Cover
Cover - shares | 6 Months Ended | |
Jul. 31, 2023 | Aug. 25, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-41121 | |
Entity Registrant Name | HashiCorp, Inc. | |
Entity Incorporation, State or Country Code | DE | |
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, State or Province | CA | |
Entity Address, Postal Zip Code | 94105 | |
City Area Code | (415) | |
Local Phone Number | 301-3250 | |
Title of 12(b) Security | Class A Common Stock, par value $0.000015 per share | |
Trading Symbol | HCP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001720671 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2024 | |
Common Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 109,376,687 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 84,511,053 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 830,018 | $ 1,286,134 |
Short-term investments | 414,094 | 0 |
Accounts receivable, net of allowance | 122,385 | 162,369 |
Deferred contract acquisition costs | 45,329 | 42,812 |
Prepaid expenses and other current assets | 28,526 | 17,683 |
Total current assets | 1,440,352 | 1,508,998 |
Deferred contract acquisition costs, non-current | 82,921 | 81,286 |
Acquisition-related intangible assets, net | 13,028 | 0 |
Goodwill | 12,265 | 0 |
Other assets, non-current | 42,037 | 38,056 |
Total assets | 1,590,603 | 1,628,340 |
Current liabilities: | ||
Accounts payable | 7,693 | 12,450 |
Accrued expenses and other current liabilities | 10,376 | 10,163 |
Accrued compensation and benefits | 53,505 | 58,628 |
Deferred revenue | 264,639 | 272,909 |
Customer deposits | 25,564 | 26,699 |
Total current liabilities | 361,777 | 380,849 |
Deferred revenue, non-current | 28,802 | 29,335 |
Other liabilities, non-current | 15,112 | 12,806 |
Total liabilities | 405,691 | 422,990 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Additional paid-in capital | 2,085,910 | 1,985,747 |
Accumulated other comprehensive loss | (1,028) | 0 |
Accumulated deficit | (899,973) | (780,400) |
Total stockholders’ equity | 1,184,912 | 1,205,350 |
Total liabilities and stockholders’ equity | 1,590,603 | 1,628,340 |
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 | Jul. 31, 2023 | Jan. 31, 2023 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.000015 | $ 0.000015 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 109,085,000 | 88,823,000 |
Common stock, shares outstanding (in shares) | 109,085,000 | 88,823,000 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.000015 | $ 0.000015 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 84,561,000 | 101,145,000 |
Common stock, shares outstanding (in shares) | 84,561,000 | 101,145,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Revenue: | ||||
Total revenue | $ 143,246 | $ 113,863 | $ 281,229 | $ 214,760 |
Cost of revenue: | ||||
Total cost of revenue | 29,334 | 21,540 | 56,122 | 40,929 |
Gross profit | 113,912 | 92,323 | 225,107 | 173,831 |
Operating expenses: | ||||
Sales and marketing | 101,134 | 87,674 | 191,698 | 167,926 |
Research and development | 59,962 | 47,885 | 114,155 | 95,060 |
General and administrative | 35,412 | 35,383 | 69,660 | 67,906 |
Total operating expenses | 196,508 | 170,942 | 375,513 | 330,892 |
Loss from operations | (82,596) | (78,619) | (150,406) | (157,061) |
Interest income | 16,300 | 3,926 | 31,280 | 4,542 |
Other income (expense), net | (105) | 66 | (225) | (40) |
Loss before income taxes | (66,401) | (74,627) | (119,351) | (152,559) |
Provision (benefit) for income taxes | (86) | 137 | 222 | 422 |
Net loss | $ (66,315) | $ (74,764) | $ (119,573) | $ (152,981) |
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share) | $ (0.34) | $ (0.40) | $ (0.62) | $ (0.83) |
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share) | $ (0.34) | $ (0.40) | $ (0.62) | $ (0.83) |
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic (in shares) | 192,610 | 185,212 | 191,723 | 184,114 |
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, diluted (in shares) | 192,610 | 185,212 | 191,723 | 184,114 |
Subscription revenue | ||||
Revenue: | ||||
Total revenue | $ 139,093 | $ 110,232 | $ 272,708 | $ 208,616 |
Cost of revenue: | ||||
Total cost of revenue | 24,421 | 18,331 | 46,877 | 34,392 |
Subscription revenue | License | ||||
Revenue: | ||||
Total revenue | 16,724 | 15,338 | 31,882 | 25,682 |
Cost of revenue: | ||||
Total cost of revenue | 498 | 360 | 1,083 | 753 |
Subscription revenue | Support | ||||
Revenue: | ||||
Total revenue | 103,997 | 84,257 | 205,910 | 163,465 |
Cost of revenue: | ||||
Total cost of revenue | 16,304 | 12,272 | 31,147 | 23,110 |
Subscription revenue | Cloud-hosted services | ||||
Revenue: | ||||
Total revenue | 18,372 | 10,637 | 34,916 | 19,469 |
Cost of revenue: | ||||
Total cost of revenue | 7,619 | 5,699 | 14,647 | 10,529 |
Professional services and other | ||||
Revenue: | ||||
Total revenue | 4,153 | 3,631 | 8,521 | 6,144 |
Cost of revenue: | ||||
Total cost of revenue | $ 4,913 | $ 3,209 | $ 9,245 | $ 6,537 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (66,315) | $ (74,764) | $ (119,573) | $ (152,981) |
Available-for-sale investments: | ||||
Unrealized losses on available-for-sale investments | (867) | 0 | (933) | 0 |
Foreign currency forward contracts: | ||||
Unrealized losses on foreign currency forward contracts | (95) | 0 | (95) | 0 |
Other comprehensive loss, net of tax | (962) | 0 | (1,028) | 0 |
Total comprehensive loss | $ (67,277) | $ (74,764) | $ (120,601) | $ (152,981) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Class A and Class B Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance (in shares) at Jan. 31, 2022 | 182,167,000 | ||||
Beginning balance at Jan. 31, 2022 | $ 1,282,291 | $ 3 | $ 1,788,390 | $ (506,102) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 839,000 | ||||
Issuance of common stock upon exercise of stock options | 521 | 521 | |||
Vesting of early exercised stock options | 3 | 3 | |||
Issuance of common stock upon settlement of restricted stock units (in shares) | 710,000 | ||||
Tax withholdings on settlement of restricted stock units (in shares) | (8,000) | ||||
Tax withholdings on settlement of restricted stock units | (125) | (125) | |||
Stock-based compensation | 47,141 | 47,141 | |||
Net loss | (78,217) | (78,217) | |||
Ending balance (in shares) at Apr. 30, 2022 | 183,708,000 | ||||
Ending balance at Apr. 30, 2022 | 1,251,614 | $ 3 | 1,835,930 | (584,319) | |
Beginning balance (in shares) at Jan. 31, 2022 | 182,167,000 | ||||
Beginning balance at Jan. 31, 2022 | 1,282,291 | $ 3 | 1,788,390 | (506,102) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Other comprehensive loss | 0 | ||||
Net loss | (152,981) | ||||
Ending balance (in shares) at Jul. 31, 2022 | 186,320,000 | ||||
Ending balance at Jul. 31, 2022 | 1,230,230 | $ 3 | 1,889,310 | (659,083) | |
Beginning balance (in shares) at Apr. 30, 2022 | 183,708,000 | ||||
Beginning balance at Apr. 30, 2022 | 1,251,614 | $ 3 | 1,835,930 | (584,319) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 786,000 | ||||
Issuance of common stock upon exercise of stock options | 1,645 | 1,645 | |||
Vesting of early exercised stock options | 2 | 2 | |||
Issuance of common stock upon settlement of restricted stock units (in shares) | 1,477,000 | ||||
Tax withholdings on settlement of restricted stock units (in shares) | (2,000) | ||||
Tax withholdings on settlement of restricted stock units | (77) | (77) | |||
Issuance of common stock under employee stock purchase plan (in shares) | 351,000 | ||||
Issuance of common stock under employee stock purchase plan | 8,501 | 8,501 | |||
Stock-based compensation | 43,309 | 43,309 | |||
Other comprehensive loss | 0 | ||||
Net loss | (74,764) | (74,764) | |||
Ending balance (in shares) at Jul. 31, 2022 | 186,320,000 | ||||
Ending balance at Jul. 31, 2022 | 1,230,230 | $ 3 | 1,889,310 | (659,083) | |
Beginning balance (in shares) at Jan. 31, 2023 | 189,968,000 | ||||
Beginning balance at Jan. 31, 2023 | 1,205,350 | $ 3 | 1,985,747 | $ 0 | (780,400) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 513,000 | ||||
Issuance of common stock upon exercise of stock options | 1,013 | 1,013 | |||
Issuance of common stock upon settlement of restricted stock units (in shares) | 1,071,000 | ||||
Tax withholdings on settlement of restricted stock units | (9) | (9) | |||
Stock-based compensation | 41,266 | 41,266 | |||
Other comprehensive loss | (66) | (66) | |||
Net loss | (53,258) | (53,258) | |||
Ending balance (in shares) at Apr. 30, 2023 | 191,552,000 | ||||
Ending balance at Apr. 30, 2023 | 1,194,296 | $ 3 | 2,028,017 | (66) | (833,658) |
Beginning balance (in shares) at Jan. 31, 2023 | 189,968,000 | ||||
Beginning balance at Jan. 31, 2023 | 1,205,350 | $ 3 | 1,985,747 | 0 | (780,400) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Other comprehensive loss | (1,028) | ||||
Net loss | (119,573) | ||||
Ending balance (in shares) at Jul. 31, 2023 | 193,646,000 | ||||
Ending balance at Jul. 31, 2023 | 1,184,912 | $ 3 | 2,085,910 | (1,028) | (899,973) |
Beginning balance (in shares) at Apr. 30, 2023 | 191,552,000 | ||||
Beginning balance at Apr. 30, 2023 | 1,194,296 | $ 3 | 2,028,017 | (66) | (833,658) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 366,000 | ||||
Issuance of common stock upon exercise of stock options | 442 | 442 | |||
Issuance of common stock upon settlement of restricted stock units (in shares) | 1,307,000 | ||||
Tax withholdings on settlement of restricted stock units (in shares) | (5,000) | ||||
Tax withholdings on settlement of restricted stock units | (215) | (215) | |||
Issuance of common stock under employee stock purchase plan (in shares) | 426,000 | ||||
Issuance of common stock under employee stock purchase plan | 10,195 | 10,195 | |||
Stock-based compensation | 47,471 | 47,471 | |||
Other comprehensive loss | (962) | (962) | |||
Net loss | (66,315) | (66,315) | |||
Ending balance (in shares) at Jul. 31, 2023 | 193,646,000 | ||||
Ending balance at Jul. 31, 2023 | $ 1,184,912 | $ 3 | $ 2,085,910 | $ (1,028) | $ (899,973) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (119,573) | $ (152,981) |
Adjustments to reconcile net loss to cash from operating activities: | ||
Stock-based compensation expense, net of amounts capitalized | 86,282 | 88,662 |
Depreciation and amortization expense | 3,876 | 1,947 |
Non-cash operating lease cost | 1,474 | 1,416 |
Accretion of discounts on marketable securities | (4,196) | 0 |
Deferred income taxes | (482) | 0 |
Other | 68 | (19) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 39,914 | 15,227 |
Deferred contract acquisition costs | (4,152) | (19,688) |
Prepaid expenses and other assets | (11,161) | (1,175) |
Accounts payable | (5,007) | (3,044) |
Accrued expenses and other liabilities | (1,776) | (1,741) |
Accrued compensation and benefits | (5,123) | (1,961) |
Deferred revenue | (8,803) | 3,523 |
Customer deposits | (1,135) | (1,035) |
Net cash used in operating activities | (29,794) | (70,869) |
Cash flows from investing activities | ||
Business combination, net of cash acquired | (20,859) | 0 |
Purchases of property and equipment | (417) | (72) |
Capitalized internal-use software | (5,669) | (3,516) |
Purchases of short-term investments | (469,704) | 0 |
Proceeds from sales of short-term investments | 26,372 | 0 |
Proceeds from maturities of short-term investments | 32,529 | 0 |
Net cash used in investing activities | (437,748) | (3,588) |
Cash flows from financing activities | ||
Taxes paid related to net share settlement of equity awards | (224) | (202) |
Proceeds from issuance of common stock upon exercise of stock options | 1,455 | 2,166 |
Proceeds from issuance of common stock under employee stock purchase plan | 10,195 | 8,501 |
Net cash provided by financing activities | 11,426 | 10,465 |
Net decrease in cash and cash equivalents, and restricted cash | (456,116) | (63,992) |
Cash and cash equivalents, and restricted cash beginning of period | 1,286,134 | 1,357,613 |
Cash and cash equivalents, and restricted cash end of period | 830,018 | 1,293,621 |
Supplemental disclosure of cash flow information | ||
Cash paid for income taxes, net of refunds received | 784 | 408 |
Cash paid for operating lease liabilities | 1,930 | 1,874 |
Supplemental disclosure of noncash investing and financing activities | ||
Capitalized stock-based compensation expense | 2,455 | 1,788 |
Acquisition holdback | $ 4,200 | $ 0 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jul. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Description of Business |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying 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, 2023 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, 2023 (the “2023 Form 10-K”), but does not include all disclosures required by U.S. GAAP. Therefore, these interim condensed consolidated financial statements and accom panying 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, 2023 (the “fiscal 2023 Form 10-K”). The accompanying 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 six months ended July 31, 2023 shown in this report are not necessarily indicative of the results to be expected for the full year ending January 31, 2024 or any other period. Principles of Consolidation The 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, but are not limited to, 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, goodwill and acquisition-related intangible assets, and 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. Accumulated Other Comprehensive Loss As of July 31, 2023, accumulated other comprehensive loss was comprised of unrealized losses from available-for-sale investments and unrealized losses related to the effective portion of changes in the fair value of foreign currency forward contracts designated as cash flow hedges. Impairment of Long-Lived Assets Long-lived assets, such as property and equipment, acquired intangible assets, and capitalized software development costs subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If circumstances require a long-lived asset be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by the asset to its carrying value. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values, and third-party independent appraisals, as considered necessary. For the fiscal years presented, there were no impairment losses recognized for any long-lived assets. Significant Accounting Policies Other than the business combinations, goodwill, short-term investments and derivative instruments and hedging policies described below, there have been no changes to the Company’s significant accounting policies described in the fiscal 2023 Form 10-K that have had a material impact on these condensed consolidated financial statements and related notes. Business Combinations The Company recognizes identifiable assets acquired and liabilities assumed at their acquisition date fair value. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, its estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill to the extent that the Company identifies adjustments to the preliminary purchase price allocation. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations. There has been no such adjustment as of July 31, 2023. Goodwill Goodwill represents the excess of the purchase price of an acquired business over the fair value of the underlying net tangible and intangible assets. Goodwill is evaluated for impairment annually in the fourth quarter of the Company’s fiscal year, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, a significant adverse change in customer demand or business climate that could affect the value of goodwill, or a significant decrease in expected cash flows. As of July 31, 2023, the Company has not had any goodwill impairments. Short-term Investments The Company’s short-term investments consist of U.S. treasury securities, corporate notes and bonds, U.S. agency obligations, commercial paper, and certificates of deposit. The Company determines the appropriate classification of its short-term investments at the time of purchase and reevaluates such determination at each balance sheet date. The Company has classified and accounted for its short-term investments as available-for-sale securities. The Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its short-term investments, including those with maturities beyond twelve months, as current assets in the consolidated balance sheets. Available-for-sale securities are recorded at fair value each reporting period, and are adjusted for amortization of premiums and accretion of discounts to maturity and such amortization and accretion are included in interest income in the condensed consolidated statements of operations. Realized gains and losses are determined based on the specific identification method and are reported in other income (expense), net in the condensed consolidated statements of operations. Unrealized gains are reported as a separate component of accumulated other comprehensive loss on the condensed consolidated balance sheets until realized. For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell the security or it is more likely than not that the Company will be required to sell the security before the recovery of its entire amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through other income (expense), net in the condensed consolidated statements of operations. If neither of these criteria is met, the Company evaluates whether the decline in fair value below amortized cost is due to credit or non-credit related factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. Credit related unrealized losses are recognized as an allowance for expected credit losses of available-for-sale debt securities on the condensed consolidated balance sheets with a corresponding charge in other income (expense), net in the condensed consolidated statements of operations. Non-credit related unrealized losses are included in accumulated other comprehensive loss. As of July 31, 2023, the Company did not identify any credit losses on short-term investments. Realized gains and losses on the sale of short-term investments are determined on a specific identification method and are recorded in other income (expense), net in the consolidated statements of operations. For the three and six months ended, the realized gains or losses on the sale of short-term investments were not material. Derivative Instruments and Hedging The Company enters into foreign currency forward contracts with certain financial institutions to mitigate the impact of foreign currency fluctuations on future cash flows and earnings. All of the Company’s foreign currency forward contracts are designated as cash flow hedges. The foreign currency forward contracts generally have maturities of 12 months or less. The Company recognizes all forward contracts as either assets or liabilities on the consolidated balance sheets at fair value. Gains and losses on each forward contract are initially reported as a component of accumulated other comprehensive income (loss) (“AOCI”), and subsequently reclassified into cost of revenue or operating expense in the same period, or periods, during which the hedged transaction affects earnings. The Company evaluates the effectiveness of its cash flow hedges on a quarterly basis and does not exclude any component of the changes in fair value of the derivative instruments for effectiveness testing purposes. The Company classifies cash flows related to its cash flow hedges as operating activities in its consolidated statements of cash flows. The Company does not have collateral requirements with any of its counterparties. The Company does not use derivative instruments for trading or speculative purposes. |
Business Combinations
Business Combinations | 6 Months Ended |
Jul. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | 3. Business Combinations On June 2, 2023 (the "Closing"), the Company acquired all outstanding share capital of BluBracket, Inc. (“BluBracket acquisition”). BluBracket is a Palo Alto-based security startup that has developed a code security solution that identifies, prevents, and resolves potential risks in source code, development environments, and pipelines. The Company expects that BluBracket will enable its customers to have full visibility into their entire secrets inventory, complementing Vault's core secrets management solution. The aggregate purchase price was $25.1 million settled in cash (the "Purchase Price") of which the Company is holding back approximately $4.0 million for 14 months after the Closing and $0.2 million within one year following the Closing to satisfy indemnification obligations of BluBracket (the "Holdback"). The Holdback has been accrued as a long-term liability. The purchase price excludes retention agreements entered into with certain employees of BluBracket, pursuant to which the Company will pay up to an aggregate of $5.0 million in cash (the “Retention Payments”). The vesting and payout of the Retention Payments is subject to continued employment and achievement of certain semi-annual milestones over two years following the Closing. The Retention Payment is recorded as post-combination compensation expense within research and development in the condensed consolidated statements of operations over the requisite service period. During the three and six months ended July 31, 2023, the Company recognized compensation expense of $0.4 million related to the Retention Payment agreements. The acquisition was accounted for as a business combination. A portion of the Purchase Price was allocated to the fair value of the developed technology and customer relationship acquired, net liabilities assumed and a deferred tax liability related to developed technology, as set forth below. The useful lives for these acquired developed technology and the customer relationship were estimated to be five The following table presents the purchase price allocation related to the acquisition (in thousands): As of July, 31, 2023 Net liabilities $ (224) Developed technology 12,500 Customer relationship 1,000 Deferred tax liabilities (482) Goodwill 12,265 Total purchase consideration $ 25,059 The estimated fair value of developed technology and customer relationship acquired of $12.5 million and $1.0 million were determined using a replacement cost approach methodology, which is based on the cost that a market participant would incur to reconstruct a substitute asset of comparable utility and generate the acquired portfolio of customers, respectively. The financial results of BluBracket are included in the Company's consolidated financial statements from the date of acquisition. The business combination did not have a material impact on the consolidated financial statements and therefore historical and pro forma disclosures have not been presented. |
Goodwill and Acquisition-relate
Goodwill and Acquisition-related Intangible Assets, Net | 6 Months Ended |
Jul. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquisition-related Intangible Assets, Net | 4. Goodwill and Acquisition-related Intangible Assets, Net On June 2, 2023, the Company completed the acquisition of BluBracket, Inc. As of the closing of the acquisition, the estimated fair value of the acquired developed technology, customer relationship, and goodwill was $12.5 million, $1.0 million, and $12.3 million, respectively. Goodwill Goodwill as of July 31, 2023 was $12.3 million. No goodwill was recorded as of January 31, 2023. During the six months ended July 31, 2023, changes in goodwill consisted of the following (in thousands): Balance as of January 31, 2023 $ — BluBracket, Inc. (Note 3) 12,265 Balance as of July 31, 2023 $ 12,265 Acquisition-related Intangible Assets, Net Acquisition-related intangible assets, net consisted of the following as of July 31, 2023 (in thousands except for useful life): Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Life Developed technology $ 12,500 $ 417 $ 12,083 4.8 Customer relationship $ 1,000 $ 55 $ 945 2.8 Acquired intangible assets are recorded at cost, net of accumulated amortization, and are amortized on a straight-line basis over their estimated useful lives. Amortization expense of acquired developed technology was included in cost of cloud-hosted services in the condensed consolidated statements of operations and was $0.5 million for the three and six months ended July 31, 2023. Amortization expense of customer relationship was included in sales and marketing in the condensed consolidated statements of operations, and was not significant for the three and six months ended July 31, 2023. Estimated future amortization expense as of July 31, 2023 is as follows (in thousands): Year ending January 31, Amount 2024 (remaining six months) $ 1,417 2025 2,833 2026 2,833 2027 2,612 2028 2,500 2029 and thereafter 833 Total $ 13,028 |
Revenue and Performance Obligat
Revenue and Performance Obligations | 6 Months Ended |
Jul. 31, 2023 | |
Disaggregation of Revenue [Abstract] | |
Revenue and Performance Obligations | 5. Revenue and Performance Obligations Disaggregation of revenue The following table presents revenue by category (in thousands, except percentages): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Amount % of Total Amount % of Total Amount % of Total Amount % of Total License $ 16,724 12 % $ 15,338 13 % $ 31,882 11 % $ 25,682 12 % Support 103,997 72 84,257 75 $ 205,910 74 163,465 76 Cloud-hosted services 18,372 13 10,637 9 $ 34,916 12 19,469 9 Total subscription revenue 139,093 97 110,232 97 272,708 97 208,616 97 Professional services and other 4,153 3 3,631 3 8,521 3 6,144 3 Total revenue $ 143,246 100 % $ 113,863 100 % $ 281,229 100 % $ 214,760 100 % 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 (in thousands, except percentages): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Amount % of Total Amount % of Total Amount % of Total Amount % of Total United States $ 100,057 70 % $ 83,402 73 % $ 198,614 71 % $ 156,192 73 % Rest of the world 43,189 30 30,461 27 82,615 29 58,568 27 Total $ 143,246 100 % $ 113,863 100 % $ 281,229 100 % $ 214,760 100 % 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 July 31, Six Months Ended July 31, 2023 2022 2023 2022 Balance, beginning of period $ 276,414 $ 219,928 $ 302,244 $ 223,289 Deferred revenue billings including reclassification to deferred revenue from customer deposits 160,210 121,434 273,256 219,528 Recognition of revenue, net of change in unbilled accounts receivable* (143,183) (114,550) (282,059) (216,005) Balance, end of period $ 293,441 $ 226,812 $ 293,441 $ 226,812 * Reconciliation to revenue reported per consolidated statements of operations: Revenue billed as of the end of the period $ 143,183 $ 114,550 $ 282,059 $ 216,005 Increase (decrease) in total unbilled accounts receivable 63 (687) (830) (1,245) Revenue reported per consolidated statements of operations $ 143,246 $ 113,863 $ 281,229 $ 214,760 Unbilled accounts receivable represents 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 July 31, 2023 and January 31, 2023, unbilled accounts receivable of approximately $4.1 million and $4.9 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 July 31, 2023 and January 31, 2023, the Company had $682.5 million and $647.1 million, respectively, of remaining performance obligations, which is comprised of product and services revenue not yet delivered. As of July 31, 2023 and January 31, 2023, the Company expected to recognize approximately 58% and 58%, 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 July 31, 2023 January 31, 2023 Within the next 12 months $ 21,412 $ 22,657 After the next 12 months 4,152 4,042 Total $ 25,564 $ 26,699 |
Short-term Investments
Short-term Investments | 6 Months Ended |
Jul. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-term Investments | 6. Short-term Investments The following tables summarize the fair values of the Company’s short-term investments (in thousands): As of July 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 224,375 $ — $ (566) $ 223,809 U.S. agency obligations 65,065 — (144) 64,921 Corporate notes and bonds 64,892 13 (236) 64,669 Commercial paper 47,866 — — 47,866 Certificates of deposit 12,829 — — 12,829 Total short-term investments $ 415,027 $ 13 $ (946) $ 414,094 The Company does not hold any marketable securities that have been in a continuous unrealized loss position for over 12 months. For short-term investments with an unrealized loss at July 31, 2023, the unrealized losses were not due to credit-related factors, the Company does not intend to sell these short-term investments and it is more likely than not that the Company will hold these short-term investments until maturity or a recovery of the cost basis. Therefore no allowance for expected credit losses was recorded as of July 31, 2023. Realized gains (losses) were not material for the three and six months ended July 31, 2023. The following table summarizes the contractual maturities of the Company’s short-term investments (in thousands): As of July 31, 2023 Amortized Cost Fair Value Due within one year $ 377,007 $ 376,257 Due after one year through three years 38,020 37,837 Total $ 415,027 $ 414,094 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. 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 As of July 31, 2023 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Assets: Cash and Cash equivalents: Cash $ 807,068 $ — $ — $ 807,068 Money market funds Level 1 19,157 — — 19,157 U.S. treasury securities Level 2 499 — — 499 Corporate notes and bonds Level 2 200 — — 200 Commercial paper Level 2 3,094 — — 3,094 Total cash and cash equivalents $ 830,018 $ — $ — $ 830,018 Short-term Investments: U.S. treasury securities Level 2 $ 224,375 $ — $ (566) $ 223,809 U.S. agency obligations Level 2 65,065 — (144) 64,921 Corporate notes and bonds Level 2 64,892 13 (236) 64,669 Commercial paper Level 2 47,866 — — 47,866 Certificates of deposit Level 2 12,829 — — 12,829 Total short-term investments $ 415,027 $ 13 $ (946) $ 414,094 Total Assets $ 1,245,045 $ 13 $ (946) $ 1,244,112 Liabilities: Derivative instruments: Foreign currency forward contracts Level 2 $ — $ — $ 95 $ 95 Total derivative instruments — — 95 95 Total Liabilities $ — $ — $ 95 $ 95 The following table summarizes the respective fair value and the classification by level within the fair value hierarchy (in thousands): Fair Value Measurement As of January 31, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents Money market funds $ 169,904 $ — $ — $ 169,904 Total cash and cash equivalents 169,904 — — 169,904 Total assets measured at fair value $ 169,904 $ — $ — $ 169,904 The Company classifies its highly liquid money market funds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its corporate notes and bonds, U.S. treasury securities, U.S. agency obligations, commercial paper, certificate of deposits and foreign currency forward contracts within Level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security that may not be actively traded. As of July 31, 2023, the declines in the market value of the Company's short-term investment portfolio were not driven by credit related factors. During the six months ended July 31, 2023, the Company determined that it does not intend to sell any securities with a decline in market value, and it is more likely than not that the Company will be able to hold these securities until the entire principal has been recovered. Therefore, the Company did not recognize any losses on the short-term investments due to credit related factors. As of July 31, 2023, the total unrealized losses were not material. There were no transfers between fair value measurement levels during the six months ended July 31, 2023. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging | 6 Months Ended |
Jul. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging | 8. Derivative Instruments and Hedging In June 2023, the Company began entering into foreign currency forward contracts to manage its exposure to certain foreign currency exchange risks. The Company’s derivative instruments generally have maturities of 12 months or less. The Company does not use derivative instruments for trading or speculative purposes. As of July 31, 2023, the Company’s foreign currency forward contracts had an aggregate notional amount of $7.8 million. The Company does not have collateral requirements with any of its counterparties. The following table summarizes the fair value of the Company’s derivative instruments on the condensed consolidated balance sheets (in thousands): Balance Sheet Location Fair Value Derivative Liabilities: Foreign currency forward contracts designated as hedging instruments Accrued expenses and other liabilities $ 95 Total derivative liabilities $ 95 The following table presents the activity of foreign currency forward contracts designated as hedging instruments and the impact of these derivatives on AOCI (in thousands): Six Months Ended July 31, 2023 Beginning balance $ — Net losses recognized in other comprehensive income (108) Net losses reclassified from AOCI to earnings 13 Ending balance $ (95) As of July 31, 2023, net unrealized loss included in the balance of accumulated other comprehensive loss related to foreign currency forward contracts designated as hedging instruments was $0.1 million, all of which the Company expects to reclassify from accumulated other comprehensive loss into earnings over the next 12 months. The effect of foreign currency forward contracts were immaterial on the condensed consolidated financials for the three and six months ended July 31, 2023. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jul. 31, 2023 | |
Supplemental Balance Sheet Disclosures [Abstract] | |
Balance Sheet Components | 9. Balance Sheet Components Other Assets, Non-Current Other assets, non-current are comprised of the following (in thousands): As of July 31, 2023 January 31, 2023 Property and equipment, net $ 29,784 $ 24,594 Operating lease right-of-use assets 11,086 12,560 Other 1,167 902 Total other assets, non-current $ 42,037 $ 38,056 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 July 31, 2023 January 31, 2023 Furniture and fixtures 5 years $ 1,329 $ 1,292 Computers, equipment and software 3 years 580 581 Capitalized internal-use software development costs 5 years 33,942 25,817 Leasehold improvements Shorter of useful life or lease term 5,510 5,138 Construction in progress 54 47 Total property and equipment 41,415 32,875 Less: accumulated depreciation and amortization (11,631) (8,281) Property and equipment, net $ 29,784 $ 24,594 Total depreciation and amortization expense for property and equipment for the three months ended July 31, 2023 and 2022 was $1.8 million and $1.0 million, respectively. Total depreciation and amortization expense for property and equipment for the six months ended July 31, 2023 and 2022 was $3.4 million and $1.9 million, respectively. The Company capitalized $4.3 million and $2.8 million in internal-use software development costs for the three months ended July 31, 2023 and 2022, and $8.1 million and $5.3 million for the six months ended July 31, 2023 and 2022, respectively. Amortization expense associated with internal-use software development costs totaled $1.5 million and $0.8 million for three months ended July 31, 2023 and 2022, respectively, and $2.8 million and $1.4 million for the six months ended July 31, 2023 and 2022. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities are comprised of the following (in thousands): As of July 31, 2023 January 31, 2023 Accrued expenses $ 3,940 $ 4,222 Operating lease liabilities 3,590 3,380 Sales tax payable 1,771 1,480 Accrued income taxes payable 980 1,081 Hedging liabilities 95 — Total accrued expenses and other current liabilities $ 10,376 $ 10,163 Accrued Compensation and Benefits Accrued compensation and benefits are comprised of the following (in thousands): As of July 31, 2023 January 31, 2023 Accrued commissions $ 13,853 $ 16,932 Accrued vacation 21,969 20,614 Accrued payroll and withholding taxes 7,451 11,574 ESPP employee contributions 3,903 4,247 Accrued bonus 3,570 3,220 Other 2,759 2,041 Total accrued compensation and benefits $ 53,505 $ 58,628 Deferred Contract Acquisition Costs The following table summarizes the activity of deferred contract acquisition costs (in thousands): Six Months Ended July 31, 2023 2022 Beginning balance $ 124,098 $ 89,331 Capitalization of contract acquisition costs 30,541 39,668 Amortization of deferred contract acquisition costs (26,390) (19,980) Ending balance $ 128,250 $ 109,019 Deferred contract acquisition costs, current $ 45,329 $ 36,219 Deferred contract acquisition costs, non-current 82,921 72,800 Total deferred contract acquisition costs $ 128,250 $ 109,019 There were no impairment losses recognized for deferred contract acquisition costs during the three and six months ended July 31, 2023 and 2022. Other Liabilities, Non-Current The following table summarizes the activity of other liabilities, non-current (in thousands): As of July 31, 2023 January 31, 2023 Operating lease liabilities, non-current $ 10,245 $ 12,093 Acquisition holdback, non-current 4,046 — Accrued commissions, non-current 821 713 Total other liabilities, non-current $ 15,112 $ 12,806 |
Leases
Leases | 6 Months Ended |
Jul. 31, 2023 | |
Leases [Abstract] | |
Leases | 10. 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 July 31, Six Months Ended July 31, 2023 2022 2023 2022 Short-term lease costs $ 184 $ 46 $ 340 $ 145 Operating lease costs 878 878 1,756 1,756 Total lease costs $ 1,062 $ 924 $ 2,096 $ 1,901 Variable lease cost was not significant for the three and six months ended July 31, 2023 and 2022. There were no other lease components for the periods presented. Lease term and discount rate information are summarized as follows: As of July 31, 2023 Weighted average remaining lease terms (in years) 3.7 Weighted average discount rate 3.8 % Future lease payments under noncancelable operating leases on an undiscounted cash flow basis as of July 31, 2023 are as follows (in thousands): Years Ending January 31, Amount 2024 (remaining six months) $ 1,994 2025 4,150 2026 3,734 2027 3,737 2028 1,277 Total minimum lease payments 14,892 Less imputed interest (1,057) Present value of future minimum lease payments 13,835 Less current lease liabilities (3,590) Operating lease liabilities, non-current $ 10,245 Operating lease liabilities are included in accrued expenses and other current liabilities, and non-current lease liabilities are included in other liabilities, non-current, in the condensed consolidated balance sheets. There were no lease related operating right-of-use asset impairment losses in the three and six months ended July 31, 2023 and 2022. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. 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 July 31, 2023 and January 31, 2023. 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. |
Common Stock and Stockholders'
Common Stock and Stockholders' Equity | 6 Months Ended |
Jul. 31, 2023 | |
Equity [Abstract] | |
Common Stock and Stockholders' Equity | 12. Common Stock and Stockholders' Equity Common Stock Reserved for Future Issuance The Company reserved shares of common stock for future issuance as follows (in thousands): As of July 31, 2023 January 31, 2023 Options outstanding 8,424 9,315 Restricted stock units outstanding 14,702 11,588 Remaining shares available for future issuance under the 2021 Equity Incentive Plan ("2021 Plans") 25,490 21,466 2021 Employee Stock Purchase Plan ("ESPP") 4,481 3,008 Total 53,097 45,377 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 Aggregate Intrinsic Value Balance as of January 31, 2023 9,315 $ 1.92 4.6 $ 281,837 Stock options exercised (879) 1.66 24,920 Stock options cancelled/forfeited/expired (12) 22.39 Balance as of July 31, 2023 8,424 1.92 4.2 233,235 Exercisable as of July 31, 2023 8,371 $ 1.84 4.2 $ 232,479 The total grant-date fair value of stock options vested was $0.8 million and $2.8 million during the six months ended July 31, 2023 and 2022. The total intrinsic value of options exercised during the six months ended July 31, 2023 and 2022 were $24.9 million and $59.5 million, respectively. Restricted Stock Units The Company’s summary of restricted stock units ("RSUs") activity under the 2021 Plan is as follows (in thousands): Number of Awards Weighted-Average Grant Date Fair Value Outstanding and unvested at January 31, 2023 11,588 $ 42.48 RSUs granted 6,830 $ 28.93 RSUs released (2,378) $ 35.58 RSUs cancelled (1,338) $ 38.32 Outstanding and unvested at July 31, 2023 14,702 $ 37.67 The total grant-date fair value of RSUs vested was $84.6 million and $64.9 million during the six months ended July 31, 2023 and 2022. Employee Stock Purchase Plan A total of 4,480,939 shares of Class A common stock are available for future issuance under the ESPP as of July 31, 2023. For the six months ended July 31, 2023 and 2022, the Company recognized $6.5 million and $7.3 million of stock-based compensation expense related to the ESPP, respectively. As of July 31, 2023, unrecognized stock-based compensation expense related to the ESPP was approximately $15.9 million, which is expected to be recognized over a weighted-average period of approximately 1.4 years. The Company’s current offering period began December 15, 2022 and is expected to end December 15, 2024. During the six months ended July 31, 2023, employees purchased 426,193 shares of common stock under the ESPP at a purchase price of $23.97 per share, resulting in total cash proceeds of $10.2 million. ESPP employee payroll contributions accrued as of July 31, 2023 were $3.9 million and are reported within accrued compensation and benefits in the consolidated balance sheets. Payroll contributions accrued as of July 31, 2023 will be used to purchase shares at the end of the current purchase period ending on December 15, 2023. Payroll contributions ultimately used to purchase shares will be reclassified as stockholders’ equity on the purchase date. 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 July 31, Six Months Ended July 31, 2023 2022 2023 2022 Cost of support $ 2,844 $ 2,221 $ 5,100 $ 4,180 Cost of cloud-hosted services 557 686 1,166 1,326 Cost of professional services and other 647 652 1,213 1,380 Sales and marketing 15,483 14,421 27,442 28,814 Research and development 12,942 10,507 24,673 25,245 General and administrative 13,646 13,916 26,688 27,717 Stock-based compensation expense, net of amounts capitalized $ 46,119 $ 42,403 $ 86,282 $ 88,662 Capitalized stock-based compensation 1,352 906 2,455 1,788 Total stock-based compensation expense $ 47,471 $ 43,309 $ 88,737 $ 90,450 As of July 31, 2023 and 2022, total unrecognized stock-based compensation expense related to RSUs was approximately $418.4 million and $390.6 million, respectively, which are expected to be recognized over a weighted-average period of approximately 3.1 years and 2.4 years, respectively. As of July 31, 2023, and 2022, total unrecognized stock-based compensation expense related to unvested stock options was approximately $0.5 million and $2.9 million, respectively, which are expected to be recognized over a weighted-average period of approximately 1.2 years and 1.4 years, respectively. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 6 Months Ended |
Jul. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | 13. Net Loss Per Share Attributable to Common Stockholders For periods in which there were Class A and Class B shares 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. Class B common stock has ten votes per share, and 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 both 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 July 31, Six Months Ended July 31, 2023 2022 2023 2022 Numerator: Net loss $ (66,315) $ (74,764) $ (119,573) $ (152,981) Denominator: Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted 192,610 185,212 191,723 184,114 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (0.34) $ (0.40) $ (0.62) $ (0.83) 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 July 31, Six Months Ended July 31, 2023 2022 2023 2022 Outstanding stock options and restricted stock units 23,126 22,569 23,126 22,569 Share purchase rights under the ESPP 1,188 1,760 1,182 1,373 Class A and Class B common stock subject to repurchase — 1 — 1 Total 24,314 24,330 24,309 23,943 |
Reduction in Workforce and Rela
Reduction in Workforce and Related Charges | 6 Months Ended |
Jul. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Reduction in Workforce and Related Charges | 14. Reduction In Workforce and Related Charges On June 7, 2023 the Company announced a workforce reduction plan impacting approximately 8% of the Company’s workforce. The workforce reduction plan was intended to increase operational efficiency, decrease costs and increase profitability. As of July 31, 2023, the Company has substantially completed the reduction plan. During the three and six months ended July 31, 2023, the Company incurred $7.2 million of charges, consisting of $5.9 million of employee severance, $0.4 million in payroll taxes, and $0.9 million in other plan-related charges. These charges were recorded within the condensed consolidated statements of operations, of which, $4.3 million was recorded in sales and marketing, $1.7 million in research and development, $0.7 million in general and administrative and the remaining $0.5 million was recorded in cost of revenue for the three and six months ended July 31, 2023. The $7.2 million of cash charges described above were offset by a $2.1 million benefit in stock-based compensation expense, primarily due to reversal of stock-based compensation for amounts that were not vested under the terms and conditions of the original award. As of July 31, 2023, the reduction in workforce liability accrued but not paid totaled $1.0 million, and is included within accrued compensation and benefits in the condensed consolidated balance sheets. Any remaining charges related to the plan are expected to be immaterial to the consolidated financial statements. The following table presents the activity of the reduction in workforce liability for the six months ended July 31, 2023 (in thousands): Workforce Reduction Liability Balance as of January 31, 2023 $ — Charges, excluding stock-based compensation expense 7,185 Payments (6,143) Balance as of July 31, 2023 $ 1,042 |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Taxes The Company determines its income tax provision for interim periods using an estimate of its annual effective tax rate adjusted for discrete items occurring during the periods presented. The primary difference between the effective tax rate and the federal statutory rate is related to nonrecognition of tax benefits due to valuation allowance established for US federal and state deferred tax assets. The Company recorded an income tax expense of $0.2 million and income tax expense of $0.4 million for the six months ended July 31, 2023 and 2022, respectively. The tax expense for the six months ended July 31, 2023 included a partial release of valuation allowance, of which $0.5 million tax benefit was directly related to the day one impact from the acquisition of BluBracket, Inc. In connection with the BluBracket acquisition, the Company recorded a net deferred tax liability which provides an additional source of taxable income to support the realization of the pre-existing deferred tax assets and, accordingly, during the six months ended July 31, 2023, the Company released a total of $0.5 million of its U.S. valuation allowance. The Company continues to maintain a valuation allowance for its U.S. Federal and state net deferred tax assets. The tax expense for the six months ended July 31, 2023 was primarily due to foreign and US state income tax expense. The Company is subject to income tax in the United States, certain states, and various foreign countries. Due to the history of net operating losses, the Company is subject to United States federal, state, and local examinations by tax authorities for all years since incorporation. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2023 | Apr. 30, 2023 | Jul. 31, 2022 | Apr. 30, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Pay vs Performance Disclosure | ||||||
Net loss | $ (66,315) | $ (53,258) | $ (74,764) | $ (78,217) | $ (119,573) | $ (152,981) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jul. 31, 2023 shares | |
Trading Arrangements, by Individual | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Brandon Sweeney [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On June 13, 2023, Brandon Sweeney, our Chief Revenue Officer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plan provides for the sale of an aggregate of up to 120,000 shares of our common stock. The plan will terminate on March 15, 2024, subject to early termination for certain specified events set forth in the plan. |
Name | Brandon Sweeney |
Title | Chief Revenue Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | June 13, 2023 |
Termination Date | March 15, 2024 |
Arrangement Duration | 276 days |
Aggregate Available | 120,000 |
Marc Holmes [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On June 23, 2023, Marc Holmes, our Chief Marketing and Business Operations Officer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plan provides for the sale of an aggregate of up to 162,505 shares of our common stock. The actual amount sold will be less based on tax withholdings. The plan will terminate on September 27, 2024, subject to early termination for certain specified events set forth in the plan. |
Name | Marc Holmes |
Title | Chief Marketing and Business Operations Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | June 23, 2023 |
Termination Date | September 27, 2024 |
Arrangement Duration | 462 days |
Aggregate Available | 162,505 |
David McJannet [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On July 11, 2023, David McJannet, our Chief Executive Officer, President and Chairman of the Board of Directors, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plan provides for the sale of an aggregate of up to 1,480,000 shares of our common stock. The actual amount sold will be less based on tax withholdings. The plan will terminate on October 11, 2024, subject to early termination for certain specified events set forth in the plan. |
Name | David McJannet |
Title | Chief Executive Officer, President and Chairman of the Board of Directors |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | July 11, 2023 |
Termination Date | October 11, 2024 |
Arrangement Duration | 458 days |
Aggregate Available | 1,480,000 |
Navam Welihinda [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On July 19, 2023, Navam Welihinda, our Chief Financial Officer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plan provides for the sale of an aggregate of up to 162,505 shares of our common stock. The actual amount sold will be less based on tax withholdings. The plan will terminate on October 18, 2024, subject to early termination for certain specified events set forth in the plan. |
Name | Navam Welihinda |
Title | Chief Financial Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | July 19, 2023 |
Termination Date | October 18, 2024 |
Arrangement Duration | 457 days |
Aggregate Available | 162,505 |
Armon Dadgar [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On July 21, 2023, Armon Dadgar, our Co-Founder, Chief Technology Officer and Director, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plan provides for the sale of an aggregate of up to 53,020 shares of our common stock. The actual amount sold will be less based on tax withholdings. The plan will terminate on December 31, 2023, subject to early termination for certain specified events set forth in the plan. |
Name | Armon Dadgar |
Title | Co-Founder, Chief Technology Officer and Director |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | July 21, 2023 |
Termination Date | December 31, 2023 |
Arrangement Duration | 163 days |
Aggregate Available | 53,020 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying 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, 2023 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, 2023 (the “2023 Form 10-K”), but does not include all disclosures required by U.S. GAAP. Therefore, these interim condensed consolidated financial statements and accom panying 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, 2023 (the “fiscal 2023 Form 10-K”). The accompanying 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 six months ended July 31, 2023 shown in this report are not necessarily indicative of the results to be expected for the full year ending January 31, 2024 or any other period. |
Principles of Consolidation | Principles of Consolidation The 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, but are not limited to, 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, goodwill and acquisition-related intangible assets, and 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. |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss As of July 31, 2023, accumulated other comprehensive loss was comprised of unrealized losses from available-for-sale investments and unrealized losses related to the effective portion of changes in the fair value of foreign currency forward contracts designated as cash flow hedges. |
Impairment of Long-Lived Assets | Impairment of Long-Lived AssetsLong-lived assets, such as property and equipment, acquired intangible assets, and capitalized software development costs subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If circumstances require a long-lived asset be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by the asset to its carrying value. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values, and third-party independent appraisals, as considered necessary. |
Significant Accounting Policies | Significant Accounting Policies Other than the business combinations, goodwill, short-term investments and derivative instruments and hedging policies described below, there have been no changes to the Company’s significant accounting policies described in the fiscal 2023 Form 10-K that have had a material impact on these condensed consolidated financial statements and related notes. |
Business Combinations | Business Combinations The Company recognizes identifiable assets acquired and liabilities assumed at their acquisition date fair value. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, its estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill to the extent that the Company identifies adjustments to the preliminary purchase price allocation. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations. There has been no such adjustment as of July 31, 2023. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price of an acquired business over the fair value of the underlying net tangible and intangible assets. Goodwill is evaluated for impairment annually in the fourth quarter of the Company’s fiscal year, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, a significant adverse change in customer demand or business climate that could affect the value of goodwill, or a significant decrease in expected cash flows. |
Short-term Investments | Short-term Investments The Company’s short-term investments consist of U.S. treasury securities, corporate notes and bonds, U.S. agency obligations, commercial paper, and certificates of deposit. The Company determines the appropriate classification of its short-term investments at the time of purchase and reevaluates such determination at each balance sheet date. The Company has classified and accounted for its short-term investments as available-for-sale securities. The Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its short-term investments, including those with maturities beyond twelve months, as current assets in the consolidated balance sheets. Available-for-sale securities are recorded at fair value each reporting period, and are adjusted for amortization of premiums and accretion of discounts to maturity and such amortization and accretion are included in interest income in the condensed consolidated statements of operations. Realized gains and losses are determined based on the specific identification method and are reported in other income (expense), net in the condensed consolidated statements of operations. Unrealized gains are reported as a separate component of accumulated other comprehensive loss on the condensed consolidated balance sheets until realized. For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell the security or it is more likely than not that the Company will be required to sell the security before the recovery of its entire amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through other income (expense), net in the condensed consolidated statements of operations. If neither of these criteria is met, the Company evaluates whether the decline in fair value below amortized cost is due to credit or non-credit related factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. Credit related unrealized losses are recognized as an allowance for expected credit losses of available-for-sale debt securities on the condensed consolidated balance sheets with a corresponding charge in other income (expense), net in the condensed consolidated statements of operations. Non-credit related unrealized losses are included in accumulated other comprehensive loss. |
Derivative Instruments and Hedging | Derivative Instruments and Hedging The Company enters into foreign currency forward contracts with certain financial institutions to mitigate the impact of foreign currency fluctuations on future cash flows and earnings. All of the Company’s foreign currency forward contracts are designated as cash flow hedges. The foreign currency forward contracts generally have maturities of 12 months or less. The Company recognizes all forward contracts as either assets or liabilities on the consolidated balance sheets at fair value. Gains and losses on each forward contract are initially reported as a component of accumulated other comprehensive income (loss) (“AOCI”), and subsequently reclassified into cost of revenue or operating expense in the same period, or periods, during which the hedged transaction affects earnings. The Company evaluates the effectiveness of its cash flow hedges on a quarterly basis and does not exclude any component of the changes in fair value of the derivative instruments for effectiveness testing purposes. The Company classifies cash flows related to its cash flow hedges as operating activities in its consolidated statements of cash flows. The Company does not have collateral requirements with any of its counterparties. The Company does not use derivative instruments for trading or speculative purposes. |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Purchase Price Allocation | The following table presents the purchase price allocation related to the acquisition (in thousands): As of July, 31, 2023 Net liabilities $ (224) Developed technology 12,500 Customer relationship 1,000 Deferred tax liabilities (482) Goodwill 12,265 Total purchase consideration $ 25,059 |
Goodwill and Acquisition-rela_2
Goodwill and Acquisition-related Intangible Assets, Net (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | During the six months ended July 31, 2023, changes in goodwill consisted of the following (in thousands): Balance as of January 31, 2023 $ — BluBracket, Inc. (Note 3) 12,265 Balance as of July 31, 2023 $ 12,265 |
Schedule of Finite-Lived Intangible Assets | Acquisition-related intangible assets, net consisted of the following as of July 31, 2023 (in thousands except for useful life): Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Life Developed technology $ 12,500 $ 417 $ 12,083 4.8 Customer relationship $ 1,000 $ 55 $ 945 2.8 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated future amortization expense as of July 31, 2023 is as follows (in thousands): Year ending January 31, Amount 2024 (remaining six months) $ 1,417 2025 2,833 2026 2,833 2027 2,612 2028 2,500 2029 and thereafter 833 Total $ 13,028 |
Revenue and Performance Oblig_2
Revenue and Performance Obligations (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Disaggregation of Revenue [Abstract] | |
Summary of Revenue Disaggregated by Category | The following table presents revenue by category (in thousands, except percentages): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Amount % of Total Amount % of Total Amount % of Total Amount % of Total License $ 16,724 12 % $ 15,338 13 % $ 31,882 11 % $ 25,682 12 % Support 103,997 72 84,257 75 $ 205,910 74 163,465 76 Cloud-hosted services 18,372 13 10,637 9 $ 34,916 12 19,469 9 Total subscription revenue 139,093 97 110,232 97 272,708 97 208,616 97 Professional services and other 4,153 3 3,631 3 8,521 3 6,144 3 Total revenue $ 143,246 100 % $ 113,863 100 % $ 281,229 100 % $ 214,760 100 % |
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 (in thousands, except percentages): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Amount % of Total Amount % of Total Amount % of Total Amount % of Total United States $ 100,057 70 % $ 83,402 73 % $ 198,614 71 % $ 156,192 73 % Rest of the world 43,189 30 30,461 27 82,615 29 58,568 27 Total $ 143,246 100 % $ 113,863 100 % $ 281,229 100 % $ 214,760 100 % |
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 July 31, Six Months Ended July 31, 2023 2022 2023 2022 Balance, beginning of period $ 276,414 $ 219,928 $ 302,244 $ 223,289 Deferred revenue billings including reclassification to deferred revenue from customer deposits 160,210 121,434 273,256 219,528 Recognition of revenue, net of change in unbilled accounts receivable* (143,183) (114,550) (282,059) (216,005) Balance, end of period $ 293,441 $ 226,812 $ 293,441 $ 226,812 * Reconciliation to revenue reported per consolidated statements of operations: Revenue billed as of the end of the period $ 143,183 $ 114,550 $ 282,059 $ 216,005 Increase (decrease) in total unbilled accounts receivable 63 (687) (830) (1,245) Revenue reported per consolidated statements of operations $ 143,246 $ 113,863 $ 281,229 $ 214,760 |
Summary of Revenue Recognized Related to Customer Deposit Balance | 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 July 31, 2023 January 31, 2023 Within the next 12 months $ 21,412 $ 22,657 After the next 12 months 4,152 4,042 Total $ 25,564 $ 26,699 |
Short-term Investments (Tables)
Short-term Investments (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Fair Value of Short-term Investments | The following tables summarize the fair values of the Company’s short-term investments (in thousands): As of July 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 224,375 $ — $ (566) $ 223,809 U.S. agency obligations 65,065 — (144) 64,921 Corporate notes and bonds 64,892 13 (236) 64,669 Commercial paper 47,866 — — 47,866 Certificates of deposit 12,829 — — 12,829 Total short-term investments $ 415,027 $ 13 $ (946) $ 414,094 |
Summary of Contractual Maturities | The following table summarizes the contractual maturities of the Company’s short-term investments (in thousands): As of July 31, 2023 Amortized Cost Fair Value Due within one year $ 377,007 $ 376,257 Due after one year through three years 38,020 37,837 Total $ 415,027 $ 414,094 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
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 As of July 31, 2023 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Assets: Cash and Cash equivalents: Cash $ 807,068 $ — $ — $ 807,068 Money market funds Level 1 19,157 — — 19,157 U.S. treasury securities Level 2 499 — — 499 Corporate notes and bonds Level 2 200 — — 200 Commercial paper Level 2 3,094 — — 3,094 Total cash and cash equivalents $ 830,018 $ — $ — $ 830,018 Short-term Investments: U.S. treasury securities Level 2 $ 224,375 $ — $ (566) $ 223,809 U.S. agency obligations Level 2 65,065 — (144) 64,921 Corporate notes and bonds Level 2 64,892 13 (236) 64,669 Commercial paper Level 2 47,866 — — 47,866 Certificates of deposit Level 2 12,829 — — 12,829 Total short-term investments $ 415,027 $ 13 $ (946) $ 414,094 Total Assets $ 1,245,045 $ 13 $ (946) $ 1,244,112 Liabilities: Derivative instruments: Foreign currency forward contracts Level 2 $ — $ — $ 95 $ 95 Total derivative instruments — — 95 95 Total Liabilities $ — $ — $ 95 $ 95 The following table summarizes the respective fair value and the classification by level within the fair value hierarchy (in thousands): Fair Value Measurement As of January 31, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents Money market funds $ 169,904 $ — $ — $ 169,904 Total cash and cash equivalents 169,904 — — 169,904 Total assets measured at fair value $ 169,904 $ — $ — $ 169,904 |
Derivative Instruments and He_2
Derivative Instruments and Hedging (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of the Fair Value of Derivative Instruments | The following table summarizes the fair value of the Company’s derivative instruments on the condensed consolidated balance sheets (in thousands): Balance Sheet Location Fair Value Derivative Liabilities: Foreign currency forward contracts designated as hedging instruments Accrued expenses and other liabilities $ 95 Total derivative liabilities $ 95 |
Schedule of Derivatives and the Impact on AOCI | The following table presents the activity of foreign currency forward contracts designated as hedging instruments and the impact of these derivatives on AOCI (in thousands): Six Months Ended July 31, 2023 Beginning balance $ — Net losses recognized in other comprehensive income (108) Net losses reclassified from AOCI to earnings 13 Ending balance $ (95) |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Supplemental Balance Sheet Disclosures [Abstract] | |
Summary of Other Assets Non-current | Other assets, non-current are comprised of the following (in thousands): As of July 31, 2023 January 31, 2023 Property and equipment, net $ 29,784 $ 24,594 Operating lease right-of-use assets 11,086 12,560 Other 1,167 902 Total other assets, non-current $ 42,037 $ 38,056 |
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 July 31, 2023 January 31, 2023 Furniture and fixtures 5 years $ 1,329 $ 1,292 Computers, equipment and software 3 years 580 581 Capitalized internal-use software development costs 5 years 33,942 25,817 Leasehold improvements Shorter of useful life or lease term 5,510 5,138 Construction in progress 54 47 Total property and equipment 41,415 32,875 Less: accumulated depreciation and amortization (11,631) (8,281) Property and equipment, net $ 29,784 $ 24,594 |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities are comprised of the following (in thousands): As of July 31, 2023 January 31, 2023 Accrued expenses $ 3,940 $ 4,222 Operating lease liabilities 3,590 3,380 Sales tax payable 1,771 1,480 Accrued income taxes payable 980 1,081 Hedging liabilities 95 — Total accrued expenses and other current liabilities $ 10,376 $ 10,163 |
Summary of Accrued Compensation and Benefits | Accrued compensation and benefits are comprised of the following (in thousands): As of July 31, 2023 January 31, 2023 Accrued commissions $ 13,853 $ 16,932 Accrued vacation 21,969 20,614 Accrued payroll and withholding taxes 7,451 11,574 ESPP employee contributions 3,903 4,247 Accrued bonus 3,570 3,220 Other 2,759 2,041 Total accrued compensation and benefits $ 53,505 $ 58,628 |
Summary of Activity of Deferred Contract Acquisition Costs | The following table summarizes the activity of deferred contract acquisition costs (in thousands): Six Months Ended July 31, 2023 2022 Beginning balance $ 124,098 $ 89,331 Capitalization of contract acquisition costs 30,541 39,668 Amortization of deferred contract acquisition costs (26,390) (19,980) Ending balance $ 128,250 $ 109,019 Deferred contract acquisition costs, current $ 45,329 $ 36,219 Deferred contract acquisition costs, non-current 82,921 72,800 Total deferred contract acquisition costs $ 128,250 $ 109,019 |
Schedule of Other Liabilities, Non-current | The following table summarizes the activity of other liabilities, non-current (in thousands): As of July 31, 2023 January 31, 2023 Operating lease liabilities, non-current $ 10,245 $ 12,093 Acquisition holdback, non-current 4,046 — Accrued commissions, non-current 821 713 Total other liabilities, non-current $ 15,112 $ 12,806 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Costs | Lease costs were as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Short-term lease costs $ 184 $ 46 $ 340 $ 145 Operating lease costs 878 878 1,756 1,756 Total lease costs $ 1,062 $ 924 $ 2,096 $ 1,901 |
Summary of Lease Term and Discount Rate | Lease term and discount rate information are summarized as follows: As of July 31, 2023 Weighted average remaining lease terms (in years) 3.7 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 July 31, 2023 are as follows (in thousands): Years Ending January 31, Amount 2024 (remaining six months) $ 1,994 2025 4,150 2026 3,734 2027 3,737 2028 1,277 Total minimum lease payments 14,892 Less imputed interest (1,057) Present value of future minimum lease payments 13,835 Less current lease liabilities (3,590) Operating lease liabilities, non-current $ 10,245 |
Common Stock and Stockholders_2
Common Stock and Stockholders' Equity (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Equity [Abstract] | |
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 July 31, 2023 January 31, 2023 Options outstanding 8,424 9,315 Restricted stock units outstanding 14,702 11,588 Remaining shares available for future issuance under the 2021 Equity Incentive Plan ("2021 Plans") 25,490 21,466 2021 Employee Stock Purchase Plan ("ESPP") 4,481 3,008 Total 53,097 45,377 |
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 Aggregate Intrinsic Value Balance as of January 31, 2023 9,315 $ 1.92 4.6 $ 281,837 Stock options exercised (879) 1.66 24,920 Stock options cancelled/forfeited/expired (12) 22.39 Balance as of July 31, 2023 8,424 1.92 4.2 233,235 Exercisable as of July 31, 2023 8,371 $ 1.84 4.2 $ 232,479 |
Schedule of Restricted Stock Units (RSUs") Activity | The Company’s summary of restricted stock units ("RSUs") activity under the 2021 Plan is as follows (in thousands): Number of Awards Weighted-Average Grant Date Fair Value Outstanding and unvested at January 31, 2023 11,588 $ 42.48 RSUs granted 6,830 $ 28.93 RSUs released (2,378) $ 35.58 RSUs cancelled (1,338) $ 38.32 Outstanding and unvested at July 31, 2023 14,702 $ 37.67 |
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 July 31, Six Months Ended July 31, 2023 2022 2023 2022 Cost of support $ 2,844 $ 2,221 $ 5,100 $ 4,180 Cost of cloud-hosted services 557 686 1,166 1,326 Cost of professional services and other 647 652 1,213 1,380 Sales and marketing 15,483 14,421 27,442 28,814 Research and development 12,942 10,507 24,673 25,245 General and administrative 13,646 13,916 26,688 27,717 Stock-based compensation expense, net of amounts capitalized $ 46,119 $ 42,403 $ 86,282 $ 88,662 Capitalized stock-based compensation 1,352 906 2,455 1,788 Total stock-based compensation expense $ 47,471 $ 43,309 $ 88,737 $ 90,450 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
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 July 31, Six Months Ended July 31, 2023 2022 2023 2022 Numerator: Net loss $ (66,315) $ (74,764) $ (119,573) $ (152,981) Denominator: Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted 192,610 185,212 191,723 184,114 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (0.34) $ (0.40) $ (0.62) $ (0.83) |
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 July 31, Six Months Ended July 31, 2023 2022 2023 2022 Outstanding stock options and restricted stock units 23,126 22,569 23,126 22,569 Share purchase rights under the ESPP 1,188 1,760 1,182 1,373 Class A and Class B common stock subject to repurchase — 1 — 1 Total 24,314 24,330 24,309 23,943 |
Reduction in Workforce and Re_2
Reduction in Workforce and Related Charges (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Liabilities | The following table presents the activity of the reduction in workforce liability for the six months ended July 31, 2023 (in thousands): Workforce Reduction Liability Balance as of January 31, 2023 $ — Charges, excluding stock-based compensation expense 7,185 Payments (6,143) Balance as of July 31, 2023 $ 1,042 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | Jul. 31, 2023 USD ($) |
Accounting Policies [Abstract] | |
Goodwill impairment | $ 0 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 02, 2023 | Jul. 31, 2023 | Jul. 31, 2023 | |
Developed technology | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 4 years 9 months 18 days | ||
Customer relationship | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 2 years 9 months 18 days | ||
BluBracket | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 25,100 | ||
Liabilities incurred | $ 4,000 | ||
Liabilities incurred, period | 14 months | ||
Liabilities incurred, due within one year | $ 200 | ||
Retention agreement, maximum payment | $ 5,000 | ||
Compensation expense | $ 400 | $ 400 | |
Acquisition related costs | $ 500 | $ 500 | |
BluBracket | Developed technology | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 5 years | ||
Intangible assets acquired | $ 12,500 | ||
BluBracket | Customer relationship | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 3 years | ||
Intangible assets acquired | $ 1,000 |
Business Combinations - Summary
Business Combinations - Summary of Business Combination (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jun. 02, 2023 | Jan. 31, 2023 |
Business Acquisition [Line Items] | |||
Goodwill | $ 12,265 | $ 0 | |
BluBracket | |||
Business Acquisition [Line Items] | |||
Net liabilities | $ (224) | ||
Deferred tax liabilities | (482) | ||
Goodwill | 12,265 | ||
Total purchase consideration | 25,059 | ||
Developed technology | BluBracket | |||
Business Acquisition [Line Items] | |||
Intangible assets acquired | 12,500 | ||
Customer relationship | BluBracket | |||
Business Acquisition [Line Items] | |||
Intangible assets acquired | $ 1,000 |
Goodwill and Acquisition-rela_3
Goodwill and Acquisition-related Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2023 | Jun. 02, 2023 | Jan. 31, 2023 | |
Goodwill [Line Items] | ||||
Goodwill | $ 12,265 | $ 12,265 | $ 0 | |
Developed technology | ||||
Goodwill [Line Items] | ||||
Accumulated Amortization | $ 500 | $ 500 | ||
BluBracket | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 12,265 | |||
BluBracket | Customer relationship | ||||
Goodwill [Line Items] | ||||
Intangible assets acquired | 1,000 | |||
BluBracket | Developed technology | ||||
Goodwill [Line Items] | ||||
Intangible assets acquired | $ 12,500 |
Goodwill and Acquisition-rela_4
Goodwill and Acquisition-related Intangible Assets, Net - Schedule of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jul. 31, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Balance as of January 31, 2023 | $ 0 |
Bluebracket, Inc | 12,265 |
Balance as of July 31, 2023 | $ 12,265 |
Goodwill and Acquisition-rela_5
Goodwill and Acquisition-related Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 02, 2023 | Jul. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | $ 13,028 | |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,500 | |
Accumulated Amortization | 417 | |
Net Carrying Amount | $ 12,083 | |
Weighted Average Remaining Useful Life (in years) | 4 years 9 months 18 days | |
Customer relationship | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,000 | |
Accumulated Amortization | 55 | |
Net Carrying Amount | $ 945 | |
Weighted Average Remaining Useful Life (in years) | 2 years 9 months 18 days | |
BluBracket | Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 5 years | |
BluBracket | Customer relationship | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 3 years |
Goodwill and Acquisition-rela_6
Goodwill and Acquisition-related Intangible Assets, Net - Schedule of Amortization Expense (Details) $ in Thousands | Jul. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 (remaining six months) | $ 1,417 |
2025 | 2,833 |
2026 | 2,833 |
2027 | 2,612 |
2028 | 2,500 |
2029 and thereafter | 833 |
Net Carrying Amount | $ 13,028 |
Revenue and Performance Oblig_3
Revenue and Performance Obligations - Summary of Revenue Disaggregated by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||||
Amount | $ 143,246 | $ 113,863 | $ 281,229 | $ 214,760 |
% of Total Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
% of Total Revenue | 100% | 100% | 100% | 100% |
Subscription revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Amount | $ 139,093 | $ 110,232 | $ 272,708 | $ 208,616 |
Subscription revenue | % of Total Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
% of Total Revenue | 97% | 97% | 97% | 97% |
Subscription revenue | License | ||||
Disaggregation Of Revenue [Line Items] | ||||
Amount | $ 16,724 | $ 15,338 | $ 31,882 | $ 25,682 |
Subscription revenue | License | % of Total Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
% of Total Revenue | 12% | 13% | 11% | 12% |
Subscription revenue | Support | ||||
Disaggregation Of Revenue [Line Items] | ||||
Amount | $ 103,997 | $ 84,257 | $ 205,910 | $ 163,465 |
Subscription revenue | Support | % of Total Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
% of Total Revenue | 72% | 75% | 74% | 76% |
Subscription revenue | Cloud-hosted services | ||||
Disaggregation Of Revenue [Line Items] | ||||
Amount | $ 18,372 | $ 10,637 | $ 34,916 | $ 19,469 |
Subscription revenue | Cloud-hosted services | % of Total Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
% of Total Revenue | 13% | 9% | 12% | 9% |
Professional services and other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Amount | $ 4,153 | $ 3,631 | $ 8,521 | $ 6,144 |
Professional services and other | % of Total Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
% of Total Revenue | 3% | 3% | 3% | 3% |
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 | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Amount | $ 143,246 | $ 113,863 | $ 281,229 | $ 214,760 |
% of Total Revenue | Region | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
% of Total Revenue | 100% | 100% | 100% | 100% |
United States | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Amount | $ 100,057 | $ 83,402 | $ 198,614 | $ 156,192 |
United States | % of Total Revenue | Region | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
% of Total Revenue | 70% | 73% | 71% | 73% |
Rest of the world | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Amount | $ 43,189 | $ 30,461 | $ 82,615 | $ 58,568 |
Rest of the world | % of Total Revenue | Region | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
% of Total Revenue | 30% | 27% | 29% | 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 | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Contract With Customer, Change In Contract With Customer, Asset, And Liability [Roll Forward] | ||||
Balance, beginning of period | $ 276,414 | $ 219,928 | $ 302,244 | $ 223,289 |
Deferred revenue billings including reclassification to deferred revenue from customer deposits | 160,210 | 121,434 | 273,256 | 219,528 |
Recognition of revenue, net of change in unbilled accounts receivable | (143,183) | (114,550) | (282,059) | (216,005) |
Balance, end of period | 293,441 | 226,812 | 293,441 | 226,812 |
* Reconciliation to revenue reported per consolidated statements of operations: | ||||
Revenue billed as of the end of the period | 143,183 | 114,550 | 282,059 | 216,005 |
Increase (decrease) in total unbilled accounts receivable | 63 | (687) | (830) | (1,245) |
Revenue reported per consolidated statements of operations | $ 143,246 | $ 113,863 | $ 281,229 | $ 214,760 |
Revenue and Performance Oblig_6
Revenue and Performance Obligations - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jul. 31, 2023 | Jan. 31, 2023 | |
Disaggregation Of Revenue [Line Items] | ||
Unbilled accounts receivable balance in due | 1 year | |
Unbilled accounts receivable | $ 4.1 | $ 4.9 |
Remaining performance obligations | $ 682.5 | $ 647.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-02-01 | ||
Disaggregation Of Revenue [Line Items] | ||
Remaining performance obligations, percentage | 58% | |
Revenue remaining performance obligation, expected timing of satisfaction, period | 12 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-08-01 | ||
Disaggregation Of Revenue [Line Items] | ||
Remaining performance obligations, percentage | 58% | |
Revenue remaining performance obligation, expected timing of satisfaction, period | 12 months | |
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_7
Revenue and Performance Obligations - Summary of Revenue Recognized Related to Customer Deposit Balance (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Disaggregation of Revenue [Abstract] | ||
Within the next 12 months | $ 21,412 | $ 22,657 |
After the next 12 months | 4,152 | 4,042 |
Total | $ 25,564 | $ 26,699 |
Short-term Investments - Summar
Short-term Investments - Summary of Fair Value of Short-term Investments (Details) $ in Thousands | Jul. 31, 2023 USD ($) |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | $ 415,027 |
Gross Unrealized Gains | 13 |
Gross Unrealized Losses | (946) |
Estimated Fair Value | 414,094 |
U.S. treasury securities | |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | 224,375 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | (566) |
Estimated Fair Value | 223,809 |
U.S. agency obligations | |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | 65,065 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | (144) |
Estimated Fair Value | 64,921 |
Corporate notes and bonds | |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | 64,892 |
Gross Unrealized Gains | 13 |
Gross Unrealized Losses | (236) |
Estimated Fair Value | 64,669 |
Commercial paper | |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | 47,866 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Estimated Fair Value | 47,866 |
Certificates of deposit | |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | 12,829 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Estimated Fair Value | $ 12,829 |
Short-term Investments - Additi
Short-term Investments - Additional Information (Details) | Jul. 31, 2023 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Allowance for expected credit losses | $ 0 |
Short-term Investments - Summ_2
Short-term Investments - Summary of Contractual Maturities (Details) $ in Thousands | Jul. 31, 2023 USD ($) |
Amortized Cost | |
Due within one year | $ 377,007 |
Due after one year through three years | 38,020 |
Amortized Cost | 415,027 |
Fair Value | |
Due within one year | 376,257 |
Due after one year through three years | 37,837 |
Estimated Fair Value | $ 414,094 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value, by Level Within the Fair Value Hierarchy on a Recurring Basis (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Cash and Cash equivalents: | ||
Cash and cash equivalents | $ 830,018 | $ 1,286,134 |
Short-term Investments: | ||
Amortized Cost | 415,027 | |
Gross Unrealized Gains | 13 | |
Gross Unrealized Losses | (946) | |
Estimated Fair Value | 414,094 | |
U.S. treasury securities | ||
Short-term Investments: | ||
Amortized Cost | 224,375 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (566) | |
Estimated Fair Value | 223,809 | |
U.S. agency obligations | ||
Short-term Investments: | ||
Amortized Cost | 65,065 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (144) | |
Estimated Fair Value | 64,921 | |
Corporate notes and bonds | ||
Short-term Investments: | ||
Amortized Cost | 64,892 | |
Gross Unrealized Gains | 13 | |
Gross Unrealized Losses | (236) | |
Estimated Fair Value | 64,669 | |
Commercial paper | ||
Short-term Investments: | ||
Amortized Cost | 47,866 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 47,866 | |
Certificates of deposit | ||
Short-term Investments: | ||
Amortized Cost | 12,829 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 12,829 | |
Fair Value, Recurring | ||
Cash and Cash equivalents: | ||
Amortized Cost | 830,018 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Cash and cash equivalents | 830,018 | |
Short-term Investments: | ||
Amortized Cost | 415,027 | |
Gross Unrealized Gains | 13 | |
Gross Unrealized Losses | (946) | |
Estimated Fair Value | 414,094 | |
Total asset measured at fair value, amortized cost | 1,245,045 | |
Total assets measured at fair value, gross unrealized gains | 13 | |
Total asset measured at fair value, gross unrealized losses | (946) | |
Total assets measured at fair value | 1,244,112 | 169,904 |
Derivative instruments: | ||
Derivative instruments | 95 | |
Fair Value, Recurring | Cash | ||
Cash and Cash equivalents: | ||
Amortized Cost | 807,068 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Cash and cash equivalents | 807,068 | |
Level 1 | Fair Value, Recurring | ||
Short-term Investments: | ||
Total assets measured at fair value | 169,904 | |
Level 1 | Fair Value, Recurring | Money market funds | ||
Cash and Cash equivalents: | ||
Amortized Cost | 19,157 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Cash and cash equivalents | 19,157 | |
Level 2 | Fair Value, Recurring | ||
Short-term Investments: | ||
Total assets measured at fair value | $ 0 | |
Derivative instruments: | ||
Derivative instruments | 95 | |
Level 2 | Fair Value, Recurring | Foreign currency forward contracts | ||
Derivative instruments: | ||
Derivative instruments | 95 | |
Level 2 | Fair Value, Recurring | U.S. treasury securities | ||
Cash and Cash equivalents: | ||
Amortized Cost | 499 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Cash and cash equivalents | 499 | |
Level 2 | Fair Value, Recurring | Corporate notes and bonds | ||
Cash and Cash equivalents: | ||
Amortized Cost | 200 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Cash and cash equivalents | 200 | |
Level 2 | Fair Value, Recurring | Commercial paper | ||
Cash and Cash equivalents: | ||
Amortized Cost | 3,094 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Cash and cash equivalents | 3,094 | |
Level 2 | Fair Value, Recurring | U.S. treasury securities | ||
Short-term Investments: | ||
Amortized Cost | 224,375 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (566) | |
Estimated Fair Value | 223,809 | |
Level 2 | Fair Value, Recurring | U.S. agency obligations | ||
Short-term Investments: | ||
Amortized Cost | 65,065 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (144) | |
Estimated Fair Value | 64,921 | |
Level 2 | Fair Value, Recurring | Corporate notes and bonds | ||
Short-term Investments: | ||
Amortized Cost | 64,892 | |
Gross Unrealized Gains | 13 | |
Gross Unrealized Losses | (236) | |
Estimated Fair Value | 64,669 | |
Level 2 | Fair Value, Recurring | Commercial paper | ||
Short-term Investments: | ||
Amortized Cost | 47,866 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 47,866 | |
Level 2 | Fair Value, Recurring | Certificates of deposit | ||
Short-term Investments: | ||
Amortized Cost | 12,829 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | $ 12,829 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | $ 169,904 | |
Total assets measured at fair value | $ 1,244,112 | 169,904 |
Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 169,904 | |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 169,904 | |
Total assets measured at fair value | 169,904 | |
Level 1 | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 169,904 | |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 0 | |
Total assets measured at fair value | 0 | |
Level 2 | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 0 | |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 0 | |
Total assets measured at fair value | 0 | |
Level 3 | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | Jul. 31, 2023 USD ($) |
Fair Value Disclosures [Abstract] | |
Fair value measurement, transfers level 1 to level 2 | $ 0 |
Derivative Instruments and He_3
Derivative Instruments and Hedging - Additional Information (Details) $ in Thousands | Jul. 31, 2023 USD ($) |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Accumulated other comprehensive loss related to foreign currency forwards | $ (100) |
Foreign Exchange Forward | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Notional amount | $ 7,800 |
Derivative Instruments and He_4
Derivative Instruments and Hedging - Summary of the Fair Value of Derivative Instruments (Details) $ in Thousands | Jul. 31, 2023 USD ($) |
Derivative Liabilities: | |
Total derivative liabilities | $ 95 |
Foreign Exchange Forward | Designated as Hedging Instrument | |
Derivative Liabilities: | |
Total derivative liabilities | $ 95 |
Derivative Instruments and He_5
Derivative Instruments and Hedging - Schedule of Derivatives and the Impact on AOCI (Details) $ in Thousands | 6 Months Ended |
Jul. 31, 2023 USD ($) | |
Derivative Instruments and Hedging Activities [Roll Forward] | |
Beginning balance | $ 1,205,350 |
Ending balance | 1,184,912 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |
Derivative Instruments and Hedging Activities [Roll Forward] | |
Beginning balance | 0 |
Net losses recognized in other comprehensive income | (108) |
Net losses reclassified from AOCI to earnings | 13 |
Ending balance | $ (95) |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Other Assets Non-current (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Supplemental Balance Sheet Disclosures [Abstract] | ||
Property and equipment, net | $ 29,784 | $ 24,594 |
Operating lease right-of-use assets | 11,086 | 12,560 |
Other | 1,167 | 902 |
Total other assets, non-current | $ 42,037 | $ 38,056 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Property and Equipment Net (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 41,415 | $ 32,875 |
Less: accumulated depreciation and amortization | (11,631) | (8,281) |
Property and equipment, net | $ 29,784 | 24,594 |
Furniture and fixtures | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful life | 5 years | |
Total property and equipment | $ 1,329 | 1,292 |
Computers, equipment and software | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful life | 3 years | |
Total property and equipment | $ 580 | 581 |
Capitalized internal-use software development costs | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful life | 5 years | |
Total property and equipment | $ 33,942 | 25,817 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful life | Useful Life, Shorter of Lease Term or Asset Utility [Member] | |
Total property and equipment | $ 5,510 | 5,138 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 54 | $ 47 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Supplemental Balance Sheet Disclosures [Line Items] | ||||
Depreciation and amortization expense | $ (1,800,000) | $ (1,000,000) | $ (3,400,000) | $ (1,900,000) |
Amortization of capitalized costs | (1,500,000) | (800,000) | (2,800,000) | (1,400,000) |
Software capitalized costs | 4,300,000 | 2,800,000 | 8,100,000 | 5,300,000 |
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 | Jul. 31, 2023 | Jan. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accrued expenses | $ 3,940 | $ 4,222 |
Operating lease liabilities | 3,590 | 3,380 |
Sales tax payable | 1,771 | 1,480 |
Accrued income taxes payable | 980 | 1,081 |
Hedging liabilities | 95 | 0 |
Total accrued expenses and other current liabilities | $ 10,376 | $ 10,163 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Compensation And Benefits [Abstract] | ||
Accrued commissions | $ 13,853 | $ 16,932 |
Accrued vacation | 21,969 | 20,614 |
Accrued payroll and withholding taxes | 7,451 | 11,574 |
ESPP employee contributions | 3,903 | 4,247 |
Accrued bonus | 3,570 | 3,220 |
Other | 2,759 | 2,041 |
Total accrued compensation and benefits | $ 53,505 | $ 58,628 |
Balance Sheet Components - Su_4
Balance Sheet Components - Summary of Activity of Deferred Contract Acquisition Costs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Capitalized Contract Cost, Net, Classified [Roll Forward] | ||
Beginning balance | $ 124,098 | $ 89,331 |
Capitalization of contract acquisition costs | 30,541 | 39,668 |
Amortization of deferred contract acquisition costs | (26,390) | (19,980) |
Ending balance | 128,250 | 109,019 |
Deferred contract acquisition costs, current | 45,329 | 36,219 |
Deferred contract acquisition costs, non-current | 82,921 | 72,800 |
Total deferred contract acquisition costs | $ 128,250 | $ 109,019 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Other Liabilities, Non-current (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Supplemental Balance Sheet Disclosures [Abstract] | ||
Operating lease liabilities, non-current | $ 10,245 | $ 12,093 |
Liabilities incurred | 4,046 | 0 |
Accrued commissions | 821 | 713 |
Other liabilities, non-current | $ 15,112 | $ 12,806 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Leases [Abstract] | ||||
Short-term lease costs | $ 184 | $ 46 | $ 340 | $ 145 |
Operating lease costs | 878 | 878 | 1,756 | 1,756 |
Total lease costs | $ 1,062 | $ 924 | $ 2,096 | $ 1,901 |
Leases - Summary of Lease Term
Leases - Summary of Lease Term and Discount Rate (Details) | Jul. 31, 2023 |
Leases [Abstract] | |
Weighted average remaining lease terms (in years) | 3 years 8 months 12 days |
Weighted average discount rate | 3.80% |
Leases - Schedule of Future Lea
Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Leases [Abstract] | ||
2024 (remaining six months) | $ 1,994 | |
2025 | 4,150 | |
2026 | 3,734 | |
2027 | 3,737 | |
2028 | 1,277 | |
Total minimum lease payments | 14,892 | |
Less imputed interest | (1,057) | |
Present value of future minimum lease payments | 13,835 | |
Less current lease liabilities | (3,590) | $ (3,380) |
Operating lease liabilities, non-current | $ 10,245 | $ 12,093 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Leases [Abstract] | ||||
Operating right-of-use asset impairment losses | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | Jul. 31, 2023 | Jan. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Letters of credit outstanding amount | $ 1.8 | $ 1.8 |
Common Stock and Stockholders_3
Common Stock and Stockholders' Equity - Schedule of Reserved Shares of Common Stock for Future Issuance (Details) - shares shares in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Class Of Stock [Line Items] | ||
Common stock capital shares reserved for future issuance | 53,097 | 45,377 |
2021 Equity Incentive Plan | ||
Class Of Stock [Line Items] | ||
Remaining shares available for future issuance | 25,490 | 21,466 |
2021 Employee Stock Purchase Plan ("ESPP") | ||
Class Of Stock [Line Items] | ||
Common stock capital shares reserved for future issuance | 4,481 | 3,008 |
Options outstanding | ||
Class Of Stock [Line Items] | ||
Common stock capital shares reserved for future issuance | 8,424 | 9,315 |
Restricted stock units outstanding | ||
Class Of Stock [Line Items] | ||
Common stock capital shares reserved for future issuance | 14,702 | 11,588 |
Common Stock and Stockholders_4
Common Stock and Stockholders' Equity - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Aggregate Intrinsic Value | |||
Aggregate intrinsic value, exercised | $ 24,900 | $ 59,500 | |
2021 Equity Incentive Plan | |||
Number of Options Outstanding | |||
Beginning balance (in shares) | 9,315 | ||
Stock options exercised (in shares) | (879) | ||
Stock options cancelled/forfeited/expired (in shares) | (12) | ||
Ending balance (in shares) | 8,424 | 9,315 | |
Number of options outstanding, exercisable (in shares) | 8,371 | ||
Weighted-Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 1.92 | ||
Stock options exercised (in dollars per share) | 1.66 | ||
Stock options cancelled/forfeited/expired (in dollars per share) | 22.39 | ||
Ending balance (in dollars per share) | 1.92 | $ 1.92 | |
Weighted-average exercise price per share, exercisable (in dollars per share) | $ 1.84 | ||
Weighted- Average Remaining Contractual Term (in Years) | 4 years 2 months 12 days | 4 years 7 months 6 days | |
Weighted Average Remaining Contractual Term, Exercisable (in years) | 4 years 2 months 12 days | ||
Aggregate Intrinsic Value | |||
Aggregate intrinsic value | $ 233,235 | $ 281,837 | |
Aggregate intrinsic value, exercised | 24,920 | ||
Aggregate intrinsic value, exercisable | $ 232,479 |
Common Stock and Stockholders_5
Common Stock and Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total grant-date fair value of stock options vested | $ 800 | $ 2,800 | |||
Total intrinsic value of options exercised | 24,900 | 59,500 | |||
Stock-based compensation expense, net of amounts capitalized | $ 46,119 | $ 42,403 | 86,282 | 88,662 | |
Unrecognized stock-based compensation expense | 500 | 2,900 | $ 500 | $ 2,900 | |
Unrecognized stock-based compensation expense, weighted-average period | 1 year 2 months 12 days | 1 year 4 months 24 days | |||
ESPP employee payroll contributions | $ 53,505 | $ 53,505 | $ 58,628 | ||
2021 Employee Stock Purchase Plan ("ESPP") | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense, net of amounts capitalized | $ 6,500 | $ 7,300 | |||
Employee stock purchase plan, shares issued (in shares) | 426,193 | ||||
Purchase price per share (dollars per share) | $ 23.97 | $ 23.97 | |||
Cash proceeds from common stock | $ 10,200 | ||||
Unrecognized stock-based compensation expense | $ 15,900 | $ 15,900 | |||
Unrecognized stock-based compensation expense, weighted-average period | 1 year 4 months 24 days | ||||
ESPP employee payroll contributions | $ 3,900 | $ 3,900 | |||
2021 Employee Stock Purchase Plan ("ESPP") | Common Class A | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for sale | 4,480,939 | 4,480,939 | |||
Restricted Stock Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Grant-date fair value of vested shares | $ 84,600 | 64,900 | |||
Unrecognized stock-based compensation expense | $ 418,400 | $ 390,600 | $ 418,400 | $ 390,600 | |
Unrecognized stock-based compensation expense, weighted-average period | 3 years 1 month 6 days | 2 years 4 months 24 days |
Common Stock and Stockholders_6
Common Stock and Stockholders' Equity - Schedule of Restricted Stock Units ("RSUs") Activity (Details) - 2021 Equity Incentive Plan - Restricted Stock Units shares in Thousands | 6 Months Ended |
Jul. 31, 2023 $ / shares shares | |
Number of Awards | |
Beginning balance (in shares) | shares | 11,588 |
RSUs granted (in shares) | shares | 6,830 |
RSUs released (in shares) | shares | (2,378) |
RSUs cancelled (in shares) | shares | (1,338) |
Ending balance (in shares) | shares | 14,702 |
Weighted-Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 42.48 |
RSUs granted (in dollars per share) | $ / shares | 28.93 |
RSUs released (in dollars per share) | $ / shares | 35.58 |
RSUs cancelled (in dollars per share) | $ / shares | 38.32 |
Ending balance (in dollars per share) | $ / shares | $ 37.67 |
Common Stock and Stockholders_7
Common Stock and Stockholders' Equity - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Stock-based compensation expense: | ||||
Stock-based compensation expense, net of amounts capitalized | $ 46,119 | $ 42,403 | $ 86,282 | $ 88,662 |
Capitalized stock-based compensation | 1,352 | 906 | 2,455 | 1,788 |
Total stock-based compensation expense | 47,471 | 43,309 | 88,737 | 90,450 |
Cost of revenue | Support | ||||
Stock-based compensation expense: | ||||
Stock-based compensation expense, net of amounts capitalized | 2,844 | 2,221 | 5,100 | 4,180 |
Cost of revenue | Cloud-hosted services | ||||
Stock-based compensation expense: | ||||
Stock-based compensation expense, net of amounts capitalized | 557 | 686 | 1,166 | 1,326 |
Cost of revenue | Professional services and other | ||||
Stock-based compensation expense: | ||||
Stock-based compensation expense, net of amounts capitalized | 647 | 652 | 1,213 | 1,380 |
Sales and marketing | ||||
Stock-based compensation expense: | ||||
Stock-based compensation expense, net of amounts capitalized | 15,483 | 14,421 | 27,442 | 28,814 |
Research and development | ||||
Stock-based compensation expense: | ||||
Stock-based compensation expense, net of amounts capitalized | 12,942 | 10,507 | 24,673 | 25,245 |
General and administrative | ||||
Stock-based compensation expense: | ||||
Stock-based compensation expense, net of amounts capitalized | $ 13,646 | $ 13,916 | $ 26,688 | $ 27,717 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Additional Information (Details) | 6 Months Ended |
Jul. 31, 2023 vote | |
Class A Common Stock | |
Class Of Stock [Line Items] | |
Common stock, voting rights | 1 |
Class B Common Stock | |
Class Of Stock [Line Items] | |
Common stock, voting rights | 10 |
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 | 6 Months Ended | ||||
Jul. 31, 2023 | Apr. 30, 2023 | Jul. 31, 2022 | Apr. 30, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Numerator: | ||||||
Net loss | $ (66,315) | $ (53,258) | $ (74,764) | $ (78,217) | $ (119,573) | $ (152,981) |
Denominator: | ||||||
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic (in shares) | 192,610 | 185,212 | 191,723 | 184,114 | ||
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, diluted (in shares) | 192,610 | 185,212 | 191,723 | 184,114 | ||
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share) | $ (0.34) | $ (0.40) | $ (0.62) | $ (0.83) | ||
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share) | $ (0.34) | $ (0.40) | $ (0.62) | $ (0.83) |
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 | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 24,314 | 24,330 | 24,309 | 23,943 |
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 | 23,126 | 22,569 | 23,126 | 22,569 |
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 | 1,188 | 1,760 | 1,182 | 1,373 |
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 | 0 | 1 | 0 | 1 |
Reduction in Workforce and Re_3
Reduction in Workforce and Related Charges - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 07, 2023 | Jul. 31, 2023 USD ($) | Jul. 31, 2023 USD ($) | Jan. 31, 2023 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Workforce reduction percentage | 0.08 | |||
Restructuring charges | $ 7,200 | $ 7,185 | ||
Benefit in stock-based compensation expense | 2,100 | 2,100 | ||
Restructuring reserve | 1,042 | 1,042 | $ 0 | |
Sales and marketing | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 4,300 | 4,300 | ||
Research and development | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 1,700 | 1,700 | ||
General and administrative | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 700 | 700 | ||
Cost of Sales | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 500 | 500 | ||
Employee Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 5,900 | 5,900 | ||
Payroll Taxes | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 400 | 400 | ||
Other Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 900 | $ 900 |
Reduction in Workforce and Re_4
Reduction in Workforce and Related Charges - Summary of Restructuring Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jul. 31, 2023 | Jul. 31, 2023 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 0 | |
Charges, excluding stock-based compensation expense | $ 7,200 | 7,185 |
Payments | (6,143) | |
Ending balance | $ 1,042 | $ 1,042 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Income Tax Contingency [Line Items] | ||||
Provision (benefit) for income taxes | $ (86) | $ 137 | $ 222 | $ 422 |
Partial release of valuation allowance | $ 500 |