Cover
Cover - shares | 9 Months Ended | |
Oct. 31, 2023 | Nov. 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 31, 2023 | |
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 $0.00001 per share | |
Trading Symbol(s) | BASE | |
Name of each exchange on which registered | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 48,071,639 | |
Entity Central Index Key | 0001845022 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 46,907 | $ 40,446 |
Short-term investments | 109,719 | 127,856 |
Accounts receivable, net | 30,494 | 39,847 |
Deferred commissions | 12,874 | 13,096 |
Prepaid expenses and other current assets | 7,450 | 8,234 |
Total current assets | 207,444 | 229,479 |
Property and equipment, net | 9,630 | 7,430 |
Operating lease right-of-use assets | 5,259 | 6,940 |
Deferred commissions, noncurrent | 7,896 | 7,524 |
Other assets | 1,760 | 1,666 |
Total assets | 231,989 | 253,039 |
Current liabilities | ||
Accounts payable | 3,172 | 1,407 |
Accrued compensation and benefits | 9,124 | 12,641 |
Other accrued expenses | 3,399 | 6,076 |
Operating lease liabilities | 2,980 | 3,117 |
Deferred revenue | 71,529 | 71,716 |
Total current liabilities | 90,204 | 94,957 |
Operating lease liabilities, noncurrent | 2,742 | 4,543 |
Deferred revenue, noncurrent | 3,775 | 3,275 |
Total liabilities | 96,721 | 102,775 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity | ||
Preferred stock, $0.00001 par value; 200,000,000 shares authorized as of October 31, 2023 and January 31, 2023; zero shares issued outstanding as of October 31, 2023 and January 31, 2023 | 0 | 0 |
Common stock, $0.00001 par value; 1,000,000,000 shares authorized as of October 31, 2023 and January 31, 2023; 48,055,227 and 45,432,029 shares issued and outstanding as of October 31, 2023 and January 31, 2023, respectively | 0 | 0 |
Additional paid-in capital | 604,637 | 561,547 |
Accumulated other comprehensive loss | (112) | (807) |
Accumulated deficit | (469,257) | (410,476) |
Total stockholders’ equity | 135,268 | 150,264 |
Total liabilities and stockholders’ equity | $ 231,989 | $ 253,039 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Oct. 31, 2023 | Jan. 31, 2023 |
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 outstanding (in shares) | 48,055,227 | 45,432,029 |
Common stock, shares issued (in shares) | 48,055,227 | 45,432,029 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Revenue: | ||||
Total revenue | $ 45,813 | $ 38,557 | $ 129,948 | $ 113,201 |
Cost of revenue: | ||||
Total cost of revenue | 5,111 | 4,875 | 16,942 | 14,307 |
Gross profit | 40,702 | 33,682 | 113,006 | 98,894 |
Operating expenses: | ||||
Research and development | 15,903 | 13,998 | 47,578 | 42,760 |
Sales and marketing | 31,602 | 27,448 | 96,503 | 81,764 |
General and administrative | 10,739 | 8,828 | 30,823 | 25,183 |
Restructuring | 0 | 0 | 46 | 0 |
Total operating expenses | 58,244 | 50,274 | 174,950 | 149,707 |
Loss from operations | (17,542) | (16,592) | (61,944) | (50,813) |
Interest expense | 0 | (26) | (43) | (76) |
Other income (expense), net | 1,298 | 317 | 3,986 | 22 |
Loss before income taxes | (16,244) | (16,301) | (58,001) | (50,867) |
Provision for income taxes | 11 | 376 | 780 | 1,013 |
Net loss | $ (16,255) | $ (16,677) | $ (58,781) | $ (51,880) |
Net loss per share, basic (in dollars per share) | $ (0.34) | $ (0.37) | $ (1.26) | $ (1.16) |
Net loss per share, diluted (in dollars per share) | $ (0.34) | $ (0.37) | $ (1.26) | $ (1.16) |
Weighted-average shares used in computing net loss per share, basic (in shares) | 47,586 | 44,932 | 46,724 | 44,619 |
Weighted-average shares used in computing net loss per share, diluted (in shares) | 47,586 | 44,932 | 46,724 | 44,619 |
Subscription | ||||
Revenue: | ||||
Total revenue | $ 43,997 | $ 35,720 | $ 123,493 | $ 104,760 |
Cost of revenue: | ||||
Total cost of revenue | 3,549 | 2,631 | 11,067 | 7,548 |
Services | ||||
Revenue: | ||||
Total revenue | 1,816 | 2,837 | 6,455 | 8,441 |
Cost of revenue: | ||||
Total cost of revenue | 1,562 | 2,244 | 5,875 | 6,759 |
License | Subscription | ||||
Revenue: | ||||
Total revenue | 4,577 | 3,519 | 14,318 | 14,908 |
Support and other | Subscription | ||||
Revenue: | ||||
Total revenue | $ 39,420 | $ 32,201 | $ 109,175 | $ 89,852 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (16,255) | $ (16,677) | $ (58,781) | $ (51,880) |
Other comprehensive loss: | ||||
Net unrealized gains (losses) on investments, net of tax | 189 | (332) | 695 | (1,180) |
Total comprehensive loss | $ (16,066) | $ (17,009) | $ (58,086) | $ (53,060) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
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 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock upon exercise of stock options | 4,033 | 4,033 | |||
Issuance of common stock upon exercise of stock options (in shares) | 655,656 | ||||
Issuance of common stock in connection with employee stock purchase plan | 4,484 | 4,484 | |||
Issuance of common stock in connection with employee stock purchase plan (in shares) | 314,315 | ||||
Vesting of restricted stock units (in shares) | 301,823 | ||||
Stock-based compensation | 19,427 | 19,427 | |||
Net unrealized gains (losses) on investments | (1,180) | (1,180) | |||
Net loss | (51,880) | (51,880) | |||
Ending balance at Oct. 31, 2022 | 158,099 | $ 0 | 553,336 | (1,375) | (393,862) |
Ending balance (in shares) at Oct. 31, 2022 | 45,119,278 | ||||
Beginning balance at Jul. 31, 2022 | 166,386 | $ 0 | 544,614 | (1,043) | (377,185) |
Beginning balance (in shares) at Jul. 31, 2022 | 44,771,717 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock upon exercise of stock options | 666 | 666 | |||
Issuance of common stock upon exercise of stock options (in shares) | 94,725 | ||||
Issuance of common stock in connection with employee stock purchase plan | 959 | 959 | |||
Issuance of common stock in connection with employee stock purchase plan (in shares) | 76,816 | ||||
Vesting of restricted stock units (in shares) | 176,020 | ||||
Stock-based compensation | 7,097 | 7,097 | |||
Net unrealized gains (losses) on investments | (332) | (332) | |||
Net loss | (16,677) | (16,677) | |||
Ending balance at Oct. 31, 2022 | 158,099 | $ 0 | 553,336 | (1,375) | (393,862) |
Ending balance (in shares) at Oct. 31, 2022 | 45,119,278 | ||||
Beginning balance at Jan. 31, 2023 | $ 150,264 | $ 0 | 561,547 | (807) | (410,476) |
Beginning balance (in shares) at Jan. 31, 2023 | 45,432,029 | 45,432,029 | |||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock upon exercise of stock options | $ 7,353 | 7,353 | |||
Issuance of common stock upon exercise of stock options (in shares) | 1,174,523 | ||||
Issuance of common stock in connection with employee stock purchase plan | 2,000 | 2,000 | |||
Issuance of common stock in connection with employee stock purchase plan (in shares) | 168,843 | ||||
Vesting of restricted stock units (in shares) | 1,279,832 | ||||
Stock-based compensation | 33,737 | 33,737 | |||
Net unrealized gains (losses) on investments | 695 | 695 | |||
Net loss | (58,781) | (58,781) | |||
Ending balance at Oct. 31, 2023 | $ 135,268 | $ 0 | 604,637 | (112) | (469,257) |
Ending balance (in shares) at Oct. 31, 2023 | 48,055,227 | 48,055,227 | |||
Beginning balance at Jul. 31, 2023 | $ 135,542 | $ 0 | 588,845 | (301) | (453,002) |
Beginning balance (in shares) at Jul. 31, 2023 | 47,063,914 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock upon exercise of stock options | 2,703 | 2,703 | |||
Issuance of common stock upon exercise of stock options (in shares) | 406,971 | ||||
Issuance of common stock in connection with employee stock purchase plan | 1,153 | 1,153 | |||
Issuance of common stock in connection with employee stock purchase plan (in shares) | 94,730 | ||||
Vesting of restricted stock units (in shares) | 489,612 | ||||
Stock-based compensation | 11,936 | 11,936 | |||
Net unrealized gains (losses) on investments | 189 | 189 | |||
Net loss | (16,255) | (16,255) | |||
Ending balance at Oct. 31, 2023 | $ 135,268 | $ 0 | $ 604,637 | $ (112) | $ (469,257) |
Ending balance (in shares) at Oct. 31, 2023 | 48,055,227 | 48,055,227 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (58,781) | $ (51,880) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 2,034 | 2,304 |
Stock-based compensation, net of amounts capitalized | 33,148 | 18,930 |
Amortization of deferred commissions | 13,742 | 12,549 |
Non-cash lease expense | 2,313 | 2,152 |
Foreign currency transaction losses | 649 | 1,298 |
Other | (2,580) | 177 |
Changes in operating assets and liabilities | ||
Accounts receivable | 9,114 | 13,404 |
Deferred commissions | (13,892) | (12,269) |
Prepaid expenses and other assets | 837 | 691 |
Accounts payable | 1,735 | 1,476 |
Accrued compensation and benefits | (3,517) | (7,076) |
Other accrued expenses | (2,997) | 300 |
Operating lease liabilities | (2,561) | (1,930) |
Deferred revenue | 313 | (11,108) |
Net cash used in operating activities | (20,443) | (30,982) |
Cash flows from investing activities | ||
Purchases of short-term investments | (90,456) | (110,637) |
Maturities of short-term investments | 111,974 | 81,143 |
Additions to property and equipment | (3,425) | (4,093) |
Net cash provided by (used in) investing activities | 18,093 | (33,587) |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 7,353 | 4,033 |
Proceeds from issuance of common stock under ESPP | 2,000 | 4,484 |
Net cash provided by financing activities | 9,353 | 8,517 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (542) | (855) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 6,461 | (56,907) |
Cash, cash equivalents and restricted cash | ||
Beginning of period | 40,989 | 96,231 |
End of period | 47,450 | 39,324 |
Cash and cash equivalents | 46,907 | 38,781 |
Restricted cash included in other assets | 543 | 543 |
Total cash, cash equivalents and restricted cash | 47,450 | 39,324 |
Supplemental disclosures of cash activities | ||
Cash paid for income taxes | 1,245 | 620 |
Cash paid for interest | 43 | 76 |
Non-cash investing and financing activities: | ||
Stock-based compensation capitalized as internal-use software costs | 589 | 497 |
Net change in unrealized gains or losses on available-for-sale debt securities | 695 | (1,180) |
Change in purchases of property and equipment included in accounts payable and other accrued expenses | $ 224 | $ 169 |
Description of Business
Description of Business | 9 Months Ended |
Oct. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Couchbase, Inc. provides a leading cloud database platform for modern applications. 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 | 9 Months Ended |
Oct. 31, 2023 | |
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, 2023, 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 nine months ended October 31, 2023, are not necessarily indicative of the results to be expected for the year ending January 31, 2024, 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, 2023, as filed with the SEC on March 29, 2023. 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, but are not limited to, standalone selling prices for each distinct performance obligation, capitalized internal-use software costs, expected period of benefit for deferred commissions, valuation of stock-based awards, the determination of allowance for doubtful accounts, the incremental borrowing rate used to measure operating lease 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 macroeconomic conditions such as inflation and foreign exchange fluctuations, 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. Significant Accounting Policies Other than those described below related to the Company's adoption of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326), there have been no material changes to the Company's significant accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023, that have had a material impact on its condensed consolidated financial statements and related notes. Short-Term Investments The Company determines the appropriate classification of its investments at the time of purchase. As the Company views these securities as available to support current operations, it accounts for these debt securities as available-for-sale and classifies them as current assets on its condensed consolidated balance sheets. These securities are recorded at estimated fair value. When the fair value of a security declines below its amortized cost basis, the carrying value of the security will be reduced to its fair value if it is more likely than not that management is required to sell the impaired security before recovery of its amortized basis, or management has the intention to sell the security. If neither of these conditions are met, the Company determines whether any portion of the decline is due to credit losses. Any portion of that decline attributable to credit losses, to the extent expected to be nonrecoverable before the sale of the security, is recognized in the Company’s condensed consolidated statement of operations. When the fair value of the security declines below its amortized cost basis due to changes in interest rates, such amounts are recorded in accumulated other comprehensive income (loss) and are recognized in the Company’s condensed consolidated statement of operations only if the Company sells or intends to sell the security before recovery of its cost basis. Realized gains and losses are determined based on the specific identification method and are reported in interest and other income (expense), net in the Company’s condensed consolidated statements of operations. Accounts Receivable Accounts receivable includes billed and unbilled receivables, net of allowance for credit losses. Trade accounts receivable are recorded at invoiced amounts and do not bear interest. The allowance for credit losses is estimated based on the Company’s assessment of the collectibility of accounts receivable by considering various factors, including the age of each outstanding invoice, the collection history of each customer, historical write-off experience, current economic conditions, and reasonable and supportable forecasts of future economic conditions over the life of the receivable. The Company assesses collectibility by reviewing accounts receivable on an aggregate basis when similar characteristics exist and on an individual basis when specific customers with collectibility issues are identified. Accounts receivable deemed uncollectible are charged against the allowance for credit losses when identified. Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents, restricted cash, short-term investments and accounts receivable. The Company maintains its cash and cash equivalents, restricted cash and short-term investments with high-quality financial institutions. Cash equivalents consist of money market funds which are invested through financial institutions in the United States. Deposits, including those held in foreign branches of global banks, may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses on these deposits. For its accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded on the consolidated balance sheet. Generally, credit risk with respect to accounts receivable is diversified due to the number of entities comprising the Company’s customer base and their dispersion across different geographies and industries. The Company performs ongoing credit evaluations on certain customers and generally does not require collateral on accounts receivable. The Company maintains an allowance for doubtful accounts and historically bad debts have not been material. No customer accounted for 10% or more of total revenue for the three and nine months ended October 31, 2023 and 2022. No customer accounted for 10% or more of gross accounts receivable as of October 31, 2023, and one customer accounted for approximately 12% of gross accounts receivable as of January 31, 2023. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 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 adopted this standard effective February 1, 2023 on a modified retrospective basis, and the adoption did not result in any cumulative effect adjustment in the condensed consolidated financial statements. Recently Issued Accounting Pronouncements 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. |
Cash Equivalents and Short-Term
Cash Equivalents and Short-Term Investments | 9 Months Ended |
Oct. 31, 2023 | |
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 October 31, 2023 Amortized Gross Gross Estimated Cash Equivalents Money market funds $ 30,622 $ — $ — $ 30,622 Total cash equivalents 30,622 — — 30,622 Short-Term Investments U.S. government treasury securities 89,576 — (63) 89,513 U.S. government agency securities 11,977 — (41) 11,936 Corporate debt securities 5,813 — (7) 5,806 Commercial paper 1,999 — — 1,999 Asset-backed securities 466 — (1) 465 Total short-term investments 109,831 — (112) 109,719 Total $ 140,453 $ — $ (112) $ 140,341 As of January 31, 2023 Amortized Gross Gross Estimated Cash Equivalents Money market funds $ 29,239 $ — $ — $ 29,239 Corporate debt securities $ 1,122 $ — $ — 1,122 Total cash equivalents 30,361 — — 30,361 Short-Term Investments U.S. government treasury securities 71,981 1 (729) 71,253 U.S. government agency securities 7,839 3 (1) 7,841 Corporate debt securities 11,952 — (50) 11,902 Commercial paper 31,500 — — 31,500 Asset-backed securities 5,391 — (31) 5,360 Total short-term investments 128,663 4 (811) 127,856 Total $ 159,024 $ 4 $ (811) $ 158,217 During the three and nine months ended October 31, 2023 and 2022, 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 October 31, 2023, the Company’s short-term investments consisted of $107.7 million and $2.0 million with a contractual maturity date of less than one year and greater than one year, respectively. As of January 31, 2023, the Company’s short-term investments consisted of $122.0 million and $5.9 million with a contractual maturity of less than one year and greater than one year, respectively. The Company’s gross unrealized losses and fair values for short-term investments that were in an unrealized loss position as of October 31, 2023 and January 31, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position were as follows (in thousands): As of October 31, 2023 Less Than 12 Months 12 Months or Greater Total Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value U.S. government treasury securities $ (49) $ 77,681 $ (14) $ 5,977 $ (63) $ 83,658 U.S. government agency securities (41) 11,936 — — (41) 11,936 Corporate debt securities (7) 5,806 — — (7) 5,806 Asset-backed securities — — (1) 465 (1) 465 Total $ (97) $ 95,423 $ (15) $ 6,442 $ (112) $ 101,865 As of January 31, 2023 Less Than 12 Months 12 Months or Greater Total Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value U.S. government treasury securities $ (729) $ 64,397 $ — $ — $ (729) $ 64,397 U.S. government agency securities (1) 1,918 — — (1) 1,918 Corporate debt securities (49) 8,909 (1) 1,999 (50) 10,908 Asset-backed securities (31) 5,359 — — (31) 5,359 Total $ (810) $ 80,583 $ (1) $ 1,999 $ (811) $ 82,582 As of October 31, 2023, the Company had 28 short-term investments in an unrealized loss position. As of January 31, 2023, the Company had 27 short-term investments in an unrealized loss position. As of October 31, 2023, the Company determined that the declines in the market value of its investment portfolio were not driven by credit related factors. During the three and nine months ended October 31, 2023, the Company did not recognize any losses on its short-term investments due to credit related factors. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 31, 2023 | |
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 October 31, 2023 Level 1 Level 2 Total Cash Equivalents Money market funds $ 30,622 $ — $ 30,622 Total cash equivalents 30,622 — 30,622 Short-Term Investments U.S. government treasury securities — 89,513 89,513 U.S. government agency securities — 11,936 11,936 Corporate debt securities — 5,806 5,806 Commercial paper — 1,999 1,999 Asset-backed securities — 465 465 Total short-term investments — 109,719 109,719 Total $ 30,622 $ 109,719 $ 140,341 As of January 31, 2023 Level 1 Level 2 Total Cash Equivalents Money market funds $ 29,239 $ — $ 29,239 Corporate debt securities $ — 1,122 1,122 Total cash equivalents 29,239 1,122 30,361 Short-Term Investments U.S. government treasury securities — 71,253 71,253 U.S. government agency securities — 7,841 7,841 Corporate debt securities — 11,902 11,902 Commercial paper — 31,500 31,500 Asset-backed securities — 5,360 5,360 Total short-term investments — 127,856 127,856 Total $ 29,239 $ 128,978 $ 158,217 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 U.S. government agency securities, asset-backed securities, commercial paper, U.S. government treasury 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 | 9 Months Ended |
Oct. 31, 2023 | |
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 October 31, As of January 31, 2023 2023 Prepaid expenses $ 3,058 $ 4,140 Prepaid software 3,475 2,560 Other current assets 917 1,534 Total prepaid expenses and other current assets $ 7,450 $ 8,234 Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): As of October 31, As of January 31, 2023 2023 Computer equipment $ 3,753 $ 3,586 Furniture and fixtures 418 342 Capitalized internal-use software 8,435 7,884 Leasehold improvements 1,903 1,889 Construction in progress—capitalized internal-use software 6,791 3,395 Total gross property and equipment 21,300 17,096 Accumulated depreciation and amortization (11,670) (9,666) Total property and equipment, net $ 9,630 $ 7,430 Depreciation and amortization expense was $0.4 million and $0.8 million for three months ended October 31, 2023 and 2022, respectively, and $2.0 million and $2.3 million for the nine months ended October 31, 2023 and 2022, respectively. Included in these amounts were the amortization of capitalized internal-use software development costs of $0.3 million and $0.6 million in the three months ended October 31, 2023 and 2022, respectively, and $1.5 million and $1.6 million for the nine months ended October 31, 2023 and 2022, respectively. Accrued Compensation and Benefits Accrued compensation and benefits consisted of the following (in thousands): As of October 31, As of January 31, 2023 2023 Accrued bonus $ 4,060 $ 5,944 Accrued commissions 2,248 3,593 Accrued payroll and benefits 2,261 1,995 Employee contributions under the ESPP 555 1,109 Total accrued compensation and benefits $ 9,124 $ 12,641 Other Accrued Expenses Other accrued expenses consisted of the following (in thousands): As of October 31, As of January 31, 2023 2023 Accrued professional fees $ 806 $ 1,020 Sales and value added tax payable 202 737 Income taxes payable 125 743 Accrued restructuring — 1,567 Other 2,266 2,009 Total other accrued expenses $ 3,399 $ 6,076 |
Deferred Revenue and Remaining
Deferred Revenue and Remaining Performance Obligations | 9 Months Ended |
Oct. 31, 2023 | |
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 October 31, As of January 31, 2023 2023 Deferred revenue, current $ 71,529 $ 71,716 Deferred revenue, noncurrent 3,775 3,275 Total deferred revenue $ 75,304 $ 74,991 Changes in the deferred revenue balances during the nine months ended October 31, 2023 and 2022 were as follows (in thousands): Nine Months Ended October 31, 2023 2022 Beginning balance $ 74,991 $ 71,723 Performance obligations satisfied during the period that were included in the deferred revenue balance at the beginning of the year (63,887) (56,768) Increases due to invoicing prior to satisfaction of performance obligations 64,200 45,661 Ending balance $ 75,304 $ 60,616 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 October 31, 2023, the Company’s RPOs were $164.4 million. The Company expects to recognize revenue of $111.8 million of these remaining performance obligations over the next twelve months with the remaining balances recognized thereafter. |
Debt
Debt | 9 Months Ended |
Oct. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Interest expense consisting primarily of unused Credit Facility (as defined below) fees was immaterial for the three and nine months ended October 31, 2023 and 2022. 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 October 31, 2023, all warrants were outstanding and exercisable. Credit Facility In January 2021, the Company entered into an Amended and Restated Loan and Security Agreement with Silicon Valley Bank (the “Credit Facility”) providing the Company the ability to borrow up to $40.0 million from a revolving line of credit and extending the maturity date to January 2024. Upon the execution of the amended Credit Facility, the Company borrowed $25.0 million from the line of credit, which was repaid in full during the fiscal year ended January 31, 2022. The line of credit was secured with a pledge on substantially all the assets of the Company, except any intellectual property and was subject to a minimum revenue covenant. 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 also required 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 contained 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 outstanding principal balance was due at maturity with interest payable monthly. The line of credit bore a variable annual interest rate of the prime rate plus 0.5%. The Company was required to pay a fee equal to 0.25% per annum on the unused portion of the line of credit. The Company was 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. On March 14, 2023, Silicon Valley Bridge Bank, N.A. announced that it had assumed the obligations and commitments of former Silicon Valley Bank, including the line of credit, and later became a division of First-Citizens Bank & Trust Company. The agreements that governed the former Silicon Valley Bank relationship remained in place. There were no changes to the terms of the Credit Facility and the Company had full access to its cash balances. On June 5, 2023, the Company terminated the Credit Facility pursuant to Section 12.1 thereof. Any termination fee owed by the Company as required by Section 2.5(c) thereof has been waived by Silicon Valley Bank. At the time of termination, no borrowings were outstanding under the Credit Facility. Concurrently with the termination of the Credit Facility, all liens securing the Company’s obligations under the Credit Facility were released. |
Leases
Leases | 9 Months Ended |
Oct. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company leases facilities under non-cancelable operating leases, primarily for rent of office space. The Company's 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 both the three months ended October 31, 2023 and 2022, and $2.3 million and $2.2 million for the nine months ended October 31, 2023 and 2022, respectively. Variable lease costs were $0.2 million during both the three months ended October 31, 2023 and 2022, and $0.5 million and $0.6 million during the nine months ended October 31, 2023 and 2022, respectively. Short-term lease costs were immaterial during the three and nine months ended October 31, 2023 and 2022. The following table presents supplemental cash flow information related to leases: Nine Months Ended October 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 2,535 $ 2,345 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 475 $ 2,205 The following table presents supplemental balance sheet information related to operating leases (in thousands, except for lease term and discount rate): October 31, 2023 January 31, 2023 Operating lease right-of-use assets $ 5,259 $ 6,940 Operating lease liabilities $ 2,980 $ 3,117 Operating lease liabilities, noncurrent 2,742 4,543 Total operating lease liabilities $ 5,722 $ 7,660 Weighted-average remaining lease term 2.2 years 2.7 years Weighted-average discount rate 4.2 % 3.8 % As of October 31, 2023, remaining maturities of operating lease liabilities were as follows (in thousands): Period Operating Leases Remaining for Fiscal 2024 $ 830 Fiscal 2025 3,160 Fiscal 2026 1,316 Fiscal 2027 436 Fiscal 2028 and thereafter 247 Total lease payments 5,989 Less: imputed interest (267) Total $ 5,722 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2023 | |
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. There were no material contractual commitments that were entered into during the nine months ended October 31, 2023 that were outside the ordinary course of business. Legal Matters From time to time, the Company may be a party to various legal matters, threatened claims, or proceedings in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies. Legal accruals are recorded when and if it is determined that a loss related to a certain matter is both probable and reasonably estimable. The Company is not currently a party to any legal proceedings that, if determined adversely to it, would, in management’s opinion, have a material and adverse effect on the Company’s financial condition, results of operations, or cash flows. Indemnification Agreements In the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which the Company agrees to indemnify customers, vendors, lessors and other business partners with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. Additionally, the Company entered into indemnification agreements with the Company’s directors and officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. 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 and Employ
Stockholders’ Equity and Employee Incentive Plans | 9 Months Ended |
Oct. 31, 2023 | |
Equity And Compensation Related Costs Share Based Payments [Abstract] | |
Stockholders’ Equity and Employee Incentive Plans | Stockholders’ Equity and Employee Incentive Plans Redeemable Convertible Preferred Stock As of October 31, 2023, there were no shares of redeemable convertible preferred stock issued and outstanding. The Company’s Amended and Restated Certificate of Incorporation authorizes 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 October 31, 2023 and January 31, 2023. 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 October 31, 2023 and January 31, 2023, no dividends had been declared. As of October 31, 2023, the Company has reserved common stock for future issuance as follows: Number of Shares Stock options outstanding 6,477,939 Restricted stock units issued and outstanding 5,479,990 Remaining shares available for issuance under the 2021 Plan 2,531,482 Shares available for issuance under the 2023 Inducement Plan 1,014,013 ESPP 1,239,636 Common stock warrants 105,350 Total 16,848,410 Stock Plans The Company has four equity incentive plans: the 2008 Equity Incentive Plan (the “2008 Plan”), 2018 Equity Incentive Plan (the “2018 Plan”), 2021 Equity Incentive Plan (the “2021 Plan”) and 2023 Inducement Equity Incentive Plan (the "2023 Inducement 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 October 31, 2023, there were 2.5 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. During the fiscal year ended January 31, 2023, the Company adopted the 2023 Inducement Equity Incentive Plan (the “2023 Inducement Plan”), pursuant to which the Company reserved 1,300,000 shares of its common stock to be used exclusively for grants of awards to individuals who were not previously employees or directors of the Company, as an inducement material to the individual’s entry into employment with the Company within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules. The maximum number of shares of our common stock that may be issued under the 2023 Inducement Plan will not exceed 1,300,000 shares. The 2023 Inducement Plan was approved by the Company’s Board of Directors without stockholder approval in accordance with such rule. As of October 31, 2023, there were 1.0 million shares available for grant under the 2023 Inducement Plan. 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. Participants are permitted to purchase a maximum of shares during each offering period and, initially, no participant may purchase more than 1,000 shares during any offering period. Starting with the offering period beginning September 21, 2023, participants may purchase up to 1,500 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 ended on September 20, 2023. The initial offering period consisted 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 $0.4 million during both the three months ended October 31, 2023 and 2022, and $1.0 million and $1.7 million during the nine months ended October 31, 2023 and 2022, respectively. As of October 31, 2023, accrued ESPP employee payroll contributions of $0.6 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 October 31, 2023, $2.1 million of unrecognized stock-based compensation expense related to the ESPP is expected to be recognized over a weighted-average vesting period of 1.0 year. During the nine months ended October 31, 2023, 168,843 shares of common stock were issued under the ESPP. Stock Options The following table summarizes stock option activity under the Stock Plans for the nine months ended October 31, 2023 (aggregate intrinsic value in thousands): Options Outstanding Weighted- Aggregate Number of Weighted- Balances as of January 31, 2023 7,819,480 $ 9.78 5.21 $ 51,606 Options exercised (1,174,523) $ 6.26 Options granted — $ — Options cancelled (167,018) $ 19.51 Balances as of October 31, 2023 6,477,939 $ 10.16 4.92 $ 45,231 Options vested and expected to vest as of October 31, 2023 6,477,939 $ 10.16 4.92 $ 45,231 Options vested and exercisable as of October 31, 2023 5,848,451 $ 9.16 4.67 $ 44,239 No stock options were granted during the nine months ended October 31, 2023 and 2022. The aggregate intrinsic value of options exercised during the three months ended October 31, 2023 and 2022 was $4.7 million and $0.7 million, respectively, and $13.4 million and $8.4 million during the nine months ended October 31, 2023 and 2022, 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 $0.8 million and $3.2 million during the three and nine months ended October 31, 2023, respectively. As of October 31, 2023, there was $4.7 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 1.1 years. 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 over two to four years, depending on the award, during which time the grants will vest quarterly. The following table is a summary of service-based RSU activity for the nine months ended October 31, 2023: RSUs Outstanding Number of RSUs Weighted Average Grant Date Fair Value Per Share Balances as of January 31, 2023 3,442,982 $ 18.39 RSUs granted 2,792,129 $ 16.57 RSUs vested (1,279,832) $ 17.93 RSUs forfeited (513,289) $ 17.66 Balances as of October 31, 2023 4,441,990 $ 17.46 The aggregate fair value of the RSU awards granted was $2.7 million and $4.9 million during the three months ended October 31, 2023 and 2022, respectively, and $46.3 million and $69.2 million during the nine months ended October 31, 2023 and 2022, respectively. This represents the fair value of the common stock on the date the service-based vesting awards were granted. We recognized $8.6 million and $4.3 million in stock-based compensation expense related to service vesting-based RSUs during the three months ended October 31, 2023 and 2022, respectively, and $24.0 million and $10.7 million during the nine months ended October 31, 2023 and 2022, respectively. As of October 31, 2023, there was $69.5 million of unrecognized compensation expense related to service-based RSUs expected to be recognized over a weighted-average vesting period of 2.2 years. Performance-based and Market-based Awards Modification of Market-Based Awards On March 20, 2023, the Board of Directors approved a modification of the Company’s 1,060,000 outstanding Market-based RSUs granted to certain executive officers and members of senior management. This resulted in 840,000 of the awards modified to performance-based vesting and the other 220,000 remained market-based vesting with modified stock price targets and requisite service periods. Performance-based Awards The 840,000 awards granted to certain executive officers were modified from market-based vesting conditions to performance-based vesting conditions and will vest based on the Company achieving certain financial metrics over revised service periods. For the portion of the awards where the expectation of the achievement of performance conditions remained probable prior to and post modification, the Company accounted for this change as a Type I modification under ASC 718, Compensation—Stock Compensation. For the portion of the awards where the expectation of the achievement of performance conditions changed from probable prior to the modification to improbable post-modification, the Company accounted for this change as a Type II modification. The Company recognizes expense for performance-based RSUs ("PSUs") over the requisite service period based on management's expectation of the number of PSUs expected to vest. For any change in the expectation of the number of PSUs that are probable of vesting, the Company will cumulatively adjust compensation expense in the period that the change in estimate is made. The incremental stock-based compensation expense related to these modified awards was $6.0 million. During the nine months ended October 31, 2023, the Company granted 70,000 PSUs to an executive officer pursuant to the 2021 Plan with vesting conditions identical to the modified awards discussed above. The grant date fair value of the award was $0.7 million. We recognized a total of $1.6 million and $4.0 million in stock-based compensation expense related to PSUs during the three and nine months ended October 31, 2023, respectively. As of October 31, 2023, there were 840,000 awards outstanding and a total of $5.9 million of unrecognized compensation expense related to PSUs expected to be recognized over an average vesting period of 1.1 years. Market-based Awards The 220,000 awards granted to certain members of senior management were modified to revise the 60-trading day stock price target of the Company’s common stock and the requisite service periods. The incremental stock-based compensation expense related to these modified awards was not material. As of October 31, 2023, there were 198,000 awards outstanding and a total of $1.3 million of unrecognized compensation expense related to market-based RSUs expected to be recognized over an average vesting period of 1.1 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. No stock options were granted during the three and nine months ended October 31, 2023 or 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: Nine Months Ended October 31, 2023 2022 Employee Stock Purchase Plan: Expected term (in years) 1.0 0.9 Expected volatility 62.9 % 63.0 % Risk-free interest rate 5.3 % 2.8 % Dividend yield — — Stock-Based Compensation Stock-based compensation expense, net of amounts capitalized was as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Cost of revenue—subscription $ 130 $ 128 $ 559 $ 391 Cost of revenue—services 119 106 413 317 Research and development 3,116 1,905 9,498 5,891 Sales and marketing 4,188 2,413 11,461 6,863 General and administrative 4,202 2,201 11,216 5,468 Restructuring — — 1 — Total stock-based compensation expense $ 11,755 $ 6,753 $ 33,148 $ 18,930 |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2023 | |
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 an immaterial amount of income tax expense for the three months ended October 31, 2023 and $0.4 million for the three months ended October 31, 2022, and $0.8 million and $1.0 million for the nine months ended October 31, 2023 and 2022, respectively. 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 the Company’s domestic 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. The Company has deferred tax attributes for stock-based compensation and fixed assets in the United Kingdom, and has not recorded a valuation allowance on the deferred tax attributes as of October 31, 2023. The Company will continue to evaluate for any future developments. |
Restructuring
Restructuring | 9 Months Ended |
Oct. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring During the fiscal year ended January 31, 2023, the Company initiated a restructuring plan to improve operational efficiency. This resulted in severance and related costs and stock-based compensation related to modifications of vested awards granted to certain employees impacted by the restructuring plan. As of October 31, 2023, the restructuring plan is complete. Restructuring expense was as follows (in thousands): Nine Months Ended October 31, 2023 Employee severance and related costs $ 45 Stock-based compensation 1 Total restructuring charges $ 46 Accrued Restructuring Restructuring liabilities are reported within accrued expenses in the condensed consolidated balance sheets. An immaterial amount was paid during the year ended January 31, 2023. The activity in our restructuring liabilities for the nine months ended October 31, 2023 is as follows (in thousands): Total Balance as of January 31, 2023 $ 1,567 Restructuring charges and adjustments 45 Payments (1,612) Balance as of October 31, 2023 $ — |
Geographic Information
Geographic Information | 9 Months Ended |
Oct. 31, 2023 | |
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 October 31, Nine Months Ended October 31, 2023 2022 2023 2022 United States $ 29,796 $ 24,443 $ 82,848 $ 69,585 International 16,017 14,114 47,100 43,616 Total $ 45,813 $ 38,557 $ 129,948 $ 113,201 No individual foreign country contributed 10% or more of total revenue for the three and nine months ended October 31, 2023 and 2022. As of October 31, 2023 and January 31, 2023, 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 | 9 Months Ended |
Oct. 31, 2023 | |
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 October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Numerator Net loss $ (16,255) $ (16,677) $ (58,781) $ (51,880) Denominator Weighted-average shares used in computing net loss per share, basic and diluted 47,586 44,932 46,724 44,619 Net loss per share, basic and diluted $ (0.34) $ (0.37) $ (1.26) $ (1.16) 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 October 31, 2023 2022 Stock options 6,478 8,093 RSUs 5,438 4,290 Employee stock purchase rights under the ESPP 163 150 Common stock warrants 105 105 Total 12,184 12,638 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Pay vs Performance Disclosure | ||||
Net loss | $ (16,255) | $ (16,677) | $ (58,781) | $ (51,880) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Oct. 31, 2023 shares | Oct. 31, 2023 shares | |
Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Margaret Chow [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On October 2, 2023 during our last fiscal quarter, Margaret Chow, SVP, Chief Legal Officer and officer as defined in Rule 16a-1(f), adopted a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408. The trading arrangement provides for the sale from time to time of an aggregate of up to 154,034 shares of our common stock, the actual amount of which may be less based on tax withholdings. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until December 31, 2024, or earlier if all transactions under the trading arrangement are completed. | |
Name | Margaret Chow | |
Title | SVP, Chief Legal Officer and officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | October 2, 2023 | |
Arrangement Duration | 456 days | |
Aggregate Available | 154,034 | 154,034 |
Huw Owen [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On October 2, 2023 during our last fiscal quarter, Huw Owen, SVP, Chief Revenue Officer and officer as defined in Rule 16a-1(f), adopted a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408. The trading arrangement provides for the sale from time to time of an aggregate of up to 228,700 shares of our common stock, the actual amount of which may be less based on tax withholdings. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until December 31, 2024, or earlier if all transactions under the trading arrangement are completed. | |
Name | Huw Owen | |
Title | SVP, Chief Revenue Officer and officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | October 2, 2023 | |
Arrangement Duration | 456 days | |
Aggregate Available | 228,700 | 228,700 |
Greg Henry [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On October 3, 2023 during our last fiscal quarter, Greg Henry, our SVP, Chief Financial Officer and officer as defined in Rule 16a-1(f), adopted a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408. The trading arrangement provides for the sale from time to time of an aggregate of up to 294,753 shares of our common stock, the actual amount of which may be less based on tax withholdings. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until December 31, 2024, or earlier if all transactions under the trading arrangement are completed. | |
Name | Greg Henry | |
Title | SVP, Chief Financial Officer and officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | October 3, 2023 | |
Arrangement Duration | 455 days | |
Aggregate Available | 294,753 | 294,753 |
Lynn Christensen [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On October 5, 2023 during our last fiscal quarter, Lynn Christensen, a member of our board of directors and officer as defined in Rule 16a-1(f), adopted a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408. The trading arrangement provides for the sale from time to time of an aggregate of up to 44,406 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until December 31, 2024, or earlier if all transactions under the trading arrangement are completed. | |
Name | Lynn Christensen | |
Title | board of directors and officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | October 5, 2023 | |
Arrangement Duration | 453 days | |
Aggregate Available | 44,406 | 44,406 |
Matt Cain [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On October 6, 2023 during our last fiscal quarter, Matt Cain, our Chair, President, Chief Executive Officer and officer as defined in Rule 16a-1(f), adopted a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408. The trading arrangement provides for the sale from time to time of an aggregate of up to 336,512 shares of our common stock, the actual amount of which may be less based on tax withholdings. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until December 31, 2024, or earlier if all transactions under the trading arrangement are completed. | |
Name | Matt Cain | |
Title | Chair, President, Chief Executive Officer and officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | October 6, 2023 | |
Arrangement Duration | 452 days | |
Aggregate Available | 336,512 | 336,512 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 31, 2023 | |
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, 2023, 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 nine months ended October 31, 2023, are not necessarily indicative of the results to be expected for the year ending January 31, 2024, 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, 2023, as filed with the SEC on March 29, 2023. |
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, but are not limited to, standalone selling prices for each distinct performance obligation, capitalized internal-use software costs, expected period of benefit for deferred commissions, valuation of stock-based awards, the determination of allowance for doubtful accounts, the incremental borrowing rate used to measure operating lease 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 macroeconomic conditions such as inflation and foreign exchange fluctuations, 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. |
Short-Term Investments | Short-Term Investments The Company determines the appropriate classification of its investments at the time of purchase. As the Company views these securities as available to support current operations, it accounts for these debt securities as available-for-sale and classifies them as current assets on its condensed consolidated balance sheets. These securities are recorded at estimated fair value. When the fair value of a security declines below its amortized cost basis, the carrying value of the security will be reduced to its fair value if it is more likely than not that management is required to sell the impaired security before recovery of its amortized basis, or management has the intention to sell the security. If neither of these conditions are met, the Company determines whether any portion of the decline is due to credit losses. Any portion of that decline attributable to credit losses, to the extent expected to be nonrecoverable before the sale of the security, is recognized in the Company’s condensed consolidated statement of operations. When the fair value of the security declines below its amortized cost basis due to changes in interest rates, such amounts are recorded in accumulated other comprehensive income (loss) and are recognized in the Company’s condensed consolidated statement of operations only if the Company sells or intends to sell the security before recovery of its cost basis. Realized gains and losses are determined based on the specific identification method and are reported in interest and other income (expense), net in the Company’s condensed consolidated statements of operations. |
Accounts Receivable | Accounts Receivable |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents, restricted cash, short-term investments and accounts receivable. The Company maintains its cash and cash equivalents, restricted cash and short-term investments with high-quality financial institutions. Cash equivalents consist of money market funds which are invested through financial institutions in the United States. Deposits, including those held in foreign branches of global banks, may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses on these deposits. For its accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded on the consolidated balance sheet. Generally, credit risk with respect to accounts receivable is diversified due to the number of entities comprising the Company’s customer base and their dispersion across different geographies and industries. The Company performs ongoing credit evaluations on certain customers and generally does not require collateral on accounts receivable. The Company maintains an allowance for doubtful accounts and historically bad debts have not been material. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 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 adopted this standard effective February 1, 2023 on a modified retrospective basis, and the adoption did not result in any cumulative effect adjustment in the condensed consolidated financial statements. Recently Issued Accounting Pronouncements 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. |
Cash Equivalents and Short-Te_2
Cash Equivalents and Short-Term Investments (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
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 October 31, 2023 Amortized Gross Gross Estimated Cash Equivalents Money market funds $ 30,622 $ — $ — $ 30,622 Total cash equivalents 30,622 — — 30,622 Short-Term Investments U.S. government treasury securities 89,576 — (63) 89,513 U.S. government agency securities 11,977 — (41) 11,936 Corporate debt securities 5,813 — (7) 5,806 Commercial paper 1,999 — — 1,999 Asset-backed securities 466 — (1) 465 Total short-term investments 109,831 — (112) 109,719 Total $ 140,453 $ — $ (112) $ 140,341 As of January 31, 2023 Amortized Gross Gross Estimated Cash Equivalents Money market funds $ 29,239 $ — $ — $ 29,239 Corporate debt securities $ 1,122 $ — $ — 1,122 Total cash equivalents 30,361 — — 30,361 Short-Term Investments U.S. government treasury securities 71,981 1 (729) 71,253 U.S. government agency securities 7,839 3 (1) 7,841 Corporate debt securities 11,952 — (50) 11,902 Commercial paper 31,500 — — 31,500 Asset-backed securities 5,391 — (31) 5,360 Total short-term investments 128,663 4 (811) 127,856 Total $ 159,024 $ 4 $ (811) $ 158,217 |
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The Company’s gross unrealized losses and fair values for short-term investments that were in an unrealized loss position as of October 31, 2023 and January 31, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position were as follows (in thousands): As of October 31, 2023 Less Than 12 Months 12 Months or Greater Total Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value U.S. government treasury securities $ (49) $ 77,681 $ (14) $ 5,977 $ (63) $ 83,658 U.S. government agency securities (41) 11,936 — — (41) 11,936 Corporate debt securities (7) 5,806 — — (7) 5,806 Asset-backed securities — — (1) 465 (1) 465 Total $ (97) $ 95,423 $ (15) $ 6,442 $ (112) $ 101,865 As of January 31, 2023 Less Than 12 Months 12 Months or Greater Total Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value U.S. government treasury securities $ (729) $ 64,397 $ — $ — $ (729) $ 64,397 U.S. government agency securities (1) 1,918 — — (1) 1,918 Corporate debt securities (49) 8,909 (1) 1,999 (50) 10,908 Asset-backed securities (31) 5,359 — — (31) 5,359 Total $ (810) $ 80,583 $ (1) $ 1,999 $ (811) $ 82,582 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
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 October 31, 2023 Level 1 Level 2 Total Cash Equivalents Money market funds $ 30,622 $ — $ 30,622 Total cash equivalents 30,622 — 30,622 Short-Term Investments U.S. government treasury securities — 89,513 89,513 U.S. government agency securities — 11,936 11,936 Corporate debt securities — 5,806 5,806 Commercial paper — 1,999 1,999 Asset-backed securities — 465 465 Total short-term investments — 109,719 109,719 Total $ 30,622 $ 109,719 $ 140,341 As of January 31, 2023 Level 1 Level 2 Total Cash Equivalents Money market funds $ 29,239 $ — $ 29,239 Corporate debt securities $ — 1,122 1,122 Total cash equivalents 29,239 1,122 30,361 Short-Term Investments U.S. government treasury securities — 71,253 71,253 U.S. government agency securities — 7,841 7,841 Corporate debt securities — 11,902 11,902 Commercial paper — 31,500 31,500 Asset-backed securities — 5,360 5,360 Total short-term investments — 127,856 127,856 Total $ 29,239 $ 128,978 $ 158,217 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
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 October 31, As of January 31, 2023 2023 Prepaid expenses $ 3,058 $ 4,140 Prepaid software 3,475 2,560 Other current assets 917 1,534 Total prepaid expenses and other current assets $ 7,450 $ 8,234 |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): As of October 31, As of January 31, 2023 2023 Computer equipment $ 3,753 $ 3,586 Furniture and fixtures 418 342 Capitalized internal-use software 8,435 7,884 Leasehold improvements 1,903 1,889 Construction in progress—capitalized internal-use software 6,791 3,395 Total gross property and equipment 21,300 17,096 Accumulated depreciation and amortization (11,670) (9,666) Total property and equipment, net $ 9,630 $ 7,430 |
Schedule of Accrued Compensation and Benefits | Accrued compensation and benefits consisted of the following (in thousands): As of October 31, As of January 31, 2023 2023 Accrued bonus $ 4,060 $ 5,944 Accrued commissions 2,248 3,593 Accrued payroll and benefits 2,261 1,995 Employee contributions under the ESPP 555 1,109 Total accrued compensation and benefits $ 9,124 $ 12,641 |
Schedule of Other Accrued Expenses | Other accrued expenses consisted of the following (in thousands): As of October 31, As of January 31, 2023 2023 Accrued professional fees $ 806 $ 1,020 Sales and value added tax payable 202 737 Income taxes payable 125 743 Accrued restructuring — 1,567 Other 2,266 2,009 Total other accrued expenses $ 3,399 $ 6,076 |
Deferred Revenue and Remainin_2
Deferred Revenue and Remaining Performance Obligations (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
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 October 31, As of January 31, 2023 2023 Deferred revenue, current $ 71,529 $ 71,716 Deferred revenue, noncurrent 3,775 3,275 Total deferred revenue $ 75,304 $ 74,991 Changes in the deferred revenue balances during the nine months ended October 31, 2023 and 2022 were as follows (in thousands): Nine Months Ended October 31, 2023 2022 Beginning balance $ 74,991 $ 71,723 Performance obligations satisfied during the period that were included in the deferred revenue balance at the beginning of the year (63,887) (56,768) Increases due to invoicing prior to satisfaction of performance obligations 64,200 45,661 Ending balance $ 75,304 $ 60,616 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Leases [Abstract] | |
Schedule of Supplemental Cash Flow Related to Leases | The following table presents supplemental cash flow information related to leases: Nine Months Ended October 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 2,535 $ 2,345 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 475 $ 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): October 31, 2023 January 31, 2023 Operating lease right-of-use assets $ 5,259 $ 6,940 Operating lease liabilities $ 2,980 $ 3,117 Operating lease liabilities, noncurrent 2,742 4,543 Total operating lease liabilities $ 5,722 $ 7,660 Weighted-average remaining lease term 2.2 years 2.7 years Weighted-average discount rate 4.2 % 3.8 % |
Schedule of Operating Lease Maturities | As of October 31, 2023, remaining maturities of operating lease liabilities were as follows (in thousands): Period Operating Leases Remaining for Fiscal 2024 $ 830 Fiscal 2025 3,160 Fiscal 2026 1,316 Fiscal 2027 436 Fiscal 2028 and thereafter 247 Total lease payments 5,989 Less: imputed interest (267) Total $ 5,722 |
Stockholders_ Equity and Empl_2
Stockholders’ Equity and Employee Incentive Plans (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Equity And Compensation Related Costs Share Based Payments [Abstract] | |
Schedule of Reserved Common Stock for Future Issuance | As of October 31, 2023, the Company has reserved common stock for future issuance as follows: Number of Shares Stock options outstanding 6,477,939 Restricted stock units issued and outstanding 5,479,990 Remaining shares available for issuance under the 2021 Plan 2,531,482 Shares available for issuance under the 2023 Inducement Plan 1,014,013 ESPP 1,239,636 Common stock warrants 105,350 Total 16,848,410 |
Schedule of Stock Option Activity under Stock Plans | The following table summarizes stock option activity under the Stock Plans for the nine months ended October 31, 2023 (aggregate intrinsic value in thousands): Options Outstanding Weighted- Aggregate Number of Weighted- Balances as of January 31, 2023 7,819,480 $ 9.78 5.21 $ 51,606 Options exercised (1,174,523) $ 6.26 Options granted — $ — Options cancelled (167,018) $ 19.51 Balances as of October 31, 2023 6,477,939 $ 10.16 4.92 $ 45,231 Options vested and expected to vest as of October 31, 2023 6,477,939 $ 10.16 4.92 $ 45,231 Options vested and exercisable as of October 31, 2023 5,848,451 $ 9.16 4.67 $ 44,239 |
Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity | The following table is a summary of service-based RSU activity for the nine months ended October 31, 2023: RSUs Outstanding Number of RSUs Weighted Average Grant Date Fair Value Per Share Balances as of January 31, 2023 3,442,982 $ 18.39 RSUs granted 2,792,129 $ 16.57 RSUs vested (1,279,832) $ 17.93 RSUs forfeited (513,289) $ 17.66 Balances as of October 31, 2023 4,441,990 $ 17.46 |
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: Nine Months Ended October 31, 2023 2022 Employee Stock Purchase Plan: Expected term (in years) 1.0 0.9 Expected volatility 62.9 % 63.0 % Risk-free interest rate 5.3 % 2.8 % 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 October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Cost of revenue—subscription $ 130 $ 128 $ 559 $ 391 Cost of revenue—services 119 106 413 317 Research and development 3,116 1,905 9,498 5,891 Sales and marketing 4,188 2,413 11,461 6,863 General and administrative 4,202 2,201 11,216 5,468 Restructuring — — 1 — Total stock-based compensation expense $ 11,755 $ 6,753 $ 33,148 $ 18,930 |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Expense | Restructuring expense was as follows (in thousands): Nine Months Ended October 31, 2023 Employee severance and related costs $ 45 Stock-based compensation 1 Total restructuring charges $ 46 |
Schedule of Restructuring Liabilities | The activity in our restructuring liabilities for the nine months ended October 31, 2023 is as follows (in thousands): Total Balance as of January 31, 2023 $ 1,567 Restructuring charges and adjustments 45 Payments (1,612) Balance as of October 31, 2023 $ — |
Geographic Information (Tables)
Geographic Information (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
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 October 31, Nine Months Ended October 31, 2023 2022 2023 2022 United States $ 29,796 $ 24,443 $ 82,848 $ 69,585 International 16,017 14,114 47,100 43,616 Total $ 45,813 $ 38,557 $ 129,948 $ 113,201 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
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 October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Numerator Net loss $ (16,255) $ (16,677) $ (58,781) $ (51,880) Denominator Weighted-average shares used in computing net loss per share, basic and diluted 47,586 44,932 46,724 44,619 Net loss per share, basic and diluted $ (0.34) $ (0.37) $ (1.26) $ (1.16) |
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 October 31, 2023 2022 Stock options 6,478 8,093 RSUs 5,438 4,290 Employee stock purchase rights under the ESPP 163 150 Common stock warrants 105 105 Total 12,184 12,638 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - Customer A - Accounts Receivable - Customer Concentration Risk - customer | 3 Months Ended | ||
Apr. 30, 2023 | Oct. 31, 2023 | Jan. 31, 2023 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Number of customers | 0 | 1 | |
Concentration risk (as a percent) | 12% |
Cash Equivalents and Short-Te_3
Cash Equivalents and Short-Term Investments - Summary of Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Schedule Of Cash Cash Equivalents And Short Term Investments | ||
Cash equivalents, amortized cost | $ 30,622 | $ 30,361 |
Cash equivalents, estimate fair value | 30,622 | 30,361 |
Short-Term Investments | ||
Amortized Cost | 109,831 | 128,663 |
Gross Unrealized Gains | 0 | 4 |
Gross Unrealized Losses | (112) | (811) |
Estimated Fair Value | 109,719 | 127,856 |
Amortized Cost | 140,453 | 159,024 |
Estimated Fair Value | 140,341 | 158,217 |
U.S. government treasury securities | ||
Short-Term Investments | ||
Amortized Cost | 89,576 | 71,981 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | (63) | (729) |
Estimated Fair Value | 89,513 | 71,253 |
U.S. government agency securities | ||
Short-Term Investments | ||
Amortized Cost | 11,977 | 7,839 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | (41) | (1) |
Estimated Fair Value | 11,936 | 7,841 |
Corporate debt securities | ||
Short-Term Investments | ||
Amortized Cost | 5,813 | 11,952 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (7) | (50) |
Estimated Fair Value | 5,806 | 11,902 |
Commercial paper | ||
Short-Term Investments | ||
Amortized Cost | 1,999 | 31,500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 1,999 | 31,500 |
Asset-backed securities | ||
Short-Term Investments | ||
Amortized Cost | 466 | 5,391 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (31) |
Estimated Fair Value | 465 | 5,360 |
Money market funds | ||
Schedule Of Cash Cash Equivalents And Short Term Investments | ||
Cash equivalents, amortized cost | 30,622 | 29,239 |
Cash equivalents, estimate fair value | $ 30,622 | 29,239 |
Corporate debt securities | ||
Schedule Of Cash Cash Equivalents And Short Term Investments | ||
Cash equivalents, amortized cost | 1,122 | |
Cash equivalents, estimate fair value | $ 1,122 |
Cash Equivalents and Short Term
Cash Equivalents and Short Term Investments - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2023 USD ($) investment | Oct. 31, 2022 USD ($) | Oct. 31, 2023 USD ($) investment | Oct. 31, 2022 USD ($) | Jan. 31, 2023 USD ($) investment | |
Cash, Cash Equivalents, and Short-Term Investments [Abstract] | |||||
Reclassify from accumulated other comprehensive income (loss) | $ 0 | $ 0 | $ 0 | $ 0 | |
Contractual maturity in one year | 107,700,000 | 107,700,000 | $ 122,000,000 | ||
Contractual maturity greater than one year | $ 2,000,000 | $ 2,000,000 | $ 5,900,000 | ||
Number of short-term investments in unrealized loss position, investments | investment | 28 | 28 | 27 |
Cash Equivalents and Short-Te_4
Cash Equivalents and Short-Term Investments - Summary of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | ||
Short-term investments, less than 12 months, unrealized Losses | $ (97) | $ (810) |
Short-term investments, less than 12 months, fair value | 95,423 | 80,583 |
Short-term investments,12 months or greater, unrealized Losses | (15) | (1) |
Short-term investments, 12 months or greater, fair value | 6,442 | 1,999 |
Short-term investments, unrealized Losses | (112) | (811) |
Short-term investments, fair value | 101,865 | 82,582 |
U.S. government treasury securities | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position | ||
Short-term investments, less than 12 months, unrealized Losses | (49) | (729) |
Short-term investments, less than 12 months, fair value | 77,681 | 64,397 |
Short-term investments,12 months or greater, unrealized Losses | (14) | 0 |
Short-term investments, 12 months or greater, fair value | 5,977 | 0 |
Short-term investments, unrealized Losses | (63) | (729) |
Short-term investments, fair value | 83,658 | 64,397 |
U.S. government agency securities | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position | ||
Short-term investments, less than 12 months, unrealized Losses | (41) | (1) |
Short-term investments, less than 12 months, fair value | 11,936 | 1,918 |
Short-term investments,12 months or greater, unrealized Losses | 0 | 0 |
Short-term investments, 12 months or greater, fair value | 0 | 0 |
Short-term investments, unrealized Losses | (41) | (1) |
Short-term investments, fair value | 11,936 | 1,918 |
Corporate debt securities | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position | ||
Short-term investments, less than 12 months, unrealized Losses | (7) | (49) |
Short-term investments, less than 12 months, fair value | 5,806 | 8,909 |
Short-term investments,12 months or greater, unrealized Losses | 0 | (1) |
Short-term investments, 12 months or greater, fair value | 0 | 1,999 |
Short-term investments, unrealized Losses | (7) | (50) |
Short-term investments, fair value | 5,806 | 10,908 |
Asset-backed securities | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position | ||
Short-term investments, less than 12 months, unrealized Losses | 0 | (31) |
Short-term investments, less than 12 months, fair value | 0 | 5,359 |
Short-term investments,12 months or greater, unrealized Losses | (1) | 0 |
Short-term investments, 12 months or greater, fair value | 465 | 0 |
Short-term investments, unrealized Losses | (1) | (31) |
Short-term investments, fair value | $ 465 | $ 5,359 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Hierarchy For Company's Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total cash equivalents | $ 30,622 | $ 30,361 |
Total short-term investments | 109,719 | 127,856 |
U.S. government treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 89,513 | 71,253 |
U.S. government agency securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 11,936 | 7,841 |
Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 5,806 | 11,902 |
Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 1,999 | 31,500 |
Asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 465 | 5,360 |
Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total cash equivalents | 30,622 | 29,239 |
Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total cash equivalents | 1,122 | |
Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total cash equivalents | 30,622 | 30,361 |
Total short-term investments | 109,719 | 127,856 |
Total | 140,341 | 158,217 |
Fair Value, Recurring | U.S. government treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 89,513 | 71,253 |
Fair Value, Recurring | U.S. government agency securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 11,936 | 7,841 |
Fair Value, Recurring | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 5,806 | 11,902 |
Fair Value, Recurring | Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 1,999 | 31,500 |
Fair Value, Recurring | Asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 465 | 5,360 |
Fair Value, Recurring | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total cash equivalents | 30,622 | 29,239 |
Fair Value, Recurring | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total cash equivalents | 1,122 | |
Fair Value, Recurring | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total cash equivalents | 30,622 | 29,239 |
Total short-term investments | 0 | 0 |
Total | 30,622 | 29,239 |
Fair Value, Recurring | Level 1 | U.S. government treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 0 | 0 |
Fair Value, Recurring | Level 1 | U.S. government agency securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
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 | ||
Total short-term investments | 0 | 0 |
Fair Value, Recurring | Level 1 | Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 0 | 0 |
Fair Value, Recurring | Level 1 | Asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 0 | 0 |
Fair Value, Recurring | Level 1 | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total cash equivalents | 30,622 | 29,239 |
Fair Value, Recurring | Level 1 | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total cash equivalents | 0 | |
Fair Value, Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total cash equivalents | 0 | 1,122 |
Total short-term investments | 109,719 | 127,856 |
Total | 109,719 | 128,978 |
Fair Value, Recurring | Level 2 | U.S. government treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 89,513 | 71,253 |
Fair Value, Recurring | Level 2 | U.S. government agency securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 11,936 | 7,841 |
Fair Value, Recurring | Level 2 | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 5,806 | 11,902 |
Fair Value, Recurring | Level 2 | Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 1,999 | 31,500 |
Fair Value, Recurring | Level 2 | Asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total short-term investments | 465 | 5,360 |
Fair Value, Recurring | Level 2 | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total cash equivalents | $ 0 | 0 |
Fair Value, Recurring | Level 2 | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | ||
Total cash equivalents | $ 1,122 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid expenses | $ 3,058 | $ 4,140 |
Prepaid software | 3,475 | 2,560 |
Other current assets | 917 | 1,534 |
Total prepaid expenses and other current assets | $ 7,450 | $ 8,234 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Property Plant And Equipment | ||
Total gross property and equipment | $ 21,300 | $ 17,096 |
Accumulated depreciation and amortization | (11,670) | (9,666) |
Total property and equipment, net | 9,630 | 7,430 |
Computer equipment | ||
Property Plant And Equipment | ||
Total gross property and equipment | 3,753 | 3,586 |
Furniture and fixtures | ||
Property Plant And Equipment | ||
Total gross property and equipment | 418 | 342 |
Capitalized internal-use software | ||
Property Plant And Equipment | ||
Total gross property and equipment | 8,435 | 7,884 |
Leasehold improvements | ||
Property Plant And Equipment | ||
Total gross property and equipment | 1,903 | 1,889 |
Construction in progress—capitalized internal-use software | ||
Property Plant And Equipment | ||
Total gross property and equipment | $ 6,791 | $ 3,395 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information of Property and Equipment Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Property Plant And Equipment | ||||
Depreciation and amortization | $ 400 | $ 800 | $ 2,034 | $ 2,304 |
Capitalized internal-use software | ||||
Property Plant And Equipment | ||||
Depreciation and amortization | $ 300 | $ 600 | $ 1,500 | $ 1,600 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Accrued Compensation and Benefits | ||
Accrued bonus | $ 4,060 | $ 5,944 |
Accrued commissions | 2,248 | 3,593 |
Accrued payroll and benefits | 2,261 | 1,995 |
Employee contributions under the ESPP | 555 | 1,109 |
Total accrued compensation and benefits | $ 9,124 | $ 12,641 |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Other Accrued Expenses (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Other Accrued Liabilities | ||
Accrued professional fees | $ 806 | $ 1,020 |
Sales and value added tax payable | 202 | 737 |
Income taxes payable | 125 | 743 |
Accrued restructuring | 0 | 1,567 |
Other | 2,266 | 2,009 |
Total other accrued expenses | $ 3,399 | $ 6,076 |
Deferred Revenue and Remainin_3
Deferred Revenue and Remaining Performance Obligations - Schedule of Deferred Revenue Balances (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 | Oct. 31, 2022 | Jan. 31, 2022 |
Contract with Customer, Liability | ||||
Deferred revenue, current | $ 71,529 | $ 71,716 | ||
Deferred revenue, noncurrent | 3,775 | 3,275 | ||
Total deferred revenue | $ 75,304 | $ 74,991 | $ 60,616 | $ 71,723 |
Deferred Revenue and Remainin_4
Deferred Revenue and Remaining Performance Obligations - Schedule of Changes In Deferred Revenue Balances (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Change In Contract With Customer, Liability | ||
Beginning balance | $ 74,991 | $ 71,723 |
Performance obligations satisfied during the period that were included in the deferred revenue balance at the beginning of the year | (63,887) | (56,768) |
Increases due to invoicing prior to satisfaction of performance obligations | 64,200 | 45,661 |
Ending balance | $ 75,304 | $ 60,616 |
Deferred Revenue and Remainin_5
Deferred Revenue and Remaining Performance Obligations - Additional Information (Details) $ in Millions | Oct. 31, 2023 USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligation | $ 164.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-11-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligation | $ 111.8 |
Revenue expected to be recognized from remaining performance obligations, period (in months) | 12 months |
Debt - Additional Information (
Debt - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2021 USD ($) | Oct. 31, 2023 USD ($) | Oct. 31, 2022 USD ($) | Oct. 31, 2023 USD ($) | Oct. 31, 2022 USD ($) | Jan. 31, 2022 USD ($) | Jun. 05, 2023 USD ($) | Jun. 30, 2020 USD ($) | Apr. 30, 2019 USD ($) $ / shares shares | |
Debt Instrument | |||||||||
Interest expense, debt | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Fair value of common stock | $ 400,000 | ||||||||
Credit Facility | |||||||||
Debt Instrument | |||||||||
Current borrowing capacity | $ 40,000,000 | ||||||||
Borrowed line of credit | $ 25,000,000 | ||||||||
Repayment of outstanding principal amount | $ 25,000,000 | ||||||||
Line of credit facility adjusted quick ratio | 1.15 | ||||||||
Fee payable on unused portion of line of credit (as a percent) | 0.25% | ||||||||
Line of credit outstanding | $ 0 | ||||||||
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% | ||||||||
Amended Loan | Loans Payable | |||||||||
Debt Instrument | |||||||||
Maximum borrowing capacity | $ 25,000,000 | ||||||||
Warrants issued to purchase common stock (in shares) | shares | 105,350 | ||||||||
Exercise price of warrants or rights (in dollars per share) | $ / shares | $ 7.48 | ||||||||
Warrants exercisable period (in years) | 10 years |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Lessee, Lease, Description | ||||
Operating lease cost | $ 0.8 | $ 0.8 | $ 2.3 | $ 2.2 |
Variable lease cost | 0.2 | 0.2 | 0.5 | 0.6 |
Short-term lease cost | $ 0 | $ 0 | $ 0 | $ 0 |
Maximum | ||||
Lessee, Lease, Description | ||||
Lease term (up to) (in years) | 3 years | 3 years |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Related to Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash outflows from operating leases | $ 2,535 | $ 2,345 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 475 | $ 2,205 |
Leases - Schedule of Suppleme_2
Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Operating Lease, Assets And Liabilities, Lessee [Abstract] | ||
Operating lease right-of-use assets | $ 5,259 | $ 6,940 |
Operating lease liabilities | 2,980 | 3,117 |
Operating lease liabilities, noncurrent | 2,742 | 4,543 |
Total operating lease liabilities | $ 5,722 | $ 7,660 |
Weighted-average remaining lease term (in years) | 2 years 2 months 12 days | 2 years 8 months 12 days |
Weighted-average discount rate (as a percent) | 4.20% | 3.80% |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Maturities (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Operating Leases | ||
Remaining for Fiscal 2024 | $ 830 | |
Fiscal 2025 | 3,160 | |
Fiscal 2026 | 1,316 | |
Fiscal 2027 | 436 | |
Fiscal 2028 and thereafter | 247 | |
Total lease payments | 5,989 | |
Less: imputed interest | (267) | |
Total | $ 5,722 | $ 7,660 |
Stockholders_ Equity and Empl_3
Stockholders’ Equity and Employee Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Mar. 20, 2023 shares | Mar. 21, 2022 period | Jun. 30, 2023 | Jul. 31, 2021 shares | Oct. 31, 2023 USD ($) vote plan $ / shares shares | Oct. 31, 2022 USD ($) | Sep. 21, 2021 period | Oct. 31, 2023 USD ($) vote plan $ / shares shares | Oct. 31, 2022 USD ($) shares | Jan. 31, 2023 $ / shares shares | Sep. 21, 2023 shares | |
Share Based Compensation Arrangement By Share Based Payment Award | |||||||||||
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | ||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||
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) | vote | 1 | 1 | |||||||||
Number of incentive plans (plan) | plan | 4 | 4 | |||||||||
Dividend declared (in dollars per share) | $ / shares | $ 0 | $ 0 | |||||||||
Number of shares reserved common stock for future issuance (in shares) | 16,848,410 | 16,848,410 | |||||||||
Initial offering period duration (in months) | 24 months | ||||||||||
Initial offering number of purchase periods | period | 4 | ||||||||||
Number of purchase periods (period) | period | 4 | ||||||||||
Purchase period (months) | 6 months | ||||||||||
Total stock-based compensation expense | $ | $ 11,755 | $ 6,753 | $ 33,148 | $ 18,930 | |||||||
Remaining shares available for issuance under the 2021 Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | |||||||||||
Number of shares reserved common stock for future issuance (in shares) | 2,531,482 | 2,531,482 | |||||||||
Stock options outstanding | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | |||||||||||
Number of shares reserved common stock for future issuance (in shares) | 6,477,939 | 6,477,939 | |||||||||
Total stock-based compensation expense | $ | $ 800 | $ 3,200 | |||||||||
Unrecognized stock-based compensation expense related to unvested stock options | $ | 4,700 | $ 4,700 | |||||||||
Stock-based compensation expected to be recognized weighted-average period (in years) | 1 year 1 month 6 days | ||||||||||
Options granted (in shares) | 0 | 0 | |||||||||
Aggregate intrinsic value of options exercised | $ | 4,700 | 700 | $ 13,400 | $ 8,400 | |||||||
Service-Based Restricted Stock Units (RSUs) | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | |||||||||||
Total stock-based compensation expense | $ | 8,600 | 4,300 | $ 24,000 | 10,700 | |||||||
Stock-based compensation expected to be recognized weighted-average period (in years) | 2 years 2 months 12 days | ||||||||||
Aggregate fair value of RSU granted | $ | 2,700 | 4,900 | $ 46,300 | 69,200 | |||||||
Unrecognized stock-based compensation expense related to service vesting-based RSUs | $ | $ 69,500 | $ 69,500 | |||||||||
RSUs granted (in shares) | 2,792,129 | ||||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number (in shares) | 4,441,990 | 4,441,990 | 3,442,982 | ||||||||
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) | 1 year 1 month 6 days | ||||||||||
Unrecognized stock-based compensation expense related to service vesting-based RSUs | $ | $ 1,300 | $ 1,300 | |||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number (in shares) | 198,000 | 198,000 | |||||||||
Incremental stock-based compensation expense related to these modified awards | $ | $ 0 | ||||||||||
Market-Based Restricted Stock Units (RSUs) | Executive Officers And Members Of Senior Management | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | |||||||||||
Outstanding RSU granted (in shares) | 1,060,000 | ||||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number (in shares) | 220,000 | ||||||||||
Performance-based Awards | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | |||||||||||
Total stock-based compensation expense | $ | $ 1,600 | $ 4,000 | |||||||||
Stock-based compensation expected to be recognized weighted-average period (in years) | 1 year 1 month 6 days | ||||||||||
Unrecognized stock-based compensation expense related to service vesting-based RSUs | $ | $ 5,900 | $ 5,900 | |||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number (in shares) | 840,000 | 840,000 | |||||||||
Incremental stock-based compensation expense related to these modified awards | $ | $ 6,000 | ||||||||||
Performance-based Awards | Executive Officers And Members Of Senior Management | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | |||||||||||
RSUs granted (in shares) | 840,000 | ||||||||||
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) | 2,500,000 | 2,500,000 | |||||||||
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 | Performance-based Awards | Executive Officer | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | |||||||||||
Aggregate fair value of RSU granted | $ | $ 700 | ||||||||||
RSUs granted (in shares) | 70,000,000 | ||||||||||
2021 Plan | First Anniversary | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | |||||||||||
Share-based compensation vesting rights (as a percent) | 25% | ||||||||||
Inducement Equity Incentive Plan 2023 | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | |||||||||||
Number of shares authorized (in shares) | 1,300,000 | ||||||||||
Inducement Equity Incentive Plan 2023 | Remaining shares available for issuance under the 2021 Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | |||||||||||
Number of shares reserved common stock for future issuance (in shares) | 1,014,013 | 1,014,013 | |||||||||
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% | ||||||||||
Maximum number of shares purchasable during offering period (in shares) | 1,000 | 1,500 | |||||||||
Total stock-based compensation expense | $ | $ 400 | $ 400 | $ 1,000 | $ 1,700 | |||||||
Employee contributions under the ESPP | $ | 600 | 600 | |||||||||
Unrecognized stock-based compensation expense related to unvested stock options | $ | $ 2,100 | $ 2,100 | |||||||||
Stock-based compensation expected to be recognized weighted-average period (in years) | 1 year | ||||||||||
Share purchases related to ESPP (in shares) | 168,843 | ||||||||||
IPO | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award | |||||||||||
Number of shares outstanding (in shares) | 0 | ||||||||||
Number of common stock for sale and issuance (in shares) | 0 |
Stockholders_ Equity and Empl_4
Stockholders’ Equity and Employee Incentive Plans - Summary of Reserved Common Stock for Future Issuance (Details) | Oct. 31, 2023 shares |
Class Of Stock | |
Number of shares reserved common stock for future issuance (in shares) | 16,848,410 |
Stock options outstanding | |
Class Of Stock | |
Number of shares reserved common stock for future issuance (in shares) | 6,477,939 |
Restricted stock units issued and outstanding | |
Class Of Stock | |
Number of shares reserved common stock for future issuance (in shares) | 5,479,990 |
Remaining shares available for issuance under the 2021 Plan | |
Class Of Stock | |
Number of shares reserved common stock for future issuance (in shares) | 2,531,482 |
Remaining shares available for issuance under the 2021 Plan | Inducement Equity Incentive Plan 2023 | |
Class Of Stock | |
Number of shares reserved common stock for future issuance (in shares) | 1,014,013 |
ESPP | |
Class Of Stock | |
Number of shares reserved common stock for future issuance (in shares) | 1,239,636 |
Common stock warrants | |
Class Of Stock | |
Number of shares reserved common stock for future issuance (in shares) | 105,350 |
Stockholders_ Equity and Empl_5
Stockholders’ Equity and Employee Incentive Plans - Summary of Stock Option Activity under Stock Plans (Details) - Stock options outstanding - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | Jan. 31, 2023 | |
Options Outstanding, Number of Options | |||
Beginning balance (in shares) | 7,819,480 | ||
Options exercised (in shares) | (1,174,523) | ||
Options granted (in shares) | 0 | 0 | |
Options cancelled (in shares) | (167,018) | ||
Ending balance (in shares) | 6,477,939 | 7,819,480 | |
Options vested and expected to vest (in shares) | 6,477,939 | ||
Options vested and exercisable (in shares) | 5,848,451 | ||
Options Outstanding, Weighted Average Exercise Price | |||
Beginning balance (in dollars per share) | $ 9.78 | ||
Options exercised (in dollars per share) | 6.26 | ||
Options granted (in dollars per share) | 0 | ||
Options cancelled (in dollars per share) | 19.51 | ||
Ending balance (in dollars per share) | 10.16 | $ 9.78 | |
Options vested and expected to vest (in dollars per share) | 10.16 | ||
Options vested and exercisable (in dollars per share) | $ 9.16 | ||
Stock Options Additional Disclosures | |||
Options outstanding, weighted average remaining contractual term (in years) | 4 years 11 months 1 day | 5 years 2 months 15 days | |
Options vested and expected to vest, weighted-average contractual term (in years) | 4 years 11 months 1 day | ||
Options vested and exercisable, weighted-average contractual term (in years) | 4 years 8 months 1 day | ||
Options outstanding, aggregate intrinsic value | $ 45,231 | $ 51,606 | |
Options vested and expected to vest, aggregate intrinsic value | 45,231 | ||
Options vested and exercisable, aggregate intrinsic value | $ 44,239 |
Stockholders_ Equity and Empl_6
Stockholders’ Equity and Employee Incentive Plans - Summary of RSU Activity (Details) - Service-Based Restricted Stock Units (RSUs) | 9 Months Ended |
Oct. 31, 2023 $ / shares shares | |
RSUs Outstanding, Number of RSUs | |
Beginning balance (in shares) | shares | 3,442,982 |
RSUs granted (in shares) | shares | 2,792,129 |
RSUs vested (in shares) | shares | (1,279,832) |
RSUs forfeited (in shares) | shares | (513,289) |
Ending balance (in shares) | shares | 4,441,990 |
RSUs Outstanding, Weighted Average Grant Date Fair Value Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 18.39 |
RSUs granted (in dollars per share) | $ / shares | 16.57 |
RSUs vested (in dollars per share) | $ / shares | 17.93 |
RSUs forfeited (in dollars per share) | $ / shares | 17.66 |
Ending balance (in dollars per share) | $ / shares | $ 17.46 |
Stockholders_ Equity and Empl_7
Stockholders’ Equity and Employee Incentive Plans - Summary of Fair Value of Employee Stock Options Estimated using Weighted-Average Assumptions (Details) - Stock options outstanding - 2021 ESPP | 9 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award | ||
Expected term (in years) | 1 year | 10 months 24 days |
Expected volatility (as a percent) | 62.90% | 63% |
Risk-free interest rate (as a percent) | 5.30% | 2.80% |
Dividend yield | 0% | 0% |
Stockholders_ Equity and Empl_8
Stockholders’ Equity and Employee Incentive Plans - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs | ||||
Total stock-based compensation expense | $ 11,755 | $ 6,753 | $ 33,148 | $ 18,930 |
Research and development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs | ||||
Total stock-based compensation expense | 3,116 | 1,905 | 9,498 | 5,891 |
Sales and marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs | ||||
Total stock-based compensation expense | 4,188 | 2,413 | 11,461 | 6,863 |
General and administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs | ||||
Total stock-based compensation expense | 4,202 | 2,201 | 11,216 | 5,468 |
Restructuring | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs | ||||
Total stock-based compensation expense | 0 | 0 | 1 | 0 |
Cost of revenue—subscription | Cost of revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs | ||||
Total stock-based compensation expense | 130 | 128 | 559 | 391 |
Cost of revenue—services | Cost of revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs | ||||
Total stock-based compensation expense | $ 119 | $ 106 | $ 413 | $ 317 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 11 | $ 376 | $ 780 | $ 1,013 |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Restructuring Cost and Reserve | ||||
Total restructuring charges | $ 0 | $ 0 | $ 46 | $ 0 |
Employee severance and related costs | ||||
Restructuring Cost and Reserve | ||||
Total restructuring charges | 45 | |||
Stock-based compensation | ||||
Restructuring Cost and Reserve | ||||
Total restructuring charges | $ 1 |
Restructuring - Schedule of R_2
Restructuring - Schedule of Restructuring Liabilities (Details) $ in Thousands | 9 Months Ended |
Oct. 31, 2023 USD ($) | |
Restructuring Reserve | |
Balance as of January 31, 2023 | $ 1,567 |
Restructuring charges and adjustments | 45 |
Payments | (1,612) |
Balance as of October 31, 2023 | $ 0 |
Geographic Information - Schedu
Geographic Information - Schedule of Disaggregation of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Segment Reporting Information | ||||
Total revenue | $ 45,813 | $ 38,557 | $ 129,948 | $ 113,201 |
United States | ||||
Segment Reporting Information | ||||
Total revenue | 29,796 | 24,443 | 82,848 | 69,585 |
International | ||||
Segment Reporting Information | ||||
Total revenue | $ 16,017 | $ 14,114 | $ 47,100 | $ 43,616 |
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 | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Numerator | ||||
Net loss | $ (16,255) | $ (16,677) | $ (58,781) | $ (51,880) |
Denominator | ||||
Weighted-average shares used in computing net loss per share, basic (in shares) | 47,586 | 44,932 | 46,724 | 44,619 |
Weighted-average shares used in computing net loss per share, diluted (in shares) | 47,586 | 44,932 | 46,724 | 44,619 |
Net loss per share, basic (in dollars per share) | $ (0.34) | $ (0.37) | $ (1.26) | $ (1.16) |
Net loss per share, diluted (in dollars per share) | $ (0.34) | $ (0.37) | $ (1.26) | $ (1.16) |
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 | 3 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share | ||
Potentially dilutive securities were excluded from computation of diluted net loss per share (in shares) | 12,184 | 12,638 |
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) | 6,478 | 8,093 |
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) | 5,438 | 4,290 |
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) | 163 | 150 |
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 |