Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 31, 2022 | Dec. 01, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2022 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | HCP | |
Entity Registrant Name | HashiCorp, Inc. | |
Entity Central Index Key | 0001720671 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Small Business | false | |
Title of 12(b) Security | Class A Common Stock, par value $0.000015 per share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-41121 | |
Entity Tax Identification Number | 32-0410665 | |
Entity Address, Address Line One | 101 Second Street | |
Entity Address, Address Line Two | Suite 700 | |
Entity Address, City or Town | San Francisco | |
Entity Address, Postal Zip Code | 94105 | |
City Area Code | 415 | |
Local Phone Number | 301-3250 | |
Entity Address, State or Province | CA | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 81,949,871 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 106,018,333 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 1,274,901 | $ 1,355,828 |
Accounts receivable, net | 115,279 | 126,812 |
Deferred contract acquisition costs | 37,317 | 32,205 |
Prepaid expenses and other current assets | 14,437 | 17,744 |
Total current assets | 1,441,934 | 1,532,589 |
Deferred contract acquisition costs, non-current | 73,505 | 57,126 |
Other assets, non-current | 37,926 | 33,960 |
Total assets | 1,553,365 | 1,623,675 |
Current liabilities: | ||
Accounts payable | 16,367 | 14,267 |
Accrued expenses and other current liabilities | 7,309 | 7,672 |
Accrued compensation and benefits | 53,204 | 56,939 |
Deferred revenue | 220,579 | 206,416 |
Customer deposits | 21,569 | 23,383 |
Total current liabilities | 319,028 | 308,677 |
Deferred revenue, non-current | 13,603 | 16,873 |
Other liabilities, non-current | 13,528 | 15,834 |
Total liabilities | 346,159 | 341,384 |
Commitments and contingencies (note 8) | ||
Stockholders' equity | ||
Additional paid-in capital | 1,938,244 | 1,788,390 |
Accumulated deficit | (731,041) | (506,102) |
Total stockholders' equity | 1,207,206 | 1,282,291 |
Total liabilities and stockholders' equity | 1,553,365 | 1,623,675 |
Class A Common Stock | ||
Stockholders' equity | ||
Common Stock | 1 | 1 |
Class B Common Stock | ||
Stockholders' equity | ||
Common Stock | $ 2 | $ 2 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Oct. 31, 2022 | Jan. 31, 2022 |
Class A Common Stock | ||
Common stock, Par value | $ 0.000015 | $ 0.000015 |
Common stock, Shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, Shares issued | 77,447,000 | 30,597,000 |
Common stock, Shares outstanding | 77,447,000 | 30,597,000 |
Class B Common Stock | ||
Common stock, Par value | $ 0.000015 | $ 0.000015 |
Common stock, Shares authorized | 200,000,000 | 200,000,000 |
Common stock, Shares issued | 110,394,000 | 151,570,000 |
Common stock, Shares outstanding | 110,394,000 | 151,570,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Revenue: | ||||
Total revenue | $ 125,341 | $ 82,221 | $ 340,101 | $ 224,246 |
Cost of revenue: | ||||
Total cost of revenue | 22,548 | 11,139 | 63,477 | 36,734 |
Gross Profit, Total | 102,793 | 71,082 | 276,624 | 187,512 |
Operating expenses: | ||||
Sales and marketing | 92,872 | 53,511 | 260,798 | 142,380 |
Research and development | 53,887 | 25,655 | 148,947 | 68,703 |
General and administrative | 33,372 | 13,450 | 101,278 | 38,478 |
Total operating expenses | 180,131 | 92,616 | 511,023 | 249,561 |
Loss from operations | (77,338) | (21,534) | (234,399) | (62,049) |
Interest income | 8,584 | 17 | 13,126 | 216 |
Other expenses, net | (2,882) | (16) | (2,922) | (126) |
Loss before income taxes | (71,636) | (21,533) | (224,195) | (61,959) |
Provision for income taxes | 322 | 418 | 744 | 479 |
Net loss | $ (71,958) | $ (21,951) | $ (224,939) | $ (62,438) |
Net loss per share attributable to Class A and Class B common stockholders, basic | $ (0.38) | $ (0.33) | $ (1.22) | $ (0.94) |
Net loss per share attributable to Class A and Class B common stockholders, diluted | $ (0.38) | $ (0.33) | $ (1.22) | $ (0.94) |
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic | 187,080 | 66,782 | 185,124 | 66,313 |
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, diluted | 187,080 | 66,782 | 185,124 | 66,313 |
Total Subscription Revenue | ||||
Revenue: | ||||
Total revenue | $ 120,198 | $ 80,143 | $ 328,814 | $ 219,331 |
Cost of revenue: | ||||
Total cost of revenue | 18,391 | 9,447 | 52,783 | 31,458 |
Total Subscription Revenue | License | ||||
Revenue: | ||||
Total revenue | 17,823 | 9,892 | 43,505 | 31,850 |
Cost of revenue: | ||||
Total cost of revenue | 393 | 37 | 1,146 | 167 |
Total Subscription Revenue | Support | ||||
Revenue: | ||||
Total revenue | 89,500 | 64,894 | 252,965 | 175,782 |
Cost of revenue: | ||||
Total cost of revenue | 12,149 | 6,884 | 35,259 | 23,568 |
Total Subscription Revenue | Cloud Hosted Services | ||||
Revenue: | ||||
Total revenue | 12,875 | 5,357 | 32,344 | 11,699 |
Cost of revenue: | ||||
Total cost of revenue | 5,849 | 2,526 | 16,378 | 7,723 |
Professional Services and Other | ||||
Revenue: | ||||
Total revenue | 5,143 | 2,078 | 11,287 | 4,915 |
Cost of revenue: | ||||
Total cost of revenue | $ 4,157 | $ 1,692 | $ 10,694 | $ 5,276 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands | Total | Redeemable Convertible Preferred Stock | Class A and Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning Balance at Jan. 31, 2021 | $ (121,804) | $ 1 | $ 94,159 | $ (215,964) | |
Temporary Equity, Beginning Balance, Shares at Jan. 31, 2021 | 94,128 | ||||
Temporary Equity, Beginning Balance at Jan. 31, 2021 | $ 349,113 | ||||
Beginning Balance, Shares at Jan. 31, 2021 | 65,578 | ||||
Issuance of common stock upon exercise of stock options | 1,851 | 1,851 | |||
Issuance of common stock upon exercise of stock options, Shares | 841 | ||||
Vesting of early exercised stock options | 9 | 9 | |||
Issuance of common stock for restricted stock awards, Shares | 5 | ||||
Stock-based compensation | 1,726 | 1,726 | |||
Net loss | (15,586) | (15,586) | |||
Ending Balance at Apr. 30, 2021 | (133,804) | $ 1 | 97,745 | (231,550) | |
Temporary Equity, Ending Balance Shares at Apr. 30, 2021 | 94,128 | ||||
Temporary Equity, Ending Balance at Apr. 30, 2021 | $ 349,113 | ||||
Ending Balance, Shares at Apr. 30, 2021 | 66,424 | ||||
Beginning Balance at Jan. 31, 2021 | (121,804) | $ 1 | 94,159 | (215,964) | |
Temporary Equity, Beginning Balance, Shares at Jan. 31, 2021 | 94,128 | ||||
Temporary Equity, Beginning Balance at Jan. 31, 2021 | $ 349,113 | ||||
Beginning Balance, Shares at Jan. 31, 2021 | 65,578 | ||||
Net loss | (62,438) | ||||
Ending Balance at Oct. 31, 2021 | (176,085) | $ 1 | 102,316 | (278,402) | |
Temporary Equity, Ending Balance Shares at Oct. 31, 2021 | 94,128 | ||||
Temporary Equity, Ending Balance at Oct. 31, 2021 | $ 349,113 | ||||
Ending Balance, Shares at Oct. 31, 2021 | 67,114 | ||||
Beginning Balance at Apr. 30, 2021 | (133,804) | $ 1 | 97,745 | (231,550) | |
Temporary Equity, Beginning Balance, Shares at Apr. 30, 2021 | 94,128 | ||||
Temporary Equity, Beginning Balance at Apr. 30, 2021 | $ 349,113 | ||||
Beginning Balance, Shares at Apr. 30, 2021 | 66,424 | ||||
Issuance of common stock upon exercise of stock options | 487 | 487 | |||
Issuance of common stock upon exercise of stock options, Shares | 228 | ||||
Vesting of early exercised stock options | 4 | 4 | |||
Stock-based compensation | 1,498 | 1,498 | |||
Net loss | (24,901) | (24,901) | |||
Ending Balance at Jul. 31, 2021 | (156,716) | $ 1 | 99,734 | (256,451) | |
Temporary Equity, Ending Balance Shares at Jul. 31, 2021 | 94,128 | ||||
Temporary Equity, Ending Balance at Jul. 31, 2021 | $ 349,113 | ||||
Ending Balance, Shares at Jul. 31, 2021 | 66,652 | ||||
Issuance of common stock upon exercise of stock options | 1,038 | 1,038 | |||
Issuance of common stock upon exercise of stock options, Shares | 457 | ||||
Vesting of early exercised stock options | 2 | 2 | |||
Issuance of common stock upon settlement of restricted stock units, shares | 5 | ||||
Stock-based compensation | 1,542 | 1,542 | |||
Net loss | (21,951) | (21,951) | |||
Ending Balance at Oct. 31, 2021 | (176,085) | $ 1 | 102,316 | (278,402) | |
Temporary Equity, Ending Balance Shares at Oct. 31, 2021 | 94,128 | ||||
Temporary Equity, Ending Balance at Oct. 31, 2021 | $ 349,113 | ||||
Ending Balance, Shares at Oct. 31, 2021 | 67,114 | ||||
Beginning Balance at Jan. 31, 2022 | 1,282,291 | $ 3 | 1,788,390 | (506,102) | |
Beginning Balance, Shares at Jan. 31, 2022 | 182,167 | ||||
Issuance of common stock upon exercise of stock options | 521 | 521 | |||
Issuance of common stock upon exercise of stock options, Shares | 839 | ||||
Vesting of early exercised stock options | 3 | 3 | |||
Issuance of common stock upon settlement of restricted stock units, shares | 710 | ||||
Tax withholdings on settlement of restricted stock units value | (125) | (125) | |||
Tax withholdings on settlement of restricted stock units shares | (8) | ||||
Stock-based compensation | 47,141 | 47,141 | |||
Net loss | (78,217) | (78,217) | |||
Ending Balance at Apr. 30, 2022 | 1,251,614 | $ 3 | 1,835,930 | (584,319) | |
Ending Balance, Shares at Apr. 30, 2022 | 183,708 | ||||
Beginning Balance at Jan. 31, 2022 | 1,282,291 | $ 3 | 1,788,390 | (506,102) | |
Beginning Balance, Shares at Jan. 31, 2022 | 182,167 | ||||
Net loss | (224,939) | ||||
Ending Balance at Oct. 31, 2022 | 1,207,206 | $ 3 | 1,938,244 | (731,041) | |
Ending Balance, Shares at Oct. 31, 2022 | 187,841 | ||||
Beginning Balance at Apr. 30, 2022 | 1,251,614 | $ 3 | 1,835,930 | (584,319) | |
Beginning Balance, Shares at Apr. 30, 2022 | 183,708 | ||||
Issuance of common stock upon exercise of stock options | 1,645 | 1,645 | |||
Issuance of common stock upon exercise of stock options, Shares | 786 | ||||
Vesting of early exercised stock options | 2 | 2 | |||
Issuance of common stock upon settlement of restricted stock units, shares | 1,477 | ||||
Tax withholdings on settlement of restricted stock units value | (77) | (77) | |||
Tax withholdings on settlement of restricted stock units shares | (2) | ||||
Issuance of common stock under employee stock purchase plan | 8,501 | 8,501 | |||
Issuance of common stock under employee stock purchase plan, Shares | 351 | ||||
Stock-based compensation | 43,309 | 43,309 | |||
Net loss | (74,764) | (74,764) | |||
Ending Balance at Jul. 31, 2022 | 1,230,230 | $ 3 | 1,889,310 | (659,083) | |
Ending Balance, Shares at Jul. 31, 2022 | 186,320 | ||||
Issuance of common stock upon exercise of stock options | 989 | 989 | |||
Issuance of common stock upon exercise of stock options, Shares | 491 | ||||
Vesting of early exercised stock options | 1 | 1 | |||
Issuance of common stock upon settlement of restricted stock units, shares | 1,032 | ||||
Tax withholdings on settlement of restricted stock units value | (20) | (20) | |||
Tax withholdings on settlement of restricted stock units shares | (2) | ||||
Stock-based compensation | 47,964 | 47,964 | |||
Net loss | (71,958) | (71,958) | |||
Ending Balance at Oct. 31, 2022 | $ 1,207,206 | $ 3 | $ 1,938,244 | $ (731,041) | |
Ending Balance, Shares at Oct. 31, 2022 | 187,841 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (224,939) | $ (62,438) |
Adjustments to reconcile net loss to cash from operating activities: | ||
Stock-based compensation expense, net of amounts capitalized | 135,372 | 4,766 |
Depreciation and amortization expense | 3,178 | 1,478 |
Non-cash operating lease cost | 2,135 | 1,685 |
Other | (8) | 69 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 11,541 | 7,919 |
Deferred contract acquisition costs | (21,491) | (22,397) |
Prepaid expenses and other assets | 3,391 | (4,327) |
Accounts payable | 2,100 | 3,818 |
Accrued expenses and other liabilities | (2,663) | (2,162) |
Accrued compensation and benefits | (3,735) | 12,838 |
Deferred revenue | 10,893 | 12,770 |
Customer deposits | (1,814) | (3,236) |
Net cash used in operating activities | (86,040) | (49,217) |
Cash flows from investing activities | ||
Purchases of property and equipment | (140) | (86) |
Capitalized internal-use software | (6,174) | (4,652) |
Net cash used in investing activities | (6,314) | (4,738) |
Cash flows from financing activities | ||
Taxes paid related to net share settlement of equity awards | (222) | |
Proceeds from issuance of common stock upon exercise of stock options | 3,155 | 3,376 |
Proceeds from issuance of common stock under employee stock purchase plan | 8,501 | |
Payments of deferred offering costs | (2,028) | |
Net cash provided by financing activities | 11,434 | 1,348 |
Net decrease in cash, cash equivalents, and restricted cash | (80,920) | (52,607) |
Cash, cash equivalents, and restricted cash beginning of period | 1,357,613 | 272,576 |
Cash, cash equivalents, and restricted cash end of period | 1,276,693 | 219,969 |
Supplemental disclosure of cash flow information | ||
Cash paid for income taxes | 1,090 | 655 |
Cash paid for operating lease liabilities | 2,827 | 2,364 |
Supplemental disclosure of noncash investing and financing activities | ||
Operating lease right-of-use assets obtained in exchange for new lease obligations | 2,036 | |
Unpaid deferred offering costs | $ 1,818 | |
Capitalized stock-based compensation expense | $ 3,042 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Oct. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Description of Business HashiCorp, Inc., (“HashiCorp” or the “Company”) was incorporated in Delaware in May 2013. The Company is headquartered in San Francisco, California and has wholly owned subsidiaries around the world. The Company’s foundational technologies solve the core infrastructure challenges of cloud adoption by enabling an operating model that unlocks the full potential of modern public and private clouds. The Company’s cloud operating model provides consistent workflows and a standardized approach to automating the critical processes involved in delivering applications in the cloud: infrastructure provisioning, security, networking, and application deployment. The Company’s primary commercial products are HashiCorp Terraform, Vault, Consul, and Nomad. The Company’s software is predominantly self-managed by users and customers who deploy it across public, private, and hybrid cloud environments. The Company also offers a fully-managed cloud platform for multiple products that further accelerates enterprise cloud migration by addressing resource and skills gaps, improving operational efficiency, and speeding up deployment time for customers. Additionally, the Company provides premium support and services. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP" or "GAAP") and include the accounts of the Company and its wholly owned subsidiaries. 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 (the "SEC"). The condensed balance sheet data as of January 31, 2022 was derived from the Company’s audited financial statements included in its Annual Report on Form 10-K for the fiscal year ended January 31, 2022 (the “2022 Form 10-K”), but does not include all disclosures required by U.S. GAAP. Therefore, these interim unaudited condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in its Annual Report on Form 10-K for the fiscal year ended January 31, 2022 (the “fiscal 2022 Form 10-K”). The accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, that are, in the opinion of management, necessary for the fair presentation of the Company’s financial position, results of operations, cash flows, and stockholders’ equity for the interim periods presented. The results of operations for the three and nine months ended October 31, 2022 shown in this report are not necessarily indicative of the results to be expected for the full year ending January 31, 2023 or any other period. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expense during the reporting period. Such management estimates include the determination of standalone selling prices of the Company’s performance obligations, the estimated period of benefit of deferred contract acquisition costs, the fair value of share-based awards, software development costs, discount rates used for operating leases, and accounting for income taxes, including the valuation allowance on deferred tax assets and uncertain tax positions. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates. Comprehensive Loss Comprehensive loss consists of other comprehensive loss and net loss. Other comprehensive loss refers to revenue, expenses, gains, and losses that are recorded as an element of stockholders’ deficit but are excluded from net loss. The Company did not have any other comprehensive loss transactions during the period presented. Accordingly, comprehensive loss is equal to net loss. Restricted Cash Restricted cash constitutes letters of credit established according to the requirements under certain non-cancellable operating lease agreements and is included in other assets, non-current in the condensed consolidated balance sheets. As of October 31, 2022 and January 31, 2022, the Company maintained $ 1.8 million in restricted cash. Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in the fiscal 2022 Form 10-K that have had a material impact on these unaudited condensed consolidated financial statements and related notes. Recent Accounting Pronouncements Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates such as the Secured Overnight Financing Rate ("SOFR"). The adoption of this guidance did not have a material effect on the Company's results of operations, financial condition, or cash flows. |
Revenue and Performance Obligat
Revenue and Performance Obligations | 9 Months Ended |
Oct. 31, 2022 | |
Disaggregation of Revenue [Abstract] | |
Revenue and Performance Obligations | 3. Revenue and Performance Obligations Disaggregation of Revenue The following table presents revenue by category (dollars in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Amount % of Total Amount % of Total Amount % of Total Amount % of Total License $ 17,823 14 % $ 9,892 12 % $ 43,505 13 % $ 31,850 14 % Support 89,500 72 64,894 78 252,965 74 175,782 79 Cloud-hosted services 12,875 10 5,357 7 32,344 10 11,699 5 Total subscription revenue 120,198 96 80,143 97 328,814 97 219,331 98 Professional services and other 5,143 4 2,078 3 11,287 3 4,915 2 Total revenue $ 125,341 100 % $ 82,221 100 % $ 340,101 100 % $ 224,246 100 % The following table summarizes the revenue by region based on the billing address of customers who have contracted to use the Company's products and services (dollars in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Amount % of Total Amount % of Total Amount % of Total Amount % of Total United States $ 91,503 73 % $ 60,975 74 % $ 247,695 73 % $ 163,785 73 % Rest of the world 33,838 27 21,246 26 92,406 27 60,461 27 Total $ 125,341 100 % $ 82,221 100 % $ 340,101 100 % $ 224,246 100 % No other country, outside of the United States, exceeded 10% of total revenue during the periods presented. Contract Balances Changes in deferred revenue and unbilled accounts receivable were as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Balance, beginning of period $ 226,812 $ 146,105 $ 223,289 $ 147,297 Deferred revenue billings including reclassification to deferred revenue from customer deposits 131,351 95,957 350,879 236,077 Recognition of revenue, net of change in unbilled accounts receivable* ( 123,981 ) ( 81,995 ) ( 339,986 ) ( 223,307 ) Balance, end of period $ 234,182 $ 160,067 $ 234,182 $ 160,067 * Reconciliation to revenue reported per consolidated statements of operations: Revenue billed as of the end of the period $ 123,981 $ 81,995 $ 339,986 $ 223,307 Increase in total unbilled accounts receivable 1,360 226 115 939 Revenue reported per consolidated statements of operations $ 125,341 $ 82,221 $ 340,101 $ 224,246 Unbilled accounts receivable represent revenue recognized on contracts for which billings have not yet been presented to customers because the amounts were earned but not contractually billable as of the balance sheet date. The unbilled accounts receivable balance is due within one year . As of October 31, 2022 and January 31, 2022, unbilled accounts receivable of approximately $ 3.0 million and $ 2.9 million, respectively, were included in accounts receivable on the Company’s condensed consolidated balance sheets. Remaining Performance Obligations (RPOs) The typical stated customer contract term is one year but can range up to three years . RPOs include both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. As of October 31, 2022 and January 31, 2022, the Company had $ 531.8 million and $ 428.8 million, respectively, of remaining performance obligations, which is comprised of product and services revenue not yet delivered. As of October 31, 2022 and January 31, 2022, the Company expected to recognize approximately 61 % and 63 % , respectively, of its remaining performance obligations as revenue over the next 12 months and the remainder thereafter. RPOs exclude customer deposits, which are refundable pre-paid amounts that are expected to be recognized as revenue in future periods. These balances are included in customer deposits in the condensed consolidated balance sheets and are classified as current because contractually customers can cancel these obligations with 30 days' written notice. The customer deposit balance is amortized to revenue over the term of the underlying contract as the customer’s right to cancel expires. If no contracts with customers are cancelled, the existing customer deposit balance will be recognized to revenue over the remaining stated term of the underlying contract which may be over the next 12 months or longer as follows (in thousands): As of October 31, 2022 January 31, 2022 Within the next 12 months $ 19,102 $ 20,324 After the next 12 months 2,467 3,059 Total $ 21,569 $ 23,383 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The following table sets forth the financial assets, measured at fair value, by level within the fair value hierarchy on a recurring basis and indicates the fair value hierarchy of the valuation inputs used to determine such fair value (in thousands): Fair Value Measurement Level 1 Level 2 Level 3 Total Cash and cash equivalents Money market funds $ 217,559 $ - $ - $ 217,559 Total cash and cash equivalents 217,559 - - 217,559 Total assets measured at fair value $ 217,559 $ - $ - $ 217,559 Included in cash and cash equivalents $ 217,559 Fair Value Measurement Level 1 Level 2 Level 3 Total Cash and cash equivalents Money market funds $ 1,129,436 $ - $ - $ 1,129,436 Total cash and cash equivalents 1,129,436 - - 1,129,436 Total assets measured at fair value $ 1,129,436 $ - $ - $ 1,129,436 Included in cash and cash equivalents $ 1,129,436 Money market funds are 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. The unaudited condensed consolidated financial statements as of October 31, 2022 and January 31, 2022 do not include any nonrecurring fair value measurements relating to assets or liabilities. There were no transfers between fair value measurement levels during the three and nine months ended October 31, 2 0 22. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Oct. 31, 2022 | |
Supplemental Balance Sheet Disclosures [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Other Assets, Non-Current Other assets, non-current are comprised of the following (in thousands): As of October 31, 2022 January 31, 2022 Property and equipment, net $ 22,136 $ 15,897 Operating lease right-of-use assets 13,285 15,420 Other 2,505 2,643 Total other assets, non-current $ 37,926 $ 33,960 Property and Equipment, Net Property and equipment, net are included in other assets, non-current in the condensed consolidated balance sheets and are comprised of the following (in thousands): Estimated As of Useful life October 31, 2022 January 31, 2022 Furniture and fixtures 5 years $ 1,278 $ 1,266 Computers, equipment and software 3 years 534 532 Capitalized internal-use software development costs 5 years 22,080 12,209 Leasehold improvements Shorter of useful life or lease term 5,119 5,008 Construction in progress (1) 15 655 Total property and equipment 29,026 19,670 Less: accumulated depreciation and amortization ( 6,890 ) ( 3,773 ) Property and equipment, net $ 22,136 $ 15,897 (1) This represents internal-use software not yet available for general release . Total property and equipment depreciation and amortization expense for the three months ended October 31, 2022 and 2021 was $ 1.2 million and $ 0.6 million, respectively. Total property and equipment depreciation and amortization expense for the nine months ended October 31, 2022 and 2021 was $ 3.1 million and $ 1.5 million, respectively . The Company capitalized $ 3.9 million and $ 1.8 million in internal-use software development costs for the three months ended October 31, 2022 and 2021, respectively, and $ 9.2 million and $ 4.7 million for the nine months ended October 31, 2022 and 2021, respectively. Amortization expense associated with internal-use software development costs totaled $ 0.9 million and $ 0.3 million for the three months ended October 31, 2022 and 2021, respectively, and $ 2.3 million and $ 0.7 million for the nine months ended October 31, 2022 and 2021, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities are comprised of the following (in thousands): As of October 31, 2022 January 31, 2022 Accrued expenses $ 1,557 $ 3,925 Operating lease liabilities 3,302 3,130 Other current liabilities 2,450 617 Total accrued expenses and other current liabilities $ 7,309 $ 7,672 Accrued Compensation and Benefits Accrued compensation and benefits are comprised of the following (in thousands): As of October 31, 2022 January 31, 2022 Accrued commissions $ 12,165 $ 15,993 Accrued vacation 19,795 15,970 Accrued payroll and withholding taxes 9,928 18,885 ESPP employee contributions 8,135 2,709 Accrued bonus 2,219 2,632 Other 962 750 Total accrued compensation and benefits $ 53,204 $ 56,939 Deferred Contract Acquisition Costs The following table summarizes the activity of deferred contract acquisition costs for nine months ended October 31, 2022 and 2021 (in thousands): As of October 31, 2022 October 31, 2021 Beginning balance $ 89,331 $ 50,245 Capitalization of contract acquisition costs 53,002 39,125 Amortization of deferred contract acquisition costs ( 31,511 ) ( 16,728 ) Ending balance 110,822 72,642 Deferred contract acquisition costs, current $ 37,317 $ 23,571 Deferred contract acquisition costs, non-current 73,505 49,071 Total deferred contract acquisition costs $ 110,822 $ 72,642 There were no impairment losses recognized for deferred contract acquisition costs during the three and nine months ended October 31, 2022 and 2021. Other Liabilities, Non-Current Other liabilities, non-current are comprised of the following (in thousands): As of October 31, 2022 January 31, 2022 Operating lease liabilities, non-current $ 12,983 $ 15,483 Other 545 351 Total other liabilities, non-current $ 13,528 $ 15,834 |
Credit Facility
Credit Facility | 9 Months Ended |
Oct. 31, 2022 | |
Debt Disclosure [Abstract] | |
Credit Facility | 6. Credit Facility On November 23, 2020, the Company entered into a loan and security agreement with HSBC Ventures USA Inc., (the "Loan Agreement"). This Loan Agreement provided the Company a revolving line of credit, which expires on November 23, 2023. Under the Loan Agreement, the Company was able to borrow up to $ 50.0 million. Interest on any drawdown under the revolving line of credit would accrue at the adjusted LIBOR rate plus 3.00 %. The Company would also incur a commitment fee of 0.30 % for any unused portion of the credit facility . On July 28, 2022 , the Company terminated the Loan Agreement in accordance with the terms of such agreement. As of the date of termination and January 31, 2022, the Company had no balance outstanding under the Loan Agreement. |
Leases
Leases | 9 Months Ended |
Oct. 31, 2022 | |
Leases [Abstract] | |
Leases | 7. Leases The Company leases office spaces under noncancelable operating lease agreements, which expire at various dates through 2027. The Company is required to pay property taxes, insurance, and normal maintenance costs for certain of these facilities. Operating lease cost for these leases is recognized on a straight-line basis over the lease term, with variable lease costs recognized in the period incurred. These lease agreements do not contain residual value guarantees or restrictive covenants. Lease costs Lease costs were as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Short-term lease costs $ 39 $ 81 $ 184 $ 243 Operating lease costs 878 781 2,634 2,228 Total lease costs $ 917 $ 862 $ 2,818 $ 2,471 Variable lease cost was not significant for the three and nine months ended October 31, 2022 and 2021. There were no other lease components for the periods presented. Lease term and discount rate information are summarized as follows: As of October 31, 2022 Weighted average remaining lease terms (in years) 4.4 Weighted average discount rate 3.8 % Future lease payments under noncancelable operating leases on an undiscounted cash flow basis as of October 31, 2022 are as follows (in thousands): Years Ending January 31, Amount 2023 (remaining three months) $ 955 2024 3,924 2025 4,150 2026 3,734 2027 3,737 Thereafter 1,277 Total minimum lease payments 17,777 Less imputed interest ( 1,492 ) Present value of future minimum lease payments 16,285 Less current lease liabilities ( 3,302 ) Operating lease liabilities, non-current $ 12,983 Current operating lease liabilities are included in accrued expenses and other current liabilities, and non-current operating lease liabilities are included in other liabilities, non-current, in the condensed consolidated balance sheets. There were no operating right-of-use asset impairment losses in the three and nine months ended October 31, 2022 and 2021. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Letter of credit The Company has a total of $ 1.8 million in letters of credit outstanding as security deposits for the Company’s leased office spaces as of October 31, 2022 and January 31, 2022. Litigation From time to time, the Company may become involved in various legal proceedings in the ordinary course of its business and may be subject to third-party infringement claims. In the normal course of business, the Company may agree to indemnify third parties with whom it enters into contractual relationships, including customers, lessors, and parties to other transactions with the Company, with respect to certain matters. The Company has agreed, under certain conditions, to hold these third parties harmless against specified losses, such as those arising from a breach of representations or covenants, other third-party claims that the Company’s products when used for their intended purposes infringe the intellectual property rights of such other third parties, or other claims made against certain parties. It is not possible to determine the maximum potential amount of liability under these indemnification obligations due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim. Although the results of litigation and claims are inherently unpredictable, the Company believes that there was not a reasonable possibility that the Company had incurred a material loss with respect to such loss contingencies as of October 31, 2022. |
Common Stock and Stockholders'
Common Stock and Stockholders' Equity (Deficit) | 9 Months Ended |
Oct. 31, 2022 | |
Equity [Abstract] | |
Common Stock and Stockholders' Equity (Deficit) | 9. Common Stock and Stockholders' Equity (Deficit) Common Stock The Company has two classes of common stock: Class A common stock and Class B common stock. The shares of Class A common stock and Class B common stock are identical, except with respect to voting, converting, and transfer rights. Each share of Class A common stock is entitled to one vote. Each share of Class B common stock is entitled to ten votes. Each outstanding share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. Upon exercise, release, or transfer to a broker, equity plan administrator or other nominee, holders of shares of Class B common stock can convert Class B common stock to Class A common stock. Once converted or transferred and converted into Class A common stock, the Class B common stock may not be reissued. For the nine months ended October 31, 2022, a total of 41,176,043 shares of Class B common stock have been converted into Class A common stock. All the outstanding shares of our Class B common stock will convert automatically into shares of Class A common stock upon the earlier of the tenth anniversary of the Company's filing and effectiveness of the amended and restated certificate of incorporation in connection with the IPO or the affirmative vote of the holders of 66-2/3% of the voting power of outstanding Class B common stock. Following such conversion, each share of Class A common stock will have one vote per share and the rights of the holders of all outstanding common stock will be identical. Common Stock Reserved for Future Issuance The Company reserved shares of common stock for future issuance as follows (in thousands): As of October 31, 2022 January 31, 2022 Options outstanding 10,078 12,381 Restricted stock units outstanding 12,155 10,406 Remaining shares available for future issuance under the 2021 Equity Incentive Plan 21,900 17,561 2021 Employee Stock Purchase Plan 3,370 1,900 Total 47,503 42,248 A total of 21,900,058 shares of the Company’s Class A common stock shares are available for issuance under the 2021 Equity Incentive Plan ("2021 Plan") as of October 31, 2022. Stock Options The following table summarizes stock option activity for the 2021 Plan (shares and aggregate intrinsic value in thousands): Options Outstanding Number of Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Balance as of January 31, 2022 12,381 $ 1.93 5.7 $ 798,374 Stock options exercised ( 2,116 ) $ 1.47 $ 74,101 Stock options cancelled/forfeited/expired ( 187 ) $ 3.56 Balance as of October 31, 2022 10,078 $ 2.00 5.0 $ 289,668 Exercisable as of October 31, 2022 9,557 $ 1.70 4.9 $ 277,511 No options were granted during the three and nine months ended October 31, 2022. Exercisable shares consist of 9,557,057 shares that are vested as of October 31, 2022. All shares with an early exercise provision have fully vested as of October 31, 2022. The total grant-date fair value of stock options vested was $ 3.8 million and $ 4.9 million during the nine months ended October 31, 2022 and 2021, respectively. The total intrinsic value of options exercised during the nine months ended October 31, 2022 and 2021 were $ 74.1 million and $ 61.4 million, respectively. Restricted Stock Units The Company’s summary of restricted stock units ("RSUs") activity under the 2014 Stock Plan ("2014 Plan") and the 2021 Plan is as follows (shares in thousands): Number of Awards Weighted-Average Grant Date Fair Value Outstanding and unvested at January 31, 2022 10,406 $ 37.46 RSUs granted 6,264 $ 43.99 RSUs released ( 3,219 ) $ 32.65 RSUs cancelled ( 1,296 ) $ 36.42 Outstanding and unvested at October 31, 2022 12,155 $ 42.21 The total grant-date fair value of RSUs vested was $ 105.1 million during the nine months ended October 31, 2022. There were no RSUs released during the nine months ended October 31, 2021 as the Company was private and the performance condition for these RSUs was not met during the nine months ended October 31, 2021. Employee Stock Purchase Plan In December 2021, the Company adopted the 2021 Employee Stock Purchase Plan (“ESPP”), which became effective up on completion of the Company's IPO. A total of 3,370,329 shares of Class A common stock are available for sale under the ESPP. For the nine months ended October 31, 2022, the Company recognized $ 9.1 million of stock-based compensation expense related to the ESPP. As of October 31, 2022, unrecognized stock-based compensation expense related to the ESPP was approximately $ 18.3 million, which is expected to be recognized over a weighted-average period of approximately 1.6 years. The Company’s current offering period began June 16, 2022 and is expected to end June 15, 2024. During the nine months ended October 31, 2022, employees purchased 351,284 shares of our common stock under the ESPP at a purchase price of $ 24.20 per share, resulting in total cash proceeds of $ 8.5 million. ESPP employee payroll contributions accrued as of October 31, 2022 and January 31, 2022 were $ 8.1 million and $ 2.7 million, respectively, and are reported within accrued compensation and benefits in the condensed consolidated balance sheets. Payroll contributions accrued as of October 31, 2022 will be used to purchase shares at the end of the current purchase period ending on December 15, 2022. Payroll contributions ultimately used to purchase shares will be reclassified as stockholders’ equity on the purchase date. The ESPP offers a two-year look-back feature as well as a rollover feature that provides for an offering period to be rolled over to a new lower-priced offering if the offering price of the new offering period is less than that of the current offering period. An ESPP rollover occurred when the Company’s closing stock price on June 15, 2022 was below the closing stock price on December 8, 2021 , triggering a new 24-month offering period through June 15, 2024 . This rollover was accounted for as a modification to the original offering and resulted in incremental compensation cost of $ 4.9 million. The unrecognized compensation cost from the original offering plus the incremental compensation cost as a result of the modification is recognized over the requisite service period of the new 24-month offering through June 15, 2024. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations is as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Cost of support $ 2,152 $ 193 $ 6,332 $ 378 Cost of cloud-hosted services 792 1 2,118 6 Cost of professional services and other 722 12 2,102 36 Sales and marketing 15,398 525 44,212 1,748 Research and development 14,988 436 40,233 1,272 General and administrative 12,658 375 40,375 1,326 Stock-based compensation expense, net of amounts capitalized $ 46,710 $ 1,542 $ 135,372 $ 4,766 Capitalized stock-based compensation 1,254 - 3,042 - Total stock-based compensation expense $ 47,964 $ 1,542 $ 138,414 $ 4,766 As of October 31, 2022, total unrecognized stock-based compensation expense related to unvested stock options and RSUs was approximately $ 2.1 million and $ 389.1 million, respectively. This unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 1.3 and 2.9 years, respectively. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 9 Months Ended |
Oct. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | 10. Net Loss Per Share Attributable to Common Stockholders For periods in which there were shares of Class A and Class B common stock outstanding, the rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock were identical, except with respect to voting, converting, and transfer rights. Our Class B common stock has ten votes per share, and our Class A common stock has one vote per share. As the liquidation and dividend rights were identical for Class A and Class B common stock, the undistributed earnings would be allocated on a proportionate basis and the resulting net loss per share would, therefore, be the same for Class A and Class B common stock on an individual or combined basis. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Numerator: Net loss $ ( 71,958 ) $ ( 21,951 ) $ ( 224,939 ) $ ( 62,438 ) Denominator: Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted 187,080 66,782 185,124 66,313 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ ( 0.38 ) $ ( 0.33 ) $ ( 1.22 ) $ ( 0.94 ) The following outstanding potentially dilutive shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because the impact of including them would have been antidilutive (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Redeemable convertible preferred stock - 94,128 - 94,128 Outstanding stock options and restricted stock units 22,233 26,666 22,233 26,666 Share purchase rights under the ESPP 1,491 - 1,239 - Class A and Class B common stock subject to repurchase - 7 - 7 Total 23,724 120,801 23,472 120,801 |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company determined its income tax provision for interim periods using an estimate of our annual effective tax rate adjusted for discrete items occurring during the periods presented. The primary difference between our effective tax rate and the federal statutory rate is unrealized federal and state tax benefits due to the full valuation allowance we have established in these jurisdictions. The provision for income taxes recorded in the nine months ended October 31, 2022 and 2021 consists primarily of income taxes in foreign jurisdictions in which the Company conducts business. The Company is subject to income tax in the United States and various foreign countries. Due to the history of net operating losses, the Company is subject to United States federal, state, and local examinations by tax authorities for all years since incorporation. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP" or "GAAP") and include the accounts of the Company and its wholly owned subsidiaries. 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 (the "SEC"). The condensed balance sheet data as of January 31, 2022 was derived from the Company’s audited financial statements included in its Annual Report on Form 10-K for the fiscal year ended January 31, 2022 (the “2022 Form 10-K”), but does not include all disclosures required by U.S. GAAP. Therefore, these interim unaudited condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in its Annual Report on Form 10-K for the fiscal year ended January 31, 2022 (the “fiscal 2022 Form 10-K”). The accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, that are, in the opinion of management, necessary for the fair presentation of the Company’s financial position, results of operations, cash flows, and stockholders’ equity for the interim periods presented. The results of operations for the three and nine months ended October 31, 2022 shown in this report are not necessarily indicative of the results to be expected for the full year ending January 31, 2023 or any other period. |
Principles of Consolidation | Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expense during the reporting period. Such management estimates include the determination of standalone selling prices of the Company’s performance obligations, the estimated period of benefit of deferred contract acquisition costs, the fair value of share-based awards, software development costs, discount rates used for operating leases, and accounting for income taxes, including the valuation allowance on deferred tax assets and uncertain tax positions. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss consists of other comprehensive loss and net loss. Other comprehensive loss refers to revenue, expenses, gains, and losses that are recorded as an element of stockholders’ deficit but are excluded from net loss. The Company did not have any other comprehensive loss transactions during the period presented. Accordingly, comprehensive loss is equal to net loss. |
Restricted Cash | Restricted Cash Restricted cash constitutes letters of credit established according to the requirements under certain non-cancellable operating lease agreements and is included in other assets, non-current in the condensed consolidated balance sheets. As of October 31, 2022 and January 31, 2022, the Company maintained $ 1.8 million in restricted cash. |
Significant Accounting Policies | Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in the fiscal 2022 Form 10-K that have had a material impact on these unaudited condensed consolidated financial statements and related notes. |
Recent Accounting Pronouncements Adopted | Recent Accounting Pronouncements Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates such as the Secured Overnight Financing Rate ("SOFR"). The adoption of this guidance did not have a material effect on the Company's results of operations, financial condition, or cash flows. |
Revenue and Performance Oblig_2
Revenue and Performance Obligations (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Disaggregation of Revenue [Abstract] | |
Summary of Revenue Disaggregated by Category | The following table presents revenue by category (dollars in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Amount % of Total Amount % of Total Amount % of Total Amount % of Total License $ 17,823 14 % $ 9,892 12 % $ 43,505 13 % $ 31,850 14 % Support 89,500 72 64,894 78 252,965 74 175,782 79 Cloud-hosted services 12,875 10 5,357 7 32,344 10 11,699 5 Total subscription revenue 120,198 96 80,143 97 328,814 97 219,331 98 Professional services and other 5,143 4 2,078 3 11,287 3 4,915 2 Total revenue $ 125,341 100 % $ 82,221 100 % $ 340,101 100 % $ 224,246 100 % |
Summary of Revenue By Region Based On The Billing Address of Customers | The following table summarizes the revenue by region based on the billing address of customers who have contracted to use the Company's products and services (dollars in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Amount % of Total Amount % of Total Amount % of Total Amount % of Total United States $ 91,503 73 % $ 60,975 74 % $ 247,695 73 % $ 163,785 73 % Rest of the world 33,838 27 21,246 26 92,406 27 60,461 27 Total $ 125,341 100 % $ 82,221 100 % $ 340,101 100 % $ 224,246 100 % |
Summary of Changes in Deferred Revenue and Unbilled Accounts Receivable | Changes in deferred revenue and unbilled accounts receivable were as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Balance, beginning of period $ 226,812 $ 146,105 $ 223,289 $ 147,297 Deferred revenue billings including reclassification to deferred revenue from customer deposits 131,351 95,957 350,879 236,077 Recognition of revenue, net of change in unbilled accounts receivable* ( 123,981 ) ( 81,995 ) ( 339,986 ) ( 223,307 ) Balance, end of period $ 234,182 $ 160,067 $ 234,182 $ 160,067 * Reconciliation to revenue reported per consolidated statements of operations: Revenue billed as of the end of the period $ 123,981 $ 81,995 $ 339,986 $ 223,307 Increase in total unbilled accounts receivable 1,360 226 115 939 Revenue reported per consolidated statements of operations $ 125,341 $ 82,221 $ 340,101 $ 224,246 |
Summary of Revenue Recognized Related to Customer Deposit Balance | As of October 31, 2022 January 31, 2022 Within the next 12 months $ 19,102 $ 20,324 After the next 12 months 2,467 3,059 Total $ 21,569 $ 23,383 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis | The following table sets forth the financial assets, measured at fair value, by level within the fair value hierarchy on a recurring basis and indicates the fair value hierarchy of the valuation inputs used to determine such fair value (in thousands): Fair Value Measurement Level 1 Level 2 Level 3 Total Cash and cash equivalents Money market funds $ 217,559 $ - $ - $ 217,559 Total cash and cash equivalents 217,559 - - 217,559 Total assets measured at fair value $ 217,559 $ - $ - $ 217,559 Included in cash and cash equivalents $ 217,559 Fair Value Measurement Level 1 Level 2 Level 3 Total Cash and cash equivalents Money market funds $ 1,129,436 $ - $ - $ 1,129,436 Total cash and cash equivalents 1,129,436 - - 1,129,436 Total assets measured at fair value $ 1,129,436 $ - $ - $ 1,129,436 Included in cash and cash equivalents $ 1,129,436 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Supplemental Balance Sheet Disclosures [Abstract] | |
Summary of Other Assets Non-current | Other assets, non-current are comprised of the following (in thousands): As of October 31, 2022 January 31, 2022 Property and equipment, net $ 22,136 $ 15,897 Operating lease right-of-use assets 13,285 15,420 Other 2,505 2,643 Total other assets, non-current $ 37,926 $ 33,960 |
Summary of Property and Equipment, Net | Property and equipment, net are included in other assets, non-current in the condensed consolidated balance sheets and are comprised of the following (in thousands): Estimated As of Useful life October 31, 2022 January 31, 2022 Furniture and fixtures 5 years $ 1,278 $ 1,266 Computers, equipment and software 3 years 534 532 Capitalized internal-use software development costs 5 years 22,080 12,209 Leasehold improvements Shorter of useful life or lease term 5,119 5,008 Construction in progress (1) 15 655 Total property and equipment 29,026 19,670 Less: accumulated depreciation and amortization ( 6,890 ) ( 3,773 ) Property and equipment, net $ 22,136 $ 15,897 (1) This represents internal-use software not yet available for general release . |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities are comprised of the following (in thousands): As of October 31, 2022 January 31, 2022 Accrued expenses $ 1,557 $ 3,925 Operating lease liabilities 3,302 3,130 Other current liabilities 2,450 617 Total accrued expenses and other current liabilities $ 7,309 $ 7,672 |
Summary of Accrued Compensation and Benefits | Accrued compensation and benefits are comprised of the following (in thousands): As of October 31, 2022 January 31, 2022 Accrued commissions $ 12,165 $ 15,993 Accrued vacation 19,795 15,970 Accrued payroll and withholding taxes 9,928 18,885 ESPP employee contributions 8,135 2,709 Accrued bonus 2,219 2,632 Other 962 750 Total accrued compensation and benefits $ 53,204 $ 56,939 |
Summary of Activity of Deferred Contract Acquisition Costs | The following table summarizes the activity of deferred contract acquisition costs for nine months ended October 31, 2022 and 2021 (in thousands): As of October 31, 2022 October 31, 2021 Beginning balance $ 89,331 $ 50,245 Capitalization of contract acquisition costs 53,002 39,125 Amortization of deferred contract acquisition costs ( 31,511 ) ( 16,728 ) Ending balance 110,822 72,642 Deferred contract acquisition costs, current $ 37,317 $ 23,571 Deferred contract acquisition costs, non-current 73,505 49,071 Total deferred contract acquisition costs $ 110,822 $ 72,642 |
Schedule of Other Liabilities, Non-current | Other liabilities, non-current are comprised of the following (in thousands): As of October 31, 2022 January 31, 2022 Operating lease liabilities, non-current $ 12,983 $ 15,483 Other 545 351 Total other liabilities, non-current $ 13,528 $ 15,834 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Leases [Abstract] | |
Schedule of Lease Costs | Lease costs were as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Short-term lease costs $ 39 $ 81 $ 184 $ 243 Operating lease costs 878 781 2,634 2,228 Total lease costs $ 917 $ 862 $ 2,818 $ 2,471 |
Summary of Lease Term and Discount Rate | Lease term and discount rate information are summarized as follows: As of October 31, 2022 Weighted average remaining lease terms (in years) 4.4 Weighted average discount rate 3.8 % |
Schedule of Future Lease Payments | Future lease payments under noncancelable operating leases on an undiscounted cash flow basis as of October 31, 2022 are as follows (in thousands): Years Ending January 31, Amount 2023 (remaining three months) $ 955 2024 3,924 2025 4,150 2026 3,734 2027 3,737 Thereafter 1,277 Total minimum lease payments 17,777 Less imputed interest ( 1,492 ) Present value of future minimum lease payments 16,285 Less current lease liabilities ( 3,302 ) Operating lease liabilities, non-current $ 12,983 |
Common Stock and Stockholders_2
Common Stock and Stockholders' Equity (Deficit) (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Class of Stock [Line Items] | |
Schedule of Reserved Shares of Common Stock for Future Issuance | The Company reserved shares of common stock for future issuance as follows (in thousands): As of October 31, 2022 January 31, 2022 Options outstanding 10,078 12,381 Restricted stock units outstanding 12,155 10,406 Remaining shares available for future issuance under the 2021 Equity Incentive Plan 21,900 17,561 2021 Employee Stock Purchase Plan 3,370 1,900 Total 47,503 42,248 |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the 2021 Plan (shares and aggregate intrinsic value in thousands): Options Outstanding Number of Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Balance as of January 31, 2022 12,381 $ 1.93 5.7 $ 798,374 Stock options exercised ( 2,116 ) $ 1.47 $ 74,101 Stock options cancelled/forfeited/expired ( 187 ) $ 3.56 Balance as of October 31, 2022 10,078 $ 2.00 5.0 $ 289,668 Exercisable as of October 31, 2022 9,557 $ 1.70 4.9 $ 277,511 |
Schedule of Restricted Stock Units (RSUs") Activity | The Company’s summary of restricted stock units ("RSUs") activity under the 2014 Stock Plan ("2014 Plan") and the 2021 Plan is as follows (shares in thousands): Number of Awards Weighted-Average Grant Date Fair Value Outstanding and unvested at January 31, 2022 10,406 $ 37.46 RSUs granted 6,264 $ 43.99 RSUs released ( 3,219 ) $ 32.65 RSUs cancelled ( 1,296 ) $ 36.42 Outstanding and unvested at October 31, 2022 12,155 $ 42.21 |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations is as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Cost of support $ 2,152 $ 193 $ 6,332 $ 378 Cost of cloud-hosted services 792 1 2,118 6 Cost of professional services and other 722 12 2,102 36 Sales and marketing 15,398 525 44,212 1,748 Research and development 14,988 436 40,233 1,272 General and administrative 12,658 375 40,375 1,326 Stock-based compensation expense, net of amounts capitalized $ 46,710 $ 1,542 $ 135,372 $ 4,766 Capitalized stock-based compensation 1,254 - 3,042 - Total stock-based compensation expense $ 47,964 $ 1,542 $ 138,414 $ 4,766 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Numerator: Net loss $ ( 71,958 ) $ ( 21,951 ) $ ( 224,939 ) $ ( 62,438 ) Denominator: Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted 187,080 66,782 185,124 66,313 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ ( 0.38 ) $ ( 0.33 ) $ ( 1.22 ) $ ( 0.94 ) |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following outstanding potentially dilutive shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because the impact of including them would have been antidilutive (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Redeemable convertible preferred stock - 94,128 - 94,128 Outstanding stock options and restricted stock units 22,233 26,666 22,233 26,666 Share purchase rights under the ESPP 1,491 - 1,239 - Class A and Class B common stock subject to repurchase - 7 - 7 Total 23,724 120,801 23,472 120,801 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | Oct. 31, 2022 | Jan. 31, 2022 |
Summary Of Significant Accounting Policies [Line Items] | ||
Restricted cash | $ 1.8 | $ 1.8 |
Revenue and Performance Oblig_3
Revenue and Performance Obligations - Summary of Revenue Disaggregated by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue Reported per Consolidated Statements of Operations | $ 125,341 | $ 82,221 | $ 340,101 | $ 224,246 |
Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of Total Revenue | 100% | 100% | 100% | 100% |
Total Subscription Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue Reported per Consolidated Statements of Operations | $ 120,198 | $ 80,143 | $ 328,814 | $ 219,331 |
Total Subscription Revenue | Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of Total Revenue | 96% | 97% | 97% | 98% |
Total Subscription Revenue | License | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue Reported per Consolidated Statements of Operations | $ 17,823 | $ 9,892 | $ 43,505 | $ 31,850 |
Total Subscription Revenue | License | Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of Total Revenue | 14% | 12% | 13% | 14% |
Total Subscription Revenue | Support | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue Reported per Consolidated Statements of Operations | $ 89,500 | $ 64,894 | $ 252,965 | $ 175,782 |
Total Subscription Revenue | Support | Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of Total Revenue | 72% | 78% | 74% | 79% |
Total Subscription Revenue | Cloud Hosted Services | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue Reported per Consolidated Statements of Operations | $ 12,875 | $ 5,357 | $ 32,344 | $ 11,699 |
Total Subscription Revenue | Cloud Hosted Services | Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of Total Revenue | 10% | 7% | 10% | 5% |
Professional Services and Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue Reported per Consolidated Statements of Operations | $ 5,143 | $ 2,078 | $ 11,287 | $ 4,915 |
Professional Services and Other | Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of Total Revenue | 4% | 3% | 3% | 2% |
Revenue and Performance Oblig_4
Revenue and Performance Obligations - Summary of Revenue By Region Based On The Billing Address of Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | $ 125,341 | $ 82,221 | $ 340,101 | $ 224,246 |
Revenue | Region | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Percentage of Total Revenue | 100% | 100% | 100% | 100% |
US [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | $ 91,503 | $ 60,975 | $ 247,695 | $ 163,785 |
US [Member] | Revenue | Region | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Percentage of Total Revenue | 73% | 74% | 73% | 73% |
Rest of the world [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | $ 33,838 | $ 21,246 | $ 92,406 | $ 60,461 |
Rest of the world [Member] | Revenue | Region | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Percentage of Total Revenue | 27% | 26% | 27% | 27% |
Revenue and Performance Oblig_5
Revenue and Performance Obligations - Changes in Deferred Revenue and Unbilled Accounts Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Change in Contract with Customer, Asset and Liability [Abstract] | ||||
Balance, beginning of period | $ 226,812 | $ 146,105 | $ 223,289 | $ 147,297 |
Deferred revenue billings including reclassification to deferred revenue from customer deposits | 131,351 | 95,957 | 350,879 | 236,077 |
Recognition of revenue, net of change in unbilled accounts receivable | (123,981) | (81,995) | (339,986) | (223,307) |
Balance, end of period | 234,182 | 160,067 | 234,182 | 160,067 |
Revenue billed as of the end of the period | 123,981 | 81,995 | 339,986 | 223,307 |
Increase (decrease) in total unbilled accounts receivable | 1,360 | 226 | 115 | 939 |
Revenue reported per consolidated statements of operations | $ 125,341 | $ 82,221 | $ 340,101 | $ 224,246 |
Revenue and Performance Oblig_6
Revenue and Performance Obligations - Contract Balances - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Oct. 31, 2022 | Jan. 31, 2022 | |
Disaggregation of Revenue [Abstract] | ||
Unbilled accounts receivable | $ 3 | $ 2.9 |
Unbilled accounts receivable balance in due | 1 year |
Revenue and Performance Oblig_7
Revenue and Performance Obligations - Additional information (Details) | 9 Months Ended |
Oct. 31, 2022 | |
Minimum | |
Disaggregation Of Revenue [Line Items] | |
Revenue, performance obligation, contract term | 1 year |
Maximum | |
Disaggregation Of Revenue [Line Items] | |
Revenue, performance obligation, contract term | 3 years |
Revenue and Performance Oblig_8
Revenue and Performance Obligations - Additional information (Details1) - USD ($) $ in Millions | Oct. 31, 2022 | Jan. 31, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-02-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 428.8 | |
Revenue, Remaining Performance Obligation, Percentage | 63% | |
Revenue remaining performance obligation, expected timing of satisfaction, period | 12 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-11-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 531.8 | |
Revenue, Remaining Performance Obligation, Percentage | 61% | |
Revenue remaining performance obligation, expected timing of satisfaction, period | 12 months |
Revenue and Performance Oblig_9
Revenue and Performance Obligations - Summary of Revenue Recognized Related to Customer Deposit Balance (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Disaggregation of Revenue [Abstract] | ||
Within the next 12 months | $ 19,102 | $ 20,324 |
After the next 12 months | 2,467 | 3,059 |
Total | $ 21,569 | $ 23,383 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | $ 217,559 | $ 1,129,436 |
Total assets measured at fair value | 217,559 | 1,129,436 |
Included in cash and cash equivalents | 217,559 | 1,129,436 |
Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 217,559 | 1,129,436 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 217,559 | 1,129,436 |
Total assets measured at fair value | 217,559 | 1,129,436 |
Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 217,559 | 1,129,436 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Level 2 [Member] | Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 0 | 0 |
Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Level 3 [Member] | Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 3 Months Ended | 9 Months Ended |
Oct. 31, 2022 USD ($) | Oct. 31, 2022 USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value measurement, transfers level 1 to level 2 | $ 0 | $ 0 |
Fair value measurement, transfers level 2 to level 1 | 0 | 0 |
Fair value measurement, transfers to level 3 | $ 0 | $ 0 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Other Assets Non-current (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Other Assets, Noncurrent [Abstract] | ||
Property and equipment, net | $ 22,136 | $ 15,897 |
Operating lease right-of-use assets | 13,285 | 15,420 |
Other | 2,505 | 2,643 |
Total other assets, non-current | $ 37,926 | $ 33,960 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Property and Equipment Net (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 31, 2022 | Jan. 31, 2022 | ||
Property Plant And Equipment [Line Items] | |||
Total property and equipment | $ 29,026 | $ 19,670 | |
Less: accumulated depreciation and amortization | (6,890) | (3,773) | |
Property and equipment, net | 22,136 | 15,897 | |
Furniture and Fixtures | |||
Property Plant And Equipment [Line Items] | |||
Total property and equipment | $ 1,278 | 1,266 | |
Estimated Useful life | 5 years | ||
Computers Equipment and Software | |||
Property Plant And Equipment [Line Items] | |||
Total property and equipment | $ 534 | 532 | |
Estimated Useful life | 3 years | ||
Capitalized Internal-use Software Development Costs | |||
Property Plant And Equipment [Line Items] | |||
Total property and equipment | $ 22,080 | 12,209 | |
Estimated Useful life | 5 years | ||
Leasehold Improvements | |||
Property Plant And Equipment [Line Items] | |||
Total property and equipment | $ 5,119 | 5,008 | |
Estimated Useful life | Shorter of useful life or lease term | ||
Construction in Progress | |||
Property Plant And Equipment [Line Items] | |||
Total property and equipment | [1] | $ 15 | $ 655 |
[1] This represents internal-use software not yet available for general release |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization expense | $ 1,200,000 | $ 600,000 | $ 3,100,000 | $ 1,500,000 |
Software capitalized costs | 3,900,000 | 1,800,000 | 9,200,000 | 4,700,000 |
Amortization of capitalized costs | 900,000 | 300,000 | 2,300,000 | 700,000 |
Impairment losses for deferred contract acquisition costs | $ 0 | $ 0 | $ 0 | $ 0 |
Balance Sheet Components - Su_3
Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued expenses | $ 1,557 | $ 3,925 |
Operating lease liabilities | 3,302 | 3,130 |
Other current liabilities | 2,450 | 617 |
Total accrued expenses and other current liabilities | $ 7,309 | $ 7,672 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Compensation And Benefits [Abstract] | ||
Accrued commissions | $ 12,165 | $ 15,993 |
Accrued vacation | 19,795 | 15,970 |
Accrued payroll and withholding taxes | 9,928 | 18,885 |
ESPP Employee Contributions | 8,135 | 2,709 |
Accrued bonus | 2,219 | 2,632 |
Other | 962 | 750 |
Total accrued compensation and benefits | $ 53,204 | $ 56,939 |
Balance Sheet Components - Su_4
Balance Sheet Components - Summary of Activity of Deferred Contract Acquisition Costs (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Capitalized Contract Cost [Abstract] | ||
Beginning balance | $ 89,331 | $ 50,245 |
Capitalization of contract acquisition costs | 53,002 | 39,125 |
Amortization of deferred contract acquisition costs | (31,511) | (16,728) |
Ending balance | 110,822 | 72,642 |
Deferred contract acquisition costs, current | 37,317 | 23,571 |
Deferred contract acquisition costs, non-current | 73,505 | 49,071 |
Total deferred contract acquisition costs | $ 110,822 | $ 72,642 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Other Liabilities, Non-current (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Supplemental Balance Sheet Disclosures [Abstract] | ||
Operating lease liabilities, non-current | $ 12,983 | $ 15,483 |
Other | 545 | 351 |
Total other liabilities, non-current | $ 13,528 | $ 15,834 |
Credit Facility - Additional In
Credit Facility - Additional Information (Details) - USD ($) | 9 Months Ended | |||
Nov. 23, 2020 | Oct. 31, 2022 | Jul. 28, 2022 | Jan. 31, 2022 | |
LIBOR Rate Plus [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Interest rate | 3% | |||
Revolving Credit Facility [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 50,000,000 | |||
Commitment fee percentage | 0.30% | |||
Outstanding line of credit | $ 0 | $ 0 | ||
Termination date | Jul. 28, 2022 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Leases [Abstract] | ||||
Operating right-of-use asset impairment losses | $ 0 | $ 0 | $ 0 | $ 0 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Leases [Abstract] | ||||
Short-term operating lease costs | $ 39 | $ 81 | $ 184 | $ 243 |
Operating lease costs | 878 | 781 | 2,634 | 2,228 |
Total lease costs | $ 917 | $ 862 | $ 2,818 | $ 2,471 |
Leases - Summary of Lease Term
Leases - Summary of Lease Term and Discount Rate (Details) | Oct. 31, 2022 |
Leases [Abstract] | |
Weighted average remaining lease terms (in years) | 4 years 4 months 24 days |
Weighted average discount rate | 3.80% |
Leases - Schedule of Future Lea
Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Leases [Abstract] | ||
2023 (remaining nine months) | $ 955 | |
2024 | 3,924 | |
2025 | 4,150 | |
2026 | 3,734 | |
2027 | 3,737 | |
Thereafter | 1,277 | |
Total minimum lease payments | 17,777 | |
Less imputed interest | (1,492) | |
Present value of future minimum lease payments | 16,285 | |
Less current lease liabilities | (3,302) | $ (3,130) |
Operating lease liabilities, non-current | $ 12,983 | $ 15,483 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | Oct. 31, 2022 | Jan. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Letters of credit outstanding amount | $ 1.8 | $ 1.8 |
Common Stock and Stockholders_3
Common Stock and Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock capital shares reserved for future issuance | 47,503,000 | 47,503,000 | 42,248,000 | ||
Stock-based compensation expense | $ 46,710,000 | $ 1,542,000 | $ 135,372,000 | $ 4,766,000 | |
Unrecognized stock-based compensation expense | $ 2,100,000 | $ 2,100,000 | |||
Unrecognized stock-based compensation expense, weighted-average period | 1 year 3 months 18 days | ||||
Exercisable shares vested | 9,557,057 | 9,557,057 | |||
Total grant-date fair value of stock options vested | $ 3,800,000 | 4,900,000 | |||
Total intrinsic value of options exercised | 74,100,000 | 61,400,000 | |||
Accrued compensation and benefits | $ 53,204,000 | $ 53,204,000 | $ 56,939,000 | ||
Common stock conversion basis | Each outstanding share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. | ||||
Common stock, voting rights | the affirmative vote of the holders of 66-2/3% of the voting power of outstanding Class B common stock. Following such conversion, each share of Class A common stock will have one vote per share and the rights of the holders of all outstanding common stock will be identical. | ||||
2021 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options granted | 0 | 0 | |||
Total intrinsic value of options exercised | $ 74,101,000 | ||||
Number of shares available for sale | 21,900,000 | 21,900,000 | 17,561,000 | ||
2021 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock capital shares reserved for future issuance | 3,370,000 | 3,370,000 | 1,900,000 | ||
Stock-based compensation expense | $ 9,100,000 | ||||
Unrecognized stock-based compensation expense | $ 18,300,000 | $ 18,300,000 | |||
Unrecognized stock-based compensation expense, weighted-average period | 1 year 7 months 6 days | ||||
Employee stock purchase plan, share issued | 351,284 | ||||
Purchase price per share | $ 24.20 | $ 24.20 | |||
Cash proceeds from common stock | $ 8,500,000 | ||||
Accrued compensation and benefits | $ 8,100,000 | $ 8,100,000 | $ 2,700,000 | ||
Rollover offering period | 2 years | ||||
Rollover closing stock price period | Jun. 15, 2022 | ||||
Closing stock price period | Dec. 08, 2021 | ||||
Offering period | 24 months | ||||
Offering period date | Jun. 15, 2024 | ||||
Incremental compensation cost recognized due to modification | $ 4,900,000 | ||||
Restricted Stock Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock capital shares reserved for future issuance | 12,155,000 | 12,155,000 | 10,406,000 | ||
Unrecognized stock-based compensation expense | $ 389,100,000 | $ 389,100,000 | |||
Unrecognized stock-based compensation expense, weighted-average period | 2 years 10 months 24 days | ||||
Grant-date fair value of vested shares | $ 105,100,000 | $ 0 | |||
Common Class A | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock, voting rights | one vote | ||||
Conversion of common stock shares | 41,176,043 | ||||
Common Class A | 2021 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock capital shares reserved for future issuance | 21,900,058 | 21,900,058 | |||
Common Class A | 2021 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for sale | 3,370,329 | 3,370,329 | |||
Class B Common Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock, voting rights | ten votes |
Common Stock and Stockholders_4
Common Stock and Stockholders' Equity (Deficit) - Schedule of Reserved Shares of Common Stock for Future Issuance (Details) - shares shares in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Class Of Stock [Line Items] | ||
Common stock capital shares reserved for future issuance | 47,503 | 42,248 |
2021 Equity Incentive Plan | ||
Class Of Stock [Line Items] | ||
Remaining shares available for future issuance | 21,900 | 17,561 |
2021 Employee Stock Purchase Plan | ||
Class Of Stock [Line Items] | ||
Common stock capital shares reserved for future issuance | 3,370 | 1,900 |
Options Outstanding | ||
Class Of Stock [Line Items] | ||
Common stock capital shares reserved for future issuance | 10,078 | 12,381 |
Restricted stock units outstanding | ||
Class Of Stock [Line Items] | ||
Common stock capital shares reserved for future issuance | 12,155 | 10,406 |
Common Stock and Stockholders_5
Common Stock and Stockholders' Equity (Deficit) - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Aggregate Intrinsic Value exercised | $ 74,100 | $ 61,400 | |
2021 Plans | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Beginning Balance, Number of Options Outstanding | 12,381 | ||
Stock options exercised | (2,116) | ||
Stock options cancelled/forfeited/expired | (187) | ||
Ending Balance, Number of Options Outstanding | 10,078 | 12,381 | |
Number of options outstanding, exercisable | 9,557 | ||
Beginning Balance, Weighted- Average Exercise Price | $ 1.93 | ||
Weighted-Average Exercise Price Options exercised | 1.47 | ||
Weighted-Average Exercise Price Options cancelled/forfeited/expired | 3.56 | ||
Ending Balance, Weighted- Average Exercise Price | 2 | $ 1.93 | |
Weighted-average exercise price per share, exercisable | $ 1.70 | ||
Weighted Average Remaining Contractual Term, Outstanding | 5 years | 5 years 8 months 12 days | |
Weighted Average Remaining Contractual Term, Exercisable | 4 years 10 months 24 days | ||
Aggregate Intrinsic Value | $ 289,668 | $ 798,374 | |
Aggregate Intrinsic Value exercised | 74,101 | ||
Aggregate Intrinsic Value, Exercisable | $ 277,511 |
Common Stock and Stockholders_6
Common Stock and Stockholders' Equity (Deficit) - Schedule of Restricted Stock Units (RSUs") Activity (Details) - 2014 and 2021 Plans - Restricted Stock Units shares in Thousands | 9 Months Ended |
Oct. 31, 2022 $ / shares shares | |
Class Of Stock [Line Items] | |
Beginning Balance, Number of Awards, Outstanding and unvested | shares | 10,406 |
Number of RSUs, Granted | shares | 6,264 |
Number of RSUs, Released | shares | (3,219) |
Number of RSUs, Cancelled | shares | (1,296) |
Ending Balance, Number of Awards, Outstanding and unvested | shares | 12,155 |
Beginning Balance, Weighted Average Grant Date Fair Value | $ / shares | $ 37.46 |
Weighted-average grant-date fair value, granted | $ / shares | 43.99 |
Weighted Average Grant Date Fair Value, Released | $ / shares | 32.65 |
Weighted Average Grant Date Fair Value, Cancelled | $ / shares | 36.42 |
Ending Balance, Weighted Average Grant Date Fair Value | $ / shares | $ 42.21 |
Common Stock and Stockholders_7
Common Stock and Stockholders' Equity (Deficit) - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Stock-based compensation expense: | ||||
Stock-based compensation expense, net of amounts capitalized | $ 46,710 | $ 1,542 | $ 135,372 | $ 4,766 |
Capitalized stock-based compensation | 1,254 | 3,042 | ||
Total stock-based compensation expense | 47,964 | 1,542 | 138,414 | 4,766 |
Cost Of Revenue [Member] | Support | ||||
Stock-based compensation expense: | ||||
Stock-based compensation expense, net of amounts capitalized | 2,152 | 193 | 6,332 | 378 |
Cost Of Revenue [Member] | Cloud Hosted Services | ||||
Stock-based compensation expense: | ||||
Stock-based compensation expense, net of amounts capitalized | 792 | 1 | 2,118 | 6 |
Cost Of Revenue [Member] | Professional Services and Other | ||||
Stock-based compensation expense: | ||||
Stock-based compensation expense, net of amounts capitalized | 722 | 12 | 2,102 | 36 |
Sales And Marketing [Member] | ||||
Stock-based compensation expense: | ||||
Stock-based compensation expense, net of amounts capitalized | 15,398 | 525 | 44,212 | 1,748 |
Research And Development [Member] | ||||
Stock-based compensation expense: | ||||
Stock-based compensation expense, net of amounts capitalized | 14,988 | 436 | 40,233 | 1,272 |
General And Administrative [Member] | ||||
Stock-based compensation expense: | ||||
Stock-based compensation expense, net of amounts capitalized | $ 12,658 | $ 375 | $ 40,375 | $ 1,326 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Additional Information (Details) | 9 Months Ended |
Oct. 31, 2022 | |
Class of Stock [Line Items] | |
Common stock, voting rights | the affirmative vote of the holders of 66-2/3% of the voting power of outstanding Class B common stock. Following such conversion, each share of Class A common stock will have one vote per share and the rights of the holders of all outstanding common stock will be identical. |
Class A Common Stock | |
Class of Stock [Line Items] | |
Common stock, voting rights | one vote |
Class B Common Stock | |
Class of Stock [Line Items] | |
Common stock, voting rights | ten votes |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Summary of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2022 | Jul. 31, 2022 | Apr. 30, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Earnings Per Share [Abstract] | ||||||||
Net loss | $ (71,958) | $ (74,764) | $ (78,217) | $ (21,951) | $ (24,901) | $ (15,586) | $ (224,939) | $ (62,438) |
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic | 187,080 | 66,782 | 185,124 | 66,313 | ||||
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, diluted | 187,080 | 66,782 | 185,124 | 66,313 | ||||
Net loss per share attributable to Class A and Class B common stockholders, basic | $ (0.38) | $ (0.33) | $ (1.22) | $ (0.94) | ||||
Net loss per share attributable to Class A and Class B common stockholders, diluted | $ (0.38) | $ (0.33) | $ (1.22) | $ (0.94) |
Net Loss Per Share Attributab_5
Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 23,724 | 120,801 | 23,472 | 120,801 |
Redeemable Convertible Preferred Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 94,128 | 94,128 | ||
Outstanding Stock Options and Restricted Stock Units | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 22,233 | 26,666 | 22,233 | 26,666 |
Share Purchase Rights Under the ESPP | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 1,491 | 1,239 | ||
Class A and Class B Common Stock Subject to Repurchase | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 7 | 7 |