Cover page
Cover page - shares | 6 Months Ended | |
Jul. 31, 2019 | Aug. 19, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-38056 | |
Entity Registrant Name | YEXT, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-8059722 | |
Entity Address, Address Line One | 1 Madison Ave, 5th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10010 | |
City Area Code | 212 | |
Local Phone Number | 994-3900 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | YEXT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Reporting Company | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 112,753,106 | |
Entity Central Index Key | 0001614178 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2019 | Jan. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 268,801 | $ 91,755 |
Marketable securities | 5,394 | 51,021 |
Accounts receivable, net of allowances of $119 and $256, respectively | 37,033 | 55,341 |
Prepaid expenses and other current assets | 13,776 | 14,135 |
Costs to obtain revenue contracts, current | 20,242 | 17,817 |
Total current assets | 345,246 | 230,069 |
Restricted cash | 12,100 | 0 |
Property and equipment, net | 14,208 | 11,077 |
Operating lease right-of-use assets | 110,314 | |
Costs to obtain revenue contracts, non-current | 18,339 | 18,366 |
Goodwill | 4,566 | 4,660 |
Intangible assets, net | 1,550 | 1,960 |
Other long term assets | 1,830 | 996 |
Total assets | 508,153 | 267,128 |
Current liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 43,070 | 44,236 |
Unearned revenue, current | 122,731 | 135,544 |
Operating lease liabilities, current | 6,911 | |
Total current liabilities | 172,712 | 179,780 |
Operating lease liabilities, non-current | 108,699 | |
Other long term liabilities | 1,603 | 2,799 |
Total liabilities | 283,014 | 182,579 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value per share; 50,000,000 shares authorized at July 31, 2019 and January 31, 2019; zero shares issued and outstanding at July 31, 2019 and January 31, 2019 | 0 | 0 |
Common stock, $0.001 par value per share; 500,000,000 shares authorized at July 31, 2019 and January 31, 2019; 119,187,662 and 108,678,234 shares issued at July 31, 2019 and January 31, 2019, respectively; 112,682,328 and 102,172,900 shares outstanding at July 31, 2019 and January 31, 2019, respectively | 119 | 109 |
Additional paid-in capital | 588,255 | 398,882 |
Accumulated other comprehensive loss | (1,971) | (1,428) |
Accumulated deficit | (349,359) | (301,109) |
Treasury stock, at cost | (11,905) | (11,905) |
Total stockholders’ equity | 225,139 | 84,549 |
Total liabilities and stockholders’ equity | $ 508,153 | $ 267,128 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2019 | Jan. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 119 | $ 256 |
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) | 119,187,662 | 108,678,234 |
Common stock shares outstanding (in shares) | 112,682,328 | 102,172,900 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 72,373 | $ 54,923 | $ 141,081 | $ 105,911 |
Cost of revenue | 19,269 | 14,086 | 35,742 | 26,886 |
Gross profit | 53,104 | 40,837 | 105,339 | 79,025 |
Operating expenses: | ||||
Sales and marketing | 52,371 | 38,298 | 98,769 | 74,125 |
Research and development | 12,686 | 9,983 | 22,592 | 17,712 |
General and administrative | 18,344 | 12,060 | 33,535 | 23,598 |
Total operating expenses | 83,401 | 60,341 | 154,896 | 115,435 |
Loss from operations | (30,297) | (19,504) | (49,557) | (36,410) |
Interest income | 1,377 | 402 | 2,283 | 759 |
Interest expense | (79) | (35) | (132) | (72) |
Other expense, net | (203) | (219) | (409) | (389) |
Loss from operations before income taxes | (29,202) | (19,356) | (47,815) | (36,112) |
(Provision for) benefit from income taxes | (89) | (40) | (435) | (325) |
Net loss | $ (29,291) | $ (19,396) | $ (48,250) | $ (36,437) |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.26) | $ (0.20) | $ (0.44) | $ (0.38) |
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares) | 111,777,703 | 97,511,660 | 109,159,753 | 96,248,506 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustment | $ (899) | $ (12) | $ (585) | $ (105) |
Unrealized gain on marketable securities, net | 7 | 113 | 42 | 111 |
Total comprehensive loss | $ (30,183) | $ (19,295) | $ (48,793) | $ (36,431) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Treasury Stock |
Beginning of period (in shares) at Jan. 31, 2018 | 93,977,000 | |||||
Beginning of period at Jan. 31, 2018 | $ 81,453 | $ 100 | $ 328,344 | $ (1,636) | $ (233,450) | $ (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 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 | |||||
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 | |||
Stock-based compensation | 8,066 | 8,066 | ||||
Other comprehensive income | (95) | (95) | ||||
Net loss | (17,041) | (17,041) | ||||
End of period (in shares) at Apr. 30, 2018 | 96,238,000 | |||||
End of period at Apr. 30, 2018 | 88,565 | $ 103 | 345,408 | (1,728) | (243,313) | (11,905) |
Beginning of period (in shares) at Jan. 31, 2018 | 93,977,000 | |||||
Beginning of period at Jan. 31, 2018 | 81,453 | $ 100 | 328,344 | (1,636) | (233,450) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (36,437) | |||||
End of period (in shares) at Jul. 31, 2018 | 98,461,000 | |||||
End of period at Jul. 31, 2018 | 85,583 | $ 105 | 361,719 | (1,627) | (262,709) | (11,905) |
Beginning of period (in shares) at Jan. 31, 2018 | 93,977,000 | |||||
Beginning of period at Jan. 31, 2018 | 81,453 | $ 100 | 328,344 | (1,636) | (233,450) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 5,901,000 | |||||
Exercise of stock options | 18,862 | $ 5 | 18,857 | |||
Vested restricted stock units converted to common shares (in shares) | 1,585,000 | |||||
Vested restricted stock units converted to common shares | 0 | $ 3 | (3) | |||
Issuance of restricted stock (in shares) | 16,000 | |||||
Issuance of restricted stock | 0 | |||||
Issuance of common stock under employee stock purchase plans (in shares) | 694,000 | |||||
Issuance of common stock under employee stock purchase plan | 6,778 | $ 1 | 6,777 | |||
Stock-based compensation | 44,907 | 44,907 | ||||
Other comprehensive income | 205 | 205 | ||||
Net loss | (74,837) | (74,837) | ||||
End of period (in shares) at Jan. 31, 2019 | 102,173,000 | |||||
End of period at Jan. 31, 2019 | 84,549 | $ 109 | 398,882 | (1,428) | (301,109) | (11,905) |
Beginning of period (in shares) at Apr. 30, 2018 | 96,238,000 | |||||
Beginning of period at Apr. 30, 2018 | 88,565 | $ 103 | 345,408 | (1,728) | (243,313) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 1,833,000 | |||||
Exercise of stock options | 5,232 | $ 1 | 5,231 | |||
Vested restricted stock units converted to common shares (in shares) | 378,000 | |||||
Vested restricted stock units converted to common shares | 0 | $ 1 | (1) | |||
Issuance of restricted stock (in shares) | 12,000 | |||||
Issuance of restricted stock | 0 | |||||
Stock-based compensation | 11,081 | 11,081 | ||||
Other comprehensive income | 101 | 101 | ||||
Net loss | (19,396) | (19,396) | ||||
End of period (in shares) at Jul. 31, 2018 | 98,461,000 | |||||
End of period at Jul. 31, 2018 | 85,583 | $ 105 | 361,719 | (1,627) | (262,709) | (11,905) |
Beginning of period (in shares) at Jan. 31, 2019 | 102,173,000 | |||||
Beginning of period at Jan. 31, 2019 | 84,549 | $ 109 | 398,882 | (1,428) | (301,109) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 1,096,000 | |||||
Exercise of stock options | 4,996 | $ 1 | 4,995 | |||
Vested restricted stock units converted to common shares (in shares) | 557,000 | |||||
Vested restricted stock units converted to common shares | 0 | |||||
Issuance of restricted stock (in shares) | 4,000 | |||||
Issuance of restricted stock | 0 | |||||
Issuance of common stock under employee stock purchase plans (in shares) | 170,000 | |||||
Issuance of common stock under employee stock purchase plan | 3,283 | $ 0 | 3,283 | |||
Stock-based compensation | 13,472 | 13,472 | ||||
Other comprehensive income | 349 | 349 | ||||
Net loss | (18,959) | (18,959) | ||||
Common stock offering, net of issuance costs (in shares) | 7,000,000 | |||||
Common stock offering, net of issuance costs of $530 | 146,470 | $ 7 | 146,463 | |||
End of period (in shares) at Apr. 30, 2019 | 111,000,000 | |||||
End of period at Apr. 30, 2019 | 234,160 | $ 117 | 567,095 | (1,079) | (320,068) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance costs | 530 | |||||
Beginning of period (in shares) at Jan. 31, 2019 | 102,173,000 | |||||
Beginning of period at Jan. 31, 2019 | $ 84,549 | $ 109 | 398,882 | (1,428) | (301,109) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 1,926,359 | 1,926,000 | ||||
Exercise of stock options | $ 9,133 | $ 2 | 9,131 | |||
Vested restricted stock units converted to common shares (in shares) | 1,402,000 | |||||
Vested restricted stock units converted to common shares | 0 | $ 1 | (1) | |||
Issuance of restricted stock (in shares) | 11,000 | |||||
Issuance of restricted stock | 0 | |||||
Issuance of common stock under employee stock purchase plans (in shares) | 170,000 | |||||
Issuance of common stock under employee stock purchase plan | 3,283 | 3,283 | ||||
Stock-based compensation | 30,497 | 30,497 | ||||
Other comprehensive income | (543) | (543) | ||||
Net loss | (48,250) | (48,250) | ||||
Common stock offering, net of issuance costs (in shares) | 7,000,000 | |||||
Common stock offering, net of issuance costs of $530 | 146,470 | $ 7 | 146,463 | |||
End of period (in shares) at Jul. 31, 2019 | 112,682,000 | |||||
End of period at Jul. 31, 2019 | 225,139 | $ 119 | 588,255 | (1,971) | (349,359) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance costs | 500 | |||||
Beginning of period (in shares) at Apr. 30, 2019 | 111,000,000 | |||||
Beginning of period at Apr. 30, 2019 | 234,160 | $ 117 | 567,095 | (1,079) | (320,068) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 830,000 | |||||
Exercise of stock options | 4,137 | $ 1 | 4,136 | |||
Vested restricted stock units converted to common shares (in shares) | 845,000 | |||||
Vested restricted stock units converted to common shares | 0 | $ 1 | (1) | |||
Issuance of restricted stock (in shares) | 7,000 | |||||
Issuance of restricted stock | 0 | |||||
Stock-based compensation | 17,025 | 17,025 | ||||
Other comprehensive income | (892) | (892) | ||||
Net loss | (29,291) | (29,291) | ||||
End of period (in shares) at Jul. 31, 2019 | 112,682,000 | |||||
End of period at Jul. 31, 2019 | $ 225,139 | $ 119 | $ 588,255 | $ (1,971) | $ (349,359) | $ (11,905) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2019 | Apr. 30, 2019 | Jul. 31, 2018 | Apr. 30, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Jan. 31, 2019 | Jul. 31, 2019 | Jan. 31, 2019 | Jul. 31, 2018 | |
Operating activities: | ||||||||||
Net loss | $ (29,291) | $ (18,959) | $ (19,396) | $ (17,041) | $ (48,250) | $ (36,437) | $ (74,837) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Depreciation and amortization | 3,822 | 3,241 | ||||||||
Provision for bad debts | 19 | 353 | ||||||||
Stock-based compensation expense | 29,825 | 19,021 | ||||||||
Deferred income taxes | (58) | (57) | ||||||||
Amortization of deferred financing costs | 117 | 66 | ||||||||
Amortization of (discount) premium on marketable securities | (129) | 47 | ||||||||
Amortization of operating lease right-of-use assets | 4,710 | |||||||||
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | 17,927 | 16,489 | ||||||||
Prepaid expenses and other current assets | 72 | (3,690) | ||||||||
Costs to obtain revenue contracts | (2,563) | (4,659) | ||||||||
Other long term assets | (1,058) | (94) | ||||||||
Accounts payable, accrued expenses and other current liabilities | (561) | 5,706 | ||||||||
Unearned revenue | (12,205) | (2,397) | ||||||||
Operating lease liabilities | (2,399) | |||||||||
Other long term liabilities | 114 | (605) | ||||||||
Net cash used in operating activities | (10,617) | (3,016) | ||||||||
Investing activities: | ||||||||||
Purchases of marketable securities | 0 | (24,692) | ||||||||
Maturities of marketable securities | 45,797 | 31,067 | ||||||||
Capital expenditures | (4,449) | (2,703) | ||||||||
Net cash provided by investing activities | 41,348 | 3,672 | ||||||||
Financing activities: | ||||||||||
Proceeds from common stock offering, net of underwriting discounts and commissions | 147,000 | 0 | ||||||||
Payments of deferred offering costs | (530) | 0 | ||||||||
Proceeds from exercise of stock options | 9,167 | 10,165 | ||||||||
Payments of deferred financing costs | (260) | (159) | ||||||||
Proceeds, net from employee stock purchase plan withholdings | 3,647 | 2,479 | ||||||||
Net cash provided by financing activities | 159,024 | 12,485 | ||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (609) | (353) | ||||||||
Net increase in cash, cash equivalents and restricted cash | 189,146 | 12,788 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 91,755 | 34,367 | 91,755 | 34,367 | 34,367 | |||||
Cash, cash equivalents and restricted cash at end of period | 280,901 | 47,155 | 280,901 | 47,155 | 91,755 | |||||
Supplemental Cash Flow Information [Abstract] | ||||||||||
Cash and cash equivalents | $ 268,801 | $ 91,755 | $ 47,155 | |||||||
Restricted cash | 12,100 | 0 | 0 | |||||||
Cash, cash equivalents and restricted cash at end of period | $ 280,901 | $ 91,755 | $ 47,155 | $ 34,367 | $ 91,755 | $ 34,367 | $ 91,755 | $ 280,901 | $ 91,755 | $ 47,155 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jul. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Yext, Inc. (the "Company") is the platform that puts businesses in control of their facts online with brand-verified answers in search. The Yext platform allows companies to control the facts about their business and sync it to the Company's Knowledge Network of more than 150 third-party service and application providers, including Amazon Alexa, Apple Maps, Bing, Cortana, Facebook, Google, Google Assistant, Google Maps, Siri and Yelp, that end consumers around the globe use to discover new businesses, read reviews and find accurate answers to their queries. The Yext platform 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 st . References to fiscal 2020 , for example, are to the fiscal year ending January 31, 2020 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 31, 2019 | |
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, 2019 , filed with the SEC on March 15, 2019 (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. The condensed consolidated balance sheet as of January 31, 2019 , 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 and six months ended July 31, 2019 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending January 31, 2020 , or any other period. Except as described elsewhere in this Note 2 under the heading “Recent Accounting Pronouncements”, there have been no material changes to the Company's significant accounting policies as described in the Form 10-K. Certain prior period amounts have been reclassified to conform to the current period presentation. Amounts classified as deferred rent, current and deferred rent, non-current in the Form 10-K as of January 31, 2019, are now included in accounts payable, accrued expenses and other current liabilities and other long term liabilities, respectively, on the Company's condensed consolidated balance sheet. Amounts previously within Interest expense, net, in the Form 10-Q for the three and six months ended July 31, 2018 , are now classified separately as Interest income and Interest expense, and amounts previously classified as Investment income in the Form 10-Q for the three and six months ended July 31, 2018 , are included within Interest income on the Company's condensed consolidated statement of operations and comprehensive loss. All periods presented in this Form 10-Q are accounted for under "Revenue from Contracts with Customers" Accounting Standard Codification ("ASC") 606, which the Company adopted in its Form 10-K for the fiscal year ended January 31, 2019, the effects of which were recognized effective February 1, 2018. The statement of cash flows for the six months ended July 31, 2018 reflects this adoption, which did not result in any changes to the classification among the total operating, investing or financing activity line items. 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 those financial statements and the reported amounts of revenue and expense during the reporting period. These estimates include, but are not limited to, the standalone selling prices ("SSP") of performance obligations, the incremental borrowing rate associated with lease liabilities, the useful life of capitalized costs to obtain customer contracts, income taxes, and the fair value of stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that it 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 is the provider of the Yext platform and operates as one operating segment. An operating segment is defined as a component of an enterprise for which separate financial information is evaluated regularly by the chief operating decision makers ("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 the Yext 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. Revenue Recognition The Company derives its revenue primarily from its subscriptions and associated support to the Yext platform. The Company's subscriptions do not provide customers with the right to take possession of the software supporting the applications and, as a result, are accounted for as service contracts. The Company recognizes revenue upon transfer of control of services to its customers, including third-party resellers, in an amount that reflects the consideration it expects to receive in exchange for those services. The recognition of revenue is determined through application of the following five-step model: • Identification of the contract(s) with customers; • Identification of the performance obligation(s) in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligation(s) in the contract; and • Recognition of revenue when or as the performance obligation(s) are satisfied The Company identifies the performance obligations in a contract with a customer and determines whether they are distinct, or distinct within the context of the contract. When there is more than one distinct performance obligation in a contract, the Company allocates the transaction price to the performance obligations on a relative standalone selling price basis. The Company estimates the amount of consideration expected to be received in exchange for transferring services if the consideration promised in a contract includes a variable amount. Revenue is generally recognized ratably over the contract term beginning on the commencement date of each contract, which is the date the Yext platform is made available to customers. Contracts are typically one year in length, but may be up to three years or longer in length. At the beginning of each subscription term the Company invoices its customers, typically in annual installments but also monthly, quarterly, and semi-annually. Amounts that have been invoiced for non-cancelable contracts are recorded in accounts receivable and in unearned revenue or revenue, depending on when the transfer of control to customers has occurred. The Company reports revenue net of sales tax and other taxes collected from customers to be remitted to government authorities. Costs Capitalized to Obtain Revenue Contracts The Company capitalizes incremental costs of obtaining revenue contracts. Incremental costs capitalized primarily include sales commissions for new and renewal revenue contracts, certain related incentives, and associated payroll tax and fringe benefit costs. Capitalized amounts are recoverable through future revenue streams under all customer contracts. Costs capitalized to obtain new revenue contracts are amortized on a straight-line basis over three years , which reflects the average benefit period, and may be longer than the initial contract period. The Company determined the average benefit period having considered both qualitative and quantitative factors, most notably the estimated life of capitalized software development costs resulting from additional functionality to the Yext platform. The Company amortizes costs capitalized for contract renewals over the renewal term, reflecting the average benefit period for such renewals, which is typically one year . Amortization of costs capitalized to obtain revenue contracts is included in sales and marketing expense in the accompanying consolidated statements of operations and comprehensive loss. The Company periodically evaluates whether there have been any changes in its business, market conditions, or other events which would indicate that its amortization period should be changed, or if there are potential indicators of impairment. During the three and six months ended July 31, 2019 , the Company capitalized $7.4 million and $12.6 million of costs to obtain revenue contracts and amortized $5.3 million and $10.2 million to sales and marketing expense, respectively. Costs capitalized to obtain revenue contracts on the Company's consolidated balance sheet totaled $38.6 million at July 31, 2019 . 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. The Company deposits its cash with financial institutions, and such deposits, at times, may exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. Collateral is not required for accounts receivable. At July 31, 2019 and January 31, 2019 , no single customer accounted for more than 10% of the Company's accounts receivable. No single customer accounted for more than 10% of the Company's revenue for the three and six months ended July 31, 2019 and 2018 , respectively. Recent Accounting Pronouncements Adoption of New Accounting Standard - ASU 2016-02 In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, "Leases" ("ASU 2016-02"), which introduced and codified new lease accounting guidance under ASC 842. This standard requires lessees to record a lease liability, initially measured at the present value of future lease payments, and a right-of-use asset, associated with operating leases, on its balance sheet. The standard also requires a single lease expense to be recognized within the statement of operations on a straight-line basis over the lease term. The Company adopted the new standard on February 1, 2019, which resulted in the Company recording lease liabilities and right-of-use assets associated with its operating leases on its balance sheet, and did not have a material effect on the statement of operations and comprehensive loss. The Company utilized the modified retrospective adoption approach, whereby all prior periods continue to be reported under previous lease accounting guidance. The Company elected the package of practical expedients to not reassess prior conclusions related to lease identification, classification and initial direct costs, and did not elect the hindsight practical expedient which would have permitted the use of hindsight in determining the lease term and assessing impairment. See Note 13 "Leases" for further discussion on the Company's accounting for leases under ASC 842. Adoption of New Accounting Standard - ASU 2018-07 The Company prospectively adopted ASU 2018-07, "Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting" on February 1, 2019. The Company will not apply a forfeiture rate assumption to value stock-based awards issued to non-employees, given the nature of the services provided. The adoption of this standard did not have a material effect on the Company's condensed consolidated financial statements. Adoption of New Accounting Standard - ASU 2018-15 The Company prospectively adopted ASU 2018-15, "Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract" on February 1, 2019. As a result, eligible implementation costs capitalized in a cloud computing arrangement are included in the Prepaid expenses and other current assets on the balance sheet. Such costs are recognized on a straight-line basis over the estimated useful life in the statement of operations and comprehensive loss in the same line item as the fees for the associated arrangement, and the related activity is generally classified as an operating activity in the statement of cash flows. The adoption of this standard did not have a material effect on the Company's condensed consolidated financial statements as of and for the three and six months ended July 31, 2019 . New Accounting Standard To Be Adopted - ASU 2016-13 In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments." This standard changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which may result in earlier recognition of allowances for losses, and require expected credit losses to be reflected as allowances rather than reductions in the amortized cost of available-for-sale debt securities. This Company expects to adopt this standard on February 1, 2020. The Company is currently evaluating the potential impact of adopting this new accounting guidance on its condensed consolidated financial statements. |
Revenue
Revenue | 6 Months Ended |
Jul. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue The Company disaggregates its revenue from contracts with customers by geographic region, as it believes this best depicts how the nature, amount, timing, and uncertainty of its revenues and cash flows are affected by economic factors. Revenue by geographic region is determined based on the region of the Company's contracting entity, which may be different than the region of its customers. North America revenue is predominantly attributable to the United States but also includes Canada. International revenue is predominantly attributable to Europe. The following table presents the Company's revenue by geographic region: Three months ended July 31, Six months ended July 31, (in thousands) 2019 2018 2019 2018 North America $ 59,941 $ 47,976 $ 116,453 $ 92,843 International 12,432 6,947 24,628 13,068 Total revenue $ 72,373 $ 54,923 $ 141,081 $ 105,911 Significant Judgments Significant judgments and estimates may be required to determine the appropriate application of accounting related to revenue, including whether performance obligations are distinct and assessments regarding the transaction price. The Company has identified that it has two distinct performance obligations. The Company predominantly recognizes revenue through its performance obligation of a subscription and associated support to the Yext platform. The performance obligation is distinct because a customer's use of the Yext platform is fully functional upon access, does not require any additional development, modification or customization, and is often sold separately. In certain instances, the Company enters into a contract with a customer that includes a promise to provide certain technical or customized professional services, in addition to a promise to provide its subscriptions and associated support. The Company's professional services performance obligation is distinct as it does not significantly change or enhance the functionality of the Yext platform. In those instances when a contract includes more than one performance obligation, the Company must allocate the transaction price to the performance obligations on a relative standalone selling price basis. SSP represents the price at which a company would sell a promised product or service separately to a customer. The Company determines the SSP based on a series of complex factors. The Company's selling prices associated with its subscription and associated support are considered highly variable based on discounting practices, customer geography, customer size, and other such factors. In contrast, the Company's selling prices associated with its professional services are more observable, predictable and consistent. Accordingly, the Company uses the residual method, under which the total transaction price and observable SSP of the professional services performance obligation is used to arrive at the estimated SSP of the subscription and associated support performance obligation. The Company's revenue is predominantly related to its subscription and associated support to the Yext platform. Professional services revenue accounted for less than 5% of the Company's total revenue for each of the six months ended July 31, 2019 and 2018 . Contract Liabilities A contract liability is an obligation to transfer goods or services for which consideration has been received or is due to a customer. The Company's contract liabilities consist primarily of unearned revenue and, to a lesser extent, customer deposits. As of July 31, 2019 , unearned revenue, current was $122.7 million and unearned revenue, non-current was $0.2 million and included within other long term liabilities on the Company's condensed consolidated balance sheet. Unearned revenue represents amounts billed, or payments received, in advance of revenue recognition for which the Company has an unconditional obligation to transfer goods or services associated with a non-cancelable contract. Unearned revenue is subsequently recognized as revenue when transfer of control to a customer has occurred. $92.4 million of revenue recognized during the six months ended July 31, 2019 was included in unearned revenue at the beginning of the period. The unearned revenue balance is influenced by several factors, including seasonality, the compounding effects of renewals, and invoice duration, timing and size. The portion of unearned revenue expected to be recognized during the succeeding twelve-month period is classified as unearned revenue, current, and the remaining portion is classified within Other long term liabilities in the Company’s condensed consolidated balance sheet. Customer deposits represent payments received in advance in instances where a revenue contract is cancelable in nature, and therefore the Company does not have an unconditional obligation to transfer control to a customer. As of July 31, 2019 and January 31, 2019 , customer deposits of $0.7 million and $1.1 million were included in Accounts payable, accrued expenses and other current liabilities on the Company's condensed consolidated balance sheet, respectively. Remaining Performance Obligations The transaction price allocated to remaining performance obligations represents contracted revenue which is expected to be recognized as revenue in future periods, and includes unearned revenue and non-cancelable unbilled amounts. As of July 31, 2019 , the Company has approximately $259.0 million of remaining performance obligations from revenue contracts, of which $241.7 million is expected to be recognized as revenue over the next twenty-four months, with the balance recognized thereafter. |
Investments in Marketable Secur
Investments in Marketable Securities | 6 Months Ended |
Jul. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Marketable Securities | Investments in Marketable Securities The following tables summarize the Company's investments in marketable securities: July 31, 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds $ — $ — $ — $ — U.S. treasury securities 5,392 2 — 5,394 Total marketable securities $ 5,392 $ 2 $ — $ 5,394 January 31, 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds $ 16,949 $ — $ (28 ) $ 16,921 U.S. treasury securities 34,112 — (12 ) 34,100 Total marketable securities $ 51,061 $ — $ (40 ) $ 51,021 As of July 31, 2019 , the Company had no marketable securities in an unrealized loss position. The Company had no material reclassification adjustments out of accumulated other comprehensive loss into net loss in any of the periods presented. As of July 31, 2019 , the Company's marketable securities have an original contractual maturity and a remaining contractual maturity of one year or less. The Company classifies interest income on investments in marketable securities, amortization of premiums and discounts, realized gains and losses and other-than-temporary declines in fair value on securities available for sale within Interest income in the statement of operations and comprehensive loss. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jul. 31, 2019 | |
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 Company's assets measured at fair value on a recurring basis, by level, within the fair value hierarchy are as follows: July 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds (1) $ 224,185 $ — $ — $ 224,185 Marketable securities: Corporate bonds — — — — U.S. treasury securities (2) — 5,394 — 5,394 Restricted cash: Money market funds 12,100 — — 12,100 Total assets $ 236,285 $ 5,394 $ — $ 241,679 January 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds (1) $ 42,021 $ — $ — $ 42,021 Marketable securities: Corporate bonds — 16,921 — 16,921 U.S. treasury securities (2) — 34,100 — 34,100 Total assets $ 42,021 $ 51,021 $ — $ 93,042 (1) Included in cash and cash equivalents on the condensed consolidated balance sheets. (2) The Company's U.S. treasury securities purchased with an original maturity of less than three months from the purchase date are classified as cash and cash equivalents, and those purchased with an original maturity of three months or more are classified as marketable securities, respectively, on its condensed consolidated balance sheet. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jul. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Intangible Assets Goodwill As of July 31, 2019 and January 31, 2019 , the Company had goodwill of $4.6 million and $4.7 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. 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, which represents its one reporting unit. 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 six months ended July 31, 2019 and 2018 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 July 31, 2019 and January 31, 2019 , the Company had intangible assets, net of $1.6 million and $2.0 million , respectively. The Company's intangible assets are amortized on a straight‑line basis over their estimated useful lives. 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 has no indefinite-lived intangible assets. The Company determined that no events occurred or circumstances changed during the six months ended July 31, 2019 and 2018 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 $0.1 million and $0.3 million for the three and six months ended July 31, 2019 , respectively and $0.2 million and $0.3 million for the three and six months ended July 31, 2018 |
Property and Equipment, net
Property and Equipment, net | 6 Months Ended |
Jul. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net consisted of the following: (in thousands) July 31, 2019 January 31, 2019 Furniture and fixtures $ 954 $ 719 Office equipment 9,195 7,662 Leasehold improvements 14,515 13,090 Computer software 7,084 6,461 Construction in progress 1,572 144 Software in progress 2,059 697 Total property and equipment 35,379 28,773 Less: accumulated depreciation (21,171 ) (17,696 ) Total property and equipment, net $ 14,208 $ 11,077 Construction in progress consists primarily of leasehold improvements related to operating lease arrangements. Software in progress consists of costs incurred in connection with additional functionality to the Yext Platform. Depreciation expense was $1.7 million and $3.5 million for the three and six months ended July 31, 2019 , respectively, and $1.5 million and $2.9 million for the three and six months ended July 31, 2018 |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jul. 31, 2019 | |
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) July 31, 2019 January 31, 2019 Accounts payable $ 10,643 $ 8,025 Accrued employee compensation 14,777 19,029 Accrued Knowledge Network application provider fees 2,655 2,508 Accrued professional services and associated costs 2,654 2,198 Accrued employee stock purchase plan withholdings liability 2,999 2,635 Customer deposits 724 1,144 Other current liabilities 8,618 8,697 Total accounts payable, accrued expenses and other current liabilities $ 43,070 $ 44,236 Capital expenditures included in accounts payable, accrued expenses and other current liabilities were $1.5 million and $0.6 million as of July 31, 2019 and 2018 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 31, 2019 | |
Share-based Payment Arrangement [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, 2019 , the number of shares of common stock available for issuance under the 2016 Plan was automatically increased according to its terms by 4,086,916 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 July 31, 2019 , the number of shares available for future award under the 2016 Plan is 1,480,194 . Stock Options The following table summarizes the activity related to the Company's stock options: Options Outstanding Outstanding Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Balance, January 31, 2019 15,977,235 $ 6.54 6.40 $ 144,934 Granted — $ — Exercised (1,926,359 ) $ 4.74 Forfeited or canceled (168,999 ) $ 8.08 Balance, July 31, 2019 13,881,877 $ 6.77 5.92 $ 194,956 Vested and expected to vest 13,861,504 $ 6.77 5.91 $ 194,676 Exercisable at July 31, 2019 10,432,315 $ 6.19 5.38 $ 152,535 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 July 31, 2019 . 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 $31.4 million and $42.3 million for the six months ended July 31, 2019 and 2018 , 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. No options were granted during the six months ended July 31, 2019 and 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, 2019 7,703,705 $ 16.07 Granted 4,508,364 $ 20.61 Vested and converted to shares (1,417,626 ) $ 15.11 Forfeited or canceled (512,071 ) $ 18.54 Balance as of July 31, 2019 10,282,372 $ 18.07 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. 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 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, 2019 , the number of shares of common stock available for issuance under the ESPP was automatically increased according to its terms by 1,021,729 shares. As of July 31, 2019 , a total of 2,597,364 shares of the Company's common stock are available for sale to employees under the ESPP. In connection with the offering period which ended on March 15, 2019, 170,450 shares of common stock were purchased under the ESPP at a purchase price of $19.26 per share for total proceeds of $3.3 million . A new offering period began on March 15, 2019 and will end on September 16, 2019. As of July 31, 2019 , 190,609 shares are estimated to be purchased at the end of the offering period and $3.0 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 Black-Scholes option pricing model assumptions used to calculate the fair value of shares estimated to be purchased at commencement of the ESPP offering periods included expected lives of 6 months , expected volatility of 60.86% and 34.41% , and risk-free rates of 2.52% and 1.95% , for the six months ended July 31, 2019 and 2018, respectively. The expected life assumptions were based on each offering period's respective purchase date. The Company estimated the expected volatility assumptions based on the average of the historical volatility for a sample of comparable companies for the offering periods during the three and six months ended July 31, 2018 . Effective with the offering period beginning September 17, 2018, the Company determined it had sufficient historical information and estimated the expected volatility assumption based on the historical volatility of its stock price. The risk-free rate assumptions were based on the U.S. treasury yield curve in effect at the time of grants. The dividend yield assumption was zero as the Company has not historically paid any dividends and does not expect to declare or pay any dividends in the foreseeable future. During the three and six months ended July 31, 2019 , the Company recorded stock-based compensation expense associated with the ESPP of $0.7 million and $1.3 million , respectively and $0.5 million and $0.9 million for the three and six months ended July 31, 2018 , respectively. As of July 31, 2019 , total unrecognized compensation cost related to ESPP was $0.3 million , net of estimated forfeitures, which will be amortized over a weighted-average remaining period of 0.13 years . A new offering period commences 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 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 in lieu of monetary payment. The Company measures stock-based compensation associated with stock-based awards issued to employees at the grant date, based on the estimated fair value of the award, and recognizes 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. The Company prospectively adopted ASU 2018-07 on February 1, 2019. As a result, the Company measures stock-based compensation associated with stock-based awards issued to non-employees at the grant date, based on the estimated fair value of the award, and recognizes expense on a straight-line basis over the requisite service period. The Company will not apply a forfeiture rate assumption to value such awards, given the nature of the services provided. Prior to adoption, during the fiscal years ended January 31, 2019 and prior, stock-based compensation associated with stock-based awards issued to non-employees was re-measured each period until fully vested. The Company's stock-based compensation expense was as follows: Three months ended July 31, Six months ended July 31, (in thousands) 2019 2018 2019 2018 Cost of revenue $ 988 $ 646 $ 1,806 $ 1,212 Sales and marketing 8,229 5,669 15,069 9,439 Research and development 3,058 2,086 5,630 3,642 General and administrative 4,334 2,627 7,320 4,728 Total stock-based compensation expense $ 16,609 $ 11,028 $ 29,825 $ 19,021 As of July 31, 2019 , there was approximately $186.6 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 3.2 years. During the three and six months ended July 31, 2019 , the Company capitalized $0.4 million and $0.7 million , respectively, of stock-based compensation related to software development of additional functionality to the Yext platform, and $0.1 million for each of the three and six months ended July 31, 2018 . |
Equity
Equity | 6 Months Ended |
Jul. 31, 2019 | |
Equity [Abstract] | |
Equity | Equity Common Stock Offering On March 20, 2019, the Company closed a common stock offering (the “Offering”), in which it issued and sold 7,000,000 shares of common stock, inclusive of the fully exercised underwriters’ option to purchase additional shares. The price per share to the public was $21.50 . The Company received aggregate proceeds of $147.0 million from the Offering, net of underwriters’ discounts and commissions, before deducting offering costs of approximately $0.5 million , which were recorded in additional paid in capital in its condensed consolidated statements of stockholders' equity. The following table summarizes the changes in stockholders' equity during the three and six months ended July 31, 2019 : Accumulated Additional Other Total Common Stock Paid-In Comprehensive Accumulated Treasury Stockholders’ (in thousands) Shares Amount Capital Loss Deficit Stock Equity Balance, January 31, 2019 102,173 $ 109 $ 398,882 $ (1,428 ) $ (301,109 ) $ (11,905 ) $ 84,549 Common stock offering, net of issuance costs of $530 7,000 7 146,463 — — — 146,470 Exercise of stock options 1,096 1 4,995 — — — 4,996 Vested restricted stock units converted to common shares 557 — — — — — — Issuance of restricted stock 4 — — — — — — Issuance of common stock under employee stock purchase plan 170 — 3,283 — — — 3,283 Stock-based compensation — — 13,472 — — — 13,472 Other comprehensive income — — — 349 — — 349 Net loss — — — — (18,959 ) — (18,959 ) Balance, April 30, 2019 111,000 117 567,095 (1,079 ) (320,068 ) (11,905 ) 234,160 Exercise of stock options 830 1 4,136 — — — 4,137 Vested restricted stock units converted to common shares 845 1 (1 ) — — — — Issuance of restricted stock 7 — — — — — — Stock-based compensation — — 17,025 — — — 17,025 Other comprehensive loss — — — (892 ) — — (892 ) Net loss — — — — (29,291 ) — (29,291 ) Balance, July 31, 2019 112,682 $ 119 $ 588,255 $ (1,971 ) $ (349,359 ) $ (11,905 ) $ 225,139 The following table summarizes the changes in stockholders' equity during the three and six months ended July 31, 2018 : Accumulated Additional Other Total Common Stock Paid-In Comprehensive Accumulated Treasury Stockholders’ (in thousands) Shares Amount Capital Loss Deficit Stock Equity Balance, January 31, 2018 93,977 $ 100 $ 328,344 $ (1,636 ) $ (233,450 ) $ (11,905 ) $ 81,453 Cumulative effect adjustment in connection with the adoption of ASU 2014-09 — — — 3 7,178 — 7,181 Exercise of stock options 1,678 2 4,908 — — — 4,910 Vested restricted stock units converted to common shares 141 — — — — — — Issuance of restricted stock 4 — — — — — — Issuance of common stock under employee stock purchase plans 438 1 4,090 — — — 4,091 Stock-based compensation — — 8,066 — — — 8,066 Other comprehensive loss — — — (95 ) — — (95 ) Net loss — — — — (17,041 ) — (17,041 ) Balance, April 30, 2018 96,238 103 345,408 (1,728 ) (243,313 ) (11,905 ) 88,565 Exercise of stock options 1,833 1 5,231 — — — 5,232 Vested restricted stock units converted to common shares 378 1 (1 ) — — — — Issuance of restricted stock 12 — — — — — — Stock-based compensation — — 11,081 — — — 11,081 Other comprehensive income — — — 101 — — 101 Net loss — — — — (19,396 ) — (19,396 ) Balance, July 31, 2018 98,461 $ 105 $ 361,719 $ (1,627 ) $ (262,709 ) $ (11,905 ) $ 85,583 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 July 31, 2019 and January 31, 2019 , no shares of preferred stock were issued or outstanding. Common Stock As of July 31, 2019 and January 31, 2019 , 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 July 31, 2019 and January 31, 2019 , the Company had 6,505,334 shares of treasury stock which are carried at its cost basis of $11.9 million |
Debt
Debt | 6 Months Ended |
Jul. 31, 2019 | |
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 Credit 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 subject to annual updates, 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. In April 2019, in connection with the leasing of office space in New York, NY, the Company established back-to-back standby letters of credit for $12.1 million . The arrangement expires September 30, 2031 , and is fully secured by a $12.1 million cash deposit. Such cash is restricted as to its withdrawal and usage as of July 31, 2019 , and accordingly, is classified as a restricted cash asset on the Company's condensed consolidated balance sheet. There were no significant financing costs associated with this transaction. As of July 31, 2019 , the Company was in compliance with all debt covenants. As of such date, the $15.0 million Revolving Line was fully available, and the $7.0 million Letter of Credit had $6.9 million |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company calculates its year-to-date (provision for) benefit from income taxes by applying the estimated annual effective tax rate ("AETR") to year-to-date income or loss from operations before income taxes and adjusts for discrete tax items recorded in the period. During the three and six months ended July 31, 2019 , the Company recorded a (provision for) benefit from income taxes of $(0.1) million and $(0.4) million , respectively. During the three and six months ended July 31, 2018 , the Company recorded a (provision for) benefit from income taxes of less than $(0.1) million and $(0.3) million , respectively, which was calculated using the discrete 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. 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 |
Leases
Leases | 6 Months Ended |
Jul. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases Effective February 1, 2019, the Company adopted ASU 2016-02, utilizing the modified retrospective adoption approach. Prior to adoption, during the fiscal years ended January 31, 2019 and prior, the Company accounted for leases under ASC 840, whereby rent expense associated with operating leases was recognized on a straight-line basis over the lease term. Under ASC 842, lease expense is recognized as a single lease cost on a straight-line basis over the lease term. The lease term consists of non-cancelable periods, and includes options to extend or terminate the lease term, when it is reasonably certain such options will be exercised. The Company enters into contracts in the normal course of business and assesses whether any such contracts contain a lease. The Company determines if an arrangement is a lease at inception if it conveys the right to control the identified asset for a period of time in exchange for consideration. The Company classifies leases as operating or financing in nature, and records the associated lease liability and right-of-use asset on its balance sheet. The lease liability represents the present value of future lease payments, net of lease incentives, discounted using an incremental borrowing rate, which is a management estimate based on the information available at the commencement date of a lease arrangement. With respect to operating lease arrangements, the Company accounts for lease components, and non-lease components that are fixed, as a single lease component. Variable non-lease components are expensed as incurred as in the statement of operations and comprehensive loss. The Company recognizes costs associated with lease arrangements having an initial term of 12 months or less ("short-term leases") on a straight-line basis over the lease term; such short-term leases are not recorded on the balance sheet. The Company's operating lease arrangements are principally for office space. As of July 31, 2019 , the Company had $6.9 million of operating lease liabilities, current, $108.7 million of operating lease liabilities, non-current, $110.3 million of operating lease right-of-use assets, and no financing leases, on its condensed consolidated balance sheet. The operating lease arrangements included in the measurement of lease liabilities had a weighted-average remaining lease term of 10.4 years and a weighted-average discount rate of 5.9% , as of July 31, 2019 . During the six months ended July 31, 2019 , the Company entered into new operating lease arrangements for office space in Rosslyn, VA, London, UK and New York, NY, each of which have expiration dates subsequent to the fiscal year ending January 31, 2024. During the six months ended July 31, 2019 , the Company recognized $9.1 million of lease expense, which consisted of operating lease expense of $6.9 million , short-term lease expense of $1.1 million , and variable lease expense of $1.1 million , respectively. During the six months ended July 31, 2019 , the Company paid $4.6 million for amounts included in the measurement of lease liabilities and obtained $103.1 million of operating lease right-of-use assets in exchange for lease obligations. During the three and six months ended July 31, 2018 , rent expense was $1.8 million and $3.6 million , respectively. As of July 31, 2019 , the total remaining operating lease payments included in the measurement of lease liabilities was as follows (in thousands): Fiscal year ending January 31: Operating Lease Payments 2020 (remainder of fiscal year) $ 3,648 2021 12,051 2022 16,678 2023 16,678 2024 and thereafter 138,045 Total gross operating lease payments 187,100 Less: tenant allowances (17,931 ) Total net operating lease payments 169,169 Less: imputed interest (53,559 ) Total lease liabilities, reflecting the present value of net lease payments $ 115,610 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contractual Obligations The Company is obligated to make payments under certain non-cancelable contractual obligations in the normal course of business. The Company's obligations primarily relate to its operating lease arrangements for office space, as well as its other obligations, including contracts with its Knowledge Network application providers and software vendors. The Company's contractual obligations have various expiry dates between fiscal years 2020 and 2035 . As of July 31, 2019 , future minimum annual payments under these contractual obligations are as follows (in thousands): Fiscal year ending January 31: Operating Leases Other 2020 (remainder of fiscal year) $ 4,101 $ 9,834 2021 12,070 8,132 2022 16,678 1,340 2023 16,678 204 2024 and thereafter 138,045 413 Total payments $ 187,572 $ 19,923 Performance Bond The Company's operating lease arrangement associated with office space in New York requires a performance bond to secure the completion of certain potential construction work, when a reasonable estimate of such work is available. As of July 31, 2019 , the Company has not executed or issued a performance bond and no payments have been made. 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 Yext 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 | 6 Months Ended |
Jul. 31, 2019 | |
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 July 31, Six months ended July 31, (in thousands, except share and per share data) 2019 2018 2019 2018 Numerator: Net loss attributable to common stockholders $ (29,291 ) $ (19,396 ) $ (48,250 ) $ (36,437 ) Denominator: Weighted-average common shares outstanding 111,777,703 97,511,660 109,159,753 96,248,506 Net loss per share attributable to common stockholders, basic and diluted $ (0.26 ) $ (0.20 ) $ (0.44 ) $ (0.38 ) 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 net loss position for all periods presented, net loss per share attributable to common stockholders was the same on a basic and diluted basis, as the inclusion of all potential common equivalent shares outstanding would have been anti-dilutive. Anti-dilutive common equivalent shares were as follows: As of July 31, 2019 2018 Options to purchase common stock 13,881,877 18,562,334 Restricted stock and restricted stock units 10,282,372 7,921,560 Shares estimated to be purchased under ESPP 190,609 292,447 Total anti-dilutive common equivalent shares 24,354,858 26,776,341 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 31, 2019 | |
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, 2019 , filed with the SEC on March 15, 2019 (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. The condensed consolidated balance sheet as of January 31, 2019 , 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 and six months ended July 31, 2019 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending January 31, 2020 , 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 those financial statements and the reported amounts of revenue and expense during the reporting period. These estimates include, but are not limited to, the standalone selling prices ("SSP") of performance obligations, the incremental borrowing rate associated with lease liabilities, the useful life of capitalized costs to obtain customer contracts, income taxes, and the fair value of stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that it 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 is the provider of the Yext platform and operates as one operating segment. An operating segment is defined as a component of an enterprise for which separate financial information is evaluated regularly by the chief operating decision makers ("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 the Yext 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 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adoption of New Accounting Standard - ASU 2016-02 In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, "Leases" ("ASU 2016-02"), which introduced and codified new lease accounting guidance under ASC 842. This standard requires lessees to record a lease liability, initially measured at the present value of future lease payments, and a right-of-use asset, associated with operating leases, on its balance sheet. The standard also requires a single lease expense to be recognized within the statement of operations on a straight-line basis over the lease term. The Company adopted the new standard on February 1, 2019, which resulted in the Company recording lease liabilities and right-of-use assets associated with its operating leases on its balance sheet, and did not have a material effect on the statement of operations and comprehensive loss. The Company utilized the modified retrospective adoption approach, whereby all prior periods continue to be reported under previous lease accounting guidance. The Company elected the package of practical expedients to not reassess prior conclusions related to lease identification, classification and initial direct costs, and did not elect the hindsight practical expedient which would have permitted the use of hindsight in determining the lease term and assessing impairment. See Note 13 "Leases" for further discussion on the Company's accounting for leases under ASC 842. Adoption of New Accounting Standard - ASU 2018-07 The Company prospectively adopted ASU 2018-07, "Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting" on February 1, 2019. The Company will not apply a forfeiture rate assumption to value stock-based awards issued to non-employees, given the nature of the services provided. The adoption of this standard did not have a material effect on the Company's condensed consolidated financial statements. Adoption of New Accounting Standard - ASU 2018-15 The Company prospectively adopted ASU 2018-15, "Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract" on February 1, 2019. As a result, eligible implementation costs capitalized in a cloud computing arrangement are included in the Prepaid expenses and other current assets on the balance sheet. Such costs are recognized on a straight-line basis over the estimated useful life in the statement of operations and comprehensive loss in the same line item as the fees for the associated arrangement, and the related activity is generally classified as an operating activity in the statement of cash flows. The adoption of this standard did not have a material effect on the Company's condensed consolidated financial statements as of and for the three and six months ended July 31, 2019 . |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company's revenue by geographic region: Three months ended July 31, Six months ended July 31, (in thousands) 2019 2018 2019 2018 North America $ 59,941 $ 47,976 $ 116,453 $ 92,843 International 12,432 6,947 24,628 13,068 Total revenue $ 72,373 $ 54,923 $ 141,081 $ 105,911 |
Investments in Marketable Sec_2
Investments in Marketable Securities (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | The following tables summarize the Company's investments in marketable securities: July 31, 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds $ — $ — $ — $ — U.S. treasury securities 5,392 2 — 5,394 Total marketable securities $ 5,392 $ 2 $ — $ 5,394 January 31, 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds $ 16,949 $ — $ (28 ) $ 16,921 U.S. treasury securities 34,112 — (12 ) 34,100 Total marketable securities $ 51,061 $ — $ (40 ) $ 51,021 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The Company's assets measured at fair value on a recurring basis, by level, within the fair value hierarchy are as follows: July 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds (1) $ 224,185 $ — $ — $ 224,185 Marketable securities: Corporate bonds — — — — U.S. treasury securities (2) — 5,394 — 5,394 Restricted cash: Money market funds 12,100 — — 12,100 Total assets $ 236,285 $ 5,394 $ — $ 241,679 January 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds (1) $ 42,021 $ — $ — $ 42,021 Marketable securities: Corporate bonds — 16,921 — 16,921 U.S. treasury securities (2) — 34,100 — 34,100 Total assets $ 42,021 $ 51,021 $ — $ 93,042 (1) Included in cash and cash equivalents on the condensed consolidated balance sheets. (2) The Company's U.S. treasury securities purchased with an original maturity of less than three months from the purchase date are classified as cash and cash equivalents, and those purchased with an original maturity of three months or more are classified as marketable securities, respectively, on its condensed consolidated balance sheet. |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property and equipment, net consisted of the following: (in thousands) July 31, 2019 January 31, 2019 Furniture and fixtures $ 954 $ 719 Office equipment 9,195 7,662 Leasehold improvements 14,515 13,090 Computer software 7,084 6,461 Construction in progress 1,572 144 Software in progress 2,059 697 Total property and equipment 35,379 28,773 Less: accumulated depreciation (21,171 ) (17,696 ) Total property and equipment, net $ 14,208 $ 11,077 |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
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) July 31, 2019 January 31, 2019 Accounts payable $ 10,643 $ 8,025 Accrued employee compensation 14,777 19,029 Accrued Knowledge Network application provider fees 2,655 2,508 Accrued professional services and associated costs 2,654 2,198 Accrued employee stock purchase plan withholdings liability 2,999 2,635 Customer deposits 724 1,144 Other current liabilities 8,618 8,697 Total accounts payable, accrued expenses and other current liabilities $ 43,070 $ 44,236 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Options Activity | The following table summarizes the activity related to the Company's stock options: Options Outstanding Outstanding Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Balance, January 31, 2019 15,977,235 $ 6.54 6.40 $ 144,934 Granted — $ — Exercised (1,926,359 ) $ 4.74 Forfeited or canceled (168,999 ) $ 8.08 Balance, July 31, 2019 13,881,877 $ 6.77 5.92 $ 194,956 Vested and expected to vest 13,861,504 $ 6.77 5.91 $ 194,676 Exercisable at July 31, 2019 10,432,315 $ 6.19 5.38 $ 152,535 |
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, 2019 7,703,705 $ 16.07 Granted 4,508,364 $ 20.61 Vested and converted to shares (1,417,626 ) $ 15.11 Forfeited or canceled (512,071 ) $ 18.54 Balance as of July 31, 2019 10,282,372 $ 18.07 |
Schedule of Share-Based Compensation Expense | The Company's stock-based compensation expense was as follows: Three months ended July 31, Six months ended July 31, (in thousands) 2019 2018 2019 2018 Cost of revenue $ 988 $ 646 $ 1,806 $ 1,212 Sales and marketing 8,229 5,669 15,069 9,439 Research and development 3,058 2,086 5,630 3,642 General and administrative 4,334 2,627 7,320 4,728 Total stock-based compensation expense $ 16,609 $ 11,028 $ 29,825 $ 19,021 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Equity [Abstract] | |
Schedule of Stockholders Equity | The following table summarizes the changes in stockholders' equity during the three and six months ended July 31, 2019 : Accumulated Additional Other Total Common Stock Paid-In Comprehensive Accumulated Treasury Stockholders’ (in thousands) Shares Amount Capital Loss Deficit Stock Equity Balance, January 31, 2019 102,173 $ 109 $ 398,882 $ (1,428 ) $ (301,109 ) $ (11,905 ) $ 84,549 Common stock offering, net of issuance costs of $530 7,000 7 146,463 — — — 146,470 Exercise of stock options 1,096 1 4,995 — — — 4,996 Vested restricted stock units converted to common shares 557 — — — — — — Issuance of restricted stock 4 — — — — — — Issuance of common stock under employee stock purchase plan 170 — 3,283 — — — 3,283 Stock-based compensation — — 13,472 — — — 13,472 Other comprehensive income — — — 349 — — 349 Net loss — — — — (18,959 ) — (18,959 ) Balance, April 30, 2019 111,000 117 567,095 (1,079 ) (320,068 ) (11,905 ) 234,160 Exercise of stock options 830 1 4,136 — — — 4,137 Vested restricted stock units converted to common shares 845 1 (1 ) — — — — Issuance of restricted stock 7 — — — — — — Stock-based compensation — — 17,025 — — — 17,025 Other comprehensive loss — — — (892 ) — — (892 ) Net loss — — — — (29,291 ) — (29,291 ) Balance, July 31, 2019 112,682 $ 119 $ 588,255 $ (1,971 ) $ (349,359 ) $ (11,905 ) $ 225,139 The following table summarizes the changes in stockholders' equity during the three and six months ended July 31, 2018 : Accumulated Additional Other Total Common Stock Paid-In Comprehensive Accumulated Treasury Stockholders’ (in thousands) Shares Amount Capital Loss Deficit Stock Equity Balance, January 31, 2018 93,977 $ 100 $ 328,344 $ (1,636 ) $ (233,450 ) $ (11,905 ) $ 81,453 Cumulative effect adjustment in connection with the adoption of ASU 2014-09 — — — 3 7,178 — 7,181 Exercise of stock options 1,678 2 4,908 — — — 4,910 Vested restricted stock units converted to common shares 141 — — — — — — Issuance of restricted stock 4 — — — — — — Issuance of common stock under employee stock purchase plans 438 1 4,090 — — — 4,091 Stock-based compensation — — 8,066 — — — 8,066 Other comprehensive loss — — — (95 ) — — (95 ) Net loss — — — — (17,041 ) — (17,041 ) Balance, April 30, 2018 96,238 103 345,408 (1,728 ) (243,313 ) (11,905 ) 88,565 Exercise of stock options 1,833 1 5,231 — — — 5,232 Vested restricted stock units converted to common shares 378 1 (1 ) — — — — Issuance of restricted stock 12 — — — — — — Stock-based compensation — — 11,081 — — — 11,081 Other comprehensive income — — — 101 — — 101 Net loss — — — — (19,396 ) — (19,396 ) Balance, July 31, 2018 98,461 $ 105 $ 361,719 $ (1,627 ) $ (262,709 ) $ (11,905 ) $ 85,583 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Leases [Abstract] | |
Schedule of total remaining operating lease payments | As of July 31, 2019 , the total remaining operating lease payments included in the measurement of lease liabilities was as follows (in thousands): Fiscal year ending January 31: Operating Lease Payments 2020 (remainder of fiscal year) $ 3,648 2021 12,051 2022 16,678 2023 16,678 2024 and thereafter 138,045 Total gross operating lease payments 187,100 Less: tenant allowances (17,931 ) Total net operating lease payments 169,169 Less: imputed interest (53,559 ) Total lease liabilities, reflecting the present value of net lease payments $ 115,610 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of total remaining operating lease payments | As of July 31, 2019 , future minimum annual payments under these contractual obligations are as follows (in thousands): Fiscal year ending January 31: Operating Leases Other 2020 (remainder of fiscal year) $ 4,101 $ 9,834 2021 12,070 8,132 2022 16,678 1,340 2023 16,678 204 2024 and thereafter 138,045 413 Total payments $ 187,572 $ 19,923 |
Schedule of Future Minimum Contractual Obligation Payments | As of July 31, 2019 , future minimum annual payments under these contractual obligations are as follows (in thousands): Fiscal year ending January 31: Operating Leases Other 2020 (remainder of fiscal year) $ 4,101 $ 9,834 2021 12,070 8,132 2022 16,678 1,340 2023 16,678 204 2024 and thereafter 138,045 413 Total payments $ 187,572 $ 19,923 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
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 July 31, Six months ended July 31, (in thousands, except share and per share data) 2019 2018 2019 2018 Numerator: Net loss attributable to common stockholders $ (29,291 ) $ (19,396 ) $ (48,250 ) $ (36,437 ) Denominator: Weighted-average common shares outstanding 111,777,703 97,511,660 109,159,753 96,248,506 Net loss per share attributable to common stockholders, basic and diluted $ (0.26 ) $ (0.20 ) $ (0.44 ) $ (0.38 ) |
Schedule of Antidilutive Securities | Anti-dilutive common equivalent shares were as follows: As of July 31, 2019 2018 Options to purchase common stock 13,881,877 18,562,334 Restricted stock and restricted stock units 10,282,372 7,921,560 Shares estimated to be purchased under ESPP 190,609 292,447 Total anti-dilutive common equivalent shares 24,354,858 26,776,341 |
Organization and Description _2
Organization and Description of Business (Details) | Jul. 31, 2019Provider |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of service and application providers | 150 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jul. 31, 2019USD ($)customer | Jul. 31, 2019USD ($)segmentcustomer | Jan. 31, 2019customer | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Number of operating segments | segment | 1 | ||
Capitalized contract cost, amortization period | 3 years | 3 years | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | 1 year | |
Costs capitalized to obtain revenue contracts, gross | $ 7.4 | $ 12.6 | |
Costs capitalized to obtain revenue contracts | $ 38.6 | $ 38.6 | |
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 | 0 | 0 |
Sales and marketing | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Costs capitalized to obtain revenue contracts, amortization | $ (5.3) | $ (10.2) |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2019 | Jan. 31, 2019 | |
Revenue from External Customer [Line Items] | ||
Unearned revenue, revenue recognized | $ 92,400 | |
Unearned revenue, current | 122,731 | $ 135,544 |
Unearned revenue, noncurrent | 200 | |
Customer deposits | $ 724 | $ 1,144 |
Sales Revenue, Net | Product Concentration Risk | Service | ||
Revenue from External Customer [Line Items] | ||
Concentration risk, percentage | 5.00% |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 72,373 | $ 54,923 | $ 141,081 | $ 105,911 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 59,941 | 47,976 | 116,453 | 92,843 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 12,432 | $ 6,947 | $ 24,628 | $ 13,068 |
Revenue - Revenue Performance O
Revenue - Revenue Performance Obligations (Details) $ in Millions | Jul. 31, 2019USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 259 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-08-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 241.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 2 years |
Investments in Marketable Sec_3
Investments in Marketable Securities - Investments at Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2019 | Jan. 31, 2019 | |
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost | $ 5,392 | $ 51,061 |
Gross Unrealized Gains | 2 | 0 |
Gross Unrealized Losses | 0 | (40) |
Fair Value | $ 5,394 | 51,021 |
Marketable securities, remaining contractual maturity term | 1 year | |
Corporate bonds | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost | $ 0 | 16,949 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (28) |
Fair Value | 0 | 16,921 |
U.S. treasury securities (1) | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost | 5,392 | 34,112 |
Gross Unrealized Gains | 2 | 0 |
Gross Unrealized Losses | 0 | (12) |
Fair Value | $ 5,394 | $ 34,100 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jul. 31, 2019 | Jan. 31, 2019 | Jul. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | $ 5,394 | $ 51,021 | |
Restricted cash | 12,100 | 0 | $ 0 |
Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 16,921 | |
U.S. treasury securities (1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 5,394 | 34,100 | |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
U.S. treasury securities (2) | 241,679 | 93,042 | |
Recurring | Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 16,921 | |
Recurring | U.S. treasury securities (1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 5,394 | 34,100 | |
Recurring | Money market funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 224,185 | 42,021 | |
Restricted cash | 12,100 | ||
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
U.S. treasury securities (2) | 236,285 | 42,021 | |
Recurring | Level 1 | Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Recurring | Level 1 | U.S. treasury securities (1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Recurring | Level 1 | Money market funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 224,185 | 42,021 | |
Restricted cash | 12,100 | ||
Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
U.S. treasury securities (2) | 5,394 | 51,021 | |
Recurring | Level 2 | Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 16,921 | |
Recurring | Level 2 | U.S. treasury securities (1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 5,394 | 34,100 | |
Recurring | Level 2 | Money market funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | 0 | |
Restricted cash | 0 | ||
Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
U.S. treasury securities (2) | 0 | 0 | |
Recurring | Level 3 | Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Recurring | Level 3 | U.S. treasury securities (1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Recurring | Level 3 | Money market funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | $ 0 | |
Restricted cash | $ 0 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2019USD ($) | Jul. 31, 2018USD ($) | Jul. 31, 2019USD ($)segment | Jul. 31, 2018USD ($) | Jan. 31, 2019USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 4,566 | $ 4,566 | $ 4,660 | ||
Number of operating segments | segment | 1 | ||||
Intangible assets, net | 1,550 | $ 1,550 | $ 1,960 | ||
Amortization of intangible assets | $ 100 | $ 200 | $ 300 | $ 300 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Jan. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | $ 35,379 | $ 35,379 | $ 28,773 | ||
Less: accumulated depreciation | (21,171) | (21,171) | (17,696) | ||
Total property and equipment, net | 14,208 | 14,208 | 11,077 | ||
Depreciation | 1,700 | $ 1,500 | 3,500 | $ 2,900 | |
Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 954 | 954 | 719 | ||
Office equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 9,195 | 9,195 | 7,662 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 14,515 | 14,515 | 13,090 | ||
Computer software | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 7,084 | 7,084 | 6,461 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 1,572 | 1,572 | 144 | ||
Software in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | $ 2,059 | $ 2,059 | $ 697 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jan. 31, 2019 | |
Payables and Accruals [Abstract] | |||
Accounts payable | $ 10,643 | $ 8,025 | |
Accrued employee compensation | 14,777 | 19,029 | |
Accrued Knowledge Network application provider fees | 2,655 | 2,508 | |
Accrued professional services and associated costs | 2,654 | 2,198 | |
Accrued employee stock purchase plan withholdings liability | 2,999 | 2,635 | |
Customer deposits | 724 | 1,144 | |
Other current liabilities | 8,618 | 8,697 | |
Total accounts payable, accrued expenses and other current liabilities | 43,070 | $ 44,236 | |
Property, Plant and Equipment [Line Items] | |||
Capital expenditures | 4,449 | $ 2,703 | |
Accounts Payable and Accrued Liabilities | |||
Property, Plant and Equipment [Line Items] | |||
Capital expenditures | $ 1,500 | $ 600 |
Stock-Based Compensation - Plan
Stock-Based Compensation - Plans (Details) - shares | 1 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Jul. 31, 2019 | Jan. 01, 2019 | 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) | 4,086,916 | |||
Number of shares available for futures issuance (in shares) | 1,480,194 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2019 | Jul. 31, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | |
Outstanding Stock Options | |||||
Balance, January 31, 2019 (in shares) | 15,977,235 | ||||
Options granted (in shares) | 0 | ||||
Options exercised (in shares) | (1,926,359) | ||||
Options forfeited (in shares) | (168,999) | ||||
Balance, April 30, 2019 (in shares) | 13,881,877 | 13,881,877 | 15,977,235 | ||
Vested and expected to vest at October 31, 2018 (in shares) | 13,861,504 | 13,861,504 | |||
Exercisable at October 31, 2018 (in shares) | 10,432,315 | 10,432,315 | |||
Weighted-Average Exercise Price (in dollars per share): | |||||
Balance, January 31, 2019 (in dollars per share) | $ 6.54 | ||||
Options granted (in dollars per share) | 0 | ||||
Options exercised (in dollars per share) | 4.74 | ||||
Options forfeited (in dollars per share) | 8.08 | ||||
Balance, April 30, 2019 (in dollars per share) | $ 6.77 | 6.77 | $ 6.54 | ||
Vested and expected to vest at April 30, 2019 (in dollars per share) | 6.77 | 6.77 | |||
Exercisable at April 30, 2019 (in dollars per share) | $ 6.19 | $ 6.19 | |||
Balance, weighted-average remaining contractual life (in years) | 5 years 11 months 1 day | 6 years 4 months 24 days | |||
Vested and expected to vest at April 30, 2019, Weighted-Average Contractual Life (in years) | 5 years 10 months 28 days | ||||
Exercisable at April 30, 2019, weighted-average contractual life (in years) | 5 years 4 months 17 days | ||||
Balance, aggregate intrinsic value | $ 194,956 | $ 194,956 | $ 144,934 | ||
Vested and expected to vest at April 30, 2019, aggregate intrinsic value | 194,676 | 194,676 | |||
Exercisable at April 30, 2019, aggregate intrinsic value | $ 152,535 | 152,535 | |||
Options exercised, intrinsic value | $ 31,400 | $ 42,300 | |||
Options to purchase common stock | |||||
Outstanding Stock Options | |||||
Options granted (in shares) | 0 | 0 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock (Details) - Restricted stock and restricted stock units | 6 Months Ended |
Jul. 31, 2019$ / 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, 2019 (in shares) | shares | 7,703,705 |
Granted - restricted stock and restricted stock units (in shares) | shares | 4,508,364 |
Vested and converted to shares (in shares) | shares | (1,417,626) |
Canceled (in shares) | shares | (512,071) |
Balance as of April 30, 2019 (in shares) | shares | 10,282,372 |
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, 2019 (in dollars per share) | $ / shares | $ 16.07 |
Granted - restricted stock and restricted stock units (in dollars per share) | $ / shares | 20.61 |
Vested and converted to shares (in dollars per share) | $ / shares | 15.11 |
Canceled (in dollars per share) | $ / shares | 18.54 |
Balance as of April 30, 2019 (in dollars per share) | $ / shares | $ 18.07 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | 23 Months Ended | ||||||
Jul. 31, 2019 | Apr. 30, 2019 | Jul. 31, 2018 | Apr. 30, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Jan. 31, 2019 | Mar. 15, 2019 | Feb. 01, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Issuance of common stock under employee stock purchase plan | $ 3,283 | $ 4,091 | $ 3,283 | $ 6,778 | ||||||
Stock-based compensation expense | $ 16,609 | $ 11,028 | $ 29,825 | $ 19,021 | ||||||
Shares committed under 2017 ESPP | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares authorized, annual increase (in shares) | 1,021,729 | 2,500,000 | ||||||||
Number of shares authorized, annual increase, percentage of outstanding shares at the end of prior fiscal year | 1.00% | |||||||||
Number of shares authorized (in shares) | 2,597,364 | 2,597,364 | ||||||||
Issuance of common stock under employee stock purchase plans (in shares) | 170,450 | |||||||||
Shares purchased under plan (in dollars per share) | $ 19.26 | |||||||||
Issuance of common stock under employee stock purchase plan | $ 3,300 | |||||||||
Number of shares purchased under plan (in shares) | 190,609 | |||||||||
Common stock withheld on behalf of employees for future purchases under the ESPP | 3,000,000 | 3,000,000 | ||||||||
Stock-based compensation expense | $ 700 | $ 500 | $ 1,300 | $ 900 | ||||||
Unrecognized compensation cost | $ 300 | $ 300 | ||||||||
Unrecognized compensation cost, period for recognition | 1 month 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 - Valu
Stock-Based Compensation - Valuation Assumptions (Details) - Shares committed under 2017 ESPP | 6 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 6 months | 6 months |
Expected volatility | 60.86% | 34.41% |
Risk-free rate | 2.52% | 1.95% |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 16,609 | $ 11,028 | $ 29,825 | $ 19,021 |
Unrecognized compensation cost, stock options | 186,600 | 186,600 | ||
Stock-based compensation related to internal-use software development (less than $0.1 million in the six months ended June 30, 2016) | 400 | 100 | 700 | 100 |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 988 | 646 | 1,806 | 1,212 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 8,229 | 5,669 | 15,069 | 9,439 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 3,058 | 2,086 | 5,630 | 3,642 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 4,334 | $ 2,627 | $ 7,320 | $ 4,728 |
Options to purchase common stock | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Unrecognized compensation cost, period for recognition | 3 years 2 months 12 days |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2019shares | Jul. 31, 2019USD ($)vote$ / sharesshares | Jul. 31, 2018USD ($) | Jan. 31, 2019USD ($)vote$ / sharesshares | Jul. 31, 2017$ / sharesshares | |
Class of Stock [Line Items] | |||||
Proceeds from common stock offering, net of underwriting discounts and commissions | $ | $ 147,000 | $ 0 | |||
Issuance costs | $ | $ 500 | ||||
Preferred stock shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | ||
Preferred stock par value (in dollars per share) | $ / shares | $ 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] | |||||
Common stock offering, net of issuance costs (in shares) | 7,000,000 | 7,000,000 | |||
Sale of stock, price per share (in dollars per share) | $ / shares | $ 21.50 | ||||
Proceeds from common stock offering, net of underwriting discounts and commissions | $ | $ 147,000 |
Equity Changes in stockholders'
Equity Changes in stockholders' equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2019 | Apr. 30, 2019 | Jul. 31, 2018 | Apr. 30, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | Feb. 01, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning of period | $ 234,160 | $ 84,549 | $ 88,565 | $ 81,453 | $ 84,549 | $ 81,453 | $ 81,453 | ||
Common stock offering, net of issuance costs of $530 | 146,470 | $ 146,470 | |||||||
Exercise of stock options (in shares) | 1,926,359 | ||||||||
Exercise of stock options | 4,137 | 4,996 | 5,232 | 4,910 | $ 9,133 | 18,862 | |||
Vested restricted stock units converted to common shares | 0 | 0 | 0 | 0 | 0 | 0 | |||
Issuance of restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | |||
Issuance of common stock under employee stock purchase plan | 3,283 | 4,091 | 3,283 | 6,778 | |||||
Stock-based compensation | 17,025 | 13,472 | 11,081 | 8,066 | 30,497 | 44,907 | |||
Other comprehensive income | (892) | 349 | 101 | (95) | (543) | 205 | |||
Net loss | (29,291) | (18,959) | (19,396) | (17,041) | (48,250) | (36,437) | (74,837) | ||
Cumulative effect adjustment in connection with the adoption of ASU 2014-09 | $ 7,181 | ||||||||
End of period | $ 225,139 | $ 234,160 | $ 85,583 | $ 88,565 | 225,139 | $ 85,583 | $ 84,549 | $ 81,453 | |
Issuance costs | $ 500 | ||||||||
Common Stock | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning of period (in shares) | 111,000,000 | 102,173,000 | 96,238,000 | 93,977,000 | 102,173,000 | 93,977,000 | 93,977,000 | ||
Beginning of period | $ 117 | $ 109 | $ 103 | $ 100 | $ 109 | $ 100 | $ 100 | ||
Common stock offering, net of issuance costs (in shares) | 7,000,000 | 7,000,000 | |||||||
Common stock offering, net of issuance costs of $530 | $ 7 | $ 7 | |||||||
Exercise of stock options (in shares) | 830,000 | 1,096,000 | 1,833,000 | 1,678,000 | 1,926,000 | 5,901,000 | |||
Exercise of stock options | $ 1 | $ 1 | $ 1 | $ 2 | $ 2 | $ 5 | |||
Vested restricted stock units converted to common shares (in shares) | 845,000 | 557,000 | 378,000 | 141,000 | 1,402,000 | 1,585,000 | |||
Vested restricted stock units converted to common shares | $ 1 | $ 1 | $ 1 | $ 3 | |||||
Issuance of restricted stock (in shares) | 7,000 | 4,000 | 12,000 | 4,000 | 11,000 | 16,000 | |||
Issuance of common stock under employee stock purchase plans (in shares) | 170,000 | 438,000 | 170,000 | 694,000 | |||||
Issuance of common stock under employee stock purchase plan | $ 0 | $ 1 | $ 1 | ||||||
End of period (in shares) | 112,682,000 | 111,000,000 | 98,461,000 | 96,238,000 | 112,682,000 | 98,461,000 | 102,173,000 | 93,977,000 | |
End of period | $ 119 | $ 117 | $ 105 | $ 103 | $ 119 | $ 105 | $ 109 | $ 100 | |
Additional Paid-in Capital | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning of period | 567,095 | 398,882 | 345,408 | 328,344 | 398,882 | 328,344 | 328,344 | ||
Common stock offering, net of issuance costs of $530 | 146,463 | 146,463 | |||||||
Exercise of stock options | 4,136 | 4,995 | 5,231 | 4,908 | 9,131 | 18,857 | |||
Vested restricted stock units converted to common shares | (1) | (1) | (1) | (3) | |||||
Issuance of common stock under employee stock purchase plan | 3,283 | 4,090 | 3,283 | 6,777 | |||||
Stock-based compensation | 17,025 | 13,472 | 11,081 | 8,066 | 30,497 | 44,907 | |||
End of period | 588,255 | 567,095 | 361,719 | 345,408 | 588,255 | 361,719 | 398,882 | 328,344 | |
Issuance costs | 530 | 530 | |||||||
Accumulated Other Comprehensive Loss | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning of period | (1,079) | (1,428) | (1,728) | (1,636) | (1,428) | (1,636) | (1,636) | ||
Other comprehensive income | (892) | 349 | 101 | (95) | (543) | 205 | |||
Cumulative effect adjustment in connection with the adoption of ASU 2014-09 | 3 | ||||||||
End of period | (1,971) | (1,079) | (1,627) | (1,728) | (1,971) | (1,627) | (1,428) | (1,636) | |
Accumulated Deficit | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning of period | (320,068) | (301,109) | (243,313) | (233,450) | (301,109) | (233,450) | (233,450) | ||
Net loss | (29,291) | (18,959) | (19,396) | (17,041) | (48,250) | (74,837) | |||
Cumulative effect adjustment in connection with the adoption of ASU 2014-09 | $ 7,178 | ||||||||
End of period | (349,359) | (320,068) | (262,709) | (243,313) | (349,359) | (262,709) | (301,109) | (233,450) | |
Treasury Stock | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning of period | (11,905) | (11,905) | (11,905) | (11,905) | (11,905) | (11,905) | (11,905) | ||
End of period | $ (11,905) | $ (11,905) | $ (11,905) | $ (11,905) | $ (11,905) | $ (11,905) | $ (11,905) | $ (11,905) |
Debt (Details)
Debt (Details) - USD ($) | Mar. 16, 2016 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Jul. 31, 2018 |
Line of Credit Facility [Line Items] | |||||
Restricted cash deposits | $ 12,100,000 | $ 0 | $ 0 | ||
Line of Credit | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, collateral amount | $ 6,900,000 | ||||
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% | ||||
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% | ||||
Secured Debt | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Borrowing capacity | $ 12,100,000 | ||||
Restricted cash deposits | $ 12,100,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
(Provision for) benefit from income taxes | $ (89) | $ (40) | $ (435) | $ (325) |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Leases [Abstract] | |||
Operating lease liabilities, current | $ 6,911 | ||
Operating lease liabilities, non-current | 108,699 | ||
Operating lease right-of-use assets | $ 110,314 | ||
Operating lease, weighted average remaining lease term | 10 years 4 months 24 days | ||
Operating lease, weighted average discount rate, percentage | 5.90% | ||
Lease expense | $ 9,100 | ||
Operating lease expense | 6,900 | ||
Short-term lease expense | 1,100 | ||
Variable lease expense | 1,100 | ||
Operating lease, payments | 4,600 | ||
Right-of-use assets obtained in exchange for lease obligations | $ 103,100 | ||
Rent expense | $ 1,800 | $ 3,600 |
Leases - Remaining operating le
Leases - Remaining operating lease payments (Details) $ in Thousands | Jul. 31, 2019USD ($) |
Leases [Abstract] | |
2020 (remainder of fiscal year) | $ 3,648 |
2021 | 12,051 |
2022 | 16,678 |
2023 | 16,678 |
2024 and thereafter | 138,045 |
Total gross operating lease payments | 187,100 |
Less: tenant allowances | (17,931) |
Total net operating lease payments | 169,169 |
Less: imputed interest | (53,559) |
Total lease liabilities, reflecting the present value of net lease payments | $ 115,610 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Jan. 31, 2019USD ($) |
Operating Leases | |
2020 (remainder of fiscal year) | $ 4,101 |
2021 | 12,070 |
2022 | 16,678 |
2023 | 16,678 |
2024 and thereafter | 138,045 |
Total operating lease payments | 187,572 |
Other | |
2020 (remainder of fiscal year) | 9,834 |
2021 | 8,132 |
2022 | 1,340 |
2023 | 204 |
2024 and thereafter | 413 |
Total payments | $ 19,923 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 31, 2019 | Apr. 30, 2019 | Jul. 31, 2018 | Apr. 30, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Jan. 31, 2019 | |
Earnings Per Share [Abstract] | |||||||
Net loss attributable to common stockholders | $ (29,291) | $ (18,959) | $ (19,396) | $ (17,041) | $ (48,250) | $ (36,437) | $ (74,837) |
Weighted-average common shares outstanding (in shares) | 111,777,703 | 97,511,660 | 109,159,753 | 96,248,506 | |||
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.26) | $ (0.20) | $ (0.44) | $ (0.38) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Anti-dilutive common equivalent shares (Details) - shares | 6 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities xxcluded from computation of earnings per share | 24,354,858 | 26,776,341 |
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 | 10,282,372 | 7,921,560 |
Shares estimated to be purchased under ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities xxcluded from computation of earnings per share | 190,609 | 292,447 |
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 | 13,881,877 | 18,562,334 |