Cover page
Cover page - shares | 9 Months Ended | |
Oct. 31, 2020 | Nov. 23, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 31, 2020 | |
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 | 61 Ninth Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10011 | |
City Area Code | 212 | |
Local Phone Number | 994-3900 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | YEXT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Reporting Company | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 122,266,596 | |
Entity Central Index Key | 0001614178 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2020 | Jan. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 208,996 | $ 256,076 |
Accounts receivable, net of allowances of $2,754 and $995, respectively | 48,687 | 80,583 |
Prepaid expenses and other current assets | 17,631 | 12,730 |
Costs to obtain revenue contracts, current | 29,114 | 28,423 |
Total current assets | 304,428 | 377,812 |
Restricted cash | 0 | 12,100 |
Property and equipment, net | 71,948 | 26,200 |
Operating lease right-of-use assets | 106,889 | 111,973 |
Costs to obtain revenue contracts, non-current | 21,046 | 26,051 |
Goodwill | 4,714 | 4,534 |
Intangible assets, net | 886 | 1,343 |
Other long term assets | 5,030 | 3,607 |
Total assets | 514,941 | 563,620 |
Current liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 47,633 | 59,482 |
Unearned revenue, current | 128,709 | 176,806 |
Operating lease liabilities, current | 6,801 | 8,640 |
Total current liabilities | 183,143 | 244,928 |
Operating lease liabilities, non-current | 123,651 | 115,187 |
Other long term liabilities | 7,484 | 2,293 |
Total liabilities | 314,278 | 362,408 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value per share; 50,000,000 shares authorized at October 31, 2020 and January 31, 2020; zero shares issued and outstanding at October 31, 2020 and January 31, 2020 | 0 | 0 |
Common stock, $0.001 par value per share; 500,000,000 shares authorized at October 31, 2020 and January 31, 2020; 128,681,015 and 122,335,709 shares issued at October 31, 2020 and January 31, 2020, respectively; 122,175,681 and 115,830,375 shares outstanding at October 31, 2020 and January 31, 2020, respectively | 129 | 122 |
Additional paid-in capital | 711,413 | 636,008 |
Accumulated other comprehensive income (loss) | 60 | (360) |
Accumulated deficit | (499,034) | (422,653) |
Treasury stock, at cost | (11,905) | (11,905) |
Total stockholders’ equity | 200,663 | 201,212 |
Total liabilities and stockholders’ equity | $ 514,941 | $ 563,620 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 31, 2020 | Jan. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,754 | $ 995 |
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) | 128,681,015 | 122,335,709 |
Common stock shares outstanding (in shares) | 122,175,681 | 115,830,375 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 89,061 | $ 76,370 | $ 262,467 | $ 217,451 |
Cost of revenue | 21,639 | 20,366 | 64,807 | 56,108 |
Gross profit | 67,422 | 56,004 | 197,660 | 161,343 |
Operating expenses: | ||||
Sales and marketing | 56,646 | 61,969 | 171,215 | 160,738 |
Research and development | 14,475 | 13,011 | 43,641 | 35,603 |
General and administrative | 18,061 | 23,857 | 57,993 | 57,392 |
Total operating expenses | 89,182 | 98,837 | 272,849 | 253,733 |
Loss from operations | (21,760) | (42,833) | (75,189) | (92,390) |
Interest income | 9 | 1,129 | 524 | 3,412 |
Interest expense | (184) | (81) | (475) | (213) |
Other expense, net | (38) | (682) | (545) | (1,091) |
Loss from operations before income taxes | (21,973) | (42,467) | (75,685) | (90,282) |
(Provision for) benefit from income taxes | (68) | (250) | (696) | (685) |
Net loss | $ (22,041) | $ (42,717) | $ (76,381) | $ (90,967) |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.18) | $ (0.38) | $ (0.64) | $ (0.82) |
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares) | 120,721,555 | 113,464,608 | 118,594,452 | 110,610,473 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustment | $ (497) | $ 1,585 | $ 420 | $ 1,000 |
Unrealized (loss) gain on marketable securities, net | 0 | (2) | 0 | 40 |
Total comprehensive loss | $ (22,538) | $ (41,134) | $ (75,961) | $ (89,927) |
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, 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] | ||||||
Common stock offering, net of issuance costs (in shares) | 7,000,000 | |||||
Common stock offering, net of issuance costs | 146,470 | $ 7 | 146,463 | |||
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 | 3,283 | ||||
Stock-based compensation | 13,472 | 13,472 | ||||
Other comprehensive income | 349 | 349 | ||||
Net loss | (18,959) | (18,959) | ||||
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) |
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] | ||||||
Net loss | (90,967) | |||||
End of period (in shares) at Oct. 31, 2019 | 114,371,000 | |||||
End of period at Oct. 31, 2019 | 212,356 | $ 120 | 616,605 | (388) | (392,076) | (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] | ||||||
Common stock offering, net of issuance costs (in shares) | 7,000,000 | |||||
Common stock offering, net of issuance costs | 146,470 | $ 7 | 146,463 | |||
Exercise of stock options (in shares) | 3,308,000 | |||||
Exercise of stock options | 14,855 | $ 3 | 14,852 | |||
Vested restricted stock units converted to common shares (in shares) | 2,946,000 | |||||
Vested restricted stock units converted to common shares | 0 | $ 3 | (3) | |||
Issuance of restricted stock (in shares) | 11,000 | |||||
Issuance of restricted stock | 0 | |||||
Issuance of common stock under employee stock purchase plans (in shares) | 392,000 | |||||
Issuance of common stock under employee stock purchase plan | 6,627 | 6,627 | ||||
Stock-based compensation | 69,187 | 69,187 | ||||
Other comprehensive income | 1,068 | 1,068 | ||||
Net loss | (121,544) | (121,544) | ||||
End of period (in shares) at Jan. 31, 2020 | 115,830,000 | |||||
End of period at Jan. 31, 2020 | 201,212 | $ 122 | 636,008 | (360) | (422,653) | (11,905) |
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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 647,000 | |||||
Exercise of stock options | 3,406 | 3,406 | ||||
Vested restricted stock units converted to common shares (in shares) | 820,000 | |||||
Vested restricted stock units converted to common shares | 0 | $ 1 | (1) | |||
Issuance of common stock under employee stock purchase plans (in shares) | 222,000 | |||||
Issuance of common stock under employee stock purchase plan | 3,344 | 3,344 | ||||
Stock-based compensation | 21,601 | 21,601 | ||||
Other comprehensive income | 1,583 | 1,583 | ||||
Net loss | (42,717) | (42,717) | ||||
End of period (in shares) at Oct. 31, 2019 | 114,371,000 | |||||
End of period at Oct. 31, 2019 | 212,356 | $ 120 | 616,605 | (388) | (392,076) | (11,905) |
Beginning of period (in shares) at Jan. 31, 2020 | 115,830,000 | |||||
Beginning of period at Jan. 31, 2020 | 201,212 | $ 122 | 636,008 | (360) | (422,653) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 391,000 | |||||
Exercise of stock options | 1,896 | $ 1 | 1,895 | |||
Vested restricted stock units converted to common shares (in shares) | 903,000 | |||||
Vested restricted stock units converted to common shares | 0 | $ 1 | (1) | |||
Issuance of restricted stock (in shares) | 26,000 | |||||
Issuance of restricted stock | 0 | |||||
Issuance of common stock under employee stock purchase plans (in shares) | 374,000 | |||||
Issuance of common stock under employee stock purchase plan | 3,743 | 3,743 | ||||
Stock-based compensation | 17,617 | 17,617 | ||||
Other comprehensive income | (1,333) | (1,333) | ||||
Net loss | (29,224) | (29,224) | ||||
End of period (in shares) at Apr. 30, 2020 | 117,524,000 | |||||
End of period at Apr. 30, 2020 | 193,911 | $ 124 | 659,262 | (1,693) | (451,877) | (11,905) |
Beginning of period (in shares) at Jan. 31, 2020 | 115,830,000 | |||||
Beginning of period at Jan. 31, 2020 | 201,212 | $ 122 | 636,008 | (360) | (422,653) | (11,905) |
End of period (in shares) at Jul. 31, 2020 | 119,512,000 | |||||
End of period at Jul. 31, 2020 | 193,548 | $ 126 | 681,763 | 557 | (476,993) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance costs | 530 | |||||
Beginning of period (in shares) at Jan. 31, 2020 | 115,830,000 | |||||
Beginning of period at Jan. 31, 2020 | $ 201,212 | $ 122 | 636,008 | (360) | (422,653) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 2,474,292 | 2,474,000 | ||||
Exercise of stock options | $ 13,212 | $ 3 | 13,209 | |||
Vested restricted stock units converted to common shares (in shares) | 3,135,000 | |||||
Vested restricted stock units converted to common shares | 0 | $ 3 | (3) | |||
Issuance of restricted stock (in shares) | 38,000 | |||||
Issuance of restricted stock | 0 | |||||
Issuance of common stock under employee stock purchase plans (in shares) | 699,000 | |||||
Issuance of common stock under employee stock purchase plan | 7,000 | $ 1 | 6,999 | |||
Stock-based compensation | 55,200 | 55,200 | ||||
Other comprehensive income | 420 | 420 | ||||
Net loss | (76,381) | (76,381) | ||||
End of period (in shares) at Oct. 31, 2020 | 122,176,000 | |||||
End of period at Oct. 31, 2020 | 200,663 | $ 129 | 711,413 | 60 | (499,034) | (11,905) |
Beginning of period (in shares) at Apr. 30, 2020 | 117,524,000 | |||||
Beginning of period at Apr. 30, 2020 | 193,911 | $ 124 | 659,262 | (1,693) | (451,877) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 935,000 | |||||
Exercise of stock options | 4,751 | $ 1 | 4,750 | |||
Vested restricted stock units converted to common shares (in shares) | 1,041,000 | |||||
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 | 17,752 | 17,752 | ||||
Other comprehensive income | 2,250 | 2,250 | ||||
Net loss | (25,116) | (25,116) | ||||
End of period (in shares) at Jul. 31, 2020 | 119,512,000 | |||||
End of period at Jul. 31, 2020 | 193,548 | $ 126 | 681,763 | 557 | (476,993) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 1,148,000 | |||||
Exercise of stock options | 6,565 | $ 1 | 6,564 | |||
Vested restricted stock units converted to common shares (in shares) | 1,191,000 | |||||
Vested restricted stock units converted to common shares | 0 | $ 1 | (1) | |||
Issuance of common stock under employee stock purchase plans (in shares) | 325,000 | |||||
Issuance of common stock under employee stock purchase plan | 3,257 | $ 1 | 3,256 | |||
Stock-based compensation | 19,831 | 19,831 | ||||
Other comprehensive income | (497) | (497) | ||||
Net loss | (22,041) | (22,041) | ||||
End of period (in shares) at Oct. 31, 2020 | 122,176,000 | |||||
End of period at Oct. 31, 2020 | $ 200,663 | $ 129 | $ 711,413 | $ 60 | $ (499,034) | $ (11,905) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 | Apr. 30, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2020 | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | |
Operating activities: | ||||||||||
Net loss | $ (22,041) | $ (29,224) | $ (42,717) | $ (18,959) | $ (76,381) | $ (90,967) | $ (121,544) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Depreciation and amortization expense | 7,539 | 5,836 | ||||||||
Bad debt expense | 2,376 | 297 | ||||||||
Stock-based compensation expense | 53,889 | 50,917 | ||||||||
Amortization of operating lease right-of-use assets | 9,367 | 8,039 | ||||||||
Other, net | 589 | (7) | ||||||||
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | 30,302 | 15,908 | ||||||||
Prepaid expenses and other current assets | (5,023) | 888 | ||||||||
Costs to obtain revenue contracts | 4,743 | (6,196) | ||||||||
Other long term assets | (1,350) | (1,681) | ||||||||
Accounts payable, accrued expenses and other current liabilities | (7,192) | 3,161 | ||||||||
Unearned revenue | (49,592) | (27,531) | ||||||||
Operating lease liabilities | 2,526 | (1,576) | ||||||||
Other long term liabilities | 4,485 | 478 | ||||||||
Net cash used in operating activities | (23,722) | (42,434) | ||||||||
Investing activities: | ||||||||||
Maturities of marketable securities | 0 | 51,197 | ||||||||
Capital expenditures | (53,946) | (7,347) | ||||||||
Net cash (used in) provided by investing activities | (53,946) | 43,850 | ||||||||
Financing activities: | ||||||||||
Proceeds from common stock offering, net of underwriting discounts and commissions | 0 | 147,000 | ||||||||
Payments of common stock deferred offering costs | 0 | (530) | ||||||||
Proceeds from exercise of stock options | 13,145 | 12,513 | ||||||||
Payments of deferred financing costs | (869) | (260) | ||||||||
Proceeds, net from employee stock purchase plan withholdings | 4,811 | 5,078 | ||||||||
Net cash provided by financing activities | 17,087 | 163,801 | ||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,401 | (118) | ||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (59,180) | 165,099 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 268,176 | 91,755 | 268,176 | 91,755 | 91,755 | |||||
Cash, cash equivalents and restricted cash at end of period | 208,996 | 256,854 | 208,996 | 256,854 | 268,176 | |||||
Supplemental Cash Flow Information [Abstract] | ||||||||||
Cash and cash equivalents | $ 208,996 | $ 256,076 | $ 244,754 | |||||||
Restricted cash | 0 | 12,100 | 12,100 | |||||||
Cash, cash equivalents and restricted cash at end of period | $ 208,996 | $ 268,176 | $ 256,854 | $ 91,755 | $ 208,996 | $ 256,854 | $ 91,755 | $ 208,996 | $ 268,176 | $ 256,854 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | Mar. 20, 2019 | Jul. 31, 2020 |
Statement of Stockholders' Equity [Abstract] | ||
Issuance costs | $ 500 | $ 530 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Oct. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Description of Business Yext, Inc. ("Yext" or the "Company"), a search experience cloud company, puts businesses in control of their facts online by delivering their official answers. The Yext platform lets businesses structure the facts about their brands in a database called a Knowledge Graph. The Yext platform is built to leverage the structured data stored in the Knowledge Graph to power direct answers on a business' own website, as well as across more than 175 service and application providers, which the Company refers to as its Knowledge Network, and includes Amazon Alexa, Apple Maps, Bing, Cortana, Facebook, Google, Google Assistant, Google Maps, Siri and Yelp. The Yext platform powers all of the Company's key features, including Listings, Pages, and Answers, along with its other features and capabilities. Fiscal Year The Company's fiscal year ends on January 31 st . References to fiscal 2021, for example, are to the fiscal year ending January 31, 2021. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 31, 2020 | |
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, 2020, filed with the SEC on March 20, 2020 (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, 2020, 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 nine months ended October 31, 2020 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending January 31, 2021, 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. 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. Concentration of Credit Risk Certain financial instruments that could be exposed to a concentration of credit risk may include 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 October 31, 2020 and January 31, 2020, 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 nine months ended October 31, 2020 and 2019, respectively. Recent Accounting Pronouncements Adoption of New Accounting Standard - ASU 2016-13 In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments." The new model uses a forward-looking expected loss method, which requires entities to estimate current expected credit losses on financial instruments by using all practical and relevant information, and requires expected credit losses to be reflected as allowances rather than reductions in the amortized cost of available-for-sale debt securities. The Company adopted this standard on February 1, 2020, and the application of the new forward-looking expected loss model to the allowance for doubtful accounts did not have a material effect on its condensed consolidated financial statements. New Accounting Standard To Be Adopted - ASU 2019-12 In December 2019, the FASB issued ASU 2019-12 "Simplifying the Accounting for Income Taxes", which simplifies the accounting for income taxes, eliminates certain exceptions within Accounting Standards Codification ("ASC") Topic 740, "Income Taxes," and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company plans to adopt this standard on February 1, 2021 and does not currently expect the adoption to have a material impact on the Company's condensed consolidated financial statements. |
Revenue
Revenue | 9 Months Ended |
Oct. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Performance Obligations The Company has identified that it has two distinct performance obligations: subscription and associated support to the Yext platform and professional services. The Company's revenue is predominantly related to its subscription and associated support to the Yext platform. Professional services revenue accounted for approximately 7% and 5% of the Company's total revenue for the nine months ended October 31, 2020 and 2019, respectively. Geographic Region 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. The following table presents the Company's revenue by geographic region: Three months ended October 31, Nine months ended October 31, (in thousands) 2020 2019 2020 2019 North America $ 71,159 $ 62,815 $ 211,557 $ 179,268 International 17,902 13,555 50,910 38,183 Total revenue $ 89,061 $ 76,370 $ 262,467 $ 217,451 North America revenue is predominantly attributable to the United States, but also includes Canada. International revenue is predominantly attributable to European countries, but also includes Japan. The Company's revenue attributable to the United States represented 80% and 82% of total revenue for the nine months ended October 31, 2020 and 2019, respectively. Its revenue attributable to Switzerland, which serves as one of the Company's contracting entities for Europe, represented 16% and 13% of total revenue for the nine months ended October 31, 2020 and 2019, respectively. No other individual country represented more than 10% of total revenue for the nine months ended October 31, 2020 and 2019, respectively. 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 October 31, 2020, unearned revenue, current was $128.7 million, while unearned revenue, non-current, which is included within other long term liabilities on the Company's condensed consolidated balance sheet, was $0.2 million. Revenue recognized of $157.9 million during the nine months ended October 31, 2020 was included in unearned revenue at the beginning of the period. 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 October 31, 2020 and January 31, 2020, customer deposits of $0.5 million and $0.9 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 amounts under non-cancelable contracts expected to be recognized as revenue in future periods, and may be influenced by several factors, including seasonality, the timing of renewals, and contract terms. As of October 31, 2020, the Company had $285.4 million of remaining performance obligations, of which $265.3 million is expected to be recognized as revenue over the next twenty-four months, with the remaining balance expected to be recognized thereafter. As of January 31, 2020, the Company had $328.1 million of remaining performance obligations. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Oct. 31, 2020 | |
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. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Oct. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Intangible Assets Goodwill As of October 31, 2020 and January 31, 2020, the Company had goodwill of $4.7 million and $4.5 million, respectively. 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 nine months ended October 31, 2020 and 2019 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 October 31, 2020 and January 31, 2020, the Company had intangible assets, net of $0.9 million and $1.3 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 nine months ended October 31, 2020 and 2019 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. |
Property and Equipment, net
Property and Equipment, net | 9 Months Ended |
Oct. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, Net Property and equipment are recorded at cost and depreciated or amortized on a straight-line basis over their estimated useful lives. Property and equipment, net consisted of the following: (in thousands) October 31, 2020 January 31, 2020 Computer software $ 10,719 $ 10,099 Office equipment 12,227 9,966 Furniture and fixtures 2,752 1,347 Leasehold improvements 20,892 15,170 Construction in progress 39,359 13,812 Software in progress 3,845 961 Total property and equipment, gross 89,794 51,355 Less: accumulated depreciation (17,846) (25,155) Total property and equipment, net $ 71,948 $ 26,200 Construction in progress consists primarily of leasehold improvements related to operating lease arrangements for office space primarily associated with the Company's new corporate headquarters in New York, NY. Software in progress consists of costs incurred in connection with additional functionality to the Yext platform. As of October 31, 2020 and January 31, 2020, the Company's property and equipment, net attributable to the United States was 86% and 88%, respectively. No other individual country represented more than 10% of the total property and equipment, net as of those periods. Depreciation expense was $2.2 million and $7.1 million for the three and nine months ended October 31, 2020, respectively and $1.9 million and $5.4 million for the three and nine months ended October 31, 2019, respectively. In May 2020, the Company entered into a Surrender Agreement (the "Surrender Agreement") of its lease arrangement for its prior corporate headquarters in New York, NY. In July 2020, the Company permanently exited the facility and accordingly revised the estimated useful lives of the associated property and equipment, resulting in $0.8 million of additional depreciation expense in the nine months ended October 31, 2020. Pursuant to the Surrender Agreement, the Company's lease obligations continued through August 31, 2020. See Note 12 "Leases" for further information. |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Oct. 31, 2020 | |
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) October 31, 2020 January 31, 2020 Accounts payable (1) $ 10,796 $ 9,599 Accrued employee compensation 16,942 20,622 Accrued Knowledge Network application provider fees 2,428 5,561 Accrued professional services and associated costs 2,180 3,077 Accrued employee stock purchase plan withholdings liability 1,089 3,277 Other current liabilities (2) 14,198 17,346 Total accounts payable, accrued expenses and other current liabilities $ 47,633 $ 59,482 (1) - As of October 31, 2020 and January 31, 2020, accounts payable includes capital expenditures of $2.8 million and $2.2 million, respectively. (2) - As of October 31, 2020 and January 31, 2020, other current liabilities include capital expenditures of $3.1 million and $7.0 million, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 31, 2020 | |
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 since the 2008 Plan termination the Company has not granted and 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, 2020, the number of shares of common stock available for issuance under the 2016 Plan was automatically increased according to its terms by 4,633,215 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 October 31, 2020, the number of shares available for future award under the 2016 Plan is 1,859,853. Stock Options The following table summarizes the activity related to the Company's stock options: Outstanding Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Balance, January 31, 2020 12,371,254 $ 7.05 5.53 $ 98,028 Granted — $ — Exercised (2,474,292) $ 5.34 Forfeited or canceled (432,102) $ 6.83 Balance, October 31, 2020 9,464,860 $ 7.51 5.17 $ 85,827 Vested and expected to vest 9,339,422 $ 7.46 5.15 $ 85,140 Exercisable at October 31, 2020 8,766,402 $ 7.23 5.03 $ 81,950 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 October 31, 2020. 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 $25.2 million and $38.8 million for the nine months ended October 31, 2020 and 2019, 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. 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, 2020 9,910,729 $ 17.44 Granted 4,811,799 $ 15.39 Vested and converted to shares (3,145,740) $ 16.90 Forfeited or canceled (1,169,878) $ 17.32 Balance as of October 31, 2020 10,406,910 $ 16.68 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, 2020, the number of shares of common stock available for issuance under the ESPP was automatically increased according to its terms by 1,158,304 shares. As of October 31, 2020, a total of 2,834,557 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 16, 2020, 373,891 shares of common stock were purchased under the ESPP at a purchase price of $10.01 per share for total proceeds of $3.7 million. In connection with the offering period which ended on September 15, 2020, 324,141 shares of common stock were purchased under the ESPP at a purchase price of $10.01 per share for total proceeds of $3.2 million. A new offering period began on September 15, 2020 and will end on March 15, 2021. As of October 31, 2020, 331,129 shares are estimated to be purchased at the end of the offering period and $1.1 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 at commencement, to be purchased during an ESPP offering period were as follows: Three months ended October 31, Nine months ended October 31, 2020 2019 2020 2019 Expected life (years) 0.50 0.50 0.50 0.50 Expected volatility 65.48% 42.41% 51.44% - 65.48% 42.41% - 60.86% Dividend yield — — — — Risk-free rate 0.12% 1.93% 0.12% - 0.29% 1.93% - 2.52% The expected life assumptions were based on each offering period's respective purchase date. The Company 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 commencement of the offering period. 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 nine months ended October 31, 2020, the Company recorded stock-based compensation expense associated with the ESPP of $0.7 million and $1.9 million, respectively and $0.7 million and $2.0 million for the three and nine months ended October 31, 2019, respectively. As of October 31, 2020, total unrecognized compensation cost related to ESPP was $1.3 million, net of estimated forfeitures, which will be amortized over a weighted-average remaining period of 0.37 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's stock-based compensation expense for the periods presented was as follows: Three months ended October 31, Nine months ended October 31, (in thousands) 2020 2019 2020 2019 Cost of revenue $ 1,513 $ 1,176 $ 4,053 $ 2,982 Sales and marketing 9,410 8,604 25,151 23,673 Research and development 4,228 3,630 12,104 9,260 General and administrative 4,136 7,682 12,581 15,002 Total stock-based compensation expense $ 19,287 $ 21,092 $ 53,889 $ 50,917 General and administrative stock-based compensation expense for the three and nine months ended October 31, 2019, included a $3.6 million one-time RSU cancellation-related expense. As of October 31, 2020, there was approximately $163.1 million of total unrecognized compensation cost related to unvested stock-based awards. This unrecognized compensation cost is expected to be recognized over an estimated remaining weighted-average vesting period of approximately 2.85 years. During the three and nine months ended October 31, 2020, the Company capitalized $0.5 |
Equity
Equity | 9 Months Ended |
Oct. 31, 2020 | |
Equity [Abstract] | |
Equity | Equity The following table summarizes the changes in stockholders' equity during the nine months ended October 31, 2020: Accumulated Additional Other Total Common Stock Paid-In Comprehensive Accumulated Treasury Stockholders’ (in thousands) Shares Amount Capital Income (Loss) Deficit Stock Equity Balance, January 31, 2020 115,830 $ 122 $ 636,008 $ (360) $ (422,653) $ (11,905) $ 201,212 Exercise of stock options 391 1 1,895 — — — 1,896 Vested restricted stock units converted to common shares 903 1 (1) — — — — Issuance of restricted stock 26 — — — — — — Issuance of common stock under employee stock purchase plan 374 — 3,743 — — — 3,743 Stock-based compensation — — 17,617 — — — 17,617 Other comprehensive loss — — — (1,333) — — (1,333) Net loss — — — — (29,224) — (29,224) Balance, April 30, 2020 117,524 124 659,262 (1,693) (451,877) (11,905) 193,911 Exercise of stock options 935 1 4,750 — — — 4,751 Vested restricted stock units converted to common shares 1,041 1 (1) — — — — Issuance of restricted stock 12 — — — — — — Stock-based compensation — — 17,752 — — — 17,752 Other comprehensive income — — — 2,250 — — 2,250 Net loss — — — — (25,116) — (25,116) Balance, July 31, 2020 119,512 126 681,763 557 (476,993) (11,905) 193,548 Exercise of stock options 1,148 1 6,564 — — — 6,565 Vested restricted stock units converted to common shares 1,191 1 (1) — — — — Issuance of common stock under employee stock purchase plans 325 1 3,256 — — — 3,257 Stock-based compensation — — 19,831 — — — 19,831 Other comprehensive loss — — — (497) — — (497) Net loss — — — — (22,041) — (22,041) Balance, October 31, 2020 122,176 $ 129 $ 711,413 $ 60 $ (499,034) $ (11,905) $ 200,663 The following table summarizes the changes in stockholders' equity during the nine months ended October 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 Exercise of stock options 647 — 3,406 — — — 3,406 Vested restricted stock units converted to common shares 820 1 (1) — — — — Issuance of common stock under employee stock purchase plan 222 — 3,344 — — — 3,344 Stock-based compensation — — 21,601 — — — 21,601 Other comprehensive income — — — 1,583 — — 1,583 Net loss — — — — (42,717) — (42,717) Balance, October 31, 2019 114,371 $ 120 $ 616,605 $ (388) $ (392,076) $ (11,905) $ 212,356 Common Stock Offering On March 20, 2019, the Company closed a common stock 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 this 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. 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 October 31, 2020 and January 31, 2020, no shares of preferred stock were issued or outstanding. Common Stock As of October 31, 2020 and January 31, 2020, 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 |
Debt
Debt | 9 Months Ended |
Oct. 31, 2020 | |
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. On March 11, 2020, the Company replaced its existing Credit Agreement and entered into a new credit agreement with Silicon Valley Bank (the “March 2020 Credit Agreement”). No significant debt issuance costs were incurred in association with the March 2020 Credit Agreement. The March 2020 Credit Agreement provides for a senior secured revolving loan facility of up to $50.0 million that matures three years after the effective date, with the right subject to certain conditions to add an incremental revolving loan facility of up to $50.0 million in the aggregate. The three-year revolving loan facility provides for borrowings up to the amount of the facility with sub-limits of up to (i) $30.0 million to be available for the issuance of letters of credit and (ii) $10.0 million to be available for swingline loans. Under the March 2020 Credit Agreement, loans bear interest, at the Company's option, at an annual rate based on LIBOR or a base rate. Loans based on LIBOR shall bear interest at a rate between LIBOR plus 2.50% and LIBOR plus 3.00%, depending on the Company's average daily usage of the revolving loan facility. Loans based on the base rate shall bear interest at a rate between the base rate minus 0.50% and the base rate plus 0.00%, depending on the Company's average daily usage of the revolving loan facility. The obligations under the March 2020 Credit Agreement are secured by a lien on substantially all of the tangible and intangible property of the Company and by a pledge of all of the equity interests of the Company's material direct and indirect domestic subsidiaries and 66% of each class of capital stock of any material first-tier foreign subsidiaries, subject to limited exceptions. The March 2020 Credit Agreement contains customary affirmative and negative covenants and restrictions, as well as financial covenants that require the Company to maintain the year-over-year growth rate of its ordinary course recurring revenue for a trailing four fiscal quarter period above specified rates when certain liquidity thresholds are not met and to maintain a consolidated quick ratio of at least 1.50 to 1.00 tested on a monthly basis. As of January 31, 2020, the Company had back-to-back standby letters of credit for $12.1 million, which were fully secured by a $12.1 million cash deposit and classified as restricted cash on the Company's condensed consolidated balance sheet. In connection with the March 2020 Credit Agreement, the $12.1 million cash deposit was released and is no longer classified as restricted cash on the Company's condensed consolidated balance sheet as of October 31, 2020. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2020 | |
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 nine months ended October 31, 2020, the Company recorded a (provision for) benefit from income taxes of $(0.1) million and $(0.7) million, respectively. During the three and nine months ended October 31, 2019, the Company recorded a (provision for) benefit from income taxes of $(0.3) million and $(0.7) million, respectively. 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 net deferred tax assets in the U.S. and in certain foreign jurisdictions, partially offset by the |
Leases
Leases | 9 Months Ended |
Oct. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases The Company's operating lease arrangements are principally for office space. As of October 31, 2020, the Company had $6.8 million of operating lease liabilities, current, $123.7 million of operating lease liabilities, non-current, $106.9 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 do not include short-term leases, and had a weighted-average remaining lease term of 9.7 years and a weighted-average discount rate of 5.7%, as of October 31, 2020. During the nine months ended October 31, 2020, the Company paid $7.7 million for amounts included in the measurement of lease liabilities and obtained $7.2 million of operating lease right-of-use assets in exchange for lease obligations. In May 2020, the Company entered into a Surrender Agreement (the "Surrender Agreement") of its lease arrangement for its prior corporate headquarters in New York, NY. The previous lease arrangement was scheduled to expire in December 2020. Pursuant to the Surrender Agreement, the Company's lease obligations continued through August 31, 2020. During the nine months ended October 31, 2020 and 2019, the Company recognized $18.6 million and $15.6 million, of lease expense, respectively, which consisted of the following: Nine months ended October 31, (in thousands) 2020 2019 Operating lease expense $ 15,318 $ 11,993 Short-term lease expense 904 1,729 Variable lease expense 2,425 1,845 Total lease expense $ 18,647 $ 15,567 Operating lease expense is recognized on a straight-line basis over the term of the arrangement beginning on the lease commencement date for lease arrangements that have an initial term greater than twelve months and therefore are recorded on the balance sheet. For the nine months ended October 31, 2020, operating lease expense includes lease expense related to the Company's lease arrangement associated with its new corporate headquarters in New York, NY, which commenced in May 2019. Short-term lease expense is recognized on a straight-line basis over the lease term for lease arrangements that have an initial term of 12 months or less and therefore are not recorded on the balance sheet. Variable lease expense is recognized as incurred and consists of real estate taxes and utilities, among other office space related expenses. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2020 | |
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 contractual obligations primarily relate to its operating lease arrangements for office space. Its other contractual obligations include contracts with its Knowledge Network application providers, which generally have a term of one year, and its software vendors, among others. These obligations represent minimum contractual payments, or the Company's best estimate for variable elements based on historical payments. The Company's contractual obligations have various expiry dates between fiscal years 2021 and 2035. As of October 31, 2020, the Company's contractual obligations are as follows (in thousands): Fiscal year ending January 31: Operating Leases Other 2021 (remainder of fiscal year) $ 4,034 $ 12,391 2022 19,083 12,107 2023 19,058 5,595 2024 18,784 1,862 2025 18,263 1,604 2026 and thereafter 111,241 3,132 Total $ 190,463 $ 36,691 Performance and Payment Bond The Company's operating lease arrangement associated with its new corporate headquarters in New York, NY requires performance and payment bonds to secure the completion of certain potential construction work, when a reasonable estimate of such work is available. In connection with these bonds, as of October 31, 2020, the Company paid $0.9 million in issuance costs which are recognized as operating expense over the estimated construction period in the Company's condensed consolidated statement of operations. 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 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 | 9 Months Ended |
Oct. 31, 2020 | |
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 October 31, Nine months ended October 31, (in thousands, except share and per share data) 2020 2019 2020 2019 Numerator: Net loss attributable to common stockholders $ (22,041) $ (42,717) $ (76,381) $ (90,967) Denominator: Weighted-average common shares outstanding 120,721,555 113,464,608 118,594,452 110,610,473 Net loss per share attributable to common stockholders, basic and diluted $ (0.18) $ (0.38) $ (0.64) $ (0.82) 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 October 31, 2020 2019 Options to purchase common stock 9,464,860 13,209,606 Restricted stock and restricted stock units 10,406,910 9,821,715 Shares estimated to be purchased under ESPP 331,129 284,942 Total anti-dilutive common equivalent shares 20,202,899 23,316,263 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 31, 2020 | |
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, 2020, filed with the SEC on March 20, 2020 (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, 2020, 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 nine months ended October 31, 2020 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending January 31, 2021, 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 RiskCertain financial instruments that could be exposed to a concentration of credit risk may include 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adoption of New Accounting Standard - ASU 2016-13 In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments." The new model uses a forward-looking expected loss method, which requires entities to estimate current expected credit losses on financial instruments by using all practical and relevant information, and requires expected credit losses to be reflected as allowances rather than reductions in the amortized cost of available-for-sale debt securities. The Company adopted this standard on February 1, 2020, and the application of the new forward-looking expected loss model to the allowance for doubtful accounts did not have a material effect on its condensed consolidated financial statements. New Accounting Standard To Be Adopted - ASU 2019-12 In December 2019, the FASB issued ASU 2019-12 "Simplifying the Accounting for Income Taxes", which simplifies the accounting for income taxes, eliminates certain exceptions within Accounting Standards Codification ("ASC") Topic 740, "Income Taxes," and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company plans to adopt this standard on February 1, 2021 and does not currently expect the adoption to have a material impact on the Company's condensed consolidated financial statements. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company's revenue by geographic region: Three months ended October 31, Nine months ended October 31, (in thousands) 2020 2019 2020 2019 North America $ 71,159 $ 62,815 $ 211,557 $ 179,268 International 17,902 13,555 50,910 38,183 Total revenue $ 89,061 $ 76,370 $ 262,467 $ 217,451 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property and equipment are recorded at cost and depreciated or amortized on a straight-line basis over their estimated useful lives. Property and equipment, net consisted of the following: (in thousands) October 31, 2020 January 31, 2020 Computer software $ 10,719 $ 10,099 Office equipment 12,227 9,966 Furniture and fixtures 2,752 1,347 Leasehold improvements 20,892 15,170 Construction in progress 39,359 13,812 Software in progress 3,845 961 Total property and equipment, gross 89,794 51,355 Less: accumulated depreciation (17,846) (25,155) Total property and equipment, net $ 71,948 $ 26,200 |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
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) October 31, 2020 January 31, 2020 Accounts payable (1) $ 10,796 $ 9,599 Accrued employee compensation 16,942 20,622 Accrued Knowledge Network application provider fees 2,428 5,561 Accrued professional services and associated costs 2,180 3,077 Accrued employee stock purchase plan withholdings liability 1,089 3,277 Other current liabilities (2) 14,198 17,346 Total accounts payable, accrued expenses and other current liabilities $ 47,633 $ 59,482 (1) - As of October 31, 2020 and January 31, 2020, accounts payable includes capital expenditures of $2.8 million and $2.2 million, respectively. (2) - As of October 31, 2020 and January 31, 2020, other current liabilities include capital expenditures of $3.1 million and $7.0 million, respectively. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Options Activity | The following table summarizes the activity related to the Company's stock options: Outstanding Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Balance, January 31, 2020 12,371,254 $ 7.05 5.53 $ 98,028 Granted — $ — Exercised (2,474,292) $ 5.34 Forfeited or canceled (432,102) $ 6.83 Balance, October 31, 2020 9,464,860 $ 7.51 5.17 $ 85,827 Vested and expected to vest 9,339,422 $ 7.46 5.15 $ 85,140 Exercisable at October 31, 2020 8,766,402 $ 7.23 5.03 $ 81,950 |
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, 2020 9,910,729 $ 17.44 Granted 4,811,799 $ 15.39 Vested and converted to shares (3,145,740) $ 16.90 Forfeited or canceled (1,169,878) $ 17.32 Balance as of October 31, 2020 10,406,910 $ 16.68 |
Schedule of Employee Stock Purchase Plan Valuation Assumptions | The Black-Scholes option pricing model assumptions used to calculate the fair value of shares, estimated at commencement, to be purchased during an ESPP offering period were as follows: Three months ended October 31, Nine months ended October 31, 2020 2019 2020 2019 Expected life (years) 0.50 0.50 0.50 0.50 Expected volatility 65.48% 42.41% 51.44% - 65.48% 42.41% - 60.86% Dividend yield — — — — Risk-free rate 0.12% 1.93% 0.12% - 0.29% 1.93% - 2.52% |
Schedule of Share-Based Compensation Expense | The Company's stock-based compensation expense for the periods presented was as follows: Three months ended October 31, Nine months ended October 31, (in thousands) 2020 2019 2020 2019 Cost of revenue $ 1,513 $ 1,176 $ 4,053 $ 2,982 Sales and marketing 9,410 8,604 25,151 23,673 Research and development 4,228 3,630 12,104 9,260 General and administrative 4,136 7,682 12,581 15,002 Total stock-based compensation expense $ 19,287 $ 21,092 $ 53,889 $ 50,917 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Equity [Abstract] | |
Schedule of Stockholders Equity | The following table summarizes the changes in stockholders' equity during the nine months ended October 31, 2020: Accumulated Additional Other Total Common Stock Paid-In Comprehensive Accumulated Treasury Stockholders’ (in thousands) Shares Amount Capital Income (Loss) Deficit Stock Equity Balance, January 31, 2020 115,830 $ 122 $ 636,008 $ (360) $ (422,653) $ (11,905) $ 201,212 Exercise of stock options 391 1 1,895 — — — 1,896 Vested restricted stock units converted to common shares 903 1 (1) — — — — Issuance of restricted stock 26 — — — — — — Issuance of common stock under employee stock purchase plan 374 — 3,743 — — — 3,743 Stock-based compensation — — 17,617 — — — 17,617 Other comprehensive loss — — — (1,333) — — (1,333) Net loss — — — — (29,224) — (29,224) Balance, April 30, 2020 117,524 124 659,262 (1,693) (451,877) (11,905) 193,911 Exercise of stock options 935 1 4,750 — — — 4,751 Vested restricted stock units converted to common shares 1,041 1 (1) — — — — Issuance of restricted stock 12 — — — — — — Stock-based compensation — — 17,752 — — — 17,752 Other comprehensive income — — — 2,250 — — 2,250 Net loss — — — — (25,116) — (25,116) Balance, July 31, 2020 119,512 126 681,763 557 (476,993) (11,905) 193,548 Exercise of stock options 1,148 1 6,564 — — — 6,565 Vested restricted stock units converted to common shares 1,191 1 (1) — — — — Issuance of common stock under employee stock purchase plans 325 1 3,256 — — — 3,257 Stock-based compensation — — 19,831 — — — 19,831 Other comprehensive loss — — — (497) — — (497) Net loss — — — — (22,041) — (22,041) Balance, October 31, 2020 122,176 $ 129 $ 711,413 $ 60 $ (499,034) $ (11,905) $ 200,663 The following table summarizes the changes in stockholders' equity during the nine months ended October 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 Exercise of stock options 647 — 3,406 — — — 3,406 Vested restricted stock units converted to common shares 820 1 (1) — — — — Issuance of common stock under employee stock purchase plan 222 — 3,344 — — — 3,344 Stock-based compensation — — 21,601 — — — 21,601 Other comprehensive income — — — 1,583 — — 1,583 Net loss — — — — (42,717) — (42,717) Balance, October 31, 2019 114,371 $ 120 $ 616,605 $ (388) $ (392,076) $ (11,905) $ 212,356 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost | During the nine months ended October 31, 2020 and 2019, the Company recognized $18.6 million and $15.6 million, of lease expense, respectively, which consisted of the following: Nine months ended October 31, (in thousands) 2020 2019 Operating lease expense $ 15,318 $ 11,993 Short-term lease expense 904 1,729 Variable lease expense 2,425 1,845 Total lease expense $ 18,647 $ 15,567 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Contractual Obligation Payments | As of October 31, 2020, the Company's contractual obligations are as follows (in thousands): Fiscal year ending January 31: Operating Leases Other 2021 (remainder of fiscal year) $ 4,034 $ 12,391 2022 19,083 12,107 2023 19,058 5,595 2024 18,784 1,862 2025 18,263 1,604 2026 and thereafter 111,241 3,132 Total $ 190,463 $ 36,691 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
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 October 31, Nine months ended October 31, (in thousands, except share and per share data) 2020 2019 2020 2019 Numerator: Net loss attributable to common stockholders $ (22,041) $ (42,717) $ (76,381) $ (90,967) Denominator: Weighted-average common shares outstanding 120,721,555 113,464,608 118,594,452 110,610,473 Net loss per share attributable to common stockholders, basic and diluted $ (0.18) $ (0.38) $ (0.64) $ (0.82) |
Schedule of Antidilutive Securities | Anti-dilutive common equivalent shares were as follows: As of October 31, 2020 2019 Options to purchase common stock 9,464,860 13,209,606 Restricted stock and restricted stock units 10,406,910 9,821,715 Shares estimated to be purchased under ESPP 331,129 284,942 Total anti-dilutive common equivalent shares 20,202,899 23,316,263 |
Organization and Description _2
Organization and Description of Business (Details) | Oct. 31, 2020Provider |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of service and application providers | 175 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) | 9 Months Ended |
Oct. 31, 2020segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2020 | |
Revenue from External Customer [Line Items] | |||
Unearned revenue, current | $ 128,709 | $ 176,806 | |
Unearned revenue, noncurrent | 200 | ||
Unearned revenue, revenue recognized | 157,900 | ||
Customer deposits | $ 500 | $ 900 | |
Sales Revenue, Net | Product Concentration Risk | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 7.00% | 5.00% | |
Sales Revenue, Net | Geographic Concentration Risk | UNITED STATES | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 80.00% | 82.00% | |
Sales Revenue, Net | Geographic Concentration Risk | SWITZERLAND | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 16.00% | 13.00% |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 89,061 | $ 76,370 | $ 262,467 | $ 217,451 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 71,159 | 62,815 | 211,557 | 179,268 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 17,902 | $ 13,555 | $ 50,910 | $ 38,183 |
Revenue - Revenue Performance O
Revenue - Revenue Performance Obligations (Details) - USD ($) $ in Millions | Oct. 31, 2020 | Jan. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Revenue, remaining performance obligation, amount | $ 285.4 | $ 328.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, amount | 285.4 | $ 328.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-11-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Revenue, remaining performance obligation, amount | $ 265.3 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 24 months | |
Revenue, remaining performance obligation, amount | $ 265.3 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted cash | $ 0 | $ 12,100 | $ 12,100 |
Recurring | Fair Value, Inputs, Level 1 | Money market funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | $ 148,800 | ||
Cash and cash equivalents, fair value disclosure | 190,800 | ||
Restricted cash | $ 12,100 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2020USD ($) | Oct. 31, 2019USD ($) | Oct. 31, 2020USD ($)segment | Oct. 31, 2019USD ($) | Jan. 31, 2020USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 4,714 | $ 4,714 | $ 4,534 | ||
Number of operating segments | segment | 1 | ||||
Intangible assets, net | 886 | $ 886 | $ 1,343 | ||
Amortization of intangible assets | $ 100 | $ 100 | $ 400 | $ 400 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment, gross | $ 89,794 | $ 89,794 | $ 51,355 | ||
Less: accumulated depreciation | (17,846) | (17,846) | (25,155) | ||
Total property and equipment, net | 71,948 | 71,948 | $ 26,200 | ||
Depreciation expense | 2,200 | $ 1,900 | 7,100 | $ 5,400 | |
Accelerated depreciation | $ 800 | ||||
Geographic Concentration Risk | UNITED STATES | Property, Plant and Equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Concentration risk, percentage | 86.00% | 88.00% | |||
Computer software | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment, gross | 10,719 | $ 10,719 | $ 10,099 | ||
Office equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment, gross | 12,227 | 12,227 | 9,966 | ||
Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment, gross | 2,752 | 2,752 | 1,347 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment, gross | 20,892 | 20,892 | 15,170 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment, gross | 39,359 | 39,359 | 13,812 | ||
Software in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment, gross | $ 3,845 | $ 3,845 | $ 961 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2020 | |
Payables and Accruals [Abstract] | |||
Accounts payable | $ 10,796 | $ 9,599 | |
Accrued employee compensation | 16,942 | 20,622 | |
Accrued Knowledge Network application provider fees | 2,428 | 5,561 | |
Accrued professional services and associated costs | 2,180 | 3,077 | |
Accrued employee stock purchase plan withholdings liability | 1,089 | 3,277 | |
Other current liabilities | 14,198 | 17,346 | |
Total accounts payable, accrued expenses and other current liabilities | 47,633 | 59,482 | |
Property, Plant and Equipment [Line Items] | |||
Capital expenditures | 53,946 | $ 7,347 | |
Accounts Payable and Accrued Liabilities | |||
Property, Plant and Equipment [Line Items] | |||
Capital expenditures | 2,800 | 2,200 | |
Other Current Liabilities | |||
Property, Plant and Equipment [Line Items] | |||
Capital expenditures | $ 3,100 | $ 7,000 |
Stock-Based Compensation - Plan
Stock-Based Compensation - Plans (Details) - shares | 1 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Oct. 31, 2020 | Feb. 01, 2020 | 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) | 4,633,215 | |||
Number of shares available for futures issuance (in shares) | 1,859,853 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2020 | |
Outstanding Stock Options | |||
Balance, January 31, 2020 (in shares) | 12,371,254 | ||
Options granted (in shares) | 0 | ||
Options exercised (in shares) | (2,474,292) | ||
Options forfeited (in shares) | (432,102) | ||
Balance, April 30, 2020 (in shares) | 9,464,860 | 12,371,254 | |
Vested and expected to vest (in shares) | 9,339,422 | ||
Exercisable at April 30, 2020 (in shares) | 8,766,402 | ||
Weighted-Average Exercise Price (in dollars per share): | |||
Balance, January 31, 2020 (in dollars per share) | $ 7.05 | ||
Options granted (in dollars per share) | 0 | ||
Options exercised (in dollars per share) | 5.34 | ||
Options forfeited (in dollars per share) | 6.83 | ||
Balance, April 30, 2020 (in dollars per share) | 7.51 | $ 7.05 | |
Vested and expected to vest (in dollars per share) | 7.46 | ||
Exercisable at April 30, 2020 (in dollars per share) | $ 7.23 | ||
Balance, weighted-average remaining contractual life (in years) | 5 years 2 months 1 day | 5 years 6 months 10 days | |
Vested and expected to vest, Weighted-Average Contractual Life (in years) | 5 years 1 month 24 days | ||
Exercisable at April 30, 2020, weighted-average contractual life (in years) | 5 years 10 days | ||
Balance, aggregate intrinsic value | $ 85,827 | $ 98,028 | |
Vested and expected to vest at April 30, 2020, aggregate intrinsic value | 85,140 | ||
Exercisable at April 30, 2020, aggregate intrinsic value | 81,950 | ||
Options exercised, intrinsic value | $ 25,200 | $ 38,800 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock (Details) - Restricted stock and restricted stock units | 9 Months Ended |
Oct. 31, 2020$ / 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, 2020 (in shares) | shares | 9,910,729 |
Granted - restricted stock and restricted stock units (in shares) | shares | 4,811,799 |
Vested and converted to shares (in shares) | shares | (3,145,740) |
Canceled (in shares) | shares | (1,169,878) |
Balance as of April 30, 2020 (in shares) | shares | 10,406,910 |
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, 2020 (in dollars per share) | $ / shares | $ 17.44 |
Granted - restricted stock and restricted stock units (in dollars per share) | $ / shares | 15.39 |
Vested and converted to shares (in dollars per share) | $ / shares | 16.90 |
Canceled (in dollars per share) | $ / shares | 17.32 |
Balance as of April 30, 2020 (in dollars per share) | $ / shares | $ 16.68 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 15, 2020 | Oct. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 | Apr. 30, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2020 | Mar. 16, 2020 | Feb. 01, 2020 | Mar. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Issuance of common stock under employee stock purchase plan | $ 3,257 | $ 3,743 | $ 3,344 | $ 3,283 | $ 7,000 | $ 6,627 | |||||
Stock-based compensation expense | $ 19,287 | 21,092 | $ 53,889 | $ 50,917 | |||||||
Shares committed under 2017 ESPP | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares authorized, annual increase (in shares) | 1,158,304 | 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) | 2,834,557 | 2,834,557 | |||||||||
Issuance of common stock under employee stock purchase plans (in shares) | 324,141 | 373,891 | |||||||||
Shares purchased under plan (in dollars per share) | $ 10.01 | $ 10.01 | |||||||||
Issuance of common stock under employee stock purchase plan | $ 3,200 | $ 3,700 | |||||||||
Number of shares purchased under plan (in shares) | 331,129 | ||||||||||
Common stock withheld on behalf of employees for future purchases under the ESPP | 1,100,000 | 1,100,000 | |||||||||
Stock-based compensation expense | $ 700 | $ 700 | $ 1,900 | $ 2,000 | |||||||
Unrecognized compensation cost | $ 1,300 | $ 1,300 | |||||||||
Unrecognized compensation cost, period for recognition | 4 months 13 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 | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life (years) | 6 months | 6 months | 6 months | 6 months |
Expected volatility | 65.48% | 42.41% | ||
Expected volatility, minimum | 51.44% | 42.41% | ||
Expected volatility, maximum | 65.48% | 60.86% | ||
Risk-free rate | 0.12% | 1.93% | ||
Risk-free rate, minimum | 0.12% | 1.93% | ||
Risk-free rate, maximum | 0.29% | 2.52% |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 19,287 | $ 21,092 | $ 53,889 | $ 50,917 |
Unrecognized compensation cost, stock options | 163,100 | 163,100 | ||
Stock-based compensation related to internal-use software development | 500 | 500 | 1,300 | 1,200 |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 1,513 | 1,176 | 4,053 | 2,982 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 9,410 | 8,604 | 25,151 | 23,673 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 4,228 | 3,630 | 12,104 | 9,260 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 4,136 | 7,682 | $ 12,581 | 15,002 |
RSU cancellation expense | $ 3,600 | $ 3,600 | ||
Options to purchase common stock | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Unrecognized compensation cost, period for recognition | 2 years 10 months 6 days |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Thousands | Mar. 20, 2019USD ($)$ / sharesshares | Apr. 30, 2019shares | Jul. 31, 2020USD ($) | Oct. 31, 2020USD ($)vote$ / sharesshares | Oct. 31, 2019USD ($) | Jan. 31, 2020USD ($)vote$ / sharesshares | Apr. 30, 2017$ / sharesshares |
Class of Stock [Line Items] | |||||||
Proceeds from common stock offering, net of underwriting discounts and commissions | $ | $ 0 | $ 147,000 | |||||
Issuance costs | $ | $ 500 | $ 530 | |||||
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 | 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 | Mar. 20, 2019 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jul. 31, 2020 | Oct. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2020 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Beginning of period | $ 193,548 | $ 193,911 | $ 201,212 | $ 225,139 | $ 234,160 | $ 84,549 | $ 201,212 | $ 201,212 | $ 84,549 | $ 84,549 | |
Common stock offering, net of issuance costs | 146,470 | 146,470 | |||||||||
Exercise of stock options (in shares) | 2,474,292 | ||||||||||
Exercise of stock options | 6,565 | 4,751 | 1,896 | 3,406 | 4,137 | 4,996 | $ 13,212 | 14,855 | |||
Vested restricted stock units converted to common shares | 0 | 0 | 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 | 3,257 | 3,743 | 3,344 | 3,283 | 7,000 | 6,627 | |||||
Stock-based compensation | 19,831 | 17,752 | 17,617 | 21,601 | 17,025 | 13,472 | 55,200 | 69,187 | |||
Other comprehensive income | (497) | 2,250 | (1,333) | 1,583 | (892) | 349 | 420 | 1,068 | |||
Net loss | (22,041) | (25,116) | (29,224) | (42,717) | (29,291) | (18,959) | (76,381) | (90,967) | (121,544) | ||
End of period | $ 200,663 | $ 193,548 | $ 193,911 | $ 212,356 | $ 225,139 | $ 234,160 | 193,548 | $ 200,663 | $ 212,356 | $ 201,212 | |
Issuance costs | $ 500 | $ 530 | |||||||||
Common Stock | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Beginning of period (in shares) | 119,512,000 | 117,524,000 | 115,830,000 | 112,682,000 | 111,000,000 | 102,173,000 | 115,830,000 | 115,830,000 | 102,173,000 | 102,173,000 | |
Beginning of period | $ 126 | $ 124 | $ 122 | $ 119 | $ 117 | $ 109 | $ 122 | $ 122 | $ 109 | $ 109 | |
Common stock offering, net of issuance costs (in shares) | 7,000,000 | 7,000,000 | 7,000,000 | ||||||||
Common stock offering, net of issuance costs | $ 7 | $ 7 | |||||||||
Exercise of stock options (in shares) | 1,148,000 | 935,000 | 391,000 | 647,000 | 830,000 | 1,096,000 | 2,474,000 | 3,308,000 | |||
Exercise of stock options | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 3 | $ 3 | ||||
Vested restricted stock units converted to common shares (in shares) | 1,191,000 | 1,041,000 | 903,000 | 820,000 | 845,000 | 557,000 | 3,135,000 | 2,946,000 | |||
Vested restricted stock units converted to common shares | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 3 | $ 3 | ||||
Issuance of restricted stock (in shares) | 12,000 | 26,000 | 7,000 | 4,000 | 38,000 | 11,000 | |||||
Issuance of common stock under employee stock purchase plans (in shares) | 325,000 | 374,000 | 222,000 | 170,000 | 699,000 | 392,000 | |||||
Issuance of common stock under employee stock purchase plan | $ 1 | $ 1 | |||||||||
End of period (in shares) | 122,176,000 | 119,512,000 | 117,524,000 | 114,371,000 | 112,682,000 | 111,000,000 | 119,512,000 | 122,176,000 | 114,371,000 | 115,830,000 | |
End of period | $ 129 | $ 126 | $ 124 | $ 120 | $ 119 | $ 117 | $ 126 | $ 129 | $ 120 | $ 122 | |
Additional Paid-in Capital | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Beginning of period | 681,763 | 659,262 | 636,008 | 588,255 | 567,095 | 398,882 | 636,008 | 636,008 | 398,882 | 398,882 | |
Common stock offering, net of issuance costs | 146,463 | 146,463 | |||||||||
Exercise of stock options | 6,564 | 4,750 | 1,895 | 3,406 | 4,136 | 4,995 | 13,209 | 14,852 | |||
Vested restricted stock units converted to common shares | (1) | (1) | (1) | (1) | (1) | (3) | (3) | ||||
Issuance of common stock under employee stock purchase plan | 3,256 | 3,743 | 3,344 | 3,283 | 6,999 | 6,627 | |||||
Stock-based compensation | 19,831 | 17,752 | 17,617 | 21,601 | 17,025 | 13,472 | 55,200 | 69,187 | |||
End of period | 711,413 | 681,763 | 659,262 | 616,605 | 588,255 | 567,095 | 681,763 | 711,413 | 616,605 | 636,008 | |
Accumulated Other Comprehensive Loss | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Beginning of period | 557 | (1,693) | (360) | (1,971) | (1,079) | (1,428) | (360) | (360) | (1,428) | (1,428) | |
Other comprehensive income | (497) | 2,250 | (1,333) | 1,583 | (892) | 349 | 420 | 1,068 | |||
End of period | 60 | 557 | (1,693) | (388) | (1,971) | (1,079) | 557 | 60 | (388) | (360) | |
Accumulated Deficit | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Beginning of period | (476,993) | (451,877) | (422,653) | (349,359) | (320,068) | (301,109) | (422,653) | (422,653) | (301,109) | (301,109) | |
Net loss | (22,041) | (25,116) | (29,224) | (42,717) | (29,291) | (18,959) | (76,381) | (121,544) | |||
End of period | (499,034) | (476,993) | (451,877) | (392,076) | (349,359) | (320,068) | (476,993) | (499,034) | (392,076) | (422,653) | |
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) | (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) | $ (11,905) | $ (11,905) |
Debt (Details)
Debt (Details) - USD ($) | Mar. 11, 2020 | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Mar. 16, 2016 |
Line of Credit Facility [Line Items] | |||||
Restricted cash deposits | $ 0 | $ 12,100,000 | $ 12,100,000 | ||
Line of Credit | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Borrowing capacity | $ 30,000,000 | ||||
Debt instrument, collateral amount | 14,300,000 | ||||
Line of Credit | Bridge Loan | |||||
Line of Credit Facility [Line Items] | |||||
Borrowing capacity | 10,000,000 | ||||
Line of Credit | Silicon Valley Bank | Revolving Credit Line | |||||
Line of Credit Facility [Line Items] | |||||
Borrowing capacity | $ 15,000,000 | ||||
Line of Credit | Silicon Valley Bank | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Borrowing capacity | $ 7,000,000 | ||||
Secured Debt | Revolving Credit Line | |||||
Line of Credit Facility [Line Items] | |||||
Borrowing capacity | $ 50,000,000 | 50,000,000 | |||
Debt Instrument, Term | 3 years | ||||
Incremental borrowing available under certain conditions | $ 50,000,000 | ||||
Capital stock of foreign subsidiary, percent | 66.00% | ||||
Covenant terms, minimum adjusted quick ratio | 0.015% | ||||
Line of credit facility, available borrowing capacity | 35,700,000 | ||||
Secured Debt | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Borrowing capacity | 12,100,000 | ||||
Restricted cash deposits | $ 12,100,000 | $ 12,100,000 | |||
Secured Debt | London Interbank Offered Rate (LIBOR) | Revolving Credit Line | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 2.50% | ||||
Secured Debt | London Interbank Offered Rate (LIBOR) | Revolving Credit Line | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 3.00% | ||||
Secured Debt | Base Rate | Revolving Credit Line | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.50% | ||||
Secured Debt | Base Rate | Revolving Credit Line | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||
(Provision for) benefit from income taxes | $ (68) | $ (250) | $ (696) | $ (685) |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2020 | Jan. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease liabilities, current | $ 6,801 | $ 8,640 |
Operating lease liabilities, non-current | 123,651 | 115,187 |
Operating lease right-of-use assets | $ 106,889 | $ 111,973 |
Operating lease, weighted average remaining lease term | 9 years 8 months 12 days | |
Operating lease, weighted average discount rate, percentage | 5.70% | |
Operating lease, payments | $ 7,700 | |
Right-of-use assets obtained in exchange for lease obligations | $ 7,200 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 15,318 | $ 11,993 |
Short-term lease expense | 904 | 1,729 |
Variable lease expense | 2,425 | 1,845 |
Total lease expense | $ 18,647 | $ 15,567 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Oct. 31, 2020USD ($) |
Operating Leases | |
2021 (remainder of fiscal year) | $ 4,034 |
2022 | 19,083 |
2023 | 19,058 |
2024 | 18,784 |
2025 | 18,263 |
2026 and thereafter | 111,241 |
Total | 190,463 |
Other | |
2021 (remainder of fiscal year) | 12,391 |
2022 | 12,107 |
2023 | 5,595 |
2024 | 1,862 |
2025 | 1,604 |
2026 and thereafter | 3,132 |
Total | $ 36,691 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 9 Months Ended |
Oct. 31, 2020USD ($) | |
Bonds | |
Loss Contingencies [Line Items] | |
Amortization of deferred financing costs | $ 0.9 |
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 | 9 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2020 | |
Earnings Per Share [Abstract] | |||||||||
Net loss attributable to common stockholders | $ (22,041) | $ (25,116) | $ (29,224) | $ (42,717) | $ (29,291) | $ (18,959) | $ (76,381) | $ (90,967) | $ (121,544) |
Weighted-average common shares outstanding (in shares) | 120,721,555 | 113,464,608 | 118,594,452 | 110,610,473 | |||||
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.18) | $ (0.38) | $ (0.64) | $ (0.82) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Anti-dilutive common equivalent shares (Details) - shares | 9 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities xxcluded from computation of earnings per share | 20,202,899 | 23,316,263 |
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 | 10,406,910 | 9,821,715 |
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 | 331,129 | 284,942 |
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 | 9,464,860 | 13,209,606 |