Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Oct. 31, 2018 | Nov. 30, 2018 | |
Document Information [Abstract] | ||
Entity Registrant Name | Elastic N.V. | |
Entity Central Index Key | 1,707,753 | |
Current Fiscal Year End Date | --04-30 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ESTC | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 70,973,965 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 318,564 | $ 50,941 |
Restricted cash | 2,283 | 668 |
Accounts receivable, net of allowance for doubtful accounts of $1,604 and $776 as of October 31, 2018 and April 30, 2018, respectively | 54,512 | 53,233 |
Deferred contract acquisition costs | 15,721 | 12,125 |
Prepaid expenses and other current assets | 18,524 | 15,261 |
Total current assets | 409,604 | 132,228 |
Property and equipment, net | 4,104 | 4,536 |
Goodwill | 19,964 | 19,182 |
Intangible assets, net | 8,176 | 8,297 |
Deferred contract acquisition costs, non-current | 7,147 | 5,954 |
Deferred offering costs | 242 | |
Deferred tax assets | 3,036 | 3,946 |
Other assets | 7,500 | 8,628 |
Total assets | 459,531 | 183,013 |
Current liabilities: | ||
Accounts payable | 9,827 | 2,176 |
Accrued expenses and other liabilities | 16,866 | 11,816 |
Accrued compensation and benefits | 16,458 | 15,191 |
Deferred revenue | 116,255 | 95,929 |
Total current liabilities | 159,406 | 125,112 |
Deferred revenue, non-current | 11,024 | 6,632 |
Other liabilities, non-current | 5,215 | 3,877 |
Total liabilities | 175,645 | 135,621 |
Commitments and contingencies (Note 7) | ||
Redeemable convertible preference shares, par value €0.001 per share; No shares authorized, issued, or outstanding as of October 31, 2018; 29,026,193 shares authorized; 28,939,466 shares issued and outstanding as of April 30, 2018 | 200,921 | |
Shareholders’ (deficit) equity: | ||
Convertible preference shares, €0.01 par value; 165,000,000 shares authorized, 0 shares issued and outstanding as of October 31, 2018; 0 shares authorized, issued and outstanding as of April 30, 2018 | ||
Ordinary shares | 722 | 33 |
Treasury stock; 35,937 shares (repurchased at an average price of $10.30 per share) | (369) | (369) |
Additional paid-in capital | 546,219 | 62,542 |
Accumulated other comprehensive loss | (1,795) | (961) |
Accumulated deficit | (260,891) | (214,774) |
Total shareholders’ (deficit) equity | 283,886 | (153,529) |
Total liabilities, redeemable convertible preference shares and shareholders’ (deficit) equity | $ 459,531 | $ 183,013 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) $ in Thousands | Oct. 31, 2018USD ($)$ / sharesshares | Oct. 31, 2018€ / shares | Apr. 30, 2018USD ($)$ / sharesshares | Apr. 30, 2018€ / shares |
Allowance for doubtful accounts | $ | $ 1,604 | $ 776 | ||
Redeemable convertible preference shares, par value | € / shares | € 0.001 | € 0.001 | ||
Redeemable convertible preference shares, shares authorized | 0 | 29,026,193 | ||
Redeemable convertible preference shares, shares issued | 0 | 28,939,466 | ||
Redeemable convertible preference shares, shares outstanding | 0 | 28,939,466 | ||
Ordinary shares, par value | € / shares | 0.01 | 0.001 | ||
Ordinary shares, shares authorized | 165,000,000 | 72,000,000 | ||
Ordinary shares, shares issued | 70,948,987 | 33,232,955 | ||
Ordinary shares, shares outstanding | 70,948,987 | 33,232,955 | ||
Treasury stock, shares | 35,937 | 35,937 | ||
Average treasury stock repurchase price | $ / shares | $ 10.30 | $ 10.30 | ||
Convertible Preference Shares | ||||
Preference shares, par value | € / shares | € 0.01 | € 0.01 | ||
Preference shares, shares authorized | 165,000,000 | 0 | ||
Preference shares, shares issued | 0 | 0 | ||
Preference shares, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Revenue | ||||
Total revenue | $ 63,575 | $ 37,038 | $ 120,219 | $ 68,682 |
Cost of revenue | ||||
Total cost of revenue | 18,587 | 8,960 | 34,144 | 16,374 |
Gross profit | 44,988 | 28,078 | 86,075 | 52,308 |
Operating expenses | ||||
Research and development | 25,332 | 12,182 | 44,313 | 23,006 |
Sales and marketing | 34,634 | 16,905 | 65,056 | 33,952 |
General and administrative | 12,092 | 6,117 | 22,191 | 11,650 |
Total operating expenses | 72,058 | 35,204 | 131,560 | 68,608 |
Operating loss | (27,070) | (7,126) | (45,485) | (16,300) |
Other income (expense), net | 264 | 86 | 860 | (638) |
Loss before income taxes | (26,806) | (7,040) | (44,625) | (16,938) |
Provision for income taxes | 733 | 987 | 1,492 | 1,056 |
Net loss | $ (27,539) | $ (8,027) | $ (46,117) | $ (17,994) |
Net loss per share attributable to ordinary shareholders, basic and diluted | $ (0.63) | $ (0.25) | $ (1.20) | $ (0.57) |
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted | 43,978,770 | 31,684,020 | 38,471,641 | 31,561,588 |
License - self-managed | ||||
Revenue | ||||
Total revenue | $ 10,204 | $ 6,456 | $ 17,444 | $ 11,105 |
Cost of revenue | ||||
Total cost of revenue | 97 | 97 | 194 | 194 |
Subscription - self-managed and SaaS | ||||
Revenue | ||||
Total revenue | 48,232 | 28,326 | 92,601 | 53,068 |
Cost of revenue | ||||
Total cost of revenue | 12,870 | 6,254 | 23,071 | 11,236 |
Total subscription | ||||
Revenue | ||||
Total revenue | 58,436 | 34,782 | 110,045 | 64,173 |
Cost of revenue | ||||
Total cost of revenue | 12,967 | 6,351 | 23,265 | 11,430 |
Professional services | ||||
Revenue | ||||
Total revenue | 5,139 | 2,256 | 10,174 | 4,509 |
Cost of revenue | ||||
Total cost of revenue | $ 5,620 | $ 2,609 | $ 10,879 | $ 4,944 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (27,539) | $ (8,027) | $ (46,117) | $ (17,994) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | (96) | (1,535) | (834) | (475) |
Other comprehensive loss | (96) | (1,535) | (834) | (475) |
Total comprehensive loss | $ (27,635) | $ (9,562) | $ (46,951) | $ (18,469) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preference Shares and Shareholders' (Deficit) Equity (Unaudited) - 6 months ended Oct. 31, 2018 - USD ($) $ in Thousands | Total | Ordinary Shares | Treasury Shares | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Redeemable Convertible Preference Shares |
Temporary equity, beginning balance at Apr. 30, 2018 | $ 200,921 | $ 200,921 | |||||
Temporary equity, beginning balance (in shares) at Apr. 30, 2018 | 28,939,466 | 28,939,466 | |||||
Temporary equity, ending balance at Oct. 31, 2018 | |||||||
Temporary equity, ending balance (in shares) at Oct. 31, 2018 | 0 | 0 | |||||
Beginning balance at Apr. 30, 2018 | $ (153,529) | $ 33 | $ (369) | $ 62,542 | $ (961) | $ (214,774) | |
Beginning Balance (in shares) at Apr. 30, 2018 | 33,232,955 | ||||||
Change in par value upon conversion from B.V. to N.V. | $ 303 | (303) | |||||
Conversion of redeemable convertible preference shares to ordinary shares upon initial public offering | 200,921 | $ 289 | 200,632 | $ (200,921) | |||
Conversion of redeemable convertible preference shares to ordinary shares upon intial public offering (in shares) | 28,939,466 | (28,939,466) | |||||
Issuance of ordinary shares upon initial public offering, net of underwriting discounts and issuance costs | 263,842 | $ 93 | 263,749 | ||||
Issuance of ordinary shares upon initial public offering, net of underwriting discounts and issuance costs (in shares) | 8,050,000 | ||||||
Issuance of ordinary shares upon exercise of stock options | 2,783 | $ 4 | 2,779 | ||||
Issuance of ordinary shares upon exercise of stock options (in shares) | 635,722 | ||||||
Vesting of early exercised stock options | 1,019 | 1,019 | |||||
Vesting of early exercised stock options (in shares) | |||||||
Vesting of ordinary shares subject to repurchase | 449 | 449 | |||||
Vesting of ordinary shares subject to repurchase (in shares) | |||||||
Repurchase of early exercised stock options | |||||||
Repurchase of early exercised stock options (in shares) | (43,630) | ||||||
Ordinary shares issued in connection with the acquisition of Lambda Lab | |||||||
Ordinary shares issued in connection with the acquisition of Lambda Lab (in shares) | 134,474 | ||||||
Stock-based compensation | 15,352 | 15,352 | |||||
Net loss | (46,117) | (46,117) | |||||
Foreign currency translation | (834) | (834) | |||||
Ending balance at Oct. 31, 2018 | $ 283,886 | $ 722 | $ (369) | $ 546,219 | $ (1,795) | $ (260,891) | |
Ending balance (in shares) at Oct. 31, 2018 | 70,948,987 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Cash flows from operating activities | ||
Net loss | $ (46,117) | $ (17,994) |
Adjustments to reconcile net loss to cash provided by operating activities: | ||
Depreciation and amortization | 3,008 | 2,095 |
Amortization of deferred contract acquisition costs | 8,848 | 5,598 |
Stock-based compensation expense | 16,904 | 5,024 |
Other | 15 | 2 |
Changes in operating assets and liabilities, net of impact of business acquisitions: | ||
Accounts receivable, net | (2,624) | (2,092) |
Deferred contract acquisition costs | (14,136) | (7,253) |
Prepaid expenses and other current assets | (4,857) | (1,917) |
Other assets | 1,643 | (1,827) |
Accounts payable | 4,867 | 398 |
Accrued expenses and other liabilities | 7,655 | 4,786 |
Accrued compensation and benefits | 1,666 | 2,381 |
Deferred revenue | 27,678 | 15,735 |
Net cash provided by operating activities | 4,550 | 4,936 |
Cash flows from investing activities | ||
Purchases of property and equipment | (1,172) | (896) |
Maturities of short-term investments | 15,000 | |
Business acquisitions, net of cash acquired | (1,986) | (3,702) |
Net cash (used in) provided by investing activities | (3,158) | 10,402 |
Cash flows from financing activities | ||
Net proceeds from issuance of ordinary shares in initial public offering | 269,514 | |
Proceeds from issuance of ordinary shares upon exercise of stock options | 2,782 | 1,328 |
Repurchase of ordinary shares | (344) | |
Repurchase of early exercised options | (500) | |
Repayment of notes payable | (20) | (59) |
Payment of deferred offering costs | (2,302) | |
Net cash provided by financing activities | 269,474 | 925 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (1,628) | (584) |
Net increase in cash, cash equivalents, and restricted cash | 269,238 | 15,679 |
Cash, cash equivalents, and restricted cash, beginning of period | 51,609 | 59,890 |
Cash, cash equivalents, and restricted cash, end of period | 320,847 | 75,569 |
Supplemental disclosures of cash flow information | ||
Cash paid for income taxes | 759 | 810 |
Cash paid for interest | 2 | 3 |
Supplemental disclosures of non-cash investing and financing information | ||
Purchases of property and equipment included in accounts payable | 18 | 79 |
Vesting of early exercised stock options | 1,019 | 55 |
Vesting of shares subject to repurchase | 449 | |
Deferred offering costs accrued | 3,371 | |
Issuance of ordinary shares for business acquisition | $ 12,410 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Oct. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of Business | Elastic N.V. (formerly Elasticsearch Global B.V. and subsequently Elastic B.V.) (the “Company” was founded in 2012 and has its corporate seat in Amsterdam, the Netherlands. Elastic is a search company. It created the Elastic Stack, a powerful set of software products that ingest and store data from any source and in any format, and perform search, analysis, and visualization in milliseconds or less. Developers build on top of the Elastic Stack to apply the power of search to their data and solve business problems. The Company also offers software solutions built on the Elastic Stack that address a wide variety of use cases including app search, site search, enterprise search, logging, metrics, application performance monitoring (“APM”), business analytics, and security analytics. The Elastic Stack and the Company’s solutions are designed to run on premises, in public or private clouds, or in hybrid environments. Initial Public Offering In October 2018, the Company completed its initial public offering (“IPO”) in which it issued and sold 8,050,000 ordinary shares at an offering price of $36.00 per share, including 1,050,000 ordinary shares pursuant to the exercise in full of the underwriters’ option to purchase additional shares. The Company received net proceeds of $263.8 million, after deducting underwriting discounts and commissions of $20.3 million and offering expenses of $5.7 million. Immediately prior to the closing of the IPO, all 28,939,466 shares of the Company’s then-outstanding redeemable convertible preference shares automatically converted into 28,939,466 ordinary shares at their respective conversion ratios and the Company reclassified $200.6 million from temporary equity to additional paid-in capital and $0.3 million to ordinary shares on its condensed consolidated balance sheet. The Company’s articles of association designated and authorized the Company to issue 72 million ordinary shares with a par value of €0.001 per share up until immediately prior to the completion of the IPO at which time the authorized ordinary shares increased to 165 million. In addition, the par value of ordinary shares was changed from €0.001 per share to €0.01 per share as required by Dutch law at the time of the Company’s conversion into a Dutch public limited company (naamloze vennootschap). Offering Costs O ffering costs of $5.7 million, consisting of legal, accounting and other fees and costs related to the IPO, were reclassified to additional paid-in capital as a reduction of the proceeds upon the closing of the IPO in October 2018. During the six months ended October 31, 2018, $2.3 million of the offering costs were paid. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Oct. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying interim condensed consolidated balance sheet and interim condensed statement of redeemable convertible preference shares and shareholders’ equity (deficit) as of October 31, 2018, the interim condensed consolidated statements of operations and of comprehensive loss for the three and six months ended October 31, 2018 and the interim condensed consolidated statement of cash flows for the six months ended October 31, 2018 and 2017, are unaudited. These interim condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, include all adjustments necessary to fairly state the Company’s financial position as of October 31, 2018 and the results of the Company’s operations for the three and six months ended October 31, 2018 and cash flows for the six months ended October 31, 2018 and 2017. The financial data and other financial information disclosure in the notes to these condensed consolidated financial statements related to the three and six month periods are also unaudited. The results for the three and six months ended October 31, 2018 are not necessarily indicative of the operating results expected for the fiscal year ending April 30, 2019, or any future period. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the financial statements of the Company and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in the Company’s final prospectus for its IPO filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (File No. 333-227191) on October 5, 2018. Fiscal Year The Company’s fiscal year ends on April 30. References to fiscal 2019, for example, refer to the fiscal year ending April 30, 2019. Use of Estimates and Judgments The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, allocation of revenue between recognized and deferred amounts, deferred contract acquisition costs, allowance for doubtful accounts, valuation of stock-based compensation, fair value of ordinary shares in periods prior to the Company’s IPO, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, and valuation allowance for deferred income taxes. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has irrevocably elected not to avail itself of this exemption from new or revised accounting standards and, therefore, we will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. Recently Adopted Accounting Pronouncements : In January 2017, the , which changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, the set of transferred assets and activities is not a business. For public business entities, it is effective for fiscal years beginning after December 15, 2017, and interim periods therein. The adoption during the six months ended October 31, 2018 did not have a material impact on the Company’s consolidated financial statements. Stock Compensation: In May 2017, the FASB issued ASU No. 2017-09, , which provides clarity in applying the guidance in Topic 718 around modifications of stock-based payment awards. For public business entities, it is effective for fiscal years beginning after December 15, 2017, and interim periods therein. The adoption during the six months ended October 31, 2018 did not have a material impact on the Company’s consolidated financial statements. New Accounting Pronouncements Not Yet Adopted Leases: In February 2016, the FASB issued ASU No. 2016-02, ( which modifies lease accounting for lessees to increase transparency and comparability by recording lease assets and liabilities for operating leases and disclosing key information about leasing arrangements. In July 2018, the FASB issued ASU 2018-10, and ASU 2018-11, which affect certain aspects of the previously issued guidance. Amendments include an additional transition method that allows entities to apply the new standard on the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings, as well as a new practical expedient for lessors. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2020, though early adoption is permitted. The Company is currently evaluating adoption methods and whether this standard will have a material impact on its consolidated financial statements. Goodwill Impairment : In January 2017, the FASB issued ASU No. 2017-04, . The new standard will simplify the measurement of goodwill by eliminating step two of the two-step impairment test. Step two measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2021, though early adoption is permitted. The Company does not expect the adoption of the new accounting standard will have a material impact on its consolidated financial statements. Comprehensive Income : In February 2018, the FASB issued ASU No. 2018-02, , which provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. For all entities, it is effective for fiscal years beginning after December 15, 2018, and interim periods therein. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2020, though early adoption is permitted. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company is currently evaluating the potential impact of this ASU on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, , which modifies, removes and adds certain disclosure requirements on fair value measurements based on the FASB Concepts Statement, . The ASU is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. The Company is currently evaluating the potential impact of this ASU on its consolidated financial statements. Intangible Assets: In August 2018, the FASB issued ASU No. 2018-15, , which align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this ASU. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact of this ASU on its consolidated financial statements. |
Revenue and Performance Obligat
Revenue and Performance Obligations | 6 Months Ended |
Oct. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue and Performance Obligations | 3. The Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue From Contracts With Customers (“ASC 606”) on May 1, 2017, using the full retrospective transition method. Disaggregation of Revenue The following table presents revenue by category (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2018 2017 2018 2017 % of % of % of % of Total Total Total Total Amount Revenue Amount Revenue Amount Revenue Amount Revenue Self-managed subscription $ 48,406 76 % $ 29,169 79 % $ 89,718 75 % $ 53,831 78 % License 10,204 16 % 6,456 17 % 17,444 15 % 11,105 16 % Subscription 38,202 60 % 22,713 62 % 72,274 60 % 42,726 62 % SaaS 10,030 16 % 5,613 15 % 20,327 17 % 10,342 15 % Total subscription revenue 58,436 92 % 34,782 94 % 110,045 92 % 64,173 93 % Professional services 5,139 8 % 2,256 6 % 10,174 8 % 4,509 7 % Total revenue $ 63,575 100 % $ 37,038 100 % $ 120,219 100 % $ 68,682 100 % Remaining Performance Obligations As of October 31, 2018, $268.5 million of remaining performance obligations, which is comprised of product and services revenue not yet delivered. As of October 31, 2018, the Company expects to recognize approximately 86% of its remaining performance obligations as revenue over the next 24 months and the remainder thereafter. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Oct. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The Company measures financial assets and liabilities that are measured at fair value on a recurring basis at 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. The following table summarizes assets that are measured at fair value on a recurring basis as of October 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 267,514 $ - $ - $ 267,514 Money market funds consist of cash equivalents with remaining maturities of three months or less at the date of purchase. The Company uses quoted prices in active markets for identical assets to determine the fair value of its Level 1 investments in money market funds. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Oct. 31, 2018 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consists of the following (in thousands): As of October 31, 2018 As of April 30, 2018 $ 8,065 $ 7,834 Deposits 2,908 582 Prepaid software subscription costs 1,325 2,483 Deferred stock-based compensation expense 1,571 496 Other 4,655 3,866 Total prepaid expenses and other current assets $ 18,524 $ 15,261 Property and Equipment, Net The cost and accumulated depreciation of property and equipment are as follows (in thousands): Useful Life (in years) As of October 31, 2018 As of April 30, 2018 Lesser of estimated useful life or remaining lease term $ 5,326 $ 5,725 Computer hardware and software 3 5,338 5,132 Furniture and fixtures 3-5 2,364 2,443 Assets under construction 588 - Property and equipment, gross $ 13,616 $ 13,300 Less: Accumulated depreciation (9,512 ) (8,764 ) Property and equipment, net $ 4,104 $ 4,536 Depreciation expense related to property and equipment was $0.7 million and $0.7 million for the three months ended October 31, 2018 and 2017, respectively, and $1.5 million and $1.4 million for the six months ended October 31, 2018 and 2017, respectively. Intangible Assets, Net Intangible assets consisted of the following as of October 31, 2018 (in thousands): Gross Fair Value Accumulated Amortization Net Book Value Weighted Average Remaining Useful Life (in years) Developed technology $ 12,130 $ 4,246 $ 7,884 3.1 Customer relationships 398 225 173 2.6 Trade names 972 836 136 2.5 Total $ 13,500 $ 5,307 $ 8,193 Foreign currency translation adjustment (17 ) Total $ 8,176 Intangible assets consisted of the following as of April 30, 2018 (in thousands): Gross Fair Value Accumulated Amortization Net Book Value Weighted Average Remaining Useful Life (in years) Developed technology $ 10,791 $ 2,838 $ 7,953 3.4 Trade names 957 809 148 3.0 Customer relationships 398 175 223 2.9 Total $ 12,146 $ 3,822 $ 8,324 Foreign currency translation adjustment (27 ) Total $ 8,297 Amortization expense for the intangible assets for the three and six months ended October 31, 2018 and 2017 was as follows (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2018 2017 2018 2017 Cost of revenue—cost of license—self-managed $ 97 $ 97 $ 194 $ 194 Cost of revenue—cost of subscription—self-managed and SaaS 637 216 1,213 413 Sales and marketing 40 22 77 44 Total amortization of acquired intangible assets $ 774 $ 335 $ 1,484 $ 651 The expected future amortization expense of the intangible assets as of October 31, 2018 was as follows (in thousands, by fiscal year): Remainder of 2019 $ 1,471 2,649 2021 2,616 2022 1,396 2023 61 Total $ 8,193 Goodwill The following table represents the changes to goodwill (in thousands): Carrying Amount $ 19,182 Addition from acquisition 1,038 Foreign currency translation adjustment (256 ) Balance of October 31, 2018 $ 19,964 There was no impairment of goodwill during the six months ended October 31, 2018 and 2017. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of the following (in thousands): As of October 31, 2018 As of April 30, 2018 $ 5,370 $ 3,279 Income taxes payable 2,142 2,357 Value added taxes payable 2,663 2,536 Liability for early exercise of unvested stock options - 1,566 Share repurchase liability 1,612 449 Other 5,079 1,629 Total accrued expenses and other liabilities $ 16,866 $ 11,816 Accrued Compensation and Benefits Accrued compensation and benefits consists of the following (in thousands): As of October 31, 2018 As of April 30, 2018 Accrued vacation $ 7,366 $ 6,570 Accrued commissions 5,470 5,913 Post-combination compensation liability 313 655 Other 3,309 2,053 Total accrued compensation and benefits $ 16,458 $ 15,191 Contract Balances The timing of revenue recognition may differ from the timing of invoicing to customers. For annual contracts, the Company typically invoices customers at the time of entering into the contract. For multi-year agreements, the Company generally invoices customers on an annual basis prior to each anniversary of the contract start date. The Company records unbilled accounts receivable related to revenue recognized in excess of amounts invoiced as the Company has an unconditional right to invoice and receive payment in the future related to those fulfilled obligations. Contract liabilities consist of deferred revenue which is recognized over the contractual period. The following table provides information about unbilled accounts receivable, deferred contract acquisition costs, and deferred revenue from contracts with customers (in thousands): As of October 31, 2018 As of April 30, 2018 Unbilled accounts receivable, included in accounts receivable, net $ 1,294 $ 1,139 Deferred contract acquisition costs $ 22,868 $ 18,079 Deferred revenue $ 127,279 $ 102,561 Significant changes in the unbilled accounts receivable and the deferred revenue balances were as follows (in thousands): Unbilled Accounts Receivable Six Months Ended October 31, 2018 2017 Beginning balance $ 1,139 $ 1,114 Amounts transferred to accounts receivable from unbilled accounts receivable presented at the beginning of the period (1,139 ) (1,742 ) Revenue recognized during the period in excess of invoices issued 1,294 1,234 Ending balance $ 1,294 $ 606 Deferred Revenue Six Months Ended October 31, 2018 2017 Beginning balance $ 102,561 $ 54,152 Additions through acquisition - 859 Increases due to invoices issued, excluding amounts recognized as revenue during the period 94,830 52,277 Revenue recognized that was included in deferred revenue balance at beginning of period (70,112 ) (35,621 ) Ending balance $ 127,279 $ 71,667 Deferred Contract Acquisition Costs Deferred contract acquisition costs represent costs that are incremental to the acquisition of customer contracts, which consist mainly of sales commissions and associated payroll taxes. The Company determines whether costs should be deferred based on sales compensation plans, if the commissions are in fact incremental and would not have occurred absent the customer contract. Sales commissions for renewal of a contract are considered commensurate with the commissions paid for the acquisition of the initial contract given there is no substantive difference in commission rates. Deferred contract acquisition costs are expensed commensurate with the recognition of revenue as performance obligations are satisfied. These performance obligations primarily relate to the Company’s subscription contracts which are typically sold for a one to three-year duration. Amortization of deferred contract acquisition costs is recognized in sales and marketing expense in the consolidated statement of operations. The Company periodically reviews the carrying amount of deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred costs. The Company did not recognize any impairment of deferred contract acquisition costs during the six months ended October 31, 2018. The following table summarizes the activity of the deferred contract acquisition costs (in thousands): Six Months Ended October 31, 2018 2017 Beginning balance $ 18,079 $ 10,135 Capitalization of contract acquisition costs 13,637 7,324 Amortization of deferred contract acquisition costs (8,848 ) (5,598 ) Ending balance $ 22,868 $ 11,861 |
Business Combination
Business Combination | 6 Months Ended |
Oct. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combination | 6. Business Combination Lambda Lab Corp. In July 2018, the Company acquired 100% of the share capital of Lambda Lab Corp. (“Lambda Lab”), a privately-held company headquartered in the United States. Lambda Lab was a code search company whose product was built on top of Elasticsearch and focused on building semantic understanding of code, exposed through powerful search features. Purchase consideration for the acquisition was $2.0 million in cash. Excluded from the purchase consideration are 134,474 ordinary shares of $2.2 million issued to certain employees of Lambda Lab. These shares are subject to repurchase until the two year anniversary of the close of the acquisition and are contingent upon these employees’ continued employment with the Company. The repurchase option lapses as to fifty percent of the ordinary shares on each anniversary of the close of the acquisition. The Company will record stock-based compensation expense of $2.2 million over the two year vesting term. During the three and six months ended October 31, 2018, the Company recorded stock-based compensation expense of $0.4 million and $0.5 million, respectively. As of October 31, 2018, a share repurchase liability, included in accrued expenses and other accrued liabilities and in other liabilities, non-current, was $1.1 million and $1.1 million, respectively. As of October 31, 2018, the deferred stock-based compensation expense included in prepaid expenses and other current assets was $1.3 million and in other assets was $0.5 million. The following table summarizes the components of the Lambda Lab purchase price and the preliminary allocation of the purchase price at fair value (in thousands): Cash paid $ 1,997 Developed technology $ 1,339 Trade name 15 Goodwill 1,038 Net liabilities acquired (395 ) Total purchase consideration $ 1,997 The amount allocated to developed technology was $1.3 million. The fair value assigned to developed technology was determined primarily using the multi-period excess earnings model, which estimates the revenue and cash flows derived from the asset and then deducts portions of the cash flow that can be attributed to supporting assets otherwise recognized. The acquired developed technology is being amortized on a straight-line basis over four years, which approximates the pattern in which these assets are utilized. Goodwill of $1.0 million, none of which is deductible for tax purposes, was recorded in connection with the Lambda Lab acquisition, which is primarily attributed to synergies arising from the acquisition and the value of the acquired workforce. Acquisition costs of $0.2 million were charged to general and administrative expenses in the condensed consolidated statement of operations for the three and six months ended October 31, 2018. Lambda Lab has been included in the Company’s consolidated results of operations since the acquisition date. Lambda Lab’s results were immaterial to the Company’s consolidated results for the three and six months ended October 31, 2018. Fair Value of Ordinary Shares Used for Purchase Consideration The fair value of the ordinary shares issued as part of the consideration paid for the Lambda Lab acquisition was determined by the Company’s board of directors based on numerous subjective and objective factors, including, but not limited to, a contemporaneous valuation performed by an independent third-party valuation firm. Because the Company was not publicly traded at the time of the acquisition, the Company’s board of directors considers valuations of comparable companies, sales of redeemable convertible preference shares, sales of ordinary shares to unrelated third parties, operating and financial performance, the lack of liquidity of the Company’s ordinary shares, and general and industry-specific economic outlook, among other factors. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Oct. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Operating Leases The Company has entered into non-cancelable operating leases, primarily related to rental of office space, expiring through 2025. The Company recognizes operating lease costs on a straight-line basis over the term of the agreement, taking into account adjustments for market provisions such as free or escalating base monthly rental payments or deferred payment terms such as rent holidays that defer the commencement date of the required payments. The Company may receive renewal or expansion options, leasehold improvement allowances or other incentives on certain lease agreements. Hosting Infrastructure Commitments In December 2017, the Company entered into non-cancelable capacity commitments with a hosting infrastructure vendor for a total minimum commitment of $12.5 million in each of the subsequent three years. As of October 31, 2018, the Company had met its Other Commitments Other commitments, as presented in the table below, consist of a loan issued to finance the Company’s tenant improvements. The current portion of the loan is included within other accrued liabilities and the non-current portion is included within other liabilities, non-current on the consolidated balance sheet. The term of the arrangement is 60 months, terminating in January 2020. The Company repaid less than $0.1 million of the loan, including both principal and interest, during the six months ended October 31, 2018. The outstanding balance of the loan, including interest, was $0.2 million as of October 31, 2018. Future minimum lease payments under non-cancelable office leases, hosting infrastructure commitments, and other commitments as of October 31, 2018 were as follows (in thousands): Years Ending April 30, Minimum Lease Payments Hosting Infrastructure Commitments Other Commitments Total $ 3,656 $ 5,208 $ 105 $ 8,969 2020 7,241 12,500 85 19,826 2021 5,761 7,292 - 13,053 2022 5,693 - - 5,693 2023 5,819 - - 5,819 Thereafter 13,222 - - 13,222 Total $ 41,392 $ 25,000 $ 190 $ 66,582 Rent expense related to operating leases was $1.6 million and $1.5 million for the three months ended October 31, 2018 and 2017, respectively, and $3.4 million and $2.9 million for the six months ended October 31, 2018 and 2017, respectively. Letters of Credit The Company had a total of $2.3 million in letters of credit outstanding in favor of certain landlords for office space as of October 31, 2018. Legal Matters From time to time, the Company has become involved in claims and other legal matters arising in the ordinary course of business. The Company investigates these claims as they arise. Although claims are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together have a material adverse effect on its business, results of operations, financial position or cash flows. The Company accrues estimates for resolution of legal and other contingencies when losses are probable and estimable. Although the results of litigation and claims are inherently unpredictable, the Company believes that there was not at least a reasonable possibility that the Company had incurred a material loss with respect to such loss contingencies, as of October 31, 2018; therefore, the Company has not recorded an accrual for such contingencies. Indemnification The Company enters into indemnification provisions under its agreements with other companies in the ordinary course of business, including business partners, landlords, contractors and parties performing its research and development. Pursuant to these arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified party for certain losses suffered or incurred by the indemnified party as a result of the Company’s activities. The terms of these indemnification agreements are generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is not material. The Company maintains commercial general liability insurance and product liability insurance to offset certain of the Company’s potential liabilities under these indemnification provisions. In addition, the Company indemnifies its officers, directors and certain key employees while they are serving in good faith in their respective capacities. To date, there have been no claims under any indemnification provisions. |
Ordinary Shares
Ordinary Shares | 6 Months Ended |
Oct. 31, 2018 | |
Equity [Abstract] | |
Ordinary Shares | 8. Ordinary Shares Each holder of ordinary shares has the right to one vote per ordinary share. The holders of ordinary shares are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of shares outstanding having priority rights to dividends. No dividends have been declared by the Company’s board of directors from inception through the six months ended October 31, 2018. Ordinary Shares Reserved for Issuance The Company has reserved shares of ordinary shares for issuance as follows: As of October 31, 2018 As of April 30, 2018 Conversion of Series A redeemable preference shares - 10,228,680 Conversion of Series B redeemable preference shares - 6,071,373 Conversion of Series C redeemable preference shares - 5,820,722 Conversion of Series C-1 redeemable preference shares - 3,273,459 Conversion of Series D redeemable preference shares - 3,545,232 Options issued and outstanding 25,393,707 22,237,484 Remaining shares available for future issuance under the 2012 Plan 10,201,197 2,061,282 Total ordinary shares reserved 35,594,904 53,238,232 Early Exercised Options Certain ordinary share option holders have the right to exercise unvested options, subject to a repurchase right held by the Company at the original exercise price, in the event of voluntary or involuntary termination of employment of the shareholder. As of October 31, 2018 and April 30, 2018 Shares issued for the early exercise of options are included in issued and outstanding shares as they are legally issued or outstanding. Convertible Preference Shares The Company's Board of Directors will have the authority, without further action by the Company's shareholders, to issue up to 165.0 million shares of undesignated convertible preference shares with rights and preferences, including voting rights, designated from time to time by the Board of Directors. As of October 31, 2018, there were no convertible preference shares issued or outstanding. Redeemable Convertible Preference Shares Immediately prior to the closing of the IPO, all shares of redeemable convertible preference shares then outstanding were automatically converted into an equivalent number of ordinary shares on a one-to-one basis and their carrying amount reclassified into shareholders’ equity (deficit). As of October 31, 2018, there were no redeemable convertible preference shares issued and outstanding. |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Oct. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plans | 9. Equity Incentive Plans In September 2012, the Company’s board of directors adopted and the Company’s shareholders approved the Amended and Restated Stock Option Plan (the “2012 Plan”). Under the 2012 Plan, the board of directors may grant stock options and other equity-based awards to eligible employees, directors, and consultants to promote the success of the business. The Company ’s compensation committee determines the vesting schedule for all equity-based awards. Six Months Ended October 31, 2018 Available at beginning of fiscal year 2,061,282 Awards authorized 12,000,000 Options granted (4,520,404 ) Options cancelled 728,459 Options repurchased 43,630 RSUs granted (111,770 ) Available at end of period 10,201,197 Stock Options The following table summarizes stock option activity for the 2012 Plan (in thousands, except share and per share data): Options Outstanding Number of Options Outstanding Weighted- Average Exercise Price Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance as of April 30, 2018 22,237,484 $ 8.65 8.31 $ 98,365 Stock option grants 4,520,404 $ 20.97 Stock options exercised (635,722 ) $ 4.35 Stock options canceled (728,459 ) $ 11.20 Balance as of October 31, 2018 25,393,707 $ 10.88 8.33 1,450,598 Exercisable as of October 31, 2018 9,002,140 $ 6.16 7.01 556,735 Options exercisable include 897,058 Aggregate intrinsic value represents the difference between the exercise price of the options to purchase ordinary shares and the fair value of the Company’s ordinary shares. The weighted-average grant-date fair value per share of options granted was $10.69 and $4.47 for the three months ended October 31, 2018 and 2017, respectively and $9.09 and $4.49 for the six months ended October 31, 2018 and 2017, respectively. As of October 31, 2018, the Company had unrecognized stock-based compensation expense of $90.4 million related to unvested stock options that the Company expects to recognize over a weighted-average period of 3 years. RSAs I n October 2017, the Company acquired 100% of the share capital of Swiftype, Inc. (“Swiftype”), a privately-held company headquartered in the United States. As part of the transaction, t A summary of RSAs outstanding and unvested under the 2012 Plan for the six months ended October 31, 2018 was as follows: Number of Awards Weighted- Average Grant Date Fair Value 244,498 $ 11.46 RSAs granted - $ - Outstanding and unvested at October 31, 2018 244,498 $ 11.46 The performance-based vesting condition related to these awards was deemed probable upon the effectiveness of the Company’s IPO on October 8, 2018. On that date, the Company recorded a cumulative stock-based compensation expense of $1.7 million using the accelerated attribution method for the RSAs that had satisfied the applicable service-based vesting condition on that date. RSUs During fiscal 2018 and the six months ended October 31, 2018, the Company issued RSUs to certain employees. These RSUs include a service-based vesting condition and a performance-based vesting condition. The service-based vesting condition is generally over four years with 25% vesting on the one-year anniversary of the award and the remainder vesting quarterly over the next 36 months, subject to the grantee’s continued service to the Company. The performance-based vesting condition is defined as (i) a change in control where the consideration paid to the Company’s equity security holders is cash, publicly traded stock, or a combination of both, or (ii) the expiration of any lock-up period of the IPO, subject in each instance to the grantee’s continued service through such date. The RSUs are cash settled upon exercise and will be paid as a cash bonus equal to the difference between the strike price of the applicable RSU award and the then-current fair market value of ordinary shares subject to the RSU award. During the six months ended October 31, 2018, the Company granted 111,770 units of RSUs at a weighted average strike price of $20.09 per unit. All of the units granted in fiscal 2018 and six months ended October 31, 2018 were still outstanding at October 31, 2018. As a result of the Company’s IPO, the performance-based vesting condition was deemed probable and the Company recorded cumulative stock-based compensation expense of $0.8 million related to the RSUs in October 2018. A summary of RSUs outstanding and unvested under the 2012 Plan for the six months ended October 31, 2018, was as follows: Number of Awards Weighted- Average Grant Date Fair Value 57,000 $ 13.07 RSUs granted 111,770 $ 20.09 Outstanding and unvested at October 31, 2018 168,770 $ 17.72 Stock-Based Compensation Expense Total stock-based compensation expense recognized in the Company’s consolidated statements of operations is as follows (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2018 2017 2018 2017 Cost of revenue—cost of subscription—self-managed and SaaS $ 680 $ 136 $ 1,093 $ 255 Cost of revenue—professional services 227 70 404 112 Research and development 4,685 1,092 6,782 2,075 Sales and marketing 2,762 756 4,614 1,488 General and administrative 2,885 716 4,011 1,094 Total stock-based compensation expense $ 11,239 $ 2,770 $ 16,904 $ 5,024 Total stock-based compensation expense for the three months ended October 31, 2018 and 2017 includes a charge of $2.3 million and $0.1 million, respectively, and $2.5 million and $0.2 million for the six months ended October 31, 2018 and 2017, respectively, related to an expense arising from business combinations. Total stock-based compensation expense for the three and six months ended October 31, 2018 includes a charge of $1.7 million and $0.8 million related to RSAs and RSUs. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Ordinary Shareholders | 6 Months Ended |
Oct. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Ordinary Shareholders | 10. Net Loss Per Share Attributable to Ordinary Shareholders Prior to the IPO, basic and diluted net loss per share attributable to ordinary shareholders is presented in conformity with the two-class method required for participating securities. The Company considers all series of redeemable convertible preference shares to be participating securities. Under the two-class method, the net loss attributable to ordinary shareholders is not allocated to the convertible preference share as the holders of convertible preference share do not have a contractual obligation to share in losses. Under the two-class method, net income is attributed to ordinary shareholders and participating securities based on their participation rights. Under the two-class method, basic net loss per share attributable to ordinary shareholders is computed by dividing the net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Immediately prior to the closing of the IPO, all shares of redeemable convertible preference shares then outstanding were automatically converted into an equivalent number of ordinary shares on a one-to-one basis and their carrying amount reclassified into shareholders’ equity (deficit). As of October 31, 2018, there were no shares of redeemable convertible preference shares issued or outstanding. The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders (in thousands, except share and per share data): Three Months Ended October 31, Six Months Ended October 31, 2018 2017 2018 2017 Numerator: Net loss $ (27,539 ) $ (8,027 ) $ (46,117 ) $ (17,994 ) Denominator: Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted 43,978,770 31,684,020 38,471,641 31,561,588 Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.63 ) $ (0.25 ) $ (1.20 ) $ (0.57 ) The following outstanding potentially dilutive ordinary shares were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because the impact of including them would have been antidilutive: Three and Six Months Ended October 31, 2018 2017 Redeemable convertible preference shares - 28,939,466 Stock options 25,393,707 15,722,700 RSAs 244,498 - Contingently issuable shares - 98,425 Shares subject to repurchase 244,316 276,243 Early exercised stock options - 40,625 Total 25,882,521 45,077,459 |
Income Taxes
Income Taxes | 6 Months Ended |
Oct. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11 . The Company is incorporated in the Netherlands but operates in various countries with differing tax laws and rates. The Company recorded a provision for income taxes of $0.7 million and $1.0 million for the three months ended October 31, 2018 and 2017, respectively and $1.5 million and $1.1 million for the six months ended October 31, 2018 and 2017, respectively. The provision for income taxes was primarily due to foreign taxes. On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was signed into law making significant changes to the United States Internal Revenue code. Changes include, but are not limited to, a U.S. corporate income tax rate (“U.S. federal tax rate”) decrease to 21% effective January 1, 2018. As a result of the decrease in the U.S. federal tax rate to 21% effective January 1, 2018, the Company has computed its income tax expense for the April 30, 2018 fiscal year using a blended U.S. federal tax rate of 29.7%. The 21% U.S. federal tax rate applies to the Company’s fiscal year ending April 30, 2019 and each year thereafter. During fiscal 2018, the Company remeasured its deferred tax assets and liabilities using the U.S. federal tax rate that is expected to apply when the related temporary differences are expected to reverse. Accordingly, this change in tax rate resulted in a provisional reduction in the Company’s U.S. deferred tax assets by $1.1 million. On December 22, 2017, the staff of the SEC issued Staff Accounting Bulletin No. 118, which addresses how a company recognizes provisional amounts when a company does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the effect of the changes in the TCJA. The measurement period ends when a company has obtained, prepared, and analyzed the information that was needed in order to complete the accounting requirements under ASC Topic 740, but cannot extend beyond one year. The Company has determined that the U.S. transition tax on accumulated earnings of foreign subsidiaries and the deferred tax asset re-measurement were each provisional and reasonable estimates as of April 30, 2018. As of October 31, 2018, the Company has not made additional measurement period adjustments related to the provisional amounts recorded as of April 30, 2018. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Oct. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 12. Employee Benefit Plans The Company has a defined-contribution plan in the U.S. intended to qualify under Section 401 of the Internal Revenue Code (the “401(k) Plan”). The Company has contracted with a third-party provider to act as a custodian and trustee, and to process and maintain the records of participant data. Substantially all the expenses incurred for administering the 401(k) Plan are paid by the Company. This Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis The Company makes contributions to the plan up to 6% of the participating employee’s W-2 earnings and wages. The Company recorded $1.1 million and $0.6 million of expense related to the plan during the three months ended October 31, 2018 and 2017, respectively, and $2.2 million and $1.2 million for the six months ended October 31, 2018 and 2017, respectively. The Company also has defined-contribution plans in certain other countries for which the Company recorded $0.5 million and $0.3 million of expense during the three months ended October 31, 2018 and 2017, respectively, and $0.7 million and $0.5 million for the six months ended October 31, 2018 and 2017, respectively. |
Segment Information
Segment Information | 6 Months Ended |
Oct. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 13. Segment Information The following table summarizes the Company’s total revenue by geographic area based on the billing address of the customers (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2018 2017 2018 2017 United States $ 37,999 $ 23,453 $ 70,820 $ 43,926 Rest of world 25,576 13,585 49,399 24,756 Total revenue $ 63,575 $ 37,038 $ 120,219 $ 68,682 Other than the United States, no other individual country exceeded 10% or more of total revenue during the periods presented. The following table presents the Company’s property and equipment, net of depreciation and amortization, by geographic region (in thousands): As of October 31, 2018 As of April 30, 2018 $ 2,729 $ 3,187 United Kingdom 883 582 Rest of world 492 767 Total property and equipment, net $ 4,104 $ 4,536 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated balance sheet and interim condensed statement of redeemable convertible preference shares and shareholders’ equity (deficit) as of October 31, 2018, the interim condensed consolidated statements of operations and of comprehensive loss for the three and six months ended October 31, 2018 and the interim condensed consolidated statement of cash flows for the six months ended October 31, 2018 and 2017, are unaudited. These interim condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, include all adjustments necessary to fairly state the Company’s financial position as of October 31, 2018 and the results of the Company’s operations for the three and six months ended October 31, 2018 and cash flows for the six months ended October 31, 2018 and 2017. The financial data and other financial information disclosure in the notes to these condensed consolidated financial statements related to the three and six month periods are also unaudited. The results for the three and six months ended October 31, 2018 are not necessarily indicative of the operating results expected for the fiscal year ending April 30, 2019, or any future period. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the financial statements of the Company and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in the Company’s final prospectus for its IPO filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (File No. 333-227191) on October 5, 2018. |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on April 30. References to fiscal 2019, for example, refer to the fiscal year ending April 30, 2019. |
Use of Estimates and Judgments | Use of Estimates and Judgments The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, allocation of revenue between recognized and deferred amounts, deferred contract acquisition costs, allowance for doubtful accounts, valuation of stock-based compensation, fair value of ordinary shares in periods prior to the Company’s IPO, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, and valuation allowance for deferred income taxes. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has irrevocably elected not to avail itself of this exemption from new or revised accounting standards and, therefore, we will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. |
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements : In January 2017, the , which changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, the set of transferred assets and activities is not a business. For public business entities, it is effective for fiscal years beginning after December 15, 2017, and interim periods therein. The adoption during the six months ended October 31, 2018 did not have a material impact on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, , which provides clarity in applying the guidance in Topic 718 around modifications of stock-based payment awards. For public business entities, it is effective for fiscal years beginning after December 15, 2017, and interim periods therein. The adoption during the six months ended October 31, 2018 did not have a material impact on the Company’s consolidated financial statements. New Accounting Pronouncements Not Yet Adopted Leases: In February 2016, the FASB issued ASU No. 2016-02, ( which modifies lease accounting for lessees to increase transparency and comparability by recording lease assets and liabilities for operating leases and disclosing key information about leasing arrangements. In July 2018, the FASB issued ASU 2018-10, and ASU 2018-11, which affect certain aspects of the previously issued guidance. Amendments include an additional transition method that allows entities to apply the new standard on the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings, as well as a new practical expedient for lessors. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2020, though early adoption is permitted. The Company is currently evaluating adoption methods and whether this standard will have a material impact on its consolidated financial statements. Goodwill Impairment : In January 2017, the FASB issued ASU No. 2017-04, . The new standard will simplify the measurement of goodwill by eliminating step two of the two-step impairment test. Step two measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2021, though early adoption is permitted. The Company does not expect the adoption of the new accounting standard will have a material impact on its consolidated financial statements. Comprehensive Income : In February 2018, the FASB issued ASU No. 2018-02, , which provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. For all entities, it is effective for fiscal years beginning after December 15, 2018, and interim periods therein. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2020, though early adoption is permitted. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company is currently evaluating the potential impact of this ASU on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, , which modifies, removes and adds certain disclosure requirements on fair value measurements based on the FASB Concepts Statement, . The ASU is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. The Company is currently evaluating the potential impact of this ASU on its consolidated financial statements. Intangible Assets: In August 2018, the FASB issued ASU No. 2018-15, , which align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this ASU. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact of this ASU on its consolidated financial statements. |
Revenue and Performance Oblig_2
Revenue and Performance Obligations (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Text Block [Abstract] | |
Revenue from External Customers by Products and Services | The following table presents revenue by category (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2018 2017 2018 2017 % of % of % of % of Total Total Total Total Amount Revenue Amount Revenue Amount Revenue Amount Revenue Self-managed subscription $ 48,406 76 % $ 29,169 79 % $ 89,718 75 % $ 53,831 78 % License 10,204 16 % 6,456 17 % 17,444 15 % 11,105 16 % Subscription 38,202 60 % 22,713 62 % 72,274 60 % 42,726 62 % SaaS 10,030 16 % 5,613 15 % 20,327 17 % 10,342 15 % Total subscription revenue 58,436 92 % 34,782 94 % 110,045 92 % 64,173 93 % Professional services 5,139 8 % 2,256 6 % 10,174 8 % 4,509 7 % Total revenue $ 63,575 100 % $ 37,038 100 % $ 120,219 100 % $ 68,682 100 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | The following table summarizes assets that are measured at fair value on a recurring basis as of October 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 267,514 $ - $ - $ 267,514 Money market funds consist of cash equivalents with remaining maturities of three months or less at the date of purchase. The Company uses quoted prices in active markets for identical assets to determine the fair value of its Level 1 investments in money market funds. |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Balance Sheet Components [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consists of the following (in thousands): As of October 31, 2018 As of April 30, 2018 $ 8,065 $ 7,834 Deposits 2,908 582 Prepaid software subscription costs 1,325 2,483 Deferred stock-based compensation expense 1,571 496 Other 4,655 3,866 Total prepaid expenses and other current assets $ 18,524 $ 15,261 |
Schedule of Cost and Accumulated Depreciation of Property and Equipment | The cost and accumulated depreciation of property and equipment are as follows (in thousands): Useful Life (in years) As of October 31, 2018 As of April 30, 2018 Lesser of estimated useful life or remaining lease term $ 5,326 $ 5,725 Computer hardware and software 3 5,338 5,132 Furniture and fixtures 3-5 2,364 2,443 Assets under construction 588 - Property and equipment, gross $ 13,616 $ 13,300 Less: Accumulated depreciation (9,512 ) (8,764 ) Property and equipment, net $ 4,104 $ 4,536 |
Schedule of Intangible Assets | Intangible assets consisted of the following as of October 31, 2018 (in thousands): Gross Fair Value Accumulated Amortization Net Book Value Weighted Average Remaining Useful Life (in years) Developed technology $ 12,130 $ 4,246 $ 7,884 3.1 Customer relationships 398 225 173 2.6 Trade names 972 836 136 2.5 Total $ 13,500 $ 5,307 $ 8,193 Foreign currency translation adjustment (17 ) Total $ 8,176 Intangible assets consisted of the following as of April 30, 2018 (in thousands): Gross Fair Value Accumulated Amortization Net Book Value Weighted Average Remaining Useful Life (in years) Developed technology $ 10,791 $ 2,838 $ 7,953 3.4 Trade names 957 809 148 3.0 Customer relationships 398 175 223 2.9 Total $ 12,146 $ 3,822 $ 8,324 Foreign currency translation adjustment (27 ) Total $ 8,297 |
Schedule of Amortization Expense for Intangible Assets | Amortization expense for the intangible assets for the three and six months ended October 31, 2018 and 2017 was as follows (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2018 2017 2018 2017 Cost of revenue—cost of license—self-managed $ 97 $ 97 $ 194 $ 194 Cost of revenue—cost of subscription—self-managed and SaaS 637 216 1,213 413 Sales and marketing 40 22 77 44 Total amortization of acquired intangible assets $ 774 $ 335 $ 1,484 $ 651 |
Schedule of Expected Future Amortization Expense of Intangible Assets | The expected future amortization expense of the intangible assets as of October 31, 2018 was as follows (in thousands, by fiscal year): Remainder of 2019 $ 1,471 2,649 2021 2,616 2022 1,396 2023 61 Total $ 8,193 |
Schedule of Changes to Goodwill | The following table represents the changes to goodwill (in thousands): Carrying Amount $ 19,182 Addition from acquisition 1,038 Foreign currency translation adjustment (256 ) Balance of October 31, 2018 $ 19,964 |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consist of the following (in thousands): As of October 31, 2018 As of April 30, 2018 $ 5,370 $ 3,279 Income taxes payable 2,142 2,357 Value added taxes payable 2,663 2,536 Liability for early exercise of unvested stock options - 1,566 Share repurchase liability 1,612 449 Other 5,079 1,629 Total accrued expenses and other liabilities $ 16,866 $ 11,816 |
Schedule of Accrued Compensation and Benefits | Accrued compensation and benefits consists of the following (in thousands): As of October 31, 2018 As of April 30, 2018 Accrued vacation $ 7,366 $ 6,570 Accrued commissions 5,470 5,913 Post-combination compensation liability 313 655 Other 3,309 2,053 Total accrued compensation and benefits $ 16,458 $ 15,191 |
Schedule of Unbilled Accounts Receivable, Deferred Contract Acquisition Costs, and Deferred Revenue from Contracts with Customers | The following table provides information about unbilled accounts receivable, deferred contract acquisition costs, and deferred revenue from contracts with customers (in thousands): As of October 31, 2018 As of April 30, 2018 Unbilled accounts receivable, included in accounts receivable, net $ 1,294 $ 1,139 Deferred contract acquisition costs $ 22,868 $ 18,079 Deferred revenue $ 127,279 $ 102,561 Significant changes in the unbilled accounts receivable and the deferred revenue balances were as follows (in thousands): Unbilled Accounts Receivable Six Months Ended October 31, 2018 2017 Beginning balance $ 1,139 $ 1,114 Amounts transferred to accounts receivable from unbilled accounts receivable presented at the beginning of the period (1,139 ) (1,742 ) Revenue recognized during the period in excess of invoices issued 1,294 1,234 Ending balance $ 1,294 $ 606 Deferred Revenue Six Months Ended October 31, 2018 2017 Beginning balance $ 102,561 $ 54,152 Additions through acquisition - 859 Increases due to invoices issued, excluding amounts recognized as revenue during the period 94,830 52,277 Revenue recognized that was included in deferred revenue balance at beginning of period (70,112 ) (35,621 ) Ending balance $ 127,279 $ 71,667 The following table summarizes the activity of the deferred contract acquisition costs (in thousands): Six Months Ended October 31, 2018 2017 Beginning balance $ 18,079 $ 10,135 Capitalization of contract acquisition costs 13,637 7,324 Amortization of deferred contract acquisition costs (8,848 ) (5,598 ) Ending balance $ 22,868 $ 11,861 |
Business Combination (Tables)
Business Combination (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Components of Lambda Lab Purchase Price and Preliminary Allocation of purchase Price at Fair Value | The following table summarizes the components of the Lambda Lab purchase price and the preliminary allocation of the purchase price at fair value (in thousands): Cash paid $ 1,997 Developed technology $ 1,339 Trade name 15 Goodwill 1,038 Net liabilities acquired (395 ) Total purchase consideration $ 1,997 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments under non-cancelable office leases, hosting infrastructure commitments, and other commitments as of October 31, 2018 were as follows (in thousands): Years Ending April 30, Minimum Lease Payments Hosting Infrastructure Commitments Other Commitments Total $ 3,656 $ 5,208 $ 105 $ 8,969 2020 7,241 12,500 85 19,826 2021 5,761 7,292 - 13,053 2022 5,693 - - 5,693 2023 5,819 - - 5,819 Thereafter 13,222 - - 13,222 Total $ 41,392 $ 25,000 $ 190 $ 66,582 |
Ordinary Shares (Tables)
Ordinary Shares (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Equity [Abstract] | |
Summary of Ordinary Shares Reserved for Issuance | The Company has reserved shares of ordinary shares for issuance as follows: As of October 31, 2018 As of April 30, 2018 Conversion of Series A redeemable preference shares - 10,228,680 Conversion of Series B redeemable preference shares - 6,071,373 Conversion of Series C redeemable preference shares - 5,820,722 Conversion of Series C-1 redeemable preference shares - 3,273,459 Conversion of Series D redeemable preference shares - 3,545,232 Options issued and outstanding 25,393,707 22,237,484 Remaining shares available for future issuance under the 2012 Plan 10,201,197 2,061,282 Total ordinary shares reserved 35,594,904 53,238,232 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of RSUs outstanding and unvested | Error extracting Word content |
Summary of equity awards available for grant | The equity awards available for grant for the periods presented were as follows: Six Months Ended October 31, 2018 Available at beginning of fiscal year 2,061,282 Awards authorized 12,000,000 Options granted (4,520,404 ) Options cancelled 728,459 Options repurchased 43,630 RSUs granted (111,770 ) Available at end of period 10,201,197 |
Summary of stock option activity | The following table summarizes stock option activity for the 2012 Plan (in thousands, except share and per share data): Options Outstanding Number of Options Outstanding Weighted- Average Exercise Price Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance as of April 30, 2018 22,237,484 $ 8.65 8.31 $ 98,365 Stock option grants 4,520,404 $ 20.97 Stock options exercised (635,722 ) $ 4.35 Stock options canceled (728,459 ) $ 11.20 Balance as of October 31, 2018 25,393,707 $ 10.88 8.33 1,450,598 Exercisable as of October 31, 2018 9,002,140 $ 6.16 7.01 556,735 |
Summary of RSAs outstanding and unvested | A summary of RSAs outstanding and unvested under the 2012 Plan for the six months ended October 31, 2018 was as follows: Number of Awards Weighted- Average Grant Date Fair Value 244,498 $ 11.46 RSAs granted - $ - Outstanding and unvested at October 31, 2018 244,498 $ 11.46 |
Summary of stock-based compensation expense recognized in consolidated statements of operations | Total stock-based compensation expense recognized in the Company’s consolidated statements of operations is as follows (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2018 2017 2018 2017 Cost of revenue—cost of subscription—self-managed and SaaS $ 680 $ 136 $ 1,093 $ 255 Cost of revenue—professional services 227 70 404 112 Research and development 4,685 1,092 6,782 2,075 Sales and marketing 2,762 756 4,614 1,488 General and administrative 2,885 716 4,011 1,094 Total stock-based compensation expense $ 11,239 $ 2,770 $ 16,904 $ 5,024 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Ordinary Shareholders (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Ordinary Shareholders | The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders (in thousands, except share and per share data): Three Months Ended October 31, Six Months Ended October 31, 2018 2017 2018 2017 Numerator: Net loss $ (27,539 ) $ (8,027 ) $ (46,117 ) $ (17,994 ) Denominator: Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted 43,978,770 31,684,020 38,471,641 31,561,588 Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.63 ) $ (0.25 ) $ (1.20 ) $ (0.57 ) |
Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Computation of Diluted Net Loss Per Share Attributable to Ordinary Shareholders | The following outstanding potentially dilutive ordinary shares were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because the impact of including them would have been antidilutive: Three and Six Months Ended October 31, 2018 2017 Redeemable convertible preference shares - 28,939,466 Stock options 25,393,707 15,722,700 RSAs 244,498 - Contingently issuable shares - 98,425 Shares subject to repurchase 244,316 276,243 Early exercised stock options - 40,625 Total 25,882,521 45,077,459 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Geographic Area | The following table summarizes the Company’s total revenue by geographic area based on the billing address of the customers (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2018 2017 2018 2017 United States $ 37,999 $ 23,453 $ 70,820 $ 43,926 Rest of world 25,576 13,585 49,399 24,756 Total revenue $ 63,575 $ 37,038 $ 120,219 $ 68,682 |
Schedule of Property and Equipment, Net of Depreciation and Amortization | The following table presents the Company’s property and equipment, net of depreciation and amortization, by geographic region (in thousands): As of October 31, 2018 As of April 30, 2018 $ 2,729 $ 3,187 United Kingdom 883 582 Rest of world 492 767 Total property and equipment, net $ 4,104 $ 4,536 |
Organization and Description _2
Organization and Description of Business - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |||||
Oct. 31, 2018USD ($)shares | Oct. 31, 2018USD ($)shares | Oct. 31, 2017USD ($) | Oct. 31, 2018€ / sharesshares | Oct. 31, 2018$ / sharesshares | Sep. 30, 2018shares | Apr. 30, 2018€ / sharesshares | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Shares offering price | $ / shares | $ 36 | ||||||
Net proceeds after deducting underwriting discounts and commissions | $ | $ 263,800 | ||||||
Underwriting discounts and commissions | $ | 20,300 | ||||||
Offering costs | $ | $ 5,700 | ||||||
Outstanding redeemable convertible preference shares | shares | 28,939,466 | ||||||
Number of shares authorized to issue | shares | 165,000,000 | 165,000,000 | 72,000,000 | 72,000,000 | |||
Par value of shares issued | € / shares | € 0.001 | ||||||
Increased in authorized ordinary shares | shares | 165,000,000 | ||||||
Payment of deferred offering costs | $ | $ 2,302 | ||||||
Minimum | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Par value of shares issued | € / shares | € 0.001 | ||||||
Maximum | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Par value of shares issued | € / shares | € 0.01 | ||||||
IPO | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Number of shares issued and sold | shares | 8,050,000 | ||||||
Underwriters’ Option | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Number of shares issued and sold | shares | 1,050,000 | ||||||
Common Stock | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Conversion of redeemable convertible preference shares to ordinary shares upon intial public offering (in shares) | shares | 28,939,466 | 28,939,466 | |||||
Reclassification from temporary equity to additional paid-in capital and ordinary shares | $ | $ 300 | ||||||
Additional Paid-In Capital | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Reclassification from temporary equity to additional paid-in capital and ordinary shares | $ | $ 200,600 |
Revenue and Performance Oblig_3
Revenue and Performance Obligations - Schedule of Revenue by Category (Details)) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 63,575 | $ 37,038 | $ 120,219 | $ 68,682 |
Percentage of total revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Self-managed subscription | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 48,406 | $ 29,169 | $ 89,718 | $ 53,831 |
Percentage of total revenue | 76.00% | 79.00% | 75.00% | 78.00% |
License - self-managed | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 10,204 | $ 6,456 | $ 17,444 | $ 11,105 |
Percentage of total revenue | 16.00% | 17.00% | 15.00% | 16.00% |
Subscription | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 38,202 | $ 22,713 | $ 72,274 | $ 42,726 |
Percentage of total revenue | 60.00% | 62.00% | 60.00% | 62.00% |
SaaS | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 10,030 | $ 5,613 | $ 20,327 | $ 10,342 |
Percentage of total revenue | 16.00% | 15.00% | 17.00% | 15.00% |
Total subscription | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 58,436 | $ 34,782 | $ 110,045 | $ 64,173 |
Percentage of total revenue | 92.00% | 94.00% | 92.00% | 93.00% |
Professional services | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 5,139 | $ 2,256 | $ 10,174 | $ 4,509 |
Percentage of total revenue | 8.00% | 6.00% | 8.00% | 7.00% |
Revenue and Performance Oblig_4
Revenue and Performance Obligations - Additional Information (Details) $ in Millions | Oct. 31, 2018USD ($) |
Revenue From Contract With Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 268.5 |
Revenue, remaining performance obligation, percentage | 86.00% |
Revenue, remaining performance obligation, remaining duration | 24 months |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets are Measured at Fair Value on Recurring Basis (Details) - Money Market Funds - Recurring $ in Thousands | Oct. 31, 2018USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Financial assets | $ 267,514 |
Level 1 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Financial assets | 267,514 |
Level 2 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Financial assets | |
Level 3 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Financial assets |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Prepaid hosting costs | $ 8,065 | $ 7,834 |
Deposits | 2,908 | 582 |
Prepaid software subscription costs | 1,325 | 2,483 |
Deferred stock-based compensation expense | 1,571 | 496 |
Other | 4,655 | 3,866 |
Total prepaid expenses and other current assets | $ 18,524 | $ 15,261 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Cost and Accumulated Depreciation of Property and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2018 | Apr. 30, 2018 | |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 13,616 | $ 13,300 |
Less: Accumulated depreciation | (9,512) | (8,764) |
Property and equipment, net | $ 4,104 | 4,536 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful lives, description | Lesser of estimated useful life or remaining lease term | |
Property and equipment, gross | $ 5,326 | 5,725 |
Computer Hardware and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 3 years | |
Property and equipment, gross | $ 5,338 | 5,132 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2,364 | $ 2,443 |
Furniture and Fixtures | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 3 years | |
Furniture and Fixtures | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 5 years | |
Assets Under Construction | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 588 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Balance Sheet Components [Line Items] | ||||
Depreciation expense | $ 700,000 | $ 700,000 | $ 1,500,000 | $ 1,400,000 |
Goodwill impairment | 0 | $ 0 | ||
Impairment of deferred contract acquisition costs recognized | $ 0 | |||
Minimum | ||||
Balance Sheet Components [Line Items] | ||||
Subscription contracts sold, period | 1 year | |||
Maximum | ||||
Balance Sheet Components [Line Items] | ||||
Subscription contracts sold, period | 3 years |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Apr. 30, 2018 | Oct. 31, 2018 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 12,146 | $ 13,500 |
Accumulated Amortization | 3,822 | 5,307 |
Net Book Value | 8,324 | 8,193 |
Foreign currency translation adjustment | (27) | (17) |
Total | 8,297 | 8,176 |
Developed Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Fair Value | 10,791 | 12,130 |
Accumulated Amortization | 2,838 | 4,246 |
Net Book Value | $ 7,953 | $ 7,884 |
Weighted Average Remaining Useful Life (in years) | 3 years 4 months 24 days | 3 years 1 month 6 days |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 398 | $ 398 |
Accumulated Amortization | 175 | 225 |
Net Book Value | $ 223 | $ 173 |
Weighted Average Remaining Useful Life (in years) | 2 years 10 months 24 days | 2 years 7 months 6 days |
Trade Names | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 957 | $ 972 |
Accumulated Amortization | 809 | 836 |
Net Book Value | $ 148 | $ 136 |
Weighted Average Remaining Useful Life (in years) | 3 years | 2 years 6 months |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Amortization Expense For Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Finite Lived Intangible Assets [Line Items] | ||||
Total amortization of acquired intangible assets | $ 774 | $ 335 | $ 1,484 | $ 651 |
Cost of Revenue | License - self-managed | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Total amortization of acquired intangible assets | 97 | 97 | 194 | 194 |
Cost of Revenue | Subscription - self-managed and SaaS | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Total amortization of acquired intangible assets | 637 | 216 | 1,213 | 413 |
Sales and marketing | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Total amortization of acquired intangible assets | $ 40 | $ 22 | $ 77 | $ 44 |
Balance Sheet Components - Sc_5
Balance Sheet Components - Schedule of Expected Future Amortization Expense of the Intangible Assets (Details) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Remainder of 2019 | $ 1,471 | |
2,020 | 2,649 | |
2,021 | 2,616 | |
2,022 | 1,396 | |
2,023 | 61 | |
Net Book Value | $ 8,193 | $ 8,324 |
Balance Sheet Components - Sc_6
Balance Sheet Components - Schedule of Changes to Goodwill (Details) $ in Thousands | 6 Months Ended |
Oct. 31, 2018USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 19,182 |
Addition from acquisition | 1,038 |
Foreign currency translation adjustment | (256) |
Ending balance | $ 19,964 |
Balance Sheet Components - Sc_7
Balance Sheet Components - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Balance Sheet Components [Abstract] | ||
Accrued expenses | $ 5,370 | $ 3,279 |
Income taxes payable | 2,142 | 2,357 |
Value added taxes payable | 2,663 | 2,536 |
Liability for early exercise of unvested stock options | 1,566 | |
Share repurchase liability | 1,612 | 449 |
Other | 5,079 | 1,629 |
Total accrued expenses and other liabilities | $ 16,866 | $ 11,816 |
Balance Sheet Components - Sc_8
Balance Sheet Components - Schedule of Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Balance Sheet Components [Abstract] | ||
Accrued vacation | $ 7,366 | $ 6,570 |
Accrued commissions | 5,470 | 5,913 |
Post-combination compensation liability | 313 | 655 |
Other | 3,309 | 2,053 |
Total accrued compensation and benefits | $ 16,458 | $ 15,191 |
Balance Sheet Components - Sc_9
Balance Sheet Components - Schedule of Information About Contracts with Customers (Details)) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 | Oct. 31, 2017 | Apr. 30, 2017 |
Disaggregation Of Revenue [Line Items] | ||||
Unbilled accounts receivable, included in accounts receivable, net | $ 1,294 | $ 1,139 | $ 606 | $ 1,114 |
Deferred contract acquisition costs | 22,868 | 18,079 | $ 11,861 | $ 10,135 |
Contracts with Customers | ||||
Disaggregation Of Revenue [Line Items] | ||||
Unbilled accounts receivable, included in accounts receivable, net | 1,294 | 1,139 | ||
Deferred contract acquisition costs | 22,868 | 18,079 | ||
Deferred revenue | $ 127,279 | $ 102,561 |
Balance Sheet Components - S_10
Balance Sheet Components - Schedule of Significant Changes in Unbilled Accounts Receivable (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Contract With Customer Asset Net Current [Abstract] | ||
Beginning balance | $ 1,139 | $ 1,114 |
Amounts transferred to accounts receivable from unbilled accounts receivable presented at the beginning of the period | (1,139) | (1,742) |
Revenue recognized during the period in excess of invoices issued | 1,294 | 1,234 |
Ending balance | $ 1,294 | $ 606 |
Balance Sheet Components - S_11
Balance Sheet Components - Schedule of Significant Changes in Deferred Revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Contract With Customer Liability [Abstract] | ||
Beginning balance | $ 102,561 | $ 54,152 |
Additions through acquisition | 859 | |
Increases due to invoices issued, excluding amounts recognized as revenue during the period | 94,830 | 52,277 |
Revenue recognized that was included in deferred revenue balance at beginning of period | (70,112) | (35,621) |
Ending balance | $ 127,279 | $ 71,667 |
Balance Sheet Components - S_12
Balance Sheet Components - Schedule of Activity of Deferred Contract Acquisition Costs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Deferred Policy Acquisition Costs Disclosures [Abstract] | ||
Beginning balance | $ 18,079 | $ 10,135 |
Capitalization of contract acquisition costs | 13,637 | 7,324 |
Amortization of deferred contract acquisition costs | (8,848) | (5,598) |
Ending balance | $ 22,868 | $ 11,861 |
Business Combination - Addition
Business Combination - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2018 | Oct. 31, 2018 | Apr. 30, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Business Acquisition [Line Items] | ||||||
Stock-based compensation expense | $ 11,239 | $ 2,770 | $ 16,904 | $ 5,024 | ||
Goodwill | $ 1,038 | 19,964 | $ 19,182 | 19,964 | ||
Acquisition costs | 200 | $ 200 | ||||
Developed Technology | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | $ 1,339 | |||||
Weighted Average Remaining Useful Life (in years) | 3 years 4 months 24 days | 3 years 1 month 6 days | ||||
Lambda Lab | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, share capital acquired | 100.00% | |||||
Business acquisition, purchase consideration | $ 2,000 | |||||
Ordinary shares, excluded from purchase consideration | 134,474 | |||||
Common shares issued | $ 2,200 | |||||
Stock based compensation expense over the vesting term | $ 2,200 | |||||
Vesting term | 2 years | |||||
Stock-based compensation expense | $ 400 | $ 500 | ||||
Business combination, accrued expenses and other accrued liabilities | 1,100 | 1,100 | ||||
Business combination, other liabilities non current | 1,100 | 1,100 | ||||
Deferred stock based compensation, prepaid expense and other assets | 1,300 | 1,300 | ||||
Deferred stock based compensation, other assets | 500 | 500 | ||||
Goodwill | 1,000 | 1,000 | ||||
Lambda Lab | Developed Technology | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | $ 1,300 | $ 1,300 | ||||
Intangible assets amortization method | straight-line basis | |||||
Weighted Average Remaining Useful Life (in years) | 4 years | |||||
Lambda Lab | Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Number of anniversary years shares subject to repurchase | 2 years |
Business Combination - Schedule
Business Combination - Schedule of Components of the Lambda Lab Purchase Price and the Preliminary Allocation of the Purchase Price at Fair Value (Details) - USD ($) $ in Thousands | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 |
Business Acquisition [Line Items] | |||
Cash paid | $ 1,997 | ||
Goodwill | $ 19,964 | 1,038 | $ 19,182 |
Net liabilities acquired | (395) | ||
Total purchase consideration | 1,997 | ||
Developed Technology | |||
Business Acquisition [Line Items] | |||
Intangible assets | 1,339 | ||
Trade Names | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 15 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Commitments And Contingencies [Line Items] | |||||
Operating lease expiration year | 2,025 | ||||
Loan arrangement term | 60 months | ||||
Loan expiration period | 2020-01 | ||||
Outstanding loan including interest | $ 200,000 | $ 200,000 | |||
Rent expense | 1,600,000 | $ 1,500,000 | 3,400,000 | $ 2,900,000 | |
Letters of credit outstanding amount | $ 2,300,000 | 2,300,000 | |||
Loss contingency accrual | 0 | ||||
Provision for indemnification claims | 0 | ||||
Maximum | |||||
Commitments And Contingencies [Line Items] | |||||
Repayment of loan including principal and interest | $ 100,000 | ||||
Hosting Infrastructure Commitments | |||||
Commitments And Contingencies [Line Items] | |||||
Minimum commitment, amount | $ 12,500,000 | ||||
Commitment period | 3 years |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Oct. 31, 2018USD ($) |
Registration Payment Arrangement [Line Items] | |
2019 (remaining six months) | $ 8,969 |
2,020 | 19,826 |
2,021 | 13,053 |
2,022 | 5,693 |
2,023 | 5,819 |
Thereafter | 13,222 |
Total | 66,582 |
Minimum Lease Payments | |
Registration Payment Arrangement [Line Items] | |
2019 (remaining six months) | 3,656 |
2,020 | 7,241 |
2,021 | 5,761 |
2,022 | 5,693 |
2,023 | 5,819 |
Thereafter | 13,222 |
Total | 41,392 |
Hosting Infrastructure Commitments | |
Registration Payment Arrangement [Line Items] | |
2019 (remaining six months) | 5,208 |
2,020 | 12,500 |
2,021 | 7,292 |
2,022 | |
2,023 | |
Thereafter | |
Total | 25,000 |
Other Commitments | |
Registration Payment Arrangement [Line Items] | |
2019 (remaining six months) | 105 |
2,020 | 85 |
2,021 | |
2,022 | |
2,023 | |
Thereafter | |
Total | $ 190 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Details) | 6 Months Ended | |||
Oct. 31, 2018USD ($)shares | Oct. 31, 2018€ / shares | Sep. 30, 2018€ / sharesshares | Apr. 30, 2018€ / sharesshares | |
Class Of Stock [Line Items] | ||||
Common stock, shares authorized | 165,000,000 | 72,000,000 | 72,000,000 | |
Par value of shares issued | € / shares | € 0.01 | € 0.001 | € 0.001 | |
Ordinary shares, voting rights | One vote per ordinary share | |||
Dividends declared | $ | $ 0 | |||
Terms of conversion | one-to-one basis | |||
Conversion ratio | 1 | |||
Redeemable convertible preferred stock, shares issued | 0 | 28,939,466 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 28,939,466 | ||
Convertible Preference Shares | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, shares authorized | 165,000,000 | 0 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Redeemable Convertible Preference Shares | ||||
Class Of Stock [Line Items] | ||||
Terms of conversion | one-to-one | |||
Conversion ratio | 1 | |||
Redeemable convertible preferred stock, shares issued | 0 | |||
Redeemable convertible preferred stock, shares outstanding | 0 | 28,939,466 | ||
Ordinary Shares | ||||
Class Of Stock [Line Items] | ||||
Number of shares unvested | 0 | 148,630 | ||
Minimum | ||||
Class Of Stock [Line Items] | ||||
Par value of shares issued | € / shares | 0.001 | |||
Maximum | ||||
Class Of Stock [Line Items] | ||||
Par value of shares issued | € / shares | € 0.01 |
Ordinary Shares - Summary of Or
Ordinary Shares - Summary of Ordinary Shares Reserved for Issuance (Details) - shares | Oct. 31, 2018 | Apr. 30, 2018 |
Class Of Stock [Line Items] | ||
Total ordinary shares reserved | 35,594,904 | 53,238,232 |
Conversion of Series A Redeemable Preference Shares | ||
Class Of Stock [Line Items] | ||
Total ordinary shares reserved | 10,228,680 | |
Conversion of Series B Redeemable Preference Shares | ||
Class Of Stock [Line Items] | ||
Total ordinary shares reserved | 6,071,373 | |
Conversion of Series C Redeemable Preference Shares | ||
Class Of Stock [Line Items] | ||
Total ordinary shares reserved | 5,820,722 | |
Conversion of Series C-1 Redeemable Preference Shares | ||
Class Of Stock [Line Items] | ||
Total ordinary shares reserved | 3,273,459 | |
Conversion of Series D Redeemable Preference Shares | ||
Class Of Stock [Line Items] | ||
Total ordinary shares reserved | 3,545,232 | |
Stock Options | ||
Class Of Stock [Line Items] | ||
Total ordinary shares reserved | 25,393,707 | 22,237,484 |
2012 Plan | ||
Class Of Stock [Line Items] | ||
Total ordinary shares reserved | 10,201,197 | 2,061,282 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 08, 2018 | Oct. 31, 2018 | Sep. 30, 2012 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unvested options exercisable | 897,058 | 897,058 | 897,058 | ||||
Weighted-average grant-date fair value of options granted | $ 10.69 | $ 4.47 | $ 9.09 | $ 4.49 | |||
Unrecognized stock-based compensation expense related to unvested stock options | $ 90,400 | $ 90,400 | $ 90,400 | ||||
Unrecognize over a weighted-average period | 3 years | ||||||
Stock-based compensation expense | 11,239 | $ 2,770 | $ 16,904 | $ 5,024 | |||
Stock-based compensation expense related to business combinations | 2,300 | $ 100 | $ 2,500 | $ 200 | |||
Swiftype Acquisition | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Business acquisition, share capital acquired | 100.00% | 100.00% | |||||
RSAs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Description of service -based vesting condition | The service-based vesting condition is satisfied based on one of two vesting schedules: (i) vesting of 50% of the shares upon the closing of the Swiftype acquisition, 25% of the shares on the one-year anniversary of the closing, and 25% of the shares on the two-year anniversary of the closing, or (ii) vesting of 50% of the shares on the one-year anniversary of the closing of the Swiftype acquisition and 50% of the shares on the two-year anniversary of the closing. | ||||||
Stock-based compensation expense | 1,700 | $ 1,700 | |||||
RSAs | IPO | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 1,700 | ||||||
RSUs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | 800 | $ 800 | |||||
Granted | 111,770 | ||||||
Weighted-Average Grant Date Fair Value, RSAs granted | $ 20.09 | ||||||
RSUs | IPO | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 800 | ||||||
Tranche One | RSAs | Swiftype Acquisition | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 50.00% | ||||||
Tranche One | RSUs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 4 years | ||||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 25.00% | ||||||
Share-based compensation arrangement by share-based payment award current year vesting period | 1 year | ||||||
Share-based compensation arrangement by share-based payment award remainder of quarterly vesting period | 36 months | ||||||
Tranche Two | RSAs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 1 year | ||||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 25.00% | ||||||
Tranche Three | RSAs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 2 years | ||||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 25.00% | ||||||
Tranche Four | RSAs | Swiftype Acquisition | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 1 year | ||||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 50.00% | ||||||
Tranche Five | RSAs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 2 years | ||||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 50.00% | ||||||
2012 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 4 years | ||||||
Share-based compensation arrangement by share-based payment award expiration period | 10 years | ||||||
2012 Plan | RSAs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Granted | |||||||
Weighted-Average Grant Date Fair Value, RSAs granted | |||||||
2012 Plan | RSUs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Granted | 111,770 | ||||||
Weighted-Average Grant Date Fair Value, RSAs granted | $ 20.09 | ||||||
2012 Plan | Tranche One | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 25.00% | ||||||
Minimum | 2012 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 1 year | ||||||
Maximum | 2012 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 36 months |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Equity Awards Available For Grant (Details) | 6 Months Ended |
Oct. 31, 2018shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Available at beginning of fiscal year | 2,061,282 |
Awards authorized | 12,000,000 |
Options granted | (4,520,404) |
Options cancelled | 728,459 |
Options repurchased | 43,630 |
Available at end of period | 10,201,197 |
RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
RSUs granted | (111,770) |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Apr. 30, 2018 | Oct. 31, 2018 | |
Number of Options Outstanding | ||
Stock option grants | 4,520,404 | |
Stock options canceled | (728,459) | |
2012 Plan | ||
Number of Options Outstanding | ||
Balance as of April 30, 2018 | 22,237,484 | |
Stock option grants | 4,520,404 | |
Stock options exercised | (635,722) | |
Stock options canceled | (728,459) | |
Balance as of October 31, 2018 | 22,237,484 | 25,393,707 |
Exercisable as of October 31, 2018 | 9,002,140 | |
Weighted-Average Exercise Price | ||
Balance as of April 30, 2018 | $ 8.65 | |
Stock option grants | 20.97 | |
Stock options exercised | 4.35 | |
Stock options canceled | 11.20 | |
Balance as of October 31, 2018 | $ 8.65 | 10.88 |
Exercisable as of October 31, 2018 | $ 6.16 | |
Remaining Contractual Term (in years) | ||
Remaining Contractual Term (in years) | 8 years 3 months 21 days | 8 years 3 months 29 days |
Exerciseable, Remaining Contractual Term (in years) | 7 years 3 days | |
Aggregate Intrinsic Value | ||
Balance as of April 30, 2018 | $ 98,365 | |
Stock options exercised | ||
Balance as of October 31, 2018 | $ 98,365 | 1,450,598 |
Exercisable as of October 31, 2018 | $ 556,735 |
Equity Incentive Plans - Summ_3
Equity Incentive Plans - Summary of RSAs Outstanding and Unvested (Details) - RSAs - 2012 Plan | 6 Months Ended |
Oct. 31, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Awards, Outstanding and unvested at April 30, 2018 | shares | 244,498 |
Number of Awards, RSAs granted | shares | |
Number of Awards, Outstanding and unvested at October 31, 2018 | shares | 244,498 |
Weighted-Average Grant Date Fair Value, Outstanding and unvested at April 30, 2018 | $ / shares | $ 11.46 |
Weighted-Average Grant Date Fair Value, RSAs granted | $ / shares | |
Weighted-Average Grant Date Fair Value, Outstanding and unvested at October 31, 2018 | $ / shares | $ 11.46 |
Equity Incentive Plans - Summ_4
Equity Incentive Plans - Summary of RSUs Outstanding and Unvested (Details) - RSUs | 6 Months Ended |
Oct. 31, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Awards, RSUs granted | shares | 111,770 |
Weighted-Average Grant Date Fair Value, RSUs granted | $ / shares | $ 20.09 |
2012 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Awards, Outstanding and unvested at April 30, 2018 | shares | 57,000 |
Number of Awards, RSUs granted | shares | 111,770 |
Number of Awards, Outstanding and unvested at October 31, 2018 | shares | 168,770 |
Weighted-Average Grant Date Fair Value, Outstanding and unvested at April 30, 2018 | $ / shares | $ 13.07 |
Weighted-Average Grant Date Fair Value, RSUs granted | $ / shares | 20.09 |
Weighted-Average Grant Date Fair Value, Outstanding and unvested at October 31, 2018 | $ / shares | $ 17.72 |
Equity Incentive Plans - Summ_5
Equity Incentive Plans - Summary of Stock-based Compensation Expense Recognized in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 11,239 | $ 2,770 | $ 16,904 | $ 5,024 |
Cost of revenue-cost of subscription-self-managed and SaaS | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 680 | 136 | 1,093 | 255 |
Cost of revenue-professional services | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 227 | 70 | 404 | 112 |
Research and development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 4,685 | 1,092 | 6,782 | 2,075 |
Sales and marketing | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 2,762 | 756 | 4,614 | 1,488 |
General and administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 2,885 | $ 716 | $ 4,011 | $ 1,094 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Ordinary Shareholders - Additional Information (Details) | 6 Months Ended | |
Oct. 31, 2018shares | Apr. 30, 2018shares | |
Earnings Per Share [Abstract] | ||
Terms of conversion | one-to-one basis | |
Conversion ratio | 1 | |
Redeemable convertible preferred stock, shares issued | 0 | 28,939,466 |
Redeemable convertible preferred stock, shares outstanding | 0 | 28,939,466 |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Ordinary Shareholders - Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Ordinary Shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Numerator: | ||||
Net loss | $ (27,539) | $ (8,027) | $ (46,117) | $ (17,994) |
Denominator: | ||||
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted | 43,978,770 | 31,684,020 | 38,471,641 | 31,561,588 |
Net loss per share attributable to ordinary shareholders, basic and diluted | $ (0.63) | $ (0.25) | $ (1.20) | $ (0.57) |
Net Loss Per Share Attributab_5
Net Loss Per Share Attributable to Ordinary Shareholders - Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Computation of Diluted Net Loss Per Share Attributable to Ordinary Shareholders (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 25,882,521 | 45,077,459 | 25,882,521 | 45,077,459 |
Stock Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 25,393,707 | 15,722,700 | 25,393,707 | 15,722,700 |
RSAs | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 244,498 | 244,498 | ||
Contingently Issuable Shares | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 98,425 | 98,425 | ||
Shares Subject to Repurchase | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 244,316 | 276,243 | 244,316 | 276,243 |
Early Exercised Stock Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 40,625 | 40,625 | ||
Redeemable Convertible Preference Shares | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 28,939,466 | 28,939,466 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Apr. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Provision for income taxes | $ 733,000 | $ 987,000 | $ 1,492,000 | $ 1,056,000 | |
U.S. federal tax rate | 21.00% | ||||
Blended federal tax rate | 29.70% | ||||
Reduction in deferred tax assets | $ (1,100,000) | ||||
Additional measurement period adjustments related to provisional tax amounts | $ 0 | $ 0 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
UNITED STATES | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined contribution expense related to plan | $ 1.1 | $ 0.6 | $ 2.2 | $ 1.2 |
UNITED STATES | Maximum | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Percentage of defined contribution to participating employees | 6.00% | |||
Other Countries | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined contribution expense related to plan | $ 0.5 | $ 0.3 | $ 0.7 | $ 0.5 |
Segment Information - Schedule
Segment Information - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue | $ 63,575 | $ 37,038 | $ 120,219 | $ 68,682 |
UNITED STATES | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue | 37,999 | 23,453 | 70,820 | 43,926 |
Rest of world | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue | $ 25,576 | $ 13,585 | $ 49,399 | $ 24,756 |
Segment Information - Schedul_2
Segment Information - Schedule of Property and Equipment, Net of Depreciation and Amortization (Details) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment, net | $ 4,104 | $ 4,536 |
UNITED STATES | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment, net | 2,729 | 3,187 |
United Kingdom | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment, net | 883 | 582 |
Rest of world | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment, net | $ 492 | $ 767 |