefinite |
Summary of Income Tax Contingencies | The following table summarizes the activity related to unrecognized tax benefits (in thousands): Year Ended January 31, 2020 2019 2018 Beginning balance $ 9,200 $ 7,000 $ 5,400 Increases related to tax positions taken during a prior year 1,142 400 — Decreases related to tax positions taken during a prior year (78) — (500) Increases related to tax positions taken during the current year 2,267 1,800 2,100 Ending balance $ 12,531 $ 9,200 $ 7,000 |
Equity Incentive Plans and St_2
Equity Incentive Plans and Stockholders' Equity (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Equity [Abstract] | |
Schedule of Plan Activity | The Plan activity is as follows: Year Ended January 31, 2020 2019 2018 Opening balance 4,023,140 3,725,180 4,473,893 Shares authorized 24,000,000 22,000,000 8,500,000 Options and RSUs granted (8,827,186) (28,118,877) (13,976,675) Cancelled shares 3,854,778 6,386,036 4,601,286 Repurchase of early exercise of options — 30,801 126,676 Ending balance 23,050,732 4,023,140 3,725,180 |
Stock-Based Compensation Expense | The stock-based compensation expense by line item in the consolidated statements of operations is summarized as follows (in thousands): Year Ended January 31, 2020 2019 2018 Cost of subscription revenue $ 3,058 $ 1,143 $ 423 Cost of professional services revenue 8,824 2,379 2,256 Research and development expense 18,176 7,563 5,182 Sales and marketing expense 28,519 6,813 4,882 General and administrative expense 50,879 9,960 5,505 Total stock-based compensation $ 109,456 $ 27,858 $ 18,248 |
Stock-Based Compensation, Valuation Assumptions | The fair value of each stock option granted to employees was estimated at the date of grant using the Black-Scholes-Merton option-pricing model with the following assumptions. Year Ended January 31, 2020 2019 2018 Risk-free interest rate 2.5 % 2.5% - 3.0% 1.7% - 2.4% Expected volatility 41 % 40% - 44% 43% - 47% Expected term (in years) 5.85 5.50 - 6.69 5.13 - 6.54 Expected dividend rate — — — The fair value of each ESPP share is estimated on the enrollment date of the offering period using the Black-Scholes-Merton option-pricing model and the assumptions noted in the following table: January 31, 2020 Risk-free interest rate 1.9% Expected volatility 38% Expected term (in years) 0.65 Expected dividend rate — |
Stock Option Activity | The following table summarizes the stock option activity: Options Outstanding Number of Average Weighted Aggregate Balance as of January 31, 2017 32,932,513 $ 3.37 7.24 $ 74,454 Options granted 13,976,675 5.90 Options exercised (3,020,883) 2.14 11,268 Options cancelled or expired (4,601,286) 4.88 Balance as of January 31, 2018 39,287,019 4.19 7.43 76,705 Options granted 24,963,680 6.46 Options exercised (5,067,450) 2.40 20,158 Options cancelled or expired (6,386,036) 5.52 Balance as of January 31, 2019 52,797,213 5.27 8.12 388,531 Options granted 478,278 12.63 Options exercised (7,972,770) 4.31 339,899 Options cancelled or expired (3,367,548) 6.14 Balance as of January 31, 2020 41,935,173 $ 5.47 7.29 $ 954,124 Exercisable at January 31, 2020 25,703,463 $ 4.80 6.59 $ 602,099 |
Restricted Stock Unit Activity | The following table summarizes restricted stock unit activities: Restricted Stock Units Performance Based Number of Weighted Number Weighted Balance as of January 31, 2018 — $ — — $ — Stock units granted 3,155,197 6.29 — — Balance as of January 31, 2019 3,155,197 6.29 — — Stock units granted 7,448,329 18.78 900,579 13.91 stock units vested (1,170,861) 6.98 — — Stock units cancelled and expired (412,984) 16.10 (74,246) 13.41 Balance as of January 31, 2020 9,019,681 $ 16.07 826,333 $ 13.95 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Year Ended January 31, 2020 2019 2018 Net loss attributable to common stockholders $ (112,333) $ (82,234) $ (70,361) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 83,269 26,770 22,571 Net loss per share attributable to common stockholders, basic and diluted $ (1.35) $ (3.07) $ (3.12) |
Schedule of Potential Shares of Common Stock Equivalents Excluded From Computation of Diluted Net Loss Per Share Attributable to Common Stockholders | The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows (in thousands): Year Ended January 31, 2020 2019 2018 Convertible preferred stock — 72,483 72,395 Stock options 41,935 52,797 39,287 Restricted stock units 9,846 3,155 — ESPP 683 — — Unvested early exercises subject to repurchase — 147 393 Convertible preferred stock warrant — 56 56 Common stock warrant — 75 75 Total 52,464 128,713 112,206 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Year Ended January 31, 2020 Year Ended January 31, 2019 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 (stated in thousands, except per share amounts) Total revenue $ 110,100 $ 103,074 $ 95,670 $ 93,619 $ 86,384 $ 81,166 $ 75,426 $ 70,666 Total cost of revenue 39,116 38,595 34,883 32,595 29,321 29,401 29,559 27,620 Gross profit 70,984 64,479 60,787 61,024 57,063 51,765 45,867 43,046 Operating expense 103,750 106,146 99,239 63,069 66,369 68,258 73,436 70,122 Loss from operations (32,766) (41,667) (38,452) (2,045) (9,306) (16,493) (27,569) (27,076) Net loss (31,870) (39,620) (38,284) (2,559) (9,948) (16,611) (28,147) (27,528) Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted 129,365 127,715 43,986 30,430 28,861 27,482 25,970 24,699 Net loss per share attributable to common stockholders, basic and diluted $ (0.25) $ (0.31) $ (0.87) $ (0.08) $ (0.34) $ (0.60) $ (1.08) $ (1.11) |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies - Initial Public Offering and Private Placement (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended |
Jul. 31, 2019 | Jan. 31, 2020 | |
Subsidiary, Sale of Stock [Line Items] | ||
Deferred offering costs | $ 7.1 | |
Common Stock | ||
Subsidiary, Sale of Stock [Line Items] | ||
Stock issued during period, new issues (in shares) | 16,680,000 | |
Proceeds from issuance of private placement | $ 13 | |
Common Stock | Conversion of Common Stock | ||
Subsidiary, Sale of Stock [Line Items] | ||
Conversion of common stock (in shares) | 31,129,701 | 31,129,701 |
Common Stock | IPO | ||
Subsidiary, Sale of Stock [Line Items] | ||
Stock issued during period, new issues (in shares) | 16,060,000 | |
Sale of stock, price per share (in usd per share) | $ 21 | |
Proceeds from IPO | $ 313.7 | |
Convertible preferred stock, shares issued upon conversion (in shares) | 77,149,275 | |
Common Stock | Private Placement | ||
Subsidiary, Sale of Stock [Line Items] | ||
Stock issued during period, new issues (in shares) | 620,000 | |
Sale of stock, price per share (in usd per share) | $ 21 | |
Preferred Stock | IPO | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of shares called by warrant or rights (in shares) | 75,000 |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies - Segment Information (Details) | 12 Months Ended |
Jan. 31, 2020segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Description of Business and S_6
Description of Business and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Contract with customer, liability | $ 210.7 | $ 168.2 | |
Sales commissions amortization period | 5 years | ||
Deferred commissions and capitalized | $ 41.4 | 27.2 | $ 16 |
Amortization of deferred commissions | 19 | 13.2 | $ 10.4 |
Trade And Other Receivables | |||
Disaggregation of Revenue [Line Items] | |||
Contract assets | $ 2.1 | $ 2.5 | |
Geographic Concentration Risk | Revenue from Contract with Customer Benchmark | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Concentration risk, percentage | 72.00% | 70.00% | 73.00% |
Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Subscription contract term | 1 year | ||
Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Subscription contract term | 3 years |
Description of Business and S_7
Description of Business and Summary of Significant Accounting Policies - Performance Obligations (Details) - USD ($) $ in Millions | Jan. 31, 2020 | Jan. 31, 2019 |
Accounting Policies [Abstract] | ||
Revenue, remaining performance obligation, amount | $ 679 | $ 470.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-02-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, percentage | 56.00% | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-02-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, percentage | 51.00% | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Description of Business and S_8
Description of Business and Summary of Significant Accounting Policies - Summary of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | $ 110,100 | $ 103,074 | $ 95,670 | $ 93,619 | $ 86,384 | $ 81,166 | $ 75,426 | $ 70,666 | $ 402,463 | $ 313,642 | $ 261,195 |
North America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 305,600 | 232,175 | 198,818 | ||||||||
EMEA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 65,681 | 57,851 | 46,239 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | $ 31,182 | $ 23,616 | $ 16,138 |
Description of Business and S_9
Description of Business and Summary of Significant Accounting Policies - Concentrations of Credit Risk and Significant Customers (Details) | 12 Months Ended |
Jan. 31, 2019 | |
Accounts Receivable | Customer Concentration Risk | Largest Customer | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 11.00% |
Description of Business and _10
Description of Business and Summary of Significant Accounting Policies - Property and Equipment, Software Development Costs and Goodwill (Details) | 12 Months Ended | ||
Jan. 31, 2020USD ($)segment | Jan. 31, 2019USD ($) | Jan. 31, 2018USD ($) | |
Accounting Policies [Abstract] | |||
Number of reporting units | segment | 1 | ||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Property, Plant and Equipment [Line Items] | |||
Software development costs capitalized | $ 1,700,000 | ||
Computer equipment and software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
All Other Asset Categories Except Leasehold Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Software Development Costs | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years |
Description of Business and _11
Description of Business and Summary of Significant Accounting Policies - Share-Based Compensation and Advertising Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 109,456 | $ 27,858 | $ 18,248 |
Advertising expense | 6,700 | $ 2,500 | $ 500 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 23,100 | ||
Award vesting period | 3 years |
Cash Equivalents and Marketab_3
Cash Equivalents and Marketable Securities (Details) - USD ($) | Jan. 31, 2020 | Jan. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Aggregate Fair Value | $ 116,833,000 | $ 0 |
Marketable Securities | 0 | |
Cash, Cash Equivalents and Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 244,728,000 | |
Unrealized Gains | 22,000 | |
Unrealized Losses | 0 | |
Aggregate Fair Value | 244,750,000 | |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 127,917,000 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Aggregate Fair Value | 127,917,000 | |
Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 116,811,000 | |
Unrealized Gains | 22,000 | |
Unrealized Losses | 0 | |
Aggregate Fair Value | 116,833,000 | |
Money market funds | Cash, Cash Equivalents and Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 92,272,000 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Aggregate Fair Value | 92,272,000 | |
U.S. government and agency securities | Cash, Cash Equivalents and Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 115,412,000 | |
Unrealized Gains | 13,000 | |
Unrealized Losses | 0 | |
Aggregate Fair Value | 115,425,000 | |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Aggregate Fair Value | 13,712,000 | 0 |
Commercial paper | Cash, Cash Equivalents and Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 31,379,000 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Aggregate Fair Value | 31,379,000 | |
Corporate notes and bonds | Cash, Cash Equivalents and Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,665,000 | |
Unrealized Gains | 9,000 | |
Unrealized Losses | 0 | |
Aggregate Fair Value | $ 5,674,000 | |
US Treasury Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash equivalents | $ 100,000 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Assets: | ||
Included in cash and cash equivalents | $ 127,917 | $ 106 |
Total marketable securities | 116,833 | 0 |
Derivative Asset | 683 | 1,073 |
Total assets measured at fair value | 245,433 | 1,179 |
Liabilities: | ||
Derivative Liability | 342 | 673 |
Total liabilities measured at fair value | 342 | 673 |
Level 1 | ||
Assets: | ||
Included in cash and cash equivalents | 92,272 | 106 |
Total marketable securities | 0 | 0 |
Derivative Asset | 0 | 0 |
Total assets measured at fair value | 92,272 | 106 |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Level 2 | ||
Assets: | ||
Included in cash and cash equivalents | 35,645 | 0 |
Total marketable securities | 116,833 | 0 |
Derivative Asset | 683 | 1,073 |
Total assets measured at fair value | 153,161 | 1,073 |
Liabilities: | ||
Derivative Liability | 342 | 673 |
Total liabilities measured at fair value | 342 | 673 |
Level 3 | ||
Assets: | ||
Included in cash and cash equivalents | 0 | 0 |
Total marketable securities | 0 | 0 |
Derivative Asset | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Corporate notes and bonds | ||
Assets: | ||
Total marketable securities | 5,675 | 0 |
Corporate notes and bonds | Level 1 | ||
Assets: | ||
Total marketable securities | 0 | 0 |
Corporate notes and bonds | Level 2 | ||
Assets: | ||
Total marketable securities | 5,675 | 0 |
Corporate notes and bonds | Level 3 | ||
Assets: | ||
Total marketable securities | 0 | 0 |
Commercial paper | ||
Assets: | ||
Total marketable securities | 13,712 | 0 |
Commercial paper | Level 1 | ||
Assets: | ||
Total marketable securities | 0 | 0 |
Commercial paper | Level 2 | ||
Assets: | ||
Total marketable securities | 13,712 | 0 |
Commercial paper | Level 3 | ||
Assets: | ||
Total marketable securities | 0 | 0 |
U.S. government and agency securities | ||
Assets: | ||
Total marketable securities | 97,446 | 0 |
U.S. government and agency securities | Level 1 | ||
Assets: | ||
Total marketable securities | 0 | 0 |
U.S. government and agency securities | Level 2 | ||
Assets: | ||
Total marketable securities | 97,446 | 0 |
U.S. government and agency securities | Level 3 | ||
Assets: | ||
Total marketable securities | 0 | 0 |
Money market funds | ||
Assets: | ||
Included in cash and cash equivalents | 92,272 | 106 |
Money market funds | Level 1 | ||
Assets: | ||
Included in cash and cash equivalents | 92,272 | 106 |
Money market funds | Level 2 | ||
Assets: | ||
Included in cash and cash equivalents | 0 | 0 |
Money market funds | Level 3 | ||
Assets: | ||
Included in cash and cash equivalents | 0 | 0 |
Commercial paper | ||
Assets: | ||
Included in cash and cash equivalents | 17,667 | 0 |
Commercial paper | Level 1 | ||
Assets: | ||
Included in cash and cash equivalents | 0 | 0 |
Commercial paper | Level 2 | ||
Assets: | ||
Included in cash and cash equivalents | 17,667 | 0 |
Commercial paper | Level 3 | ||
Assets: | ||
Included in cash and cash equivalents | 0 | 0 |
U.S. government and agency securities | ||
Assets: | ||
Included in cash and cash equivalents | 17,978 | 0 |
U.S. government and agency securities | Level 1 | ||
Assets: | ||
Included in cash and cash equivalents | 0 | 0 |
U.S. government and agency securities | Level 2 | ||
Assets: | ||
Included in cash and cash equivalents | 17,978 | 0 |
U.S. government and agency securities | Level 3 | ||
Assets: | ||
Included in cash and cash equivalents | $ 0 | $ 0 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Details) - Foreign currency forward - USD ($) $ in Millions | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 |
Derivative [Line Items] | |||
Gains (losses) expected to be reclassified out of OCI within the next 12 months | $ 0.9 | $ 0.5 | |
Designated as hedging | Cash flow hedging | |||
Derivative [Line Items] | |||
Notional values | 5.8 | 9.9 | $ 5.8 |
Maturity term (not greater than) | 13 months | ||
Not designated as hedging | |||
Derivative [Line Items] | |||
Notional values | $ 23.5 | $ 2.5 | $ 23.5 |
Maturity term (not greater than) | 13 months |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values of Instruments (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 683 | $ 1,073 |
Derivative Liability | 342 | 673 |
Foreign currency forward | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 683 | 1,073 |
Derivative Liability | 342 | 673 |
Designated as hedging | Foreign currency forward | Prepaid expenses and other current assets | Cash flow hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 384 | 621 |
Designated as hedging | Foreign currency forward | Accrued expenses and other current liabilities | Cash flow hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 76 | 71 |
Not designated as hedging | Foreign currency forward | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 299 | 453 |
Not designated as hedging | Foreign currency forward | Accrued expenses and other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 266 | $ 602 |
Derivative Instruments - Gains
Derivative Instruments - Gains and Losses (Details) - Foreign currency forward - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Interest income and other income (expense), net | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gains (losses) associated with foreign currency forward contracts not designated as cash flow hedges | $ 368 | $ 625 | $ 0 |
Cash flow hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gains (losses) recognized in OCI (effective portion) | (15) | 248 | 576 |
Cash flow hedging | Revenues | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gains (losses) reclassified from OCI into income (effective portion) | 458 | (1) | 15 |
Cash flow hedging | General and administrative expense | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gains (losses) reclassified from OCI into income (effective portion) | (549) | (675) | 602 |
Cash flow hedging | Interest income and other income (expense), net | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gains (losses) recognized in income (amount excluded from effectiveness testing and ineffective portion) | $ (121) | $ 19 | $ (90) |
Derivative Instruments - Offset
Derivative Instruments - Offsetting Arrangements (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Derivative assets: | ||
Net Amounts of Assets in the Consolidated Balance Sheets | $ 683 | $ 1,073 |
Derivative liabilities: | ||
Net Amounts of Assets in the Consolidated Balance Sheets | 342 | 673 |
Foreign currency forward | ||
Derivative assets: | ||
Gross Amounts of Recognized Assets | 683 | 1,073 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Assets in the Consolidated Balance Sheets | 683 | 1,073 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | (342) | (673) |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Asset Exposed | 341 | 400 |
Derivative liabilities: | ||
Gross Amounts of Recognized Liabilities | 342 | 673 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Assets in the Consolidated Balance Sheets | 342 | 673 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | (342) | (673) |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Liabilities Exposed | 0 | 0 |
Foreign currency forward | Counterparty A | ||
Derivative assets: | ||
Gross Amounts of Recognized Assets | 102 | 297 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Assets in the Consolidated Balance Sheets | 102 | 297 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | (5) | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Asset Exposed | 97 | 297 |
Derivative liabilities: | ||
Gross Amounts of Recognized Liabilities | 5 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Assets in the Consolidated Balance Sheets | 5 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | (5) | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Liabilities Exposed | 0 | 0 |
Foreign currency forward | Counterparty B | ||
Derivative assets: | ||
Gross Amounts of Recognized Assets | 581 | 776 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Assets in the Consolidated Balance Sheets | 581 | 776 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | (337) | (673) |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Asset Exposed | 244 | 103 |
Derivative liabilities: | ||
Gross Amounts of Recognized Liabilities | 337 | 673 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Assets in the Consolidated Balance Sheets | 337 | 673 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | (337) | (673) |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Liabilities Exposed | $ 0 | $ 0 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - USD ($) $ in Millions | Oct. 03, 2019 | Sep. 23, 2019 | Jul. 15, 2019 | Jun. 17, 2019 | May 16, 2019 |
Strikedeck | |||||
Business Acquisition [Line Items] | |||||
Cash payments to acquire business | $ 11 | ||||
Cooladata | |||||
Business Acquisition [Line Items] | |||||
Cash payments to acquire business | $ 7.6 | ||||
Promoter.io | |||||
Business Acquisition [Line Items] | |||||
Cash payments to acquire business | $ 2.3 | ||||
Zingle | |||||
Business Acquisition [Line Items] | |||||
Cash payments to acquire business | $ 47.3 | ||||
Crowdicity | |||||
Business Acquisition [Line Items] | |||||
Cash payments to acquire business | $ 16.6 |
Business Combinations - Schedul
Business Combinations - Schedule of Acquisition Consideration and Related Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Business Acquisition [Line Items] | ||
Purchase Consideration, Net of Cash Acquired | $ 78,105 | |
Net Liabilities Assumed | (6,669) | |
Identifiable Intangible Assets | 23,026 | |
Goodwill | 79,324 | $ 16,745 |
Acquisitions | 61,748 | |
Crowdicity | ||
Business Acquisition [Line Items] | ||
Purchase Consideration, Net of Cash Acquired | 15,865 | |
Net Liabilities Assumed | (2,350) | |
Identifiable Intangible Assets | 4,811 | |
Acquisitions | 13,404 | |
Zingle | ||
Business Acquisition [Line Items] | ||
Purchase Consideration, Net of Cash Acquired | 42,702 | |
Net Liabilities Assumed | (665) | |
Identifiable Intangible Assets | 8,715 | |
Acquisitions | 34,652 | |
Promoter.io | ||
Business Acquisition [Line Items] | ||
Purchase Consideration, Net of Cash Acquired | 1,694 | |
Net Liabilities Assumed | (431) | |
Identifiable Intangible Assets | 900 | |
Acquisitions | 1,225 | |
Cooladata | ||
Business Acquisition [Line Items] | ||
Purchase Consideration, Net of Cash Acquired | 7,346 | |
Net Liabilities Assumed | (2,784) | |
Identifiable Intangible Assets | 4,600 | |
Acquisitions | 5,530 | |
Strikedeck | ||
Business Acquisition [Line Items] | ||
Purchase Consideration, Net of Cash Acquired | 10,498 | |
Net Liabilities Assumed | (439) | |
Identifiable Intangible Assets | 4,000 | |
Acquisitions | $ 6,937 |
Business Combinations - Compone
Business Combinations - Component of Identifiable Intangible Assets Acquired in Connection with Acquisitions (Details) $ in Thousands | 12 Months Ended |
Jan. 31, 2020USD ($) | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 23,026 |
Crowdicity | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | 4,811 |
Crowdicity | Developed technology | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 2,406 |
Useful life (years) | 5 years |
Crowdicity | Customer relationships | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 2,105 |
Useful life (years) | 5 years |
Crowdicity | Trademarks | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 300 |
Useful life (years) | 5 years |
Zingle | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 8,715 |
Zingle | Developed technology | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 4,915 |
Useful life (years) | 5 years |
Zingle | Customer relationships | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 3,000 |
Useful life (years) | 5 years |
Zingle | Trademarks | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 800 |
Useful life (years) | 5 years |
Promoter.io | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 900 |
Promoter.io | Developed technology | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 700 |
Useful life (years) | 5 years |
Promoter.io | Trademarks | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 200 |
Useful life (years) | 5 years |
Cooladata | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 4,600 |
Cooladata | Developed technology | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 4,600 |
Useful life (years) | 5 years |
Strikedeck | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 4,000 |
Strikedeck | Developed technology | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 4,000 |
Useful life (years) | 5 years |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 13,200 | $ 13,500 | $ 11,000 |
Capital lease amortization expense | 3,600 | 900 | $ 100 |
Property and equipment, net | 34,879 | 42,989 | |
Gain on termination of lease | 4,000 | ||
Gain on reversal of deferred rent | 34,500 | ||
Impairment of property and equipment | 20,700 | ||
Cash payments associated with termination and other fees | 9,800 | ||
Non-US | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, net | $ 13,400 | $ 8,500 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 79,527 | $ 79,969 |
Less accumulated depreciation and amortization | (44,648) | (36,980) |
Property and equipment, net | 34,879 | 42,989 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 56,758 | 43,605 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 1,028 | 2,790 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 6,941 | 23,645 |
Equipment acquired under capital leases | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 11,687 | 6,125 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 3,113 | $ 3,804 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Capital leases, current | $ 4,316 | $ 2,293 |
Income tax liability | 3,932 | 2,884 |
Indemnity holdback related to acquisitions | 1,573 | 0 |
Other | 10,447 | 7,663 |
Accrued expenses and other current liabilities | $ 20,268 | $ 12,840 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Accrued Compensation (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued salaries and bonuses | $ 8,312 | $ 2,958 |
Accrued commissions | 11,280 | 10,215 |
Accrued vacation | 3,906 | 4,013 |
Employee stock purchase plan | 8,693 | 0 |
Payroll taxes | 4,969 | 2,522 |
Accrued compensation | $ 37,160 | $ 19,708 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Changes in Goodwill (Details) $ in Thousands | 12 Months Ended |
Jan. 31, 2020USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 16,745 |
Acquisitions | 61,748 |
Foreign currency translation | 831 |
Goodwill, ending balance | $ 79,324 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Schedule Intangible Assets, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | $ 1,900 | ||
Identifiable Intangible Assets Acquired | $ 23,026 | ||
Accumulated Amortization | (3,921) | ||
Foreign Currency Translation | 301 | ||
Intangible assets, net | 21,306 | ||
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 1,900 | $ 1,900 | |
Identifiable Intangible Assets Acquired | 16,621 | 0 | |
Accumulated Amortization | (3,473) | (1,594) | |
Foreign Currency Translation | 149 | 0 | |
Intangible assets, net | $ 15,197 | $ 306 | |
Intangible assets, estimated useful life | 4 years 6 months | 1 year 9 months 18 days | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | $ 0 | ||
Identifiable Intangible Assets Acquired | $ 5,105 | ||
Accumulated Amortization | (351) | ||
Foreign Currency Translation | 132 | ||
Intangible assets, net | $ 4,886 | ||
Intangible assets, estimated useful life | 4 years 8 months 12 days | ||
Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | $ 0 | ||
Identifiable Intangible Assets Acquired | $ 1,300 | ||
Accumulated Amortization | (97) | ||
Foreign Currency Translation | 20 | ||
Intangible assets, net | $ 1,223 | ||
Intangible assets, estimated useful life | 4 years 7 months 6 days |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 2,300 | $ 400 | $ 1,000 |
2021 | 4,802 | ||
2022 | 4,653 | ||
2023 | 4,653 | ||
2024 | 4,653 | ||
2025 | 2,545 | ||
Thereafter | 0 | ||
Total | $ 21,306 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | Feb. 29, 2020 | |
Loss Contingencies [Line Items] | ||||
Operating lease renewal term option | 5 years | |||
Rent expense | $ 14,900,000 | $ 16,500,000 | $ 17,600,000 | |
San Francisco, California | Subsequent Event | ||||
Loss Contingencies [Line Items] | ||||
Amount of leases not yet commenced | $ 9,600,000 | |||
San Mateo, California | Subsequent Event | ||||
Loss Contingencies [Line Items] | ||||
Amount of leases not yet commenced | $ 7,600,000 | |||
Revolving Credit Facility | ||||
Loss Contingencies [Line Items] | ||||
Maximum borrowing capacity | 50,000,000 | 50,000,000 | ||
Current borrowing capacity | 46,500,000 | 39,500,000 | ||
Revolving Credit Facility | Debt Convertible At Company Option | ||||
Loss Contingencies [Line Items] | ||||
Maximum borrowing capacity | $ 15,000,000 | 15,000,000 | ||
Maturity period of debt instrument | 48 months | |||
Revolving Line Of Credit And Term Out Loan | Debt Instrument, Redemption, Period One | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Amount of borrowings that effect the interest rate | $ 5,000,000 | |||
Revolving Line Of Credit And Term Out Loan | Debt Instrument, Redemption, Period Two | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Amount of borrowings that effect the interest rate | 10,000,000 | |||
Revolving Line Of Credit And Term Out Loan | Debt Instrument, Redemption, Period Two | Minimum | ||||
Loss Contingencies [Line Items] | ||||
Amount of borrowings that effect the interest rate | 5,000,000 | |||
Revolving Line Of Credit And Term Out Loan | Debt Instrument, Redemption, Period Three | Minimum | ||||
Loss Contingencies [Line Items] | ||||
Amount of borrowings that effect the interest rate | $ 10,000,000 | |||
Revolving Line Of Credit And Term Out Loan | Prime Rate | Debt Instrument, Redemption, Period One | ||||
Loss Contingencies [Line Items] | ||||
Variable interest rate | 0.50% | |||
Revolving Line Of Credit And Term Out Loan | Prime Rate | Debt Instrument, Redemption, Period Three | ||||
Loss Contingencies [Line Items] | ||||
Variable interest rate | 0.50% | |||
Standby Letters of Credit | Office Lease Facilities | ||||
Loss Contingencies [Line Items] | ||||
Standby letters of credit | $ 3,500,000 | $ 10,500,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Payments (Details) $ in Thousands | Jan. 31, 2020USD ($) |
Purchase Obligations | |
2021 | $ 8,988 |
2022 | 2,171 |
2023 | 1,511 |
2024 | 653 |
2025 | 693 |
Thereafter | 1,512 |
Total minimum payments | 15,528 |
Operating Leases | |
2021 | 9,505 |
2022 | 9,989 |
2023 | 7,382 |
2024 | 6,564 |
2025 | 5,571 |
Thereafter | 11,471 |
Total minimum payments | 50,482 |
Capital Leases | |
2021 | 4,765 |
2022 | 3,891 |
2023 | 690 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Total minimum payments | 9,346 |
Less interest payments | (628) |
Total present value of minimum payments | $ 8,718 |
Income Taxes - Components of Lo
Income Taxes - Components of Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (112,376) | $ (69,464) | $ (59,465) |
Foreign | 575 | (10,991) | (9,258) |
Loss before provision for income taxes | $ (111,801) | $ (80,455) | $ (68,723) |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Current: | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 88 | 43 | 43 |
Foreign | 1,845 | 1,796 | 1,743 |
Total | 1,933 | 1,839 | 1,786 |
Deferred: | |||
Federal | (658) | 0 | 0 |
State | (173) | 0 | 0 |
Foreign | (570) | (60) | (148) |
Total | (1,401) | (60) | (148) |
Provision for income taxes | $ 532 | $ 1,779 | $ 1,638 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | 32.90% |
Effect of: | |||
Foreign tax rate differences | (1.00%) | (4.00%) | (1.50%) |
Research tax credits | 1.00% | 1.40% | 1.10% |
State tax, net of federal benefit | 0.10% | 3.20% | 2.20% |
Stock-based compensation | 12.70% | (3.80%) | (5.50%) |
Change in valuation allowance | (34.30%) | (24.20%) | 18.40% |
Change in federal tax rate | 0.00% | 0.00% | (49.50%) |
Other | 0.10% | 4.30% | (0.50%) |
Effective income tax rate reconciliation, percent | (0.40%) | (2.10%) | (2.40%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 532 | $ 1,779 | $ 1,638 | |
Effective income tax rate reconciliation, percent | (0.40%) | (2.10%) | (2.40%) | |
Undistributed earnings of foreign subsidiaries | $ 12,800 | $ 7,500 | $ 7,300 | |
Unrecognized tax benefits | 12,531 | $ 9,200 | $ 7,000 | $ 5,400 |
Unrecognized tax benefits that would impact effective tax rate | $ 200 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Deferred Tax Assets | ||
US net operating loss carryforwards | $ 118,318 | $ 69,867 |
Federal and state credit carryforwards | 9,478 | 7,110 |
Deferred revenue | 382 | 33 |
Stock-based compensation | 24,113 | 5,850 |
Deferred lease incentive | 153 | 3,695 |
Accrued liabilities and allowances not currently deductible | 1,858 | 2,173 |
Depreciation | 2,226 | 5,444 |
Other | 0 | 28 |
Total deferred tax assets | 156,528 | 94,200 |
Deferred Tax Liabilities | ||
Deferred commissions expense | (17,970) | (12,067) |
Amortization | (1,216) | 0 |
Other | (211) | 0 |
Total deferred tax liabilities | (19,397) | (12,067) |
Valuation allowance | (137,368) | (87,480) |
Net deferred tax liabilities | $ (237) | $ (5,347) |
Income Taxes - Operating Losses
Income Taxes - Operating Losses by Jurisdiction (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
United States Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 450,262 | $ 308,325 |
United States - California | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 58,858 | 41,396 |
United States - Other states | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 136,528 | 75,690 |
Israel | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 36,851 | $ 20,771 |
Income Taxes - Research and Dev
Income Taxes - Research and Development Credits by Jurisdiction (Details) - Research Tax Credit Carryforward - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
United States - California | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | $ 10,450 | $ 8,170 |
United States Federal | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | $ 10,875 | $ 7,926 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $ 9,200 | $ 7,000 | $ 5,400 |
Increases related to tax positions taken during a prior year | 1,142 | 400 | 0 |
Decreases related to tax positions taken during a prior year | (78) | 0 | (500) |
Increases related to tax positions taken during the current year | 2,267 | 1,800 | 2,100 |
Unrecognized tax benefits, ending balance | $ 12,531 | $ 9,200 | $ 7,000 |
Equity Incentive Plans and St_3
Equity Incentive Plans and Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands | Jul. 17, 2019period | Jul. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2017shares | Oct. 31, 2019$ / shares | Jan. 31, 2020USD ($)$ / sharesshares | Jan. 31, 2019USD ($)$ / sharesshares | Jan. 31, 2018USD ($)$ / sharesshares | Jun. 30, 2019shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted average grant date fair value, options granted in period (in usd per share) | $ / shares | $ 5.38 | $ 2.88 | $ 2.69 | |||||
Fair value of options vested during period | $ | $ 35,200 | $ 23,300 | $ 18,600 | |||||
Unrecognized stock based compensation expense | $ | $ 45,600 | $ 82,500 | 50,500 | |||||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 0 | |||||
Common stock, par value per share (in usd per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Preferred stock, shares authorized (in shares) | 100,000,000 | |||||||
Preferred stock, par value per share (in usd per share) | $ / shares | $ 0.001 | |||||||
Early exercised stock options repurchased during period, amount | $ | $ 487 | $ 840 | $ 1,725 | |||||
Preferred Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 0 | ||||||
Preferred stock, par value per share (in usd per share) | $ / shares | $ 0.001 | $ 0.001 | ||||||
Common Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Early exercised stock options repurchased during period (in shares) | 823 | |||||||
Stock options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Recognition period, unrecognized stock based compensation expense | 2 years 6 months | 3 years | 2 years 9 months 18 days | |||||
Early exercised stock options repurchased during period (in shares) | 823 | 30,801 | ||||||
Early exercised stock options repurchased during period, amount | $ | $ 0 | $ 100 | ||||||
Exercised options that remain unvested, liability, amount | $ | $ 0 | $ 500 | ||||||
Exercised options that remain unvested (in shares) | 0 | 147,245 | ||||||
Restricted stock units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 3 years | |||||||
Recognition period, unrecognized stock based compensation expense | 2 years 4 months 24 days | 3 years 6 months | ||||||
Stock based compensation, accelerated cost | $ | $ 23,100 | |||||||
Unrecognized compensation expense | $ | $ 98,500 | $ 19,900 | ||||||
Intrinsic value | $ | $ 277,900 | $ 39,900 | ||||||
Weighted average grant date fair value, stock units granted (in usd per share) | $ / shares | $ 18.78 | $ 6.29 | ||||||
Restricted stock units | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 3 years | |||||||
Restricted stock units | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 4 years | |||||||
ESPP | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Capital shares reserved for future issuance (in shares) | 4,000,000 | |||||||
Capital shares reserved for future issuance, period increase, percentage | 1.00% | |||||||
Offering period | 6 months | |||||||
Number of purchase periods | period | 1 | |||||||
Purchase period | 6 months | |||||||
First purchase period post-IPO | 8 months | |||||||
Common stock purchase price, percentage | 85.00% | |||||||
Recognition period, unrecognized stock based compensation expense | 2 months 12 days | |||||||
Unrecognized compensation expense | $ | $ 700 | |||||||
Weighted average grant date fair value, stock units granted (in usd per share) | $ / shares | $ 5.78 | |||||||
Restricted stock units and stock options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock based compensation, accelerated cost | $ | $ 13,700 | |||||||
2017 Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Capital shares reserved for future issuance (in shares) | 3,000,000 | |||||||
Number of additional shares authorized (in shares) | 5,000,000 | 22,000,000 | ||||||
2017 Equity Incentive Plan | Stock options | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 3 years | |||||||
2017 Equity Incentive Plan | Stock options | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 4 years | |||||||
2017 Equity Incentive Plan | Restricted stock units | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 3 years | |||||||
2017 Equity Incentive Plan | Restricted stock units | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 4 years | |||||||
2019 Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Capital shares reserved for future issuance (in shares) | 19,000,000 | |||||||
Number of additional shares authorized (in shares) | 24,000,000 | 22,000,000 | 8,500,000 | |||||
Capital shares reserved for future issuance, period increase (in shares) | 19,000,000 | |||||||
Capital shares reserved for future issuance, period increase, percentage | 5.00% | |||||||
Early exercised stock options repurchased during period (in shares) | 0 | 30,801 | 126,676 | |||||
2019 Equity Incentive Plan | Stock options | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 3 years | |||||||
2019 Equity Incentive Plan | Stock options | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 4 years | |||||||
2019 Equity Incentive Plan | Restricted stock units | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 3 years | |||||||
2019 Equity Incentive Plan | Restricted stock units | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 4 years |
Equity Incentive Plans and St_4
Equity Incentive Plans and Stockholders' Equity - Schedule of 2019 Plan Activity (Details) - 2019 Equity Incentive Plan - shares | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding [Roll Forward] | |||
Employee stock purchase plan, beginning balance (in shares) | 4,023,140 | 3,725,180 | 4,473,893 |
Number of shares authorized (in shares) | 24,000,000 | 22,000,000 | 8,500,000 |
Options and RSUs granted (in shares) | (8,827,186) | (28,118,877) | (13,976,675) |
Shares cancelled (in shares) | 3,854,778 | 6,386,036 | 4,601,286 |
Repurchase of early exercised stock options (in shares) | 0 | 30,801 | 126,676 |
Employee stock purchase plan, ending balance (in shares) | 23,050,732 | 4,023,140 | 3,725,180 |
Equity Incentive Plans and St_5
Equity Incentive Plans and Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock-based compensation | $ 109,456 | $ 27,858 | $ 18,248 |
Research and development expense | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock-based compensation | 18,176 | 7,563 | 5,182 |
Sales and marketing expense | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock-based compensation | 28,519 | 6,813 | 4,882 |
General and administrative expense | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock-based compensation | 50,879 | 9,960 | 5,505 |
Subscription | Cost of Sales | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock-based compensation | 3,058 | 1,143 | 423 |
Professional services | Cost of Sales | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock-based compensation | $ 8,824 | $ 2,379 | $ 2,256 |
Equity Incentive Plans and St_6
Equity Incentive Plans and Stockholders' Equity - Valuation Assumptions (Details) | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.50% | ||
Risk-free interest rate, minimum | 2.50% | 1.70% | |
Risk-free interest rate, maximum | 3.00% | 2.40% | |
Expected volatility | 41.00% | ||
Expected volatility, minimum | 40.00% | 43.00% | |
Expected volatility, maximum | 44.00% | 47.00% | |
Expected term (in years) | 5 years 10 months 6 days | ||
Expected dividend rate | 0.00% | 0.00% | 0.00% |
Stock options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 5 years 6 months | 5 years 1 month 17 days | |
Stock options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 8 months 8 days | 6 years 6 months 14 days | |
ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.90% | ||
Expected volatility | 38.00% | ||
Expected term (in years) | 7 months 24 days | ||
Expected dividend rate | 0.00% |
Equity Incentive Plans and St_7
Equity Incentive Plans and Stockholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Number of Shares | ||||
Options outstanding, beginning balance (in shares) | 52,797,213 | 39,287,019 | 32,932,513 | |
Options granted (in shares) | 478,278 | 24,963,680 | 13,976,675 | |
Options exercised (in shares) | (7,972,770) | (5,067,450) | (3,020,883) | |
Options cancelled or expired (in shares) | (3,367,548) | (6,386,036) | (4,601,286) | |
Options outstanding, ending balance (in shares) | 41,935,173 | 52,797,213 | 39,287,019 | 32,932,513 |
Options exercisable (in shares) | 25,703,463 | |||
Average Exercise Price per Share | ||||
Options outstanding, beginning balance, average exercise price (in usd per share) | $ 5.27 | $ 4.19 | $ 3.37 | |
Options granted, weighted average exercise price (in usd per share) | 12.63 | 6.46 | 5.90 | |
Options exercised, weighted average exercise price (in usd per share) | 4.31 | 2.40 | 2.14 | |
Options cancelled or expired, weighted average exercise price (in usd per share) | 6.14 | 5.52 | 4.88 | |
Options outstanding, ending balance, average exercise price (in usd per share) | 5.47 | $ 5.27 | $ 4.19 | $ 3.37 |
Options exercisable, average exercise price (in usd per share) | $ 4.80 | |||
Weighted average remaining contractual term, options outstanding | 7 years 3 months 14 days | 8 years 1 month 13 days | 7 years 5 months 4 days | 7 years 2 months 26 days |
Weighted average remaining contractual term, options exercisable | 6 years 7 months 2 days | |||
Aggregate intrinsic value, options outstanding | $ 388,531 | $ 76,705 | $ 74,454 | |
Aggregate intrinsic value, exercises in period | 339,899 | 20,158 | 11,268 | |
Aggregate intrinsic value, options outstanding | 954,124 | $ 388,531 | $ 76,705 | $ 74,454 |
Aggregate intrinsic value, options exercisable | $ 602,099 |
Equity Incentive Plans and St_8
Equity Incentive Plans and Stockholders' Equity - Restricted Stock Activity (Details) - $ / shares | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Restricted stock units | ||
Number of Shares | ||
Stock units outstanding, beginning balance (in shares) | 3,155,197 | 0 |
Stock units granted (in shares) | 7,448,329 | 3,155,197 |
Stock units vested (in shares) | (1,170,861) | |
Stock units cancelled and expired (in units) | (412,984) | |
Stock units outstanding, ending balance (in shares) | 9,019,681 | 3,155,197 |
Weighted Average Grant Date Fair Value | ||
Weighted average grant date fair value, stock units outstanding, beginning balance (in usd per share) | $ 6.29 | $ 0 |
Weighted average grant date fair value, stock units granted (in usd per share) | 18.78 | 6.29 |
Weighted average grant date fair value, stock units vested (in usd per share) | 6.98 | |
Weighted average grant date fair value, stock units cancelled or expired (in usd per share) | 16.10 | |
Weighted average grant date fair value, stock units outstanding, ending balance (in usd per share) | $ 16.07 | $ 6.29 |
Performance Based Restricted Stock Units | ||
Number of Shares | ||
Stock units outstanding, beginning balance (in shares) | 0 | 0 |
Stock units granted (in shares) | 900,579 | 0 |
Stock units vested (in shares) | 0 | |
Stock units cancelled and expired (in units) | (74,246) | |
Stock units outstanding, ending balance (in shares) | 826,333 | 0 |
Weighted Average Grant Date Fair Value | ||
Weighted average grant date fair value, stock units outstanding, beginning balance (in usd per share) | $ 0 | $ 0 |
Weighted average grant date fair value, stock units granted (in usd per share) | 13.91 | 0 |
Weighted average grant date fair value, stock units vested (in usd per share) | 0 | |
Weighted average grant date fair value, stock units cancelled or expired (in usd per share) | 13,410 | |
Weighted average grant date fair value, stock units outstanding, ending balance (in usd per share) | $ 13.95 | $ 0 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Percentage match of participants contributions | 50.00% | ||
Maximum annual contributions per employee | $ 2,000 | ||
Defined contribution expense | $ 2,500,000 | $ 0 | $ 0 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2020USD ($)$ / sharesshares | Oct. 31, 2019USD ($)$ / sharesshares | Jul. 31, 2019USD ($)$ / sharesshares | Apr. 30, 2019USD ($)$ / sharesshares | Jan. 31, 2019USD ($)$ / sharesshares | Oct. 31, 2018USD ($)$ / sharesshares | Jul. 31, 2018USD ($)$ / sharesshares | Apr. 30, 2018USD ($)$ / sharesshares | Jan. 31, 2020USD ($)$ / sharesshares | Jan. 31, 2019USD ($)$ / sharesshares | Jan. 31, 2018USD ($)$ / sharesshares | Jul. 19, 2019 | |
Earnings Per Share [Abstract] | ||||||||||||
Convertible stock, conversion ratio | 1 | |||||||||||
Net loss | $ | $ (31,870) | $ (39,620) | $ (38,284) | $ (2,559) | $ (9,948) | $ (16,611) | $ (28,147) | $ (27,528) | $ (112,333) | $ (82,234) | $ (70,361) | |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares) | 129,365 | 127,715 | 43,986 | 30,430 | 28,861 | 27,482 | 25,970 | 24,699 | 83,269 | 26,770 | 22,571 | |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ / shares | $ (0.25) | $ (0.31) | $ (0.87) | $ (0.08) | $ (0.34) | $ (0.60) | $ (1.08) | $ (1.11) | $ (1.35) | $ (3.07) | $ (3.12) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 52,464 | 128,713 | 112,206 | |||||||||
Convertible preferred stock | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 72,483 | 72,395 | |||||||||
Stock options | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 41,935 | 52,797 | 39,287 | |||||||||
Restricted stock units | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 9,846 | 3,155 | 0 | |||||||||
ESPP | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 683 | 0 | 0 | |||||||||
Unvested early exercises subject to repurchase | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 147 | 393 | |||||||||
Convertible preferred stock warrant | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 56 | 56 | |||||||||
Common stock warrant | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 75 | 75 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 110,100 | $ 103,074 | $ 95,670 | $ 93,619 | $ 86,384 | $ 81,166 | $ 75,426 | $ 70,666 | $ 402,463 | $ 313,642 | $ 261,195 |
Total cost of revenue | 39,116 | 38,595 | 34,883 | 32,595 | 29,321 | 29,401 | 29,559 | 27,620 | 145,189 | 115,901 | 95,777 |
Gross profit | 70,984 | 64,479 | 60,787 | 61,024 | 57,063 | 51,765 | 45,867 | 43,046 | 257,274 | 197,741 | 165,418 |
Operating expense | 103,750 | 106,146 | 99,239 | 63,069 | 66,369 | 68,258 | 73,436 | 70,122 | 372,204 | 278,185 | 236,553 |
Loss from operations | (32,766) | (41,667) | (38,452) | (2,045) | (9,306) | (16,493) | (27,569) | (27,076) | (114,930) | (80,444) | (71,135) |
Net loss | $ (31,870) | $ (39,620) | $ (38,284) | $ (2,559) | $ (9,948) | $ (16,611) | $ (28,147) | $ (27,528) | $ (112,333) | $ (82,234) | $ (70,361) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares) | 129,365 | 127,715 | 43,986 | 30,430 | 28,861 | 27,482 | 25,970 | 24,699 | 83,269 | 26,770 | 22,571 |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.25) | $ (0.31) | $ (0.87) | $ (0.08) | $ (0.34) | $ (0.60) | $ (1.08) | $ (1.11) | $ (1.35) | $ (3.07) | $ (3.12) |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Feb. 19, 2020USD ($) |
Subsequent Event | LivingLens Enterprise Ltd. | |
Subsequent Event [Line Items] | |
Cash payments to acquire business | $ 26 |