Cover
Cover - shares | 6 Months Ended | |
Jul. 31, 2022 | Aug. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-40601 | |
Entity Registrant Name | Couchbase, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-3576987 | |
Entity Address, Street | 3250 Olcott Street | |
Entity Address, City | Santa Clara | |
Entity Address, State | CA | |
Entity Address, Postal Zip Code | 95054 | |
City Area Code | 650 | |
Local Phone Number | 417-7500 | |
Title of each class | Common stock, par value $0.00001 per share | |
Trading Symbol(s) | BASE | |
Name of each exchange on which registered | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 44,786,337 | |
Entity Central Index Key | 0001845022 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Jul. 31, 2022 | Jan. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 46,338 | $ 95,688 |
Short-term investments | 145,767 | 110,266 |
Accounts receivable, net | 29,018 | 36,696 |
Deferred commissions | 11,525 | 11,783 |
Prepaid expenses and other current assets | 9,655 | 8,559 |
Total current assets | 242,303 | 262,992 |
Property and equipment, net | 5,639 | 4,288 |
Operating lease right-of-use assets | 7,696 | 0 |
Deferred commissions, noncurrent | 7,798 | 8,243 |
Other assets | 1,334 | 1,219 |
Total assets | 264,770 | 276,742 |
Current liabilities | ||
Accounts payable | 5,579 | 1,923 |
Accrued compensation and benefits | 10,530 | 16,143 |
Other accrued expenses | 4,103 | 3,231 |
Operating lease liabilities | 3,075 | 0 |
Deferred revenue | 67,139 | 69,010 |
Total current liabilities | 90,426 | 90,307 |
Operating lease liabilities, noncurrent | 5,491 | 0 |
Deferred revenue, noncurrent | 2,467 | 2,713 |
Other liabilities | 0 | 507 |
Total liabilities | 98,384 | 93,527 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity | ||
Preferred stock, $0.00001 par value; 200,000,000 shares authorized as of July 31, 2022 and January 31, 2022; zero shares issued outstanding as of July 31, 2022 and January 31, 2022 | 0 | 0 |
Common stock, $0.00001 par value; 1,000,000,000 shares authorized as of July 31, 2022 and January 31, 2022; 44,771,717 and 43,847,484 shares issued and outstanding as of July 31, 2022 and January 31, 2022, respectively | 0 | 0 |
Additional paid-in capital | 544,614 | 525,392 |
Accumulated other comprehensive loss | (1,043) | (195) |
Accumulated deficit | (377,185) | (341,982) |
Total stockholders’ equity | 166,386 | 183,215 |
Total liabilities and stockholders’ equity | $ 264,770 | $ 276,742 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Jul. 31, 2022 | Jan. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
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 | 1,000,000,000 |
Common stock, shares issued (in shares) | 44,771,717 | 43,847,484 |
Common stock, shares outstanding (in shares) | 44,771,717 | 43,847,484 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Revenue: | ||||
Total revenue | $ 39,791 | $ 29,699 | $ 74,644 | $ 57,654 |
Cost of revenue: | ||||
Total cost of revenue | 4,781 | 3,525 | 9,432 | 6,917 |
Gross profit | 35,010 | 26,174 | 65,212 | 50,737 |
Operating expenses: | ||||
Research and development | 14,341 | 12,623 | 28,762 | 25,164 |
Sales and marketing | 27,473 | 22,263 | 54,316 | 42,897 |
General and administrative | 8,429 | 5,278 | 16,355 | 10,775 |
Total operating expenses | 50,243 | 40,164 | 99,433 | 78,836 |
Loss from operations | (15,233) | (13,990) | (34,221) | (28,099) |
Interest expense | (25) | (252) | (50) | (497) |
Other income (expense), net | 261 | (77) | (295) | 7 |
Loss before income taxes | (14,997) | (14,319) | (34,566) | (28,589) |
Provision for income taxes | 372 | 151 | 637 | 480 |
Net loss | (15,369) | (14,470) | (35,203) | (29,069) |
Cumulative dividends on Series G redeemable convertible preferred stock | 0 | (1,438) | 0 | (2,917) |
Net loss attributable to common stockholders | (15,369) | (15,908) | (35,203) | (31,986) |
Net loss attributable to common stockholders | $ (15,369) | $ (15,908) | $ (35,203) | $ (31,986) |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.34) | $ (1.76) | $ (0.79) | $ (4.16) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.34) | $ (1.76) | $ (0.79) | $ (4.16) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 44,648 | 9,045 | 44,459 | 7,696 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 44,648 | 9,045 | 44,459 | 7,696 |
Subscription | ||||
Revenue: | ||||
Total revenue | $ 37,059 | $ 28,029 | $ 69,040 | $ 54,494 |
Cost of revenue: | ||||
Total cost of revenue | 2,521 | 2,072 | 4,917 | 4,124 |
Services | ||||
Revenue: | ||||
Total revenue | 2,732 | 1,670 | 5,604 | 3,160 |
Cost of revenue: | ||||
Total cost of revenue | 2,260 | 1,453 | 4,515 | 2,793 |
License | Subscription | ||||
Revenue: | ||||
Total revenue | 6,382 | 4,416 | 11,389 | 8,694 |
Support and other | Subscription | ||||
Revenue: | ||||
Total revenue | $ 30,677 | $ 23,613 | $ 57,651 | $ 45,800 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (15,369) | $ (14,470) | $ (35,203) | $ (29,069) |
Other comprehensive income (loss): | ||||
Net unrealized gains (losses) on investments, net of tax | (162) | 1 | (848) | (1) |
Total comprehensive loss | $ (15,531) | $ (14,469) | $ (36,051) | $ (29,070) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (unaudited) - USD ($) $ in Thousands | Total | Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance at Jan. 31, 2021 | $ 259,822 | |||||
Beginning balance (in shares) at Jan. 31, 2021 | 26,070,213 | |||||
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 at Jul. 31, 2021 | $ 0 | |||||
Ending balance (in shares) at Jul. 31, 2021 | 0 | |||||
Beginning balance at Jan. 31, 2021 | $ (246,342) | $ 0 | $ 37,410 | $ 1 | $ (283,753) | |
Beginning balance (in shares) at Jan. 31, 2021 | 6,199,305 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options | 4,288 | 4,288 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 783,052 | |||||
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 in connection with initial public offering, net of underwriting discounts and commissions and other issuance costs | 209,924 | 209,924 | ||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other issuance costs (in shares) | 9,589,999 | |||||
Settlement of fractional shares to be paid in cash | (9) | (9) | ||||
Settlement of fractional shares to be paid in cash (in shares) | (15) | |||||
Stock-based compensation | 3,810 | 3,810 | ||||
Net unrealized gains (losses) on investments | (1) | (1) | ||||
Net loss | (29,069) | (29,069) | ||||
Ending balance at Jul. 31, 2021 | 202,423 | $ 0 | 515,245 | 0 | (312,822) | |
Ending balance (in shares) at Jul. 31, 2021 | 43,282,941 | |||||
Beginning balance at Apr. 30, 2021 | $ 259,822 | |||||
Beginning balance (in shares) at Apr. 30, 2021 | 26,070,213 | |||||
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 at Jul. 31, 2021 | $ 0 | |||||
Ending balance (in shares) at Jul. 31, 2021 | 0 | |||||
Beginning balance at Apr. 30, 2021 | (257,667) | $ 0 | 40,686 | (1) | (298,352) | |
Beginning balance (in shares) at Apr. 30, 2021 | 6,460,868 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options | 2,841 | 2,841 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 521,489 | |||||
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 in connection with initial public offering, net of underwriting discounts and commissions and other issuance costs | 209,924 | 209,924 | ||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other issuance costs (in shares) | 9,589,999 | |||||
Settlement of fractional shares to be paid in cash | (9) | (9) | ||||
Settlement of fractional shares to be paid in cash (in shares) | (15) | |||||
Stock-based compensation | 1,981 | 1,981 | ||||
Net unrealized gains (losses) on investments | 1 | 1 | ||||
Net loss | (14,470) | (14,470) | ||||
Ending balance at Jul. 31, 2021 | 202,423 | $ 0 | 515,245 | 0 | (312,822) | |
Ending balance (in shares) at Jul. 31, 2021 | 43,282,941 | |||||
Beginning balance at Jan. 31, 2022 | $ 0 | |||||
Beginning balance (in shares) at Jan. 31, 2022 | 0 | |||||
Ending balance at Jul. 31, 2022 | $ 0 | |||||
Ending balance (in shares) at Jul. 31, 2022 | 0 | |||||
Beginning balance at Jan. 31, 2022 | $ 183,215 | $ 0 | 525,392 | (195) | (341,982) | |
Beginning balance (in shares) at Jan. 31, 2022 | 43,847,484 | 43,847,484 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options | $ 3,367 | 3,367 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 560,931 | |||||
Issuance of common stock in connection with employee stock purchase plan | 3,525 | 3,525 | ||||
Issuance of common stock in connection with employee stock purchase plan (in shares) | 237,499 | |||||
Vesting of restricted stock units (in shares) | 125,803 | |||||
Stock-based compensation | 12,330 | 12,330 | ||||
Net unrealized gains (losses) on investments | (848) | (848) | ||||
Net loss | (35,203) | (35,203) | ||||
Ending balance at Jul. 31, 2022 | $ 166,386 | $ 0 | 544,614 | (1,043) | (377,185) | |
Ending balance (in shares) at Jul. 31, 2022 | 44,771,717 | 44,771,717 | ||||
Beginning balance at Apr. 30, 2022 | $ 0 | |||||
Beginning balance (in shares) at Apr. 30, 2022 | 0 | |||||
Ending balance at Jul. 31, 2022 | $ 0 | |||||
Ending balance (in shares) at Jul. 31, 2022 | 0 | |||||
Beginning balance at Apr. 30, 2022 | $ 174,284 | $ 0 | 536,981 | (881) | (361,816) | |
Beginning balance (in shares) at Apr. 30, 2022 | 44,537,296 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options | 753 | |||||
Issuance of common stock upon exercise of stock options (in shares) | 108,618 | |||||
Vesting of restricted stock units (in shares) | 125,803 | |||||
Stock-based compensation | 6,880 | 6,880 | ||||
Net unrealized gains (losses) on investments | (162) | (162) | ||||
Net loss | (15,369) | (15,369) | ||||
Ending balance at Jul. 31, 2022 | $ 166,386 | $ 0 | $ 544,614 | $ (1,043) | $ (377,185) | |
Ending balance (in shares) at Jul. 31, 2022 | 44,771,717 | 44,771,717 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (35,203) | $ (29,069) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 1,466 | 1,406 |
Amortization of debt issuance costs | 0 | 15 |
Stock-based compensation, net of amounts capitalized | 12,177 | 3,810 |
Amortization of deferred commissions | 8,410 | 6,326 |
Non-cash lease expense | 1,400 | 0 |
Foreign currency transaction losses | 1,036 | 5 |
Other | 301 | 68 |
Changes in operating assets and liabilities | ||
Accounts receivable | 7,329 | 15,845 |
Deferred commissions | (7,706) | (7,071) |
Prepaid expenses and other assets | (1,214) | (5,848) |
Accounts payable | 3,543 | 4,553 |
Accrued compensation and benefits | (5,608) | (91) |
Accrued expenses and other liabilities | 1,035 | (1,749) |
Operating lease liabilities | (1,111) | 0 |
Deferred revenue | (2,117) | (7,375) |
Net cash used in operating activities | (16,262) | (19,175) |
Cash flows from investing activities | ||
Purchases of short-term investments | (69,468) | (7,133) |
Maturities of short-term investments | 32,802 | 12,285 |
Additions to property and equipment | (2,476) | (250) |
Net cash provided by (used in) investing activities | (39,142) | 4,902 |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 3,367 | 4,288 |
Proceeds from issuance of common stock under ESPP | 3,525 | 0 |
Proceeds from initial public offering, net of underwriting discounts and commissions | 0 | 214,854 |
Payments of deferred offering costs | 0 | (2,795) |
Net cash provided by financing activities | 6,892 | 216,347 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (838) | (125) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (49,350) | 201,949 |
Cash, cash equivalents and restricted cash | ||
Beginning of period | 96,231 | 37,840 |
End of period | 46,881 | 239,789 |
Cash and cash equivalents | 46,338 | 239,246 |
Restricted cash included in other assets | 543 | 543 |
Supplemental disclosures of cash activities | ||
Cash paid for income taxes | 359 | 442 |
Cash paid for interest | 50 | 495 |
Non-cash investing and financing activities: | ||
Stock-based compensation capitalized as internal-use software costs | 153 | 0 |
Net change in unrealized gains or losses on available-for-sale debt securities | (848) | (1) |
Change in deferred offering costs included in accounts payable and other accrued expenses | 0 | 1,051 |
Change in purchases of property and equipment included in accounts payable and other accrued expenses | 194 | 230 |
Conversion of redeemable convertible preferred stock to common stock | $ 0 | $ 259,822 |
Description of Business
Description of Business | 6 Months Ended |
Jul. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of BusinessCouchbase, 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 unaudited condensed 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 | 6 Months Ended |
Jul. 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 Company’s unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”), regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of January 31, 2022, and related disclosures, have been derived from the audited consolidated financial statements at that date but do not include all the information required by GAAP for complete consolidated financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting of only normal recurring adjustments) that are necessary for the fair statement of the Company’s condensed consolidated financial information. The results of operations for the three and six months ended July 31, 2022, are not necessarily indicative of the results to be expected for the year ending January 31, 2023, or for any other interim period or for any other future year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes contained in the Company ’ s Annual Report on Form 10-K for the year ended January 31, 2022, as filed with the SEC on March 31, 2022. 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. 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 condensed 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. Unless otherwise stated, references to year in these condensed consolidated financial statements relate to fiscal year rather than calendar year. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Couchbase, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the condensed 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 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, the incremental borrowing rate used to measure operating liabilities, 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 condensed 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 condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements. Significant Accounting Policies Except for the accounting policy for leases, which was updated as a result of adopting a new accounting standard, there have been no material changes to the significant accounting policies that were disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2022. See “Recently Adopted Accounting Pronouncements” below for additional information on the impact of the adoption of the new accounting standard for leases on the Company’s consolidated financial statements. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 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 (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this ASU. The Company adopted this guidance on February 1, 2022 prospectively for implementation costs incurred after the date of adoption, and the adoption did not have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting for income taxes by amending and clarifying existing guidance in ASC 740, as well as removing certain exceptions within ASC 740. The Company adopted this guidance on February 1, 2022, and the adoption did not have a material impact on its consolidated financial statements. Leases In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02 and several amendments, codified as ASC 842, Leases which amends the existing accounting standards for leases. The new standard requires lessees to record a right-of-use (“ROU”) asset and a corresponding lease liability on the balance sheet (with the exception of short-term leases). For lessees, leases will continue to be classified as either operating or financing in the income statement. The Company adopted the guidance on February 1, 2022 utilizing the modified retrospective transition method through a cumulative-effect adjustment at the beginning of the first quarter of fiscal 2023. The Company elected the package of transitional practical expedients upon which, among other provisions, allowed the Company not to reassess under the new standard prior conclusions about lease identification, lease classification and initial direct costs, for any existing leases on the adoption date. The Company elected not to record leases that, at the commencement date, have a lease term of 12 months or less. The Company did not elect to apply the hindsight practical expedient when determining lease term and assessing impairment of ROU assets. The Company also did not elect to combine its lease and non-lease components. Non-lease components that are not fixed are expensed as incurred as variable lease payments. Lease ROU assets and liabilities, with the exception of short-term leases, are recognized at the commencement date based on the present value of lease payments over the lease term. The Company estimates the discount rate based on the information available at the lease commencement date unless the implicit rate is readily determinable. For leases that commenced prior to the adoption of Topic 842, the Company used the discount rate on February 1, 2022. The lease ROU assets also include any lease payments made and exclude lease incentives such as tenant improvement allowances. Options to extend the lease term are included in the lease term when it is reasonably certain the extension option will be exercised. Upon adoption of ASC 842, the Company recognized operating lease ROU assets and operating lease liabilities of $6.7 million and $7.5 million, respectively, as of February 1, 2022 and did not include any retrospective adjustments to comparative periods to reflect the adoption of ASC 842. The difference of $0.8 million between operating lease ROU assets and operating lease liabilities at the adoption date related to deferred rent. See Note 8, “Leases” to the Notes to Condensed Consolidated Financial Statements for more information. Accounting Pronouncements Not Yet Adopted Under the Jumpstart Our Business Startups Act (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 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 condensed consolidated financial statements. |
Cash Equivalents and Short-Term
Cash Equivalents and Short-Term Investments | 6 Months Ended |
Jul. 31, 2022 | |
Cash, Cash Equivalents, and Short-Term Investments [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 July 31, 2022 Amortized Gross Gross Estimated Cash Equivalents Money market funds $ 42,090 $ — $ — $ 42,090 Total cash equivalents 42,090 — — 42,090 Short-Term Investments U.S. government securities 92,755 — (929) 91,826 Corporate debt securities 27,460 — (106) 27,354 Commercial paper 23,647 — — 23,647 Asset-backed securities 2,948 — (8) 2,940 Total short-term investments 146,810 — (1,043) 145,767 Total $ 188,900 $ — $ (1,043) $ 187,857 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 U.S. government treasury securities 39,340 — (129) 39,211 Corporate debt securities 30,156 — (66) 30,090 Commercial paper 40,966 — (1) 40,965 Total short-term investments 110,462 — (196) 110,266 Total $ 196,967 $ — $ (196) $ 196,771 During the three and six months ended July 31, 2022 and 2021, 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 condensed consolidated statements of operations. As of July 31, 2022, the Company’s short-term investments consisted of $118.5 million and $27.3 million with a contractual maturity date of less than one year and greater than one year, respectively. As of January 31, 2022, the Company’s short-term investments consisted of $108.3 million and $2.0 million with a contractual maturity of less than one year and greater than one year, respectively. As of July 31, 2022, the Company had 35 short-term investments in an unrealized loss position. These short-term investments had an estimated fair value of $122.1 million and were not in a continuous unrealized loss position for more than twelve months. 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. During the three and six months ended July 31, 2022, the Company had no other-than-temporary impairments of short-term investments. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 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 condensed 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 following tables present the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis (in thousands): As of July 31, 2022 Level 1 Level 2 Total Cash Equivalents Money market funds $ 42,090 $ — $ 42,090 Total cash equivalents 42,090 — 42,090 Short-Term Investments U.S. government treasury securities — 91,826 91,826 Corporate debt securities — 27,354 27,354 Commercial paper — 23,647 23,647 Asset-backed securities — 2,940 2,940 Total short-term investments — 145,767 145,767 Total $ 42,090 $ 145,767 $ 187,857 As of January 31, 2022 Level 1 Level 2 Total Cash Equivalents Money market funds $ 86,505 $ — $ 86,505 Total cash equivalents 86,505 — 86,505 Short-Term Investments U.S. government treasury securities — 39,211 39,211 Corporate debt securities — 30,090 30,090 Commercial paper — 40,965 40,965 Total short-term investments — 110,266 110,266 Total $ 86,505 $ 110,266 $ 196,771 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 asset-backed securities, commercial paper, U.S. government securities, and corporate debt 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. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jul. 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 July 31, As of January 31, 2022 2022 Prepaid expenses $ 5,765 $ 4,518 Prepaid software 2,296 2,297 Other current assets 1,594 1,744 Total prepaid expenses and other current assets $ 9,655 $ 8,559 Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): As of July 31, As of January 31, 2022 2022 Computer equipment $ 3,426 $ 3,711 Furniture and fixtures 415 412 Capitalized internal-use software 7,020 5,772 Leasehold improvements 1,555 1,582 Construction in progress 629 — Construction in progress—capitalized internal-use software 762 — Total gross property and equipment 13,807 11,477 Accumulated depreciation and amortization (8,168) (7,189) Total property and equipment, net $ 5,639 $ 4,288 Depreciation and amortization expense was $0.8 million and $0.7 million for three months ended July 31, 2022 and 2021, respectively, and $1.5 million and $1.4 million for the six months ended July 31, 2022 and 2021, respectively. Included in these amounts were the amortization of capitalized internal-use software development costs of $0.5 million and $0.5 million in the three months ended July 31, 2022 and 2021, respectively, and $1.0 million and $1.0 million for the six months ended July 31, 2022 and 2021, respectively. Accrued Compensation and Benefits Accrued compensation and benefits consisted of the following (in thousands): As of July 31, As of January 31, 2022 2022 Accrued bonus $ 4,646 $ 5,557 Accrued commissions 2,221 4,226 Accrued payroll and benefits 2,352 2,863 Employee contributions under the ESPP 1,311 3,497 Total accrued compensation and benefits $ 10,530 $ 16,143 Other Accrued Expenses Other accrued expenses consisted of the following (in thousands): As of July 31, As of January 31, 2022 2022 Accrued professional fees $ 779 $ 717 Sales and value added tax payable 365 671 Income taxes payable 491 414 Other 2,468 1,429 Total other accrued expenses $ 4,103 $ 3,231 |
Deferred Revenue and Remaining
Deferred Revenue and Remaining Performance Obligations | 6 Months Ended |
Jul. 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 July 31, As of January 31, 2022 2022 Deferred revenue, current $ 67,139 $ 69,010 Deferred revenue, noncurrent 2,467 2,713 Total deferred revenue $ 69,606 $ 71,723 Changes in the deferred revenue balances during the six months ended July 31, 2022 and 2021 (unaudited) were as follows (in thousands): Six Months Ended July 31, 2022 2021 Beginning balance $ 71,723 $ 61,710 Performance obligations satisfied during the period that were included in the deferred revenue balance at the beginning of the year (43,450) (38,813) Increases due to invoicing prior to satisfaction of performance obligations 41,333 31,439 Ending balance $ 69,606 $ 54,336 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 July 31, 2022, the Company’s RPOs were $166.5 million. The Company expects to recognize revenue of $103.1 million of these remaining performance obligations over the next twelve months with the remaining balances recognized thereafter. |
Debt
Debt | 6 Months Ended |
Jul. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Interest expense consisting primarily of unused Credit Facility (as defined below) fees was immaterial for the three and six months ended July 31, 2022. Interest expense on the Company’s borrowings was $0.3 million for the three months ended July 31, 2021, and $0.5 million for the six months ended July 31, 2021. The effective interest rate was 3.9% for the three and six months ended July 31, 2021. Term Loan In August 2018, the Company entered into an agreement for a term loan with a certain lender, which was amended in April 2019 and in June 2020 (the “Amended Loan”). The Amended Loan provided maximum borrowings of up to $25.0 million, maturing in June 2024. In January 2021, the Company repaid all outstanding indebtedness owed pursuant to the Amended Loan and terminated the agreement. Pursuant to the termination of the Amended Loan, the related security interests have been removed and the covenants shall be of no further force and effect. In connection with the April 2019 amendment, the Company issued warrants to purchase 105,350 shares of the Company’s common stock at $7.48 per share, exercisable over 10 years. The fair value of the warrants was recorded to equity and as a debt discount that was amortized to interest over the term of the loan. The total fair value of the common stock warrants was $0.4 million. As of July 31, 2022, all warrants were outstanding and exercisable. Credit Facility In November 2017, the Company entered into a line of credit agreement with Silicon Valley Bank (“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 April 2020, an amendment was entered into with Silicon Valley Bank to extend the maturity of the line of credit to November 2020. 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. On January 31, 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 July 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. There were no borrowings outstanding against the line of credit as of July 31, 2022. As of July 31, 2022, $40.0 million was available for borrowing under the line of credit. |
Leases
Leases | 6 Months Ended |
Jul. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company leases facilities under non-cancelable operating leases, primarily for rent of office space. Our leases have various expiration dates through November 2027, some of which include options to extend the leases for up to three years. The Company does not have any finance leases. Operating lease costs were $0.8 million for the three months ended July 31, 2022, and $1.4 million for the six months ended July 31, 2022. Variable lease costs were $0.2 million for the three months ended July 31, 2022 and $0.4 million for the six months ended July 31, 2022. Short-term lease costs were $0.1 million for the three months ended July 31, 2022 and $0.2 million for the six months ended July 31, 2022. The following table presents supplemental cash flow information related to leases: Six months ended July 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 1,529 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 2,205 The following table presents supplemental balance sheet information related to operating leases (in thousands, except for lease term and discount rate): As of July 31, 2022 Operating lease right-of-use assets $ 7,696 Operating lease liabilities $ 3,075 Operating lease liabilities, noncurrent 5,491 Total operating lease liabilities $ 8,566 Weighted-average remaining lease term 3.0 years Weighted-average discount rate 3.8 % As of July 31, 2022, remaining maturities of operating lease liabilities were as follows (in thousands): Period Operating Leases Remaining for Fiscal 2023 $ 1,654 Fiscal 2024 3,236 Fiscal 2025 2,794 Fiscal 2026 818 Fiscal 2027 and thereafter 571 Total lease payments 9,073 Less: imputed interest (507) Total $ 8,566 Future minimum lease payments under non-cancelable operating leases as of January 31, 2022 under ASC 840 were as follows (in thousands): Year Ending January 31, Operating Leases 2023 $ 2,845 2024 2,638 2025 2,178 2026 362 2027 and thereafter — Total $ 8,023 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Other Contractual Commitments Other contractual commitments relate to third-party cloud infrastructure agreements and subscription arrangements. As of July 31, 2022, there w ere no material changes to the Company’s contractual commitments since January 31, 2022. 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. 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. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements nor are we aware of any such claims that could reasonably be expected to incur material costs. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) and Employee Incentive Plans | 6 Months Ended |
Jul. 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 July 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 shares of common stock at a par value of $0.00001 as of July 31, 2022 and January 31, 2022. 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 July 31, 2022 and January 31, 2022, no dividends had been declared. As of July 31, 2022, the Company has reserved common stock for future issuance as follows: Number of Shares Stock options outstanding 8,297,260 Restricted stock units issued and outstanding 4,494,972 Remaining shares available for issuance under the 2021 Plan 2,177,442 ESPP 1,030,975 Common stock warrants 105,350 Total 16,105,999 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 2008 Plan and 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 July 31, 2022, there were 2.2 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 period consists of four purchase periods with the first purchase date on March 21, 2022, and the final purchase period ending on September 20, 2023. The Company recognized stock-based compensation expense related to the ESPP of $0.5 million and $1.3 million during the three and six months ended July 31, 2022, respectively. As of July 31, 2022, accrued ESPP employee payroll contributions of $1.3 million are 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 July 31, 2022, $1.3 million of unrecognized stock-based compensation expense related to the ESPP is expected to be recognized over a weighted-average vesting period of 0.7 years. During the six months ended July 31, 2022, 237,499 shares of common stock were issued under the ESPP. Stock Options The following table summarizes stock option activity under the Stock Plans for the six months ended July 31, 2022 (aggregate intrinsic value in thousands): Options Outstanding Weighted- Aggregate Number of Weighted- Balances as of January 31, 2022 9,150,821 $ 9.76 6.53 $ 126,368 Options exercised (544,257) $ 6.02 Options granted — $ — Options cancelled (309,304) $ 13.24 Balances as of July 31, 2022 8,297,260 $ 9.87 5.95 $ 57,061 Options vested and expected to vest as of July 31, 2022 8,297,260 $ 9.87 5.95 $ 57,061 Options vested and exercisable as of July 31, 2022 6,290,244 $ 7.84 5.22 $ 50,815 No stock options were granted during the three and six months ended July 31, 2022. Stock options granted during the three months ended July 31, 2021 had a weighted-average grant-date fair value of $11.31 per share. Stock options granted during the six months ended July 31, 2021 had a weighted-average grant-date fair value of $9.30 per share. The aggregate intrinsic value of options exercised during the three months ended July 31, 2022 and 2021 was $1.0 million and $10.6 million, respectively. The aggregate intrinsic value of options exercised during the six months ended July 31, 2022 and 2021 was $7.7 million and $14.4 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 $1.7 million and $3.4 million during the three and six months ended July 31, 2022, respectively. As of July 31, 2022 and January 31, 2022, there was $12.9 million and $17.7 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 2.1 years and 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 six months ended July 31, 2022, the recipient exercised 16,674 stock options and as of July 31, 2022, the recipient had exercised all 40,646 stock options. 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 quarterly. The following table is a summary of service-based RSU activity for the six months ended July 31, 2022: RSUs Outstanding Number of RSUs Weighted Average Grant Date Fair Value Per Share Balances as of January 31, 2022 283,558 $ 43.76 RSUs granted 3,451,192 $ 18.63 RSUs vested (125,803) $ 19.87 RSUs forfeited (271,975) $ 23.04 Balances as of July 31, 2022 3,336,972 $ 20.36 The aggregate fair value of the RSU awards granted was $14.6 million and $64.3 million during the three and six months ended July 31, 2022, which represents the fair value of the common stock on the date the service-based vesting awards were granted. We recognized $4.0 million and $6.4 million in stock-based compensation expense related to service vesting-based RSUs during the three and six months ended July 31, 2022. As of July 31, 2022, there was $62.9 million of unrecognized compensation expense related to service-based RSUs expected to be recognized over a weighted-average vesting period of 3.6 years. Market-Based RSUs The following table is a summary of market-based RSU activity for the six months ended July 31, 2022: RSUs Outstanding Number of RSUs Weighted Average Grant Date Fair Value Per Share Balances as of January 31, 2022 1,214,000 $ 6.48 RSUs granted 14,000 $ 5.30 RSUs vested — $ — RSUs forfeited (70,000) $ 6.48 Balances as of July 31, 2022 1,158,000 $ 6.47 During the year 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: Year ended 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. During the quarter ended July 31, 2022, the Board of Directors granted 14,000 market-based RSUs to a member 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: Three and Six Months Ended July 31, 2022 Expected term (in years) 4.7 Volatility 63.0 % Risk-free interest rate 2.9 % Dividend yield — The fair value of the market-based RSUs was estimated at $0.1 million. Stock-based compensation expense related to market-based RSUs was $0.5 million and $1.1 million during the during the three and six months ended July 31, 2022. As of July 31, 2022, there was $6.8 million of unrecognized compensation expense related to market-based RSUs expected to be recognized over an average vesting period of 3.1 years. Determination of Fair Value 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 Company’s 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 IPO, 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: Three Months Ended July 31, Six Months Ended July 31, 2022 2021 2022 2021 Stock Option Plans: Expected term (in years) * 6.1 * 6.1 Expected volatility * 42.4 % * 42.0 % Risk-free interest rate * 1.0 % * 1.0 % Dividend yield * — * — * No stock options were granted during the three and six months ended July 31, 2022. The fair value of employee stock purchase rights for the 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: Six Months Ended July 31, 2022 Employee Stock Purchase Plan: Expected term (in years) 1.1 - 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, net of amounts capitalized was as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2022 2021 2022 2021 Cost of revenue—subscription $ 141 $ 30 $ 263 $ 57 Cost of revenue—services 117 24 211 46 Research and development 2,087 569 3,986 1,139 Sales and marketing 2,463 688 4,450 1,229 General and administrative 1,919 670 3,267 1,339 Total stock-based compensation expense $ 6,727 $ 1,981 $ 12,177 $ 3,810 |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Accounting for income taxes for interim periods generally requires the provision for income taxes to be determined by applying an estimate of the annual effective tax rate for the full fiscal year to income or loss before income taxes, adjusted for discrete items, if any, for the reporting period. The Company updates its estimate of the annual effective tax rate each quarter and records a cumulative adjustment in such period. The Company recorded income tax expense of $0.4 million and $0.2 million for the three months ended July 31, 2022 and 2021, respectively, and $0.6 million and $0.5 million for the six months ended July 31, 2022 and 2021. Income tax expense consists primarily of income taxes in foreign jurisdictions in which the Company conducts business. Due to the Company’s history of losses in the United States, a full valuation allowance on substantially all of the Company’s deferred tax assets, including net operating loss carryforwards, research and development tax credits, capitalized research and development, and other book versus tax differences was maintained. |
Geographic Information
Geographic Information | 6 Months Ended |
Jul. 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): Three Months Ended July 31, Six Months Ended July 31, 2022 2021 2022 2021 United States $ 23,806 $ 18,336 $ 45,142 $ 36,383 International 15,985 11,363 29,502 21,271 Total $ 39,791 $ 29,699 $ 74,644 $ 57,654 No individual foreign country contributed 10% or more of total revenue for the three and six months ended July 31, 2022 and 2021. As of July 31, 2022 and January 31, 2022, the majority of the Company’s long-lived assets, including operating lease ROU assets, were located in the United States. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jul. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share Basic net loss per share attributable to the Company’s common stockholders is computed by dividing the net loss attributable to the Company’s common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is the same as basic net loss per share for all years presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss position in each period presented. The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Three Months Ended July 31, Six Months Ended July 31, 2022 2021 2022 2021 Numerator Net loss $ (15,369) $ (14,470) $ (35,203) $ (29,069) Cumulative dividends on Series G redeemable convertible preferred stock — (1,438) — (2,917) Net loss attributable to common stockholders $ (15,369) $ (15,908) $ (35,203) $ (31,986) Denominator Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 44,648 9,045 44,459 7,696 Net loss per share attributable to common stockholders, basic and diluted $ (0.34) $ (1.76) $ (0.79) $ (4.16) 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): As of July 31, 2022 2021 Stock options 8,297 9,909 RSUs 4,495 — Employee stock purchase rights under the ESPP 154 — Common stock warrants 105 105 Total 13,051 10,014 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”), regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of January 31, 2022, and related disclosures, have been derived from the audited consolidated financial statements at that date but do not include all the information required by GAAP for complete consolidated financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting of only normal recurring adjustments) that are necessary for the fair statement of the Company’s condensed consolidated financial information. The results of operations for the three and six months ended July 31, 2022, are not necessarily indicative of the results to be expected for the year ending January 31, 2023, or for any other interim period or for any other future year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes contained in the Company ’ s Annual Report on Form 10-K for the year ended January 31, 2022, as filed with the SEC on March 31, 2022. |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on January 31. Unless otherwise stated, references to year in these condensed consolidated financial statements relate to fiscal year rather than calendar year. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Couchbase, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the condensed 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 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, the incremental borrowing rate used to measure operating liabilities, 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 condensed 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 condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 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 (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this ASU. The Company adopted this guidance on February 1, 2022 prospectively for implementation costs incurred after the date of adoption, and the adoption did not have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting for income taxes by amending and clarifying existing guidance in ASC 740, as well as removing certain exceptions within ASC 740. The Company adopted this guidance on February 1, 2022, and the adoption did not have a material impact on its consolidated financial statements. Leases In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02 and several amendments, codified as ASC 842, Leases which amends the existing accounting standards for leases. The new standard requires lessees to record a right-of-use (“ROU”) asset and a corresponding lease liability on the balance sheet (with the exception of short-term leases). For lessees, leases will continue to be classified as either operating or financing in the income statement. The Company adopted the guidance on February 1, 2022 utilizing the modified retrospective transition method through a cumulative-effect adjustment at the beginning of the first quarter of fiscal 2023. The Company elected the package of transitional practical expedients upon which, among other provisions, allowed the Company not to reassess under the new standard prior conclusions about lease identification, lease classification and initial direct costs, for any existing leases on the adoption date. The Company elected not to record leases that, at the commencement date, have a lease term of 12 months or less. The Company did not elect to apply the hindsight practical expedient when determining lease term and assessing impairment of ROU assets. The Company also did not elect to combine its lease and non-lease components. Non-lease components that are not fixed are expensed as incurred as variable lease payments. Lease ROU assets and liabilities, with the exception of short-term leases, are recognized at the commencement date based on the present value of lease payments over the lease term. The Company estimates the discount rate based on the information available at the lease commencement date unless the implicit rate is readily determinable. For leases that commenced prior to the adoption of Topic 842, the Company used the discount rate on February 1, 2022. The lease ROU assets also include any lease payments made and exclude lease incentives such as tenant improvement allowances. Options to extend the lease term are included in the lease term when it is reasonably certain the extension option will be exercised. Upon adoption of ASC 842, the Company recognized operating lease ROU assets and operating lease liabilities of $6.7 million and $7.5 million, respectively, as of February 1, 2022 and did not include any retrospective adjustments to comparative periods to reflect the adoption of ASC 842. The difference of $0.8 million between operating lease ROU assets and operating lease liabilities at the adoption date related to deferred rent. See Note 8, “Leases” to the Notes to Condensed Consolidated Financial Statements for more information. Accounting Pronouncements Not Yet Adopted Under the Jumpstart Our Business Startups Act (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 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 condensed consolidated financial statements. |
Cash Equivalents and Short-Te_2
Cash Equivalents and Short-Term Investments (Tables) | 6 Months Ended |
Jul. 31, 2022 | |
Cash, Cash Equivalents, and Short-Term Investments [Abstract] | |
Schedule of Cash Equivalents and Short-term Investments | The following tables summarize the Company’s cash equivalents and short-term investments (in thousands): As of July 31, 2022 Amortized Gross Gross Estimated Cash Equivalents Money market funds $ 42,090 $ — $ — $ 42,090 Total cash equivalents 42,090 — — 42,090 Short-Term Investments U.S. government securities 92,755 — (929) 91,826 Corporate debt securities 27,460 — (106) 27,354 Commercial paper 23,647 — — 23,647 Asset-backed securities 2,948 — (8) 2,940 Total short-term investments 146,810 — (1,043) 145,767 Total $ 188,900 $ — $ (1,043) $ 187,857 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 U.S. government treasury securities 39,340 — (129) 39,211 Corporate debt securities 30,156 — (66) 30,090 Commercial paper 40,966 — (1) 40,965 Total short-term investments 110,462 — (196) 110,266 Total $ 196,967 $ — $ (196) $ 196,771 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 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 July 31, 2022 Level 1 Level 2 Total Cash Equivalents Money market funds $ 42,090 $ — $ 42,090 Total cash equivalents 42,090 — 42,090 Short-Term Investments U.S. government treasury securities — 91,826 91,826 Corporate debt securities — 27,354 27,354 Commercial paper — 23,647 23,647 Asset-backed securities — 2,940 2,940 Total short-term investments — 145,767 145,767 Total $ 42,090 $ 145,767 $ 187,857 As of January 31, 2022 Level 1 Level 2 Total Cash Equivalents Money market funds $ 86,505 $ — $ 86,505 Total cash equivalents 86,505 — 86,505 Short-Term Investments U.S. government treasury securities — 39,211 39,211 Corporate debt securities — 30,090 30,090 Commercial paper — 40,965 40,965 Total short-term investments — 110,266 110,266 Total $ 86,505 $ 110,266 $ 196,771 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jul. 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 July 31, As of January 31, 2022 2022 Prepaid expenses $ 5,765 $ 4,518 Prepaid software 2,296 2,297 Other current assets 1,594 1,744 Total prepaid expenses and other current assets $ 9,655 $ 8,559 |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): As of July 31, As of January 31, 2022 2022 Computer equipment $ 3,426 $ 3,711 Furniture and fixtures 415 412 Capitalized internal-use software 7,020 5,772 Leasehold improvements 1,555 1,582 Construction in progress 629 — Construction in progress—capitalized internal-use software 762 — Total gross property and equipment 13,807 11,477 Accumulated depreciation and amortization (8,168) (7,189) Total property and equipment, net $ 5,639 $ 4,288 |
Schedule of Accrued Compensation and Benefits | Accrued compensation and benefits consisted of the following (in thousands): As of July 31, As of January 31, 2022 2022 Accrued bonus $ 4,646 $ 5,557 Accrued commissions 2,221 4,226 Accrued payroll and benefits 2,352 2,863 Employee contributions under the ESPP 1,311 3,497 Total accrued compensation and benefits $ 10,530 $ 16,143 |
Schedule of Other Accrued Expenses | Other accrued expenses consisted of the following (in thousands): As of July 31, As of January 31, 2022 2022 Accrued professional fees $ 779 $ 717 Sales and value added tax payable 365 671 Income taxes payable 491 414 Other 2,468 1,429 Total other accrued expenses $ 4,103 $ 3,231 |
Deferred Revenue and Remainin_2
Deferred Revenue and Remaining Performance Obligations (Tables) | 6 Months Ended |
Jul. 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 July 31, As of January 31, 2022 2022 Deferred revenue, current $ 67,139 $ 69,010 Deferred revenue, noncurrent 2,467 2,713 Total deferred revenue $ 69,606 $ 71,723 Changes in the deferred revenue balances during the six months ended July 31, 2022 and 2021 (unaudited) were as follows (in thousands): Six Months Ended July 31, 2022 2021 Beginning balance $ 71,723 $ 61,710 Performance obligations satisfied during the period that were included in the deferred revenue balance at the beginning of the year (43,450) (38,813) Increases due to invoicing prior to satisfaction of performance obligations 41,333 31,439 Ending balance $ 69,606 $ 54,336 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 31, 2022 | |
Leases [Abstract] | |
Schedule of Supplemental Cash Flow Related to Leases | The following table presents supplemental cash flow information related to leases: Six months ended July 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 1,529 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 2,205 |
Schedule of Supplemental Balance Sheet Information | The following table presents supplemental balance sheet information related to operating leases (in thousands, except for lease term and discount rate): As of July 31, 2022 Operating lease right-of-use assets $ 7,696 Operating lease liabilities $ 3,075 Operating lease liabilities, noncurrent 5,491 Total operating lease liabilities $ 8,566 Weighted-average remaining lease term 3.0 years Weighted-average discount rate 3.8 % |
Schedule of Operating Lease Maturities | As of July 31, 2022, remaining maturities of operating lease liabilities were as follows (in thousands): Period Operating Leases Remaining for Fiscal 2023 $ 1,654 Fiscal 2024 3,236 Fiscal 2025 2,794 Fiscal 2026 818 Fiscal 2027 and thereafter 571 Total lease payments 9,073 Less: imputed interest (507) Total $ 8,566 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under non-cancelable operating leases as of January 31, 2022 under ASC 840 were as follows (in thousands): Year Ending January 31, Operating Leases 2023 $ 2,845 2024 2,638 2025 2,178 2026 362 2027 and thereafter — Total $ 8,023 |
Stockholders' Equity (Deficit_2
Stockholders' Equity (Deficit) and Employee Incentive Plans (Tables) | 6 Months Ended |
Jul. 31, 2022 | |
Equity And Compensation Related Costs Share Based Payments [Abstract] | |
Schedule of Reserved Common Stock for Future Issuance | As of July 31, 2022, the Company has reserved common stock for future issuance as follows: Number of Shares Stock options outstanding 8,297,260 Restricted stock units issued and outstanding 4,494,972 Remaining shares available for issuance under the 2021 Plan 2,177,442 ESPP 1,030,975 Common stock warrants 105,350 Total 16,105,999 |
Schedule of Stock Option Activity under Stock Plans | The following table summarizes stock option activity under the Stock Plans for the six months ended July 31, 2022 (aggregate intrinsic value in thousands): Options Outstanding Weighted- Aggregate Number of Weighted- Balances as of January 31, 2022 9,150,821 $ 9.76 6.53 $ 126,368 Options exercised (544,257) $ 6.02 Options granted — $ — Options cancelled (309,304) $ 13.24 Balances as of July 31, 2022 8,297,260 $ 9.87 5.95 $ 57,061 Options vested and expected to vest as of July 31, 2022 8,297,260 $ 9.87 5.95 $ 57,061 Options vested and exercisable as of July 31, 2022 6,290,244 $ 7.84 5.22 $ 50,815 |
Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity | The following table is a summary of service-based RSU activity for the six months ended July 31, 2022: RSUs Outstanding Number of RSUs Weighted Average Grant Date Fair Value Per Share Balances as of January 31, 2022 283,558 $ 43.76 RSUs granted 3,451,192 $ 18.63 RSUs vested (125,803) $ 19.87 RSUs forfeited (271,975) $ 23.04 Balances as of July 31, 2022 3,336,972 $ 20.36 The following table is a summary of market-based RSU activity for the six months ended July 31, 2022: RSUs Outstanding Number of RSUs Weighted Average Grant Date Fair Value Per Share Balances as of January 31, 2022 1,214,000 $ 6.48 RSUs granted 14,000 $ 5.30 RSUs vested — $ — RSUs forfeited (70,000) $ 6.48 Balances as of July 31, 2022 1,158,000 $ 6.47 |
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: Year ended January 31, 2022 Expected term (in years) 5.0 Volatility 50.0 % Risk-free interest rate 1.7 % Dividend yield — Three and Six Months Ended July 31, 2022 Expected term (in years) 4.7 Volatility 63.0 % Risk-free interest rate 2.9 % 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: Three Months Ended July 31, Six Months Ended July 31, 2022 2021 2022 2021 Stock Option Plans: Expected term (in years) * 6.1 * 6.1 Expected volatility * 42.4 % * 42.0 % Risk-free interest rate * 1.0 % * 1.0 % Dividend yield * — * — * No stock options were granted during the three and six months ended July 31, 2022. |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The fair value of employee stock purchase rights for the 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: Six Months Ended July 31, 2022 Employee Stock Purchase Plan: Expected term (in years) 1.1 - 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 Stock-based compensation expense, net of amounts capitalized was as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2022 2021 2022 2021 Cost of revenue—subscription $ 141 $ 30 $ 263 $ 57 Cost of revenue—services 117 24 211 46 Research and development 2,087 569 3,986 1,139 Sales and marketing 2,463 688 4,450 1,229 General and administrative 1,919 670 3,267 1,339 Total stock-based compensation expense $ 6,727 $ 1,981 $ 12,177 $ 3,810 |
Geographic Information (Tables)
Geographic Information (Tables) | 6 Months Ended |
Jul. 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): Three Months Ended July 31, Six Months Ended July 31, 2022 2021 2022 2021 United States $ 23,806 $ 18,336 $ 45,142 $ 36,383 International 15,985 11,363 29,502 21,271 Total $ 39,791 $ 29,699 $ 74,644 $ 57,654 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jul. 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): Three Months Ended July 31, Six Months Ended July 31, 2022 2021 2022 2021 Numerator Net loss $ (15,369) $ (14,470) $ (35,203) $ (29,069) Cumulative dividends on Series G redeemable convertible preferred stock — (1,438) — (2,917) Net loss attributable to common stockholders $ (15,369) $ (15,908) $ (35,203) $ (31,986) Denominator Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 44,648 9,045 44,459 7,696 Net loss per share attributable to common stockholders, basic and diluted $ (0.34) $ (1.76) $ (0.79) $ (4.16) |
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): As of July 31, 2022 2021 Stock options 8,297 9,909 RSUs 4,495 — Employee stock purchase rights under the ESPP 154 — Common stock warrants 105 105 Total 13,051 10,014 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |||
Jul. 31, 2021 USD ($) $ / shares shares | Jun. 30, 2021 | Jul. 31, 2022 USD ($) shares | Feb. 01, 2022 USD ($) | Jan. 31, 2022 USD ($) | |
Sale of Stock | |||||
Consideration received on transaction | $ | $ 214,900 | ||||
Conversion of convertible securities (in shares) | 26,710,600 | ||||
Preferred stock and dividend features converted into common stock (in shares) | 640,387 | ||||
Operating lease right-of-use assets | $ | $ 7,696 | $ 6,700 | $ 0 | ||
Total operating lease liabilities | $ | $ 8,566 | 7,500 | |||
Deferred rent credit | $ | $ 800 | ||||
Common Stock | |||||
Sale of Stock | |||||
Reverse stock split of outstanding common stock | 2.5 | ||||
IPO | |||||
Sale of Stock | |||||
Number of common stock for sale and issuance (in shares) | 9,589,999 | 0 | |||
Common stock public offering price per share (in dollar per share) | $ / shares | $ 24 | ||||
Conversion of convertible securities (in shares) | 26,710,600 | ||||
Underwriters Option to Purchase Additional Shares | |||||
Sale of Stock | |||||
Number of common stock for sale and issuance (in shares) | 1,250,869 |
Cash Equivalents and Short-Te_3
Cash Equivalents and Short-Term Investments - Summary of Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Jan. 31, 2022 |
Schedule Of Cash Cash Equivalents And Short Term Investments | ||
Cash equivalents, amortized cost | $ 42,090 | $ 86,505 |
Cash equivalents, estimate fair value | 42,090 | 86,505 |
Short-Term Investments | ||
Amortized Cost | 146,810 | 110,462 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,043) | (196) |
Estimated Fair Value | 145,767 | 110,266 |
Amortized Cost | 188,900 | 196,967 |
Estimated Fair Value | 187,857 | 196,771 |
U.S. government securities | ||
Short-Term Investments | ||
Amortized Cost | 92,755 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (929) | |
Estimated Fair Value | 91,826 | |
U.S. government treasury securities | ||
Short-Term Investments | ||
Amortized Cost | 39,340 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (129) | |
Estimated Fair Value | 39,211 | |
Corporate debt securities | ||
Short-Term Investments | ||
Amortized Cost | 27,460 | 30,156 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (106) | (66) |
Estimated Fair Value | 27,354 | 30,090 |
Commercial paper | ||
Short-Term Investments | ||
Amortized Cost | 23,647 | 40,966 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (1) |
Estimated Fair Value | 23,647 | 40,965 |
Asset-backed securities | ||
Short-Term Investments | ||
Amortized Cost | 2,948 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (8) | |
Estimated Fair Value | 2,940 | |
Money market funds | ||
Schedule Of Cash Cash Equivalents And Short Term Investments | ||
Cash equivalents, amortized cost | 42,090 | 86,505 |
Cash equivalents, estimate fair value | $ 42,090 | $ 86,505 |
Cash Equivalents and Short Term
Cash Equivalents and Short Term Investments - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2022 USD ($) investment | Jul. 31, 2022 USD ($) investment | Jul. 31, 2021 USD ($) | Jan. 31, 2022 USD ($) investment | |
Cash and Cash Equivalents [Abstract] | ||||
Reclassify from accumulated other comprehensive income (loss) | $ 0 | $ 0 | ||
Contractual maturity in one year | $ 118,500,000 | 118,500,000 | $ 108,300,000 | |
Contractual maturity greater than one year | $ 27,300,000 | $ 27,300,000 | $ 2,000,000 | |
Number of short-term investments in unrealized loss position | Investment | investment | 35 | 35 | 25 | |
Short-term investments estimated fair value | $ 122,100,000 | $ 122,100,000 | $ 71,800,000 | |
Impairment of short-term investments | $ 0 | $ 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy For Company's Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Jan. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | $ 42,090 | $ 86,505 |
Total short-term investments | 145,767 | 110,266 |
U.S. government treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total short-term investments | 39,211 | |
Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total short-term investments | 27,354 | 30,090 |
Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total short-term investments | 23,647 | 40,965 |
Asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total short-term investments | 2,940 | |
Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 42,090 | 86,505 |
Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 42,090 | 86,505 |
Total short-term investments | 145,767 | 110,266 |
Total | 187,857 | 196,771 |
Fair Value, Recurring | U.S. government treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total short-term investments | 91,826 | 39,211 |
Fair Value, Recurring | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total short-term investments | 27,354 | 30,090 |
Fair Value, Recurring | Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total short-term investments | 23,647 | 40,965 |
Fair Value, Recurring | Asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total short-term investments | 2,940 | |
Fair Value, Recurring | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 42,090 | 86,505 |
Total short-term investments | 0 | 0 |
Total | 42,090 | 86,505 |
Fair Value, Recurring | Level 1 | U.S. government treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Fair Value, Recurring | Level 1 | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Fair Value, Recurring | Level 1 | Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Fair Value, Recurring | Level 1 | Asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | |
Fair Value, Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 0 | 0 |
Total short-term investments | 145,767 | 110,266 |
Total | 145,767 | 110,266 |
Fair Value, Recurring | Level 2 | U.S. government treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total short-term investments | 91,826 | 39,211 |
Fair Value, Recurring | Level 2 | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total short-term investments | 27,354 | 30,090 |
Fair Value, Recurring | Level 2 | Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total short-term investments | 23,647 | 40,965 |
Fair Value, Recurring | Level 2 | Asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total short-term investments | 2,940 | |
Fair Value, Recurring | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 42,090 | 86,505 |
Fair Value, Recurring | Money market funds | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 42,090 | 86,505 |
Fair Value, Recurring | Money market funds | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | $ 0 | $ 0 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Jan. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid expenses | $ 5,765 | $ 4,518 |
Prepaid software | 2,296 | 2,297 |
Other current assets | 1,594 | 1,744 |
Total prepaid expenses and other current assets | $ 9,655 | $ 8,559 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Jan. 31, 2022 |
Property Plant And Equipment | ||
Total gross property and equipment | $ 13,807 | $ 11,477 |
Accumulated depreciation and amortization | (8,168) | (7,189) |
Total property and equipment, net | 5,639 | 4,288 |
Computer equipment | ||
Property Plant And Equipment | ||
Total gross property and equipment | 3,426 | 3,711 |
Furniture and fixtures | ||
Property Plant And Equipment | ||
Total gross property and equipment | 415 | 412 |
Capitalized internal-use software | ||
Property Plant And Equipment | ||
Total gross property and equipment | 7,020 | 5,772 |
Leasehold improvements | ||
Property Plant And Equipment | ||
Total gross property and equipment | 1,555 | 1,582 |
Construction in progress | ||
Property Plant And Equipment | ||
Total gross property and equipment | 629 | 0 |
Construction in progress—capitalized internal-use software | ||
Property Plant And Equipment | ||
Total gross property and equipment | $ 762 | $ 0 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Property Plant And Equipment | ||||
Depreciation and amortization | $ 800 | $ 700 | $ 1,466 | $ 1,406 |
Capitalized internal-use software | ||||
Property Plant And Equipment | ||||
Depreciation and amortization | $ 500 | $ 500 | $ 1,000 | $ 1,000 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Jan. 31, 2022 |
Accrued Compensation and Benefits | ||
Accrued bonus | $ 4,646 | $ 5,557 |
Accrued commissions | 2,221 | 4,226 |
Accrued payroll and benefits | 2,352 | 2,863 |
Employee contributions under the ESPP | 1,311 | 3,497 |
Total accrued compensation and benefits | $ 10,530 | $ 16,143 |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Other Accrued Expenses (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Jan. 31, 2022 |
Other Accrued Liabilities | ||
Accrued professional fees | $ 779 | $ 717 |
Sales and value added tax payable | 365 | 671 |
Income taxes payable | 491 | 414 |
Other | 2,468 | 1,429 |
Total other accrued expenses | $ 4,103 | $ 3,231 |
Deferred Revenue and Remainin_3
Deferred Revenue and Remaining Performance Obligations - Schedule of Deferred Revenue Balances (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Jan. 31, 2022 | Jul. 31, 2021 | Jan. 31, 2021 |
Contract with Customer, Liability | ||||
Deferred revenue, current | $ 67,139 | $ 69,010 | ||
Deferred revenue, noncurrent | 2,467 | 2,713 | ||
Total deferred revenue | $ 69,606 | $ 71,723 | $ 54,336 | $ 61,710 |
Deferred Revenue and Remainin_4
Deferred Revenue and Remaining Performance Obligations - Schedule of Changes In Deferred Revenue Balances (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Change In Contract With Customer, Liability | ||
Beginning balance | $ 71,723 | $ 61,710 |
Performance obligations satisfied during the period that were included in the deferred revenue balance at the beginning of the year | (43,450) | (38,813) |
Increases due to invoicing prior to satisfaction of performance obligations | 41,333 | 31,439 |
Ending balance | $ 69,606 | $ 54,336 |
Deferred Revenue and Remainin_5
Deferred Revenue and Remaining Performance Obligations - Additional Information (Details) $ in Millions | Jul. 31, 2022 USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligation | $ 166.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-08-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligation | $ 103.1 |
Revenue expected to be recognized from remaining performance obligations, period (in months) | 12 months |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jan. 31, 2021 | Nov. 30, 2017 | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2020 | Apr. 30, 2019 | Nov. 30, 2018 | |
Debt Instrument | ||||||||||
Interest expense, debt | $ 0 | $ 300,000 | $ 0 | $ 500,000 | ||||||
Effective interest rate (as a percent) | 3.90% | 3.90% | ||||||||
Fair value of common stock | $ 400,000 | |||||||||
Credit Facility | ||||||||||
Debt Instrument | ||||||||||
Maximum borrowing capacity | $ 40,000,000 | $ 10,000,000 | $ 10,000,000 | $ 15,000,000 | ||||||
Borrowed line of credit | $ 25,000,000 | |||||||||
Fee payable on unused portion of line of credit (as a percent) | 0.25% | |||||||||
Line of credit facility adjusted quick ratio | 1.15 | |||||||||
Repayment of outstanding principal amount | $ 25,000,000 | |||||||||
Line of credit outstanding | 0 | 0 | ||||||||
Current borrowing capacity | $ 40,000,000 | $ 40,000,000 | ||||||||
Credit Facility | Minimum | ||||||||||
Debt Instrument | ||||||||||
Line of credit facility termination fee (as a percent) | 50% | |||||||||
Credit Facility | Maximum | ||||||||||
Debt Instrument | ||||||||||
Line of credit facility termination fee (as a percent) | 100% | |||||||||
Credit Facility | Prime Rate | ||||||||||
Debt Instrument | ||||||||||
Variable rate (as a percent) | 0.50% | 0.50% | ||||||||
Amended Loan | Loans Payable | ||||||||||
Debt Instrument | ||||||||||
Maximum borrowing capacity | $ 25,000,000 | |||||||||
Warrants issued to purchase common stock (in shares) | 105,350 | |||||||||
Exercise price of warrants or rights (in dollars per share) | $ 7.48 | |||||||||
Warrants exercisable period (in years) | 10 years |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jul. 31, 2022 USD ($) | Jul. 31, 2022 USD ($) | |
Lessee, Lease, Description | ||
Operating lease cost | $ 0.8 | $ 1.4 |
Variable lease cost | 0.2 | 0.4 |
Short-term lease cost | $ 0.1 | $ 0.2 |
Maximum | ||
Lessee, Lease, Description | ||
Lease term (up to) (in years) | 3 years | 3 years |
Leases - Schedule of cash flow
Leases - Schedule of cash flow information related to operating lease (Details) $ in Thousands | 6 Months Ended |
Jul. 31, 2022 USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash outflows from operating leases | $ 1,529 |
Right-of-use assets obtained in exchange for lease obligations: | |
Operating leases | $ 2,205 |
Leases - Schedule of balance sh
Leases - Schedule of balance sheet information related to operating lease (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Feb. 01, 2022 | Jan. 31, 2022 |
Operating Lease, Assets And Liabilities, Lessee [Abstract] | |||
Operating lease right-of-use assets | $ 7,696 | $ 6,700 | $ 0 |
Operating lease liabilities | 3,075 | 0 | |
Operating lease liabilities, noncurrent | 5,491 | $ 0 | |
Total operating lease liabilities | $ 8,566 | $ 7,500 | |
Weighted-average remaining lease term (term) | 3 years | ||
Weighted-average discount rate (percent) | 3.80% |
Leases - Maturities of lease li
Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Feb. 01, 2022 |
Operating Leases | ||
Remaining for Fiscal 2023 | $ 1,654 | |
Fiscal 2024 | 3,236 | |
Fiscal 2025 | 2,794 | |
Fiscal 2026 | 818 | |
Fiscal 2027 and thereafter | 571 | |
Total lease payments | 9,073 | |
Less: imputed interest | (507) | |
Total operating lease liabilities | $ 8,566 | $ 7,500 |
Leases - Future minimum lease p
Leases - Future minimum lease payments (Details) $ in Thousands | Jan. 31, 2022 USD ($) |
Operating Leases | |
2023 | $ 2,845 |
2024 | 2,638 |
2025 | 2,178 |
2026 | 362 |
2027 and thereafter | 0 |
Total | $ 8,023 |
Stockholders' Equity (Deficit_3
Stockholders' Equity (Deficit) and Employee Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Mar. 20, 2022 purchasePeriod | Jul. 31, 2021 participant $ / shares shares | Jul. 31, 2022 USD ($) vote $ / shares shares | Apr. 30, 2022 | Jul. 31, 2021 USD ($) participant $ / shares shares | Jul. 31, 2022 USD ($) vote $ / shares shares | Sep. 21, 2021 | Jul. 31, 2021 USD ($) participant $ / shares shares | Jan. 31, 2022 USD ($) $ / shares shares | Jan. 31, 2018 shares | |
Share Based Compensation Arrangement By Share Based Payment Award | ||||||||||
Conversion of convertible securities (in shares) | 26,710,600 | |||||||||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | |||||||
Number of vote | vote | 1 | 1 | ||||||||
Dividend declared (in dollars per share) | $ / shares | $ 0 | $ 0 | ||||||||
Number of shares reserved common stock for future issuance (in shares) | 16,105,999 | 16,105,999 | ||||||||
Initial offering period duration (in months) | 24 months | |||||||||
Initial offering number of purchase periods | purchasePeriod | 4 | |||||||||
Total stock-based compensation expense | $ | $ 6,727 | $ 1,981 | $ 12,177 | $ 3,810 | ||||||
Stock-based compensation, net of amounts capitalized | $ | $ 12,177 | 3,810 | ||||||||
Stock options outstanding | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | ||||||||||
Number of shares reserved common stock for future issuance (in shares) | 8,297,260 | 8,297,260 | ||||||||
Total stock-based compensation expense | $ | $ 1,700 | $ 3,400 | ||||||||
Unrecognized stock-based compensation expense related to unvested stock options | $ | $ 12,900 | $ 12,900 | $ 17,700 | |||||||
Stock-based compensation expected to be recognized weighted-average period (in years) | 2 years 1 month 6 days | 2 years 6 months | ||||||||
Options granted (in shares) | 0 | 0 | ||||||||
Option granted Weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 11.31 | $ 9.30 | ||||||||
Aggregate intrinsic value of options exercised | $ | $ 1,000 | $ 10,600 | $ 7,700 | $ 14,400 | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 544,257 | |||||||||
Stock options outstanding | 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 options (in shares) | 16,674 | 40,646 | ||||||||
Service-Based Restricted Stock Units (RSUs) | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | ||||||||||
Total stock-based compensation expense | $ | $ 4,000 | $ 6,400 | ||||||||
Stock-based compensation expected to be recognized weighted-average period (in years) | 3 years 7 months 6 days | |||||||||
Award requisite service period (in years) | 4 years | |||||||||
Aggregate fair value of RSU granted | $ | 14,600 | $ 64,300 | ||||||||
Unrecognized stock-based compensation expense related to service vesting-based RSUs | $ | 62,900 | $ 62,900 | ||||||||
Market-Based Restricted Stock Units (RSUs) | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | ||||||||||
Stock-based compensation expected to be recognized weighted-average period (in years) | 3 years 1 month 6 days | |||||||||
Aggregate fair value of RSU granted | $ | 100 | $ 7,900 | ||||||||
Unrecognized stock-based compensation expense related to service vesting-based RSUs | $ | 6,800 | $ 6,800 | ||||||||
RSU granted (in shares) | 1,214,000 | |||||||||
Stock-based compensation, net of amounts capitalized | $ | $ 500 | $ 1,100 | ||||||||
2021 Plan | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | ||||||||||
Share-based compensation granted expiration period (in years) | 10 years | |||||||||
Share-based compensation vesting period (in years) | 4 years | |||||||||
Share-based compensation available for grant (in shares) | 2,200,000 | 2,200,000 | ||||||||
Number of shares reserved common stock for future issuance (in shares) | 4,120,000 | 4,120,000 | ||||||||
Share-based compensation percentage of outstanding stock (as a percent) | 5% | |||||||||
2021 Plan | First Anniversary | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | ||||||||||
Share-based compensation vesting rights (as a percent) | 25% | |||||||||
ESPP | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | ||||||||||
Employee maximum contribution (as a percent) | 15% | |||||||||
Discount rate on market value of share (as a percent) | 85% | 85% | 85% | |||||||
Number of participant may purchase more than 1000 shares | participant | 0 | 0 | 0 | |||||||
Total stock-based compensation expense | $ | $ 500 | $ 1,300 | ||||||||
Employee contributions under the ESPP | $ | 1,300 | 1,300 | ||||||||
Unrecognized stock-based compensation expense related to unvested stock options | $ | 1,300 | $ 1,300 | ||||||||
Stock-based compensation expected to be recognized weighted-average period (in years) | 8 months 12 days | |||||||||
Share purchases related to ESPP (in shares) | 237,499 | |||||||||
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 (in shares) | 640,387 | |||||||||
Number of shares outstanding (in shares) | 0 | |||||||||
Number of common stock for sale and issuance (in shares) | 9,589,999 | 0 | ||||||||
Redeemable convertible preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | |||||||
Redeemable convertible preferred stock , par value (in dollars per share) | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | |||||||
IPO | Series E | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | ||||||||||
Additional redeemable convertible preferred stock converted into shares of common stock (in shares) | 162,032 | |||||||||
Redeemable convertible preferred stock carrying amount | $ | $ 259,800 | $ 259,800 | ||||||||
IPO | Series G | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | ||||||||||
Additional redeemable convertible preferred stock converted into shares of common stock (in shares) | 478,355 |
Stockholders' Equity (Deficit_4
Stockholders' Equity (Deficit) and Employee Incentive Plans - Summary of Reserved Common Stock for Future Issuance (Details) | Jul. 31, 2022 shares |
Class Of Stock | |
Number of shares reserved common stock for future issuance (in shares) | 16,105,999 |
Stock options outstanding | |
Class Of Stock | |
Number of shares reserved common stock for future issuance (in shares) | 8,297,260 |
Restricted stock units issued and outstanding | |
Class Of Stock | |
Number of shares reserved common stock for future issuance (in shares) | 4,494,972 |
Remaining shares available for issuance under the 2021 Plan | |
Class Of Stock | |
Number of shares reserved common stock for future issuance (in shares) | 2,177,442 |
ESPP | |
Class Of Stock | |
Number of shares reserved common stock for future issuance (in shares) | 1,030,975 |
Common stock warrants | |
Class Of Stock | |
Number of shares reserved common stock for future issuance (in shares) | 105,350 |
Stockholders' Equity (Deficit_5
Stockholders' Equity (Deficit) and Employee Incentive Plans - Summary of Stock Option Activity under Stock Plans (Details) - Stock options outstanding - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2022 | Apr. 30, 2022 | Jul. 31, 2022 | Jan. 31, 2022 | |
Options Outstanding, Number of Options | ||||
Beginning balance (in shares) | 9,150,821 | 9,150,821 | ||
Options exercised (in shares) | (544,257) | |||
Options granted (in shares) | 0 | 0 | ||
Options cancelled (in shares) | (309,304) | |||
Ending balance (in shares) | 8,297,260 | 8,297,260 | ||
Options vested and expected to vest (in shares) | 8,297,260 | 8,297,260 | ||
Options vested and exercisable (in shares) | 6,290,244 | 6,290,244 | ||
Options Outstanding, Weighted Average Exercise Price | ||||
Beginning balance (in dollars per share) | $ 9.76 | $ 9.76 | ||
Options exercised (in dollars per share) | 6.02 | |||
Options granted (in dollars per share) | 0 | |||
Options cancelled (in dollars per share) | 13.24 | |||
Ending balance (in dollars per share) | $ 9.87 | 9.87 | ||
Options vested and expected to vest (in dollars per share) | 9.87 | 9.87 | ||
Options vested and exercisable (in dollars per share) | $ 7.84 | $ 7.84 | ||
Stock Options Additional Disclosures | ||||
Options outstanding, weighted average remaining contractual term (in years) | 6 years 6 months 10 days | 5 years 11 months 12 days | ||
Options vested and expected to vest, weighted-average contractual term (in years) | 5 years 11 months 12 days | |||
Options vested and exercisable, weighted-average contractual term (in years) | 5 years 2 months 19 days | |||
Options outstanding, aggregate intrinsic value | $ 57,061 | $ 57,061 | $ 126,368 | |
Options vested and expected to vest, aggregate intrinsic value | 57,061 | 57,061 | ||
Options vested and exercisable, aggregate intrinsic value | $ 50,815 | $ 50,815 |
Stockholders' Equity (Deficit_6
Stockholders' Equity (Deficit) and Employee Incentive Plans - Summary of RSU Activity (Details) - $ / shares | 3 Months Ended | 6 Months Ended |
Jul. 31, 2022 | Jul. 31, 2022 | |
Service-Based Restricted Stock Units (RSUs) | ||
RSUs Outstanding, Number of RSUs | ||
Beginning balance (in shares) | 283,558 | |
RSUs granted (in shares) | 3,451,192 | |
Vesting of restricted stock units | (125,803) | |
RSUs forfeited (in shares) | (271,975) | |
Ending balance (in shares) | 3,336,972 | 3,336,972 |
RSUs Outstanding, Weighted Average Grant Date Fair Value Per Share | ||
Beginning balance (in dollars per share) | $ 43.76 | |
RSUs granted (in dollars per share) | 18.63 | |
RSUs vested (in dollars per share) | 19.87 | |
RSUs forfeited (in dollars per share) | 23.04 | |
Ending balance (in dollars per share) | $ 20.36 | $ 20.36 |
Market-Based Restricted Stock Units (RSUs) | ||
RSUs Outstanding, Number of RSUs | ||
Beginning balance (in shares) | 1,214,000 | |
RSUs granted (in shares) | 14,000 | |
Vesting of restricted stock units | 0 | |
RSUs forfeited (in shares) | (70,000) | |
Ending balance (in shares) | 1,158,000 | 1,158,000 |
RSUs Outstanding, Weighted Average Grant Date Fair Value Per Share | ||
Beginning balance (in dollars per share) | $ 6.48 | |
RSUs granted (in dollars per share) | 5.30 | |
RSUs vested (in dollars per share) | 0 | |
RSUs forfeited (in dollars per share) | 6.48 | |
Ending balance (in dollars per share) | $ 6.47 | $ 6.47 |
Stockholders' Equity (Deficit_7
Stockholders' Equity (Deficit) and Employee Incentive Plans - Summary of Fair Value of Employee Stock Options Estimated using Weighted-average Assumptions (Details) - shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | Jan. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award | |||||
Expected term (in years) | 6 years 1 month 6 days | ||||
Expected volatility | 42% | ||||
Risk-free interest rate | 1% | ||||
Market-Based Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award | |||||
Expected term (in years) | 4 years 8 months 12 days | 4 years 8 months 12 days | 5 years | ||
Expected volatility | 63% | 63% | 50% | ||
Risk-free interest rate | 2.90% | 2.90% | 1.70% | ||
Dividend yield | 0% | 0% | 0% | ||
Stock options outstanding | |||||
Share Based Compensation Arrangement By Share Based Payment Award | |||||
Expected term (in years) | 6 years 1 month 6 days | ||||
Expected volatility | 42.40% | ||||
Risk-free interest rate | 1% | ||||
Dividend yield | 0% | 0% | |||
Options granted (in shares) | 0 | 0 |
Stockholders' Equity (Deficit_8
Stockholders' Equity (Deficit) and Employee Incentive Plans - Summary of Weighted-Average Assumptions Used In Estimating Fair Value of Employee Stock Purchase Rights (Details) | 6 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award | ||
Expected term (in years) | 6 years 1 month 6 days | |
2021 ESPP | ||
Share Based Compensation Arrangement By Share Based Payment Award | ||
Expected volatility, minimum (as a percent) | 46.70% | |
Expected volatility, maximum (as a percent) | 52.10% | |
Risk-free interest rate, minimum (as a percent) | 0.10% | |
Risk-free interest rate, maximum (as a percent) | 0.20% | |
Dividend yield | 0% | |
Minimum | 2021 ESPP | ||
Share Based Compensation Arrangement By Share Based Payment Award | ||
Expected term (in years) | 1 year 1 month 6 days | |
Maximum | 2021 ESPP | ||
Share Based Compensation Arrangement By Share Based Payment Award | ||
Expected term (in years) | 2 years 1 month 6 days |
Stockholders' Equity (Deficit_9
Stockholders' Equity (Deficit) and Employee Incentive Plans - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs | ||||
Recognized stock-based compensation expense | $ 6,727 | $ 1,981 | $ 12,177 | $ 3,810 |
Research and development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs | ||||
Recognized stock-based compensation expense | 2,087 | 569 | 3,986 | 1,139 |
Sales and marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs | ||||
Recognized stock-based compensation expense | 2,463 | 688 | 4,450 | 1,229 |
General and administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs | ||||
Recognized stock-based compensation expense | 1,919 | 670 | 3,267 | 1,339 |
Subscription | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs | ||||
Recognized stock-based compensation expense | 141 | 30 | 263 | 57 |
Cost of Revenue - Services | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs | ||||
Recognized stock-based compensation expense | $ 117 | $ 24 | $ 211 | $ 46 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 372 | $ 151 | $ 637 | $ 480 |
Geographic Information - Schedu
Geographic Information - Schedule of Disaggregation of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 39,791 | $ 29,699 | $ 74,644 | $ 57,654 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 23,806 | 18,336 | 45,142 | 36,383 |
International | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 15,985 | $ 11,363 | $ 29,502 | $ 21,271 |
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, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Numerator | ||||
Net loss | $ (15,369) | $ (14,470) | $ (35,203) | $ (29,069) |
Cumulative dividends on Series G redeemable convertible preferred stock | 0 | (1,438) | 0 | (2,917) |
Net loss attributable to common stockholders | (15,369) | (15,908) | (35,203) | (31,986) |
Net loss attributable to common stockholders | $ (15,369) | $ (15,908) | $ (35,203) | $ (31,986) |
Denominator | ||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 44,648 | 9,045 | 44,459 | 7,696 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 44,648 | 9,045 | 44,459 | 7,696 |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.34) | $ (1.76) | $ (0.79) | $ (4.16) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.34) | $ (1.76) | $ (0.79) | $ (4.16) |
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 | 6 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share | ||
Potentially dilutive securities were excluded from computation of diluted net loss per share (in shares) | 13,051 | 10,014 |
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) | 8,297 | 9,909 |
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) | 4,495 | 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) | 154 | 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 |