Cover
Cover - shares shares in Millions | 3 Months Ended | |
Apr. 30, 2022 | May 13, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-39504 | |
Entity Registrant Name | SNOWFLAKE INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-0636374 | |
Entity Address, Address Line One | Suite 3A | |
Entity Address, Address Line Two | 106 East Babcock Street | |
Entity Address, City or Town | Bozeman | |
Entity Address, State or Province | MT | |
Entity Address, Postal Zip Code | 59715 | |
City Area Code | 844 | |
Local Phone Number | 766-9355 | |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value | |
Trading Symbol | SNOW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 318.1 | |
Entity Central Index Key | 0001640147 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,063,401 | $ 1,085,729 |
Short-term investments | 2,751,679 | 2,766,364 |
Accounts receivable, net | 277,559 | 545,629 |
Deferred commissions, current | 53,943 | 51,398 |
Prepaid expenses and other current assets | 195,151 | 149,523 |
Total current assets | 4,341,733 | 4,598,643 |
Long-term investments | 1,212,378 | 1,256,207 |
Property and equipment, net | 118,611 | 105,079 |
Operating lease right-of-use assets | 188,946 | 190,356 |
Goodwill | 502,614 | 8,449 |
Intangible assets, net | 181,851 | 37,141 |
Deferred commissions, non-current | 124,340 | 124,517 |
Other assets | 352,226 | 329,306 |
Total assets | 7,022,699 | 6,649,698 |
Current liabilities: | ||
Accounts payable | 18,442 | 13,441 |
Accrued expenses and other current liabilities | 185,281 | 200,664 |
Operating lease liabilities, current | 27,298 | 25,101 |
Deferred revenue, current | 1,132,697 | 1,157,887 |
Total current liabilities | 1,363,718 | 1,397,093 |
Operating lease liabilities, non-current | 179,251 | 181,196 |
Deferred revenue, non-current | 10,434 | 11,180 |
Other liabilities | 11,302 | 11,184 |
Total liabilities | 1,564,705 | 1,600,653 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock; $0.0001 par value per share; 200,000 shares authorized, zero shares issued and outstanding as of April 30, 2022 and January 31, 2022 | 0 | 0 |
Common stock; $0.0001 par value per share; 2,500,000 Class A shares authorized, 317,814 and 312,377 shares issued and outstanding as of April 30, 2022 and January 31, 2022, respectively; 185,461 Class B shares authorized, zero shares issued and outstanding as of each April 30, 2022 and January 31, 2022 | 32 | 31 |
Additional paid-in capital | 7,589,712 | 6,984,669 |
Accumulated other comprehensive loss | (46,587) | (16,286) |
Accumulated deficit | (2,085,163) | (1,919,369) |
Total stockholders’ equity | 5,457,994 | 5,049,045 |
Total liabilities and stockholders’ equity | $ 7,022,699 | $ 6,649,698 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares shares in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 200,000 | 200,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Common stock, shares issued (in shares) | 317,814 | 312,377 |
Common stock, shares outstanding (in shares) | 317,814 | 312,377 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 185,461 | 185,461 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | ||
Income Statement [Abstract] | |||
Revenue | $ 422,371 | $ 228,914 | |
Cost of revenue | 147,930 | 97,346 | |
Gross profit | 274,441 | 131,568 | |
Operating expenses: | |||
Sales and marketing | 243,912 | 166,804 | |
Research and development | 150,798 | 109,796 | |
General and administrative | 68,497 | 60,563 | |
Total operating expenses | 463,207 | 337,163 | |
Operating loss | (188,766) | (205,595) | |
Interest income | 4,759 | 2,612 | |
Other expense, net | (8,481) | (488) | |
Loss before income taxes | (192,488) | (203,471) | |
Benefit from income taxes | (26,694) | (251) | |
Net loss | $ (165,794) | $ (203,220) | |
Net loss per share attributable to Class A common stockholders - basic (in dollars per share) | [1] | $ (0.53) | $ (0.70) |
Net loss per share attributable to Class A common stockholders - diluted (in dollars per share) | [1] | $ (0.53) | $ (0.70) |
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders - basic (in shares) | [1] | 314,361 | 291,386 |
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders - diluted (in shares) | [1] | 314,361 | 291,386 |
[1] | On March 1, 2021, all shares of the Company’s then-outstanding Class B common stock were automatically converted into the same number of shares of Class A common stock, pursuant to the terms of the Company’s amended and restated certificate of incorporation. No additional shares of Class B common stock will be issued following such conversion. See Note 10 for further details. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (165,794) | $ (203,220) |
Other comprehensive loss: | ||
Foreign currency translation adjustments | (1,976) | 352 |
Net change in unrealized losses on available-for-sale debt securities | (28,325) | (425) |
Total other comprehensive loss | (30,301) | (73) |
Comprehensive loss | $ (196,095) | $ (203,293) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | ||
Beginning balance (in shares) at Jan. 31, 2021 | [1] | 287,918 | |||||
Beginning balance at Jan. 31, 2021 | $ 4,936,471 | $ 28 | [1] | $ 6,175,425 | $ 439 | $ (1,239,421) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock upon exercise of stock options (in shares) | [1] | 7,082 | |||||
Issuance of common stock upon exercise of stock options | 41,217 | $ 2 | [1] | 41,215 | |||
Issuance of common stock under employee stock purchase plan (in shares) | [1] | 259 | |||||
Issuance of common stock under employee stock purchase plan | 26,398 | 26,398 | |||||
Vesting of early exercised stock options | 215 | 215 | |||||
Vesting of restricted stock units (in shares) | [1] | 531 | |||||
Stock-based compensation | 157,313 | 157,313 | |||||
Other comprehensive loss | (73) | (73) | |||||
Net loss | (203,220) | (203,220) | |||||
Ending balance (in shares) at Apr. 30, 2021 | [1] | 295,790 | |||||
Ending balance at Apr. 30, 2021 | 4,958,321 | $ 30 | [1] | 6,400,566 | 366 | (1,442,641) | |
Beginning balance (in shares) at Jan. 31, 2022 | 312,377 | ||||||
Beginning balance at Jan. 31, 2022 | $ 5,049,045 | $ 31 | 6,984,669 | (16,286) | (1,919,369) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock upon exercise of stock options (in shares) | 2,448 | 2,448 | |||||
Issuance of common stock upon exercise of stock options | $ 15,130 | $ 1 | 15,129 | ||||
Issuance of common stock under employee stock purchase plan (in shares) | 184 | ||||||
Issuance of common stock under employee stock purchase plan | 26,094 | 26,094 | |||||
Issuance of common stock in connection with a business combination (in shares) | 1,840 | ||||||
Issuance of common stock in connection with a business combination | 438,916 | 438,916 | |||||
Issuance of common stock in connection with a business combination subject to future vesting (in shares) | 409 | ||||||
Vesting of early exercised stock options | 61 | 61 | |||||
Vesting of restricted stock units (in shares) | 848 | ||||||
Shares withheld related to net share settlement of equity awards (in shares) | (292) | ||||||
Shares withheld related to net share settlement of equity awards | (54,145) | (54,145) | |||||
Stock-based compensation | 178,988 | 178,988 | |||||
Other comprehensive loss | (30,301) | (30,301) | |||||
Net loss | (165,794) | (165,794) | |||||
Ending balance (in shares) at Apr. 30, 2022 | 317,814 | ||||||
Ending balance at Apr. 30, 2022 | $ 5,457,994 | $ 32 | $ 7,589,712 | $ (46,587) | $ (2,085,163) | ||
[1] | On March 1, 2021, all shares of the Company’s then-outstanding Class B common stock were automatically converted into the same number of shares of Class A common stock, pursuant to the terms of the Company’s amended and restated certificate of incorporation. No additional shares of Class B common stock will be issued following such conversion. See Note 10 for further details. |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (165,794) | $ (203,220) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 9,941 | 4,684 |
Non-cash operating lease costs | 10,091 | 8,509 |
Amortization of deferred commissions | 13,201 | 8,316 |
Stock-based compensation, net of amounts capitalized | 172,493 | 151,014 |
Net amortization of premiums on investments | 8,198 | 13,019 |
Net unrealized losses on strategic investments in marketable equity securities | 8,859 | 0 |
Deferred income tax | (26,664) | 0 |
Other | 1,761 | 1,214 |
Changes in operating assets and liabilities, net of effects of a business combination: | ||
Accounts receivable | 266,656 | 127,179 |
Deferred commissions | (16,718) | (14,749) |
Prepaid expenses and other assets | (57,535) | (54,357) |
Accounts payable | 4,158 | (1,245) |
Accrued expenses and other liabilities | (14,217) | (6,567) |
Operating lease liabilities | (8,376) | (7,833) |
Deferred revenue | (21,441) | (4,110) |
Net cash provided by operating activities | 184,613 | 21,854 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (7,413) | (6,430) |
Capitalized internal-use software development costs | (4,804) | (2,480) |
Cash paid for a business combination, net of cash and cash equivalents acquired | (177,925) | 0 |
Purchases of intangible assets | 0 | (10,460) |
Purchases of investments | (897,291) | (1,145,670) |
Sales of investments | 10,974 | 384,383 |
Maturities and redemptions of investments | 886,667 | 516,588 |
Net cash used in investing activities | (189,792) | (264,069) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 15,276 | 41,402 |
Proceeds from issuance of common stock under employee stock purchase plan | 26,094 | 26,398 |
Taxes paid related to net share settlement of equity awards | (53,216) | 0 |
Net cash provided by (used in) financing activities | (11,846) | 67,800 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (5,098) | 19 |
Net decrease in cash, cash equivalents, and restricted cash | (22,123) | (174,396) |
Cash, cash equivalents, and restricted cash—beginning of period | 1,102,534 | 835,193 |
Cash, cash equivalents, and restricted cash—end of period | 1,080,411 | 660,797 |
Supplemental disclosures of non-cash investing and financing activities | ||
Property and equipment included in accounts payable and accrued expenses | 4,782 | 3,469 |
Stock-based compensation included in capitalized software development costs | 6,291 | 6,210 |
Issuance of common stock in connection with a business combination | 438,916 | 0 |
Purchases of intangible assets included in accrued expenses and other liabilities | 0 | 5,039 |
Reconciliation of cash, cash equivalents, and restricted cash: | ||
Cash and cash equivalents | 1,063,401 | 644,674 |
Restricted cash—included in other assets and prepaid expenses and other current assets | 17,010 | 16,123 |
Total cash, cash equivalents, and restricted cash | $ 1,080,411 | $ 660,797 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Apr. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of BusinessSnowflake Inc. (Snowflake or the Company) provides a cloud-based data platform, which enables customers to consolidate data to drive meaningful business insights, build data-driven applications, and share data. The Company provides its platform through a customer-centric, consumption-based business model, only charging customers for the resources they use. Through its platform, the Company delivers the Data Cloud, a network where Snowflake customers, partners, data providers, and data consumers can break down data silos and derive value from rapidly growing data sets in secure, governed, and compliant ways. Snowflake was incorporated in the state of Delaware on July 23, 2012. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Fiscal Year The Company’s fiscal year ends on January 31. For example, references to fiscal 2023 refer to the fiscal year ended January 31, 2023. Basis of Presentation The accompanying unaudited 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 U.S. Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2022, which was filed with the SEC on March 30, 2022. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of April 30, 2022 and the results of operations for the three months ended April 30, 2022 and 2021, and cash flows for the three months ended April 30, 2022 and 2021. The condensed balance sheet as of January 31, 2022 was derived from the audited financial statements but does not include all disclosures required by GAAP. The results of operations for the three months ended April 30, 2022 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. Principles of Consolidation The condensed consolidated financial statements include the accounts of Snowflake Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Segment Information The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. For information regarding the Company’s revenue by geographic area, see Note 3. The following table presents the Company’s long-lived assets, comprising property and equipment, net and operating lease right-of-use assets, by geographic area (in thousands): April 30, 2022 January 31, 2022 United States $ 285,705 $ 272,895 Other 21,852 22,540 Total $ 307,557 $ 295,435 Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates include, but are not limited to, stand-alone selling prices (SSP) for each distinct performance obligation, internal-use software development costs, the expected period of benefit for deferred commissions, the fair value of intangible assets acquired in business combinations, the useful lives of long-lived assets, the carrying value of operating lease right-of-use assets, stock-based compensation, accounting for income taxes, and the fair value of investments in marketable and non-marketable securities. The Company bases its estimates on historical experience and also on assumptions that management considers reasonable. These estimates are assessed on a regular basis; however, actual results could differ from these estimates. In addition, the Company assessed the impact of COVID-19 on the estimates and assumptions and determined there was no material impact. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in “Note 2 – Basis of Presentation and Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2022, which was filed with the SEC on March 30, 2022. There have been no significant changes to these policies during the three months ended April 30, 2022. |
Revenue, Accounts Receivable, D
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations | 3 Months Ended |
Apr. 30, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations | Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations Disaggregation of Revenue Revenue consists of the following (in thousands): Three Months Ended April 30, 2022 2021 Product revenue $ 394,434 $ 213,830 Professional services and other revenue 27,937 15,084 Total $ 422,371 $ 228,914 Revenue by geographic area, based on the location of the Company’s customers (or end-customers under reseller arrangements), was as follows (in thousands): Three Months Ended April 30, 2022 2021 Americas: United States $ 335,925 $ 186,185 Other Americas (1) 9,126 5,020 EMEA (1)(2) 58,018 30,174 Asia-Pacific and Japan (1) 19,302 7,535 Total $ 422,371 $ 228,914 ________________ (1) No individual country in these areas represented more than 10% of the Company’s revenue for all periods presented. (2) Europe, the Middle East and Africa Accounts Receivable, Net As of April 30, 2022 and January 31, 2022, allowance for credit losses of $0.9 million and $1.3 million, was included in the Company’s accounts receivable, net balance, respectively. Significant Customers For purposes of assessing the concentration of credit risk and significant customers, a group of customers under common control or customers that are affiliates of each other are regarded as a single customer. As of April 30, 2022 and January 31, 2022, there were no customers that represented 10% or more of the Company’s accounts receivable, net balance. Additionally, there were no customers that represented 10% or more of the Company’s revenue for each of the three months ended April 30, 2022 and 2021. Deferred Revenue Revenue recognized for the three months ended April 30, 2022 from amounts included in deferred revenue as of January 31, 2022 was $339.1 million. Revenue recognized for the three months ended April 30, 2021 from amounts included in deferred revenue as of January 31, 2021 was $187.0 million. Remaining Performance Obligations Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not yet been recognized, including (i) deferred revenue and (ii) non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. The Company’s RPO excludes performance obligations from on-demand arrangements as there are no minimum purchase commitments associated with these arrangements, and certain time and materials contracts that are billed in arrears. Portions of RPO that are not yet invoiced and are denominated in foreign currencies are revalued into USD each period based on the applicable period-end exchange rates. As of April 30, 2022, the Company’s RPO was $2.6 billion, of which the Company expects approximately 53% to be recognized as revenue in the twelve months ending April 30, 2023 based on historical customer consumption patterns. However, the amount and timing of revenue recognition are generally dependent upon customers’ future consumption, which is inherently variable at customers’ discretion and can extend beyond the original contract term in cases where customers are permitted to roll over unused capacity to future periods, generally on the purchase of additional capacity at renewal. |
Cash Equivalents and Investment
Cash Equivalents and Investments | 3 Months Ended |
Apr. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash Equivalents and Investments | Cash Equivalents and Investments The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the condensed consolidated balance sheets (in thousands): April 30, 2022 Amortized Gross Gross Estimated Cash equivalents: Money market funds $ 744,931 $ — $ — $ 744,931 Commercial paper 98,852 1 (14) 98,839 Corporate notes and bonds 13,545 — (2) 13,543 Total cash equivalents 857,328 1 (16) 857,313 Investments: Corporate notes and bonds 2,481,897 23 (31,188) 2,450,732 Commercial paper 776,878 — (3,255) 773,623 U.S. government and agency securities 597,500 125 (8,990) 588,635 Certificates of deposit 151,467 42 (442) 151,067 Total investments 4,007,742 190 (43,875) 3,964,057 Total cash equivalents and investments $ 4,865,070 $ 191 $ (43,891) $ 4,821,370 January 31, 2022 Amortized Gross Gross Estimated Cash equivalents: Money market funds $ 722,492 $ — $ — $ 722,492 Commercial paper 77,795 1 (2) 77,794 U.S. government securities 36,997 — (2) 36,995 Corporate notes and bonds 7,950 — (1) 7,949 Total cash equivalents 845,234 1 (5) 845,230 Investments: Corporate notes and bonds 2,610,010 91 (12,062) 2,598,039 Commercial paper 884,376 81 (821) 883,636 U.S. government and agency securities 439,449 28 (2,558) 436,919 Certificates of deposit 104,108 4 (135) 103,977 Total investments 4,037,943 204 (15,576) 4,022,571 Total cash equivalents and investments $ 4,883,177 $ 205 $ (15,581) $ 4,867,801 The Company included $14.3 million and $14.1 million of interest receivable in prepaid expenses and other current assets on the condensed consolidated balance sheets as of April 30, 2022 and January 31, 2022, respectively. The Company did not recognize an allowance for credit losses against interest receivable as of April 30, 2022 and January 31, 2022 because such potential losses were not material. As of April 30, 2022, the contractual maturities of the Company’s available-for-sale marketable debt securities did not exceed 36 months. The estimated fair values of available-for-sale marketable debt securities, by remaining contractual maturity, are as follows (in thousands): April 30, 2022 Estimated Due within 1 year $ 2,864,061 Due in 1 year to 3 years 1,212,378 Total $ 4,076,439 The following tables show the fair values of, and the gross unrealized losses on, the Company’s available-for-sale marketable debt securities, classified by the length of time that the securities have been in a continuous unrealized loss position and aggregated by investment type, on the condensed consolidated balance sheets (in thousands): April 30, 2022 Less than 12 Months 12 Months or Greater Total Fair Value Gross Fair Value Gross Fair Value Gross Cash equivalents: Commercial paper $ 91,794 $ (14) $ — $ — $ 91,794 $ (14) Corporate notes and bonds 13,343 (2) — — 13,343 (2) Total cash equivalents 105,137 (16) — — 105,137 (16) Investments: Corporate notes and bonds 2,366,492 (30,842) 25,832 (346) 2,392,324 (31,188) Commercial paper 773,377 (3,255) — — 773,377 (3,255) U.S. government and agency securities 452,886 (8,688) 13,698 (302) 466,584 (8,990) Certificates of deposit 108,223 (442) — — 108,223 (442) Total investments 3,700,978 (43,227) 39,530 (648) 3,740,508 (43,875) Total cash equivalents and investments $ 3,806,115 $ (43,243) $ 39,530 $ (648) $ 3,845,645 $ (43,891) January 31, 2022 Less than 12 Months 12 Months or Greater Total Fair Value Gross Fair Value Gross Fair Value Gross Cash equivalents: Commercial paper $ 55,819 $ (2) $ — $ — $ 55,819 $ (2) U.S. government securities 36,995 (2) — — 36,995 (2) Corporate notes and bonds 7,629 (1) — — 7,629 (1) Total cash equivalents 100,443 (5) — — 100,443 (5) Investments: Corporate notes and bonds 2,378,956 (12,044) 8,935 (18) 2,387,891 (12,062) Commercial paper 653,827 (821) — — 653,827 (821) U.S. government and agency securities 334,980 (2,558) — — 334,980 (2,558) Certificates of deposit 49,118 (135) — — 49,118 (135) Total investments 3,416,881 (15,558) 8,935 (18) 3,425,816 (15,576) Total cash equivalents and investments $ 3,517,324 $ (15,563) $ 8,935 $ (18) $ 3,526,259 $ (15,581) For available-for-sale marketable debt securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. The decline in fair value of these securities due to credit related factors was not material as of April 30, 2022 and January 31, 2022. See Note 5 for information regarding the Company’s strategic investments. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of April 30, 2022 (in thousands): Level 1 Level 2 Total Cash equivalents: Money market funds $ 744,931 $ — $ 744,931 Commercial paper — 98,839 98,839 Corporate notes and bonds — 13,543 13,543 Short-term investments: Corporate notes and bonds — 1,621,164 1,621,164 Commercial paper — 773,623 773,623 U.S. government and agency securities — 206,221 206,221 Certificates of deposit — 150,671 150,671 Long-term investments: Corporate notes and bonds — 829,568 829,568 U.S. government and agency securities — 382,414 382,414 Certificates of deposit — 396 396 Total $ 744,931 $ 4,076,439 $ 4,821,370 The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of January 31, 2022 (in thousands): Level 1 Level 2 Total Cash equivalents: Money market funds $ 722,492 $ — $ 722,492 Commercial paper — 77,794 77,794 U.S. government securities — 36,995 36,995 Corporate notes and bonds — 7,949 7,949 Short-term investments: Corporate notes and bonds — 1,662,436 1,662,436 Commercial paper — 883,636 883,636 U.S. government and agency securities — 116,712 116,712 Certificates of deposit — 103,580 103,580 Long-term investments: Corporate notes and bonds — 935,603 935,603 U.S. government and agency securities — 320,207 320,207 Certificates of deposit — 397 397 Total $ 722,492 $ 4,145,309 $ 4,867,801 The Company determines the fair value of its security holdings based on pricing from the Company’s service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs), such as yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures. Strategic Investments The tables above do not include the Company’s strategic investments in non-marketable equity securities, which are recorded at fair value on a non-recurring basis using the Measurement Alternative, or the Company's strategic investments in marketable equity securities and non-marketable debt securities, which are recorded at fair value on a recurring basis. The non-marketable equity and debt securities that the Company holds are valued using significant unobservable inputs or data in an inactive market. As a result, the Company classifies these assets as Level 3 within the fair value hierarchy. The estimation of fair value for the Company’s non-marketable equity securities requires the use of an observable transaction price and other unobservable inputs, including the volatility, rights, and obligations of the securities the Company holds. The marketable equity securities that the Company holds are valued using the quoted market price and are classified as Level 1 within the fair value hierarchy. The following table presents the fair value hierarchy for the Company’s strategic investments measured at fair value as of April 30, 2022 (in thousands): Level 1 Level 3 Total Equity securities: Non-marketable equity securities $ — $ 192,860 $ 192,860 Marketable equity securities 25,787 — 25,787 Debt securities: Non-marketable debt securities — 2,250 2,250 Total strategic investments—included in other assets $ 25,787 $ 195,110 $ 220,897 The following table presents the fair value hierarchy for the Company’s strategic investments measured at fair value as of January 31, 2022 (in thousands): Level 1 Level 3 Total Equity securities: Non-marketable equity securities $ — $ 170,860 $ 170,860 Marketable equity securities 34,646 — 34,646 Debt securities: Non-marketable debt securities — 2,250 2,250 Total strategic investments—included in other assets $ 34,646 $ 173,110 $ 207,756 As of April 30, 2022, the cumulative amount of upward adjustments recognized on the Company’s strategic investments in non-marketable equity securities was $33.0 million. For each of the three months ended April 30, 2022 and 2021, there were no impairments, or upward or downward adjustments recorded related to these securities. For the three months ended April 30, 2022, the Company recognized net unrealized losses of $8.9 million on its strategic investments in marketable equity securities. The Company did not have any strategic investments in marketable securities during the three months ended April 30, 2021. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Apr. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): April 30, 2022 January 31, 2022 Leasehold improvements $ 52,561 $ 51,801 Computers, equipment, and software 15,124 8,735 Furniture and fixtures 10,856 8,488 Capitalized internal-use software development costs 28,626 17,154 Construction in progress—capitalized internal-use software development costs 36,092 36,163 Construction in progress—other 2,443 6,185 Total property and equipment, gross 145,702 128,526 Less: accumulated depreciation and amortization (1) (27,091) (23,447) Total property and equipment, net $ 118,611 $ 105,079 ________________ (1) Includes $11.2 million and $9.7 million of accumulated amortization related to capitalized internal-use software development costs as of April 30, 2022 and January 31, 2022, respectively. Depreciation and amortization expense was $4.6 million and $2.9 million for the three months ended April 30, 2022 and 2021, respectively. |
Business Combination, Intangibl
Business Combination, Intangible Assets, and Goodwill | 3 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Business Combination, Intangible Assets, and Goodwill | Business Combination, Intangible Assets, and Goodwill Business Combination On March 31, 2022, the Company acquired all outstanding stock of Streamlit, Inc. (Streamlit), a privately-held company which provides an open-source framework for creating and deploying data applications. The Company acquired Streamlit primarily for its talent and developer community. The Company has accounted for this transaction as a business combination. The acquisition date fair value of the purchase consideration was $650.8 million, which was comprised of the following (in thousands): Estimated Fair Value Cash $ 211,839 Common stock (1) 438,916 Total $ 650,755 ________________ (1) Approximately 1.9 million shares of the Company’s Class A common stock were included in the purchase consideration and the fair values of these shares were determined based on the closing market price of $229.13 per share on the acquisition date. In addition, in connection with this business combination, the Company issued to Streamlit’s three founders a total of 0.4 million shares of the Company’s Class A common stock in exchange for a portion of their Streamlit stock. These shares are subject to vesting agreements pursuant to which the shares will vest over three years, subject to each founder’s continued employment with the Company or its affiliates. The $93.7 million fair value of these shares will be accounted for as post-combination stock-based compensation over the requisite service period of three years. See Note 10 for further discussion. The following table summarizes the preliminary allocation of purchase consideration to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition: Estimated Fair Value Estimated Useful Life Cash and cash equivalents $ 33,914 Goodwill 494,165 Developer community intangible asset 150,000 5 Other net tangible liabilities (660) Deferred tax liabilities, net (1) (26,664) Total $ 650,755 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. The fair value of the developer community intangible asset was estimated using the replacement cost method which utilizes assumptions for the cost to replace it, such as time and resources required, as well as a theoretical profit margin and opportunity cost. During the measurement period of up to one year from the acquisition date, the Company may record adjustments to the preliminary fair value of the assets acquired and liabilities assumed with a corresponding offset to goodwill. The excess of purchase consideration over the preliminary fair value of identifiable net assets acquired was recorded as goodwill, which is not deductible for income tax purposes. The Company believes the goodwill balance associated with this business combination represents the synergies expected from expanded market opportunities when integrating the acquired developed technologies with the Company’s offerings. Acquisition-related costs of $1.9 million associated with this business combination were recorded as a general and administrative expense during the three months ended April 30, 2022. The results of operations of Streamlit from the date of acquisition, which were not material, have been included in the Company’s condensed consolidated statements of operations for the three months ended April 30, 2022. The following unaudited pro forma financial information summarizes the combined results of operations of the Company and Streamlit, as if Streamlit had been acquired as of February 1, 2021 (in thousands): Pro Forma Three Months Ended April 30, 2022 2021 (unaudited) Revenue $ 422,393 $ 228,914 Net loss $ (214,159) $ (211,589) The pro forma financial information for all periods presented above has been calculated after adjusting the results of operations of Streamlit to reflect certain business combination effects, including the amortization of the acquired intangible asset, stock-based compensation, income tax impact, and acquisition-related costs incurred by both the Company and Streamlit as though this business combination occurred as of February 1, 2021, the beginning of the Company’s fiscal 2022. The historical condensed consolidated financial information has been adjusted in the pro forma combined financial results to give effect to pro forma events that are directly attributable to the business combination, reasonably estimable, and factually supportable. The pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if this business combination had taken place as of February 1, 2021. Intangible Assets, Net Intangible assets, net consisted of the following (in thousands): April 30, 2022 Gross Accumulated Amortization Net Finite-lived intangible assets: Developer community $ 150,000 $ (2,547) $ 147,453 Assembled workforce 28,252 (5,706) 22,546 Developed technology 11,332 (5,379) 5,953 Patents 8,174 (3,101) 5,073 Other 47 (47) — Total finite-lived intangible assets $ 197,805 $ (16,780) $ 181,025 Infinite-lived intangible assets—trademarks 826 Total intangible assets, net $ 181,851 January 31, 2022 Gross Accumulated Amortization Net Finite-lived intangible assets: Assembled workforce $ 28,252 $ (3,941) $ 24,311 Developed technology 11,332 (4,812) 6,520 Patents 8,174 (2,690) 5,484 Other 47 (47) — Total finite-lived intangible assets $ 47,805 $ (11,490) $ 36,315 Infinite-lived intangible assets—trademarks 826 Total intangible assets, net $ 37,141 Amortization expense of intangible assets was $5.3 million and $1.8 million for the three months ended April 30, 2022 and 2021, respectively. As of April 30, 2022, future amortization expense is expected to be as follows (in thousands): Amount Fiscal Year Ending January 31, Reminder of 2023 $ 30,904 2024 40,959 2025 40,192 2026 34,221 2027 29,984 Thereafter 4,765 Total $ 181,025 Goodwill Changes in goodwill were as follows (in thousands): Amount Balance—January 31, 2022 $ 8,449 Addition 494,165 Balance—April 30, 2022 $ 502,614 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Apr. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): April 30, 2022 January 31, 2022 Accrued compensation $ 81,793 $ 98,916 Liabilities associated with marketing and business development programs 34,617 16,284 Accrued third-party cloud infrastructure expenses 20,818 13,341 Accrued professional services 9,612 7,068 Accrued taxes 7,218 12,709 Employee contributions under employee stock purchase plan 6,633 28,497 Accrued purchases of property and equipment 2,933 4,204 Other 21,657 19,645 Total accrued expenses and other current liabilities $ 185,281 $ 200,664 |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company leases its facilities for office space under non-cancelable operating leases with various expiration dates through fiscal 2033. Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments. In addition, the Company subleases certain of its unoccupied facilities to third parties with various expiration dates through fiscal 2030. Such subleases have all been classified as operating leases. Sublease income is recorded as a reduction to the Company’s operating lease costs. Sublease income was $3.4 million and $3.2 million for the three months ended April 30, 2022 and 2021, respectively. As of April 30, 2022, the Company had $38.5 million of legally-binding lease commitments for leases signed but not yet commenced. These leases will commence in fiscal 2023 with lease terms of 1.9 years to 10 years. In May 2022, the Company entered into an agreement related to the expansion and lease term extension of an existing office facility located in the United States. The lease will commence in fiscal 2023 with an expiration date in fiscal 2035. Total commitment, net of tenant incentives expected to be received, under the lease is estimated to be approximately $68 million. Other Contractual Commitments Other contractual commitments relate mainly to third-party cloud infrastructure agreements and subscription arrangements used to facilitate the Company’s operations at the enterprise level. There were no material contractual obligations that were entered into during the three months ended April 30, 2022 that were outside the ordinary course of business. 401(k) Plan —The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) plan are discretionary. The Company did not make any matching contributions to the 401(k) plan for each of the three months ended April 30, 2022 and 2021. Legal Matters —The Company is involved from time to time in various claims and legal actions arising in the ordinary course of business. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that none of its current legal proceedings will have a material adverse effect on its financial position, results of operations, or cash flows for each of the three months ended April 30, 2022 and 2021. Letters of Credit —As of April 30, 2022, the Company had a total of $17.0 million in cash collateralized letters of credit outstanding, substantially in favor of certain landlords for the Company’s leased facilities. These letters of credit renew annually and expire at various dates through fiscal 2033. Indemnification —The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including business partners, investors, contractors, customers, and the Company’s officers, directors, and certain employees. The Company has agreed to indemnify and defend the indemnified party for claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claims due to the Company’s activities or non-compliance with certain representations and warranties made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. For each of the three months ended April 30, 2022 and 2021, losses recorded in the consolidated statements of operations in connection with the indemnification provisions were not material. |
Equity
Equity | 3 Months Ended |
Apr. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity | Equity Preferred Stock —In connection with its Initial Public Offering (IPO), the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 200.0 million shares of undesignated preferred stock with a par value of $0.0001 per share and with rights and preferences, including voting rights, designated from time to time by the board of directors. Common Stock and Elimination of Dual-Class Structure —The Company has two classes of common stock authorized: Class A common stock and Class B common stock. In connection with the IPO, the Company’s amended and restated certificate of incorporation authorized the issuance of 2,500.0 million shares of Class A common stock and 355.0 million shares of Class B common stock. On March 1, 2021, all 169.5 million shares of the Company's then-outstanding Class B common stock, par value $0.0001 per share, were automatically converted into the same number of shares of Class A common stock, par value $0.0001 per share, pursuant to the terms of the Company’s amended and restated certificate of incorporation. No additional shares of Class B common stock will be issued following such conversion. The shares of Class A common stock and Class B common stock were identical prior to the conversion, except with respect to voting, converting, and transfer rights. Prior to the conversion, each share of Class B common stock was entitled to cast ten votes per share on any matter submitted to a vote of the Company’s stockholders. As a result of the conversion, all former holders of shares of Class B common stock are now holders of shares of Class A common stock, which is entitled to only one vote per share on all matters subject to a stockholder vote. Class A and Class B common stock are referred to as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise indicated. Holders of common stock are entitled to receive any dividends as may be declared from time to time by the board of directors. Prior to the conversion, shares of Class B common stock were convertible to Class A common stock at any time at the option of the stockholder, and shares of Class B common stock would automatically convert to Class A common stock upon the following: (i) sale or transfer of such share of Class B common stock; (ii) the death of the Class B common stockholder (or nine months after the date of death if the stockholder is one of the Company’s founders); and (iii) on the final conversion date, defined as the earlier to occur following an IPO of (a) the first trading day on or after the date on which the outstanding shares of Class B common stock represented less than 10% of the then outstanding Class A and Class B common stock; (b) September 15, 2027, which is the seventh anniversary of the effectiveness of the registration statement filed in connection with the IPO; or (c) the date specified by a vote of the holders of a majority of the outstanding shares of Class B common stock, voting as a single class. In addition, on March 3, 2021, the Company filed a certificate with the Secretary of State of the State of Delaware effecting the retirement of the shares of Class B common stock that were issued but no longer outstanding following the conversion. Upon the effectiveness of the certificate, the Company’s total number of authorized shares of capital stock was reduced by the retirement of 169.5 million shares of Class B common stock. The Company had reserved shares of common stock for future issuance as follows (in thousands): April 30, 2022 January 31, 2022 2012 Equity Incentive Plan: Options outstanding 39,195 42,043 Restricted stock units outstanding 3,966 4,530 2020 Equity Incentive Plan: Shares available for future grants 55,679 45,446 Restricted stock units outstanding 10,235 5,082 Options outstanding 642 — 2020 Employee Stock Purchase Plan: Shares available for future grants 11,148 8,209 Total shares of common stock reserved for future issuance 120,865 105,310 Equity Incentive Plans —The Company’s 2020 Equity Incentive Plan (2020 Plan), which became effective in connection with the IPO, provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards (RSUs), performance awards and other forms of equity compensation (collectively, equity awards). All shares that remain available for future grants are under the 2020 Plan. The Company’s 2012 Equity Incentive Plan (2012 Plan) provided for the grant of equity awards to employees, non-employee directors, and other service providers of the Company. The 2012 Plan was terminated in September 2020 in connection with the IPO but continues to govern the terms of outstanding awards that were granted prior to the termination of the 2012 Plan. Upon the expiration, forfeiture, cancellation, or reacquisition of any shares of common stock underlying outstanding equity awards granted under the 2012 Plan, an equal number of shares of Class A common stock will become available for grant under the 2020 Plan. No further equity awards will be granted under the 2012 Plan. The Company’s 2020 Employee Stock Purchase Plan (2020 ESPP), which became effective in connection with the IPO, authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. Offering periods are generally six months long and begin on March 15 and September 15 of each year, except for the first two offering periods. The initial offering period began on September 15, 2020 and ended on February 26, 2021. The second offering period began on March 1, 2021 and ended on September 14, 2021. On February 1, 2022, the shares available for grant under the 2020 Plan and the 2020 ESPP were automatically increased by 15.6 million shares and 3.1 million shares, respectively, pursuant to the annual evergreen increase provisions under the 2020 Plan and the 2020 ESPP. Stock Options —Stock options granted under the 2012 Plan and the 2020 Plan (collectively, the Plans) generally vest based on continued service over four years and expire ten years from the date of grant. Certain stock options granted under the 2012 Plan are exercisable at any time following the date of grant and expire ten years from the date of grant. Stock option activity and activity regarding shares available for grant under the Plans during the three months ended April 30, 2022 was as follows: Shares Number of Options Outstanding Weighted- Weighted-Average Remaining Contractual Life Aggregate Balance—January 31, 2022 45,446 42,043 $ 7.53 6.9 $ 11,283,299 Shares authorized 15,619 — $ — Options granted (642) 642 $ 207.56 Options exercised — (2,448) $ 6.18 Options forfeited 400 (400) $ 6.98 RSUs granted (5,763) — Shares withheld related to net share settlement of RSUs 292 — RSUs forfeited 327 — Balance—April 30, 2022 55,679 39,837 $ 10.84 6.7 $ 6,421,133 Vested and exercisable as of April 30, 2022 24,179 $ 6.82 6.4 $ 3,980,779 The weighted-average grant-date fair value of options granted during the three months ended April 30, 2022 was $101.66 per share. No options were granted during the three months ended April 30, 2021. The intrinsic value of options exercised for the three months ended April 30, 2022 and 2021 was $509.9 million and $1.6 billion, respectively. The aggregate grant-date fair value of options that vested during the three months ended April 30, 2022 and 2021 was $19.9 million and $18.8 million, respectively. RSUs —RSUs granted prior to the IPO had both service-based and performance-based vesting conditions, of which the performance-based vesting condition was satisfied upon the effectiveness of the IPO in September 2020. The service-based vesting condition for these awards is typically satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. Stock-based compensation associated with RSUs granted prior to the IPO was recognized using an accelerated attribution method from the time it was deemed probable that the vesting condition was met through the time the service-based vesting condition had been achieved. RSUs granted after the IPO only contain the service-based vesting condition and the related stock-based compensation for such RSUs is recognized on a straight-line basis over the requisite service period. During the three months ended April 30, 2022, the Company began funding withholding taxes in certain jurisdictions due upon the vesting of employee RSUs by net share settlement, rather than its previous approach of selling shares of the Company’s common stock. The amount of withholding taxes related to net share settlement of employee RSUs is reflected as (i) a reduction to additional paid-in-capital, and (ii) cash outflows for financing activities when the payments are made. The shares withheld by the Company as a result of the net share settlement of RSUs are not considered issued and outstanding, and do not impact the calculation of basic net income (loss) per share attributable to common stockholders. RSU activity during the three months ended April 30, 2022 was as follows: Number of Shares Weighted-Average Grant Date Unvested Balance—January 31, 2022 9,612 $ 180.08 Granted 5,763 $ 201.89 Vested (848) $ 161.90 Forfeited (327) $ 202.80 Unvested Balance—April 30, 2022 14,200 $ 189.50 Early Exercised Stock Options —Common stock purchased pursuant to an early exercise of stock options is not deemed to be outstanding for accounting purposes until those shares vest. The consideration received for an exercise of an option is considered to be a deposit of the exercise price and the related dollar amount is recorded in other liabilities on the condensed consolidated balance sheets. The shares issued upon the early exercise of these unvested stock option awards, which are reflected as exercises in the stock option activity table above, are considered to be legally issued and outstanding on the date of exercise. Upon termination of service, the Company may repurchase unvested shares acquired through the early exercise of stock options at a price equal to the price per share paid upon the exercise of such options. As of April 30, 2022 and January 31, 2022, shares subject to repurchase as a result of early exercised options were not material. Restricted Common Stock —Restricted common stock is not deemed to be outstanding for accounting purposes until it vests. As discussed in Note 7, during the three months ended April 30, 2022, in connection with the Streamlit business combination, the Company issued to Streamlit’s three founders a total of 0.4 million shares of the Company’s common stock outside of the Plans in exchange for a portion of their Streamlit stock. These shares are subject to vesting agreements pursuant to which the shares will vest over three years, subject to each founder’s continued employment with the Company or its affiliates. The $93.7 million fair value of these shares will be accounted for as post-combination stock-based compensation over the requisite service period of three years. As of April 30, 2022, all 0.4 million shares remained unvested. Restricted common stock activity during the three months ended April 30, 2022 was as follows: Outside of the Plans Number of Shares Weighted-Average Grant Date Unvested Balance—January 31, 2022 380 $ 2.11 Granted 409 $ 229.13 Vested (90) $ 2.10 Unvested Balance—April 30, 2022 699 $ 134.99 Stock-Based Compensation — The following table summarizes the assumptions used in estimating the fair value of stock options granted to employees during the three months ended April 30, 2022: Three Months Ended April 30, 2022 Expected term (in years) 6.0 Expected volatility 50.0 % Risk-free interest rate 1.8 % Expected dividend yield — % No stock options were granted during the three months ended April 30, 2021. Expected term —For stock options considered to be “plain vanilla” options, the Company estimates the expected term based on the simplified method, which is essentially the weighted average of the vesting period and contractual term, as the Company’s historical option exercise experience does not provide a reasonable basis upon which to estimate the expected term. Expected volatility —Prior to fiscal 2023, the Company performed an analysis of using the average volatility of a peer group of representative public companies with sufficient trading history over the expected term to develop an expected volatility assumption. During the three months ended April 30, 2022, the Company began using the average volatility of its Class A common stock and the stocks of a peer group of representative public companies to develop an expected volatility assumption. Risk-free interest rate —Risk-free rate is estimated based upon quoted market yields for the United States Treasury debt securities for a term consistent with the expected life of the awards in effect at the time of grant. Expected dividend yield —Because the Company has never paid and has no intention to pay cash dividends on common stock, the expected dividend yield is zero. Fair value of underlying common stock —Since the completion of the IPO, the fair value of the Company’s common stock is determined by the closing price, on the date of grant, of its common stock, which is traded on the New York Stock Exchange. The following table summarizes the assumptions used in estimating the fair value of employee stock purchase rights granted under the 2020 ESPP during the three months ended April 30, 2022 and 2021: Three Months Ended April 30, 2022 2021 Expected term (in years) 0.5 0.5 Expected volatility 58.9 % 49.5 % Risk-free interest rate 0.9 % 0.1 % Expected dividend yield — % — % Stock-based compensation included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended April 30, 2022 2021 Cost of revenue $ 22,635 $ 23,103 Sales and marketing 52,469 46,053 Research and development 73,593 55,819 General and administrative 23,796 26,039 Stock-based compensation, net of amounts capitalized 172,493 151,014 Capitalized stock-based compensation 6,495 6,299 Total stock-based compensation $ 178,988 $ 157,313 As of April 30, 2022, total compensation cost related to unvested stock-based awards not yet recognized was $2.5 billion, which will be recognized over a weighted-average period of 3.3 years. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company computes its tax provision for interim periods by applying the estimated annual effective tax rate to year-to-date pre-tax income from recurring operations and adjusting for discrete tax items arising in that quarter. The Company had an effective tax rate of 13.9% and 0.1% for the three months ended April 30, 2022 and 2021, respectively. The Company has incurred U.S. operating losses and has minimal profits in foreign jurisdictions. The Company has evaluated all available evidence, both positive and negative, including historical levels of income and expectations and risks associated with estimates of future taxable income, and has determined that it is more likely than not that its net deferred tax assets will not be realized in the United States and the United Kingdom. Due to uncertainties surrounding the realization of the deferred tax assets, the Company maintains a full valuation allowance against its net deferred tax assets. The Company is subject to income taxes in the United States and numerous foreign jurisdictions. As of April 30, 2022, tax years 2012 and forward generally remain open for examination for U.S. federal and state tax purposes, and tax years 2017 and forward generally remain open for examination for foreign tax purposes. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Apr. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share Basic and diluted net loss per share attributable to common stockholders is computed in conformity with the two-class method required for participating securities. The Company considers unvested common stock to be participating securities, as the holders of such stock have the right to receive nonforfeitable dividends on a pari passu basis in the event that a dividend is declared on common stock. Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. For purposes of this calculation, stock options, RSUs, restricted common stock, early exercised stock options, and employee stock purchase rights under the 2020 ESPP are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive for all periods presented. As discussed above in Note 10, on March 1, 2021, all 169.5 million shares of the Company's then-outstanding Class B common stock, par value $0.0001 per share, were automatically converted into the same number of shares of Class A common stock, par value $0.0001 per share, pursuant to the terms of the Company’s amended and restated certificate of incorporation. No additional shares of Class B common stock will be issued following such conversion. In addition, on March 3, 2021, the Company filed a certificate with the Secretary of State of the State of Delaware effecting the retirement of the shares of Class B common stock that were issued but no longer outstanding following the conversion. The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock were identical prior to the conversion, except with respect to voting, converting, and transfer rights. As the liquidation and dividend rights were identical, the undistributed earnings were allocated on a proportionate basis to each class of common stock, and the resulting basic and diluted net loss per share attributable to common stockholders were, therefore, the same for both Class A and Class B common stock on both an individual and a combined basis. The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended April 30, 2022 2021 Numerator: Net loss attributable to Class A and Class B common stockholders $ (165,794) $ (203,220) Denominator: Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders—basic and diluted 314,361 291,386 Net loss per share attributable to Class A and Class B common stockholders—basic and diluted $ (0.53) $ (0.70) The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been anti-dilutive (in thousands): Three Months Ended April 30, 2022 2021 Stock options 39,837 56,884 RSUs 14,200 11,118 Unvested restricted common stock and early exercised stock options 738 829 Employee stock purchase rights under the 2020 ESPP 46 52 Total 54,821 68,883 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Apr. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsAs set forth in Note 9, “Commitments and Contingencies,” in May 2022, the Company entered into an agreement related to the expansion and lease term extension of an existing office facility located in the United States. The lease will commence in fiscal 2023 with an expiration date in fiscal 2035. Total commitment, net of tenant incentives expected to be received, under the lease is estimated to be approximately $68 million. The Company will recognize the related right-of-use asset and lease liability, which have not yet been determined, at the lease commencement date. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on January 31. For example, references to fiscal 2023 refer to the fiscal year ended January 31, 2023. |
Basis of Presentation | Basis of Presentation The accompanying unaudited 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 U.S. Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2022, which was filed with the SEC on March 30, 2022. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of Snowflake Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. |
Segment Information | Segment InformationThe Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. |
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 amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates include, but are not limited to, stand-alone selling prices (SSP) for each distinct performance obligation, internal-use software development costs, the expected period of benefit for deferred commissions, the fair value of intangible assets acquired in business combinations, the useful lives of long-lived assets, the carrying value of operating lease right-of-use assets, stock-based compensation, accounting for income taxes, and the fair value of investments in marketable and non-marketable securities. The Company bases its estimates on historical experience and also on assumptions that management considers reasonable. These estimates are assessed on a regular basis; however, actual results could differ from these estimates. In addition, the Company assessed the impact of COVID-19 on the estimates and assumptions and determined there was no material impact. |
Remaining Performance Obligations | Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not yet been recognized, including (i) deferred revenue and (ii) non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. The Company’s RPO excludes performance obligations from on-demand arrangements as there are no minimum purchase commitments associated with these arrangements, and certain time and materials contracts that are billed in arrears. Portions of RPO that are not yet invoiced and are denominated in foreign currencies are revalued into USD each period based on the applicable period-end exchange rates. |
Fair Value of Financial Instruments | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. |
Strategic Investments | The tables above do not include the Company’s strategic investments in non-marketable equity securities, which are recorded at fair value on a non-recurring basis using the Measurement Alternative, or the Company's strategic investments in marketable equity securities and non-marketable debt securities, which are recorded at fair value on a recurring basis. The non-marketable equity and debt securities that the Company holds are valued using significant unobservable inputs or data in an inactive market. As a result, the Company classifies these assets as Level 3 within the fair value hierarchy. The estimation of fair value for the Company’s non-marketable equity securities requires the use of an observable transaction price and other unobservable inputs, including the volatility, rights, and obligations of the securities the Company holds. The marketable equity securities that the Company holds are valued using the quoted market price and are classified as Level 1 within the fair value hierarchy. |
Net Loss Per Share | Net Loss per Share Basic and diluted net loss per share attributable to common stockholders is computed in conformity with the two-class method required for participating securities. The Company considers unvested common stock to be participating securities, as the holders of such stock have the right to receive nonforfeitable dividends on a pari passu basis in the event that a dividend is declared on common stock. Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. For purposes of this calculation, stock options, RSUs, restricted common stock, early exercised stock options, and employee stock purchase rights under the 2020 ESPP are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive for all periods presented. As discussed above in Note 10, on March 1, 2021, all 169.5 million shares of the Company's then-outstanding Class B common stock, par value $0.0001 per share, were automatically converted into the same number of shares of Class A common stock, par value $0.0001 per share, pursuant to the terms of the Company’s amended and restated certificate of incorporation. No additional shares of Class B common stock will be issued following such conversion. In addition, on March 3, 2021, the Company filed a certificate with the Secretary of State of the State of Delaware effecting the retirement of the shares of Class B common stock that were issued but no longer outstanding following the conversion. The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock were identical prior to the conversion, except with respect to voting, converting, and transfer rights. As the liquidation and dividend rights were identical, the undistributed earnings were allocated on a proportionate basis to each class of common stock, and the resulting basic and diluted net loss per share attributable to common stockholders were, therefore, the same for both Class A and Class B common stock on both an individual and a combined basis. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Long-lived Assets by Geographic Areas | The following table presents the Company’s long-lived assets, comprising property and equipment, net and operating lease right-of-use assets, by geographic area (in thousands): April 30, 2022 January 31, 2022 United States $ 285,705 $ 272,895 Other 21,852 22,540 Total $ 307,557 $ 295,435 |
Revenue, Accounts Receivable,_2
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue | Revenue consists of the following (in thousands): Three Months Ended April 30, 2022 2021 Product revenue $ 394,434 $ 213,830 Professional services and other revenue 27,937 15,084 Total $ 422,371 $ 228,914 |
Revenue from External Customers by Geographic Areas | Revenue by geographic area, based on the location of the Company’s customers (or end-customers under reseller arrangements), was as follows (in thousands): Three Months Ended April 30, 2022 2021 Americas: United States $ 335,925 $ 186,185 Other Americas (1) 9,126 5,020 EMEA (1)(2) 58,018 30,174 Asia-Pacific and Japan (1) 19,302 7,535 Total $ 422,371 $ 228,914 ________________ (1) No individual country in these areas represented more than 10% of the Company’s revenue for all periods presented. (2) Europe, the Middle East and Africa |
Cash Equivalents and Investme_2
Cash Equivalents and Investments (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Cash Equivalents and Investments | The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the condensed consolidated balance sheets (in thousands): April 30, 2022 Amortized Gross Gross Estimated Cash equivalents: Money market funds $ 744,931 $ — $ — $ 744,931 Commercial paper 98,852 1 (14) 98,839 Corporate notes and bonds 13,545 — (2) 13,543 Total cash equivalents 857,328 1 (16) 857,313 Investments: Corporate notes and bonds 2,481,897 23 (31,188) 2,450,732 Commercial paper 776,878 — (3,255) 773,623 U.S. government and agency securities 597,500 125 (8,990) 588,635 Certificates of deposit 151,467 42 (442) 151,067 Total investments 4,007,742 190 (43,875) 3,964,057 Total cash equivalents and investments $ 4,865,070 $ 191 $ (43,891) $ 4,821,370 January 31, 2022 Amortized Gross Gross Estimated Cash equivalents: Money market funds $ 722,492 $ — $ — $ 722,492 Commercial paper 77,795 1 (2) 77,794 U.S. government securities 36,997 — (2) 36,995 Corporate notes and bonds 7,950 — (1) 7,949 Total cash equivalents 845,234 1 (5) 845,230 Investments: Corporate notes and bonds 2,610,010 91 (12,062) 2,598,039 Commercial paper 884,376 81 (821) 883,636 U.S. government and agency securities 439,449 28 (2,558) 436,919 Certificates of deposit 104,108 4 (135) 103,977 Total investments 4,037,943 204 (15,576) 4,022,571 Total cash equivalents and investments $ 4,883,177 $ 205 $ (15,581) $ 4,867,801 |
Schedule of Cash Equivalents and Investments | The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the condensed consolidated balance sheets (in thousands): April 30, 2022 Amortized Gross Gross Estimated Cash equivalents: Money market funds $ 744,931 $ — $ — $ 744,931 Commercial paper 98,852 1 (14) 98,839 Corporate notes and bonds 13,545 — (2) 13,543 Total cash equivalents 857,328 1 (16) 857,313 Investments: Corporate notes and bonds 2,481,897 23 (31,188) 2,450,732 Commercial paper 776,878 — (3,255) 773,623 U.S. government and agency securities 597,500 125 (8,990) 588,635 Certificates of deposit 151,467 42 (442) 151,067 Total investments 4,007,742 190 (43,875) 3,964,057 Total cash equivalents and investments $ 4,865,070 $ 191 $ (43,891) $ 4,821,370 January 31, 2022 Amortized Gross Gross Estimated Cash equivalents: Money market funds $ 722,492 $ — $ — $ 722,492 Commercial paper 77,795 1 (2) 77,794 U.S. government securities 36,997 — (2) 36,995 Corporate notes and bonds 7,950 — (1) 7,949 Total cash equivalents 845,234 1 (5) 845,230 Investments: Corporate notes and bonds 2,610,010 91 (12,062) 2,598,039 Commercial paper 884,376 81 (821) 883,636 U.S. government and agency securities 439,449 28 (2,558) 436,919 Certificates of deposit 104,108 4 (135) 103,977 Total investments 4,037,943 204 (15,576) 4,022,571 Total cash equivalents and investments $ 4,883,177 $ 205 $ (15,581) $ 4,867,801 |
Schedule of Available For Sale Securities Remaining Contractual Maturity | The estimated fair values of available-for-sale marketable debt securities, by remaining contractual maturity, are as follows (in thousands): April 30, 2022 Estimated Due within 1 year $ 2,864,061 Due in 1 year to 3 years 1,212,378 Total $ 4,076,439 |
Schedule of Unrealized Loss on Investments | The following tables show the fair values of, and the gross unrealized losses on, the Company’s available-for-sale marketable debt securities, classified by the length of time that the securities have been in a continuous unrealized loss position and aggregated by investment type, on the condensed consolidated balance sheets (in thousands): April 30, 2022 Less than 12 Months 12 Months or Greater Total Fair Value Gross Fair Value Gross Fair Value Gross Cash equivalents: Commercial paper $ 91,794 $ (14) $ — $ — $ 91,794 $ (14) Corporate notes and bonds 13,343 (2) — — 13,343 (2) Total cash equivalents 105,137 (16) — — 105,137 (16) Investments: Corporate notes and bonds 2,366,492 (30,842) 25,832 (346) 2,392,324 (31,188) Commercial paper 773,377 (3,255) — — 773,377 (3,255) U.S. government and agency securities 452,886 (8,688) 13,698 (302) 466,584 (8,990) Certificates of deposit 108,223 (442) — — 108,223 (442) Total investments 3,700,978 (43,227) 39,530 (648) 3,740,508 (43,875) Total cash equivalents and investments $ 3,806,115 $ (43,243) $ 39,530 $ (648) $ 3,845,645 $ (43,891) January 31, 2022 Less than 12 Months 12 Months or Greater Total Fair Value Gross Fair Value Gross Fair Value Gross Cash equivalents: Commercial paper $ 55,819 $ (2) $ — $ — $ 55,819 $ (2) U.S. government securities 36,995 (2) — — 36,995 (2) Corporate notes and bonds 7,629 (1) — — 7,629 (1) Total cash equivalents 100,443 (5) — — 100,443 (5) Investments: Corporate notes and bonds 2,378,956 (12,044) 8,935 (18) 2,387,891 (12,062) Commercial paper 653,827 (821) — — 653,827 (821) U.S. government and agency securities 334,980 (2,558) — — 334,980 (2,558) Certificates of deposit 49,118 (135) — — 49,118 (135) Total investments 3,416,881 (15,558) 8,935 (18) 3,425,816 (15,576) Total cash equivalents and investments $ 3,517,324 $ (15,563) $ 8,935 $ (18) $ 3,526,259 $ (15,581) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements | The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of April 30, 2022 (in thousands): Level 1 Level 2 Total Cash equivalents: Money market funds $ 744,931 $ — $ 744,931 Commercial paper — 98,839 98,839 Corporate notes and bonds — 13,543 13,543 Short-term investments: Corporate notes and bonds — 1,621,164 1,621,164 Commercial paper — 773,623 773,623 U.S. government and agency securities — 206,221 206,221 Certificates of deposit — 150,671 150,671 Long-term investments: Corporate notes and bonds — 829,568 829,568 U.S. government and agency securities — 382,414 382,414 Certificates of deposit — 396 396 Total $ 744,931 $ 4,076,439 $ 4,821,370 The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of January 31, 2022 (in thousands): Level 1 Level 2 Total Cash equivalents: Money market funds $ 722,492 $ — $ 722,492 Commercial paper — 77,794 77,794 U.S. government securities — 36,995 36,995 Corporate notes and bonds — 7,949 7,949 Short-term investments: Corporate notes and bonds — 1,662,436 1,662,436 Commercial paper — 883,636 883,636 U.S. government and agency securities — 116,712 116,712 Certificates of deposit — 103,580 103,580 Long-term investments: Corporate notes and bonds — 935,603 935,603 U.S. government and agency securities — 320,207 320,207 Certificates of deposit — 397 397 Total $ 722,492 $ 4,145,309 $ 4,867,801 The following table presents the fair value hierarchy for the Company’s strategic investments measured at fair value as of April 30, 2022 (in thousands): Level 1 Level 3 Total Equity securities: Non-marketable equity securities $ — $ 192,860 $ 192,860 Marketable equity securities 25,787 — 25,787 Debt securities: Non-marketable debt securities — 2,250 2,250 Total strategic investments—included in other assets $ 25,787 $ 195,110 $ 220,897 The following table presents the fair value hierarchy for the Company’s strategic investments measured at fair value as of January 31, 2022 (in thousands): Level 1 Level 3 Total Equity securities: Non-marketable equity securities $ — $ 170,860 $ 170,860 Marketable equity securities 34,646 — 34,646 Debt securities: Non-marketable debt securities — 2,250 2,250 Total strategic investments—included in other assets $ 34,646 $ 173,110 $ 207,756 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): April 30, 2022 January 31, 2022 Leasehold improvements $ 52,561 $ 51,801 Computers, equipment, and software 15,124 8,735 Furniture and fixtures 10,856 8,488 Capitalized internal-use software development costs 28,626 17,154 Construction in progress—capitalized internal-use software development costs 36,092 36,163 Construction in progress—other 2,443 6,185 Total property and equipment, gross 145,702 128,526 Less: accumulated depreciation and amortization (1) (27,091) (23,447) Total property and equipment, net $ 118,611 $ 105,079 ________________ (1) Includes $11.2 million and $9.7 million of accumulated amortization related to capitalized internal-use software development costs as of April 30, 2022 and January 31, 2022, respectively. |
Business Combination, Intangi_2
Business Combination, Intangible Assets, and Goodwill (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The acquisition date fair value of the purchase consideration was $650.8 million, which was comprised of the following (in thousands): Estimated Fair Value Cash $ 211,839 Common stock (1) 438,916 Total $ 650,755 ________________ (1) Approximately 1.9 million shares of the Company’s Class A common stock were included in the purchase consideration and the fair values of these shares were determined based on the closing market price of $229.13 per share on the acquisition date. |
Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of purchase consideration to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition: Estimated Fair Value Estimated Useful Life Cash and cash equivalents $ 33,914 Goodwill 494,165 Developer community intangible asset 150,000 5 Other net tangible liabilities (660) Deferred tax liabilities, net (1) (26,664) Total $ 650,755 ________________ (1) Deferred tax liabilities, net primarily relates to the intangible asset acquired and the amount presented is net of deferred tax assets. |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information summarizes the combined results of operations of the Company and Streamlit, as if Streamlit had been acquired as of February 1, 2021 (in thousands): Pro Forma Three Months Ended April 30, 2022 2021 (unaudited) Revenue $ 422,393 $ 228,914 Net loss $ (214,159) $ (211,589) |
Schedule of Intangible Assets | Intangible assets, net consisted of the following (in thousands): April 30, 2022 Gross Accumulated Amortization Net Finite-lived intangible assets: Developer community $ 150,000 $ (2,547) $ 147,453 Assembled workforce 28,252 (5,706) 22,546 Developed technology 11,332 (5,379) 5,953 Patents 8,174 (3,101) 5,073 Other 47 (47) — Total finite-lived intangible assets $ 197,805 $ (16,780) $ 181,025 Infinite-lived intangible assets—trademarks 826 Total intangible assets, net $ 181,851 January 31, 2022 Gross Accumulated Amortization Net Finite-lived intangible assets: Assembled workforce $ 28,252 $ (3,941) $ 24,311 Developed technology 11,332 (4,812) 6,520 Patents 8,174 (2,690) 5,484 Other 47 (47) — Total finite-lived intangible assets $ 47,805 $ (11,490) $ 36,315 Infinite-lived intangible assets—trademarks 826 Total intangible assets, net $ 37,141 |
Schedule of Future Amortization Expense | As of April 30, 2022, future amortization expense is expected to be as follows (in thousands): Amount Fiscal Year Ending January 31, Reminder of 2023 $ 30,904 2024 40,959 2025 40,192 2026 34,221 2027 29,984 Thereafter 4,765 Total $ 181,025 |
Schedule of Goodwill | Changes in goodwill were as follows (in thousands): Amount Balance—January 31, 2022 $ 8,449 Addition 494,165 Balance—April 30, 2022 $ 502,614 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): April 30, 2022 January 31, 2022 Accrued compensation $ 81,793 $ 98,916 Liabilities associated with marketing and business development programs 34,617 16,284 Accrued third-party cloud infrastructure expenses 20,818 13,341 Accrued professional services 9,612 7,068 Accrued taxes 7,218 12,709 Employee contributions under employee stock purchase plan 6,633 28,497 Accrued purchases of property and equipment 2,933 4,204 Other 21,657 19,645 Total accrued expenses and other current liabilities $ 185,281 $ 200,664 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Shares Reserved For Future Issuance | The Company had reserved shares of common stock for future issuance as follows (in thousands): April 30, 2022 January 31, 2022 2012 Equity Incentive Plan: Options outstanding 39,195 42,043 Restricted stock units outstanding 3,966 4,530 2020 Equity Incentive Plan: Shares available for future grants 55,679 45,446 Restricted stock units outstanding 10,235 5,082 Options outstanding 642 — 2020 Employee Stock Purchase Plan: Shares available for future grants 11,148 8,209 Total shares of common stock reserved for future issuance 120,865 105,310 |
Option Activity Rollforward | Stock option activity and activity regarding shares available for grant under the Plans during the three months ended April 30, 2022 was as follows: Shares Number of Options Outstanding Weighted- Weighted-Average Remaining Contractual Life Aggregate Balance—January 31, 2022 45,446 42,043 $ 7.53 6.9 $ 11,283,299 Shares authorized 15,619 — $ — Options granted (642) 642 $ 207.56 Options exercised — (2,448) $ 6.18 Options forfeited 400 (400) $ 6.98 RSUs granted (5,763) — Shares withheld related to net share settlement of RSUs 292 — RSUs forfeited 327 — Balance—April 30, 2022 55,679 39,837 $ 10.84 6.7 $ 6,421,133 Vested and exercisable as of April 30, 2022 24,179 $ 6.82 6.4 $ 3,980,779 |
Option Rollforward Schedule | Stock option activity and activity regarding shares available for grant under the Plans during the three months ended April 30, 2022 was as follows: Shares Number of Options Outstanding Weighted- Weighted-Average Remaining Contractual Life Aggregate Balance—January 31, 2022 45,446 42,043 $ 7.53 6.9 $ 11,283,299 Shares authorized 15,619 — $ — Options granted (642) 642 $ 207.56 Options exercised — (2,448) $ 6.18 Options forfeited 400 (400) $ 6.98 RSUs granted (5,763) — Shares withheld related to net share settlement of RSUs 292 — RSUs forfeited 327 — Balance—April 30, 2022 55,679 39,837 $ 10.84 6.7 $ 6,421,133 Vested and exercisable as of April 30, 2022 24,179 $ 6.82 6.4 $ 3,980,779 |
Schedule of Unvested RSU Rollforward | RSU activity during the three months ended April 30, 2022 was as follows: Number of Shares Weighted-Average Grant Date Unvested Balance—January 31, 2022 9,612 $ 180.08 Granted 5,763 $ 201.89 Vested (848) $ 161.90 Forfeited (327) $ 202.80 Unvested Balance—April 30, 2022 14,200 $ 189.50 |
Schedule of Unvested RSA Rollforward | Restricted common stock activity during the three months ended April 30, 2022 was as follows: Outside of the Plans Number of Shares Weighted-Average Grant Date Unvested Balance—January 31, 2022 380 $ 2.11 Granted 409 $ 229.13 Vested (90) $ 2.10 Unvested Balance—April 30, 2022 699 $ 134.99 |
Valuation Assumptions Schedule | The following table summarizes the assumptions used in estimating the fair value of stock options granted to employees during the three months ended April 30, 2022: Three Months Ended April 30, 2022 Expected term (in years) 6.0 Expected volatility 50.0 % Risk-free interest rate 1.8 % Expected dividend yield — % |
Valuation Assumptions Other Than Stock Options Schedule | The following table summarizes the assumptions used in estimating the fair value of employee stock purchase rights granted under the 2020 ESPP during the three months ended April 30, 2022 and 2021: Three Months Ended April 30, 2022 2021 Expected term (in years) 0.5 0.5 Expected volatility 58.9 % 49.5 % Risk-free interest rate 0.9 % 0.1 % Expected dividend yield — % — % |
Share-based Compensation Schedule | Stock-based compensation included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended April 30, 2022 2021 Cost of revenue $ 22,635 $ 23,103 Sales and marketing 52,469 46,053 Research and development 73,593 55,819 General and administrative 23,796 26,039 Stock-based compensation, net of amounts capitalized 172,493 151,014 Capitalized stock-based compensation 6,495 6,299 Total stock-based compensation $ 178,988 $ 157,313 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss per Share | The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended April 30, 2022 2021 Numerator: Net loss attributable to Class A and Class B common stockholders $ (165,794) $ (203,220) Denominator: Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders—basic and diluted 314,361 291,386 Net loss per share attributable to Class A and Class B common stockholders—basic and diluted $ (0.53) $ (0.70) |
Schedule of Potentially Dilutive Securities Excluded from Computation of Net Loss per Share | The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been anti-dilutive (in thousands): Three Months Ended April 30, 2022 2021 Stock options 39,837 56,884 RSUs 14,200 11,118 Unvested restricted common stock and early exercised stock options 738 829 Employee stock purchase rights under the 2020 ESPP 46 52 Total 54,821 68,883 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Property, Plant and Equipment | ||
Total | $ 307,557 | $ 295,435 |
United States | ||
Property, Plant and Equipment | ||
Total | 285,705 | 272,895 |
Other | ||
Property, Plant and Equipment | ||
Total | $ 21,852 | $ 22,540 |
Revenue, Accounts Receivable,_3
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 422,371 | $ 228,914 |
Product revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 394,434 | 213,830 |
Professional services and other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 27,937 | $ 15,084 |
Revenue, Accounts Receivable,_4
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 422,371 | $ 228,914 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 335,925 | 186,185 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9,126 | 5,020 |
EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 58,018 | 30,174 |
Asia-Pacific and Japan | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 19,302 | $ 7,535 |
Revenue, Accounts Receivable,_5
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Jan. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Allowance for doubtful accounts | $ 0.9 | $ 1.3 | |
Revenue recognized | 339.1 | $ 187 | |
Remaining performance obligation | $ 2,600 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-05-01 | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, remaining performance obligation, percentage | 53.00% | ||
Remaining performance obligation, remaining life | 12 months |
Cash Equivalents and Investme_3
Cash Equivalents and Investments - Schedule of Cash and Cash Equivalents and Investments Fair Value (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Cash equivalents: | ||
Amortized Cost | $ 857,328 | $ 845,234 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (16) | (5) |
Estimated Fair Value | 857,313 | 845,230 |
Investments: | ||
Amortized Cost | 4,007,742 | 4,037,943 |
Gross Unrealized Gains | 190 | 204 |
Gross Unrealized Losses | (43,875) | (15,576) |
Estimated Fair Value | 3,964,057 | 4,022,571 |
Amortized Cost | 4,865,070 | 4,883,177 |
Gross Unrealized Gains | 191 | 205 |
Gross Unrealized Losses | (43,891) | (15,581) |
Estimated Fair Value | 4,821,370 | 4,867,801 |
Commercial paper | ||
Investments: | ||
Amortized Cost | 776,878 | 884,376 |
Gross Unrealized Gains | 0 | 81 |
Gross Unrealized Losses | (3,255) | (821) |
Estimated Fair Value | 773,623 | 883,636 |
Corporate notes and bonds | ||
Investments: | ||
Amortized Cost | 2,481,897 | 2,610,010 |
Gross Unrealized Gains | 23 | 91 |
Gross Unrealized Losses | (31,188) | (12,062) |
Estimated Fair Value | 2,450,732 | 2,598,039 |
U.S. government and agency securities | ||
Investments: | ||
Amortized Cost | 597,500 | 439,449 |
Gross Unrealized Gains | 125 | 28 |
Gross Unrealized Losses | (8,990) | (2,558) |
Estimated Fair Value | 588,635 | 436,919 |
Certificates of deposit | ||
Investments: | ||
Amortized Cost | 151,467 | 104,108 |
Gross Unrealized Gains | 42 | 4 |
Gross Unrealized Losses | (442) | (135) |
Estimated Fair Value | 151,067 | 103,977 |
Money market funds | ||
Cash equivalents: | ||
Amortized Cost | 744,931 | 722,492 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 744,931 | 722,492 |
Commercial paper | ||
Cash equivalents: | ||
Amortized Cost | 98,852 | 77,795 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (14) | (2) |
Estimated Fair Value | 98,839 | 77,794 |
U.S. government and agency securities | ||
Cash equivalents: | ||
Amortized Cost | 36,997 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (2) | |
Estimated Fair Value | 36,995 | |
Corporate notes and bonds | ||
Cash equivalents: | ||
Amortized Cost | 13,545 | 7,950 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (2) | (1) |
Estimated Fair Value | $ 13,543 | $ 7,949 |
Cash Equivalents and Investme_4
Cash Equivalents and Investments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2022 | Jan. 31, 2022 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Contractual maturities of available-for-sale debt securities, maximum | 36 months | |
Prepaid Expenses and Other Current Assets | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Interest receivable, current | $ 14.3 | $ 14.1 |
Cash Equivalents and Investme_5
Cash Equivalents and Investments - Available for Sale Securities Remaining Contractual Maturity (Details) $ in Thousands | Apr. 30, 2022USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due within 1 year | $ 2,864,061 |
Due in 1 year to 3 years | 1,212,378 |
Total | $ 4,076,439 |
Cash Equivalents and Investme_6
Cash Equivalents and Investments - Investments With Gross Unrealized Loss Positions (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Cash Equivalents, Fair Value | ||
Less than 12 months, fair value | $ 105,137 | $ 100,443 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 105,137 | 100,443 |
Cash Equivalents, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (16) | (5) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (16) | (5) |
Investments, Fair Value | ||
Less than 12 months, fair value | 3,700,978 | 3,416,881 |
12 months or greater, fair value | 39,530 | 8,935 |
Total, fair value | 3,740,508 | 3,425,816 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (43,227) | (15,558) |
12 months or greater, accumulated losses | (648) | (18) |
Total, accumulated losses | (43,875) | (15,576) |
Cash Equivalents And Debt Securities, Available-For-Sale [Abstract] | ||
Less than 12 months, fair value | 3,806,115 | 3,517,324 |
12 months or greater, fair value | 39,530 | 8,935 |
Total, fair value | 3,845,645 | 3,526,259 |
Cash Equivalents And Debt Securities, Available-For-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, accumulated losses | (43,243) | (15,563) |
12 months or greater, accumulated losses | (648) | (18) |
Total, accumulated losses | (43,891) | (15,581) |
Commercial paper | ||
Cash Equivalents, Fair Value | ||
Less than 12 months, fair value | 91,794 | 55,819 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 91,794 | 55,819 |
Cash Equivalents, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (14) | (2) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (14) | (2) |
Investments, Fair Value | ||
Less than 12 months, fair value | 773,377 | 653,827 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 773,377 | 653,827 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (3,255) | (821) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (3,255) | (821) |
U.S. government and agency securities | ||
Cash Equivalents, Fair Value | ||
Less than 12 months, fair value | 36,995 | |
12 months or greater, fair value | 0 | |
Total, fair value | 36,995 | |
Cash Equivalents, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (2) | |
12 months or greater, accumulated losses | 0 | |
Total, accumulated losses | (2) | |
Investments, Fair Value | ||
Less than 12 months, fair value | 452,886 | 334,980 |
12 months or greater, fair value | 13,698 | 0 |
Total, fair value | 466,584 | 334,980 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (8,688) | (2,558) |
12 months or greater, accumulated losses | (302) | 0 |
Total, accumulated losses | (8,990) | (2,558) |
Corporate notes and bonds | ||
Cash Equivalents, Fair Value | ||
Less than 12 months, fair value | 13,343 | 7,629 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 13,343 | 7,629 |
Cash Equivalents, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (2) | (1) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | (2) | (1) |
Investments, Fair Value | ||
Less than 12 months, fair value | 2,366,492 | 2,378,956 |
12 months or greater, fair value | 25,832 | 8,935 |
Total, fair value | 2,392,324 | 2,387,891 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (30,842) | (12,044) |
12 months or greater, accumulated losses | (346) | (18) |
Total, accumulated losses | (31,188) | (12,062) |
Certificates of deposit | ||
Investments, Fair Value | ||
Less than 12 months, fair value | 108,223 | 49,118 |
12 months or greater, fair value | 0 | 0 |
Total, fair value | 108,223 | 49,118 |
Investments, Gross Unrealized Losses | ||
Less than 12 months, accumulated losses | (442) | (135) |
12 months or greater, accumulated losses | 0 | 0 |
Total, accumulated losses | $ (442) | $ (135) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Assets, Fair Value Disclosure | ||
Cash equivalents: | $ 857,313 | $ 845,230 |
Short-term investments | 2,751,679 | 2,766,364 |
Long-term investments | 1,212,378 | 1,256,207 |
Money market funds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 744,931 | 722,492 |
Commercial paper | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 98,839 | 77,794 |
U.S. government and agency securities | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 36,995 | |
Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 13,543 | 7,949 |
Recurring | ||
Assets, Fair Value Disclosure | ||
Total | 4,821,370 | 4,867,801 |
Recurring | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 773,623 | 883,636 |
Recurring | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 1,621,164 | 1,662,436 |
Long-term investments | 829,568 | 935,603 |
Recurring | U.S. government and agency securities | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 206,221 | 116,712 |
Long-term investments | 382,414 | 320,207 |
Recurring | Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 150,671 | 103,580 |
Long-term investments | 396 | 397 |
Recurring | Money market funds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 744,931 | 722,492 |
Recurring | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 98,839 | 77,794 |
Recurring | U.S. government and agency securities | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 36,995 | |
Recurring | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 13,543 | 7,949 |
Recurring | Level 1 | ||
Assets, Fair Value Disclosure | ||
Total | 744,931 | 722,492 |
Recurring | Level 1 | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 0 | 0 |
Recurring | Level 1 | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Recurring | Level 1 | U.S. government and agency securities | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Recurring | Level 1 | Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Recurring | Level 1 | Money market funds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 744,931 | 722,492 |
Recurring | Level 1 | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 0 | 0 |
Recurring | Level 1 | U.S. government and agency securities | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 0 | |
Recurring | Level 1 | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 0 | 0 |
Recurring | Level 2 | ||
Assets, Fair Value Disclosure | ||
Total | 4,076,439 | 4,145,309 |
Recurring | Level 2 | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 773,623 | 883,636 |
Recurring | Level 2 | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 1,621,164 | 1,662,436 |
Long-term investments | 829,568 | 935,603 |
Recurring | Level 2 | U.S. government and agency securities | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 206,221 | 116,712 |
Long-term investments | 382,414 | 320,207 |
Recurring | Level 2 | Certificates of deposit | ||
Assets, Fair Value Disclosure | ||
Short-term investments | 150,671 | 103,580 |
Long-term investments | 396 | 397 |
Recurring | Level 2 | Money market funds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 0 | 0 |
Recurring | Level 2 | Commercial paper | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 98,839 | 77,794 |
Recurring | Level 2 | U.S. government and agency securities | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | 36,995 | |
Recurring | Level 2 | Corporate notes and bonds | ||
Assets, Fair Value Disclosure | ||
Cash equivalents: | $ 13,543 | $ 7,949 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Strategic Investments (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 | Apr. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable equity securities | $ 0 | ||
Total strategic investments—included in other assets | $ 220,897 | $ 207,756 | |
Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-marketable equity securities | 192,860 | 170,860 | |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable equity securities | 25,787 | 34,646 | |
Non-marketable debt securities | 2,250 | 2,250 | |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total strategic investments—included in other assets | 25,787 | 34,646 | |
Level 1 | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-marketable equity securities | 0 | 0 | |
Level 1 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable equity securities | 25,787 | 34,646 | |
Non-marketable debt securities | 0 | 0 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total strategic investments—included in other assets | 195,110 | 173,110 | |
Level 3 | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-marketable equity securities | 192,860 | 170,860 | |
Level 3 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable equity securities | 0 | 0 | |
Non-marketable debt securities | $ 2,250 | $ 2,250 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Fair Value Disclosures [Abstract] | ||
Cumulative amount of upward adjustments | $ 33,000 | |
Annual amount of upward adjustments | 0 | $ 0 |
Annual amount of downward adjustments | 0 | 0 |
Annual amount of impairment loss adjustment | 0 | 0 |
Unrealized loss on investments | $ 8,859 | 0 |
Marketable equity securities | $ 0 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Property, Plant and Equipment | ||
Total property and equipment, gross | $ 145,702 | $ 128,526 |
Less: accumulated depreciation and amortization | (27,091) | (23,447) |
Total property and equipment, net | 118,611 | 105,079 |
Leasehold improvements | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 52,561 | 51,801 |
Computers, equipment, and software | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 15,124 | 8,735 |
Furniture and fixtures | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 10,856 | 8,488 |
Capitalized internal-use software development costs | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 28,626 | 17,154 |
Less: accumulated depreciation and amortization | (11,200) | (9,700) |
Construction in progress—capitalized internal-use software development costs | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | 36,092 | 36,163 |
Construction in progress—other | ||
Property, Plant and Equipment | ||
Total property and equipment, gross | $ 2,443 | $ 6,185 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 4.6 | $ 2.9 |
Business Combination, Intangi_3
Business Combination, Intangible Assets, and Goodwill - Schedule of Acquisition Date Fair Value of Consideration Transferred (Details) - Streamlit, Inc. $ / shares in Units, $ in Thousands, shares in Millions | Mar. 31, 2022USD ($)$ / sharesshares |
Business Acquisition [Line Items] | |
Cash | $ 211,839 |
Total | 650,755 |
Class A Common Stock | |
Business Acquisition [Line Items] | |
Common stock | $ 438,916 |
Outside of the Plans | Class A Common Stock | |
Business Acquisition [Line Items] | |
Business acquisition, equity interest issued or issuable (in shares) | shares | 1.9 |
Business acquisition, share price (in dollars per share) | $ / shares | $ 229.13 |
Business Combination, Intangi_4
Business Combination, Intangible Assets, and Goodwill - Narrative (Details) shares in Thousands, $ in Millions | Mar. 31, 2022USD ($)co-founder | Apr. 30, 2022USD ($)shares | Apr. 30, 2021USD ($) |
Business Acquisition [Line Items] | |||
Amortization expense | $ 5.3 | $ 1.8 | |
RCS | Outside of the Plans | |||
Business Acquisition [Line Items] | |||
Granted (shares) | shares | 409 | ||
Streamlit, Inc. | |||
Business Acquisition [Line Items] | |||
Number of founders | co-founder | 3 | ||
Business combination, acquisition related costs | $ 1.9 | ||
Streamlit, Inc. | RCS | Outside of the Plans | Class A Common Stock | |||
Business Acquisition [Line Items] | |||
Granted (shares) | shares | 400 | ||
Post-combination share-based compensation arrangement by share-based payment award, award vesting period | 3 years | ||
Post-combination share-based compensation arrangement by share-based payment award, equity instruments other than options, granted in period, total fair value | $ 93.7 | ||
Post-combination share-based compensation arrangement by share-based payment award, award service period | 3 years |
Business Combination, Intangi_5
Business Combination, Intangible Assets, and Goodwill - Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Apr. 30, 2022 | Jan. 31, 2022 |
Business Acquisition [Line Items] | |||
Goodwill | $ 502,614 | $ 8,449 | |
Streamlit, Inc. | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 33,914 | ||
Goodwill | 494,165 | ||
Developer community intangible asset | 150,000 | ||
Other net tangible liabilities | (660) | ||
Deferred tax liabilities, net | (26,664) | ||
Total | $ 650,755 | ||
Estimated Useful Life (in years) | 5 years |
Business Combination, Intangi_6
Business Combination, Intangible Assets, and Goodwill - Business Acquisition, Pro Forma Information (Details) - Streamlit, Inc. - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Business Acquisition [Line Items] | ||
Revenue | $ 422,393 | $ 228,914 |
Net loss | $ (214,159) | $ (211,589) |
Business Combination, Intangi_7
Business Combination, Intangible Assets, and Goodwill - Summary of Estimated Fair Value and Useful Lives of Identifiable Intangible Assets Acquired (Details) - Streamlit, Inc. $ in Thousands | Mar. 31, 2022USD ($) |
Business Acquisition [Line Items] | |
Developer community intangible asset | $ 150,000 |
Estimated Useful Life (in years) | 5 years |
Business Combination, Intangi_8
Business Combination, Intangible Assets, and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets | $ 197,805 | $ 47,805 |
Accumulated Amortization | (16,780) | (11,490) |
Net | 181,025 | 36,315 |
Infinite-lived intangible assets—trademarks | 826 | 826 |
Total intangible assets, net | 181,851 | 37,141 |
Developer community | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets | 150,000 | |
Accumulated Amortization | (2,547) | |
Net | 147,453 | |
Assembled workforce | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets | 28,252 | 28,252 |
Accumulated Amortization | (5,706) | (3,941) |
Net | 22,546 | 24,311 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets | 11,332 | 11,332 |
Accumulated Amortization | (5,379) | (4,812) |
Net | 5,953 | 6,520 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets | 8,174 | 8,174 |
Accumulated Amortization | (3,101) | (2,690) |
Net | 5,073 | 5,484 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets | 47 | 47 |
Accumulated Amortization | (47) | (47) |
Net | $ 0 | $ 0 |
Business Combination, Intangi_9
Business Combination, Intangible Assets, and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Reminder of 2023 | $ 30,904 | |
2024 | 40,959 | |
2025 | 40,192 | |
2026 | 34,221 | |
2027 | 29,984 | |
Thereafter | 4,765 | |
Net | $ 181,025 | $ 36,315 |
Business Combination, Intang_10
Business Combination, Intangible Assets, and Goodwill - Schedule of Goodwill (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2022USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 8,449 |
Addition | 494,165 |
Ending balance | $ 502,614 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 81,793 | $ 98,916 |
Liabilities associated with marketing and business development programs | 34,617 | 16,284 |
Accrued third-party cloud infrastructure expenses | 20,818 | 13,341 |
Accrued professional services | 9,612 | 7,068 |
Accrued taxes | 7,218 | 12,709 |
Employee contributions under employee stock purchase plan | 6,633 | 28,497 |
Accrued purchases of property and equipment | 2,933 | 4,204 |
Other | 21,657 | 19,645 |
Accrued expenses and other current liabilities | $ 185,281 | $ 200,664 |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) - USD ($) | 3 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | May 31, 2022 | |
Other Commitments [Line Items] | |||
Sublease income | $ 3,400,000 | $ 3,200,000 | |
Lessee, Lease, lease not yet commenced, undiscounted amount | 38,500,000 | ||
Cost of matching contributions | 0 | $ 0 | |
Letters of credit outstanding | $ 17,000,000 | ||
Subsequent Event | |||
Other Commitments [Line Items] | |||
Lessee, Lease, lease not yet commenced, undiscounted amount | $ 68,000,000 | ||
Minimum | |||
Other Commitments [Line Items] | |||
Lessee, lease, lease not yet commenced, term of contract (in years) | 1 year 10 months 24 days | ||
Maximum | |||
Other Commitments [Line Items] | |||
Lessee, lease, lease not yet commenced, term of contract (in years) | 10 years |
Equity - Narrative (Details)
Equity - Narrative (Details) $ / shares in Units, $ in Millions | Mar. 31, 2022USD ($)co-founder | Feb. 01, 2022shares | Mar. 03, 2021shares | Mar. 01, 2021vote$ / sharesshares | Feb. 28, 2021vote | Apr. 30, 2022USD ($)$ / sharesshares | Apr. 30, 2021USD ($)shares | Jan. 31, 2022$ / sharesshares | Sep. 30, 2020class$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | ||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Common stock, number of classes of stock | class | 2 | ||||||||
Conversion, percent threshold | 10.00% | ||||||||
Shares authorized (in shares) | 15,619,000 | ||||||||
Granted (per share) | $ / shares | $ 101.66 | ||||||||
Options granted (shares) | 642,000 | 0 | |||||||
Intrinsic value of shares exercised | $ | $ 509.9 | $ 1,600 | |||||||
Grant date fair value of vested shares | $ | $ 19.9 | $ 18.8 | |||||||
Expected dividend yield | 0.00% | ||||||||
Unrecognized share-based compensation expense | $ | $ 2,500 | ||||||||
Unrecognized share-based compensation expense recognition period (term) | 3 years 3 months 18 days | ||||||||
Streamlit, Inc. | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Number of founders | co-founder | 3 | ||||||||
Employee stock purchase rights under the 2020 ESPP | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Offering period | 6 months | ||||||||
Shares authorized (in shares) | 3,100,000 | ||||||||
Expected dividend yield | 0.00% | 0.00% | |||||||
2020 Equity Incentive Plan: | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Shares authorized (in shares) | 15,600,000 | ||||||||
Stock options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Vesting period (years) | 4 years | ||||||||
Expiration period (years) | 10 years | ||||||||
Expected dividend yield | 0.00% | ||||||||
Stock options | 2012 Equity Incentive Plan: | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Expiration period (years) | 10 years | ||||||||
RSUs | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Vesting period (years) | 4 years | ||||||||
Granted (shares) | 5,763,000 | ||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 14,200,000 | 9,612,000 | |||||||
RSUs | Grant Date | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Vesting period (years) | 1 year | ||||||||
RCS | Outside of the Plans | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Granted (shares) | 409,000 | ||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 699,000 | 380,000 | |||||||
RCS | Outside of the Plans | Streamlit, Inc. | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 400,000 | ||||||||
Class A Common Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Common stock, shares authorized (in shares) | 2,500,000,000 | 2,500,000,000 | 2,500,000,000 | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Common stock, voting rights, votes per share | vote | 1 | ||||||||
Class A Common Stock | RCS | Outside of the Plans | Streamlit, Inc. | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Granted (shares) | 400,000 | ||||||||
Post-combination share-based compensation arrangement by share-based payment award, award vesting period | 3 years | ||||||||
Post-combination share-based compensation arrangement by share-based payment award, equity instruments other than options, granted in period, total fair value | $ | $ 93.7 | ||||||||
Post-combination share-based compensation arrangement by share-based payment award, award service period | 3 years | ||||||||
Class B Common Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||
Common stock, shares authorized (in shares) | 185,461,000 | 185,461,000 | 355,000,000 | ||||||
Shares converted (in shares) | 169,500,000 | 169,500,000 | |||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Common stock, voting rights, votes per share | vote | 10 |
Equity - Schedule of Shares Res
Equity - Schedule of Shares Reserved For Future Issuance (Details) - shares shares in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 120,865 | 105,310 |
Employee stock purchase rights under the 2020 ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 11,148 | 8,209 |
2012 Equity Incentive Plan: | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 39,195 | 42,043 |
2012 Equity Incentive Plan: | RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 3,966 | 4,530 |
2020 Equity Incentive Plan: | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 642 | 0 |
2020 Equity Incentive Plan: | RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 10,235 | 5,082 |
2020 Equity Incentive Plan: | Pool | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Common stock reserved for future issuances (shares) | 55,679 | 45,446 |
Equity - Option Activity Rollfo
Equity - Option Activity Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 01, 2022 | Apr. 30, 2022 | Apr. 30, 2021 | Jan. 31, 2022 |
Shares Available for Grant (in thousands) | ||||
Shares authorized (in shares) | 15,619,000 | |||
Options granted (shares) | 642,000 | 0 | ||
Options forfeited (in shares) | 400,000 | |||
Number of Options Outstanding (in thousands) | ||||
Shares outstanding, beginning (in shares) | 42,043,000 | 42,043,000 | ||
Options granted (in shares) | 642,000 | 0 | ||
Options exercise (in shares) | (2,448,000) | |||
Options forfeited (in shares) | (400,000) | |||
Shares outstanding, ending (in shares) | 39,837,000 | 42,043,000 | ||
Weighted- Average Exercise Price | ||||
Shares outstanding, beginning balance (in dollars per share) | $ 7.53 | $ 7.53 | ||
Granted (in dollars per share) | 207.56 | |||
Exercises (in dollars per share) | 6.18 | |||
Forfeited (in dollars per share) | 6.98 | |||
Shares outstanding, ending balance (in dollars per share) | $ 10.84 | $ 7.53 | ||
Weighted-average remaining contractual life | 6 years 8 months 12 days | 6 years 10 months 24 days | ||
Aggregate Intrinsic Value (in thousands) | ||||
Aggregate intrinsic value | $ 6,421,133 | $ 11,283,299 | ||
Vested and exercisable (in shares) | 24,179,000 | |||
Vested and exercisable, weighted average share price (in dollars per share) | $ 6.82 | |||
Vested and exercisable, weighted average remaining contractual life | 6 years 4 months 24 days | |||
Vested and exercisable, intrinsic value | $ 3,980,779 | |||
2020 Equity Incentive Plan: | ||||
Shares Available for Grant (in thousands) | ||||
Shares available for grant, beginning (in shares) | 45,446,000 | 45,446,000 | ||
Shares authorized (in shares) | 15,600,000 | |||
Shares available for grant, ending (in shares) | 55,679,000 | 45,446,000 | ||
RSUs | ||||
Shares Available for Grant (in thousands) | ||||
RSU's granted (in shares) | (5,763,000) | |||
Shares withheld (in shares) | 292,000 | |||
RSU's forfeited (in shares) | 327,000 |
Equity - Unvested RSA & RSU Rol
Equity - Unvested RSA & RSU Rollforward (Details) shares in Thousands | 3 Months Ended |
Apr. 30, 2022$ / sharesshares | |
RSUs | |
Number of Shares (in thousands) | |
Unvested balance, beginning (shares) | shares | 9,612 |
Granted (shares) | shares | 5,763 |
Vested (shares) | shares | (848) |
Forfeited (shares) | shares | (327) |
Unvested balance, ending (shares) | shares | 14,200 |
Weighted-Average Grant Date Fair Value per Share | |
Unvested balance , beginning balance (in dollars per share) | $ / shares | $ 180.08 |
Granted (in dollars per share) | $ / shares | 201.89 |
Vested (in dollars per share) | $ / shares | 161.90 |
Forfeited (in dollars per share) | $ / shares | 202.80 |
Unvested balance , ending balance (in dollars per share) | $ / shares | $ 189.50 |
Outside of the Plans | RCS | |
Number of Shares (in thousands) | |
Unvested balance, beginning (shares) | shares | 380 |
Granted (shares) | shares | 409 |
Vested (shares) | shares | (90) |
Unvested balance, ending (shares) | shares | 699 |
Weighted-Average Grant Date Fair Value per Share | |
Unvested balance , beginning balance (in dollars per share) | $ / shares | $ 2.11 |
Granted (in dollars per share) | $ / shares | 229.13 |
Vested (in dollars per share) | $ / shares | 2.10 |
Unvested balance , ending balance (in dollars per share) | $ / shares | $ 134.99 |
Equity - Valuation Assumptions
Equity - Valuation Assumptions (Details) | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology | ||
Expected dividend yield | 0.00% | |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology | ||
Expected term (in years) | 6 years | |
Expected volatility | 50.00% | |
Risk-free interest rate | 1.80% | |
Expected dividend yield | 0.00% | |
Employee stock purchase rights under the 2020 ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology | ||
Expected term (in years) | 6 months | 6 months |
Expected volatility | 58.90% | 49.50% |
Risk-free interest rate | 0.90% | 0.10% |
Expected dividend yield | 0.00% | 0.00% |
Equity - Share-based Compensati
Equity - Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||
Stock-based compensation, net of amounts capitalized | $ 172,493 | $ 151,014 |
Capitalized stock-based compensation | 6,495 | 6,299 |
Total stock-based compensation | 178,988 | 157,313 |
Cost of revenue | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||
Stock-based compensation, net of amounts capitalized | 22,635 | 23,103 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||
Stock-based compensation, net of amounts capitalized | 52,469 | 46,053 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||
Stock-based compensation, net of amounts capitalized | 73,593 | 55,819 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | ||
Stock-based compensation, net of amounts capitalized | $ 23,796 | $ 26,039 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 13.90% | 0.10% |
Net Loss per Share - Narrative
Net Loss per Share - Narrative (Details) - Class B Common Stock - $ / shares shares in Millions | Mar. 03, 2021 | Mar. 01, 2021 | Apr. 30, 2022 | Jan. 31, 2022 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Shares converted (in shares) | 169.5 | 169.5 | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | ||
Earnings Per Share [Abstract] | |||
Net loss attributable to Class A and Class B common stockholders | $ (165,794) | $ (203,220) | |
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders - basic (in shares) | [1] | 314,361 | 291,386 |
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders - diluted (in shares) | [1] | 314,361 | 291,386 |
Net loss per share attributable to Class A common stockholders - basic (in dollars per share) | [1] | $ (0.53) | $ (0.70) |
Net loss per share attributable to Class A common stockholders - diluted (in dollars per share) | [1] | $ (0.53) | $ (0.70) |
[1] | On March 1, 2021, all shares of the Company’s then-outstanding Class B common stock were automatically converted into the same number of shares of Class A common stock, pursuant to the terms of the Company’s amended and restated certificate of incorporation. No additional shares of Class B common stock will be issued following such conversion. See Note 10 for further details. |
Net Loss per Share - Schedule_2
Net Loss per Share - Schedule of Potentially Dilutive Securities Excluded from Computation of Net Loss per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares) | 54,821 | 68,883 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares) | 39,837 | 56,884 |
RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares) | 14,200 | 11,118 |
Unvested restricted common stock and early exercised stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares) | 738 | 829 |
Employee stock purchase rights under the 2020 ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share (in shares) | 46 | 52 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | May 31, 2022 | Apr. 30, 2022 |
Subsequent Event [Line Items] | ||
Lessee, Lease, lease not yet commenced, undiscounted amount | $ 38.5 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Lessee, Lease, lease not yet commenced, undiscounted amount | $ 68 |