Cover
Cover - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Feb. 28, 2022 | Jul. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 31, 2022 | ||
Current Fiscal Year End Date | --01-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-040601 | ||
Entity Registrant Name | Couchbase, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 26-3576987 | ||
Entity Address, Address Line One | 3250 Olcott Street | ||
Entity Address, City or Town | Santa Clara | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 95054 | ||
City Area Code | 650 | ||
Local Phone Number | 417-7500 | ||
Title of 12(b) Security | Common stock, par value $0.00001 per share | ||
Trading Symbol | BASE | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 719,700 | ||
Entity Common Stock, Shares Outstanding | 44,171,413 | ||
Documents Incorporated by Reference | Portions of the registrant’s proxy statement for the 2022 annual meeting of stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended January 31, 2022 | ||
Entity Central Index Key | 0001845022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Jan. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 238 |
Auditor Location | San Jose, California |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 95,688 | $ 37,297 |
Short-term investments | 110,266 | 19,546 |
Accounts receivable, net | 36,696 | 35,897 |
Deferred commissions | 11,783 | 8,353 |
Prepaid expenses and other current assets | 8,559 | 2,449 |
Total current assets | 262,992 | 103,542 |
Property and equipment, net | 4,288 | 6,506 |
Deferred commissions, noncurrent | 8,243 | 4,941 |
Other assets | 1,219 | 2,199 |
Total assets | 276,742 | 117,188 |
Current liabilities | ||
Accounts payable | 1,923 | 2,428 |
Accrued compensation and benefits | 16,143 | 9,110 |
Other accrued expenses | 3,231 | 4,154 |
Deferred revenue | 69,010 | 57,168 |
Total current liabilities | 90,307 | 72,860 |
Long-term debt | 0 | 24,948 |
Deferred revenue, noncurrent | 2,713 | 4,542 |
Other liabilities | 507 | 1,358 |
Total liabilities | 93,527 | 103,708 |
Commitments and contingencies (Note 8) | ||
Redeemable convertible preferred stock, $0.00001 par value; zero shares and 26,070,258 shares authorized as of January 31, 2022 and 2021, respectively; zero shares and 26,070,213 shares issued and outstanding as of January 31, 2022 and 2021, respectively; aggregate liquidation preference of $314,829 as of January 31, 2021 | 0 | 259,822 |
Stockholders’ equity (deficit) | ||
Preferred stock, $0.00001 par value; 200,000,000 shares and zero shares authorized as of January 31, 2022 and 2021, respectively; zero shares issued and outstanding as of January 31, 2022 and 2021, | 0 | 0 |
Common stock, $0.00001 par value; 1,000,000,000 shares and 43,200,000 shares authorized as of January 31, 2022 and 2021, respectively; 43,847,484 and 6,199,305 shares issued and outstanding as of January 31, 2022 and 2021, respectively | 0 | 0 |
Additional paid-in capital | 525,392 | 37,410 |
Accumulated other comprehensive income (loss) | (195) | 1 |
Accumulated deficit | (341,982) | (283,753) |
Total stockholders’ equity (deficit) | 183,215 | (246,342) |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ 276,742 | $ 117,188 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jan. 31, 2022 | Jan. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Redeemable convertible preferred stock , par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Redeemable convertible preferred stock, shares authorized (in shares) | 0 | 26,070,258 |
Redeemable convertible preferred stock, shares issued (in shares) | 0 | 26,070,213 |
Redeemable convertible preferred stock, shares outstanding (in shares) | 0 | 26,070,213 |
Redeemable convertible preferred stock, liquidation preference | $ 314,829 | |
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized (in shares) | 200,000,000 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 43,200,000 |
Common stock, shares issued (in shares) | 43,847,484 | 6,199,305 |
Common stock, shares outstanding (in shares) | 43,847,484 | 6,199,305 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Revenue: | |||
Total revenue | $ 123,542 | $ 103,285 | $ 82,521 |
Cost of revenue: | |||
Total cost of revenue | 14,781 | 11,617 | 7,802 |
Gross profit | 108,761 | 91,668 | 74,719 |
Operating expenses: | |||
Research and development | 51,639 | 39,000 | 31,672 |
Sales and marketing | 89,372 | 70,248 | 57,829 |
General and administrative | 24,008 | 15,500 | 15,561 |
Total operating expenses | 165,019 | 124,748 | 105,062 |
Loss from operations | (56,258) | (33,080) | (30,343) |
Interest expense | (656) | (6,970) | (4,657) |
Other income (expense), net | (300) | 1,111 | 6,509 |
Loss before income taxes | (57,214) | (38,939) | (28,491) |
Provision for income taxes | 1,015 | 1,044 | 766 |
Net loss | (58,229) | (39,983) | (29,257) |
Cumulative dividends on Series G redeemable convertible preferred stock | (2,917) | (4,076) | 0 |
Net loss attributable to common stockholders | (61,146) | (44,059) | (29,257) |
Net loss attributable to common stockholders | $ (61,146) | $ (44,059) | $ (29,257) |
Net loss per share attributable to common stockholders, basic (in shares) | $ (2.37) | $ (7.71) | $ (5.33) |
Net loss per share attributable to common stockholders, diluted (in shares) | $ (2.37) | $ (7.71) | $ (5.33) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 25,777,000 | 5,717,000 | 5,489,000 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 25,777,000 | 5,717,000 | 5,489,000 |
Subscription | |||
Revenue: | |||
Total revenue | $ 116,287 | $ 96,936 | $ 76,600 |
Cost of revenue: | |||
Total cost of revenue | 8,529 | 6,074 | 3,446 |
Subscription | License | |||
Revenue: | |||
Total revenue | 19,008 | 14,032 | 11,128 |
Subscription | Support and other | |||
Revenue: | |||
Total revenue | 97,279 | 82,904 | 65,472 |
Services | |||
Revenue: | |||
Total revenue | 7,255 | 6,349 | 5,921 |
Cost of revenue: | |||
Total cost of revenue | $ 6,252 | $ 5,543 | $ 4,356 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (58,229) | $ (39,983) | $ (29,257) |
Other comprehensive income: | |||
Net unrealized gains (losses) on investments, net of tax | (196) | 1 | 0 |
Total comprehensive loss | $ (58,425) | $ (39,982) | $ (29,257) |
CONSOLIDATED STATEMENTS OF REDE
CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment |
Beginning balance at Jan. 31, 2019 | $ 155,506 | |||||||
Beginning balance (in shares) at Jan. 31, 2019 | 18,901,887 | |||||||
Ending balance at Jan. 31, 2020 | $ 155,506 | |||||||
Ending balance (in shares) at Jan. 31, 2020 | 18,901,887 | |||||||
Beginning balance at Jan. 31, 2019 | $ (198,071) | $ 9,291 | $ 0 | $ 25,733 | $ 0 | $ (223,804) | $ 9,291 | |
Beginning balance (in shares) at Jan. 31, 2019 | 5,424,055 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Issuance of common stock upon exercise of stock options | 979 | 979 | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 222,183 | |||||||
Issuance of common stock warrants | 424 | 424 | ||||||
Stock-based compensation | 3,418 | 3,418 | ||||||
Net loss | (29,257) | (29,257) | ||||||
Ending balance at Jan. 31, 2020 | $ (213,216) | $ 0 | 30,554 | 0 | (243,770) | |||
Ending balance (in shares) at Jan. 31, 2020 | 5,646,238 | |||||||
Increase (Decrease) in Temporary Equity | ||||||||
Issuance of Series G redeemable convertible preferred stock, net of issuance costs | $ 104,316 | |||||||
Issuance of Series G redeemable convertible preferred stock, net of issuance costs (in shares) | 7,168,326 | |||||||
Ending balance at Jan. 31, 2021 | $ 259,822 | |||||||
Ending balance (in shares) at Jan. 31, 2021 | 26,070,213 | 26,070,213 | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Issuance of common stock upon exercise of stock options | $ 2,185 | 2,185 | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 553,067 | |||||||
Stock-based compensation | 4,671 | 4,671 | ||||||
Net unrealized gain (losses) on investments | 1 | 1 | ||||||
Net loss | (39,983) | (39,983) | ||||||
Ending balance at Jan. 31, 2021 | $ (246,342) | $ 0 | 37,410 | 1 | (283,753) | |||
Ending balance (in shares) at Jan. 31, 2021 | 6,199,305 | |||||||
Increase (Decrease) in Temporary Equity | ||||||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | $ (259,822) | |||||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares) | (26,070,213) | |||||||
Ending balance (in shares) at Jan. 31, 2022 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Issuance of common stock upon exercise of stock options | $ 7,495 | 7,495 | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 1,347,595 | |||||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | 259,822 | 259,822 | ||||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares) | 26,710,600 | |||||||
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other issuance costs | 209,924 | 209,924 | ||||||
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other issuance costs (in shares) | 9,589,999 | |||||||
Settlement of fractional shares paid in cash | (9) | (9) | ||||||
Settlement of fractional shares paid in cash (in shares) | (15) | |||||||
Stock-based compensation | 10,750 | 10,750 | ||||||
Net unrealized gain (losses) on investments | (196) | (196) | ||||||
Net loss | (58,229) | (58,229) | ||||||
Ending balance at Jan. 31, 2022 | $ 183,215 | $ 0 | $ 525,392 | $ (195) | $ (341,982) | |||
Ending balance (in shares) at Jan. 31, 2022 | 43,847,484 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Cash flows from operating activities | |||
Net loss | $ (58,229) | $ (39,983) | $ (29,257) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Depreciation and amortization expense | 2,824 | 2,006 | 711 |
Amortization of debt issuance costs | 52 | 717 | 174 |
Debt prepayment costs | 0 | 1,000 | 0 |
Stock-based compensation | 10,750 | 4,671 | 3,418 |
Amortization of deferred commissions | 13,763 | 10,402 | 7,819 |
Foreign currency transaction (gains) losses | 382 | (931) | 289 |
Other | 267 | 132 | 20 |
Changes in operating assets and liabilities | |||
Accounts receivable | (730) | (5,524) | (10,474) |
Deferred commissions | (20,495) | (13,450) | (10,303) |
Prepaid expenses and other assets | (6,217) | 56 | (1,168) |
Accounts payable | (491) | 925 | 351 |
Accrued compensation and benefits | 7,030 | 298 | 3,247 |
Accrued expenses and other liabilities | (493) | (279) | 1,504 |
Deferred revenue | 10,013 | 782 | 11,912 |
Net cash used in operating activities | (41,574) | (39,178) | (21,757) |
Cash flows from investing activities | |||
Purchases of short-term investments | (112,479) | (20,493) | 0 |
Maturities and sales of short-term investments | 21,268 | 900 | 0 |
Purchases of property and equipment | (819) | (2,819) | (4,710) |
Net cash used in investing activities | (92,030) | (22,412) | (4,710) |
Cash flows from financing activities | |||
Payments of debt | (25,000) | (57,402) | 0 |
Proceeds from issuance of debt, net of issuance costs | 0 | 31,402 | 34,801 |
Proceeds from issuance of Series G redeemable convertible preferred stock, net of issuance costs | 0 | 104,316 | 0 |
Proceeds from exercise of stock options | 7,495 | 2,185 | 979 |
Proceeds from initial public offering, net of underwriting discounts and commissions | 214,854 | 0 | 0 |
Payment for fractional shares in reverse stock split | (9) | 0 | 0 |
Payments of deferred offering costs | (4,930) | 0 | 0 |
Net cash provided by financing activities | 192,410 | 80,501 | 35,780 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (415) | 162 | (135) |
Net increase in cash, cash equivalents and restricted cash | 58,391 | 19,073 | 9,178 |
Cash, cash equivalents and restricted cash | |||
Beginning of period | 37,840 | 18,767 | 9,589 |
End of period | 96,231 | 37,840 | 18,767 |
Cash and cash equivalents | 95,688 | 37,297 | 18,224 |
Restricted cash included in other assets | 543 | 543 | 543 |
Total cash, cash equivalents and restricted cash | 96,231 | 37,840 | 18,767 |
Supplemental disclosures of cash activities | |||
Cash paid for income taxes | 797 | 866 | 513 |
Cash paid for interest | 616 | 5,951 | 3,849 |
Non-cash investing and financing activities: | |||
Change in purchases of property and equipment included in accounts payable and other accrued liabilities | (212) | 309 | 141 |
Issuance of warrants to purchase common stock | 0 | 0 | 424 |
Change in deferred offering costs included in accounts payable and other accrued liabilities | (1,084) | 1,084 | 0 |
Conversion of redeemable convertible preferred stock to common stock | $ 259,822 | $ 0 | $ 0 |
Description of Business
Description of Business | 12 Months Ended |
Jan. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Couchbase, Inc. provides an enterprise-class, multi-cloud NoSQL database architected on top of an open source foundation. Couchbase was incorporated in the State of Delaware in 2008 and is headquartered in Santa Clara, California. In these notes to the consolidated financial statements, the “Company,” “Couchbase” “we,” “us,” and “our” refers to Couchbase, Inc. and its subsidiaries on a consolidated basis. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The Company’s consolidated financial statements and accompanying notes include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Initial Public Offering In July 2021, the Company completed its initial public offering (“IPO”), for the sale and issuance of 9,589,999 shares of its common stock at $24.00 per share, which included 1,250,869 shares issued pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company received net proceeds of $214.9 million, after deducting underwriters’ discounts and commissions and before consideration of other issuance costs. In connection with the IPO, all 26,710,600 shares of outstanding redeemable convertible preferred stock automatically converted into an equivalent number of shares of common stock, inclusive of 640,387 shares of additional stock issued related to preferred stock conversion and dividend features. Prior to the IPO, all deferred offering costs were capitalized in other noncurrent assets on the consolidated balance sheets. Deferred offering costs of $4.9 million, primarily consisting of accounting, legal, and other fees related to the Company’s IPO, were offset against the IPO proceeds upon the closing of the Company’s IPO in July 2021. As of January 31, 2022, all $4.9 million of deferred offering costs were paid. Unpaid deferred offering costs totaled $1.1 million as of January 31, 2021. Reverse Stock Split On June 30, 2021, the Company effected a 2.5-for-1 reverse stock split of its outstanding common stock, common stock warrants, preferred stock and stock option awards. All issued and outstanding shares of common stock, common stock warrants, preferred stock, stock option awards and per share data have been adjusted in these consolidated financial statements, on a retrospective basis, to reflect the reverse stock split for all periods presented. The par value of the common stock and preferred stock was not adjusted because of the reverse stock split. Fiscal Year The Company’s fiscal year ends on January 31. References to fiscal 2022, 2021 and 2020 refer to the years ended January 31, 2022, 2021 and 2020, respectively. Segment Information The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts stated in the financial statements and accompanying notes. Such estimates include standalone selling prices (“SSP”) for each distinct performance obligation, capitalized internal- use software costs, expected period of benefit for deferred commissions, valuation of the Company’s common stock prior to the IPO in July 2021, valuation of stock-based awards, the determination of allowance for doubtful accounts and accounting for income taxes. The Company bases its estimates on historical experience and assumptions that management considers reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates. Estimates and assumptions about future events and their effects, including the impact of the COVID-19 pandemic, cannot be determined with certainty and therefore require increased judgment. These estimates and assumptions may change in future periods and will be recognized in the consolidated financial statements as new events occur and additional information becomes known. To the extent the Company’s actual results differ materially from those estimates and assumptions, the Company’s future financial statements could be affected. COVID-19 While the duration and extent of the COVID-19 pandemic depends on future developments that cannot be accurately predicted at this time, such as the extent and effectiveness of containment actions, it has already had an adverse effect on the global economy and the lasting effects of the pandemic continue to be unknown. The Company may experience customer losses, including due to bankruptcy or customers ceasing operations, which may result in delays in collections or an inability to collect accounts receivable from these customers. The impact of COVID-19 on the Company’s financial condition, results of operations, or liquidity continues to remain uncertain, and as of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or an adjustment to the carrying value of the Company’s assets or liabilities. These estimates may change, as new events occur and additional information is obtained, which will be recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements. Foreign Currency The reporting currency of the Company is the United States dollar. The functional currency of each of the Company’s foreign subsidiaries is the U.S. dollar. Accordingly, each foreign subsidiary remeasures monetary assets and liabilities at period-end exchange rates, while nonmonetary items are remeasured at historical rates. Revenue and expense items are remeasured at the exchange rates in effect on the day the transaction occurred, except for those expenses related to non-monetary assets and liabilities, which are remeasured at historical exchange rates. Remeasurement adjustments are recognized in other income (expense), net in the consolidated statements of operations. The Company had foreign currency transaction gains (losses) o f $(0.4) million, $0.9 million and $(0.3) million for the years ended January 31, 2022, 2021 and 2020, respectively. Revenue Recognition The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is derived from sales of subscriptions and services. The Company’s subscription revenue is primarily derived from term-based software licenses sold in conjunction with post-contract support (“PCS” or “Support”). PCS bundled with software licenses includes internet, email and phone support, bug fixes and the right to receive unspecified software updates and upgrades released when and if available during the subscription term. The software license and PCS revenue is presented as “License” and “Support and other,” respectively, in the Company’s consolidated statements of operations. The non-cancelable term of the Company’s subscription arrangements typically ranges from one ed January 31, 2022, 2021 and 2020. The Company’s services revenue is derived from professional services for the implementation or configuration of its platform and training. Professional services are provided primarily on a fixed fee basis and are invoiced upfront, and training is generally priced on number of seats purchased. These services are distinct from software licenses and PCS. Revenue for fixed fee arrangements is recognized on a proportional performance basis as the services are performed. The Company determines revenue recognition in accordance with ASC 606 through the following five steps: • Identify the contract with a customer: The Company usually contracts with its customers using an order form that is governed either by the Company’s standard electronic software licensing agreement or by the master sales agreement executed between the Company and the customer. A fully executed order form creates enforceable rights and obligations. The Company uses multiple factors such as historical payments experience, credit status and financial status in determining the customer’s ability to pay. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. The Company uses factors such as timing of the contract, negotiation teams involved and additional subscriptions or services contracted to determine combination. • Identify performance obligations in the contract: The Company enters into contracts that can include various combinations of products and services such as licenses, PCS, professional services and training that are both (1) capable of being distinct, whereby the customer can benefit from the product or service either on its own or together with other resources that are readily available from third parties or from the Company and (2) distinct in the context of the contract, whereby the transfer of the products or services is separately identifiable from other promises in the contract. • Determine transaction price: The transaction price is the consideration the Company expects to receive in exchange for those products or services. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental entities (e.g., sales and other indirect taxes). • Allocate transaction price to the performance obligations in the contract : Arrangements that include multiple performance obligations require an allocation of the transaction price to each performance obligation based on the relative SSP of the performance obligation. The Company also considers if there are any additional material rights inherent in a contract, and if so, the Company allocates a portion of the transaction price to such rights based on SSP of the material right. When appropriate, the Company determines SSP based on the price at which the performance obligation has previously been sold through past transactions. The Company determines SSP for performance obligations with no observable evidence using adjusted market, cost plus or residual methods. When the SSP of a subscription including bundled software license and PCS is highly variable and the contract also includes additional performance obligations with observable SSP, the Company first allocates the transaction price to the performance obligations with established SSPs and then applies the residual approach to allocate the remaining transaction price to the subscription. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. • Recognize revenue when or as the Company satisfies a performance obligation: The Company recognizes revenue upon transfer of control of promised products or services. Revenue is recognized based on type of performance obligation: (1) point in time for software license, (2) over time for PCS, (3) over time based on input measures for professional services and (4) upon delivery for training. Allocation of Overhead Costs Overhead costs that are not substantially dedicated for use by a specific functional organization are allocated based on headcount. Such costs include costs associated with office facilities, depreciation and amortization of property and equipment and IT personnel-related costs and other expenses, such as software and subscription services. Cost of Revenue Cost of subscription revenue consists primarily of personnel-related costs associated with the Company’s customer support organization, including salaries, benefits, bonuses and stock-based compensation, expenses associated with software and subscription services dedicated for use by the Company’s customer support organization, third-party cloud infrastructure expenses, amortization of costs associated with capitalized internal-use software and allocated overhead. There is no cost of revenue associated with the Company’s license revenue. Cost of services revenue consists primarily of personnel-related costs associated with the Company’s professional services and training organization, including salaries, benefits, bonuses and stock-based compensation, costs of contracted third-party partners for professional services, expenses associated with software and subscription services dedicated for use by the Company’s service organization, travel-related expenses and allocated overhead. Advertising Advertising costs are charged to sales and marketing expenses in the consolidated statement of operations in the period incurred. These costs were not material for the yea rs ended January 31, 2022, 2021 and 2020. Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based awards, including restricted stock units, stock options, and the ESPP, to employees, consultants and nonemployee directors based on the estimated fair value of the awards on the grant date. The fair value of stock options and purchase rights under the ESPP are estimated using the Black-Scholes option-pricing model. The fair value of market-based performance restricted stock unit awards is estimated, at the date of grant, using the Monte Carlo Simulation Model. The Black-Scholes and Monte Carlo Simulation valuation models are affected by the fair value of the Company’s common stock as well as assumptions regarding a number of other complex and subjective variables. These variables include expected stock price volatility over the expected term of the award, the risk-free interest rate for the expected term of the award and expected dividends. Stock-based compensation expense for restricted stock units and stock options is recognized over the requisite service period. Forfeitures are accounted for as they occur. For awards with only a service condition, the Company recognizes stock-based compensation using the straight-line method over the requisite service period for the entire award. For awards with a market condition, we recognize expense separately for each vesting tranche regardless of whether the market condition is satisfied. Stock-based compensation expense for the ESPP is recognized on a straight-line basis over the offering period. Income Taxes The Company is subject to income taxes in the United States and certain foreign jurisdictions. The Company records a provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts for financial reporting purposes and the tax bases of assets and liabilities, as well as for loss and tax credit carryforwards. The deferred assets and liabilities are measured using the statutorily enacted tax rates anticipated to be in effect when those tax assets and liabilities are expected to be realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is established if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company considers all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income in assessing the need for a valuation allowance. The Company’s tax positions are subject to income tax audits by multiple tax jurisdictions throughout the world. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not the position will be sustainable upon examination by the taxing authority, including resolution of any related appeals or litigation processes. This evaluation is based on all available evidence and assumes that the tax authorities have full knowledge of all relevant information concerning the tax position. The tax benefit recognized is measured as the largest amount of benefit that is more likely than not to be realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in the provision for income taxes. The Company makes adjustments to these reserves in accordance with the income tax guidance when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. Net Loss Per Share Attributable to Common Stockholders Basic and diluted net loss per share attributable to common stockholders is computed in conformity with the two-class method required for participating securities. The Company considered all series of its redeemable convertible preferred stock to be participating securities as the holders of such stock had the right to receive nonforfeitable dividends on a pari passu basis in the event that a dividend was paid on common stock. Under the two-class method, the net loss attributable to common stockholders was not allocated to the redeemable convertible preferred stock as the preferred stockholders did not have a contractual obligation to share in the Company’s losses. Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive shares to the extent they are dilutive. For purposes of this calculation, stock options, redeemable convertible preferred stock, common stock warrants, RSUs and employee stock purchase rights under the ESPP are considered to be potentially dilutive shares but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive. Cash and Cash Equivalents The Company considers all highly liquid investments with original or remaining maturities of three months or less when purchased to be cash and cash equivalents. Restricted Cash Restricted cash is held in a money market account in connection with a lease agreement for the Company’s facilities. Restricted cash is included in other noncurrent assets on the consolidated balance sheets as the related lease expires more than one year from the balance sheet date. Short-Term Investments The Company determines the appropriate classification of its investments at the time of purchase. As the Company views these securities as available to support current operations, it accounts for these debt securities as available-for-sale and classifies them as current assets on its consolidated balance sheets. These securities are recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income (loss). The Company periodically evaluates its investments to assess whether those with unrealized loss positions are other-than-temporarily impaired. The Company considers impairments to be other than temporary if they are related to deterioration in credit risk or if it is more likely than not that the Company will sell the securities before the recovery of their cost basis. If the Company does not intend to sell a security and it is not more likely than not that it will be required to sell the security before recovery, the unrealized loss is separated into an amount representing the credit loss, which is recognized in other income (expense), net, and the amount related to all other factors, which is recorded in accumulated other comprehensive income (loss). Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are rep orted in other income (expense), net in the consolidated statements of operations. Realized gains and losses for the years ended January 31, 2022, 2021 and 2020 were not material. Accounts Receivable Accounts receivable includes billed and unbilled receivables, net of allowance for doubtful accounts. Accounts receivable are recorded at the invoiced amount and are non-interest bearing. The Company records a provision for doubtful accounts based on historical experience and a detailed assessment of the collectability of its accounts receivable. In estimating the allowance for doubtful accounts, the Company considers, among other factors, the aging of the accounts receivable, its historical write-offs, the credit worthiness of customers and general economic conditions. Account balances are charged off against the allowance when the Company believes it is probable the receivable will not be recovered. Actual write-offs may either be in excess of or less than the estimated allowance. Unbilled accounts receivable represents revenu e recognized on contracts in excess of invoiced amounts. Unbilled accounts receivable as of January 31, 2022 and 2021 were not mate rial. The following table presents the changes in the allowance for doubtful accounts (in thousands): Year Ended January 31, 2022 2021 2020 Beginning balance $ 73 $ 81 $ 95 Add: bad debt expense 41 84 40 Less: write-offs, net of recoveries (6) (92) (54) Ending balance $ 108 $ 73 $ 81 Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents, restricted cash, short-term investments and accounts receivable. The Company maintains its cash and cash equivalents, restricted cash and short-term investments with high-quality financial institutions. Cash equivalents consist of money market funds which are invested through financial institutions in the United States. Deposits, including those held in foreign branches of global banks, may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses on these deposits. For its accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded on the consolidated balance sheet. Generally, credit risk with respect to accounts receivable is diversified due to the number of entities comprising the Company’s customer base and their dispersion across different geographies and industries. The Company performs ongoing credit evaluations on certain customers and generally does not require collateral on accounts receivable. The Company maintains an allowance for doubtful accounts and historically bad debts have not been material. No customer accounte d for 10% or mor e of total revenue for the years ended January 31, 2022, 2021 and 2020. No customer accounted for 10% or more of gross accounts receivable as of January 31, 2022. One customer accounted for 15% of gross accounts receivable as of January 31, 2021. Fair Value of Financial Instruments The Company accounts for certain of its financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1: Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Property and Equipment, Net Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, which is as follows: Computer equipment 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of lease term or estimated useful life Capitalized internal-use software 3 years When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the consolidated balance sheets, and any resulting gain or loss is reflected in the consolidated statements of operations in the period realized. Maintenance and repairs are charged to expense in the consolidated statements of operations in the period incurred. Capitalized Internal-Use Software The Company capitalizes qualifying internal-use software development costs, including personnel-related costs that are incurred during the application development stage. Capitalization of costs begins when two criteria are met: (1) the preliminary project stage is completed and (2) it is probable that the software will be completed and used for its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred. Capitalized internal-use software costs are included in property and equipment, net on the consolidated balance sheets. These costs are amortized on a straight-line basis over their estimated useful life commencing when assets are initi ally placed into service for their intended use. Amortization expense of capitalized internal-use software costs was $1.9 million and $1.1 million for the years ended January 31, 2022 and 2021, respectively, and was included in cost of subscription revenue i n the consolidated statements of operations. There was no amortization of capitalized internal-use software costs for the year ended January 31, 2020 since the software was still in the application development stage and not substantially complete and ready for its intended use. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment exists for property and equipment if the carrying amounts of such assets exceed the estimates of future net undiscounted cash flows expected to be generated by such assets. An impairment charge is recognized for the amount by which the carrying amount of the asset, or asset group, exceeds its fair value. No impairment of long-lived assets occurred during the years end ed January 31, 2022, 2021 and 2020. Deferred Rent The Company leases real estate facilities under operating leases. For leases that contain rent escalation or rent concession provisions, the Company records the total rent expense during the lease term on a straight-line basis over the term of the lease. The Company records the difference between the rent paid and the straight-line rent expense expected to be amortized within the next twelve months as current and included in other accrued liabilities, with the remainder classified as noncurrent and included in other liabilities on the consolidated balance sheets. Deferred Commissions The Company capitalizes certain sales commissions, including related payroll taxes, earned by the Company’s sales force, which are considered to be incremental costs that would not be incurred absent of the contract. Commissions earned on the initial acquisition of a contract are amortized based on expected future revenue stream over a period of benefit of three years. The Company determined the period of benefit by taking into consideration its customer contracts, its technology and other factors. Commissions for renewal contracts are not commensurate with the commission paid for initial acquisition of a contract and are amortized based over the related contractual renewal period. The deferred commission amounts are recoverable through the future revenue streams under the customer contracts. Amortization of deferred commissions is included in sales and marketing expenses in the consolidated statements of operations. There was no impairment loss related to deferred sales commissions for the years ended January 31, 2022, 2021 and 2020. Commissions that will be amortized within the next twelve months are classified as current with the remainder classified as non-current on the consolidated balance sheets. Deferred Revenue The Company records deferred revenue when the Company receives customer payments in advance of satisfying the performance obligations on the Company’s contracts. Deferred revenue also includes amounts that have been invoiced but not yet collected, classified as accounts receivable, when the Company has an enforceable right to invoice. The portion of deferred revenue that is anticipated to be recognized as revenue during the succeeding twelve-month period is recorded as deferred revenue, current with the remainder classified as deferred revenue, noncurrent on the consolidated balance sheets. Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted The Company adopted ASC 606 on February 1, 2019 using the modified retrospective transition method applied to those contracts that were not completed as of January 31, 2019. ASC 606 also includes Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers , which requires the deferral of incremental costs of obtaining a contract with a customer. ASC 606 supersedes the revenue recognition requirements in ASC 605, Revenue Recognition . The Company recorded a cumulative effect adjustment to the opening accumulated deficit of related to the reduction in commission expenses of prior periods that the Company capitalized under ASC 340, net of taxes. In June 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-07 , Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which expands the scope of Topic 718 to include share-based payments issued to nonemployees for goods and services. The Company adopted the new guidance on February 1, 2020, and it did not have a material impact on the consolidated financial statements. Accounting Pronouncements Not Yet Adopted Under the JOBS Act, the Company meets the definition of an emerging growth company and can delay adopting new or revised accounting standards issued after the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the Company is no longer an emerging growth company or until the Company affirmatively and irrevocably opts out of the extended transition period. In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), which requires lessees to record most leases on their balance sheets and disclosing key information about lease arrangements. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases. The ASU makes 16 technical corrections to the new lease standard and other accounting topics, alleviating unintended consequences from applying the new standard. It does not make any substantive changes to the core provisions or principles of the new standard. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842): Targeted Improvements. The ASU provides (1) an optional transition method that entities can use when adopting the standard and (2) a practical expedient that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. In March 2019, the FASB also issued ASU 2019-01, Leases (Topic 842): Codification Improvements, which impacts transition disclosures related to the new guidance. The Company plans to adopt this guidance on February 1, 2022 using the modified retrospective transition approach through a cumulative-effect adjustment |
Cash Equivalents and Short-Term
Cash Equivalents and Short-Term Investments | 12 Months Ended |
Jan. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash Equivalents and Short-Term Investments | Cash Equivalents and Short-Term Investments The following tables summarize the Company’s cash equivalents and short-term investments (in thousands): As of January 31, 2022 Amortized Gross Gross Estimated Cash Equivalents Money market funds $ 86,505 $ — $ — $ 86,505 Total cash equivalents 86,505 — — 86,505 Short-Term Investments Commercial paper 40,966 — (1) 40,965 U.S. government treasury securities 39,340 — (129) 39,211 Corporate debt securities 30,156 — (66) 30,090 Total short-term investments 110,462 — (196) 110,266 Total $ 196,967 $ — $ (196) $ 196,771 As of January 31, 2021 Amortized Gross Gross Estimated Cash Equivalents Money market funds $ 31,438 $ — $ — $ 31,438 Total cash equivalents 31,438 — — 31,438 Short-Term Investments Commercial paper 12,290 — — 12,290 Corporate debt securities 7,255 2 (1) 7,256 Total short-term investments 19,545 2 (1) 19,546 Total $ 50,983 $ 2 $ (1) $ 50,984 During the years ended January 31, 2022, 2021 and 2020, the Company did not reclassify any amounts to earnings from accumulated other comprehensive income (loss) related to unrealized gains or losses in other income (expense), net in the consolidated statements of operations. As of January 31, 2022, the Company’s short-term investments consisted of $108.3 million and $2.0 million with a contractual maturity date of less than one year and greater than one year, respectively. As of January 31, 2021, the Company’s short-term investments had a contractual maturity date of less than one year. As of January 31, 2022, the Company had 25 short-term investments in an unrealized loss position. These short-term investments had an estimated fair value of $71.8 million and were not in a continuous unrealized loss position for more than twelve months. As of January 31, 2021, the Company had one short-term investment in an unrealized loss position. This short-term investment had an estimated fair value of $0.9 million and was not in a continuous unrealized loss position for more than twelve months. During the years ended January 31, 2022, 2021 and 2020, the Company had no other-than-temporary impairments of short-term investments. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company accounts for certain of its financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1: Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts reflected on the consolidated balance sheets for cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to the short maturities of those instruments. The carrying value of long-term debt approximated fair value as of January 31, 2021, based on the borrowing rates currently available to the Company with similar terms. The fair value of long-term debt is a Level 2 fair value measurement. The following tables present the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis (in thousands): As of January 31, 2022 Level 1 Level 2 Level 3 Total Cash Equivalents Money market funds $ 86,505 $ — $ — $ 86,505 Total cash equivalents 86,505 — — 86,505 Short-Term Investments Commercial paper — 40,965 — 40,965 U.S. government treasury securities — 39,211 — 39,211 Corporate debt securities — 30,090 — 30,090 Total short-term investments — 110,266 — 110,266 Total $ 86,505 $ 110,266 $ — $ 196,771 As of January 31, 2021 Level 1 Level 2 Level 3 Total Cash Equivalents Money market funds $ 31,438 $ — $ — $ 31,438 Total cash equivalents 31,438 — — 31,438 Short-Term Investments Commercial paper — 12,290 — 12,290 Corporate debt securities — 7,256 — 7,256 Total short-term investments — 19,546 — 19,546 Total $ 31,438 $ 19,546 $ — $ 50,984 The Company classifies its 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 commercial paper, corporate debt securities, and U.S. government securities within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded. There were no transfers into or out of Level 3 during the years ended January 31, 2022 and 2021. |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Jan. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): As of January 31, 2022 2021 Prepaid expenses $ 4,518 $ 803 Prepaid software 2,297 1,380 Other current assets 1,744 266 Total prepaid expenses and other current assets $ 8,559 $ 2,449 Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): As of January 31, 2022 2021 Computer equipment $ 3,711 $ 3,304 Furniture and fixtures 412 408 Capitalized internal-use software 5,772 5,772 Leasehold improvements 1,582 1,387 Total gross property and equipment 11,477 10,871 Accumulated depreciation and amortization (7,189) (4,365) Total property and equipment, net $ 4,288 $ 6,506 Depreciation and amortization expense was $2.8 million, $2.0 million and $0.7 million for the years ended January 31, 2022, 2021 and 2020, respectively. Accrued Compensation and Benefits Accrued compensation and benefits consisted of the following (in thousands): As of January 31, 2022 2021 Accrued bonus $ 5,557 $ 4,149 Accrued commissions 4,226 2,364 Accrued payroll and benefits 2,863 2,597 Employee contributions under the ESPP 3,497 — Total accrued compensation and benefits $ 16,143 $ 9,110 Other Accrued Liabilities Other accrued liabilities consisted of the following (in thousands): As of January 31, 2022 2021 Accrued professional fees $ 717 $ 1,925 Sales and value added tax payable 671 415 Income taxes payable 414 436 Accrued interest — 95 Other 1,429 1,283 Total other accrued liabilities $ 3,231 $ 4,154 |
Deferred Revenue and Remaining
Deferred Revenue and Remaining Performance Obligations | 12 Months Ended |
Jan. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Revenue and Remaining Performance Obligations | Deferred Revenue and Remaining Performance Obligations The following table presents the deferred revenue balances (in thousands): As of January 31, 2022 2021 Deferred revenue, current $ 69,010 $ 57,168 Deferred revenue, noncurrent 2,713 4,542 Total deferred revenue $ 71,723 $ 61,710 Changes in the deferred revenue balances during the years ended January 31, 2022 and 2021 were as follows (in thousands): Year Ended January 31, 2022 2021 Beginning balance $ 61,710 $ 60,929 Performance obligations satisfied during the period that were included in the deferred revenue balance at the beginning of the year (57,809) (57,705) Increases due to invoicing prior to satisfaction of performance obligations 67,822 58,486 Ending balance $ 71,723 $ 61,710 Remaining performance obligations (“RPOs”) represent the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. As of January 31, 2022, the Company’s RPOs wer e $161.6 million. The Company expects to recognize revenue of $98.0 million of these remaining performance obligations ove r the next twelve months with the remaining balances recognized thereafter. |
Debt
Debt | 12 Months Ended |
Jan. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt Debt is presented net of issuance costs on the consolidated balance sheets as follows (in thousands): As of January 31, 2022 2021 Principal outstanding $ — $ 25,000 Unamortized discount and debt issuance costs — (52) Long-term debt $ — $ 24,948 Interest expense on the Company’s borrowings w as $0.7 million, $7.0 million and $4.7 million for the years ended January 31, 2022, 2021 and 2020, respectively. The effective interest rate was 4.1% , 16.0% and 12.4% for the years ended January 31, 2022, 2021 and 2020, respectively. Term Loan In August 2018, the Company entered into an agreement for a term loan (the “Loan”) with Hercules Capital to borrow up to a maximum of $35.0 million over a period of three years with an original maturity date in September 2021. The interest on the Loan is the greater of (1) 10.75% plus the prime rate minus 5.5% and (2) 10.75%. Under the terms of the Loan, the Company pays interest monthly and the aggregate Loan principal balance is due on the maturity date. The Loan is secured by a subordinated security interest in substantially all the assets of the Company except intellectual property and contains certain covenants, including covenants which prohibit the Company from declaring or making cash dividends. The Loan permits voluntary prepayment on borrowings with a penalty ranging from 0.25% to 2.50% of the prepaid principal amount. Additionally, the Loan allows the lender to accelerate and demand for all or part of the outstanding borrowings together with a prepayment penalty in the event of default (as defined by the Loan agreement). The Company borrowed $14.7 million, net of issuance costs, under the Loan upon closing in August 2018. In April 2019, the Company entered into an amendment to the Loan with Hercules Capital to increase the maximum Loan amount to $70.0 million and extending the maturity date. The Company borrowed $34.8 million, net of issuance costs, during the year ended January 31, 2020. Under the terms of the amended Loan, the Company continued to pay interest at the same rate monthly with the aggregate principal balance repayment date being extended to May 2023. The amended Loan was also subject to a 3.75% end-of-term charge on the aggregate borrowings, payable upon maturity. The amendment also added certain financial covenants, including covenants related to achieving a target annual recurring revenue, that if not met by June 2022, could trigger early repayment in June 2022, and a target annual recurring revenue leverage ratio, that if not met, would limit the additional amount of borrowings under the Loan. In June 2020, the Company paid off $25.0 million of the Loan and entered into an amendment to the Loan with Hercules Capital, which reduced the maximum borrowings under the Loan from $70.0 million to $25.0 million and extended the Loan maturity date to June 2024. Additionally, this amendment required the Company to make a prepayment charge equal to $0.4 million upon the effective date of the agreement. Accordingly, the Company paid a prepayment penalty of $0.4 million and an end-of-term charge of $0.9 million in accordance with the terms of the Loan which was recorded as interest expense in the consolidated statement of operations. In January 2021, the Company terminated the Loan and paid off the $25.0 million remaining outstanding balance of the Loan together with a prepayment penalty of $0.6 million and an end-of-term charge of $0.9 million in accordance with the terms of the Loan, which was recorded as interest expense in the consolidated statement of operations. The Company wrote off the remaining unamortized debt discounts and issuance costs to interest expense upon the termination of the Loan with Hercules in January 2021. In connection with the amendment in April 2019, the Company also issued warrants to purchase shares of the Company’s common stock at $7.48 per share, exercisable over 10 years. The warrants were issuable at 2.25% of the aggregate amount of the borrowings drawn concurrently and after the amendment. The Company issued warrants to purchase 75,250 shares of the Company’s common stock on $25.0 million that was borrowed concurrently with the execution of the amendment and warrants to purchase an additional 30,100 shares of the Company’s common stock upon borrowings of an additional $10.0 million in December 2019. The warrants were recorded at fair value using the Black-Scholes option pricing model. The fair value of the warrants was recorded to equity and as a debt discount that was a mortized to interest over the term of the loan. The total fair value of the common stock warrants was $0.4 million. As of January 31, 2022, al l warrants were outstanding and exercisable. Credit Facility In November 2017, the Company entered into a line of credit agreement with Silicon Valley Bank, or Credit Facility, providing the Company the ability to borrow up to $10.0 million from a revolving line of credit with an original maturity date in November 2018. Borrowings under the line of credit bear interest at a floating per annum rate equal to one half of one percentage point (0.50%) above the prime rate, which interest shall be payable monthly. The line of credit is secured with a pledge on substantially all the assets of the Company, except any intellectual property and is subject to a minimum revenue covenant. In November 2018, the Company entered into an amendment with Silicon Valley Bank to increase the line of credit limit to $15.0 million and extend the maturity date to November 2019. In April 2019, an amendment was entered into with the Silicon Valley Bank to decrease the line of credit to $10.0 million. In October 2019, an amendment was entered into with Silicon Valley Bank to extend the maturity of the line of credit to November 2020. As of January 31, 2021, outstanding debt was $25.0 million. In November 2020, the Company entered into an amendment with Silicon Valley Bank to extend the maturity of the line of credit to February 2021. In January 2021, the Company entered into an amendment with Silicon Valley Bank to increase the line of credit limit to $40.0 million and extend the maturity date to January 2024. Upon the execution of this amendment, the Company borrowed $25.0 million from the line of credit. The outstanding principal balance is due at maturity with interest payable monthly. The line of credit bears a variable annual interest rate of the prime rate plus 0.5%. The Company is required to pay a fee equal to 0.25% per annum on the unused portion of the line of credit. The Company is also subject to a termination fee ranging from 0.5% to 1.0% of the line of credit if the Company terminates the agreement prior to the maturity date. The amendment also added certain financial covenants, including covenants related to certain financial metrics, that if not met, would limit the amount of additional borrowings under the line of credit. The amended line of credit agreement requires the company to maintain an adjusted quick ratio (as defined by the agreement) of at least 1.15 to 1.0. The line of credit agreement also contains certain customary affirmative and negative covenants as well as customary events of default, subject to certain exceptions, including restrictions on the Company’s ability to, among other things, incur debt and liens, maintain collateral accounts, undergo fundamental changes including mergers or consolidations, dispose assets including selling, transferring or assigning assets, pay dividends or other distributions or make or permit payments on any subordinated debt. The Company was in compliance with the financial covenants under the line of credit as of January 31, 2022. The Company repaid the outstanding principal of its revolving line of credit of $25.0 million during the year ended January 31, 2022. As of January 31, 2022, $40.0 million was available for borrowing under the line of credit. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company leases facilities for office space under non-cancelable operating leases with various expiration dates through March 2025. Rent expense was $2.7 million, $2.6 million and $2.9 million for the years ended January 31, 2022, 2021 and 2020, respectively. Sublease income was $0.3 million for the year ended January 31, 2020 and was recorded as an offset to general and administrative expenses in the consolidated statements of operations. There was no sublease income for the years ended January 31, 2022 and 2021. Future net minimum lease payments under non-cancelable operating lease agreements as of January 31, 2022 are as follows (in thousands): Operating Year Ending January 31, 2023 $ 2,845 2024 2,638 2025 2,178 2026 362 2027 and thereafter — Total $ 8,023 Other Contractual Commitments Other contractual commitments relate to third-party cloud infrastructure agreements and subscription arrangements. Future minimum payments under the Company’s non-cancelable purchase commitments as of January 31, 2022 are presented in the table below (in thousands): Minimum Year Ending January 31, 2023 $ 6,721 2024 4,895 2025 4,893 2026 4,500 2027 and thereafter 1,250 Total $ 22,259 Legal Matters From time to time, the Company may be a party to various legal matters, threatened claims, or proceedings in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies. Legal accruals are recorded when and if it is determined that a loss related to a certain matter is both probable and reasonably estimable. The Company recorded a $6.6 million gain from a legal settlement in other income (expense), net in the consolidated statements of operations for the year ended January 31, 2020. The Company is not currently a party to any legal proceedings that, if determined adversely to it, would, in management’s opinion, have a material and adverse effect on the Company’s financial condition, results of operations, or cash flows. Indemnification Agreements In the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which the Company agrees to indemnify customers, vendors, lessors and other business partners with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. Additionally, the Company entered into indemnification agreements with the Company’s directors and officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. To date, no demands have been made upon the Company to provide indemnification under such agreements, and there are no claims that we are aware of that could reasonably be expected to have a material effect on the Company’s financial condition, results of operations or cash flows. |
Retirement Plan
Retirement Plan | 12 Months Ended |
Jan. 31, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Plan | Retirement Plan The Company sponsors a defined contribution savings plan under Section 401(k) of the Internal Revenue Code of 1986, as amended, covering substantially all full-time U.S. employees. Each eligible employee may contribute to the 401(k) plan in accordance with the plan terms. The Company’s current policy is to match employee contributions up to certain overall limits. The total matching contributions were $0.6 million , $0.6 million, and $0.2 million for the years ended January 31, 2022, 2021 and 2020, respectively. |
Stockholders_ Equity (Deficit)
Stockholders’ Equity (Deficit) and Employee Incentive Plans | 12 Months Ended |
Jan. 31, 2022 | |
Equity And Compensation Related Costs Share Based Payments [Abstract] | |
Stockholders’ Equity (Deficit) and Employee Incentive Plans | Stockholders’ Equity (Deficit) and Employee Incentive Plans Redeemable Convertible Preferred Stock Upon the closing of the Company’s IPO, all 26,710,600 shares of redeemable convertible preferred stock were automatically converted into shares of common stock, which includes an additional 640,387 shares of redeemable convertible preferred stock. The additional shares of redeemable convertible preferred stock consisted of 162,032 shares for the Series E conversion feature and 478,355 shares for the Series G dividends. The carrying value of $259.8 million was reclassified into common stock and additional paid-in-capital. As of January 31, 2022, there were no shares of redeemable convertible preferred stock issued and outstanding. In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 200,000,000 shares of undesignated preferred stock with a par value of $0.00001 per share with rights and preferences, including voting rights, designated from time to time by the board of directors. Common Stock The Company’s Amended and Restated Certificate of Incorporation authorized the Company to issue 1,000,000,000 and 43,200,000 shares of common stock at a par value of $0.00001 as of January 31, 2022 and 2021, respectively. As of January 31, 2022 and 2021, approximately 43,847,484 and 6,199,305 shares of common stock were issued and outstanding, respectively. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding. As of January 31, 2022 and 2021, no dividends had been declared. The Company has reserved common stock for future issuance as follows: January 31, 2022 January 31, 2021 Conversion of redeemable convertible preferred stock — 26,513,134 Stock options outstanding 9,167,495 8,912,477 Common stock warrants 105,350 105,350 Remaining shares available for future issuance under the 2021 Plan 2,798,981 253,874 Restricted stock units issued and outstanding 1,497,558 — ESPP 830,000 — Total 14,399,384 35,784,835 Stock Plans The Company has three equity incentive plans: the 2008 Equity Incentive Plan (the “2008 Plan”), 2018 Equity Incentive Plan (the “2018 Plan”) and 2021 Equity Incentive Plan (the “2021 Plan”), collectively (the “Stock Plans”). In connection with the Company’s IPO in July 2021, the 2008 Plan and the 2018 Plan were terminated and replaced by the 2021 Plan and all shares that remained available for issuance under the 2018 Plan at that time were reserved for issuance under the 2021 Plan. The number of shares of common stock available for issuance under the 2021 Plan will be increased by any shares of common stock subject to awards outstanding under the 2018 Plan that expire or otherwise terminate without having been exercised or issued in full, are tendered to or withheld by the Company for payment of an exercise price or for satisfying tax withholding obligations or are forfeited to or repurchased by the Company due to failure to vest. The Company has issued stock options to employees, directors, consultants and advisors pursuant to the 2018 Plan and restricted stock units (“RSUs”) under the 2021 Plan. Equity awards permitted under the 2021 Plan may be stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares. Stock option grants may be either Incentive Stock Options (“ISO”) or Non-Qualified Stock Options (“NSO”). ISO may be granted only to Company employees (including officers and directors who are also employees). NSOs may be granted to Company employees, consultants, and nonemployee directors. Employee stock options are granted with an exercise price no less than the fair value of the underlying common stock on the grant date. Options granted under the 2021 Plan expire ten years from the date of grant and generally vest over four years at a rate of 25% upon the first anniversary of the issuance date and 1/48 per month thereafter. As of January 31, 2022, there w ere 2.8 million shares available for grant under the 2021 Plan. The 2021 Plan provides that the number of shares reserved will automatically increase on the first day of each fiscal year, beginning on February 1, 2022, by an amount equal to the least of (i) 4,120,000 shares, (ii) five-percent (5%) of the outstanding shares of our common stock on the last day of the immediately preceding fiscal year, or (iii) such number of shares determined by the administrator of the 2021 Plan no later than the last day of the immediately preceding Fiscal Year. Employee Stock Purchase Plan In July 2021, the Company established an Employee Stock Purchase Plan (“ESPP”) in which eligible employees may contribute up to 15% of their base compensation to purchase shares of common stock at a price equal to 85% of the lower of (1) the fair market value of a share of the Company’s common stock at the beginning of the offering period and (2) the fair market value of a share of the Company’s common stock on the purchase date. A participant will be permitted to purchase a maximum of shares during each offering period and no participant may purchase more than 1,000 shares during any offering period. Except for the initial offering period, the ESPP provides for 24-month offering periods beginning March 21 and September 21 of each year, and each offering period will consist of four six-month purchase periods. The initial offering period began on July 22, 2021 and will end on September 20, 2023. The initial offering shall consist of four purchase periods with the first purchase period ending on March 20, 2022, and the final purchase period ending on September 20, 2023. The Company recognized stock-based compensation expense related to the ESPP of $2.2 million during the year ended January 31, 2022. As of January 31, 2022, accrued ESPP employee payroll contributions of $3.5 million ar e included within accrued compensation and benefits in the consolidated balance sheet. ESPP payroll contributions used to purchase shares are reclassified to stockholders’ equity on the purchase date. As of January 31, 2022, $3.0 million of unrecognized stock-based compensation expense related to the ESPP is expected to be recognized over a weighted-average vesting period of 0.8 years. There were no purchases for the year ended January 31, 2022 related to the ESPP. Stock Options The following table summarizes stock option activity under the Stock Plans for the year ended January 31, 2022 are as follows (aggregate intrinsic value in thousands): Options Outstanding Number of Weighted- Weighted- Aggregate Balances as of January 31, 2021 8,912,477 $ 6.42 6.49 $ 38,582 Options exercised (1,323,623) $ 5.57 Options granted 1,948,563 $ 22.49 Options cancelled (386,596) $ 11.31 Balances as of January 31, 2022 9,150,821 $ 9.76 6.53 $ 126,368 Options vested and expected to vest as of January 31, 2022 9,150,821 $ 9.76 6.53 $ 126,368 Options vested and exercisable as of January 31, 2022 5,845,302 $ 6.29 5.35 $ 100,285 The weighted-average grant-date fair value of options granted during the years ended January 31, 2022, 2021 and 2020 w as $9.30 , $3.18 and $3.03, respectiv ely. The total intrinsic value of options exercised during the years ended January 31, 2022, 2021 and 2020 was $28.2 million, $3.6 million and $0.7 million, respectively. Aggregate intrinsic value represents the difference between the exercise price of the options and the estimated fair value of the Company’s common stock. The Company recognized stock-based compensation expense related to stock options of $7.5 million , $4.7 million and $3.4 million , during the years ended January 31, 2022, 2021 and 2020, respectively. As of January 31, 2022 and 2021 , there was $17.7 million a nd $8.7 million, respectively, of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.5 years for each period. During the year ended January 31, 2018, in connection with services provided for recruitment, the Company granted 40,646 stock options outside of the Stock Plans to a third party. During the year ended January 31, 2022, the recipient exercised 23,972 stock options. The related stock-based compensation expense was not material for the years ended January 31, 2022, 2021 and January 31, 2020. Service-Based RSUs During the year ended January 31, 2022, the Company began granting RSUs to its employees. RSUs granted had service-based vesting conditions. The service based vesting condition for these awards is generally satisfied by rendering continuous service for four years, during which time the grants will vest with a cliff vesting period of one year and continued vesting quarterly thereafter. The following table is a summary of RSU activity for the year ended January 31, 2022: RSUs Outstanding Number of RSUs Weighted Average Grant Date Fair Value Per Share Balances as of January 31, 2021 — $ — RSUs granted 312,055 43.40 RSUs vested — — RSUs forfeited (28,497) 39.75 Balances as of January 31, 2022 283,558 $ 43.76 The aggregate fair value of the RSU awards granted was $13.5 million during the year ended January 31, 2022, which represents the fair value of the common stock on the date the service-based ve sting awards were granted. We recognized $1.1 million in stock-based compensation expense related to service vesting-based RSUs during the year ended January 31, 2022. As of January 31, 2022, there was $11.3 million of unrecognized compensation expense related to service-based RSUs expected to be recognized over a weighted-average vesting period of 3.7 years. Market-Based RSUs During the quarter ended January 31, 2022, the Board of Directors granted 1,214,000 restricted stock unit awards with market-based vesting conditions (“Market-based RSUs”) to certain executive officers and members of senior management pursuant to the 2021 Plan. The Market-based RSUs are comprised of four tranches that vest depending on a consecutive 60-trading day stock price target of the Company’s common stock. The grant fair value of each tranche was calculated using a Monte Carlo simulation model with the following assumptions: January 31, 2022 Expected term (in years) 5.0 Volatility 50.0% Risk-free interest rate 1.7% Dividend yield — The fair value of the Market-based RSUs was estimated at $7.9 million and segregated into four tranches with a weighted-average expense recognition period of 3.6 years. Stock-based compensation expense related to Market-based RSUs was immaterial during the year ended January 31, 2022. Determination of Fair Val ue The Company estimates the fair value of stock options and purchase rights issued to employees under the ESPP using the Black-Scholes option-pricing model, which is dependent upon several variables, such as the fair value of the Company’s common stock, the expected option term, expected volatility of the Company’s stock price over the expected term, expected risk-free interest rate over the expected option term, and expected dividend yield. Expected term—The expected term represents the weighted-average period the stock options are expected to remain outstanding and is calculated using the simplified method, as the Company did not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior. The simplified method calculates the expected term as the midpoint between the vesting date and the contractual expiration date of the option. Expected volatility—The expected stock price volatility assumption was determined by examining the historical volatilities for industry peers, as the Company does not have sufficient trading history for the Company’s common stock. Risk-free interest rate—The risk-free rate assumption is based on the U.S. Treasury instruments whose term was consistent with the expected term of the awards. Dividend yield—The expected dividend assumption is based on the Company’s history and expectation of dividend payouts. Fair value of underlying common stock— Prior to the Company’s initial public offering, the fair value was determined by the Board of Directors with input from management and contemporaneous independent third-party valuations. Subsequent to the IPO, the fair value of the Company’s common stock is based on the daily average selling price on the Nasdaq Global Select Market. The fair value of employee stock options was estimated using the following weighted-average assumptions: Year Ended January 31, 2022 2021 2020 Stock Option Plans: Expected term (in years) 6.1 6.1 6.1 Expected volatility 42.0 % 40.0 % 35.6 % Risk-free interest rate 1.0 % 0.4 % 1.9 % Dividend yield — — — The fair value of employee stock purchase rights for the initial offering period under the 2021 ESPP was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: January 31, 2022 Employee Stock Purchase Plan: Expected term (in years) 0.6 - 2.1 Expected volatility 46.7% - 52.1% Risk-free interest rate 0.1% - 0.2% Dividend yield — Stock-Based Compensation Stock-based compensation expense was as follows (in thousands): Year Ended January 31, 2022 2021 2020 Cost of revenue—subscription $ 196 $ 69 $ 54 Cost of revenue—services 196 54 22 Research and development 3,343 1,316 1,080 Sales and marketing 3,968 1,536 920 General and administrative 3,047 1,696 1,342 Total stock-based compensation expense $ 10,750 $ 4,671 $ 3,418 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income (loss) before income taxes were as follows (in thousands): Year Ended January 31, 2022 2021 2020 United States $ (61,180) $ (42,232) $ (30,945) International 3,966 3,293 2,454 Total $ (57,214) $ (38,939) $ (28,491) The provision for income taxes consists of the following (in thousands): Year Ended January 31, 2022 2021 2020 Current Federal $ — $ — $ — State 58 53 6 Foreign 957 991 760 1,015 1,044 766 Deferred Federal — — — State — — — Foreign — — — — — — Total provision for income taxes $ 1,015 $ 1,044 $ 766 The effective tax rate differs from the federal statutory income tax rate applied to the loss before provision for income taxes and tax due to the following: As of January 31, 2022 2021 2020 Provision for income taxes computed at federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal benefits 5.0 13.7 6.5 Foreign rate differential 0.2 (0.3) (0.9) Stock-based compensation 2.0 0.1 (1.1) Tax credits 2.2 (0.1) 2.8 U.S. tax on foreign earnings (0.2) 1.1 (1.5) Change in valuation allowance (31.2) (37.8) (29.2) Other (0.8) (0.4) (0.3) Total (1.8) % (2.7) % (2.7) % Significant components of the Company’s deferred tax assets are as follows (in thousands): As of January 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 80,434 $ 61,545 Tax credit carryforwards 13,311 10,802 Accruals and reserves 2,541 3,535 Interest carryforwards 2,873 2,756 Deferred revenue 776 2,672 Stock-based compensation 2,680 1,944 Capitalized research & development costs 3,882 4,432 Other 6 — Gross deferred tax assets $ 106,503 $ 87,686 Less: Valuation allowance (100,983) (83,132) Total deferred tax assets $ 5,520 $ 4,554 Deferred tax liabilities: Deferred commissions $ (4,858) $ (3,273) Other (662) (1,281) Total deferred tax liabilities $ (5,520) $ (4,554) Net deferred tax assets (liabilities) $ — $ — A valuation allowance is provided when it is not more likely than not that some portion of the deferred tax assets will be realized. Management believes that, based on a number of factors, it is more likely than not that the U.S. federal and state net deferred tax assets will not be fully realized, thus a full valuation allowance has been recorded as of January 31, 2022, 2021 and 2020. A valuation allowance of $101.0 million, $83.1 million, and $68.4 million has been established by the Company as of January 31, 2022, 2021 and 2020, respectively. The change in the valuation allowance during the years ended January 31, 2022, 2021 and 2020 was an increase of $17.9 million, $14.7 million and $8.3 million, respectively, primarily due to additional losses. As of January 31, 2022, the Company had net operating loss carryforwards of $319.9 million for U.S. federal and $167.2 million for U.S. state inc ome tax purposes available to offset future taxable income. The federal and state net operating loss carryforwards will begin expiring in 2028 and 2026, respectively. As of January 31, 2022, the Company had federal and state research and development credits o f $11.3 million and $10.8 million, respectively. The federal research and development credits will begin expiring in 2029. The sta te research and development credits are not currently subject to expiration. Utilization of the net operating loss and tax credit carryforwards may be subject to annual limitation due to the ownership change limitations provided by the Code and similar state provisions. Such an annual limitation could result in the expiration of net operating loss and tax credit carryforwards before utilization. Foreign withholding taxes have not been provided for the cumulative undistributed earnings of the Company’s foreign subsidiaries as of January 31, 2022 due to the Company’s intention to permanently reinvest such earnings. Determination of the amount of unrecognized deferred tax liability related to these earnings is not reasonably practicable. The following table shows the changes in the gross unrecognized tax benefits (in thousands): Year Ended January 31, 2022 2021 2020 Beginning balance $ 7,162 $ 3,601 $ 2,904 Increase related to current year tax positions 1,673 1,401 697 Increase related to prior year tax positions — 2,160 — Ending balance $ 8,835 $ 7,162 $ 3,601 As of January 31, 2022, 2021 and 2020, no amount of unrecognized tax benefits, if recognized, would impact the Company’s effective tax rate. There were no interest and penalties associated with unrecognized income tax benefits for the years ended January 31, 2022, 2021 and 2020. Although it is reasonably possible that certain unrecognized tax benefits may increase or decrease within the next 12 months due to tax examination changes, settlement activities or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities, the Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. The Company files income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions and in various international jurisdictions. Due to the Company’s net operating loss carryforwards, all tax years since inception remain subject to examination by U.S. federal and state taxing authorities. Tax years 2014 and forward generally remain open for examination for foreign tax purposes. In March 2020, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law. The CARES Act includes provisions relating to refundable payroll tax credits, deferment of the employer portion of certain payroll taxes, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The CARES Act did not have a material impact on the Company’s consolidated financial statements due to the Company’s historical losses and valuation allowance position. The American Rescue Plan Act (ARPA) was signed into law on March 11, 2021. The ARPA did not have any impact on the Company’s provision for income taxes for the year ended January 31, 2022. |
Geographic Information
Geographic Information | 12 Months Ended |
Jan. 31, 2022 | |
Segment Reporting [Abstract] | |
Geographic Information | Geographic Information The following table depicts the disaggregation of revenue by geographic area based on the billing address of the customer (in thousands): Year ended January 31, 2022 2021 2020 United States $ 77,074 $ 66,737 $ 56,663 International 46,468 36,548 25,858 Total $ 123,542 $ 103,285 $ 82,521 No individual foreign country contribute d 10% or more of to tal revenue for the years ende d January 31, 2022 , 2021 and 2020. As of January 31, 2022 and 2021, substantially all of the Company’s long-lived assets were located in the United States. |
Net Loss per Share
Net Loss per Share | 12 Months Ended |
Jan. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per ShareBasic net loss per share attributable to the Company’s common stockholders is computed by dividing the net loss attributable to the Company’s common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is the same as basic net loss per share for all years presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss position in each period presented. The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Year Ended January 31, 2022 2021 2020 Numerator Net loss $ (58,229) $ (39,983) $ (29,257) Cumulative dividends on Series G redeemable convertible preferred stock (2,917) (4,076) — Net loss attributable to common stockholders $ (61,146) $ (44,059) $ (29,257) Denominator Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 25,777 5,717 5,489 Net loss per share attributable to common stockholders, basic and diluted $ (2.37) $ (7.71) $ (5.33) The following potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been anti-dilutive (in thousands): Year Ended January 31, 2022 2021 2020 Stock options 9,167 8,912 7,796 RSUs 1,498 — — Employee stock purchase rights under the ESPP 231 — — Common stock warrants 105 105 105 Redeemable convertible preferred stock (on an if-converted basis) — 26,513 19,064 Total 11,001 35,530 26,965 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The Company’s consolidated financial statements and accompanying notes include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on January 31. References to fiscal 2022, 2021 and 2020 refer to the years ended January 31, 2022, 2021 and 2020, respectively. |
Segment Information | Segment Information The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts stated in the financial statements and accompanying notes. Such estimates include standalone selling prices (“SSP”) for each distinct performance obligation, capitalized internal- use software costs, expected period of benefit for deferred commissions, valuation of the Company’s common stock prior to the IPO in July 2021, valuation of stock-based awards, the determination of allowance for doubtful accounts and accounting for income taxes. The Company bases its estimates on historical experience and assumptions that management considers reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates. Estimates and assumptions about future events and their effects, including the impact of the COVID-19 pandemic, cannot be determined with certainty and therefore require increased judgment. These estimates and assumptions may change in future periods and will be recognized in the consolidated financial statements as new events occur and additional information becomes known. To the extent the Company’s actual results differ materially from those estimates and assumptions, the Company’s future financial statements could be affected. |
Foreign Currency | Foreign CurrencyThe reporting currency of the Company is the United States dollar. The functional currency of each of the Company’s foreign subsidiaries is the U.S. dollar. Accordingly, each foreign subsidiary remeasures monetary assets and liabilities at period-end exchange rates, while nonmonetary items are remeasured at historical rates. Revenue and expense items are remeasured at the exchange rates in effect on the day the transaction occurred, except for those expenses related to non-monetary assets and liabilities, which are remeasured at historical exchange rates. Remeasurement adjustments are recognized in other income (expense), net in the consolidated statements of operations. |
Revenue Recognition | Revenue Recognition The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is derived from sales of subscriptions and services. The Company’s subscription revenue is primarily derived from term-based software licenses sold in conjunction with post-contract support (“PCS” or “Support”). PCS bundled with software licenses includes internet, email and phone support, bug fixes and the right to receive unspecified software updates and upgrades released when and if available during the subscription term. The software license and PCS revenue is presented as “License” and “Support and other,” respectively, in the Company’s consolidated statements of operations. The non-cancelable term of the Company’s subscription arrangements typically ranges from one ed January 31, 2022, 2021 and 2020. The Company’s services revenue is derived from professional services for the implementation or configuration of its platform and training. Professional services are provided primarily on a fixed fee basis and are invoiced upfront, and training is generally priced on number of seats purchased. These services are distinct from software licenses and PCS. Revenue for fixed fee arrangements is recognized on a proportional performance basis as the services are performed. The Company determines revenue recognition in accordance with ASC 606 through the following five steps: • Identify the contract with a customer: The Company usually contracts with its customers using an order form that is governed either by the Company’s standard electronic software licensing agreement or by the master sales agreement executed between the Company and the customer. A fully executed order form creates enforceable rights and obligations. The Company uses multiple factors such as historical payments experience, credit status and financial status in determining the customer’s ability to pay. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. The Company uses factors such as timing of the contract, negotiation teams involved and additional subscriptions or services contracted to determine combination. • Identify performance obligations in the contract: The Company enters into contracts that can include various combinations of products and services such as licenses, PCS, professional services and training that are both (1) capable of being distinct, whereby the customer can benefit from the product or service either on its own or together with other resources that are readily available from third parties or from the Company and (2) distinct in the context of the contract, whereby the transfer of the products or services is separately identifiable from other promises in the contract. • Determine transaction price: The transaction price is the consideration the Company expects to receive in exchange for those products or services. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental entities (e.g., sales and other indirect taxes). • Allocate transaction price to the performance obligations in the contract : Arrangements that include multiple performance obligations require an allocation of the transaction price to each performance obligation based on the relative SSP of the performance obligation. The Company also considers if there are any additional material rights inherent in a contract, and if so, the Company allocates a portion of the transaction price to such rights based on SSP of the material right. When appropriate, the Company determines SSP based on the price at which the performance obligation has previously been sold through past transactions. The Company determines SSP for performance obligations with no observable evidence using adjusted market, cost plus or residual methods. When the SSP of a subscription including bundled software license and PCS is highly variable and the contract also includes additional performance obligations with observable SSP, the Company first allocates the transaction price to the performance obligations with established SSPs and then applies the residual approach to allocate the remaining transaction price to the subscription. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. • Recognize revenue when or as the Company satisfies a performance obligation: The Company recognizes revenue upon transfer of control of promised products or services. Revenue is recognized based on type of performance obligation: (1) point in time for software license, (2) over time for PCS, (3) over time based on input measures for professional services and (4) upon delivery for training. |
Allocation of Overhead Costs | Allocation of Overhead Costs Overhead costs that are not substantially dedicated for use by a specific functional organization are allocated based on headcount. Such costs include costs associated with office facilities, depreciation and amortization of property and equipment and IT personnel-related costs and other expenses, such as software and subscription services. |
Cost of Revenue | Cost of Revenue Cost of subscription revenue consists primarily of personnel-related costs associated with the Company’s customer support organization, including salaries, benefits, bonuses and stock-based compensation, expenses associated with software and subscription services dedicated for use by the Company’s customer support organization, third-party cloud infrastructure expenses, amortization of costs associated with capitalized internal-use software and allocated overhead. There is no cost of revenue associated with the Company’s license revenue. Deferred Commissions The Company capitalizes certain sales commissions, including related payroll taxes, earned by the Company’s sales force, which are considered to be incremental costs that would not be incurred absent of the contract. Commissions earned on the initial acquisition of a contract are amortized based on expected future revenue stream over a period of benefit of three years. The Company determined the period of benefit by taking into consideration its customer contracts, its technology and other factors. Commissions for renewal contracts are not commensurate with the commission paid for initial acquisition of a contract and are amortized based over the related contractual renewal period. The deferred commission amounts are recoverable through the future revenue streams under the customer contracts. Amortization of deferred commissions is included in sales and marketing expenses in the consolidated statements of operations. There was no impairment loss related to deferred sales commissions for the years ended January 31, 2022, 2021 and 2020. Commissions that will be amortized within the next twelve months are classified as current with the remainder classified as non-current on the consolidated balance sheets. Deferred Revenue The Company records deferred revenue when the Company receives customer payments in advance of satisfying the performance obligations on the Company’s contracts. Deferred revenue also includes amounts that have been invoiced but not yet collected, classified as accounts receivable, when the Company has an enforceable right to invoice. The portion of |
Advertising | Advertising Advertising costs are charged to sales and marketing expenses in the consolidated statement of operations in the period incurred. These costs were not material for the yea rs ended January 31, 2022, 2021 and 2020. |
Stock-Based Compensation | Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based awards, including restricted stock units, stock options, and the ESPP, to employees, consultants and nonemployee directors based on the estimated fair value of the awards on the grant date. The fair value of stock options and purchase rights under the ESPP are estimated using the Black-Scholes option-pricing model. The fair value of market-based performance restricted stock unit awards is estimated, at the date of grant, using the Monte Carlo Simulation Model. The Black-Scholes and Monte Carlo Simulation valuation models are affected by the fair value of the Company’s common stock as well as assumptions regarding a number of other complex and subjective variables. These variables include expected stock price volatility over the expected term of the award, the risk-free interest rate for the expected term of the award and expected dividends. Stock-based compensation expense for restricted stock units and stock options is recognized over the requisite service period. Forfeitures are accounted for as they occur. For awards with only a service condition, the Company recognizes stock-based compensation using the straight-line method over the requisite service period for the entire award. For awards with a market condition, we recognize expense separately for each vesting tranche regardless of whether the market condition is satisfied. Stock-based compensation expense for the ESPP is recognized on a straight-line basis over the offering period. |
Income Taxes | Income Taxes The Company is subject to income taxes in the United States and certain foreign jurisdictions. The Company records a provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts for financial reporting purposes and the tax bases of assets and liabilities, as well as for loss and tax credit carryforwards. The deferred assets and liabilities are measured using the statutorily enacted tax rates anticipated to be in effect when those tax assets and liabilities are expected to be realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is established if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company considers all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income in assessing the need for a valuation allowance. The Company’s tax positions are subject to income tax audits by multiple tax jurisdictions throughout the world. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not the position will be sustainable upon examination by the taxing authority, including resolution of any related appeals or litigation processes. This evaluation is based on all available evidence and assumes that the tax authorities have full knowledge of all relevant information concerning the tax position. The tax benefit recognized is measured as the largest amount of benefit that is more likely than not to be realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in the provision for income taxes. The Company makes adjustments to these reserves in accordance with the income tax guidance when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders Basic and diluted net loss per share attributable to common stockholders is computed in conformity with the two-class method required for participating securities. The Company considered all series of its redeemable convertible preferred stock to be participating securities as the holders of such stock had the right to receive nonforfeitable dividends on a pari passu basis in the event that a dividend was paid on common stock. Under the two-class method, the net loss attributable to common stockholders was not allocated to the redeemable convertible preferred stock as the preferred stockholders did not have a contractual obligation to share in the Company’s losses. Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive shares to the extent they are dilutive. For purposes of this calculation, stock options, redeemable convertible preferred stock, common stock warrants, RSUs and employee stock purchase rights under the ESPP are considered to be potentially dilutive shares but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original or remaining maturities of three months or less when purchased to be cash and cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash is held in a money market account in connection with a lease agreement for the Company’s facilities. Restricted cash is included in other noncurrent assets on the consolidated balance sheets as the related lease expires more than one year from the balance sheet date. |
Short-Term Investments | Short-Term Investments The Company determines the appropriate classification of its investments at the time of purchase. As the Company views these securities as available to support current operations, it accounts for these debt securities as available-for-sale and classifies them as current assets on its consolidated balance sheets. These securities are recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income (loss). The Company periodically evaluates its investments to assess whether those with unrealized loss positions are other-than-temporarily impaired. The Company considers impairments to be other than temporary if they are related to deterioration in credit risk or if it is more likely than not that the Company will sell the securities before the recovery of their cost basis. If the Company does not intend to sell a security and it is not more likely than not that it will be required to sell the security before recovery, the unrealized loss is separated into an amount representing the credit loss, which is recognized in other income (expense), net, and the amount related to all other factors, which is recorded in accumulated other comprehensive income (loss). Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are rep orted in other income (expense), net in the consolidated statements of operations. Realized gains and losses for the years ended January 31, 2022, 2021 and 2020 were not material. |
Accounts Receivable | Accounts Receivable Accounts receivable includes billed and unbilled receivables, net of allowance for doubtful accounts. Accounts receivable are recorded at the invoiced amount and are non-interest bearing. The Company records a provision for doubtful accounts based on historical experience and a detailed assessment of the collectability of its accounts receivable. In estimating the allowance for doubtful accounts, the Company considers, among other factors, the aging of the accounts receivable, its historical write-offs, the credit worthiness of customers and general economic conditions. Account balances are charged off against the allowance when the Company believes it is probable the receivable will not be recovered. Actual write-offs may either be in excess of or less than the estimated allowance. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents, restricted cash, short-term investments and accounts receivable. The Company maintains its cash and cash equivalents, restricted cash and short-term investments with high-quality financial institutions. Cash equivalents consist of money market funds which are invested through financial institutions in the United States. Deposits, including those held in foreign branches of global banks, may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses on these deposits. For its accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded on the consolidated balance sheet. Generally, credit risk with respect to accounts receivable is diversified due to the number of entities comprising the Company’s customer base and their dispersion across different geographies and industries. The Company performs ongoing credit evaluations on certain customers and generally does not require collateral on accounts receivable. The Company maintains an allowance for doubtful accounts and historically bad debts have not been material. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company accounts for certain of its financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1: Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, which is as follows: Computer equipment 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of lease term or estimated useful life Capitalized internal-use software 3 years |
Capitalized Internal-Use Software | Capitalized Internal-Use Software The Company capitalizes qualifying internal-use software development costs, including personnel-related costs that are incurred during the application development stage. Capitalization of costs begins when two criteria are met: (1) the preliminary project stage is completed and (2) it is probable that the software will be completed and used for its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred. Capitalized internal-use software costs are included in property and equipment, net on the consolidated balance sheets. These costs are amortized on a straight-line basis over their estimated useful life commencing when assets are initi ally placed into service for their intended use. Amortization expense of capitalized internal-use software costs was $1.9 million and $1.1 million for the years ended January 31, 2022 and 2021, respectively, and was included in cost of subscription revenue i |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment exists for property and equipment if the carrying amounts of such assets exceed the estimates of future net undiscounted cash flows expected to be generated by such assets. An impairment charge is recognized for the amount by which the carrying amount of the asset, or asset group, exceeds its fair value. No impairment of long-lived assets occurred during the years end ed January 31, 2022, 2021 and 2020. |
Deferred Rent | Deferred Rent The Company leases real estate facilities under operating leases. For leases that contain rent escalation or rent concession provisions, the Company records the total rent expense during the lease term on a straight-line basis over the term of the lease. The Company records the difference between the rent paid and the straight-line rent expense expected to be amortized within the next twelve months as current and included in other accrued liabilities, with the remainder classified as noncurrent and included in other liabilities on the consolidated balance sheets. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted The Company adopted ASC 606 on February 1, 2019 using the modified retrospective transition method applied to those contracts that were not completed as of January 31, 2019. ASC 606 also includes Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers , which requires the deferral of incremental costs of obtaining a contract with a customer. ASC 606 supersedes the revenue recognition requirements in ASC 605, Revenue Recognition . The Company recorded a cumulative effect adjustment to the opening accumulated deficit of related to the reduction in commission expenses of prior periods that the Company capitalized under ASC 340, net of taxes. In June 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-07 , Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which expands the scope of Topic 718 to include share-based payments issued to nonemployees for goods and services. The Company adopted the new guidance on February 1, 2020, and it did not have a material impact on the consolidated financial statements. Accounting Pronouncements Not Yet Adopted Under the JOBS Act, the Company meets the definition of an emerging growth company and can delay adopting new or revised accounting standards issued after the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the Company is no longer an emerging growth company or until the Company affirmatively and irrevocably opts out of the extended transition period. In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), which requires lessees to record most leases on their balance sheets and disclosing key information about lease arrangements. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases. The ASU makes 16 technical corrections to the new lease standard and other accounting topics, alleviating unintended consequences from applying the new standard. It does not make any substantive changes to the core provisions or principles of the new standard. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842): Targeted Improvements. The ASU provides (1) an optional transition method that entities can use when adopting the standard and (2) a practical expedient that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. In March 2019, the FASB also issued ASU 2019-01, Leases (Topic 842): Codification Improvements, which impacts transition disclosures related to the new guidance. The Company plans to adopt this guidance on February 1, 2022 using the modified retrospective transition approach through a cumulative-effect adjustment in the first quarter of fiscal 2023. Based on the Company’s current operating lease portfolio, it estimates that it will recognize right-of-use assets of approximately $6.7 million and lease liabilities of approximately $7.5 million, with the difference between the operating lease right-of-use assets and operating lease liabilities primarily representing the existing deferred rent liability balance as of the adoption date . The Company is continuing to evaluate the impact of ASU 2016-02, so the estimates are subject to change. The Company does not believe that ASU 2016-02 will have a material impact on its consolidated statements of operations and cash flows. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires a financial asset measured at amortized cost basis to be presented at the net amount expected to be collected, with further clarifications made more recently. For trade receivables, loans and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available-for-sale debt securities are required to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The Company plans to adopt this standard on February 1, 2023 and is currently evaluating the impact of the adoption on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other —Internal-Use Software , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, |
Fair Value Measurements | The Company accounts for certain of its financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1: Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts reflected on the consolidated balance sheets for cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to the short maturities of those instruments. The carrying value of long-term debt approximated fair value as of January 31, 2021, based on the borrowing rates currently available to the Company with similar terms. The fair value of long-term debt is a Level 2 fair value measurement. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Changes in the Allowance for Doubtful Accounts | The following table presents the changes in the allowance for doubtful accounts (in thousands): Year Ended January 31, 2022 2021 2020 Beginning balance $ 73 $ 81 $ 95 Add: bad debt expense 41 84 40 Less: write-offs, net of recoveries (6) (92) (54) Ending balance $ 108 $ 73 $ 81 |
Schedule of Property and Equipment | Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, which is as follows: Computer equipment 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of lease term or estimated useful life Capitalized internal-use software 3 years Property and equipment, net consisted of the following (in thousands): As of January 31, 2022 2021 Computer equipment $ 3,711 $ 3,304 Furniture and fixtures 412 408 Capitalized internal-use software 5,772 5,772 Leasehold improvements 1,582 1,387 Total gross property and equipment 11,477 10,871 Accumulated depreciation and amortization (7,189) (4,365) Total property and equipment, net $ 4,288 $ 6,506 |
Cash Equivalents and Short-Te_2
Cash Equivalents and Short-Term Investments (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Cash Equivalents and Short-term Investments | The following tables summarize the Company’s cash equivalents and short-term investments (in thousands): As of January 31, 2022 Amortized Gross Gross Estimated Cash Equivalents Money market funds $ 86,505 $ — $ — $ 86,505 Total cash equivalents 86,505 — — 86,505 Short-Term Investments Commercial paper 40,966 — (1) 40,965 U.S. government treasury securities 39,340 — (129) 39,211 Corporate debt securities 30,156 — (66) 30,090 Total short-term investments 110,462 — (196) 110,266 Total $ 196,967 $ — $ (196) $ 196,771 As of January 31, 2021 Amortized Gross Gross Estimated Cash Equivalents Money market funds $ 31,438 $ — $ — $ 31,438 Total cash equivalents 31,438 — — 31,438 Short-Term Investments Commercial paper 12,290 — — 12,290 Corporate debt securities 7,255 2 (1) 7,256 Total short-term investments 19,545 2 (1) 19,546 Total $ 50,983 $ 2 $ (1) $ 50,984 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Hierarchy For Company's Assets Measured at Fair Value on Recurring Basis | The following tables present the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis (in thousands): As of January 31, 2022 Level 1 Level 2 Level 3 Total Cash Equivalents Money market funds $ 86,505 $ — $ — $ 86,505 Total cash equivalents 86,505 — — 86,505 Short-Term Investments Commercial paper — 40,965 — 40,965 U.S. government treasury securities — 39,211 — 39,211 Corporate debt securities — 30,090 — 30,090 Total short-term investments — 110,266 — 110,266 Total $ 86,505 $ 110,266 $ — $ 196,771 As of January 31, 2021 Level 1 Level 2 Level 3 Total Cash Equivalents Money market funds $ 31,438 $ — $ — $ 31,438 Total cash equivalents 31,438 — — 31,438 Short-Term Investments Commercial paper — 12,290 — 12,290 Corporate debt securities — 7,256 — 7,256 Total short-term investments — 19,546 — 19,546 Total $ 31,438 $ 19,546 $ — $ 50,984 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): As of January 31, 2022 2021 Prepaid expenses $ 4,518 $ 803 Prepaid software 2,297 1,380 Other current assets 1,744 266 Total prepaid expenses and other current assets $ 8,559 $ 2,449 |
Schedule of Property and Equipment | Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, which is as follows: Computer equipment 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of lease term or estimated useful life Capitalized internal-use software 3 years Property and equipment, net consisted of the following (in thousands): As of January 31, 2022 2021 Computer equipment $ 3,711 $ 3,304 Furniture and fixtures 412 408 Capitalized internal-use software 5,772 5,772 Leasehold improvements 1,582 1,387 Total gross property and equipment 11,477 10,871 Accumulated depreciation and amortization (7,189) (4,365) Total property and equipment, net $ 4,288 $ 6,506 |
Schedule of Accrued Compensation and Benefits | Accrued compensation and benefits consisted of the following (in thousands): As of January 31, 2022 2021 Accrued bonus $ 5,557 $ 4,149 Accrued commissions 4,226 2,364 Accrued payroll and benefits 2,863 2,597 Employee contributions under the ESPP 3,497 — Total accrued compensation and benefits $ 16,143 $ 9,110 |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following (in thousands): As of January 31, 2022 2021 Accrued professional fees $ 717 $ 1,925 Sales and value added tax payable 671 415 Income taxes payable 414 436 Accrued interest — 95 Other 1,429 1,283 Total other accrued liabilities $ 3,231 $ 4,154 |
Deferred Revenue and Remainin_2
Deferred Revenue and Remaining Performance Obligations (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Deferred Revenue Balances and Changes in Deferred Revenues Balances | The following table presents the deferred revenue balances (in thousands): As of January 31, 2022 2021 Deferred revenue, current $ 69,010 $ 57,168 Deferred revenue, noncurrent 2,713 4,542 Total deferred revenue $ 71,723 $ 61,710 Changes in the deferred revenue balances during the years ended January 31, 2022 and 2021 were as follows (in thousands): Year Ended January 31, 2022 2021 Beginning balance $ 61,710 $ 60,929 Performance obligations satisfied during the period that were included in the deferred revenue balance at the beginning of the year (57,809) (57,705) Increases due to invoicing prior to satisfaction of performance obligations 67,822 58,486 Ending balance $ 71,723 $ 61,710 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt is presented net of issuance costs on the consolidated balance sheets as follows (in thousands): As of January 31, 2022 2021 Principal outstanding $ — $ 25,000 Unamortized discount and debt issuance costs — (52) Long-term debt $ — $ 24,948 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Net Minimum Lease Payments | Future net minimum lease payments under non-cancelable operating lease agreements as of January 31, 2022 are as follows (in thousands): Operating Year Ending January 31, 2023 $ 2,845 2024 2,638 2025 2,178 2026 362 2027 and thereafter — Total $ 8,023 |
Schedule of Future Minimum Payments Non-cancelable Purchase Commitments | Future minimum payments under the Company’s non-cancelable purchase commitments as of January 31, 2022 are presented in the table below (in thousands): Minimum Year Ending January 31, 2023 $ 6,721 2024 4,895 2025 4,893 2026 4,500 2027 and thereafter 1,250 Total $ 22,259 |
Stockholders_ Equity (Deficit_2
Stockholders’ Equity (Deficit) and Employee Incentive Plans (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Equity And Compensation Related Costs Share Based Payments [Abstract] | |
Summary of Reserved Common Stock for Future Issuance | The Company has reserved common stock for future issuance as follows: January 31, 2022 January 31, 2021 Conversion of redeemable convertible preferred stock — 26,513,134 Stock options outstanding 9,167,495 8,912,477 Common stock warrants 105,350 105,350 Remaining shares available for future issuance under the 2021 Plan 2,798,981 253,874 Restricted stock units issued and outstanding 1,497,558 — ESPP 830,000 — Total 14,399,384 35,784,835 |
Summary of Stock Option Activity under Stock Plans | The following table summarizes stock option activity under the Stock Plans for the year ended January 31, 2022 are as follows (aggregate intrinsic value in thousands): Options Outstanding Number of Weighted- Weighted- Aggregate Balances as of January 31, 2021 8,912,477 $ 6.42 6.49 $ 38,582 Options exercised (1,323,623) $ 5.57 Options granted 1,948,563 $ 22.49 Options cancelled (386,596) $ 11.31 Balances as of January 31, 2022 9,150,821 $ 9.76 6.53 $ 126,368 Options vested and expected to vest as of January 31, 2022 9,150,821 $ 9.76 6.53 $ 126,368 Options vested and exercisable as of January 31, 2022 5,845,302 $ 6.29 5.35 $ 100,285 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity | The following table is a summary of RSU activity for the year ended January 31, 2022: RSUs Outstanding Number of RSUs Weighted Average Grant Date Fair Value Per Share Balances as of January 31, 2021 — $ — RSUs granted 312,055 43.40 RSUs vested — — RSUs forfeited (28,497) 39.75 Balances as of January 31, 2022 283,558 $ 43.76 |
Schedule of Share-based Payment Award, Restricted Stock Units, Valuation Assumptions | The grant fair value of each tranche was calculated using a Monte Carlo simulation model with the following assumptions: January 31, 2022 Expected term (in years) 5.0 Volatility 50.0% Risk-free interest rate 1.7% Dividend yield — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of employee stock options was estimated using the following weighted-average assumptions: Year Ended January 31, 2022 2021 2020 Stock Option Plans: Expected term (in years) 6.1 6.1 6.1 Expected volatility 42.0 % 40.0 % 35.6 % Risk-free interest rate 1.0 % 0.4 % 1.9 % Dividend yield — — — |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The fair value of employee stock purchase rights for the initial offering period under the 2021 ESPP was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: January 31, 2022 Employee Stock Purchase Plan: Expected term (in years) 0.6 - 2.1 Expected volatility 46.7% - 52.1% Risk-free interest rate 0.1% - 0.2% Dividend yield — |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense was as follows (in thousands): Year Ended January 31, 2022 2021 2020 Cost of revenue—subscription $ 196 $ 69 $ 54 Cost of revenue—services 196 54 22 Research and development 3,343 1,316 1,080 Sales and marketing 3,968 1,536 920 General and administrative 3,047 1,696 1,342 Total stock-based compensation expense $ 10,750 $ 4,671 $ 3,418 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Before Income Taxes | The components of income (loss) before income taxes were as follows (in thousands): Year Ended January 31, 2022 2021 2020 United States $ (61,180) $ (42,232) $ (30,945) International 3,966 3,293 2,454 Total $ (57,214) $ (38,939) $ (28,491) |
Schedule of Income Tax Expense | The provision for income taxes consists of the following (in thousands): Year Ended January 31, 2022 2021 2020 Current Federal $ — $ — $ — State 58 53 6 Foreign 957 991 760 1,015 1,044 766 Deferred Federal — — — State — — — Foreign — — — — — — Total provision for income taxes $ 1,015 $ 1,044 $ 766 |
Schedule of Effective Income Tax Rate Reconciliation | The effective tax rate differs from the federal statutory income tax rate applied to the loss before provision for income taxes and tax due to the following: As of January 31, 2022 2021 2020 Provision for income taxes computed at federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal benefits 5.0 13.7 6.5 Foreign rate differential 0.2 (0.3) (0.9) Stock-based compensation 2.0 0.1 (1.1) Tax credits 2.2 (0.1) 2.8 U.S. tax on foreign earnings (0.2) 1.1 (1.5) Change in valuation allowance (31.2) (37.8) (29.2) Other (0.8) (0.4) (0.3) Total (1.8) % (2.7) % (2.7) % |
Schedule of Deferred Tax Assets | Significant components of the Company’s deferred tax assets are as follows (in thousands): As of January 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 80,434 $ 61,545 Tax credit carryforwards 13,311 10,802 Accruals and reserves 2,541 3,535 Interest carryforwards 2,873 2,756 Deferred revenue 776 2,672 Stock-based compensation 2,680 1,944 Capitalized research & development costs 3,882 4,432 Other 6 — Gross deferred tax assets $ 106,503 $ 87,686 Less: Valuation allowance (100,983) (83,132) Total deferred tax assets $ 5,520 $ 4,554 Deferred tax liabilities: Deferred commissions $ (4,858) $ (3,273) Other (662) (1,281) Total deferred tax liabilities $ (5,520) $ (4,554) Net deferred tax assets (liabilities) $ — $ — |
Schedule of Unrecognized Tax Benefits | The following table shows the changes in the gross unrecognized tax benefits (in thousands): Year Ended January 31, 2022 2021 2020 Beginning balance $ 7,162 $ 3,601 $ 2,904 Increase related to current year tax positions 1,673 1,401 697 Increase related to prior year tax positions — 2,160 — Ending balance $ 8,835 $ 7,162 $ 3,601 |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Disaggregation of Revenue by Geographic Area | The following table depicts the disaggregation of revenue by geographic area based on the billing address of the customer (in thousands): Year ended January 31, 2022 2021 2020 United States $ 77,074 $ 66,737 $ 56,663 International 46,468 36,548 25,858 Total $ 123,542 $ 103,285 $ 82,521 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Year Ended January 31, 2022 2021 2020 Numerator Net loss $ (58,229) $ (39,983) $ (29,257) Cumulative dividends on Series G redeemable convertible preferred stock (2,917) (4,076) — Net loss attributable to common stockholders $ (61,146) $ (44,059) $ (29,257) Denominator Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 25,777 5,717 5,489 Net loss per share attributable to common stockholders, basic and diluted $ (2.37) $ (7.71) $ (5.33) |
Schedule of Potentially Dilutive Securities Were Excluded From The Computation of Diluted Net Loss Per Share | The following potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been anti-dilutive (in thousands): Year Ended January 31, 2022 2021 2020 Stock options 9,167 8,912 7,796 RSUs 1,498 — — Employee stock purchase rights under the ESPP 231 — — Common stock warrants 105 105 105 Redeemable convertible preferred stock (on an if-converted basis) — 26,513 19,064 Total 11,001 35,530 26,965 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2021USD ($)$ / sharesshares | Jun. 30, 2021 | Jan. 31, 2022USD ($)shares | Jan. 31, 2021USD ($) | Jan. 31, 2020USD ($) | Apr. 30, 2022USD ($) | |
Basis Of Presentation And Summary Of Significant Accounting Policies | ||||||
Consideration received on transaction | $ 214,900,000 | |||||
Conversion of convertible securities (in shares) | shares | 26,710,600,000,000 | |||||
Preferred stock and dividend features converted into common stock (in shares) | shares | 640,387,000,000 | |||||
Deferred offering costs | $ 1,100,000 | |||||
Payments of deferred offering costs | $ 4,900,000 | |||||
Foreign currency transaction gain (loss) | (400,000) | 900,000 | $ (300,000) | |||
Advertising costs | 0 | 0 | 0 | |||
Accounts receivable, net | 0 | 0 | ||||
Amortization expense of capitalized internal-use software costs | 1,900,000 | 1,100,000 | ||||
Impairment of long-lived assets | $ 0 | 0 | 0 | |||
Expected future revenue stream of benefit, period | 3 years | |||||
Deferred sales commission, impairment loss | $ 0 | $ 0 | $ 0 | |||
Forecast | Accounting Standards Update 2016-02 | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies | ||||||
Right-of-use assets | $ 6,700,000 | |||||
Operating lease, liability | $ 7,500,000 | |||||
Accounts Receivable | Customer Concentration Risk | One customer | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies | ||||||
Concentration risk, percentage | 15.00% | |||||
Minimum | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies | ||||||
Intangible asset, useful life | 1 year | |||||
Maximum | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies | ||||||
Intangible asset, useful life | 3 years | |||||
Common Stock | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies | ||||||
Reverse stock split of outstanding common stock | 2.5 | |||||
IPO | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies | ||||||
Number of common stock for sale and issuance (in shares) | shares | 9,589,999,000,000 | 0 | ||||
Common stock public offering price per share (in dollar per share) | $ / shares | $ 24,000,000 | |||||
Conversion of convertible securities (in shares) | shares | 26,710,600 | |||||
Deferred offering costs | $ 4,900,000 | |||||
Over-Allotment Option | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies | ||||||
Number of common stock for sale and issuance (in shares) | shares | 1,250,869,000,000 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Account Receivables, Net of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss | |||
Beginning balance | $ 73 | $ 81 | $ 95 |
Add: bad debt expense | 41 | 84 | 40 |
Less: write-offs, net of recoveries | (6) | (92) | (54) |
Ending balance | $ 108 | $ 73 | $ 81 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Property and Equipment, Net (Details) | 12 Months Ended |
Jan. 31, 2022 | |
Computer equipment | |
Property, Plant and Equipment | |
Property, plant and equipment, useful life | 3 years |
Furniture and fixtures | |
Property, Plant and Equipment | |
Property, plant and equipment, useful life | 5 years |
Capitalized internal-use software | |
Property, Plant and Equipment | |
Property, plant and equipment, useful life | 3 years |
Cash Equivalents and Short-Te_3
Cash Equivalents and Short-Term Investments - Summary of Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Cash and Cash Equivalents | ||
Cash Equivalents | $ 86,505 | $ 31,438 |
Estimated Fair Value | 86,505 | 31,438 |
Cash Equivalents and Short-Term Investments, Amortized Cost | 196,967 | 50,983 |
Cash Cash Equivalents And Short Term Investments Estimated Fair Value | 196,771 | 50,984 |
Short-Term Investments, Amortized Cost | 110,462 | 19,545 |
Short-Term Investments, Gross Unrealized Gains | 0 | 2 |
Short-Term Investments, Gross Unrealized Losses | (196) | (1) |
Short-Term Investments, Estimated Fair Value | 110,266 | 19,546 |
Commercial paper | ||
Cash and Cash Equivalents | ||
Short-Term Investments, Amortized Cost | 40,966 | 12,290 |
Short-Term Investments, Gross Unrealized Gains | 0 | 0 |
Short-Term Investments, Gross Unrealized Losses | (1) | 0 |
Short-Term Investments, Estimated Fair Value | 40,965 | 12,290 |
U.S. government treasury securities | ||
Cash and Cash Equivalents | ||
Short-Term Investments, Amortized Cost | 39,340 | |
Short-Term Investments, Gross Unrealized Gains | 0 | |
Short-Term Investments, Gross Unrealized Losses | (129) | |
Short-Term Investments, Estimated Fair Value | 39,211 | |
Corporate debt securities | ||
Cash and Cash Equivalents | ||
Short-Term Investments, Amortized Cost | 30,156 | 7,255 |
Short-Term Investments, Gross Unrealized Gains | 0 | 2 |
Short-Term Investments, Gross Unrealized Losses | (66) | (1) |
Short-Term Investments, Estimated Fair Value | 30,090 | 7,256 |
Money market funds | ||
Cash and Cash Equivalents | ||
Cash Equivalents | 86,505 | 31,438 |
Estimated Fair Value | $ 86,505 | $ 31,438 |
Cash Equivalents and Short Term
Cash Equivalents and Short Term Investments - Additional Information (Details) | 12 Months Ended | ||
Jan. 31, 2022USD ($)investment | Jan. 31, 2021USD ($)investment | Jan. 31, 2020USD ($) | |
Schedule Of Cash Cash Equivalents And Short Term Investments | |||
Reclassify from accumulated other comprehensive income (loss) | $ 0 | $ 0 | $ 0 |
Contractual maturity in one year | 108,300,000 | ||
Contractual maturity greater than one year | $ 2,000,000 | ||
Number of short-term investments in unrealized loss position | Investment | investment | 25 | 1 | |
Short-term investments estimated fair value | $ 71,800,000 | $ 900,000 | |
Other than temporary impairment losses investments | $ 0 | $ 0 | $ 0 |
Less Than Year One | |||
Schedule Of Cash Cash Equivalents And Short Term Investments | |||
Short term investments contractual maturity date | 1 year |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy For Company's Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total cash equivalents | $ 86,505,000 | $ 31,438,000 |
Total short-term investments | 110,266,000 | 19,546,000 |
Net transfer of level 3 assets | 0 | 0 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total short-term investments | 40,965,000 | 12,290,000 |
U.S. government treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total short-term investments | 39,211,000 | |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total short-term investments | 30,090,000 | 7,256,000 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total cash equivalents | 86,505,000 | 31,438,000 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total cash equivalents | 86,505,000 | 31,438,000 |
Total short-term investments | 110,266,000 | 19,546,000 |
Total | 196,771,000 | 50,984,000 |
Fair Value, Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total short-term investments | 40,965,000 | 12,290,000 |
Fair Value, Recurring | U.S. government treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total short-term investments | 39,211,000 | |
Fair Value, Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total short-term investments | 30,090,000 | 7,256,000 |
Fair Value, Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total cash equivalents | 86,505,000 | 31,438,000 |
Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total cash equivalents | 86,505,000 | 31,438,000 |
Total short-term investments | 0 | 0 |
Total | 86,505,000 | 31,438,000 |
Fair Value, Recurring | Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total short-term investments | 0 | 0 |
Fair Value, Recurring | Level 1 | U.S. government treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total short-term investments | 0 | |
Fair Value, Recurring | Level 1 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total short-term investments | 0 | 0 |
Fair Value, Recurring | Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total cash equivalents | 86,505,000 | 31,438,000 |
Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total cash equivalents | 0 | 0 |
Total short-term investments | 110,266,000 | 19,546,000 |
Total | 110,266,000 | 19,546,000 |
Fair Value, Recurring | Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total short-term investments | 40,965,000 | 12,290,000 |
Fair Value, Recurring | Level 2 | U.S. government treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total short-term investments | 39,211,000 | |
Fair Value, Recurring | Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total short-term investments | 30,090,000 | 7,256,000 |
Fair Value, Recurring | Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total cash equivalents | 0 | 0 |
Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total cash equivalents | 0 | 0 |
Total short-term investments | 0 | 0 |
Total | 0 | 0 |
Fair Value, Recurring | Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total short-term investments | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. government treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total short-term investments | 0 | |
Fair Value, Recurring | Level 3 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total short-term investments | 0 | 0 |
Fair Value, Recurring | Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total cash equivalents | $ 0 | $ 0 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Prepaid Expense and Other Current Assets | ||
Prepaid expenses | $ 4,518 | $ 803 |
Prepaid software | 2,297 | 1,380 |
Other current assets | 1,744 | 266 |
Total prepaid expenses and other current assets | $ 8,559 | $ 2,449 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Property, Plant and Equipment | ||
Total gross property and equipment | $ 11,477 | $ 10,871 |
Accumulated depreciation and amortization | (7,189) | (4,365) |
Total property and equipment, net | 4,288 | 6,506 |
Computer equipment | ||
Property, Plant and Equipment | ||
Total gross property and equipment | 3,711 | 3,304 |
Furniture and fixtures | ||
Property, Plant and Equipment | ||
Total gross property and equipment | 412 | 408 |
Capitalized internal-use software | ||
Property, Plant and Equipment | ||
Total gross property and equipment | 5,772 | 5,772 |
Leasehold improvements | ||
Property, Plant and Equipment | ||
Total gross property and equipment | $ 1,582 | $ 1,387 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |||
Depreciation and amortization expense | $ 2,824 | $ 2,006 | $ 711 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Accrued Compensation and Benefits | ||
Accrued bonus | $ 5,557 | $ 4,149 |
Accrued commissions | 4,226 | 2,364 |
Accrued payroll and benefits | 2,863 | 2,597 |
Employee contributions under the ESPP | 3,497 | 0 |
Total accrued compensation and benefits | $ 16,143 | $ 9,110 |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Other Accrued Liabilities | ||
Accrued professional fees | $ 717 | $ 1,925 |
Sales and value added tax payable | 671 | 415 |
Income taxes payable | 414 | 436 |
Accrued interest | 0 | 95 |
Other | 1,429 | 1,283 |
Total other accrued liabilities | $ 3,231 | $ 4,154 |
Deferred Revenue and Remainin_3
Deferred Revenue and Remaining Performance Obligations - Schedule of Deferred Revenue Balances (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 |
Contract with Customer, Liability | |||
Deferred revenue | $ 69,010 | $ 57,168 | |
Deferred revenue, noncurrent | 2,713 | 4,542 | |
Total deferred revenue | $ 71,723 | $ 61,710 | $ 60,929 |
Deferred Revenue and Remainin_4
Deferred Revenue and Remaining Performance Obligations - Schedule of Changes In Deferred Revenue Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Change In Contract With Customer Liability | ||
Beginning balance | $ 61,710 | $ 60,929 |
Performance obligations satisfied during the period that were included in the deferred revenue balance at the beginning of the year | (57,809) | (57,705) |
Increases due to invoicing prior to satisfaction of performance obligations | 67,822 | 58,486 |
Ending balance | $ 71,723 | $ 61,710 |
Deferred Revenue and Remainin_5
Deferred Revenue and Remaining Performance Obligations - Additional Information (Details) $ in Millions | Jan. 31, 2022USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Remaining performance obligation | $ 161.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-02-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Remaining performance obligation | $ 98 |
Revenue expected to be recognized from remaining performance obligations, period | 12 months |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Debt Disclosure [Abstract] | ||
Principal outstanding | $ 0 | $ 25,000 |
Unamortized discount and debt issuance costs | 0 | (52) |
Long-term debt | $ 0 | $ 24,948 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2021 | Jun. 30, 2020 | Apr. 30, 2019 | Aug. 31, 2018 | Nov. 30, 2017 | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | Dec. 31, 2019 | Nov. 30, 2018 | |
Debt Instrument | |||||||||||
Interest expense, debt | $ 700,000 | $ 7,000,000 | $ 4,700,000 | ||||||||
Effective interest rate | 4.10% | 16.00% | 12.40% | ||||||||
Payments of debt | $ 25,000,000 | $ 57,402,000 | $ 0 | ||||||||
Warrants issued to purchase common stock (in shares) | 75,250 | 30,100 | |||||||||
Borrowings | $ 25,000,000 | 0 | 25,000,000 | ||||||||
Fair value of common stock | $ 400,000 | ||||||||||
Revolving Credit Facility | |||||||||||
Debt Instrument | |||||||||||
Maximum borrowing capacity | 40,000,000 | 10,000,000 | $ 10,000,000 | 40,000,000 | $ 15,000,000 | ||||||
Borrowed line of credit | $ 25,000,000 | ||||||||||
Fee payable on unused portion of line of credit | 0.25% | ||||||||||
Line of credit facility adjusted quick ratio | 1.15 | ||||||||||
Repayment of outstanding principal amount | $ 25,000,000 | $ 25,000,000 | |||||||||
Line of credit facility available for borrowing | $ 40,000,000 | ||||||||||
Revolving Credit Facility | Prime Rate | |||||||||||
Debt Instrument | |||||||||||
Variable rate | 0.50% | 0.50% | |||||||||
Minimum | Revolving Credit Facility | |||||||||||
Debt Instrument | |||||||||||
Line of credit facility termination fee | 0.50% | ||||||||||
Maximum | Revolving Credit Facility | |||||||||||
Debt Instrument | |||||||||||
Line of credit facility termination fee | 1.00% | ||||||||||
Hercules Capital | Loans Payable | |||||||||||
Debt Instrument | |||||||||||
Maximum borrowing capacity | $ 25,000,000 | $ 70,000,000 | $ 35,000,000 | ||||||||
Debt instrument, term | 3 years | ||||||||||
Fixed annual interest rate | 10.75% | ||||||||||
Proceeds from issuance of secured debt | $ 14,700,000 | $ 34,800,000 | |||||||||
End of term interest rate | 3.75% | ||||||||||
Payments of debt | $ 25,000,000 | 25,000,000 | |||||||||
Extinguishment of debt, prepayment | 600,000 | 400,000 | |||||||||
Prepayment end-of-term charges | $ 900,000 | $ 900,000 | |||||||||
Exercise price of warrants or rights (per share) | $ 7.48 | ||||||||||
Warrants exercisable period | 10 years | ||||||||||
Warrants aggregate percentage on borrowing amount | 2.25% | ||||||||||
Borrowings | $ 25,000,000 | $ 10,000,000 | |||||||||
Hercules Capital | Loans Payable | Prime Rate | |||||||||||
Debt Instrument | |||||||||||
Variable rate | 10.75% | ||||||||||
Variable rate reduction | 5.50% | ||||||||||
Hercules Capital | Loans Payable | Minimum | |||||||||||
Debt Instrument | |||||||||||
Penalty ranging of prepaid principal amount percentage | 0.25% | ||||||||||
Hercules Capital | Loans Payable | Maximum | |||||||||||
Debt Instrument | |||||||||||
Penalty ranging of prepaid principal amount percentage | 2.50% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Leases [Abstract] | |||
Operating lease, rent expense | $ 2,700,000 | $ 2,600,000 | $ 2,900,000 |
Sublease income | $ 0 | $ 0 | 300,000 |
Gain from legal settlement | $ 6,600,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Net Minimum Lease Payments (Details) $ in Thousands | Jan. 31, 2022USD ($) |
Operating Leases | |
2023 | $ 2,845 |
2024 | 2,638 |
2025 | 2,178 |
2026 | 362 |
2027 and thereafter | 0 |
Total | $ 8,023 |
Commitments and Contingencies_3
Commitments and Contingencies - Future Minimum Payments Non-cancelable Purchase Commitments (Details) $ in Thousands | Jan. 31, 2022USD ($) |
Minimum Annual Commitments | |
2023 | $ 6,721 |
2024 | 4,895 |
2025 | 4,893 |
2026 | 4,500 |
2027 and thereafter | 1,250 |
Total | $ 22,259 |
Retirement Plan (Details)
Retirement Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
401 K | |||
Defined Contribution Plan Disclosure | |||
Matching contributions | $ 0.6 | $ 0.6 | $ 0.2 |
Stockholders_ Equity (Deficit_3
Stockholders’ Equity (Deficit) and Employee Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Thousands | Mar. 20, 2022purchasePeriod | Jul. 31, 2021USD ($)participant$ / sharesshares | Jan. 31, 2022USD ($)vote$ / sharesshares | Jan. 31, 2021USD ($)$ / sharesshares | Jan. 31, 2020USD ($)$ / shares | Jan. 31, 2018shares |
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Conversion of convertible securities (in shares) | 26,710,600,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.00001 | $ 0.00001 | ||||
Common stock, shares authorized (in shares) | 1,000,000,000 | 43,200,000 | ||||
Common stock, shares issued (in shares) | 43,847,484 | 6,199,305 | ||||
Common stock, shares outstanding (in shares) | 43,847,484 | 6,199,305 | ||||
Number of vote | vote | 1 | |||||
Dividend declared (in dollars per share) | $ / shares | $ 0 | $ 0 | ||||
Number of shares reserved common stock for future issuance | 14,399,384 | 35,784,835 | ||||
Initial offering period duration | 24 months | |||||
Total stock-based compensation expense | $ | $ 10,750 | $ 4,671 | $ 3,418 | |||
Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Number of shares reserved common stock for future issuance | 9,167,495 | 8,912,477 | ||||
Total stock-based compensation expense | $ | $ 7,500 | $ 4,700 | $ 3,400 | |||
Unrecognized stock-based compensation expense related to unvested stock options | $ | $ 17,700 | $ 8,700 | ||||
Stock-based compensation expected to be recognized weighted-average period | 2 years 6 months | |||||
Option granted weighted-average grant-date fair value (in dollar per share) | $ / shares | $ 9.30 | $ 3.18 | $ 3.03 | |||
Aggregate intrinsic value of options exercised | $ | $ 28,200 | $ 3,600 | $ 700 | |||
Options granted (in shares) | 1,948,563 | |||||
Issuance of common stock upon exercise of stock, Shares | 1,323,623 | |||||
Expected volatility | 42.00% | 40.00% | 35.60% | |||
Dividend yield | 0.00% | 0.00% | 0.00% | |||
Risk-free interest rate | 1.00% | 0.40% | 1.90% | |||
Stock options | Third Party | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Options granted (in shares) | 40,646 | |||||
Issuance of common stock upon exercise of stock, Shares | 23,972 | |||||
Service-Based Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Share-based compensation vesting period | 1 year | |||||
Total stock-based compensation expense | $ | $ 1,100 | |||||
Stock-based compensation expected to be recognized weighted-average period | 3 years 8 months 12 days | |||||
Award requisite service period | 4 years | |||||
Aggregate fair value of RSU granted | $ | $ 13,500 | |||||
Unrecognized stock-based compensation expense related to service vesting-based RSUs | $ | 11,300 | |||||
Market-Based Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Total stock-based compensation expense | $ | $ 0 | |||||
Stock-based compensation expected to be recognized weighted-average period | 3 years 7 months 6 days | |||||
Aggregate fair value of RSU granted | $ | $ 7,900 | |||||
RSU granted (in shares) | 1,214,000 | |||||
Expected volatility | 50.00% | |||||
Dividend yield | 0.00% | |||||
Risk-free interest rate | 1.70% | |||||
Forecast | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Initial offering number of purchase periods | purchasePeriod | 4 | |||||
Two Thousand Twenty One Equity Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Share-based compensation granted expiration period | 10 years | |||||
Share-based compensation vesting period | 4 years | |||||
Share-based compensation available for grant | 2,800,000 | |||||
Number of shares reserved common stock for future issuance | 4,120,000 | |||||
Share-based compensation percentage of outstanding stock | 5.00% | |||||
Two Thousand Twenty One Equity Incentive Plan | Share-based Payment Arrangement, Tranche One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Share-based compensation vesting rights percentage | 25.00% | |||||
Two Thousand Twenty One Equity Incentive Plan | Share-based Payment Arrangement, Tranche Two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Share-based compensation vesting rights percentage | 2.08% | |||||
Employee stock purchase rights under the ESPP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Employee maximum contribution percentage | 15.00% | |||||
Discount rate on market value of share, percentage | 85.00% | |||||
Number of participant may purchase more than 1000 shares | participant | 0 | |||||
Total stock-based compensation expense | $ | $ 2,200 | |||||
Employee contributions under the ESPP | $ | 3,500 | |||||
Unrecognized stock-based compensation expense related to unvested stock options | $ | $ 3,000 | |||||
Stock-based compensation expected to be recognized weighted-average period | 9 months 18 days | |||||
Share purchases related to ESPP | 0 | |||||
IPO | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Conversion of convertible securities (in shares) | 26,710,600 | |||||
Additional redeemable convertible preferred stock converted into shares of common stock | 640,387 | |||||
Number of shares outstanding (in shares) | 0 | |||||
Number of common stock for sale and issuance (in shares) | 9,589,999,000,000 | 0 | ||||
Redeemable convertible preferred stock, shares authorized (in shares) | 200,000,000 | |||||
Redeemable convertible preferred stock , par value (in dollars per share) | $ / shares | $ 0.00001 | |||||
IPO | Series E Convertible Preferred Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Additional redeemable convertible preferred stock converted into shares of common stock | 162,032 | |||||
Redeemable convertible preferred stock carrying amount | $ | $ 259,800 | |||||
IPO | Series G Convertible Preferred Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Additional redeemable convertible preferred stock converted into shares of common stock | 478,355 |
Stockholders_ Equity (Deficit_4
Stockholders’ Equity (Deficit) and Employee Incentive Plans - Summary of Reserved Common Stock for Future Issuance (Details) - shares | Jan. 31, 2022 | Jan. 31, 2021 |
Class of Stock | ||
Number of shares reserved common stock for future issuance | 14,399,384 | 35,784,835 |
Redeemable convertible preferred stock (on an if-converted basis) | ||
Class of Stock | ||
Number of shares reserved common stock for future issuance | 0 | 26,513,134 |
Stock options | ||
Class of Stock | ||
Number of shares reserved common stock for future issuance | 9,167,495 | 8,912,477 |
Common stock warrants | ||
Class of Stock | ||
Number of shares reserved common stock for future issuance | 105,350 | 105,350 |
Remaining shares available for future issuance under the 2021 Plan | ||
Class of Stock | ||
Number of shares reserved common stock for future issuance | 2,798,981 | 253,874 |
RSUs | ||
Class of Stock | ||
Number of shares reserved common stock for future issuance | 1,497,558 | 0 |
ESPP | ||
Class of Stock | ||
Number of shares reserved common stock for future issuance | 830,000 | 0 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) and Employee Incentive Plans - Summary of Stock Option Activity under Stock Plans (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Options Outstanding, Number of Options | ||
Beginning balance (in shares) | 8,912,477 | |
Options exercised (in shares) | (1,323,623) | |
Options granted (in shares) | 1,948,563 | |
Options cancelled (in shares) | (386,596) | |
Ending balance (in shares) | 9,150,821 | 8,912,477 |
Options vested and expected to vest as of January 31, 2022 (in shares) | 9,150,821 | |
Options vested and exercisable as of January 31, 2022 (in shares) | 5,845,302 | |
Options Outstanding, Weighted Average Exercise Price | ||
Beginning balance (in dollars per share) | $ 6.42 | |
Options exercised (in dollars per share) | 5.57 | |
Options granted (in dollars per share) | 22.49 | |
Options cancelled (in dollars per share) | 11.31 | |
Ending balance (in dollars per share) | 9.76 | $ 6.42 |
Options vested and expected to vest as of January 31, 2022 (in dollars per share) | 9.76 | |
Options vested and exercisable as of January 31, 2022 (in dollars per share) | $ 6.29 | |
Stock Options Additional Disclosures | ||
Options outstanding, weighted average remaining contractual term | 6 years 6 months 10 days | 6 years 5 months 26 days |
Options vested and expected to vest, weighted-average contractual term | 6 years 6 months 10 days | |
Options vested and exercisable, weighted-average contractual term | 5 years 4 months 6 days | |
Options outstanding, aggregate intrinsic value | $ 126,368 | $ 38,582 |
Options vested and expected to vest, aggregate intrinsic value | 126,368 | |
Options vested and exercisable, aggregate intrinsic value | $ 100,285 |
Stockholders' Equity (Deficit_2
Stockholders' Equity (Deficit) and Employee Incentive Plans - Summary of RSU Activity (Details) | 12 Months Ended |
Jan. 31, 2022$ / sharesshares | |
RSUs Outstanding, Number of RSUs | |
Beginning balance (in shares) | shares | 0 |
RSUs granted (in shares) | shares | 312,055 |
RSUs vested (in shares) | shares | 0 |
RSUs forfeited (in shares) | shares | (28,497) |
Ending balance (in shares) | shares | 283,558 |
RSUs Outstanding, Weighted Average Grant Date Fair Value Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 0 |
RSUs granted (in dollars per share) | $ / shares | 43.40 |
RSUs vested (in dollars per share) | $ / shares | 0 |
RSUs forfeited (in dollars per share) | $ / shares | 39.75 |
Ending balance (in dollars per share) | $ / shares | $ 43.76 |
Stockholders' Equity (Deficit_3
Stockholders' Equity (Deficit) and Employee Incentive Plans - Summary of Fair Value of Employee Stock Options Estimated using Weighted-average Assumptions (Details) | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Market-Based Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Expected term (in years) | 5 years | ||
Expected volatility | 50.00% | ||
Risk-free interest rate | 1.70% | ||
Dividend yield | 0.00% | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Expected term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 1 month 6 days |
Expected volatility | 42.00% | 40.00% | 35.60% |
Risk-free interest rate | 1.00% | 0.40% | 1.90% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Stockholders' Equity (Deficit_4
Stockholders' Equity (Deficit) and Employee Incentive Plans - Summary of Weighted-Average Assumptions Used In Estimating Fair Value of Employee Stock Purchase Rights (Details) - Two Thousand And Twenty One Employee Stock Purchase Plan | 12 Months Ended |
Jan. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Expected volatility, minimum | 46.70% |
Expected volatility, maximum | 52.10% |
Risk-free interest rate, minimum | 0.10% |
Risk-free interest rate, maximum | 0.20% |
Dividend yield | 0.00% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Expected term (in years) | 7 months 6 days |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Expected term (in years) | 2 years 1 month 6 days |
Stockholders' Equity (Deficit_5
Stockholders' Equity (Deficit) and Employee Incentive Plans - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | |||
Recognized stock-based compensation expense | $ 10,750 | $ 4,671 | $ 3,418 |
Research and development | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | |||
Recognized stock-based compensation expense | 3,343 | 1,316 | 1,080 |
Sales and marketing | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | |||
Recognized stock-based compensation expense | 3,968 | 1,536 | 920 |
General and administrative | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | |||
Recognized stock-based compensation expense | 3,047 | 1,696 | 1,342 |
Cost of revenue - subscription | Cost of revenue | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | |||
Recognized stock-based compensation expense | 196 | 69 | 54 |
Cost of revenue - services | Cost of revenue | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | |||
Recognized stock-based compensation expense | $ 196 | $ 54 | $ 22 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Income (Loss) from Continuing Operations | |||
United States | $ (61,180) | $ (42,232) | $ (30,945) |
International | 3,966 | 3,293 | 2,454 |
Loss before income taxes | $ (57,214) | $ (38,939) | $ (28,491) |
Income Taxes - Components of _2
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Current | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 58 | 53 | 6 |
Foreign | 957 | 991 | 760 |
Current tax expense | 1,015 | 1,044 | 766 |
Deferred | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Foreign | 0 | 0 | 0 |
Deferred income tax benefit | 0 | 0 | 0 |
Total provision for income taxes | $ 1,015 | $ 1,044 | $ 766 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Provision for income taxes computed at federal statutory rate | 21.00% | 21.00% | 21.00% |
State taxes, net of federal benefits | 5.00% | 13.70% | 6.50% |
Foreign rate differential | 0.20% | (0.30%) | (0.90%) |
Stock-based compensation | 2.00% | 0.10% | (1.10%) |
Tax credits | 2.20% | (0.10%) | 2.80% |
U.S. tax on foreign earnings | (0.20%) | 1.10% | (1.50%) |
Change in valuation allowance | (31.20%) | (37.80%) | (29.20%) |
Other | (0.80%) | (0.40%) | (0.30%) |
Total | (1.80%) | (2.70%) | (2.70%) |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 |
Deferred tax assets: | |||
Net operating loss carryforwards | $ 80,434 | $ 61,545 | |
Tax credit carryforwards | 13,311 | 10,802 | |
Accruals and reserves | 2,541 | 3,535 | |
Interest carryforwards | 2,873 | 2,756 | |
Deferred revenue | 776 | 2,672 | |
Stock-based compensation | 2,680 | 1,944 | |
Capitalized research & development costs | 3,882 | 4,432 | |
Other | 6 | 0 | |
Gross deferred tax assets | 106,503 | 87,686 | |
Less: Valuation allowance | (100,983) | (83,132) | $ (68,400) |
Total deferred tax assets | 5,520 | 4,554 | |
Deferred tax liabilities: | |||
Deferred commissions | (4,858) | (3,273) | |
Other | (662) | (1,281) | |
Total deferred tax liabilities | (5,520) | (4,554) | |
Net deferred tax assets (liabilities) | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Operating Loss Carryforwards | |||
Valuation allowance | $ 100,983 | $ 83,132 | $ 68,400 |
Change in deferred valuation allowance | 17,900 | $ 14,700 | $ 8,300 |
Operating loss carryforward, federal | 319,900 | ||
Operating loss carryforward, state and local | 167,200 | ||
Federal | Research | |||
Operating Loss Carryforwards | |||
Tax credit carryforward | 11,300 | ||
State | Research | |||
Operating Loss Carryforwards | |||
Tax credit carryforward | $ 10,800 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Beginning balance | $ 7,162 | $ 3,601 | $ 2,904 |
Increase related to current year tax positions | 1,673 | 1,401 | 697 |
Increase related to prior year tax positions | 0 | 2,160 | 0 |
Ending balance | $ 8,835 | $ 7,162 | $ 3,601 |
Geographic Information - Schedu
Geographic Information - Schedule of Disaggregation of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Segment Reporting Information | |||
Total revenue | $ 123,542 | $ 103,285 | $ 82,521 |
United States | |||
Segment Reporting Information | |||
Total revenue | 77,074 | 66,737 | 56,663 |
International | |||
Segment Reporting Information | |||
Total revenue | $ 46,468 | $ 36,548 | $ 25,858 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Numerator | |||
Net loss | $ (58,229) | $ (39,983) | $ (29,257) |
Cumulative dividends on Series G redeemable convertible preferred stock | (2,917) | (4,076) | 0 |
Net loss attributable to common stockholders | (61,146) | (44,059) | (29,257) |
Net loss attributable to common stockholders | $ (61,146) | $ (44,059) | $ (29,257) |
Denominator | |||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 25,777,000 | 5,717,000 | 5,489,000 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 25,777,000 | 5,717,000 | 5,489,000 |
Net loss per share attributable to common stockholders, basic (in shares) | $ (2.37) | $ (7.71) | $ (5.33) |
Net loss per share attributable to common stockholders, diluted (in shares) | $ (2.37) | $ (7.71) | $ (5.33) |
Net Loss per Share - Schedule_2
Net Loss per Share - Schedule of Potentially Dilutive Securities Were Excluded From The Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Potentially dilutive securities were excluded from computation of diluted net loss per share (in shares) | 11,001 | 35,530 | 26,965 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Potentially dilutive securities were excluded from computation of diluted net loss per share (in shares) | 9,167 | 8,912 | 7,796 |
RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Potentially dilutive securities were excluded from computation of diluted net loss per share (in shares) | 1,498 | 0 | 0 |
Employee stock purchase rights under the ESPP | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Potentially dilutive securities were excluded from computation of diluted net loss per share (in shares) | 231 | 0 | 0 |
Common stock warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Potentially dilutive securities were excluded from computation of diluted net loss per share (in shares) | 105 | 105 | 105 |
Redeemable convertible preferred stock (on an if-converted basis) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Potentially dilutive securities were excluded from computation of diluted net loss per share (in shares) | 0 | 26,513 | 19,064 |
Uncategorized Items - base-2022
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2014-09 [Member] |