Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2018 | May 23, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | YEXT, INC. | |
Entity Central Index Key | 1,614,178 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 96,842,651 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 53,403 | $ 34,367 |
Marketable securities | 70,710 | 83,974 |
Accounts receivable, net of allowances of $81 and $231, respectively | 24,123 | 44,656 |
Prepaid expenses and other current assets | 7,912 | 7,703 |
Deferred commissions, current | 9,480 | 9,342 |
Total current assets | 165,628 | 180,042 |
Property and equipment, net | 11,572 | 11,438 |
Goodwill | 4,835 | 4,924 |
Intangible assets, net | 2,524 | 2,761 |
Other long term assets | 3,847 | 4,324 |
Total assets | 188,406 | 203,489 |
Current liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 19,573 | 27,416 |
Deferred revenue, current | 83,865 | 89,474 |
Deferred rent | 1,249 | 1,288 |
Total current liabilities | 104,687 | 118,178 |
Deferred rent, non-current | 2,940 | 3,213 |
Other long term liabilities | 490 | 645 |
Total liabilities | 108,117 | 122,036 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value per share; 50,000,000 shares authorized at April 30, 2018 and January 31, 2018; zero shares issued and outstanding at April 30, 2018 and January 31, 2018 | 0 | 0 |
Common stock, $0.001 par value per share; 500,000,000 shares authorized at April 30, 2018 and January 31, 2018; 102,743,648 and 100,482,264 shares issued at April 30, 2018 and January 31, 2018, respectively; 96,238,314 and 93,976,930 shares outstanding at April 30, 2018 and January 31, 2018, respectively | 103 | 100 |
Additional paid-in capital | 345,408 | 328,344 |
Accumulated other comprehensive loss | (1,731) | (1,636) |
Accumulated deficit | (251,586) | (233,450) |
Treasury stock, at cost | (11,905) | (11,905) |
Total stockholders’ equity | 80,289 | 81,453 |
Total liabilities and stockholders’ equity | $ 188,406 | $ 203,489 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 81 | $ 231 |
Preferred stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock shares issued (in shares) | 0 | 0 |
Preferred stock shares outstanding (in shares) | 0 | 0 |
Common stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock shares issued (in shares) | 102,743,648 | 100,482,264 |
Common stock shares outstanding (in shares) | 96,238,314 | 93,976,930 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Income Statement [Abstract] | ||
Revenue | $ 51,095 | $ 37,080 |
Cost of revenue | 12,800 | 9,688 |
Gross profit | 38,295 | 27,392 |
Operating expenses: | ||
Sales and marketing | 37,029 | 28,462 |
Research and development | 7,729 | 4,986 |
General and administrative | 11,538 | 9,338 |
Total operating expenses | 56,296 | 42,786 |
Loss from operations | (18,001) | (15,394) |
Investment income | 387 | 0 |
Interest expense | (67) | (88) |
Other expense, net | (170) | (592) |
Loss from operations before income taxes | (17,851) | (16,074) |
Provision for income taxes | (285) | (32) |
Net loss | $ (18,136) | $ (16,106) |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.19) | $ (0.40) |
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares) | 94,942,773 | 40,466,620 |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustment | $ (93) | $ 192 |
Unrealized loss on marketable securities | (2) | 0 |
Total comprehensive loss | $ (18,231) | $ (15,914) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Treasury Stock | Convertible preferred stock |
Temporary equity shares outstanding (in shares) at Jan. 31, 2017 | 43,594,000 | ||||||
Temporary equity, beginning of period at Jan. 31, 2017 | $ 120,615 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Conversion of preferred stock (in shares) | (43,594,000) | ||||||
Conversion of preferred stock | $ (120,615) | ||||||
Temporary equity shares outstanding (in shares) at Jan. 31, 2018 | 0 | ||||||
Temporary equity, end of period at Jan. 31, 2018 | $ 0 | ||||||
Beginning of period (in shares) at Jan. 31, 2017 | 31,395,000 | ||||||
Beginning of period at Jan. 31, 2017 | $ (127,755) | $ 38 | $ 52,805 | $ (1,808) | $ (166,885) | $ (11,905) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Initial public offering, net of issuance costs of $4,433 (in shares) | 12,075,000 | ||||||
Initial public offering, net of issuance costs of $4,433 | 119,094 | $ 12 | 119,082 | ||||
Conversion of preferred stock (in shares) | 43,594,000 | ||||||
Conversion of preferred stock | 120,615 | $ 44 | 120,571 | ||||
Conversion of preferred stock warrant | 1,435 | 1,435 | |||||
Exercise of stock options (in shares) | 6,517,000 | ||||||
Exercise of stock options | 11,610 | $ 6 | 11,604 | ||||
Exercise of common stock warrants (in shares) | 179,000 | ||||||
Exercise of common stock warrants | 79 | 79 | |||||
Vested restricted stock units converted to common shares (in shares) | 204,000 | ||||||
Vested restricted stock units converted to common shares | 0 | ||||||
Issuance of restricted stock (in shares) | 13,000 | ||||||
Issuance of restricted stock | 0 | ||||||
Stock-based compensation | 22,768 | 22,768 | |||||
Other comprehensive income | 172 | 172 | |||||
Net loss | (66,565) | (66,565) | |||||
End of period (in shares) at Jan. 31, 2018 | 93,977,000 | ||||||
End of period at Jan. 31, 2018 | $ 81,453 | $ 100 | 328,344 | (1,636) | (233,450) | (11,905) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance costs | 4,433 | ||||||
Temporary equity shares outstanding (in shares) at Apr. 30, 2018 | 0 | ||||||
Temporary equity, end of period at Apr. 30, 2018 | $ 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options (in shares) | 1,677,696 | 1,678,000 | |||||
Exercise of stock options | $ 4,910 | $ 2 | 4,908 | ||||
Vested restricted stock units converted to common shares (in shares) | 141,000 | ||||||
Vested restricted stock units converted to common shares | 0 | ||||||
Issuance of restricted stock (in shares) | 4,000 | ||||||
Issuance of restricted stock | 0 | ||||||
Stock-based compensation | 8,066 | 8,066 | |||||
Other comprehensive income | (95) | (95) | |||||
Net loss | (18,136) | (18,136) | |||||
Issuance of common stock under employee stock purchase plans (in shares) | 438,000 | ||||||
Issuance of common stock under employee stock purchase plan | 4,091 | $ 1 | 4,090 | ||||
End of period (in shares) at Apr. 30, 2018 | 96,238,000 | ||||||
End of period at Apr. 30, 2018 | 80,289 | $ 103 | $ 345,408 | $ (1,731) | $ (251,586) | $ (11,905) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance costs | $ 0 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (18,136) | $ (16,106) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,576 | 1,176 |
Provision for bad debts | 76 | 79 |
Stock-based compensation expense | 7,993 | 4,062 |
Change in fair value of convertible preferred stock warrant liability | 0 | 491 |
Deferred income taxes | (22) | (13) |
Amortization of deferred financing costs | 34 | 34 |
Amortization of premium on marketable securities | 39 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 20,269 | 8,537 |
Prepaid expenses and other current assets | (379) | (1,277) |
Deferred commissions | 366 | (365) |
Other long term assets | (79) | (220) |
Accounts payable, accrued expenses and other current liabilities | (4,565) | (4,994) |
Deferred revenue | (5,463) | 243 |
Deferred rent | (305) | 7 |
Other long term liabilities | 5 | 2 |
Net cash provided by (used in) operating activities | 1,409 | (8,344) |
Cash flows from investing activities: | ||
Maturities of marketable securities | 13,223 | 0 |
Capital expenditures | (1,572) | (1,078) |
Net cash provided by (used in) investing activities | 11,651 | (1,078) |
Cash flows from financing activities: | ||
Proceeds from initial public offering, net of underwriting discounts and commissions | 0 | 123,527 |
Payments of deferred offering costs | 0 | (1,969) |
Proceeds from exercise of stock options | 4,948 | 2,140 |
Repayments on Revolving Line | 0 | (5,000) |
Proceeds, net from employee stock purchase plan withholdings | 1,221 | 0 |
Net cash provided by financing activities | 6,169 | 118,698 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (193) | 41 |
Net increase in cash, cash equivalents and restricted cash | 19,036 | 109,317 |
Cash, cash equivalents and restricted cash at beginning of period | 34,367 | 24,920 |
Cash, cash equivalents and restricted cash at end of period | 53,403 | 134,237 |
Supplemental Cash Flow Information [Abstract] | ||
Cash and cash equivalents | 53,403 | 133,735 |
Restricted cash | 0 | 502 |
Cash, cash equivalents and restricted cash at end of period | $ 53,403 | $ 134,237 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Apr. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Yext, Inc. (the "Company") provides a knowledge engine platform that lets businesses control their digital knowledge in the cloud and sync it to the Company's PowerListings Network of approximately 150 service and application providers, including Apple Maps, Bing, Cortana, Facebook, Google, Google Assistant, Google Maps, Siri and Yelp. The Company's cloud-based platform, the Yext Knowledge Engine, is used by end consumers around the globe to discover new businesses, read reviews, and find accurate answers to their queries. The Yext Knowledge Engine powers all of the Company's key features, including Listings, Pages and Reviews, along with its other features and capabilities. Fiscal Year The Company's fiscal year ends on January 31 . References to fiscal 2019 , for example, are to the fiscal year ending January 31, 2019 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2018 , filed with the SEC on March 16, 2018 (the "Form 10-K"). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain immaterial reclassifications to fiscal 2018 amounts were made to conform to the current period presentation. The condensed consolidated balance sheet as of January 31, 2018 , included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods. The results for the three months ended April 30, 2018 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending January 31, 2019 , or any other period. Except as described elsewhere in this Note 2 under the heading “Recent Accounting Pronouncements - Adoption of New Accounting Standards,” there have been no material changes to the Company's significant accounting policies as described in the Form 10-K. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could be material to the financial position and results of operations. Segment Information The Company operates as one operating segment providing a knowledge engine platform. An operating segment is defined as a component of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker ("CODM"). The Company defines its CODM as its executive officers, and their role is to make decisions about allocating resources and assessing performance. The Company's business operates in one operating segment as all of the Company's offerings operate on a single platform and are deployed in an identical way, with its CODM evaluating the Company's financial information, resources and performance of these resources on a consolidated basis. Since the Company operates in one operating segment, all required financial segment information can be found in the condensed consolidated financial statements. Concentration of Credit Risk The Company's financial instruments that are exposed to a concentration of credit risk consist primarily of cash and cash equivalents, marketable securities and accounts receivable. Although the Company deposits its cash with multiple financial institutions, its deposits, at times, may exceed federally insured limits. Collateral is not required for accounts receivable. At April 30, 2018 , no single customer accounted for more than 10% of the Company's accounts receivable. At January 31, 2018 , one customer accounted for approximately 12% of the Company's accounts receivable. No single customer accounted for more than 10% of the Company's revenue for the three months ended April 30, 2018 and 2017 . Geographic Locations Revenue by geographic region consisted of the following: Three months ended April 30, (in thousands) 2018 2017 North America $ 44,870 $ 34,920 International 6,225 2,160 Total revenue $ 51,095 $ 37,080 North America revenue is predominantly attributable to the United States but also includes Canada. International revenue is predominantly attributable to Europe. Recent Accounting Pronouncements Section 107 of the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Thus, an emerging growth company can defer the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company currently qualifies as an emerging growth company and has elected to avail itself of this extended transition period. As a result, as long as the Company continues to qualify as an emerging growth company, it will not be required to adopt new or revised accounting standards on the relevant dates on which adoption is required for other public companies until required by private company accounting standards. Adoption of New Accounting Standards The Company adopted Accounting Standards Update, ("ASU") No. 2016-09, "Improvements to Employee Share-Based Payments Accounting" ("ASU 2016-09") effective February 1, 2018. The Company elected to continue to estimate its forfeiture rate. The adoption of this standard did not have an effect on the statement of cash flows. The Company prospectively records excess tax benefits and deficiencies that result when stock-based awards vest or are settled within the provision for incomes taxes in the consolidated statement of operations and comprehensive loss; all such excess tax benefits were fully offset by a valuation allowance for the three months ended April 30, 2018 and 2017 . For previously unrecognized excess tax benefits that existed as of January 31, 2018 , the Company used a modified-retrospective approach and recorded a $30.2 million decrease in accumulated deficit and increase in deferred tax assets; these amounts were fully offset by a valuation allowance as the Company assessed that the realization of such deferred tax assets is not more likely than not to be realized. The Company early adopted ASU No. 2016-18, "Statement of Cash Flows (Topic 230) - Restricted Cash" during the fiscal year ending January 31, 2019. Amounts generally described as restricted cash are now presented with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The statement of cash flows will no longer present transfers between cash and cash equivalents and restricted cash. As a result of this adoption, there were no changes to the operating, investing and financing activities for the three months ended April 30, 2018. The presentation of the statement of cash flows for the three months ended April 30, 2017 required certain reclassifications to conform to the current year presentation as follows (in thousands): Three months ended April 30, 2017 Line Items - As Revised As Previously Reported Reclassification of Restricted Cash As Revised Net cash used in operating activities $ (8,346 ) $ 2 $ (8,344 ) Net cash used in investing activities (1,078 ) — (1,078 ) Net cash provided by financing activities 118,698 — 118,698 Effects of exchange rate changes on cash, cash equivalents and restricted cash 41 — 41 Net increase in cash, cash equivalents and restricted cash 109,315 2 109,317 Cash, cash equivalents and restricted cash at beginning of period 24,420 500 24,920 Cash, cash equivalents and restricted cash at end of period $ 133,735 $ 502 $ 134,237 New Accounting Standards To Be Adopted In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU, No. 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"). ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. ASU 2014-09 is effective for public entities for annual reporting periods, and interim periods within those annual reporting periods, beginning after December 15, 2017. For all other entities, including emerging growth companies, the standard is effective for annual reporting periods beginning after December 15, 2018, and interim periods within annual reporting periods, beginning after December 15, 2019. Early adoption of this standard is permitted for all entities. The guidance allows for the amendment to be applied either retrospectively to each prior reporting period presented (full retrospective approach) or retrospectively as a cumulative effect adjustment as of the date of adoption (modified retrospective approach). The Company plans to adopt the standard on February 1, 2019, utilizing the modified retrospective approach, which would result in a cumulative effect adjustment as of the adoption date. The Company has an implementation plan in place guiding its transition that includes implementing control activities related to the new standard, evaluating the impact of the standard on the Company’s revenue recognition policies, its accounting for deferred commissions, including the incremental costs that qualify for capitalization, the related amortization period and the determination of average customer life, and the new disclosure requirements. The Company continues to assess the new standard with consideration to industry trends and additional interpretive guidance, and therefore may adjust its implementation plan accordingly. The Company is currently evaluating the standard for other potential impacts to its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases," which will require lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, on its balance sheet for operating leases. The standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. The standard is effective for public entities for annual reporting periods, and interim periods within those annual reporting periods, beginning after December 15, 2018. For all other entities, including emerging growth companies, the standard is effective for annual reporting periods beginning after December 15, 2019, and interim periods within annual reporting periods beginning after December 15, 2020. The Company is currently evaluating the potential impact of adopting this new accounting guidance. In March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740)," to conform to SEC Staff Accounting Bulletin No. 118 ("SAB 118"). The standard was issued to allow registrants to record provisional amounts during a measurement period not to extend beyond one year from the enactment date in instances when a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Cuts and Jobs Act (the "Tax Reform Act"). The standard is effective upon issuance. The Company continues to evaluate the impacts of the Tax Reform Act and expects to finalize its assessment by the fourth quarter of the fiscal year ending January 31, 2019 . |
Investments in Marketable Secur
Investments in Marketable Securities | 3 Months Ended |
Apr. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Marketable Securities | Investments in Marketable Securities The Company considers all of its investments in marketable securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities within current assets on the condensed consolidated balance sheets. Marketable securities are carried at fair value, with the unrealized gains and losses, net of income taxes, reflected in accumulated other comprehensive (loss) income until realized. For the purposes of computing realized and unrealized gains and losses, cost is determined on a specific identification basis. The following table summarizes the Company's investments in marketable securities: April 30, 2018 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper $ 2,500 $ — $ — $ 2,500 Corporate bonds 52,382 — (254 ) 52,128 U.S. treasury securities 16,150 — (68 ) 16,082 Total marketable securities $ 71,032 $ — $ (322 ) $ 70,710 January 31, 2018 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper $ 10,972 $ — $ (7 ) $ 10,965 Corporate bonds 57,172 — (243 ) 56,929 U.S. treasury securities 16,150 — (70 ) 16,080 Total marketable securities $ 84,294 $ — $ (320 ) $ 83,974 As of April 30, 2018 , the Company does not believe the unrealized losses represent other-than-temporary impairments based on its evaluation of available evidence. No marketable securities were in a continuous unrealized loss position for more than 12 months. The Company's marketable securities have a contractual maturity of two years or less. As of April 30, 2018 , the fair value of marketable securities by remaining contractual maturity consisted of the following: (in thousands) Fair Value Due within 1 year $ 67,737 Due in 1 to 2 years 2,973 Total marketable securities $ 70,710 Interest income, realized gains, realized losses and other-than-temporary declines in fair value on securities available for sale are the potential components of investment income. Investment income for the periods presented consisted of the following: Three months ended April 30, (in thousands) 2018 2017 Interest income $ 387 $ — Total investment income $ 387 $ — The Company had no material reclassification adjustments out of accumulated other comprehensive loss into net loss in any of the periods presented. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Apr. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Subsequent changes in fair value of these financial assets and liabilities are recognized in earnings or other comprehensive (loss) income when they occur. 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 the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the assets or liabilities, such as inherent risk, transfer restrictions, and credit risk. The Company applies the following fair value 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 inputs are based on quoted prices in active markets for identical assets or liabilities. Level 2 inputs are based on observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs are based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. All of the Company’s cash equivalents and marketable securities are classified within Level 1 or Level 2 because the Company’s cash equivalents and marketable securities are valued using quoted market prices or alternative pricing sources and models utilizing observable market inputs. The following table summarizes the Company's assets that are measured at fair value on a recurring basis, by level, within the fair value hierarchy: April 30, 2018 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds (1) $ 30,715 $ — $ — $ 30,715 Marketable securities: Commercial paper — 2,500 — 2,500 Corporate bonds — 52,128 — 52,128 U.S. treasury securities — 16,082 — 16,082 Total assets $ 30,715 $ 70,710 $ — $ 101,425 January 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds (1) $ 16,846 $ — $ — $ 16,846 Marketable securities: Commercial paper — 10,965 — 10,965 Corporate bonds — 56,929 — 56,929 U.S. treasury securities — 16,080 — 16,080 Total assets $ 16,846 $ 83,974 $ — $ 100,820 (1) Included in cash and cash equivalents on the condensed consolidated balance sheets. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Apr. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Intangible Assets Goodwill As of April 30, 2018 and January 31, 2018 , the Company had goodwill of $4.8 million and $4.9 million , respectively. Goodwill represents the excess of cost over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. The Company has no other intangible assets with indefinite lives. Goodwill is not amortized but is subject to periodic testing for impairment at the reporting unit level, which is at or one level below the operating segment level. The Company operates as one operating segment. The test for impairment is conducted annually each November 1 st , or more frequently if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company determined that no events occurred or circumstances changed during the three months ended April 30, 2018 and 2017 that would more likely than not reduce the fair value of the Company's reporting unit below its carrying amount. However, if certain events occur or circumstances change, it may be necessary to record impairment charges in the future. Intangible Assets As of April 30, 2018 and January 31, 2018 , the Company had intangible assets, net of $2.5 million and $2.8 million , respectively. The Company's intangible assets include customer relationships, website development, trade names and trademarks, acquired technology and domains. These intangible assets are amortized using the straight-line method over their estimated economic lives, which range from 3 to 15 years. Intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company determined that no events occurred or circumstances changed during the three months ended April 30, 2018 and 2017 that would indicate that its intangible assets with finite lives may not be recoverable. However, if certain events occur or circumstances change, it may be necessary to record impairment charges in the future. Amortization expense related to intangible assets totaled $0.2 million for each of the three months ended April 30, 2018 and 2017 . |
Property and Equipment, net
Property and Equipment, net | 3 Months Ended |
Apr. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net consisted of the following: (in thousands) April 30, 2018 January 31, 2018 Furniture and fixtures $ 713 $ 719 Office equipment 5,437 4,636 Leasehold improvements 12,977 12,928 Computer software 4,563 4,563 Construction in progress 816 124 Total property and equipment 24,506 22,970 Less: accumulated depreciation (12,934 ) (11,532 ) Total property and equipment, net $ 11,572 $ 11,438 Depreciation expense was $1.4 million and $1.0 million for the three months ended April 30, 2018 and 2017 , respectively. |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Apr. 30, 2018 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Expenses and Other Current Liabilities | Accounts Payable, Accrued Expenses and Other Current Liabilities Accounts payable, accrued expenses and other current liabilities consisted of the following: (in thousands) April 30, 2018 January 31, 2018 Accounts payable $ 4,363 $ 4,253 Accrued employee compensation 5,074 11,341 Accrued professional services and associated costs 2,155 1,333 Accrued PowerListings Network application provider fees 1,862 1,860 Accrued sales and use tax 1,291 1,846 Accrued employee stock purchase plan withholdings liability 879 3,750 Accrued other liabilities 3,949 3,033 Total accounts payable, accrued expenses and other current liabilities $ 19,573 $ 27,416 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Apr. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation 2008 Equity Incentive Plan The Company's 2008 Equity Incentive Plan (the "2008 Plan"), as amended on March 10, 2016, allowed for the issuance of up to 25,912,531 shares of common stock. Awards granted under the 2008 Plan may be incentive stock options ("ISOs"), nonqualified stock options ("NQSOs"), restricted stock and restricted stock units. The 2008 Plan is administered by the Company's Board of Directors, which determines the terms of the options granted, the exercise price, the number of shares subject to option and the option vesting period. No ISO or NQSO is exercisable after 10 years from the date of grant, and option awards will typically vest over a four -year period. The 2008 Plan was terminated in connection with the adoption of the Company's 2016 Equity Incentive Plan (the "2016 Plan") in December 2016, and the Company will not grant any additional awards under the 2008 Plan. However, the 2008 Plan will continue to govern the terms and conditions of the outstanding awards previously granted thereunder. 2016 Equity Incentive Plan In December 2016, the Company's Board of Directors adopted, and its stockholders approved, the 2016 Plan. The number of shares reserved for issuance under the 2016 Plan will increase on the first day of each fiscal year during the term of the 2016 Plan by the lesser of: (i) 10,000,000 shares, (ii) 4% of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year; or (iii) such other amount as the Company's Board of Directors may determine. On February 1, 2018, the number of shares of common stock available for issuance under the 2016 Plan was automatically increased according to its terms by 3,759,077 shares. In addition, the shares reserved for issuance under the 2016 Plan also include shares returned to the 2008 Plan as the result of expiration or termination of options or other awards. As of April 30, 2018 , the number of shares available for future award under the 2016 Plan is 5,334,265 . Stock Options The following table summarizes stock option activity during the three months ended April 30, 2018 : Options Outstanding Outstanding Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Balance, January 31, 2018 22,512,856 $ 5.65 6.91 $ 146,471 Options granted — $ — Options exercised (1,677,696 ) $ 2.93 Options forfeited (295,010 ) $ 6.20 Balance, April 30, 2018 20,540,150 $ 5.86 6.77 $ 154,560 Vested and expected to vest 20,429,105 $ 5.86 6.76 $ 153,820 Exercisable at April 30, 2018 12,670,541 $ 4.67 5.71 $ 110,781 Nonvested option activity is as follows: Options Weighted-Average Grant Date Fair Value Nonvested as of January 31, 2018 9,241,953 $ 4.06 Options granted — $ — Options vested (1,077,334 ) $ 3.63 Options forfeited (295,010 ) $ 3.17 Balance as of April 30, 2018 7,869,609 $ 4.15 The aggregate intrinsic value of options vested and expected to vest and exercisable is calculated based on the difference between the exercise price and the fair value of the Company’s common stock as of April 30, 2018 . The fair value of the common stock is the Company’s closing stock price as reported on the New York Stock Exchange. The aggregate intrinsic value of exercised options was $16.2 million and $22.5 million for the three months ended April 30, 2018 and 2017 , respectively, and is calculated based on the difference between the exercise price and the fair value of the Company’s common stock as of the exercise date. The weighted-average grant date fair value of options granted during the three months ended April 30, 2017 was $5.01 per share. No options were granted during the three months ended April 30, 2018 . Restricted Stock and Restricted Stock Units The following table summarizes the activity related to the Company's restricted stock and restricted stock units: Outstanding Weighted-Average Grant Date Fair Value Balance as of January 31, 2018 4,457,585 $ 12.26 Granted - restricted stock and restricted stock units 501,737 $ 12.37 Vested and converted to shares (141,053 ) $ 12.43 Canceled (111,042 ) $ 12.48 Balance as of April 30, 2018 4,707,227 $ 12.27 Employee Stock Purchase Plan In March 2017, the Company's Board of Directors adopted, and its stockholders approved, the 2017 Employee Stock Purchase Plan ("ESPP"), which became effective on the date it was adopted. As of April 30, 2018 , a total of 2,002,242 shares of the Company's common stock are available for sale to employees under the ESPP. The number of shares of the Company's common stock that will be available for sale to employees under the ESPP increases annually on the first day of each fiscal year beginning on February 1, 2018, in an amount equal to the lesser of: (i) 2,500,000 shares; (ii) 1% of the outstanding shares of the Company's common stock as of the last day of the immediately preceding fiscal year; or (iii) such other amount as the administrator may determine. On February 1, 2018, the number of shares of common stock available for issuance under the ESPP was automatically increased according to its terms by 939,769 shares. The initial offering period of the ESPP commenced on the effective date of the Initial Public Offering ("IPO"), April 13, 2017, and ended on March 15, 2018. In connection with the initial offering period of the ESPP, 437,527 shares of common stock were purchased under the ESPP at a purchase price of $9.35 per share for total proceeds of $4.1 million . A new offering period began on March 15, 2018 and will end on September 17, 2018. As of April 30, 2018 , 291,544 shares are estimated to be purchased at the end of the current offering period and $0.9 million has been withheld on behalf of employees for these future purchases under the ESPP and is included in accounts payable, accrued expenses and other current liabilities. The fair value of the shares issued and estimated shares to be purchased under the ESPP was determined using the Black-Scholes option-pricing model with the following assumptions: (i) an expected life of 0.5 years , (ii) an expected volatility of 34.41% , (iii) a risk-free rate of 1.95% , and (iv) a dividend yield of zero . During the three months ended April 30, 2018 , the Company recorded $0.5 million of stock-based compensation expense associated with the ESPP. As of April 30, 2018 , total unrecognized compensation cost related to ESPP was $0.7 million , net of estimated forfeitures, which will be amortized over a weighted-average remaining period of 0.38 years . A new offering period will commence on the first trading day on or after March 15 th and September 15 th each year, or on such other date as the administrator will determine, and will end on the first trading day, approximately six months later, on or after September 15 th and March 15 th , respectively. Participants may purchase the Company’s common stock through payroll deductions, up to a maximum of 15% of their eligible compensation. Unless changed by the administrator, the purchase price for each share of common stock purchased under the ESPP will be 85% of the lower of the fair market value per share on the first trading day of the applicable offering period (or, in the case of the initial offering period, the price at which one share of common stock was offered to the public in its IPO) or the fair market value per share on the last trading day of the applicable offering period. Stock-Based Compensation Expense Stock-based compensation represents the cost related to stock-based awards granted to employees and non-employees in lieu of monetary payment. The Company measures stock-based compensation at the grant date, based on the estimated fair value of the award, and recognizes the expense on a straight-line basis (net of estimated forfeitures) over the requisite service period in the condensed consolidated statements of operations and comprehensive loss. Stock-based compensation expense associated with stock-based awards granted to non-employees is re-measured each period until fully vested. The Company's stock-based compensation expense was as follows: Three months ended April 30, (in thousands) 2018 2017 Cost of revenue $ 566 $ 147 Sales and marketing 3,770 2,259 Research and development 1,556 563 General and administrative 2,101 1,093 Total stock-based compensation expense $ 7,993 $ 4,062 As of April 30, 2018 , there was approximately $80.7 million of total unrecognized compensation cost related to unvested stock-based awards. This unrecognized compensation cost is expected to be recognized over an estimated weighted-average vesting period of approximately 3.0 years . During each of the three months ended April 30, 2018 and 2017 , the Company capitalized $0.1 million of stock-based compensation related to software development of its cloud-based platform. The fair value of the Company’s stock options granted during the three months ended April 30, 2017 were estimated using the Black-Scholes option-pricing model with the following assumptions: (i) an expected life of 6.08 years based upon the simplified method for employee grants, as the Company does not yet have sufficient historical exercise data to provide a reasonable basis upon which to estimate its expected term due to the limited period of time its equity shares have been publicly traded; (ii) an expected volatility range of 49.39% - 49.52% based on the average of the historical volatility for a sample of comparable companies; (iii) a risk-free rate range of 2.03% - 2.13% based on the U.S. treasury yield curve in effect at the time of grants; and, (iv) a dividend yield of zero , as the Company has not historically paid any dividends and does not expect to declare or pay any dividends in the foreseeable future. The expected life assumptions for options granted to non-employees are based upon the remaining contractual term of the option. No options were granted during the three months ended April 30, 2018 . |
Equity
Equity | 3 Months Ended |
Apr. 30, 2018 | |
Equity [Abstract] | |
Equity | Equity Convertible Preferred Stock In April 2017, upon the closing of the Company's IPO, all outstanding shares of convertible preferred stock were automatically converted into an aggregate of 43,594,753 shares of common stock and all outstanding warrants exercisable for shares of convertible preferred stock automatically converted into warrants exercisable for 110,937 shares of common stock. During the three months ended April 30, 2017 , a final fair value adjustment of $0.5 million was recorded to other expense, net and the remaining preferred stock warrant liability of $1.4 million was reclassified to stockholders' equity (deficit). Preferred Stock Effective April 2017, the Company’s Board of Directors is authorized to issue up to 50,000,000 shares of preferred stock, $0.001 par value, in one or more series without stockholder approval. The Company's Board of Directors has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. The issuance of preferred stock could have the effect of restricting dividends on the Company’s common stock, diluting the voting power of its common stock, impairing the liquidation rights of its common stock, or delaying or preventing changes in control or management of the Company. As of April 30, 2018 , no shares of preferred stock were issued or outstanding. Common Stock As of April 30, 2018 and January 31, 2018 , the Company had authorized 500,000,000 shares of voting $0.001 par value common stock. Each holder of the Company's common stock is entitled to one vote for each share on all matters to be voted upon by the stockholders and there are no cumulative rights. Subject to any preferential rights of any outstanding preferred stock, holders of the Company's common stock are entitled to receive ratably the dividends, if any, as may be declared from time to time by the Company's Board of Directors out of legally available funds. If there is a liquidation, dissolution or winding up of the Company, holders of the Company's common stock would be entitled to share in the Company's assets remaining after the payment of liabilities and any preferential rights of any outstanding preferred stock. Holders of the Company's common stock have no preemptive or conversion rights or other subscription rights, and there are no redemption or sinking fund provisions applicable to the common stock. All outstanding shares of the Company's common stock will be fully paid and non-assessable. The rights, preferences and privileges of the holders of the Company's common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock which the Company may designate and issue in the future. Treasury Stock As of April 30, 2018 and January 31, 2018 , the Company had 6,505,334 shares of treasury stock which are carried at its cost basis of $11.9 million on the Company's condensed consolidated balance sheets. |
Debt
Debt | 3 Months Ended |
Apr. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt On March 16, 2016, the Company entered into a Loan and Security agreement with Silicon Valley Bank that provides for a $15.0 million revolving credit line ("Revolving Line") and a $7.0 million Letter of Credit facility (together with the Revolving Line, the "Credit Agreement"). In March 2018, the Credit Agreement was amended to extend the maturity date to March 16, 2020 . No significant debt issuance costs were incurred in association with the amendment. The Company is obligated to pay ongoing commitment fees at a rate equal to 0.25% for the Revolving Line and 1.75% for any issued letters of credit. Subject to certain terms of the loan agreement, the Company may borrow, prepay and reborrow amounts under the Revolving Line at any time during the agreement and amounts repaid or prepaid may be reborrowed. Interest rates on borrowings under the Revolving Line will be based on one-half of one percent ( 0.50% ) above the prime rate. The prime rate is defined as the rate of interest per annum from time to time published in the money rate section of the Wall Street Journal. The Credit Agreement contains certain customary affirmative and negative covenants, including an adjusted quick ratio of at least 1.25 to 1.00, minimum revenue, a limit on the Company's ability to incur additional indebtedness, dispose of assets, make certain acquisition transactions, pay dividends or make distributions, and certain other restrictions on the Company's activities each defined specifically in the agreement. As of April 30, 2018 and January 31, 2018 , the Company had no debt outstanding on its Revolving Line. As of April 30, 2018 , the Company was in compliance with all debt covenants and availability under the Revolving Line was $15.0 million . |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended April 30, 2018 and 2017 , the Company recorded a provision for income taxes of $285,000 and $32,000 , respectively. ASC 740 generally requires providing for income taxes during interim periods based on the estimated annual effective tax rate ("AETR") for the full fiscal year. For the three months ended April 30, 2018 , the Company calculated its income tax provision as though the interim year to date period was an annual period, referred to herein as the discrete method. The Company believes that the application of the AETR method is impractical at this time, given that normal deviations in the projected pre-tax net income (loss) in certain jurisdictions could result in a disproportionate and unreliable effective tax rate under the AETR method. The Company's effective tax rate generally differs from the U.S. federal statutory tax rate primarily due to a full valuation allowance related to the Company's U.S. and U.K. deferred tax assets, partially offset by the foreign tax rate differential on non-U.S. income. The Company regularly evaluates the realizability of its deferred tax assets and establishes a valuation allowance if it is more likely than not that some or all the deferred tax assets will not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, loss carryback and tax-planning strategies. Generally, more weight is given to objectively verifiable evidence, such as the cumulative loss in recent years, as a significant piece of negative evidence to overcome. On December 22, 2017, the Tax Reform Act was enacted, which significantly revised the U.S. corporate income tax laws, including, but not limited to, lowering the top bracket of the federal statutory corporate tax rate from 35% to a flat rate of 21% . The Company continues to evaluate the impacts of the Tax Reform Act and considers the amounts recorded to be provisional and based on reasonable estimates, except for the remeasurement of its deferred taxes based on the new enacted rate, for which the accounting is complete. As the Company continues to assess its provision for income taxes, any adjustments to the provisional amounts arising from continued analysis of the Tax Reform Act or upon completion of its U.S. income tax return, will be recognized in accordance with SAB 118 measurement period guidance. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases, PowerListings Network Application Provider Agreements and Other The Company is obligated under certain non-cancelable operating leases for office space, the agreements for which expire at various dates between fiscal years 2019 and 2028 , including a long term operating lease for the Company's primary facility in New York, which expires in December 2020 . The Company is a party to various agreements with PowerListings Network application providers, which expire at various dates between fiscal years 2019 and 2035 . Future minimum annual payments for non-cancelable leases, PowerListings Network application provider agreements and other contractual obligations in the normal course of business as of April 30, 2018 are as follows (in thousands): Fiscal year ending January 31: Operating Leases Application Providers and Other 2019 $ 5,806 $ 12,865 2020 7,922 1,867 2021 7,228 236 2022 817 9 2023 and thereafter 2,412 42 Total $ 24,185 $ 15,019 Rent expense was $1.8 million and $1.5 million for the three months ended April 30, 2018 and 2017 , respectively. Legal Proceedings The Company is and may be involved in various legal proceedings arising in the normal course of business. Although the results of litigation and claims cannot be predicted with certainty, currently, in the opinion of the Company, the likelihood of any material adverse impact on the Company's results of operations, cash flows or the Company's financial position for any such litigation or claims is deemed to be remote. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense costs, diversion of management resources and other factors. Warranties and Indemnifications The Company's platform is in some cases warranted to perform in a manner consistent with general industry standards that are reasonably applicable and materially in accordance with the Company's product specifications. The Company's arrangements generally include certain provisions for indemnifying customers against liabilities if its products or services infringe a third-party's intellectual property rights and/or if the Company breaches its contractual agreements with a customer or in instances of negligence, fraud or willful misconduct by the Company. To date, the Company has not incurred any material costs as a result of such obligations and has not accrued any liabilities related to such obligations in the accompanying condensed consolidated financial statements. The Company has also agreed to indemnify certain of its directors and executive officers for costs associated with any fees, expenses, judgments, fines and settlement amounts incurred by any of these persons in any action or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the person's service as a director or officer, including any action by the Company, arising out of that person's services as the Company's director or officer or that person's services provided to any other company or enterprise at the Company's request. The Company maintains director and officer insurance coverage that would generally enable the Company to recover a portion of any future amounts paid. The Company may also be subject to indemnification obligations by law with respect to the actions of its employees under certain circumstances and in certain jurisdictions. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 3 Months Ended |
Apr. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders: Three months ended April 30, (in thousands, except share and per share data) 2018 2017 Numerator: Net loss attributable to common stockholders $ (18,136 ) $ (16,106 ) Denominator: Weighted-average common shares outstanding 94,942,773 40,466,620 Net loss per share attributable to common stockholders, basic and diluted $ (0.19 ) $ (0.40 ) Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Unvested restricted stock and restricted stock units are excluded from the denominator of basic net loss per share. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares plus common equivalent shares for the period, including any dilutive effect from such shares. Since the Company was in a loss position for all periods presented, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders, as the inclusion of all potential common shares outstanding would have been anti-dilutive. Anti-dilutive common equivalent shares were as follows: As of April 30, 2018 2017 Common stock warrants — 35,000 Options to purchase common stock 20,540,150 25,329,936 Restricted stock and restricted stock units 4,707,227 270,000 Shares estimated to be purchased under ESPP 291,544 — Total anti-dilutive common equivalent shares 25,538,921 25,634,936 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2018 , filed with the SEC on March 16, 2018 (the "Form 10-K"). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain immaterial reclassifications to fiscal 2018 amounts were made to conform to the current period presentation. The condensed consolidated balance sheet as of January 31, 2018 , included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods. The results for the three months ended April 30, 2018 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending January 31, 2019 , or any other period. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could be material to the financial position and results of operations. |
Segment Information | Segment Information The Company operates as one operating segment providing a knowledge engine platform. An operating segment is defined as a component of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker ("CODM"). The Company defines its CODM as its executive officers, and their role is to make decisions about allocating resources and assessing performance. The Company's business operates in one operating segment as all of the Company's offerings operate on a single platform and are deployed in an identical way, with its CODM evaluating the Company's financial information, resources and performance of these resources on a consolidated basis. Since the Company operates in one operating segment, all required financial segment information can be found in the condensed consolidated financial statements. |
Concentration of Credit Risk | Concentration of Credit Risk The Company's financial instruments that are exposed to a concentration of credit risk consist primarily of cash and cash equivalents, marketable securities and accounts receivable. Although the Company deposits its cash with multiple financial institutions, its deposits, at times, may exceed federally insured limits. Collateral is not required for accounts receivable. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Section 107 of the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Thus, an emerging growth company can defer the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company currently qualifies as an emerging growth company and has elected to avail itself of this extended transition period. As a result, as long as the Company continues to qualify as an emerging growth company, it will not be required to adopt new or revised accounting standards on the relevant dates on which adoption is required for other public companies until required by private company accounting standards. Adoption of New Accounting Standards The Company adopted Accounting Standards Update, ("ASU") No. 2016-09, "Improvements to Employee Share-Based Payments Accounting" ("ASU 2016-09") effective February 1, 2018. The Company elected to continue to estimate its forfeiture rate. The adoption of this standard did not have an effect on the statement of cash flows. The Company prospectively records excess tax benefits and deficiencies that result when stock-based awards vest or are settled within the provision for incomes taxes in the consolidated statement of operations and comprehensive loss; all such excess tax benefits were fully offset by a valuation allowance for the three months ended April 30, 2018 and 2017 . For previously unrecognized excess tax benefits that existed as of January 31, 2018 , the Company used a modified-retrospective approach and recorded a $30.2 million decrease in accumulated deficit and increase in deferred tax assets; these amounts were fully offset by a valuation allowance as the Company assessed that the realization of such deferred tax assets is not more likely than not to be realized. The Company early adopted ASU No. 2016-18, "Statement of Cash Flows (Topic 230) - Restricted Cash" during the fiscal year ending January 31, 2019. Amounts generally described as restricted cash are now presented with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The statement of cash flows will no longer present transfers between cash and cash equivalents and restricted cash. As a result of this adoption, there were no changes to the operating, investing and financing activities for the three months ended April 30, 2018. The presentation of the statement of cash flows for the three months ended April 30, 2017 required certain reclassifications to conform to the current year presentation as follows (in thousands): Three months ended April 30, 2017 Line Items - As Revised As Previously Reported Reclassification of Restricted Cash As Revised Net cash used in operating activities $ (8,346 ) $ 2 $ (8,344 ) Net cash used in investing activities (1,078 ) — (1,078 ) Net cash provided by financing activities 118,698 — 118,698 Effects of exchange rate changes on cash, cash equivalents and restricted cash 41 — 41 Net increase in cash, cash equivalents and restricted cash 109,315 2 109,317 Cash, cash equivalents and restricted cash at beginning of period 24,420 500 24,920 Cash, cash equivalents and restricted cash at end of period $ 133,735 $ 502 $ 134,237 New Accounting Standards To Be Adopted In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU, No. 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"). ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. ASU 2014-09 is effective for public entities for annual reporting periods, and interim periods within those annual reporting periods, beginning after December 15, 2017. For all other entities, including emerging growth companies, the standard is effective for annual reporting periods beginning after December 15, 2018, and interim periods within annual reporting periods, beginning after December 15, 2019. Early adoption of this standard is permitted for all entities. The guidance allows for the amendment to be applied either retrospectively to each prior reporting period presented (full retrospective approach) or retrospectively as a cumulative effect adjustment as of the date of adoption (modified retrospective approach). The Company plans to adopt the standard on February 1, 2019, utilizing the modified retrospective approach, which would result in a cumulative effect adjustment as of the adoption date. The Company has an implementation plan in place guiding its transition that includes implementing control activities related to the new standard, evaluating the impact of the standard on the Company’s revenue recognition policies, its accounting for deferred commissions, including the incremental costs that qualify for capitalization, the related amortization period and the determination of average customer life, and the new disclosure requirements. The Company continues to assess the new standard with consideration to industry trends and additional interpretive guidance, and therefore may adjust its implementation plan accordingly. The Company is currently evaluating the standard for other potential impacts to its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases," which will require lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, on its balance sheet for operating leases. The standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. The standard is effective for public entities for annual reporting periods, and interim periods within those annual reporting periods, beginning after December 15, 2018. For all other entities, including emerging growth companies, the standard is effective for annual reporting periods beginning after December 15, 2019, and interim periods within annual reporting periods beginning after December 15, 2020. The Company is currently evaluating the potential impact of adopting this new accounting guidance. In March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740)," to conform to SEC Staff Accounting Bulletin No. 118 ("SAB 118"). The standard was issued to allow registrants to record provisional amounts during a measurement period not to extend beyond one year from the enactment date in instances when a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Cuts and Jobs Act (the "Tax Reform Act"). The standard is effective upon issuance. The Company continues to evaluate the impacts of the Tax Reform Act and expects to finalize its assessment by the fourth quarter of the fiscal year ending January 31, 2019 . |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Accounting Policies [Abstract] | |
Revenue by Geographic Areas | Revenue by geographic region consisted of the following: Three months ended April 30, (in thousands) 2018 2017 North America $ 44,870 $ 34,920 International 6,225 2,160 Total revenue $ 51,095 $ 37,080 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The presentation of the statement of cash flows for the three months ended April 30, 2017 required certain reclassifications to conform to the current year presentation as follows (in thousands): Three months ended April 30, 2017 Line Items - As Revised As Previously Reported Reclassification of Restricted Cash As Revised Net cash used in operating activities $ (8,346 ) $ 2 $ (8,344 ) Net cash used in investing activities (1,078 ) — (1,078 ) Net cash provided by financing activities 118,698 — 118,698 Effects of exchange rate changes on cash, cash equivalents and restricted cash 41 — 41 Net increase in cash, cash equivalents and restricted cash 109,315 2 109,317 Cash, cash equivalents and restricted cash at beginning of period 24,420 500 24,920 Cash, cash equivalents and restricted cash at end of period $ 133,735 $ 502 $ 134,237 |
Investments in Marketable Sec22
Investments in Marketable Securities (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | The following table summarizes the Company's investments in marketable securities: April 30, 2018 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper $ 2,500 $ — $ — $ 2,500 Corporate bonds 52,382 — (254 ) 52,128 U.S. treasury securities 16,150 — (68 ) 16,082 Total marketable securities $ 71,032 $ — $ (322 ) $ 70,710 January 31, 2018 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper $ 10,972 $ — $ (7 ) $ 10,965 Corporate bonds 57,172 — (243 ) 56,929 U.S. treasury securities 16,150 — (70 ) 16,080 Total marketable securities $ 84,294 $ — $ (320 ) $ 83,974 |
Schedule of Fair Value of Marketable Securities by Remaining Contractual Maturity | As of April 30, 2018 , the fair value of marketable securities by remaining contractual maturity consisted of the following: (in thousands) Fair Value Due within 1 year $ 67,737 Due in 1 to 2 years 2,973 Total marketable securities $ 70,710 |
Schedule of Investment Income | Investment income for the periods presented consisted of the following: Three months ended April 30, (in thousands) 2018 2017 Interest income $ 387 $ — Total investment income $ 387 $ — |
Fair Value of Financial Instr23
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes the Company's assets that are measured at fair value on a recurring basis, by level, within the fair value hierarchy: April 30, 2018 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds (1) $ 30,715 $ — $ — $ 30,715 Marketable securities: Commercial paper — 2,500 — 2,500 Corporate bonds — 52,128 — 52,128 U.S. treasury securities — 16,082 — 16,082 Total assets $ 30,715 $ 70,710 $ — $ 101,425 January 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds (1) $ 16,846 $ — $ — $ 16,846 Marketable securities: Commercial paper — 10,965 — 10,965 Corporate bonds — 56,929 — 56,929 U.S. treasury securities — 16,080 — 16,080 Total assets $ 16,846 $ 83,974 $ — $ 100,820 (1) Included in cash and cash equivalents on the condensed consolidated balance sheets. |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property and equipment, net consisted of the following: (in thousands) April 30, 2018 January 31, 2018 Furniture and fixtures $ 713 $ 719 Office equipment 5,437 4,636 Leasehold improvements 12,977 12,928 Computer software 4,563 4,563 Construction in progress 816 124 Total property and equipment 24,506 22,970 Less: accumulated depreciation (12,934 ) (11,532 ) Total property and equipment, net $ 11,572 $ 11,438 |
Accounts Payable, Accrued Exp25
Accounts Payable, Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable, Accrued Expenses and Other Current Liabilities | Accounts payable, accrued expenses and other current liabilities consisted of the following: (in thousands) April 30, 2018 January 31, 2018 Accounts payable $ 4,363 $ 4,253 Accrued employee compensation 5,074 11,341 Accrued professional services and associated costs 2,155 1,333 Accrued PowerListings Network application provider fees 1,862 1,860 Accrued sales and use tax 1,291 1,846 Accrued employee stock purchase plan withholdings liability 879 3,750 Accrued other liabilities 3,949 3,033 Total accounts payable, accrued expenses and other current liabilities $ 19,573 $ 27,416 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Options Activity | The following table summarizes stock option activity during the three months ended April 30, 2018 : Options Outstanding Outstanding Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Balance, January 31, 2018 22,512,856 $ 5.65 6.91 $ 146,471 Options granted — $ — Options exercised (1,677,696 ) $ 2.93 Options forfeited (295,010 ) $ 6.20 Balance, April 30, 2018 20,540,150 $ 5.86 6.77 $ 154,560 Vested and expected to vest 20,429,105 $ 5.86 6.76 $ 153,820 Exercisable at April 30, 2018 12,670,541 $ 4.67 5.71 $ 110,781 |
Schedule of Nonvested Share Activity | Nonvested option activity is as follows: Options Weighted-Average Grant Date Fair Value Nonvested as of January 31, 2018 9,241,953 $ 4.06 Options granted — $ — Options vested (1,077,334 ) $ 3.63 Options forfeited (295,010 ) $ 3.17 Balance as of April 30, 2018 7,869,609 $ 4.15 |
Schedule of Nonvested RSU Activity | The following table summarizes the activity related to the Company's restricted stock and restricted stock units: Outstanding Weighted-Average Grant Date Fair Value Balance as of January 31, 2018 4,457,585 $ 12.26 Granted - restricted stock and restricted stock units 501,737 $ 12.37 Vested and converted to shares (141,053 ) $ 12.43 Canceled (111,042 ) $ 12.48 Balance as of April 30, 2018 4,707,227 $ 12.27 |
Schedule of Share-Based Compensation Expense | The Company's stock-based compensation expense was as follows: Three months ended April 30, (in thousands) 2018 2017 Cost of revenue $ 566 $ 147 Sales and marketing 3,770 2,259 Research and development 1,556 563 General and administrative 2,101 1,093 Total stock-based compensation expense $ 7,993 $ 4,062 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments for Operating Leases | Future minimum annual payments for non-cancelable leases, PowerListings Network application provider agreements and other contractual obligations in the normal course of business as of April 30, 2018 are as follows (in thousands): Fiscal year ending January 31: Operating Leases Application Providers and Other 2019 $ 5,806 $ 12,865 2020 7,922 1,867 2021 7,228 236 2022 817 9 2023 and thereafter 2,412 42 Total $ 24,185 $ 15,019 |
Schedule of Future Minimum Contractual Obligation Payments | Future minimum annual payments for non-cancelable leases, PowerListings Network application provider agreements and other contractual obligations in the normal course of business as of April 30, 2018 are as follows (in thousands): Fiscal year ending January 31: Operating Leases Application Providers and Other 2019 $ 5,806 $ 12,865 2020 7,922 1,867 2021 7,228 236 2022 817 9 2023 and thereafter 2,412 42 Total $ 24,185 $ 15,019 |
Net Loss Per Share Attributab28
Net Loss Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders: Three months ended April 30, (in thousands, except share and per share data) 2018 2017 Numerator: Net loss attributable to common stockholders $ (18,136 ) $ (16,106 ) Denominator: Weighted-average common shares outstanding 94,942,773 40,466,620 Net loss per share attributable to common stockholders, basic and diluted $ (0.19 ) $ (0.40 ) |
Schedule of Antidilutive Securities | Anti-dilutive common equivalent shares were as follows: As of April 30, 2018 2017 Common stock warrants — 35,000 Options to purchase common stock 20,540,150 25,329,936 Restricted stock and restricted stock units 4,707,227 270,000 Shares estimated to be purchased under ESPP 291,544 — Total anti-dilutive common equivalent shares 25,538,921 25,634,936 |
Organization and Description 29
Organization and Description of Business (Details) | Apr. 30, 2018Provider |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of service and application providers | 150 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies - Narrative (Details) $ in Millions | 3 Months Ended | ||
Apr. 30, 2018segmentcustomer | Feb. 01, 2018USD ($) | Jan. 31, 2018customer | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Number of operating segments | segment | 1 | ||
ASC 606 Adjustments | Accounting Standards Update 2016-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Deferred income tax assets, net | $ 30.2 | ||
Accounts Receivable | Customer Concentration Risk | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Number of customers accounted for under concentration of credit risk | customer | 0 | 1 | |
Concentration risk, percentage | 12.00% | ||
Accumulated Deficit | ASC 606 Adjustments | Accounting Standards Update 2016-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cumulative effect of change on equity | $ 30.2 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 51,095 | $ 37,080 |
North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 44,870 | 34,920 |
International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 6,225 | $ 2,160 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Impact on Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net cash used in operating activities | $ 1,409 | $ (8,344) |
Net cash used in investing activities | 11,651 | (1,078) |
Net cash provided by financing activities | 6,169 | 118,698 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (193) | 41 |
Net increase in cash, cash equivalents and restricted cash | 19,036 | 109,317 |
Cash, cash equivalents and restricted cash at beginning of period | 34,367 | 24,920 |
Cash, cash equivalents and restricted cash at end of period | $ 53,403 | 134,237 |
Before ASC 606 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net cash used in operating activities | (8,346) | |
Net cash used in investing activities | (1,078) | |
Net cash provided by financing activities | 118,698 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 41 | |
Net increase in cash, cash equivalents and restricted cash | 109,315 | |
Cash, cash equivalents and restricted cash at beginning of period | 24,420 | |
Cash, cash equivalents and restricted cash at end of period | 133,735 | |
Accounting Standards Update 2016-09 | ASC 606 Adjustments | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net cash used in operating activities | 2 | |
Net cash used in investing activities | 0 | |
Net cash provided by financing activities | 0 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | |
Net increase in cash, cash equivalents and restricted cash | 2 | |
Cash, cash equivalents and restricted cash at beginning of period | 500 | |
Cash, cash equivalents and restricted cash at end of period | $ 502 |
Investments in Marketable Sec33
Investments in Marketable Securities - Investments at Amortized Cost and Fair Value (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2018 | Jan. 31, 2018 | |
Gain (Loss) on Investments [Line Items] | ||
Amortized Cost | $ 71,032,000 | $ 84,294,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (322,000) | (320,000) |
Fair Value | 70,710,000 | 83,974,000 |
Marketable securities held in a continuous unrealized loss position for more than 12 months | $ 0 | |
Marketable securities, contractual maturity term | 2 years | |
Commercial paper | ||
Gain (Loss) on Investments [Line Items] | ||
Amortized Cost | $ 2,500,000 | 10,972,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (7,000) |
Fair Value | 2,500,000 | 10,965,000 |
Corporate bonds | ||
Gain (Loss) on Investments [Line Items] | ||
Amortized Cost | 52,382,000 | 57,172,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (254,000) | (243,000) |
Fair Value | 52,128,000 | 56,929,000 |
U.S. treasury securities | ||
Gain (Loss) on Investments [Line Items] | ||
Amortized Cost | 16,150,000 | 16,150,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (68,000) | (70,000) |
Fair Value | $ 16,082,000 | $ 16,080,000 |
Investments in Marketable Sec34
Investments in Marketable Securities - Fair Value by Remaining Contractual Maturity (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Due within 1 year | $ 67,737 | |
Due in 1 to 2 years | 2,973 | |
Total marketable securities | $ 70,710 | $ 83,974 |
Investments in Marketable Sec35
Investments in Marketable Securities - Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||
Interest income | $ 387 | $ 0 |
Total investment income | $ 387 | $ 0 |
Fair Value of Financial Instr36
Fair Value of Financial Instruments (Details) - Recurring - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 101,425 | $ 100,820 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 2,500 | 10,965 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 52,128 | 56,929 |
U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 16,082 | 16,080 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 30,715 | 16,846 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 30,715 | 16,846 |
Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Level 1 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 30,715 | 16,846 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 70,710 | 83,974 |
Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 2,500 | 10,965 |
Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 52,128 | 56,929 |
Level 2 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 16,082 | 16,080 |
Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Level 3 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 0 | $ 0 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Details) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2018USD ($)segment | Apr. 30, 2017USD ($) | Jan. 31, 2018USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 4,835 | $ 4,924 | |
Number of operating segments | segment | 1 | ||
Intangible assets, net | $ 2,524 | $ 2,761 | |
Amortization of intangible assets | $ 200 | $ 200 | |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets useful life | 3 years | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets useful life | 15 years |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Jan. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 24,506 | $ 22,970 | |
Less: accumulated depreciation | (12,934) | (11,532) | |
Total property and equipment, net | 11,572 | 11,438 | |
Depreciation | 1,400 | $ 1,000 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 713 | 719 | |
Office equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 5,437 | 4,636 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 12,977 | 12,928 | |
Computer software | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 4,563 | 4,563 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 816 | $ 124 |
Accounts Payable, Accrued Exp39
Accounts Payable, Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 4,363 | $ 4,253 |
Accrued employee compensation | 5,074 | 11,341 |
Accrued professional services and associated costs | 2,155 | 1,333 |
Accrued PowerListings Network application provider fees | 1,862 | 1,860 |
Accrued sales and use tax | 1,291 | 1,846 |
Accrued employee stock purchase plan withholdings liability | 879 | 3,750 |
Accrued other liabilities | 3,949 | 3,033 |
Total accounts payable, accrued expenses and other current liabilities | $ 19,573 | $ 27,416 |
Stock-Based Compensation - Plan
Stock-Based Compensation - Plans (Details) - shares | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2016 | Apr. 30, 2018 | Feb. 01, 2018 | Mar. 10, 2016 | |
2008 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 25,912,531 | |||
2008 Equity Incentive Plan | Options to purchase common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award expiration period | 10 years | |||
Award vesting period | 4 years | |||
2016 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 10,000,000 | |||
Percentage of outstanding shares | 4.00% | |||
Number of shares authorized, annual increase (in shares) | 3,759,077 | |||
Number of shares available for futures issuance (in shares) | 5,334,265 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | Jan. 31, 2018 | |
Outstanding Stock Options | |||
Balance, January 31, 2018 (in shares) | 22,512,856 | ||
Options granted (in shares) | 0 | ||
Options exercised (in shares) | (1,677,696) | ||
Options forfeited (in shares) | (295,010) | ||
Balance, April 30, 2018 (in shares) | 20,540,150 | 22,512,856 | |
Vested and expected to vest at April 30, 2018 (in shares) | 20,429,105 | ||
Exercisable at April 30, 2018 (in shares) | 12,670,541 | ||
Weighted-Average Exercise Price (in dollars per share): | |||
Balance, January 31, 2018 (in dollars per share) | $ 5.65 | ||
Options granted (in dollars per share) | 0 | ||
Options exercised (in dollars per share) | 2.93 | ||
Options forfeited (in dollars per share) | 6.20 | ||
Balance, April 30, 2018 (in dollars per share) | 5.86 | $ 5.65 | |
Vested and expected to vest at April 30, 2018 (in dollars per share) | 5.86 | ||
Exercisable at April 30, 2018 (in dollars per share) | $ 4.67 | ||
Balance, Weighted-Average Remaining Contractual Life (in years) | 6 years 9 months 7 days | 6 years 10 months 28 days | |
Vested and expected to vest at April 30, 2018, Weighted-Average Contractual Life (in years) | 6 years 9 months 4 days | ||
Exercisable at April 30, 2018, Weighted-Average Contractual Life (in years) | 5 years 8 months 16 days | ||
Balance, Aggregate Intrinsic Value | $ 154,560 | $ 146,471 | |
Vested and expected to vest at April 30, 2018, Aggregate Intrinsic Value | 153,820 | ||
Exercisable at April 30, 2018, Aggregate Intrinsic Value | 110,781 | ||
Options exercised, intrinsic value | $ 16,200 | $ 22,500 | |
Options granted, weighted-average grant date fair value (in dollars per share) | $ 0 | $ 5.01 |
Stock-Based Compensation - Nonv
Stock-Based Compensation - Nonvested Option Activity (Details) - $ / shares | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||
Options, nonvested, number of shares (in shares), beginning of the period | 9,241,953 | |
Options granted (in shares) | 0 | |
Options, vested (in shares) | (1,077,334) | |
Options forfeited (in shares) | (295,010) | |
Options, nonvested, number of shares (in shares), end of the period | 7,869,609 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Nonvested, options, weighted-average grant date fair value (in dollars per share), beginning of period | $ 4.06 | |
Options granted, weighted-average grant date fair value (in dollars per share) | 0 | $ 5.01 |
Options vested, weighted-average grant date fair value (in dollars per share) | 3.63 | |
Options forfeited, weighted-average grant date fair value (in dollars per share) | 3.17 | |
Nonvested, options, weighted-average grant date fair value (in dollars per share), end of period | $ 4.15 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock (Details) - Restricted stock and restricted stock units | 3 Months Ended |
Apr. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Balance as of January 31, 2018 (in shares) | shares | 4,457,585 |
Granted - restricted stock and restricted stock units (in shares) | shares | 501,737 |
Vested and converted to shares (in shares) | shares | (141,053) |
Canceled (in shares) | shares | (111,042) |
Balance as of April 30, 2018 (in shares) | shares | 4,707,227 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Balance as of January 31, 2018 (in dollars per share) | $ / shares | $ 12.26 |
Granted - restricted stock and restricted stock units (in dollars per share) | $ / shares | 12.37 |
Vested and converted to shares (in dollars per share) | $ / shares | 12.43 |
Canceled (in dollars per share) | $ / shares | 12.48 |
Balance as of April 30, 2018 (in dollars per share) | $ / shares | $ 12.27 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Apr. 30, 2018 | Apr. 30, 2017 | Feb. 01, 2018 | Jan. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Issuance of common stock under employee stock purchase plan | $ 4,091 | ||||
Withholding on behalf of employees for future purchases | 879 | $ 3,750 | |||
Stock-based compensation expense | $ 7,993 | $ 4,062 | |||
Shares committed under 2017 ESPP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized (in shares) | 2,002,242 | ||||
Number of shares authorized, annual increase (in shares) | 939,769 | 2,500,000 | |||
Number of shares authorized, annual increase, percentage of outstanding shares at the end of prior fiscal year | 1.00% | ||||
Issuance of common stock under employee stock purchase plans (in shares) | 437,527 | ||||
Shares purchased under plan (in dollars per share) | $ 9.35 | ||||
Issuance of common stock under employee stock purchase plan | $ 4,100 | ||||
Number of shares purchased under plan (in shares) | 291,544 | ||||
Expected life (years) | 6 months | ||||
Expected volatility | 34.41% | ||||
Fair value assumptions, risk free interest rate | 1.95% | ||||
Dividend yield | 0.00% | ||||
Stock-based compensation expense | $ 500 | ||||
Unrecognized compensation cost | $ 700 | ||||
Unrecognized compensation cost, period for recognition | 4 months 17 days | ||||
Maximum payroll deduction (as a percent of eligible compensation) | 15.00% | ||||
Purchase price of common stock (as a percent) | 85.00% |
Stock-Based Compensation - St45
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 7,993 | $ 4,062 |
Unrecognized compensation cost, stock options | 80,700 | |
Stock-based compensation related to internal-use software development (less than $0.1 million in the six months ended June 30, 2016) | 100 | 100 |
Cost of revenue | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 566 | 147 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 3,770 | 2,259 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 1,556 | 563 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 2,101 | $ 1,093 |
Options to purchase common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Unrecognized compensation cost, period for recognition | 3 years |
Stock-Based Compensation - Valu
Stock-Based Compensation - Valuation Assumptions (Details) - Employee Stock Options | 3 Months Ended |
Apr. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (years) | 6 years 29 days |
Expected volatility, minimum | 49.39% |
Expected volatility, maximum | 49.52% |
Dividend yield | 0.00% |
Risk-free rate, minimum | 2.03% |
Risk-free rate, maximum | 2.13% |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2017$ / sharesshares | Apr. 30, 2018USD ($)vote$ / sharesshares | Apr. 30, 2017USD ($)$ / sharesshares | Jan. 31, 2018USD ($)vote$ / sharesshares | |
Class of Stock [Line Items] | ||||
Change in fair value of convertible preferred stock warrant liability | $ | $ 0 | $ 491 | ||
Conversion of preferred stock warrant | $ | $ 1,400 | $ 1,435 | ||
Preferred stock shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
Preferred stock par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock shares issued (in shares) | 0 | 0 | ||
Preferred stock shares outstanding (in shares) | 0 | 0 | ||
Common stock shares authorized (in shares) | 500,000,000 | 500,000,000 | ||
Common stock par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||
Common stock number of votes per share | vote | 1 | 1 | ||
Treasury stock (in shares) | 6,505,334 | 6,505,334 | ||
Treasury stock | $ | $ 11,905 | $ 11,905 | ||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Conversion of preferred stock (in shares) | 43,594,000 | |||
Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Convertible preferred stock automatically converted into warrants exercisable (in shares) | 110,937 | |||
IPO | Common Stock | ||||
Class of Stock [Line Items] | ||||
Conversion of preferred stock (in shares) | 43,594,753 |
Debt (Details)
Debt (Details) - USD ($) | Mar. 16, 2016 | Apr. 30, 2018 | Jan. 31, 2018 |
Line of Credit Facility [Line Items] | |||
Long-term debt | $ 0 | $ 0 | |
Line of Credit | Silicon Valley Bank | |||
Line of Credit Facility [Line Items] | |||
Covenant terms, minimum adjusted quick ratio | 1.25 | ||
Line of Credit | Silicon Valley Bank | Revolving Credit Line | |||
Line of Credit Facility [Line Items] | |||
Borrowing capacity | $ 15,000,000 | ||
Commitment fee, percentage | 0.25% | ||
Remaining borrowing capacity | $ 15,000,000 | ||
Line of Credit | Silicon Valley Bank | Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Borrowing capacity | $ 7,000,000 | ||
Commitment fee, percentage | 1.75% | ||
Line of Credit | Prime Rate | Silicon Valley Bank | Revolving Credit Line | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.50% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 285 | $ 32 |
U.S. federal statutory tax rate | 21.00% |
Commitments and Contingencies50
Commitments and Contingencies (Details) $ in Thousands | Apr. 30, 2018USD ($) |
Operating Leases | |
2,019 | $ 5,806 |
2,020 | 7,922 |
2,021 | 7,228 |
2,022 | 817 |
2023 and thereafter | 2,412 |
Total | 24,185 |
Application Providers and Other | |
2,019 | 12,865 |
2,020 | 1,867 |
2,021 | 236 |
2,022 | 9 |
2023 and thereafter | 42 |
Total | $ 15,019 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Rent expense | $ 1.8 | $ 1.5 |
Net Loss Per Share Attributab52
Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Net loss attributable to common stockholders | $ (18,136) | $ (16,106) | $ (66,565) |
Weighted-average common shares outstanding (in shares) | 94,942,773 | 40,466,620 | |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.19) | $ (0.40) |
Net Loss Per Share Attributab53
Net Loss Per Share Attributable to Common Stockholders Anti-dilutive common equivalent shares (Details) - shares | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities xxcluded from computation of earnings per share | 25,538,921 | 25,634,936 |
Common stock warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities xxcluded from computation of earnings per share | 0 | 35,000 |
Restricted stock and restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities xxcluded from computation of earnings per share | 4,707,227 | 270,000 |
Shares committed under 2017 ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities xxcluded from computation of earnings per share | 291,544 | 0 |
Common Stock | Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities xxcluded from computation of earnings per share | 20,540,150 | 25,329,936 |