Cover
Cover - shares | 9 Months Ended | |
Oct. 31, 2022 | Nov. 28, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-39502 | |
Entity Registrant Name | Sumo Logic, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-2234444 | |
Entity Address, Address Line One | 305 Main Street | |
Entity Address, City or Town | Redwood City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94063 | |
City Area Code | 650 | |
Local Phone Number | 810-8700 | |
Title of 12(b) Security | Common stock, par value $0.0001 per share | |
Trading Symbol | SUMO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 120,012,539 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001643269 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --01-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 91,662 | $ 79,986 |
Marketable securities, current | 230,482 | 210,645 |
Accounts receivable, net | 56,280 | 49,451 |
Prepaid expenses | 9,791 | 9,792 |
Deferred sales commissions, current | 18,790 | 17,110 |
Other current assets | 2,526 | 2,865 |
Total current assets | 409,531 | 369,849 |
Marketable securities, noncurrent | 19,917 | 65,866 |
Property and equipment, net | 4,848 | 4,960 |
Operating lease right-of-use assets | 2,327 | 6,110 |
Goodwill | 92,298 | 94,967 |
Acquired intangible assets, net | 14,220 | 26,221 |
Deferred sales commissions, noncurrent | 31,165 | 32,689 |
Other assets | 1,773 | 1,469 |
Total assets | 576,079 | 602,131 |
Current liabilities: | ||
Accounts payable | 17,970 | 7,755 |
Accrued expenses and other current liabilities | 21,726 | 25,425 |
Operating lease liabilities, current | 2,551 | 4,619 |
Deferred revenue, current | 144,641 | 131,329 |
Total current liabilities | 186,888 | 169,128 |
Operating lease liabilities, noncurrent | 168 | 2,346 |
Deferred revenue, noncurrent | 3,396 | 5,944 |
Other liabilities | 5,654 | 5,744 |
Total liabilities | 196,106 | 183,162 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Common stock | 12 | 11 |
Additional paid-in-capital | 1,009,058 | 944,447 |
Accumulated other comprehensive loss | (11,022) | (4,333) |
Accumulated deficit | (618,075) | (521,156) |
Total stockholders’ equity | 379,973 | 418,969 |
Total liabilities and stockholders’ equity | $ 576,079 | $ 602,131 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 78,952 | $ 62,016 | $ 220,915 | $ 175,076 |
Cost of revenue | 25,114 | 20,384 | 75,222 | 55,557 |
Gross profit | 53,838 | 41,632 | 145,693 | 119,519 |
Operating expenses: | ||||
Research and development | 26,462 | 25,464 | 80,351 | 69,768 |
Sales and marketing | 38,787 | 33,565 | 113,613 | 95,300 |
General and administrative | 15,906 | 14,015 | 50,454 | 45,258 |
Total operating expenses | 81,155 | 73,044 | 244,418 | 210,326 |
Loss from operations | (27,317) | (31,412) | (98,725) | (90,807) |
Interest and other income (expense), net | 1,635 | (19) | 3,415 | 34 |
Interest expense | (79) | (44) | (114) | (133) |
Loss before provision for income taxes | (25,761) | (31,475) | (95,424) | (90,906) |
Provision (benefit) for income taxes | 528 | (639) | 1,495 | (1,107) |
Net loss | $ (26,289) | $ (30,836) | $ (96,919) | $ (89,799) |
Net loss per share, basic (in dollars per share) | $ (0.22) | $ (0.28) | $ (0.83) | $ (0.84) |
Net loss per share, diluted (in dollars per share) | $ (0.22) | $ (0.28) | $ (0.83) | $ (0.84) |
Weighted-average shares used to compute net loss per share, basic (in shares) | 119,124 | 110,409 | 116,712 | 107,479 |
Weighted-average shares used to compute net loss per share, diluted (in shares) | 119,124 | 110,409 | 116,712 | 107,479 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (26,289) | $ (30,836) | $ (96,919) | $ (89,799) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | (1,353) | (2,077) | (4,964) | (2,154) |
Unrealized loss on available-for-sale marketable securities | (488) | (218) | (1,725) | (207) |
Total comprehensive loss | $ (28,130) | $ (33,131) | $ (103,608) | $ (92,160) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Common Stock RSUs | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance (in shares) | 102,484 | |||||
Beginning balance at Jan. 31, 2021 | $ 431,412 | $ 10 | $ 829,238 | $ (45) | $ (397,791) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 5,824 | |||||
Issuance of common stock upon exercise of stock options | 17,975 | $ 1 | 17,974 | |||
Exercise of common stock warrants (in shares) | 18 | |||||
Vesting of restricted stock units (in shares) | 1,567 | |||||
Vesting of early exercised stock options | 147 | 147 | ||||
Issuance of common stock in connection with employee stock purchase plan (in shares) | 280 | |||||
Issuance of common stock in connection with employee stock purchase plan | 4,725 | 4,725 | ||||
Common stock issued in connection with acquisitions (in shares) | 1,674 | |||||
Common stock issued in connection with acquisitions | 30,499 | 30,499 | ||||
Stock-based compensation | 39,127 | 39,127 | ||||
Other comprehensive loss | (2,361) | (2,361) | ||||
Net loss | (89,799) | (89,799) | ||||
Ending balance (in shares) at Oct. 31, 2021 | 111,847 | |||||
Ending balance at Oct. 31, 2021 | 431,725 | $ 11 | 921,710 | (2,406) | (487,590) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance (in shares) | 110,133 | |||||
Beginning balance at Jul. 31, 2021 | 447,222 | $ 11 | 904,076 | (111) | (456,754) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 1,344 | |||||
Issuance of common stock upon exercise of stock options | 4,648 | 4,648 | ||||
Vesting of restricted stock units (in shares) | 370 | |||||
Vesting of early exercised stock options | 49 | 49 | ||||
Stock-based compensation | 12,937 | 12,937 | ||||
Other comprehensive loss | (2,295) | (2,295) | ||||
Net loss | (30,836) | (30,836) | ||||
Ending balance (in shares) at Oct. 31, 2021 | 111,847 | |||||
Ending balance at Oct. 31, 2021 | $ 431,725 | $ 11 | 921,710 | (2,406) | (487,590) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance (in shares) | 111,847 | |||||
Beginning balance (in shares) | 113,800 | 113,813 | ||||
Beginning balance at Jan. 31, 2022 | $ 418,969 | $ 11 | 944,447 | (4,333) | (521,156) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 3,236 | |||||
Issuance of common stock upon exercise of stock options | 11,479 | $ 1 | 11,478 | |||
Vesting of restricted stock units (in shares) | 2,369 | |||||
Cancellation of common stock held (in shares) | (28) | |||||
Vesting of early exercised stock options | 33 | 33 | ||||
Issuance of common stock in connection with employee stock purchase plan (in shares) | 454 | |||||
Issuance of common stock in connection with employee stock purchase plan | 2,831 | 2,831 | ||||
Stock-based compensation | 50,269 | 50,269 | ||||
Other comprehensive loss | (6,689) | (6,689) | ||||
Net loss | $ (96,919) | (96,919) | ||||
Ending balance (in shares) at Oct. 31, 2022 | 119,800 | 119,844 | ||||
Ending balance at Oct. 31, 2022 | $ 379,973 | $ 12 | 1,009,058 | (11,022) | (618,075) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance (in shares) | 118,333 | |||||
Beginning balance at Jul. 31, 2022 | 388,504 | $ 12 | 989,459 | (9,181) | (591,786) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 655 | |||||
Issuance of common stock upon exercise of stock options | 1,732 | 1,732 | ||||
Vesting of restricted stock units (in shares) | 884 | |||||
Cancellation of common stock held (in shares) | (28) | |||||
Stock-based compensation | 17,867 | 17,867 | ||||
Other comprehensive loss | (1,841) | (1,841) | ||||
Net loss | $ (26,289) | (26,289) | ||||
Ending balance (in shares) at Oct. 31, 2022 | 119,800 | 119,844 | ||||
Ending balance at Oct. 31, 2022 | $ 379,973 | $ 12 | $ 1,009,058 | $ (11,022) | $ (618,075) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance (in shares) | 119,800 | 119,844 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (96,919,000) | $ (89,799,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 12,567,000 | 9,889,000 |
Amortization of deferred sales commissions | 14,819,000 | 11,353,000 |
Amortization (accretion) of marketable securities purchased at a premium (discount) | 1,415,000 | 2,156,000 |
Stock-based compensation, net of amounts capitalized | 49,933,000 | 39,127,000 |
Non-cash operating lease cost | 2,998,000 | 3,132,000 |
Other | (217,000) | (1,852,000) |
Changes in operating assets and liabilities | ||
Accounts receivable | (6,922,000) | 1,910,000 |
Prepaid expenses | (18,000) | (133,000) |
Other assets | (538,000) | 1,104,000 |
Deferred sales commissions | (14,975,000) | (16,252,000) |
Accounts payable | 10,256,000 | 4,283,000 |
Accrued expenses and other current liabilities | (2,594,000) | 1,806,000 |
Deferred revenue | 10,764,000 | 16,436,000 |
Operating lease liabilities | (3,328,000) | (3,371,000) |
Other liabilities | 594,000 | 265,000 |
Net cash used in operating activities | (22,165,000) | (19,946,000) |
Cash flows from investing activities | ||
Purchases of marketable securities | (184,996,000) | (359,587,000) |
Maturities of marketable securities | 182,563,000 | 57,958,000 |
Sales of marketable securities | 25,102,000 | 15,480,000 |
Purchases of property and equipment | (386,000) | (1,799,000) |
Capitalized internal-use software costs | (986,000) | 0 |
Cash paid for acquisitions, net of cash and restricted cash acquired | 0 | (40,340,000) |
Net cash provided by (used in) investing activities | 21,297,000 | (328,288,000) |
Cash flows from financing activities | ||
Payments of deferred offering costs | 0 | (93,000) |
Proceeds from employee stock purchase plan | 2,831,000 | 4,725,000 |
Proceeds from exercise of common stock options | 11,479,000 | 17,974,000 |
Cash paid for holdback consideration in connection with acquisitions | (456,000) | 0 |
Net cash provided by financing activities | 13,854,000 | 22,606,000 |
Effect of exchange rate changes on cash and cash equivalents | (1,310,000) | (174,000) |
Change in cash and cash equivalents and restricted cash | 11,676,000 | (325,802,000) |
Beginning of period | 80,286,000 | 404,440,000 |
End of period | 91,962,000 | 78,638,000 |
Supplemental disclosures of cash flow information | ||
Cash paid for income taxes | 1,804,000 | 831,000 |
Cash paid for interest | 68,000 | 63,000 |
Supplemental non-cash investing and financing information | ||
Vesting of early exercised options | 33,000 | 148,000 |
Common stock and assumed awards issued as consideration for acquisitions | 0 | 30,499,000 |
Unpaid cash consideration for acquisitions | 0 | 456,000 |
Stock-based compensation capitalized as internal-use software costs | 336,000 | 0 |
Property and equipment accrued but not yet paid | 0 | 40,000 |
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets | ||
Cash and cash equivalents | 91,662,000 | 78,288,000 |
Restricted cash included in other current assets | 300,000 | 350,000 |
Total cash, cash equivalents, and restricted cash | $ 91,962,000 | $ 78,638,000 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Oct. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Organization and Nature of Operations Sumo Logic, Inc. (the “Company”) was incorporated in Delaware in March 2010. The Company provides, on a cloud-native software-as-a-service (“SaaS”) delivery model, a software analytics platform for reliable and secure cloud-native applications to address the challenges and opportunities presented by digital transformation, modern applications, and cloud computing. The platform helps customers ensure application reliability, secure and protect against modern security threats, and gain insights into their cloud infrastructure. Basis of Presentation and Principles of Consolidation The Company’s condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission, (“SEC”), regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of January 31, 2022, and related disclosures, have been derived from the audited consolidated financial statements at that date but do not include all of the information required by GAAP for complete consolidated financial statements. The accompanying interim unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes contained in the Company’s Annual Report on Form 10-K for the year ended January 31, 2022, as filed with the SEC on March 14, 2022. The Company’s condensed consolidated financial statements and accompanying notes include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all normal recurring adjustments that are necessary for the fair statement of the Company’s condensed consolidated financial information. The results of operations for the three and nine months ended October 31, 2022 are not necessarily indicative of the results to be expected for the year ending January 31, 2023 or for any other interim period or for any other future year. Fiscal Year The Company’s fiscal year ends on January 31. Unless otherwise stated, references to year in these condensed consolidated financial statements relate to the above described fiscal year rather than calendar year. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates and Judgments The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, as of the date of the financial statements, and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the financial statements and may involve subjective or significant judgment by the Company; therefore, actual results could differ from the Company’s estimates. The Company’s accounting policies that involve judgment include revenue recognition, period of benefit for deferred sales commissions, useful lives of acquired intangible assets and property and equipment, stock-based compensation expense including the assumptions used for estimating the fair value of common stock (prior to the closing of the Company’s initial public offering (“IPO”)), capitalization of internal-use software costs, fair value of assets acquired and liabilities assumed from business combinations, incremental borrowing rate for operating leases, estimate of credit losses for accounts receivable and marketable securities, and valuation allowances associated with income taxes. COVID-19 While the duration and extent of the COVID-19 pandemic depends on future developments that cannot be accurately predicted at this time, such as the duration and spread of the outbreak, the emergence of variants of the virus, the extent and effectiveness of containment actions, and the effectiveness of vaccination efforts, it has already had an adverse effect on the global economy and the ultimate societal and economic impact of the COVID-19 pandemic remains unknown. The Company may experience customer losses, including due to bankruptcy or customers ceasing operations, which may result in delays in collections or an inability to collect accounts receivable from these customers. The extent to which the COVID-19 pandemic, including the emergence of variants of the virus, may continue to impact the Company’s financial condition, results of operations, or liquidity continues to remain uncertain, and as of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or an adjustment to the carrying value of the Company’s assets or liabilities. These estimates may change, as new events occur and additional information is obtained, which will be recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements. Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended January 31, 2022, that have had a material impact on its condensed consolidated financial statements and related notes. Related Party Transactions Certain members of the Company’s board of directors serve as directors of, or are executive officers of, and in some cases are investors in, companies that are customers or vendors of the Company. Related party transactions were not material as of October 31, 2022 or January 31, 2022, or for the nine months ended October 31, 2022 or 2021. Recently Adopted Accounting Pronouncements The Company assesses the adoption impacts of recently issued accounting pronouncements by the Financial Accounting Standards Board (“FASB”) on its condensed consolidated financial statements. The section below describes the impact from newly adopted pronouncements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 as if it had originated the contracts. The adoption of the standard will impact future business combinations. The Company has elected to early adopt this guidance as of February 1, 2022. The adoption of this guidance did not have an impact on the Company’s condensed consolidated financial statements for the nine months ended October 31, 2022 as no business combination activities occurred during this period. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company measures its financial assets and liabilities at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value, as follows: Level 1 Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company uses the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The carrying amounts of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value because of the short maturity of those instruments. The following tables present the fair value of the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy (in thousands): As of October 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 77,275 $ — $ — $ 77,275 Corporate debt securities — 1,405 — 1,405 Marketable securities: U.S. Treasury securities — 51,780 — 51,780 Corporate debt securities — 148,508 — 148,508 Commercial paper — 36,856 — 36,856 Foreign government obligations — 4,736 — 4,736 Certificates of deposit — 8,519 — 8,519 Total financial assets $ 77,275 $ 251,804 $ — $ 329,079 As of January 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 70,742 $ — $ — $ 70,742 Marketable securities: U.S. Treasury securities — 67,476 — 67,476 Corporate debt securities — 167,160 — 167,160 Commercial paper — 19,033 — 19,033 Foreign government obligations — 7,607 — 7,607 Supranational securities — 12,922 — 12,922 Certificates of deposit — 2,313 — 2,313 Total financial assets $ 70,742 $ 276,511 $ — $ 347,253 The Company had $0.3 million of restricted cash invested in money market funds that is not included in the tables above as of October 31, 2022 and January 31, 2022, respectively. In connection with the Loan and Security agreement, discussed in Note 6, the Company issued 32,276 warrants to purchase shares of the Company’s redeemable convertible preferred stock. The Company used a Black-Scholes option valuation model to value its redeemable convertible preferred stock warrant liability at inception and on subsequent valuation dates. Changes in the fair values of the redeemable convertible preferred stock warrant liability were recorded as interest and other income (expense), net in the Company’s condensed consolidated statements of operations. All 32,276 warrants to purchase shares of redeemable convertible preferred stock converted into warrants to purchase common stock upon the closing of the Company’s IPO and the related liability was reclassified to additional paid-in capital in the Company’s condensed consolidated balance sheet. During the nine months ended October 31, 2022, no warrants were exercised. During the nine months ended October 31, 2021, 21,746 warrants were exercised. There were no transfers between levels of the fair value hierarchy during the nine months ended October 31, 2022 and 2021, respectively. The following is a summary of available-for sale marketable securities, excluding those securities classified within cash and cash equivalents on the condensed consolidated balance sheet as of October 31, 2022 and January 31, 2022, respectively (in thousands): As of October 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Fair Value U.S. Treasury securities $ 52,424 $ — $ (644) $ 51,780 Corporate debt securities 150,200 4 (1,696) 148,508 Commercial paper 36,977 — (121) 36,856 Foreign government obligations 4,790 — (54) 4,736 Certificates of deposit 8,617 — (98) 8,519 Total marketable securities $ 253,008 $ 4 $ (2,613) $ 250,399 As of January 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Fair Value U.S. Treasury securities $ 67,770 $ — $ (294) $ 67,476 Corporate debt securities 167,693 3 (536) 167,160 Commercial paper 19,052 — (19) 19,033 Foreign government obligations 7,640 — (33) 7,607 Supranational securities 12,923 — (1) 12,922 Certificates of deposit 2,319 — (6) 2,313 Total marketable securities $ 277,397 $ 3 $ (889) $ 276,511 The Company does not believe that any unrealized losses are attributable to credit-related factors based on its evaluation of available evidence. To determine whether a decline in value is related to credit loss, the Company evaluates, among other factors: the extent to which the fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency, and any adverse conditions specifically related to an issuer of a security or its industry. No impairment loss has been recorded on the securities included in the table above, as the Company believes that the decrease in fair value of these securities is temporary. The following table presents the contractual maturities of the Company’s marketable securities (in thousands): October 31, Due in one year or less $ 230,482 Due after one year and within five years 19,917 Total marketable securities $ 250,399 |
Acquisitions, Intangible Assets
Acquisitions, Intangible Assets, and Goodwill | 9 Months Ended |
Oct. 31, 2022 | |
Acquisitions, Intangible Assets, And Goodwill [Abstract] | |
Acquisitions, Intangible Assets, and Goodwill | Acquisitions, Intangible Assets, and Goodwill Sensu, Inc. On June 10, 2021, the Company completed the acquisition of Sensu, Inc. (“Sensu”) a privately-held software company that is a leader in open source monitoring. The addition of Sensu is expected to accelerate the Company's observability strategy by providing customers with an affordable and scalable end-to-end solution for infrastructure and application monitoring. The aggregate amount recorded as purchase consideration was $32.7 million, of which $8.6 million was paid or to be paid in cash, and $24.1 million was comprised of 1,123,697 shares of the Company’s common stock. The value of consideration assigned to such shares of common stock was based on the closing price of the Company’s common stock on the date of acquisition, or $21.49 per share. Additionally, 71,644 shares of common stock were issued with a fair value of $21.49 per share at the time of grant and will be recorded as stock-based compensation expense. These shares are subject to risk of forfeiture which lapse in full 1.5 years after the acquisition date. The Company recorded stock-based compensation expense related to the vesting of the restricted common stock of $0.2 million during the nine months ended October 31, 2022, and $0.3 million and $0.4 million during the three and nine m onths ended October 31, 2021, respectively. The Company recorded a credit to stock-based compensation expense for the three months ended October 31, 2022 of $0.3 million primarily due to the reversal of unvested restricted common stock recognized in prior periods. As of October 31, 2022, the remaining unrecognized stock-based compensation expense was $0.1 million and will be recognized over the remaining vesting period. A portion of the consideration otherwise payable was held back by the Company as partial security for certain indemnification obligations to be released 12 months after the acquisition date, subject to reduction for any indemnification claims. The $0.5 million of consideration held back was released d uring the second quarter of fiscal 2023 . Certain stock options held by Sensu employees were assumed by the Company with a total fair value of $0.6 million and will be recognized as stock-based compensation expense over the remaining service period. See Note 9 for more details on the Sensu options assumed. The acquisition was accounted for as a business combination and the total purchase consideration was allocated to the net tangible and intangible assets and liabilities based on their fair values on the acquisition date and the excess was recorded as goodwill. The following table presents the purc hase consideration allocation recorded in the Company’s condensed consolidated balance sheet as of the acquisition date (in thousands): Amount Cash and cash equivalents $ 2,270 Accounts receivable 409 Other current assets 50 Acquired intangible assets 11,800 Goodwill 19,889 Accounts payable (49) Deferred revenue, current (658) Accrued expenses and other current liabilities (143) Deferred revenue, noncurrent (99) Other liabilities (747) Total acquisition consideration $ 32,722 The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands): Total Useful Life Developed technology $ 8,800 3 Customer relationships 3,000 5 Intangible assets $ 11,800 Goodwill represents the future economic benefits arising from other assets that could not be individually identified and separately recognized, such as the acquired assembled workforce and synergies expected to be achieved from the integration of Sensu. In addition, goodwill represents the future benefits as a result of the acquisition that management expects to enhance the Company’s product available to both new and existing customers and increase the Company’s market position. Goodwill is not deductible for tax purposes. The results of operations of Sensu from the date of acquisition have been included in the Company’s condensed consolidated financial statements. Pro forma revenue and results of operations have not been presented because the historical results of Sensu are not material to the Company’s condensed consolidated financial statements in any period presented. DF Labs S.p.A. On May 24, 2021, the Company completed the acquisition of DF Labs S.p.A. (“DFLabs”), a privately-held Italian corporation and a leader in security orchestration, automation and response (“SOAR”) technology. The combination of the Company’s Cloud SIEM and DFLabs' solution will provide customers with comprehensive cloud-native security intelligence solutions. The aggregate amount recorded as purchase consideration was $41.7 million, of which $35.3 million was paid in cash, and $6.4 million was comprised of 334,815 shares of the Company’s common stock. The value of consideration assigned to such shares of common stock was based on the closing price of the Company’s common stock on the date of acquisition, or $18.97 per share. Additionally, 143,492 shares of common stock were issued with a fair value of $18.97 per share at the time of grant and will be recorded as stock-based compensation. These shares are subject to risk of forfeiture, which lapse in full 2.0 years after the acquisition date. The Company recorded stock-based compensation expense related to the vesting of the restricted common stock of $0.3 million and $1.0 million during the three and nine months ended October 31, 2022, respectively, and $0.3 million and $0.6 million during the three and nine months ended October 31, 2021, respectively. As of October 31, 2022, the remaining unrecognized stock-based compensation expense was $0.8 million and will be recognized over the re maining vesting period. A portion of the consideration otherwise payable was placed into escrow as partial security for certain indemnification obligations to be released 12 months after the acquisition date, subject to reduction for any indemnification claims. The Company released the consideration placed in escrow during the third quarter of fiscal 2023. The acquisition was accounted for as a business combination and the total purchase consideration was allocated to the net tangible and intangible assets and liabilities based on their fair values on the acquisition date and the excess was recorded as goodwill. The following table presents the purchase consideration allocation recorded in the Company’s condensed consolidated balance sheet as of the acquisition date (in thousa nds): Amount Cash and cash equivalents $ 782 Accounts receivable 430 Other current assets 111 Property and equipment 435 Acquired intangible assets 17,200 Goodwill 26,623 Other assets 178 Accounts payable (262) Deferred revenue, current (340) Accrued expenses and other current liabilities (788) Deferred revenue, noncurrent (38) Other liabilities (2,654) Total acquisition consideration $ 41,677 Acquired intangible assets consist of developed technology with an estimated useful life of 3 years. Goodwill represents the future economic benefits arising from other assets that could not be individually identified and separately recognized, such as the acquired assembled workforce of DFLabs and synergies expected to be achieved from the integration of DFLabs. In addition, goodwill represents the future benefits as a result of the acquisition that management expects to enhance the Company’s product available to both new and existing customers and increase the Company’s market position. Goodwill is not deductible for tax purposes. The results of operations of DFLabs from the date of acquisition have been included in the Company’s condensed consolidated financial statements. Pro forma revenue and results of operations have not been presented because the historical results of DFLabs are not material to the Company’s condensed consolidated financial statements in any period presented. Acquisition-Related Expenses The Company incurred acquisition-related expenses primarily for professional services o f $3.8 million during the year ended January 31, 2022, w hich were recorded as general and administrative expenses in the consolidated statement of operations. Acquired Intangible Assets Acquired intangible assets, net consisted of the following (in thousands): October 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Life Developed technology $ 41,926 $ (29,872) $ 12,054 1.6 Customer relationships 3,000 (834) 2,166 3.7 Total $ 44,926 $ (30,706) $ 14,220 January 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Life Developed technology $ 43,650 $ (20,046) $ 23,604 2.1 Customer relationships 3,000 (383) 2,617 4.4 Total $ 46,650 $ (20,429) $ 26,221 The Company recorded amortization expense of $3.5 million and $3.8 million during the three months ended October 31, 2022 and 2021, respectively, and $10.8 million and $8.4 million during the nine months ended October 31, 2022 and 2021, respectively. There was no impairment of intangible assets recorded for the nine months ended October 31, 2022 or 2021. There was no fully amortized intangible assets written off during the nine months ended October 31, 2022. Fully amortized intangible assets were written off in the amount of $1.0 million during the year ended January 31, 2022. As of October 31, 2022, future amortization expense related to acquired intangible assets was as follows (in thousands): Amortization Expense Remainder of fiscal 2023 $ 2,054 2024 8,214 2025 3,136 2026 600 2027 216 Total amortization expense $ 14,220 As of January 31, 2022, future amortization expense related to acquired intangible assets was as follows (in thousands): Amortization Expense 2023 $ 13,298 2024 8,789 2025 3,317 2026 600 2027 217 Total amortization expense $ 26,221 Goodwill Changes in the carrying amount of goodwill for the nine months ended October 31, 2022 was as follows (in thousands): Amounts Balance as of January 31, 2022 $ 94,967 Foreign currency translation (2,669) Balance as of October 31, 2022 $ 92,298 |
Leases
Leases | 9 Months Ended |
Oct. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company leases office space globally under non-cancelable operating lease agreements that expire at various dates through fiscal 2025. The leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases include (i) renewal options at the election of the Company to renew or extend the lease for an additional 5 years, and/or (ii) options to terminate the lease early, subject to certain termination penalties and fees. These optional renewal and terminations periods have not been considered in the determination of the right-of-use assets (“RoU”) and lease liabilities associated with these leases, as the Company did not consider it reasonably certain it would exercise the options. During the second quarter of fiscal 2023, the Company exercised the option to early terminate one of its office leases, resulting in the related right-of-use asset balance being written off with no corresponding lease liability remaining on the Company’s balance sheet. This action resulted in a $0.1 million gain recognized in interest and other income (expense), net in the Company’s condensed consolidated statements of operations during the nine months ended October 31, 2022. The Company evaluated its contracts and determined each of its identified leases are classified as operating leases. The Company has no lease agreements that are classified as finance leases as of October 31, 2022. The following table presents the components of operating lease expense (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Operating lease expense $ 975 $ 1,109 $ 3,115 $ 3,367 Variable lease expense 114 115 364 381 Short-term lease expense 118 20 277 39 Sublease income 67 65 197 151 As of October 31, 2022, the weighted average remaining lease term was 0.7 years and the weighted average discount rate used to determine the net present value of the lease liability was 3.0%. Supplemental cash flow information and non-cash activity related to the Company’s operating leases were as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 1,081 $ 1,190 $ 3,433 $ 3,580 As of October 31, 2022, remaining maturities of lease liabilities are as follows (in thousands): Amount Remainder of fiscal 2023 $ 1,096 2024 1,638 2025 19 Total lease payments $ 2,753 Less: imputed interest (34) Present value of lease liabilities $ 2,719 |
Debt
Debt | 9 Months Ended |
Oct. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt In February 2021, the Company entered into an Amended and Restated Loan and Security Agreement with Silicon Valley Bank (“SVB Agreement”) which provides for a revolving line of credit facility. The SVB Agreement amends and restates the Loan and Security Agreement dated January 31, 2016. Under the SVB Agreement, the Company can borrow up to $50 million. Interest on any drawdown accrues at the prime rate minus a spread rate ranging from 0.25% to 0.75%, as determined by the Company’s adjusted quick ratio, subject to either a 3.00% or 2.50% floor depending on the adjusted quick ratio. The SVB Agreement is secured by substantially all of the Company’s assets and includes restrictive covenants, in each case subject to certain exceptions, that limit the Company’s ability to, among other things: incur debt, grant liens, make acquisitions, undergo a change in control, make investments, make certain dividends or distributions, repurchase or redeem stock, dispose of or transfer assets, and enter into transactions with affiliates. Pursuant to the SVB Agreement, the Company is required to maintain a minimum adjusted quick ratio of 1.25 to 1.00. The SVB Agreement also contains customary events of default, upon which Silicon Valley Bank may declare all or a portion of the Company’s outstanding obligations payable to be immediately due and payable. As of October 31, 2022 and January 31, 2022, the Company did not have any debt balance outstanding. The Company was in compliance with the financial covenants associated with the amended Agreement as of October 31, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Non-Cancellable Purchase Commitments During the nine months ended October 31, 2022, there were no material changes, outside the ordinary course of business, to the Company’s contractual obligations and commitments reported in the Company’s Annual Report on Form 10-K for the year ended January 31, 2022. Other Obligations Litigation and Other Matters From time to time, the Company may be a party to various legal matters, threatened claims, or proceedings in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies. Legal accruals are recorded when and if it is determined that a loss related to a certain matter is both probable and reasonably estimable. Attorneys representing a purported class of current and former employees in various sales roles alleged potential claims of employee misclassification and related federal and state law claims, which the Company disputed. In response, the Company mediated the dispute, and in August 2020, the Company entered into a settlement agreement with the purported class counsel to resolve the dispute, which was handled in arbitration and resulted in the Company paying $4.5 million to resolve the class-wide claims during the first quarter of fiscal year 2022. |
Revenue
Revenue | 9 Months Ended |
Oct. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue The following table presents the Company’s revenue by geographic region, based on the billing address of the customer, for the periods indicated (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 United States $ 60,437 $ 49,742 $ 172,280 $ 143,966 International 18,515 12,274 48,635 31,110 Total revenue $ 78,952 $ 62,016 $ 220,915 $ 175,076 No individual foreign country contributed 10% or more of revenue for the three and nine months ended October 31, 2022 and 2021. No customer individually accounted for 10% or more of the Company’s revenue for the three and nine months ended October 31, 2022 or 2021. Deferred Revenue and Remaining Performance Obligations The Company recognized revenue of $68.2 million and $48.8 million during the three months ended October 31, 2022 and 2021, respectively, and $125.0 million and $97.2 million during the nine months ended October 31, 2022 and 2021, respectively, that was included in the deferred revenue balance at the beginning of the respective periods. As of October 31, 2022, future estimated revenue related to performance obligations from non-cancelable contracts that were unsatisfied or partially unsatisfied was $354.9 million and the Company expects to recognize approximately 95% as revenue for these remaining performance obligations over the next twenty-four months, with the remaining balance recognized thereafter. Accounts Receivable, Net and Contract Assets Accounts receivable are recorded at the invoiced amount, net of allowance for credit losses. The allowance is based upon historical loss patterns, the age of each past due invoice, and expectations of forward-looking loss estimates to determine whether the allowance is appropriate. Accounts receivable deemed uncollectible are charged against the allowance for credit losses when identified. The Company performs ongoing credit evaluations of its customers. The allowance for credit losses was $0.4 million and $0.3 million as of October 31, 2022 and January 31, 2022, respectively. As of October 31, 2022, one customer accounted for 18% of total accounts receivable. As of January 31, 2022, no customer accounted for 10% or more of total accounts receivable. Unbilled receivables are recorded when revenue recognized on a contract exceeds the billings to date for that contract and the right to consideration is unconditional when only passage of time is required before payment of that consideration is due. Unbilled receivables totaled $3.9 million and $1.9 million as of October 31, 2022 and January 31, 2022, respectively, and were recorded within accounts receivable, net on the condensed consolidated balance sheets. Contract assets are recorded when revenue recognized on a contract exceeds the billings to date for that contract and the right to consideration is conditional. There are no contract assets on the condensed consolidated balance sheet as of October 31, 2022 and January 31, 2022, respectively. Deferred Sales Commissions The Company capitalized sales commission of $5.6 million and $6.8 million during the three months ended October 31, 2022 and 2021, respectively, and $15.0 million and $16.3 million during the nine months ended October 31, 2022 and 2021, respectively. Amortized costs were $5.1 million and $4.2 million for the three months ended October 31, 2022 and 2021, respectively, and $14.8 million and $11.4 million during the nine months ended October 31, 2022 and 2021, respectively. There was no impairment loss in relation to deferred sales commissions for the nine months ended October 31, 2022 or 2021. |
Stockholders' Equity and Equity
Stockholders' Equity and Equity Incentive Plans | 9 Months Ended |
Oct. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity and Equity Incentive Plans | Stockholders’ Equity and Equity Incentive Plans Common Stock The Company’s Amended and Restated Certificate of Incorporation authorized the Company to issue 1.0 billion shares of common stock at a par value of $0.0001 as of October 31, 2022 and January 31, 2022. As of October 31, 2022 and January 31, 2022, approximately 119.8 million and 113.8 million shares of common stock were issued and outstanding, respectively. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding. As of October 31, 2022 and January 31, 2022, no dividends had been declared. Stock Plans The Company has two equity incentive plans: the 2010 Stock Plan (the “2010 Plan”) and the 2020 Equity Incentive Plan (the “2020 Plan”). The number of shares of common stock available for issuance under the 2020 Plan will be increased by any shares of common stock subject to awards outstanding under the 2010 Plan that expire or otherwise terminate without having been exercised or issued in full, are tendered to or withheld by the Company for payment of an exercise price or for satisfying tax withholding obligations, or are forfeited to or repurchased by the Company due to failure to vest . The Company has issued stock options and restricted stock units (“RSUs”) to employees, directors, consultants, and advisors pursuant to both the 2010 Plan and 2020 Plan. Employee stock options are granted with an exercise price no less than the fair value of the underlying common stock on the grant date, in general vest based on continuous service over four years, and expire 10 years from the date of grant. The value of RSUs is measured based on the grant date fair value of the awards and in general vest based on satisfying a service-based condition based on continuous service over four years. As of October 31, 2022, there were 9.9 million shares available for grant under the 2020 Plan. The 2020 Plan provides that the number of shares reserved will automatically increase on the first day of each fiscal year, beginning on February 1, 2021, by an amount equal to the least of (i) 12,500,000 shares, (ii) 5% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (iii) such other amount as the administrator of the 2020 Plan may determine. Stock Options The following table is a summary of option activity during the nine months ended October 31, 2022: Number of Weighted Average Weighted Average Remaining Contractual Term Aggregate (in thousands) (years) (in thousands) Balance at January 31, 2022 15,928 $ 4.20 5.9 $ 123,382 Options granted — $ — Options exercised (3,213) $ 3.53 Options cancelled (1,000) $ 9.15 Balance at October 31, 2022 11,715 $ 3.96 5.0 $ 48,225 Options exercisable at October 31, 2022 10,969 $ 3.63 4.9 $ 44,709 No stock options were granted during the three and nine months ended October 31, 2022 and 2021, respectively. The aggregate intrinsic value of options exercised during the three months ended October 31, 2022 and 2021 was $3.6 million and $19.4 million, respectively, and $18.8 million and $99.5 million during the nine months ended October 31, 2022 and 2021, respectively. No income tax benefits have been recognized for stock-based compensation arrangements. As of October 31, 2022, there was $3.9 million of total unrecognized compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of 0.9 years. Early Exercise of Employee Options All early exercised options were fully vested in the first quarter of fiscal 2023. As of January 31, 2022, the Company had a liability of less than $0.1 million for 10,750 shares of common stock that were unvested and early exercised by employees. Restricted Stock Units The following table is a summary of RSU activity for the nine months ended October 31, 2022: Number of Weighted Average Grant Date Fair Value per Share (in thousands) Balance at January 31, 2022 9,502 $ 17.20 Granted (a) 11,661 $ 8.80 Released (2,369) $ 15.72 Forfeited (2,769) $ 15.25 Balance at October 31, 2022 16,025 $ 11.65 RSUs expected to vest at October 31, 2022 16,025 $ 11.65 ______________ (a) Includes 1,023,797 awards subject to both service-based and performance-based vesting conditions based on a 100% attainment rate. As of October 31, 2022, there was $156.4 million of total unrecognized compensation expense related to unvested employee and director RSUs, of which $3.3 million is for the RSUs subject to certain other performance metrics. Total unrecognized compensation expense related to unvested RSUs is expected to be recognized over a weighted-average period of 2.9 years. Sensu Plans In connection with the acquisition of Sensu, the Company assumed 33,267 options to purchase shares of common stock, granted under the Sensu, Inc. Amended and Restated 2017 Equity Incentive Plan, at a weighted-average exercise price of $4.88 per share and weighted-average fair value of $17.19 per share, of which 14,294 and 29,771 options remained outstanding as of October 31, 2022 and January 31, 2022, respectively. As of October 31, 2022, 8,620 options were vested and exercisable with a weighted-average exercise price of $4.77, and the total unrecognized compensation expense related to these awards was $0.1 million. During the nine months ended October 31, 2022, 15,477 options were exercised. Jask Labs Inc. Plans In connection with the acquisition of Jask Labs Inc. (“Jask Labs”), the Company assumed 265,075 options to purchase shares of common stock, granted under the Jask Labs 2015 Stock Option and Grant Plan and the Jask Labs 2018 Equity Incentive Plan, at a weighted-average exercise price of $9.86 per share and weighted-average fair value of $6.39 per share, of which 35,556 and 64,622 options remained outstanding as of October 31, 2022 and January 31, 2022, respectively. As of October 31, 2022, 33,045 options were vested and exercisable with a weighted-average exercise price of $9.04, and the total unrecognized compensation expense related to these awards was less than $0.1 million. During the nine months ended October 31, 2022, 6,885 options were exercised. Employee Stock Purchase Plan In September 2020, the board of directors adopted and the stockholders of the Company approved the 2020 Employee Stock Purchase Plan (“ESPP”), which became effective on September 17, 2020. The ESPP was amended in September 2021. The ESPP initially reserved and authorized the issuance of up to a total of 2,000,000 shares of common stock to participating employees. The number of shares reserved under the ESPP will automatically increase on the first day of each fiscal year, starting on February 1, 2021, in an amount equal to the least of (i) 2,500,000 shares, (ii) 1% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (iii) such other amount as the administrator of the ESPP may determine. The ESPP generally provides for 24-month offering periods beginning June 15 and December 15 of each year, with each offering period consisting of four six-month purchase periods. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of (1) the fair market value of the Company’s common stock as of the beginning of the offering period or (2) the fair market value of the Company’s common stock on the purchase date, as defined in the ESPP. Under the reset provision currently authorized, if the closing stock price on the offering date of a new offering falls below the closing stock price on the offering date of an ongoing offering, the ongoing offering would terminate immediately following the purchase of ESPP shares on the purchase date immediately preceding the new offering and participants in the terminated ongoing offering would automatically be enrolled in the new offering, resulting in a modification charge to be recognized over the new offering period. The Company recognized stock-based compensation expense related to the ESPP of $0.9 million and $0.8 million during the three months ended October 31, 2022 and 2021, respectively, and $2.0 million and $3.3 million during the nine months ended October 31, 2022 and 2021, respectively. As of October 31, 2022 and January 31, 2022, $1.9 million and $1.3 million has been withheld on behalf of employees for a future purchase under the ESPP due to the timing of payroll deductions, respectively. As of October 31, 2022, there was $62.1 million of unrecognized stock-based compensation expense related to the ESPP that is expected to be recognized over an average vesting period of 0.9 years. During the nine months ended October 31, 2022 and 2021, 454,390, and 279,600 shares of common stock were issued under the ESPP, respectively. Stock-Based Compensation Expense The following table presents total stock-based compensation expense included in the condensed consolidated statements of operations (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Cost of revenue $ 418 $ 191 $ 1,092 $ 520 Research and development (a) 7,511 6,441 21,606 16,957 Sales and marketing 5,237 3,749 13,871 11,393 General and administrative 4,551 2,556 13,364 10,257 Total stock-based compensation expense $ 17,717 $ 12,937 $ 49,933 $ 39,127 ________________ (a) During the three and nine months ended October 31, 2022, the Company capitalized stock-based compensation of $0.1 million and $0.3 million related to internal-use software development costs, respectively. During the three and nine months ended October 31, 2021, the Company did not capitalize any stock-based compensation related to internal-use software development costs. The research and development stock-based compensation amounts are presented net of the capitalized costs. In connection with the acquisition of Jask Labs, the Company granted 130,180 shares of restricted common stock, with a fair value of $12.11683 per share at the time of grant, that vest over a period of two years. The Company recorded $0.2 million and $0.6 million in stock-based compensation expense, respectively, related to the vesting of the restricted common stock during the three and nine months ended October 31, 2021, respectively. The awards were fully vested as of October 31, 2021. During the nine months ended October 31, 2022 and 2021, the Company granted 1,023,797 and 105,419 awards, respectively, to certain executives that were subject to both service-based vesting conditions and performance-based vesting conditions. For awards granted during the nine months ended October 31, 2022, the total number of shares earned will be based on the Company’s performance against a specific metric for fiscal year 2023, unless such period is otherwise truncated per the terms of the award agreement. The number of shares earned and eligible for service-based vesting can range between 0% to 167% of target for our chief executive officer and between 0% and 125% for our other executives. For awards granted during the nine months ended October 31, 2022, stock-based compensation expense of $0.9 million and $3.3 million was recognized for the three and nine months ended October 31, 2022, respectively. No stock-based compensation expense was recognized on the awards that were granted during the nine months ended October 31, 2021 as the performance-based vesting conditions were not met. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Accounting for income taxes for interim periods generally requires the provision for income taxes to be determined by applying an estimate of the annual effective tax rate for the full fiscal year to income or loss before income taxes, adjusted for discrete items, if any, for the reporting period. The Company updates its estimate of the annual effective tax rate each quarter and records a cumulative adjustment in such period. The Company recorded income tax expense of $0.5 million and $1.5 million for the three and nine months ended October 31, 2022, respectively. The Company recorded an income tax benefit of $0.6 million and $1.1 million for the three and nine months ended October 31, 2021, respectively. Income tax expense consists primarily of income taxes in foreign jurisdictions in which the Company conducts business. Due to the Company’s history of losses in the United States, a full valuation allowance on substantially all of the Company’s deferred tax assets, including net operating loss carryforwards, research and development tax credits, capitalized research and development, and other book versus tax differences was maintained. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Oct. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share Basic net loss per share attributable to the Company’s common stockholders is computed by dividing the net loss attributable to the Company’s common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is the same as basic net loss per share for all years presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss position in each period presented. The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Net loss $ (26,289) $ (30,836) $ (96,919) $ (89,799) Weighted-average shares outstanding, basic and diluted 119,124 110,409 116,712 107,479 Net loss per share, basic and diluted $ (0.22) $ (0.28) $ (0.83) $ (0.84) The following potential common shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Stock options 11,715 17,795 11,715 17,795 RSUs 16,423 6,834 16,423 6,834 ESPP 283 205 283 205 Warrants 11 11 11 11 Shares subject to repurchase 97 242 97 242 Assumed options for acquisitions 50 149 50 149 Issuable shares for acquisitions — 194 — 194 Total anti-dilutive securities 28,579 25,430 28,579 25,430 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The Company’s condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission, (“SEC”), regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of January 31, 2022, and related disclosures, have been derived from the audited consolidated financial statements at that date but do not include all of the information required by GAAP for complete consolidated financial statements. The accompanying interim unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes contained in the Company’s Annual Report on Form 10-K for the year ended January 31, 2022, as filed with the SEC on March 14, 2022. |
Principles of Consolidation | The Company’s condensed consolidated financial statements and accompanying notes include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all normal recurring adjustments that are necessary for the fair statement of the Company’s condensed consolidated financial information. The results of operations for the three and nine months ended October 31, 2022 are not necessarily indicative of the results to be expected for the year ending January 31, 2023 or for any other interim period or for any other future year. |
Fiscal Year | The Company’s fiscal year ends on January 31. Unless otherwise stated, references to year in these condensed consolidated financial statements relate to the above described fiscal year rather than calendar year. |
Use of Estimates and Judgments | The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, as of the date of the financial statements, and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the financial statements and may involve subjective or significant judgment by the Company; therefore, actual results could differ from the Company’s estimates. The Company’s accounting policies that involve judgment include revenue recognition, period of benefit for deferred sales commissions, useful lives of acquired intangible assets and property and equipment, stock-based compensation expense including the assumptions used for estimating the fair value of common stock (prior to the closing of the Company’s initial public offering (“IPO”)), capitalization of internal-use software costs, fair value of assets acquired and liabilities assumed from business combinations, incremental borrowing rate for operating leases, estimate of credit losses for accounts receivable and marketable securities, and valuation allowances associated with income taxes. |
COVID-19 | While the duration and extent of the COVID-19 pandemic depends on future developments that cannot be accurately predicted at this time, such as the duration and spread of the outbreak, the emergence of variants of the virus, the extent and effectiveness of containment actions, and the effectiveness of vaccination efforts, it has already had an adverse effect on the global economy and the ultimate societal and economic impact of the COVID-19 pandemic remains unknown. The Company may experience customer losses, including due to bankruptcy or customers ceasing operations, which may result in delays in collections or an inability to collect accounts receivable from these customers. The extent to which the COVID-19 pandemic, including the emergence of variants of the virus, may continue to impact the Company’s financial condition, results of operations, or liquidity continues to remain uncertain, and as of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or an adjustment to the carrying value of the Company’s assets or liabilities. These estimates may change, as new events occur and additional information is obtained, which will be recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements. |
Related Party Transactions | Certain members of the Company’s board of directors serve as directors of, or are executive officers of, and in some cases are investors in, companies that are customers or vendors of the Company. |
Recently Adopted Accounting Pronouncements | The Company assesses the adoption impacts of recently issued accounting pronouncements by the Financial Accounting Standards Board (“FASB”) on its condensed consolidated financial statements. The section below describes the impact from newly adopted pronouncements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 as if it had originated the contracts. The adoption of the standard will impact future business combinations. The Company has elected to early adopt this guidance as of February 1, 2022. The adoption of this guidance did not have an impact on the Company’s condensed consolidated financial statements for the nine months ended October 31, 2022 as no business combination activities occurred during this period. |
Fair Value Measurements | The Company measures its financial assets and liabilities at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value, as follows: Level 1 Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company uses the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets Measured on Recurring Basis | The following tables present the fair value of the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy (in thousands): As of October 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 77,275 $ — $ — $ 77,275 Corporate debt securities — 1,405 — 1,405 Marketable securities: U.S. Treasury securities — 51,780 — 51,780 Corporate debt securities — 148,508 — 148,508 Commercial paper — 36,856 — 36,856 Foreign government obligations — 4,736 — 4,736 Certificates of deposit — 8,519 — 8,519 Total financial assets $ 77,275 $ 251,804 $ — $ 329,079 As of January 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 70,742 $ — $ — $ 70,742 Marketable securities: U.S. Treasury securities — 67,476 — 67,476 Corporate debt securities — 167,160 — 167,160 Commercial paper — 19,033 — 19,033 Foreign government obligations — 7,607 — 7,607 Supranational securities — 12,922 — 12,922 Certificates of deposit — 2,313 — 2,313 Total financial assets $ 70,742 $ 276,511 $ — $ 347,253 |
Summary of Available-for-Sale Marketable Securities | The following is a summary of available-for sale marketable securities, excluding those securities classified within cash and cash equivalents on the condensed consolidated balance sheet as of October 31, 2022 and January 31, 2022, respectively (in thousands): As of October 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Fair Value U.S. Treasury securities $ 52,424 $ — $ (644) $ 51,780 Corporate debt securities 150,200 4 (1,696) 148,508 Commercial paper 36,977 — (121) 36,856 Foreign government obligations 4,790 — (54) 4,736 Certificates of deposit 8,617 — (98) 8,519 Total marketable securities $ 253,008 $ 4 $ (2,613) $ 250,399 As of January 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Fair Value U.S. Treasury securities $ 67,770 $ — $ (294) $ 67,476 Corporate debt securities 167,693 3 (536) 167,160 Commercial paper 19,052 — (19) 19,033 Foreign government obligations 7,640 — (33) 7,607 Supranational securities 12,923 — (1) 12,922 Certificates of deposit 2,319 — (6) 2,313 Total marketable securities $ 277,397 $ 3 $ (889) $ 276,511 |
Maturity of Marketable Securities | The following table presents the contractual maturities of the Company’s marketable securities (in thousands): October 31, Due in one year or less $ 230,482 Due after one year and within five years 19,917 Total marketable securities $ 250,399 |
Acquisitions, Intangible Asse_2
Acquisitions, Intangible Assets, and Goodwill (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Acquisitions, Intangible Assets, And Goodwill [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents the purc hase consideration allocation recorded in the Company’s condensed consolidated balance sheet as of the acquisition date (in thousands): Amount Cash and cash equivalents $ 2,270 Accounts receivable 409 Other current assets 50 Acquired intangible assets 11,800 Goodwill 19,889 Accounts payable (49) Deferred revenue, current (658) Accrued expenses and other current liabilities (143) Deferred revenue, noncurrent (99) Other liabilities (747) Total acquisition consideration $ 32,722 The following table presents the purchase consideration allocation recorded in the Company’s condensed consolidated balance sheet as of the acquisition date (in thousa nds): Amount Cash and cash equivalents $ 782 Accounts receivable 430 Other current assets 111 Property and equipment 435 Acquired intangible assets 17,200 Goodwill 26,623 Other assets 178 Accounts payable (262) Deferred revenue, current (340) Accrued expenses and other current liabilities (788) Deferred revenue, noncurrent (38) Other liabilities (2,654) Total acquisition consideration $ 41,677 |
Schedule of Identifiable Intangible Assets Acquired | The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands): Total Useful Life Developed technology $ 8,800 3 Customer relationships 3,000 5 Intangible assets $ 11,800 |
Schedule of Acquired Intangible Assets by Major Class | Acquired intangible assets, net consisted of the following (in thousands): October 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Life Developed technology $ 41,926 $ (29,872) $ 12,054 1.6 Customer relationships 3,000 (834) 2,166 3.7 Total $ 44,926 $ (30,706) $ 14,220 January 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Life Developed technology $ 43,650 $ (20,046) $ 23,604 2.1 Customer relationships 3,000 (383) 2,617 4.4 Total $ 46,650 $ (20,429) $ 26,221 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of October 31, 2022, future amortization expense related to acquired intangible assets was as follows (in thousands): Amortization Expense Remainder of fiscal 2023 $ 2,054 2024 8,214 2025 3,136 2026 600 2027 216 Total amortization expense $ 14,220 As of January 31, 2022, future amortization expense related to acquired intangible assets was as follows (in thousands): Amortization Expense 2023 $ 13,298 2024 8,789 2025 3,317 2026 600 2027 217 Total amortization expense $ 26,221 |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the nine months ended October 31, 2022 was as follows (in thousands): Amounts Balance as of January 31, 2022 $ 94,967 Foreign currency translation (2,669) Balance as of October 31, 2022 $ 92,298 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Leases [Abstract] | |
Components of Operating Lease Expense and Supplemental Cash Flow Information | The following table presents the components of operating lease expense (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Operating lease expense $ 975 $ 1,109 $ 3,115 $ 3,367 Variable lease expense 114 115 364 381 Short-term lease expense 118 20 277 39 Sublease income 67 65 197 151 Supplemental cash flow information and non-cash activity related to the Company’s operating leases were as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 1,081 $ 1,190 $ 3,433 $ 3,580 |
Remaining Maturities of Lease Liabilities | As of October 31, 2022, remaining maturities of lease liabilities are as follows (in thousands): Amount Remainder of fiscal 2023 $ 1,096 2024 1,638 2025 19 Total lease payments $ 2,753 Less: imputed interest (34) Present value of lease liabilities $ 2,719 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company’s revenue by geographic region, based on the billing address of the customer, for the periods indicated (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 United States $ 60,437 $ 49,742 $ 172,280 $ 143,966 International 18,515 12,274 48,635 31,110 Total revenue $ 78,952 $ 62,016 $ 220,915 $ 175,076 |
Stockholders' Equity and Equi_2
Stockholders' Equity and Equity Incentive Plans (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Equity [Abstract] | |
Share-based Payment Arrangement, Option, Activity | The following table is a summary of option activity during the nine months ended October 31, 2022: Number of Weighted Average Weighted Average Remaining Contractual Term Aggregate (in thousands) (years) (in thousands) Balance at January 31, 2022 15,928 $ 4.20 5.9 $ 123,382 Options granted — $ — Options exercised (3,213) $ 3.53 Options cancelled (1,000) $ 9.15 Balance at October 31, 2022 11,715 $ 3.96 5.0 $ 48,225 Options exercisable at October 31, 2022 10,969 $ 3.63 4.9 $ 44,709 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity | The following table is a summary of RSU activity for the nine months ended October 31, 2022: Number of Weighted Average Grant Date Fair Value per Share (in thousands) Balance at January 31, 2022 9,502 $ 17.20 Granted (a) 11,661 $ 8.80 Released (2,369) $ 15.72 Forfeited (2,769) $ 15.25 Balance at October 31, 2022 16,025 $ 11.65 RSUs expected to vest at October 31, 2022 16,025 $ 11.65 ______________ (a) Includes 1,023,797 awards subject to both service-based and performance-based vesting conditions based on a 100% attainment rate. |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | The following table presents total stock-based compensation expense included in the condensed consolidated statements of operations (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Cost of revenue $ 418 $ 191 $ 1,092 $ 520 Research and development (a) 7,511 6,441 21,606 16,957 Sales and marketing 5,237 3,749 13,871 11,393 General and administrative 4,551 2,556 13,364 10,257 Total stock-based compensation expense $ 17,717 $ 12,937 $ 49,933 $ 39,127 ________________ (a) During the three and nine months ended October 31, 2022, the Company capitalized stock-based compensation of $0.1 million and $0.3 million related to internal-use software development costs, respectively. During the three and nine months ended October 31, 2021, the Company did not capitalize any stock-based compensation related to internal-use software development costs. The research and development stock-based compensation amounts are presented net of the capitalized costs. |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Net loss $ (26,289) $ (30,836) $ (96,919) $ (89,799) Weighted-average shares outstanding, basic and diluted 119,124 110,409 116,712 107,479 Net loss per share, basic and diluted $ (0.22) $ (0.28) $ (0.83) $ (0.84) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potential common shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Stock options 11,715 17,795 11,715 17,795 RSUs 16,423 6,834 16,423 6,834 ESPP 283 205 283 205 Warrants 11 11 11 11 Shares subject to repurchase 97 242 97 242 Assumed options for acquisitions 50 149 50 149 Issuable shares for acquisitions — 194 — 194 Total anti-dilutive securities 28,579 25,430 28,579 25,430 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | $ 250,399 | $ 276,511 |
U.S. Treasury securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 51,780 | 67,476 |
Corporate debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 148,508 | 167,160 |
Commercial paper | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 36,856 | 19,033 |
Foreign government obligations | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 4,736 | 7,607 |
Supranational securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 12,922 | |
Certificates of deposit | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 8,519 | 2,313 |
Fair Value, Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total financial assets | 329,079 | 347,253 |
Fair Value, Recurring | U.S. Treasury securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 51,780 | 67,476 |
Fair Value, Recurring | Corporate debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 148,508 | 167,160 |
Fair Value, Recurring | Commercial paper | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 36,856 | 19,033 |
Fair Value, Recurring | Foreign government obligations | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 4,736 | 7,607 |
Fair Value, Recurring | Supranational securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 12,922 | |
Fair Value, Recurring | Certificates of deposit | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 8,519 | 2,313 |
Fair Value, Recurring | Money market funds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 77,275 | 70,742 |
Fair Value, Recurring | Corporate debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 1,405 | |
Fair Value, Recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total financial assets | 77,275 | 70,742 |
Fair Value, Recurring | Level 1 | U.S. Treasury securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value, Recurring | Level 1 | Corporate debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value, Recurring | Level 1 | Commercial paper | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value, Recurring | Level 1 | Foreign government obligations | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value, Recurring | Level 1 | Supranational securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | |
Fair Value, Recurring | Level 1 | Certificates of deposit | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value, Recurring | Level 1 | Money market funds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 77,275 | 70,742 |
Fair Value, Recurring | Level 1 | Corporate debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 0 | |
Fair Value, Recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total financial assets | 251,804 | 276,511 |
Fair Value, Recurring | Level 2 | U.S. Treasury securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 51,780 | 67,476 |
Fair Value, Recurring | Level 2 | Corporate debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 148,508 | 167,160 |
Fair Value, Recurring | Level 2 | Commercial paper | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 36,856 | 19,033 |
Fair Value, Recurring | Level 2 | Foreign government obligations | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 4,736 | 7,607 |
Fair Value, Recurring | Level 2 | Supranational securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 12,922 | |
Fair Value, Recurring | Level 2 | Certificates of deposit | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 8,519 | 2,313 |
Fair Value, Recurring | Level 2 | Money market funds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 0 | 0 |
Fair Value, Recurring | Level 2 | Corporate debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 1,405 | |
Fair Value, Recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total financial assets | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. Treasury securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value, Recurring | Level 3 | Corporate debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value, Recurring | Level 3 | Commercial paper | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value, Recurring | Level 3 | Foreign government obligations | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value, Recurring | Level 3 | Supranational securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | |
Fair Value, Recurring | Level 3 | Certificates of deposit | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value, Recurring | Level 3 | Money market funds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 0 | $ 0 |
Fair Value, Recurring | Level 3 | Corporate debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | Sep. 21, 2020 | |
Class of Warrant or Right [Line Items] | ||||
Restricted cash | $ 300,000 | $ 350,000 | $ 300,000 | |
Transfers in and out of level 3, assets | 0 | $ 0 | ||
Impairment loss | $ 0 | $ 0 | ||
Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Number of redeemable convertible preferred stock warrants converted (in shares) | 32,276 | |||
Warrants exercised (in shares) | 0 | 21,746 |
Fair Value Measurements - Avail
Fair Value Measurements - Available-for-Sale Marketable Securities (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | $ 253,008 | $ 277,397 |
Unrealized Gain | 4 | 3 |
Unrealized Loss | (2,613) | (889) |
Fair Value | 250,399 | 276,511 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | 52,424 | 67,770 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | (644) | (294) |
Fair Value | 51,780 | 67,476 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | 150,200 | 167,693 |
Unrealized Gain | 4 | 3 |
Unrealized Loss | (1,696) | (536) |
Fair Value | 148,508 | 167,160 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | 36,977 | 19,052 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | (121) | (19) |
Fair Value | 36,856 | 19,033 |
Foreign government obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | 4,790 | 7,640 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | (54) | (33) |
Fair Value | 4,736 | 7,607 |
Supranational securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | 12,923 | |
Unrealized Gain | 0 | |
Unrealized Loss | (1) | |
Fair Value | 12,922 | |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | 8,617 | 2,319 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | (98) | (6) |
Fair Value | $ 8,519 | $ 2,313 |
Fair Value Measurements - Matur
Fair Value Measurements - Maturity of Marketable Securities (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Due in one year or less | $ 230,482 | |
Due after one year and within five years | 19,917 | |
Total marketable securities | $ 250,399 | $ 276,511 |
Acquisitions, Intangible Asse_3
Acquisitions, Intangible Assets, and Goodwill - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jun. 10, 2021 | May 24, 2021 | Oct. 31, 2022 | Jul. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Business Acquisition [Line Items] | ||||||||
Common stock and assumed awards issued as consideration for acquisitions | $ 0 | $ 30,499,000 | ||||||
Stock-based compensation expense | $ 17,717,000 | $ 12,937,000 | 49,933,000 | 39,127,000 | ||||
Amortization expense for intangible assets | 3,500,000 | 3,800,000 | 10,800,000 | 8,400,000 | ||||
Impairment for intangible assets | 0 | 0 | ||||||
Write-off of fully amortized intangible assets | 0 | $ 1,000,000 | ||||||
Impairment of goodwill | 0 | 0 | ||||||
General and administrative | ||||||||
Business Acquisition [Line Items] | ||||||||
Stock-based compensation expense | 4,551,000 | 2,556,000 | $ 13,364,000 | 10,257,000 | ||||
Acquisition-related expenses | $ 3,800,000 | |||||||
Developed technology | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquired finite-lived intangible assets, weighted average useful life | 1 year 7 months 6 days | 2 years 1 month 6 days | ||||||
Sensu, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase consideration | $ 32,700,000 | $ 500,000 | ||||||
Cash paid | 8,600,000 | |||||||
Business acquisition, goodwill, expected tax deductible amount | $ 0 | |||||||
Sensu, Inc. | Developed technology | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquired finite-lived intangible assets, weighted average useful life | 3 years | |||||||
Sensu, Inc. | Restricted Stock | ||||||||
Business Acquisition [Line Items] | ||||||||
Awards granted, fair value (in dollars per share) | $ 21.49 | |||||||
Awards granted (in shares) | 71,644 | |||||||
Vesting period | 1 year 6 months | |||||||
Stock-based compensation expense | (300,000) | 300,000 | $ 200,000 | 400,000 | ||||
Unrecognized stock-based compensation | 100,000 | 100,000 | ||||||
Sensu, Inc. | Common Stock | ||||||||
Business Acquisition [Line Items] | ||||||||
Common stock and assumed awards issued as consideration for acquisitions | $ 24,100,000 | |||||||
Equity issued (in shares) | 1,123,697 | |||||||
Business acquisition, share price (in dollars per share) | $ 21.49 | |||||||
Sensu, Inc. | Option | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity issued and stock-based compensation expense | $ 600,000 | |||||||
DF Labs S.p.A. | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase consideration | $ 41,700,000 | |||||||
Cash paid | 35,300,000 | |||||||
Business acquisition, goodwill, expected tax deductible amount | $ 0 | |||||||
DF Labs S.p.A. | Developed technology | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquired finite-lived intangible assets, weighted average useful life | 3 years | |||||||
DF Labs S.p.A. | Restricted Stock | ||||||||
Business Acquisition [Line Items] | ||||||||
Awards granted, fair value (in dollars per share) | $ 18.97 | |||||||
Awards granted (in shares) | 143,492 | |||||||
Vesting period | 2 years | |||||||
Stock-based compensation expense | 300,000 | $ 300,000 | 1,000,000 | $ 600,000 | ||||
Unrecognized stock-based compensation | $ 800,000 | $ 800,000 | ||||||
DF Labs S.p.A. | Common Stock | ||||||||
Business Acquisition [Line Items] | ||||||||
Common stock and assumed awards issued as consideration for acquisitions | $ 6,400,000 | |||||||
Equity issued (in shares) | 334,815 | |||||||
Business acquisition, share price (in dollars per share) | $ 18.97 |
Acquisitions, Intangible Asse_4
Acquisitions, Intangible Assets, and Goodwill - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 | Jun. 10, 2021 | May 24, 2021 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 92,298 | $ 94,967 | ||
Sensu, Inc. | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 2,270 | |||
Accounts receivable | 409 | |||
Other current assets | 50 | |||
Acquired intangible assets | 11,800 | |||
Goodwill | 19,889 | |||
Accounts payable | (49) | |||
Deferred revenue, current | (658) | |||
Accrued expenses and other current liabilities | (143) | |||
Deferred revenue, noncurrent | (99) | |||
Other liabilities | (747) | |||
Total acquisition consideration | $ 32,722 | |||
DF Labs S.p.A. | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 782 | |||
Accounts receivable | 430 | |||
Other current assets | 111 | |||
Property and equipment | 435 | |||
Acquired intangible assets | 17,200 | |||
Goodwill | 26,623 | |||
Other assets | 178 | |||
Accounts payable | (262) | |||
Deferred revenue, current | (340) | |||
Accrued expenses and other current liabilities | (788) | |||
Deferred revenue, noncurrent | (38) | |||
Other liabilities | (2,654) | |||
Total acquisition consideration | $ 41,677 |
Acquisitions, Intangible Asse_5
Acquisitions, Intangible Assets, and Goodwill - Schedule of Identifiable Intangible Assets Acquired (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Jun. 10, 2021 | Oct. 31, 2022 | Jan. 31, 2022 | |
Developed technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Acquired finite-lived intangible assets, weighted average useful life | 1 year 7 months 6 days | 2 years 1 month 6 days | |
Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Acquired finite-lived intangible assets, weighted average useful life | 3 years 8 months 12 days | 4 years 4 months 24 days | |
Sensu, Inc. | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets acquired | $ 11,800 | ||
Sensu, Inc. | Developed technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets acquired | $ 8,800 | ||
Acquired finite-lived intangible assets, weighted average useful life | 3 years | ||
Sensu, Inc. | Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets acquired | $ 3,000 | ||
Acquired finite-lived intangible assets, weighted average useful life | 5 years |
Acquisitions, Intangible Asse_6
Acquisitions, Intangible Assets, and Goodwill - Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 31, 2022 | Jan. 31, 2022 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 44,926 | $ 46,650 |
Accumulated Amortization | (30,706) | (20,429) |
Net Carrying Amount | 14,220 | 26,221 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 41,926 | 43,650 |
Accumulated Amortization | (29,872) | (20,046) |
Net Carrying Amount | $ 12,054 | $ 23,604 |
Weighted Average Remaining Useful Life (in years) | 1 year 7 months 6 days | 2 years 1 month 6 days |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,000 | $ 3,000 |
Accumulated Amortization | (834) | (383) |
Net Carrying Amount | $ 2,166 | $ 2,617 |
Weighted Average Remaining Useful Life (in years) | 3 years 8 months 12 days | 4 years 4 months 24 days |
Acquisitions, Intangible Asse_7
Acquisitions, Intangible Assets, and Goodwill - Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Acquisitions, Intangible Assets, And Goodwill [Abstract] | ||
Remainder of fiscal year | $ 2,054 | |
Year one | 8,214 | $ 13,298 |
Year two | 3,136 | 8,789 |
Year three | 600 | 3,317 |
Year four | 216 | 600 |
Year five | 217 | |
Net Carrying Amount | $ 14,220 | $ 26,221 |
Acquisitions, Intangible Asse_8
Acquisitions, Intangible Assets, and Goodwill - Schedule of Goodwill (Details) $ in Thousands | 9 Months Ended |
Oct. 31, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Balance as of January 31, 2022 | $ 94,967 |
Foreign currency translation | (2,669) |
Balance as of October 31, 2022 | $ 92,298 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 9 Months Ended |
Oct. 31, 2022 USD ($) | |
Leases [Abstract] | |
Renewal term | 5 years |
Gain on termination of lease | $ 0.1 |
Weighted average remaining lease term | 8 months 12 days |
Weighted average discount rate | 3% |
Leases - Components of Operatin
Leases - Components of Operating Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Leases [Abstract] | ||||
Operating lease expense | $ 975 | $ 1,109 | $ 3,115 | $ 3,367 |
Variable lease expense | 114 | 115 | 364 | 381 |
Short-term lease expense | 118 | 20 | 277 | 39 |
Sublease income | $ 67 | $ 65 | $ 197 | $ 151 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Leases [Abstract] | ||||
Cash paid for amounts included in the measurement of lease liabilities | $ 1,081 | $ 1,190 | $ 3,433 | $ 3,580 |
Leases - Remaining Maturities o
Leases - Remaining Maturities of Lease Liabilities (Details) $ in Thousands | Oct. 31, 2022 USD ($) |
Leases [Abstract] | |
Remainder of fiscal 2023 | $ 1,096 |
2024 | 1,638 |
2025 | 19 |
Total lease payments | 2,753 |
Less: imputed interest | (34) |
Present value of lease liabilities | $ 2,719 |
Debt (Details)
Debt (Details) - Line of Credit - Revolving Credit Facility - USD ($) | 1 Months Ended | ||
Feb. 28, 2021 | Oct. 31, 2022 | Jan. 31, 2022 | |
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 50,000,000 | ||
Quick ratio, minimum | 1.25 | ||
Balance outstanding | $ 0 | $ 0 | |
Minimum | |||
Debt Instrument [Line Items] | |||
Fixed interest rate | 2.50% | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Fixed interest rate | 3% | ||
Prime Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.25% | ||
Prime Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.75% |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended |
Apr. 30, 2022 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Payment for legal settlement | $ 4.5 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 78,952 | $ 62,016 | $ 220,915 | $ 175,076 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 60,437 | 49,742 | 172,280 | 143,966 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 18,515 | $ 12,274 | $ 48,635 | $ 31,110 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenue recognized that was included in deferred revenue at beginning of period | $ 68,200,000 | $ 48,800,000 | $ 125,000,000 | $ 97,200,000 | |
Performance obligation | 354,900,000 | 354,900,000 | |||
Allowance for doubtful accounts for accounts receivable | 400,000 | 400,000 | $ 300,000 | ||
Unbilled receivables | 3,900,000 | 3,900,000 | 1,900,000 | ||
Contract assets | 0 | 0 | $ 0 | ||
Costs capitalized during period | 5,600,000 | 6,800,000 | 15,000,000 | 16,300,000 | |
Amortized costs during period | $ 5,100,000 | $ 4,200,000 | 14,800,000 | 11,400,000 | |
Impairment loss | $ 0 | $ 0 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-11-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Remaining performance obligation, percentage | 95% | 95% | |||
Performance obligation, timing | 24 months | 24 months | |||
Customer One | Accounts Receivable | Customer Concentration Risk | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Concentration risk percentage | 18% |
Stockholders' Equity and Equi_3
Stockholders' Equity and Equity Incentive Plans - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jun. 10, 2021 $ / shares shares | Sep. 17, 2020 period shares | Oct. 25, 2019 $ / shares shares | Oct. 31, 2022 USD ($) vote plan $ / shares shares | Oct. 31, 2021 USD ($) shares | Oct. 31, 2022 USD ($) vote plan $ / shares shares | Oct. 31, 2021 USD ($) shares | Jan. 31, 2022 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Common stock, shares issued (in shares) | 119,800,000 | 119,800,000 | 113,800,000 | |||||
Common stock, shares outstanding (in shares) | 119,800,000 | 119,800,000 | 113,800,000 | |||||
Number of votes per share | vote | 1 | 1 | ||||||
Dividends declared (in dollars per share) | $ / shares | $ 0 | $ 0 | ||||||
Number of plans | plan | 2 | 2 | ||||||
Liability for early exercise of options | $ | $ 100,000 | |||||||
Early exercise of options (in shares) | 10,750 | |||||||
Stock-based compensation expense | $ | $ 17,717,000 | $ 12,937,000 | $ 49,933,000 | $ 39,127,000 | ||||
Minimum | Chief Executive Officer | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of shares eligible for vesting | 0% | |||||||
Minimum | Other Executives | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of shares eligible for vesting | 0% | |||||||
Maximum | Chief Executive Officer | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of shares eligible for vesting | 167% | |||||||
Maximum | Other Executives | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of shares eligible for vesting | 125% | |||||||
Option | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | |||||||
Expiration period | 10 years | |||||||
RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | |||||||
ESPP | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of additional shares available for grant per year (in shares) | 2,500,000 | |||||||
Number of additional shares available for grant per year percentage | 1% | |||||||
Unrecognized compensation expense, period for recognition | 10 months 24 days | |||||||
Unrecognized stock-based compensation, excluding options | $ | 62,100,000 | $ 62,100,000 | ||||||
Number of shares available for issuance (in shares) | 2,000,000 | |||||||
Offering period | 24 months | |||||||
Number of purchase periods | period | 4 | |||||||
Purchase period | 6 months | |||||||
Purchase price of common stock, percent | 85% | |||||||
Stock-based compensation expense | $ | 900,000 | 800,000 | 2,000,000 | $ 3,300,000 | ||||
Amount with held from employees for future purchases | $ | 1,900,000 | $ 1,900,000 | $ 1,300,000 | |||||
Share purchases in period (in shares) | 454,390 | 279,600 | ||||||
Restricted Stock | Sensu, Inc. | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 1 year 6 months | |||||||
Unrecognized stock-based compensation, excluding options | $ | 100,000 | $ 100,000 | ||||||
Stock-based compensation expense | $ | $ (300,000) | 300,000 | $ 200,000 | $ 400,000 | ||||
Awards granted (in shares) | 71,644 | |||||||
Awards granted, fair value (in dollars per share) | $ / shares | $ 21.49 | |||||||
Restricted Stock | Jask Labs Inc. | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 2 years | |||||||
Stock-based compensation expense | $ | $ 200,000 | $ 600,000 | ||||||
Awards granted (in shares) | 130,180 | |||||||
Awards granted, fair value (in dollars per share) | $ / shares | $ 12.11683 | |||||||
2020 Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares available for grant (in shares) | 9,900,000 | 9,900,000 | ||||||
Number of additional shares available for grant per year (in shares) | 12,500,000 | 12,500,000 | ||||||
Number of additional shares available for grant per year percentage | 5% | |||||||
Equity Incentive Plans | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Options granted (in shares) | 0 | 0 | 0 | 0 | ||||
Options exercised, aggregate intrinsic value | $ | $ 3,600,000 | $ 19,400,000 | $ 18,800,000 | $ 99,500,000 | ||||
Income tax benefits recognized for stock-based compensation arrangements | $ | 0 | |||||||
Unrecognized compensation expense related to options | $ | $ 3,900,000 | $ 3,900,000 | ||||||
Options granted (in dollars per share) | $ / shares | $ 0 | |||||||
Options outstanding (in shares) | 11,715,000 | 11,715,000 | 15,928,000 | |||||
Options exercisable (in shares) | 10,969,000 | 10,969,000 | ||||||
Options exercisable (in dollars per share) | $ / shares | $ 3.63 | $ 3.63 | ||||||
Options exercised (in shares) | 3,213,000 | |||||||
Equity Incentive Plans | Option | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation expense, period for recognition | 10 months 24 days | |||||||
Equity Incentive Plans | RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation expense, period for recognition | 2 years 10 months 24 days | |||||||
Unrecognized stock-based compensation, excluding options | $ | $ 156,400,000 | $ 156,400,000 | ||||||
Awards granted, fair value (in dollars per share) | $ / shares | $ 8.80 | |||||||
Granted (in shares) | 11,661,000 | |||||||
Equity Incentive Plans | RSUs Subject to Performance Metrics | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized stock-based compensation, excluding options | $ | 3,300,000 | $ 3,300,000 | ||||||
Granted (in shares) | 1,023,797 | 105,419 | ||||||
Equity Incentive Plans | RSUs subject to service-based and performance-based vesting conditions | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | $ | 900,000 | $ 3,300,000 | $ 0 | |||||
Granted (in shares) | 1,023,797 | |||||||
Sensu Plans | Sensu, Inc. | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Options granted (in shares) | 33,267 | |||||||
Unrecognized compensation expense related to options | $ | $ 100,000 | $ 100,000 | ||||||
Options granted (in dollars per share) | $ / shares | $ 4.88 | |||||||
Options granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.19 | |||||||
Options outstanding (in shares) | 14,294 | 14,294 | 29,771 | |||||
Options exercisable (in shares) | 8,620 | 8,620 | ||||||
Options exercisable (in dollars per share) | $ / shares | $ 4.77 | $ 4.77 | ||||||
Options exercised (in shares) | 15,477 | |||||||
Jask Plans | Jask Labs Inc. | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Options granted (in shares) | 265,075 | |||||||
Unrecognized compensation expense related to options | $ | $ 100,000 | $ 100,000 | ||||||
Options granted (in dollars per share) | $ / shares | $ 9.86 | |||||||
Options granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.39 | |||||||
Options outstanding (in shares) | 35,556 | 35,556 | 64,622 | |||||
Options exercisable (in shares) | 33,045 | 33,045 | ||||||
Options exercisable (in dollars per share) | $ / shares | $ 9.04 | $ 9.04 | ||||||
Options exercised (in shares) | 6,885 |
Stockholders' Equity and Equi_4
Stockholders' Equity and Equity Incentive Plans - Option Activity (Details) - Equity Incentive Plans - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Number of Shares | |||||
Beginning balance (in shares) | 15,928,000 | ||||
Options granted (in shares) | 0 | 0 | 0 | 0 | |
Options exercised (in shares) | (3,213,000) | ||||
Options cancelled (in shares) | (1,000,000) | ||||
Ending balance (in shares) | 11,715,000 | 11,715,000 | 15,928,000 | ||
Options exercisable (in shares) | 10,969,000 | 10,969,000 | |||
Weighted Average Exercise Price | |||||
Beginning balance (in dollars per share) | $ 4.20 | ||||
Options granted (in dollars per share) | 0 | ||||
Options exercised (in dollars per share) | 3.53 | ||||
Options cancelled (in dollars per share) | 9.15 | ||||
Ending balance (in dollars per share) | $ 3.96 | 3.96 | $ 4.20 | ||
Options exercisable (in dollars per share) | $ 3.63 | $ 3.63 | |||
Options outstanding, weighted average remaining contractual term | 5 years | 5 years 10 months 24 days | |||
Options exercisable, weighted average remaining contractual term | 4 years 10 months 24 days | ||||
Options outstanding, aggregate intrinsic value | $ 48,225 | $ 48,225 | $ 123,382 | ||
Options exercisable, aggregate intrinsic value | $ 44,709 | $ 44,709 |
Stockholders' Equity and Equi_5
Stockholders' Equity and Equity Incentive Plans - RSU Activity (Details) - Equity Incentive Plans | 9 Months Ended |
Oct. 31, 2022 $ / shares shares | |
RSUs | |
Number of Shares | |
Beginning balance (in shares) | 9,502,000 |
Granted (in shares) | 11,661,000 |
Released (in shares) | (2,369,000) |
Forfeited (in shares) | (2,769,000) |
Ending balance (in shares) | 16,025,000 |
Expected to vest, number of shares (in shares) | 16,025,000 |
Weighted Average Grant Date Fair Value per Share | |
Beginning balance (in shares) | $ / shares | $ 17.20 |
Granted (in dollars per share) | $ / shares | 8.80 |
Released (in dollars per share) | $ / shares | 15.72 |
Forfeited (in dollars per share) | $ / shares | 15.25 |
Ending balance (in shares) | $ / shares | 11.65 |
Expected to vest, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 11.65 |
RSUs subject to service-based and performance-based vesting conditions | |
Number of Shares | |
Granted (in shares) | 1,023,797 |
Weighted Average Grant Date Fair Value per Share | |
Attainment rate | 100% |
Stockholders' Equity and Equi_6
Stockholders' Equity and Equity Incentive Plans - Stock Based Compensation Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 17,717,000 | $ 12,937,000 | $ 49,933,000 | $ 39,127,000 |
Stock-based compensation capitalized as internal-use software costs | 100,000 | 0 | 336,000 | 0 |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 418,000 | 191,000 | 1,092,000 | 520,000 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 7,511,000 | 6,441,000 | 21,606,000 | 16,957,000 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 5,237,000 | 3,749,000 | 13,871,000 | 11,393,000 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 4,551,000 | $ 2,556,000 | $ 13,364,000 | $ 10,257,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Provision (benefit) for income taxes | $ 528 | $ (639) | $ 1,495 | $ (1,107) |
Net Loss per Share - Calculatio
Net Loss per Share - Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (26,289) | $ (30,836) | $ (96,919) | $ (89,799) |
Weighted-average shares outstanding, basic (in shares) | 119,124 | 110,409 | 116,712 | 107,479 |
Weighted-average shares outstanding, diluted (in shares) | 119,124 | 110,409 | 116,712 | 107,479 |
Net loss per share, basic (in dollars per share) | $ (0.22) | $ (0.28) | $ (0.83) | $ (0.84) |
Net loss per share, diluted (in dollars per share) | $ (0.22) | $ (0.28) | $ (0.83) | $ (0.84) |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive securities (in shares) | 28,579 | 25,430 | 28,579 | 25,430 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive securities (in shares) | 11,715 | 17,795 | 11,715 | 17,795 |
RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive securities (in shares) | 16,423 | 6,834 | 16,423 | 6,834 |
ESPP | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive securities (in shares) | 283 | 205 | 283 | 205 |
Warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive securities (in shares) | 11 | 11 | 11 | 11 |
Shares subject to repurchase | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive securities (in shares) | 97 | 242 | 97 | 242 |
Assumed options for acquisitions | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive securities (in shares) | 50 | 149 | 50 | 149 |
Issuable shares for acquisitions | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive securities (in shares) | 0 | 194 | 0 | 194 |