Cover Page
Cover Page - shares | 3 Months Ended | |
Apr. 30, 2022 | May 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38464 | |
Entity Registrant Name | Smartsheet Inc. | |
Entity Incorporation, State or Country Code | WA | |
Entity Tax Identification Number | 20-2954357 | |
Entity Address, Address Line One | 10500 NE 8th Street, Suite 1300 | |
Entity Address, City or Town | Bellevue, | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98004 | |
City Area Code | (844) | |
Local Phone Number | 324-2360 | |
Title of 12(b) Security | Class A common stock, no par value per share | |
Trading Symbol | SMAR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding (in shares) | 129,450,048 | |
Document Fiscal Year Focus | 2023 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001366561 | |
Current Fiscal Year End Date | --01-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Revenue | ||
Total revenue | $ 168,310 | $ 117,082 |
Cost of revenue | ||
Total cost of revenue | 37,158 | 26,572 |
Gross profit | 131,152 | 90,510 |
Operating expenses | ||
Research and development | 52,519 | 36,474 |
Sales and marketing | 115,391 | 71,379 |
General and administrative | 33,044 | 21,018 |
Total operating expenses | 200,954 | 128,871 |
Loss from operations | (69,802) | (38,361) |
Interest income | 388 | 11 |
Other income (expense), net | (828) | 1,327 |
Loss before income tax provision | (70,242) | (37,023) |
Income tax provision | 215 | 49 |
Net loss | $ (70,457) | $ (37,072) |
Net loss per share, basic (in dollars per share) | $ (0.55) | $ (0.30) |
Net loss per share, diluted (in dollars per share) | $ (0.55) | $ (0.30) |
Weighted-average common shares outstanding, basic (in shares) | 128,519 | 124,110 |
Weighted-average common shares outstanding, diluted (in shares) | 128,519 | 124,110 |
Subscription | ||
Revenue | ||
Total revenue | $ 155,276 | $ 108,013 |
Cost of revenue | ||
Total cost of revenue | 25,138 | 18,563 |
Professional services | ||
Revenue | ||
Total revenue | 13,034 | 9,069 |
Cost of revenue | ||
Total cost of revenue | $ 12,020 | $ 8,009 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (70,457) | $ (37,072) |
Net unrealized losses on available-for-sale securities | (342) | 0 |
Comprehensive loss | $ (70,799) | $ (37,072) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 239,683 | $ 449,074 |
Short-term investments | 206,981 | 0 |
Accounts receivable, net of allowances of $5,534 and $7,561, respectively | 119,473 | 151,138 |
Prepaid expenses and other current assets | 46,008 | 34,390 |
Total current assets | 612,145 | 634,602 |
Restricted cash | 16 | 17 |
Deferred commissions | 94,130 | 91,312 |
Property and equipment, net | 37,787 | 36,835 |
Operating lease right-of-use assets | 67,735 | 67,171 |
Intangible assets, net | 41,610 | 44,096 |
Goodwill | 125,605 | 125,605 |
Other long-term assets | 2,930 | 3,194 |
Total assets | 981,958 | 1,002,832 |
Current liabilities | ||
Accounts payable | 7,366 | 1,506 |
Accrued compensation and related benefits | 46,337 | 66,744 |
Other accrued liabilities | 24,378 | 18,901 |
Operating lease liabilities, current | 19,330 | 18,003 |
Deferred revenue | 344,657 | 332,285 |
Total current liabilities | 442,068 | 437,439 |
Operating lease liabilities, non-current | 57,148 | 58,237 |
Deferred revenue, non-current | 1,766 | 2,377 |
Total liabilities | 500,982 | 498,053 |
Commitments and Contingencies (Note 12) | ||
Shareholders’ equity | ||
Preferred stock, no par value; 10,000,000 shares authorized, no shares issued or outstanding as of April 30, 2022 and January 31, 2022 | 0 | 0 |
Additional paid-in capital | 1,094,309 | 1,047,313 |
Accumulated other comprehensive loss | (342) | 0 |
Accumulated deficit | (612,991) | (542,534) |
Total shareholders’ equity | 480,976 | 504,779 |
Total liabilities and shareholders’ equity | 981,958 | 1,002,832 |
Common Class A | ||
Shareholders’ equity | ||
Common stock | 0 | 0 |
Common Class B | ||
Shareholders’ equity | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Current assets | ||
Accounts receivable, allowances | $ 5,534 | $ 7,561 |
Shareholders’ equity | ||
Preferred stock authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock issued (in shares) | 0 | 0 |
Preferred stock outstanding (in shares) | 0 | 0 |
Common Class A | ||
Shareholders’ equity | ||
Common stock authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock issued (in shares) | 128,867,149 | 127,809,525 |
Common stock outstanding (in shares) | 128,867,149 | 127,809,525 |
Common Class B | ||
Shareholders’ equity | ||
Common stock authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock issued (in shares) | 0 | 0 |
Common stock outstanding (in shares) | 0 | 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Change in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock (Class A) | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Beginning balance, common stock (in shares) at Jan. 31, 2021 | 123,272,902 | ||||
Beginning balance at Jan. 31, 2021 | $ 526,929 | $ 0 | $ 898,366 | $ (371,437) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock under employee stock plans (in shares) | 1,337,827 | ||||
Issuance of common stock under employee stock plans | 12,315 | 12,315 | |||
Taxes paid related to net share settlement of equity awards | (2,763) | (2,763) | |||
Share-based compensation expense | 24,101 | 24,101 | |||
Comprehensive loss | 0 | ||||
Net loss | (37,072) | (37,072) | |||
Ending balance, common stock (in shares) at Apr. 30, 2021 | 124,610,729 | ||||
Ending balance at Apr. 30, 2021 | 523,510 | $ 0 | 932,019 | (408,509) | 0 |
Beginning balance, common stock (in shares) at Jan. 31, 2022 | 127,809,525 | ||||
Beginning balance at Jan. 31, 2022 | 504,779 | $ 0 | 1,047,313 | (542,534) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock under employee stock plans (in shares) | 1,057,624 | ||||
Issuance of common stock under employee stock plans | 3,714 | 3,714 | |||
Taxes paid related to net share settlement of equity awards | (1,366) | (1,366) | |||
Share-based compensation expense | 44,648 | 44,648 | |||
Comprehensive loss | (342) | (342) | |||
Net loss | (70,457) | (70,457) | |||
Ending balance, common stock (in shares) at Apr. 30, 2022 | 128,867,149 | ||||
Ending balance at Apr. 30, 2022 | $ 480,976 | $ 0 | $ 1,094,309 | $ (612,991) | $ (342) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (70,457) | $ (37,072) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation expense | 43,900 | 23,717 |
Depreciation and amortization | 6,078 | 4,792 |
Amortization of deferred commission costs | 13,077 | 9,201 |
Net amortization of premium or discount on investments | (49) | 0 |
Unrealized foreign currency (gain) loss | 589 | (319) |
Non-cash operating lease costs | 3,899 | 3,491 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 31,489 | 13,357 |
Prepaid expenses and other current assets | (13,103) | (3,634) |
Other long-term assets | 32 | 199 |
Accounts payable | 5,688 | (1,072) |
Other accrued liabilities | 5,595 | (5,480) |
Accrued compensation and related benefits | (23,790) | (7,465) |
Deferred commissions | (15,895) | (15,341) |
Deferred revenue | 11,761 | 15,670 |
Operating lease liabilities | (3,867) | (3,005) |
Net cash used in operating activities | (5,053) | (2,961) |
Cash flows from investing activities | ||
Purchases of short-term investments | (207,274) | 0 |
Purchases of property and equipment | (1,691) | (3,220) |
Proceeds from liquidation of an investment | 622 | 0 |
Proceeds from sale of property and equipment | 94 | 0 |
Capitalized internal-use software development costs | (2,323) | (2,017) |
Net cash used in investing activities | (210,572) | (5,237) |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 1,370 | 3,403 |
Taxes paid related to net share settlement of equity awards | (1,366) | (2,763) |
Proceeds from Employee Stock Purchase Plan | 6,804 | 4,687 |
Net cash provided by financing activities | 6,808 | 5,327 |
Effects of changes in foreign currency exchange rates on cash, cash equivalents, and restricted cash | (821) | 447 |
Net decrease in cash, cash equivalents, and restricted cash | (209,638) | (2,424) |
Cash, cash equivalents, and restricted cash at beginning of period | 449,680 | 442,348 |
Cash, cash equivalents, and restricted cash at end of period | 240,042 | 439,924 |
Supplemental disclosures | ||
Cash paid for income taxes | 68 | 27 |
Right-of-use assets obtained in exchange for operating lease liabilities | 4,464 | 0 |
Accrued purchases of property and equipment (including internal-use software) | 789 | 1,505 |
Share-based compensation expense capitalized in internal-use software development costs | $ 748 | $ 384 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 3 Months Ended |
Apr. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview and Basis of Presentation | Overview and Basis of Presentation Description of business Smartsheet Inc. (the “Company,” “we,” “our”) was incorporated in the State of Washington in 2005, and is headquartered in Bellevue, Washington. The Company is the enterprise platform for dynamic work, enabling teams and organizations of all sizes to plan, capture, manage, automate, and report on work at scale, resulting in more efficient processes and better business outcomes. Customers access their accounts online via a web-based interface or a mobile application. Some customers also purchase the Company’s professional services, which primarily consist of consulting and training services. Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity 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. The condensed consolidated balance sheet as of January 31, 2022 was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended January 31, 2022, filed with the SEC on March 25, 2022. The condensed consolidated financial statements include the results of Smartsheet Inc. and its wholly owned subsidiaries, which are located in the United States, the United Kingdom, Australia, Germany, and Costa Rica. All intercompany balances and transactions have been eliminated upon consolidation. In the opinion of management, the information contained herein reflects all adjustments necessary for a fair presentation of our condensed consolidated financial statements. All such adjustments are of a normal, recurring nature. The results of operations for the three months ended April 30, 2022 are not necessarily indicative of results to be expected for the full year ending January 31, 2023, or for any other interim period, or for any future year. Use of estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. The Company bases its estimates on historical experience and on other assumptions that its management believes are reasonable under the circumstances. Actual results could differ from those estimates. The Company’s most significant estimates and judgments involve revenue recognition with respect to the allocation of transaction consideration for the Company’s offerings; determination of the amortization period for capitalized sales commission costs; and the measurement of fair values of share-based compensation award grants, among others. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Segment information The Company operates as one operating segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information for purposes of making operating decisions, assessing financial performance, and allocating resources. Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less from date of purchase to be cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. Interest earned on cash and cash equivalents is recorded in interest income in the condensed consolidated statements of operations. Restricted cash Restricted cash was $0.4 million and $0.6 million as of April 30, 2022 and January 31, 2022, respectively, primarily related to Australian employee contributions to our 2018 Employee Stock Purchase Plan. Cash as reported on the condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and restricted cash as shown on the condensed consolidated balance sheets. Cash as reported on the condensed consolidated statements of cash flows consisted of the following (in thousands): April 30, 2022 2021 Cash and cash equivalents $ 239,683 $ 439,656 Restricted cash included in prepaid expenses and other current assets 343 250 Restricted cash 16 18 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 240,042 $ 439,924 Short-term investments The Company’s short-term investments primarily consist of U.S. Treasury securities, corporate bonds, and commercial paper that have original maturities greater than three months at the time of purchase. These investments are classified as available-for-sale securities and we reevaluate such classification as of each balance sheet date. We consider all investments as available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities as current assets in our condensed consolidated balance sheets. Available-for-sale securities are recorded at fair value each reporting period. For unrealized losses in securities that the Company intends to hold and will not more likely than not be required to sell before recovery, the Company further evaluates whether declines in fair value below amortized cost are due to credit or non-credit related factors. The Company considers credit related impairments to be changes in value that are driven by a change in the creditor’s ability to meet its payment obligations, and records an allowance and recognizes a corresponding loss in other income (expense), net in the condensed consolidated statements of operations when the impairment is incurred. Unrealized non-credit related losses and unrealized gains are reported as a separate component of accumulated other comprehensive loss in the condensed consolidated balance sheets until realized. Realized gains and losses are determined based on the specific identification method and are reported in other income (expense), net in the condensed consolidated statements of operations. Internal-use software development costs The Company capitalizes certain qualifying costs incurred during the application development stage in connection with the development of internal-use software. Costs related to preliminary project activities and post-implementation activities are expensed in research and development (“R&D”) as incurred. R&D expenses consist primarily of employee-related costs, software-related costs, allocated overhead, and costs of outside services used to supplement our internal staff. Internal-use software costs of $2.6 million and $1.8 million were capitalized in the three months ended April 30, 2022 and 2021, respectively. All capitalized costs related to costs incurred during the application development stage of software development for the Company’s platform to which subscriptions are sold. Capitalized internal-use software costs are included within property and equipment, net on the condensed consolidated balance sheets, and are amortized over the estimated useful life of the software, which is typically three years. The related amortization expense is recognized in the condensed consolidated statements of operations within the function that receives the benefit of the developed software. Amortization expense of capitalized internal-use software costs totaled $1.9 million and $1.2 million for the three months ended April 30, 2022 and 2021, respectively. Concentrations of risk and significant customers Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents, short-term investments, and accounts receivable. The Company maintains its cash accounts with financial institutions where deposits, at times, exceed the Federal Deposit Insurance Corporation (“FDIC”) limits. No individual customer represented more than 10% of accounts receivable as of April 30, 2022 or January 31, 2022. No individual customer represented more than 10% of revenue for the three months ended April 30, 2022 or 2021. Recent accounting pronouncements not yet adopted In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update 2021-08, Business Combinations-Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805) . The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized in accordance with Accounting Standards Codification (“ASC”) Topic 606 as if the acquirer had originated the contracts. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect adoption of this standard to have a material effect on the Company’s condensed consolidated financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Apr. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers During the three months ended April 30, 2022 and 2021, the Company recognized $131.0 million and $87.0 million of subscription revenue, respectively, and $3.7 million and $3.6 million of professional services revenue, respectively, which were included in the deferred revenue balance as of January 31, 2022 and 2021, respectively. As of April 30, 2022, approximately $401.0 million of revenue, including amounts already invoiced and amounts contracted but not yet invoiced, was expected to be recognized from remaining performance obligations, of which $394.5 million related to subscription services and $6.5 million related to professional services. Approximately 91% of revenue related to total remaining performance obligations is expected to be recognized in the next 12 months. Deferred commissions were $94.1 million as of April 30, 2022 and $91.3 million as of January 31, 2022. Amortization expense for deferred commissions was $13.1 million and $9.2 million for the three months ended April 30, 2022 and 2021, respectively. Deferred commissions are amortized over a period of three years and the amortization expense is recorded in sales and marketing on the Company’s condensed consolidated statements of operations. |
Deferred Commissions
Deferred Commissions | 3 Months Ended |
Apr. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Commissions | Revenue from Contracts with Customers During the three months ended April 30, 2022 and 2021, the Company recognized $131.0 million and $87.0 million of subscription revenue, respectively, and $3.7 million and $3.6 million of professional services revenue, respectively, which were included in the deferred revenue balance as of January 31, 2022 and 2021, respectively. As of April 30, 2022, approximately $401.0 million of revenue, including amounts already invoiced and amounts contracted but not yet invoiced, was expected to be recognized from remaining performance obligations, of which $394.5 million related to subscription services and $6.5 million related to professional services. Approximately 91% of revenue related to total remaining performance obligations is expected to be recognized in the next 12 months. Deferred commissions were $94.1 million as of April 30, 2022 and $91.3 million as of January 31, 2022. Amortization expense for deferred commissions was $13.1 million and $9.2 million for the three months ended April 30, 2022 and 2021, respectively. Deferred commissions are amortized over a period of three years and the amortization expense is recorded in sales and marketing on the Company’s condensed consolidated statements of operations. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Apr. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The following table presents calculations for basic and diluted net loss per share (in thousands, except per share data): Three Months Ended April 30, 2022 2021 Numerator: Net loss $ (70,457) $ (37,072) Denominator: Weighted-average common shares outstanding 128,519 124,110 Net loss per share, basic and diluted $ (0.55) $ (0.30) The following outstanding shares of common stock equivalents (in thousands) as of the periods presented were excluded from the computation of diluted net loss per share attributable to common shareholders for the periods presented because the impact of including them would have been anti-dilutive: April 30, 2022 2021 Shares subject to outstanding common stock awards 11,569 12,050 Shares issuable pursuant to the 2018 Employee Stock Purchase Plan 216 54 Total potentially dilutive shares 11,785 12,104 |
Investments
Investments | 3 Months Ended |
Apr. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments All cash equivalents and short-term investments were designated as available-for-sale securities as of April 30, 2022. The following table presents the amortized costs, unrealized gains and losses, and estimated fair values of the Company’s cash equivalents and short-term investments as of April 30, 2022 (in thousands): April 30, 2022 Amortized Cost* Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 161,162 $ — $ — $ 161,162 Corporate bonds 9,526 — — 9,526 Total cash equivalents 170,688 — — 170,688 Short-term investments: Corporate bonds 67,092 — (266) 66,826 U.S. Treasury securities 97,474 2 (78) 97,398 Commercial paper 42,757 — — 42,757 Total short-term investments 207,323 2 (344) 206,981 Total $ 378,011 $ 2 $ (344) $ 377,669 *Excludes interest receivable of $0.5 million, which is included in prepaid expenses and other current assets on the condensed consolidated balance sheets. We do not intend to sell, nor is it more likely than not that we will be required to sell, any investments in unrealized loss positions before recovery of their amortized cost basis. We did not recognize any credit losses related to our investments during the three months ended April 30, 2022. The unrealized losses on our short-term investments were primarily due to unfavorable changes in interest rates subsequent to initial purchase. None of the short-term investments held as of April 30, 2022 were in a continuous unrealized loss position for greater than 12 months. There were no realized gains or losses during the three months ended April 30, 2022. The following table presents the contractual maturities of the Company’s short-term investments as of April 30, 2022 (in thousands): April 30, 2022 Amortized Cost Estimated Fair Value Due within one year $ 184,237 $ 184,027 Due between one to five years 23,086 22,954 Total $ 207,323 $ 206,981 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The lowest level of significant input determines the placement of the fair value measurement within the following hierarchical levels: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • 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. Assets and liabilities measured at fair value on a recurring basis The following tables present information about the Company’s financial assets and liabilities that are measured at fair value and indicate the fair value hierarchy of the valuation inputs used (in thousands): April 30, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 161,162 $ — $ — $ 161,162 Corporate bonds — 9,526 — 9,526 Total cash equivalents 161,162 9,526 0 170,688 Short-term investments: Corporate bonds — 66,826 — 66,826 U.S. Treasury securities — 97,398 — 97,398 Commercial paper — 42,757 — 42,757 Total short-term investments — 206,981 — 206,981 Total assets $ 161,162 $ 216,507 $ — $ 377,669 January 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 378,294 $ — $ — $ 378,294 Total assets $ 378,294 $ — $ — $ 378,294 The carrying amounts of certain financial instruments, including cash held in banks, accounts receivable, and accounts payable, approximate fair value due to their short-term maturities and are excluded from the fair value tables above. It is the Company’s policy to recognize transfers of assets and liabilities between levels of the fair value hierarchy at the end of a reporting period. The Company does not transfer out of Level 3 and into Level 2 until observable inputs become available and reliable. There were no transfers between fair value measurement levels during the three months ended April 30, 2022 and 2021. Assets and liabilities measured at fair value on a non-recurring basis See Note 8, Goodwill and Net Intangible Assets , of these notes to our condensed consolidated financial statements for fair value measurements of certain assets and liabilities recorded at fair value on a non-recurring basis. |
Goodwill and Net Intangible Ass
Goodwill and Net Intangible Assets | 3 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Net Intangible Assets | Goodwill and Net Intangible Assets There were no changes in the carrying amount of goodwill or measurement period adjustments during the three months ended April 30, 2022. The following table presents the components of net intangible assets (in thousands): April 30, 2022 January 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired software technology $ 25,400 $ (10,465) $ 14,935 $ 25,400 $ (9,195) $ 16,205 Acquired customer relationships 32,150 (8,837) 23,313 32,150 (7,735) 24,415 Trade names 4,100 (823) 3,277 4,100 (711) 3,389 Patents 170 (129) 41 170 (127) 43 Domain name 44 — 44 44 — 44 Total $ 61,864 $ (20,254) $ 41,610 $ 61,864 $ (17,768) $ 44,096 The components of acquired intangible assets as of the periods presented were as follows (dollars in thousands): April 30, 2022 January 31, 2022 Net Carrying Amount Weighted Average Life (Years) Net Carrying Amount Weighted Average Life (Years) Acquired software technology $ 14,935 3.1 $ 16,205 3.3 Acquired customer relationships 23,313 5.3 24,415 5.5 Trade names 3,277 7.4 3,389 7.6 Total $ 41,525 4.7 $ 44,009 4.9 Amortization expense related to intangible assets was $2.5 million in each of the three months ended April 30, 2022 and 2021. As of April 30, 2022, estimated remaining amortization expense for the finite-lived intangible assets by fiscal year is as follows (in thousands): Remainder of Fiscal 2023 $ 7,456 Fiscal 2024 9,942 Fiscal 2025 8,740 Fiscal 2026 7,023 Fiscal 2027 4,858 Thereafter 3,547 Total $ 41,566 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Apr. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Company has issued incentive and non-qualifying stock options to employees and non-employee directors under the 2005 Stock Option/Restricted Stock Plan, the 2015 Equity Incentive Plan (the “2015 Plan”), and the 2018 Equity Incentive Plan (the “2018 Plan”). The Company has also issued restricted stock units (“RSUs”) to employees and non-employee directors pursuant to the 2015 Plan and the 2018 Plan. The Company has issued restricted stock awards (“RSAs”) to certain Brandfolder employees subject to vesting conditions. These shares were issued in a private placement transaction. As vesting of these RSAs is dependent on continuous employment, these were not considered part of the purchase price in accounting for the September 2020 acquisition. Employee stock options are granted with exercise prices at the fair value of the underlying common stock on the grant date, in general vest based on continuous employment over four years, and expire 10 years from the date of grant. Employee RSUs are measured based on the grant date fair value of the awards and in general vest based on continuous employment over four years. The RSAs are measured based on the grant date fair value of the awards and vest over a three-year period. Stock options The following table includes a summary of the option activity during the three months ended April 30, 2022: Options Outstanding Weighted-Average Exercise Price Outstanding at January 31, 2022 4,573,482 $ 20.87 Granted 3,744 52.72 Exercised (284,137) 13.61 Forfeited or canceled (31,735) 47.03 Outstanding at April 30, 2022 4,261,354 21.19 Exercisable at April 30, 2022 3,421,858 11.75 Restricted stock units The following table includes a summary of the RSU activity during the three months ended April 30, 2022: Number of Shares Underlying Outstanding RSUs Weighted-Average Grant-Date Fair Value per RSU Outstanding at January 31, 2022 7,281,232 $ 60.95 Granted 1,142,315 53.60 Vested (793,111) 56.48 Forfeited or canceled (322,873) 59.42 Outstanding at April 30, 2022 7,307,563 60.37 Restricted stock awards The following table includes a summary of the RSA activity during the three months ended April 30, 2022: Number of Shares Weighted-Average Grant-Date Fair Value per Share Outstanding at January 31, 2022 56,288 $ 46.93 Granted — — Vested — — Forfeited or canceled — — Outstanding at April 30, 2022 56,288 46.93 2018 Employee Stock Purchase Plan In April 2018, we adopted our 2018 Employee Stock Purchase Plan (“ESPP”). The ESPP became effective on April 26, 2018, with the effective date of our initial public offering. Under our ESPP, eligible employees are able to acquire shares of our Class A common stock by accumulating funds through payroll deductions of up to 15% of their compensation, subject to plan limitations. Purchases are accomplished through participation in discrete offering periods. Each offering period is six months (commencing each January 1 and July 1) and consists of one six-month purchase period, unless otherwise determined by our board of directors or our compensation committee. The purchase price for shares of our common stock purchased under our ESPP is 85% of the lesser of the fair market value of our common stock on (i) the first trading day of the applicable offering period or (ii) the last trading day of the purchase period in the applicable offering period. Shares available for issuance The following table includes a summary of the activity during the three months ended April 30, 2022 of our shares available for issuance under our 2018 Plan and our ESPP: 2018 Plan 2018 ESPP Balance at January 31, 2022 15,067,025 4,040,430 Authorized 6,390,477 1,278,096 Granted (1,146,059) — Forfeited or canceled 354,608 — Balance at April 30, 2022 20,666,051 5,318,526 The aggregate number of shares reserved for issuance under our ESPP will increase automatically on February 1 of each of the first 10 calendar years after the first offering date under the ESPP by the number of shares equal to 1% of the total outstanding shares of our Class A common stock and Class B common stock as of the immediately preceding January 31 (rounded to the nearest whole share) or such lesser number of shares as may be determined by our board of directors in any particular year. The aggregate number of shares issued over the term of our ESPP, subject to stock-splits, recapitalizations or similar events, may not exceed 20,400,000 shares of our Class A common stock. As of April 30, 2022, $8.9 million has been withheld on behalf of our employees for a future purchase under the ESPP and is recorded in accrued compensation and related benefits in the condensed consolidated balance sheets. Share-based compensation expense Share-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended April 30, 2022 2021 Cost of subscription revenue $ 2,611 $ 1,495 Cost of professional services revenue 1,477 673 Research and development 15,615 8,307 Sales and marketing 14,745 8,656 General and administrative 9,452 4,728 Total share-based compensation expense $ 43,900 $ 23,859 We have excluded $0.7 million and $0.4 million of capitalized software development costs from share-based compensation expense in the three months ended April 30, 2022 and 2021, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes for interim tax periods is generally determined using an estimate of the Company’s annual effective tax rate, excluding jurisdictions for which no tax benefit can be recognized due to valuation allowances, and adjusted for discrete tax items in the period. Each quarter the Company updates its estimate of the annual effective tax rate and makes a cumulative adjustment if the estimated annual tax rate has changed. The Company’s effective tax rate generally differs from the U.S. federal statutory tax rate primarily due to a valuation allowance related to the Company’s U.S. federal, state, and certain foreign deferred tax assets. |
Leases
Leases | 3 Months Ended |
Apr. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company has operating leases primarily related to corporate offices and certain equipment. Our leases have remaining lease terms of less than 1 year to 7 years, some of which include options to extend the leases for up to 5 years. The components of lease expense recorded in the condensed consolidated statements of operations were as follows (in thousands): Three Months Ended April 30, 2022 2021 Operating lease cost $ 4,879 $ 4,532 Short-term lease cost 129 343 Variable lease cost 567 588 Total lease costs $ 5,575 $ 5,463 Other information related to leases was as follows (dollars in thousands): Three Months Ended April 30, 2022 2021 Supplemental cash flow information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases* $ 4,652 $ 4,100 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 4,464 $ — Weighted-average remaining lease term (in years): Operating leases 4.9 6.0 Weighted-average discount rate: Operating leases 4.9 % 5.1 % * Includes cash paid for lease liability accretion of $0.9 million and $1.1 million for the three months ended April 30, 2022 and 2021, respectively. As of April 30, 2022, remaining maturities of lease liabilities were as follows (in thousands): Operating Leases Remainder of Fiscal 2023 $ 14,746 Fiscal 2024 20,115 Fiscal 2025 16,037 Fiscal 2026 13,298 Fiscal 2027 9,991 Thereafter 11,467 Total lease payments 85,654 Less: imputed interest (9,176) Total $ 76,478 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal matters An indemnification claim was made against the Company by a former director, Ryan Hinkle, and Insight Venture Partners VII, L.P. and certain affiliated entities that are former shareholders of the Company (together with Hinkle, the “IVP Parties”), relating to a purported class action litigation in which the IVP Parties are defendants. On January 29, 2021, the IVP Parties filed a complaint against the Company in the Superior Court of Washington, King County, for the advancement of legal fees, costs, and expenses incurred in defending the purported class action claim. In December 2021, we paid $10.0 million as part of an overall settlement of these matters. We do not expect any additional losses related to this case that would have a material impact on our financial position, results of operations, or cash flows. |
Geographic Information
Geographic Information | 3 Months Ended |
Apr. 30, 2022 | |
Segment Reporting [Abstract] | |
Geographic Information | Geographic Information Revenue Revenue by geographic location is determined by the location of the Company’s customers. The following table sets forth revenue (in thousands) by geographic area: Three Months Ended April 30, 2022 2021 United States $ 139,694 $ 96,403 EMEA 15,285 11,061 Asia Pacific 6,534 4,454 Americas other than the United States 6,797 5,164 Total $ 168,310 $ 117,082 No individual country other than the United States contributed more than 10% of total revenue during any of the periods presented. Long-lived assets Long-lived assets by geographic location is based on the location of the legal entity that owns the asset. The following table sets forth long-lived assets by geographic area (in thousands): April 30, 2022 January 31, 2022 United States $ 76,948 $ 79,278 EMEA 7,320 3,828 Asia Pacific 789 1,153 Americas other than the United States 50 28 Total $ 85,107 $ 84,287 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity 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. The condensed consolidated balance sheet as of January 31, 2022 was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended January 31, 2022, filed with the SEC on March 25, 2022. The condensed consolidated financial statements include the results of Smartsheet Inc. and its wholly owned subsidiaries, which are located in the United States, the United Kingdom, Australia, Germany, and Costa Rica. All intercompany balances and transactions have been eliminated upon consolidation. In the opinion of management, the information contained herein reflects all adjustments necessary for a fair presentation of our condensed consolidated financial statements. All such adjustments are of a normal, recurring nature. The results of operations for the three months ended April 30, 2022 are not necessarily indicative of results to be expected for the full year ending January 31, 2023, or for any other interim period, or for any future year. |
Use of estimates | Use of estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. The Company bases its estimates on historical experience and on other assumptions that its management believes are reasonable under the circumstances. Actual results could differ from those estimates. The Company’s most significant estimates and judgments involve revenue recognition with respect to the allocation of transaction consideration for the Company’s offerings; determination of the amortization period for capitalized sales commission costs; and the measurement of fair values of share-based compensation award grants, among others. |
Segment information | Segment information The Company operates as one operating segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information for purposes of making operating decisions, assessing financial performance, and allocating resources. |
Cash and cash equivalents | Cash and cash equivalentsThe Company considers all highly liquid investments with an original maturity of three months or less from date of purchase to be cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. Interest earned on cash and cash equivalents is recorded in interest income in the condensed consolidated statements of operations. |
Restricted cash | Restricted cash Restricted cash was $0.4 million and $0.6 million as of April 30, 2022 and January 31, 2022, respectively, primarily related to Australian employee contributions to our 2018 Employee Stock Purchase Plan. |
Investments | Short-term investments The Company’s short-term investments primarily consist of U.S. Treasury securities, corporate bonds, and commercial paper that have original maturities greater than three months at the time of purchase. These investments are classified as available-for-sale securities and we reevaluate such classification as of each balance sheet date. We consider all investments as available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities as current assets in our condensed consolidated balance sheets. |
Internal-use software development costs | Internal-use software development costs The Company capitalizes certain qualifying costs incurred during the application development stage in connection with the development of internal-use software. Costs related to preliminary project activities and post-implementation activities are expensed in research and development (“R&D”) as incurred. R&D expenses consist primarily of employee-related costs, software-related costs, allocated overhead, and costs of outside services used to supplement our internal staff. Internal-use software costs of $2.6 million and $1.8 million were capitalized in the three months ended April 30, 2022 and 2021, respectively. All capitalized costs related to costs incurred during the application development stage of software development for the Company’s platform to which subscriptions are sold. |
Concentrations of risk and significant customers | Concentrations of risk and significant customers Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents, short-term investments, and accounts receivable. The Company maintains its cash accounts with financial institutions where deposits, at times, exceed the Federal Deposit Insurance Corporation (“FDIC”) limits. |
Recent accounting pronouncements not yet adopted | Recent accounting pronouncements not yet adopted In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update 2021-08, Business Combinations-Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805) . The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized in accordance with Accounting Standards Codification (“ASC”) Topic 606 as if the acquirer had originated the contracts. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect adoption of this standard to have a material effect on the Company’s condensed consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash as reported on the condensed consolidated statements of cash flows consisted of the following (in thousands): April 30, 2022 2021 Cash and cash equivalents $ 239,683 $ 439,656 Restricted cash included in prepaid expenses and other current assets 343 250 Restricted cash 16 18 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 240,042 $ 439,924 |
Schedule of Restricted Cash and Cash Equivalents | Cash as reported on the condensed consolidated statements of cash flows consisted of the following (in thousands): April 30, 2022 2021 Cash and cash equivalents $ 239,683 $ 439,656 Restricted cash included in prepaid expenses and other current assets 343 250 Restricted cash 16 18 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 240,042 $ 439,924 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents calculations for basic and diluted net loss per share (in thousands, except per share data): Three Months Ended April 30, 2022 2021 Numerator: Net loss $ (70,457) $ (37,072) Denominator: Weighted-average common shares outstanding 128,519 124,110 Net loss per share, basic and diluted $ (0.55) $ (0.30) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following outstanding shares of common stock equivalents (in thousands) as of the periods presented were excluded from the computation of diluted net loss per share attributable to common shareholders for the periods presented because the impact of including them would have been anti-dilutive: April 30, 2022 2021 Shares subject to outstanding common stock awards 11,569 12,050 Shares issuable pursuant to the 2018 Employee Stock Purchase Plan 216 54 Total potentially dilutive shares 11,785 12,104 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Unrealized Gains and Losses, and Estimated Fair Values of the Company’s Investments | The following table presents the amortized costs, unrealized gains and losses, and estimated fair values of the Company’s cash equivalents and short-term investments as of April 30, 2022 (in thousands): April 30, 2022 Amortized Cost* Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 161,162 $ — $ — $ 161,162 Corporate bonds 9,526 — — 9,526 Total cash equivalents 170,688 — — 170,688 Short-term investments: Corporate bonds 67,092 — (266) 66,826 U.S. Treasury securities 97,474 2 (78) 97,398 Commercial paper 42,757 — — 42,757 Total short-term investments 207,323 2 (344) 206,981 Total $ 378,011 $ 2 $ (344) $ 377,669 *Excludes interest receivable of $0.5 million, which is included in prepaid expenses and other current assets on the condensed consolidated balance sheets. |
Schedule of Maturities of the Company’s Short-term Investments | The following table presents the contractual maturities of the Company’s short-term investments as of April 30, 2022 (in thousands): April 30, 2022 Amortized Cost Estimated Fair Value Due within one year $ 184,237 $ 184,027 Due between one to five years 23,086 22,954 Total $ 207,323 $ 206,981 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present information about the Company’s financial assets and liabilities that are measured at fair value and indicate the fair value hierarchy of the valuation inputs used (in thousands): April 30, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 161,162 $ — $ — $ 161,162 Corporate bonds — 9,526 — 9,526 Total cash equivalents 161,162 9,526 0 170,688 Short-term investments: Corporate bonds — 66,826 — 66,826 U.S. Treasury securities — 97,398 — 97,398 Commercial paper — 42,757 — 42,757 Total short-term investments — 206,981 — 206,981 Total assets $ 161,162 $ 216,507 $ — $ 377,669 January 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 378,294 $ — $ — $ 378,294 Total assets $ 378,294 $ — $ — $ 378,294 |
Goodwill and Net Intangible A_2
Goodwill and Net Intangible Assets (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table presents the components of net intangible assets (in thousands): April 30, 2022 January 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired software technology $ 25,400 $ (10,465) $ 14,935 $ 25,400 $ (9,195) $ 16,205 Acquired customer relationships 32,150 (8,837) 23,313 32,150 (7,735) 24,415 Trade names 4,100 (823) 3,277 4,100 (711) 3,389 Patents 170 (129) 41 170 (127) 43 Domain name 44 — 44 44 — 44 Total $ 61,864 $ (20,254) $ 41,610 $ 61,864 $ (17,768) $ 44,096 The components of acquired intangible assets as of the periods presented were as follows (dollars in thousands): April 30, 2022 January 31, 2022 Net Carrying Amount Weighted Average Life (Years) Net Carrying Amount Weighted Average Life (Years) Acquired software technology $ 14,935 3.1 $ 16,205 3.3 Acquired customer relationships 23,313 5.3 24,415 5.5 Trade names 3,277 7.4 3,389 7.6 Total $ 41,525 4.7 $ 44,009 4.9 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of April 30, 2022, estimated remaining amortization expense for the finite-lived intangible assets by fiscal year is as follows (in thousands): Remainder of Fiscal 2023 $ 7,456 Fiscal 2024 9,942 Fiscal 2025 8,740 Fiscal 2026 7,023 Fiscal 2027 4,858 Thereafter 3,547 Total $ 41,566 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | The following table includes a summary of the option activity during the three months ended April 30, 2022: Options Outstanding Weighted-Average Exercise Price Outstanding at January 31, 2022 4,573,482 $ 20.87 Granted 3,744 52.72 Exercised (284,137) 13.61 Forfeited or canceled (31,735) 47.03 Outstanding at April 30, 2022 4,261,354 21.19 Exercisable at April 30, 2022 3,421,858 11.75 |
Schedule of Restricted Stock Units Award Activity | The following table includes a summary of the RSU activity during the three months ended April 30, 2022: Number of Shares Underlying Outstanding RSUs Weighted-Average Grant-Date Fair Value per RSU Outstanding at January 31, 2022 7,281,232 $ 60.95 Granted 1,142,315 53.60 Vested (793,111) 56.48 Forfeited or canceled (322,873) 59.42 Outstanding at April 30, 2022 7,307,563 60.37 |
Schedule of Nonvested Restricted Stock Shares Activity | The following table includes a summary of the RSA activity during the three months ended April 30, 2022: Number of Shares Weighted-Average Grant-Date Fair Value per Share Outstanding at January 31, 2022 56,288 $ 46.93 Granted — — Vested — — Forfeited or canceled — — Outstanding at April 30, 2022 56,288 46.93 |
Schedule of Shares Available for Issuance Under ESPP | The following table includes a summary of the activity during the three months ended April 30, 2022 of our shares available for issuance under our 2018 Plan and our ESPP: 2018 Plan 2018 ESPP Balance at January 31, 2022 15,067,025 4,040,430 Authorized 6,390,477 1,278,096 Granted (1,146,059) — Forfeited or canceled 354,608 — Balance at April 30, 2022 20,666,051 5,318,526 |
Schedule of Share-based Compensation Expense | Share-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended April 30, 2022 2021 Cost of subscription revenue $ 2,611 $ 1,495 Cost of professional services revenue 1,477 673 Research and development 15,615 8,307 Sales and marketing 14,745 8,656 General and administrative 9,452 4,728 Total share-based compensation expense $ 43,900 $ 23,859 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Leases [Abstract] | |
Schedule of Lease Cost | The components of lease expense recorded in the condensed consolidated statements of operations were as follows (in thousands): Three Months Ended April 30, 2022 2021 Operating lease cost $ 4,879 $ 4,532 Short-term lease cost 129 343 Variable lease cost 567 588 Total lease costs $ 5,575 $ 5,463 Other information related to leases was as follows (dollars in thousands): Three Months Ended April 30, 2022 2021 Supplemental cash flow information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases* $ 4,652 $ 4,100 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 4,464 $ — Weighted-average remaining lease term (in years): Operating leases 4.9 6.0 Weighted-average discount rate: Operating leases 4.9 % 5.1 % * Includes cash paid for lease liability accretion of $0.9 million and $1.1 million for the three months ended April 30, 2022 and 2021, respectively. |
Schedule of Future Minimum Rental Payments for Operating Leases | As of April 30, 2022, remaining maturities of lease liabilities were as follows (in thousands): Operating Leases Remainder of Fiscal 2023 $ 14,746 Fiscal 2024 20,115 Fiscal 2025 16,037 Fiscal 2026 13,298 Fiscal 2027 9,991 Thereafter 11,467 Total lease payments 85,654 Less: imputed interest (9,176) Total $ 76,478 |
Geographic Information (Tables)
Geographic Information (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Geographical Area | Revenue by geographic location is determined by the location of the Company’s customers. The following table sets forth revenue (in thousands) by geographic area: Three Months Ended April 30, 2022 2021 United States $ 139,694 $ 96,403 EMEA 15,285 11,061 Asia Pacific 6,534 4,454 Americas other than the United States 6,797 5,164 Total $ 168,310 $ 117,082 |
Schedule of Long-lived Assets by Geographic Areas | Long-lived assets by geographic location is based on the location of the legal entity that owns the asset. The following table sets forth long-lived assets by geographic area (in thousands): April 30, 2022 January 31, 2022 United States $ 76,948 $ 79,278 EMEA 7,320 3,828 Asia Pacific 789 1,153 Americas other than the United States 50 28 Total $ 85,107 $ 84,287 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2022USD ($)segment | Apr. 30, 2021USD ($) | Jan. 31, 2022USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Number of operating segments | segment | 1 | ||
Internal use software costs capitalized | $ 2,600 | $ 1,800 | |
Amortization expense of capitalized internal use software costs | 1,900 | 1,200 | |
Restricted cash included in prepaid expenses and other current assets | $ 343 | $ 250 | |
Software | |||
Lessee, Lease, Description [Line Items] | |||
Software useful life | 3 years | ||
Letter of Credit Collateral | |||
Lessee, Lease, Description [Line Items] | |||
Restricted cash included in prepaid expenses and other current assets | $ 400 | $ 600 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 | Apr. 30, 2021 | Jan. 31, 2021 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 239,683 | $ 449,074 | $ 439,656 | |
Restricted cash included in prepaid expenses and other current assets | 343 | 250 | ||
Restricted cash | 16 | 17 | 18 | |
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows | $ 240,042 | $ 449,680 | $ 439,924 | $ 442,348 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers - Deferred Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Revenue from External Customer [Line Items] | ||
Deferred revenue | $ 401 | |
Subscription | ||
Revenue from External Customer [Line Items] | ||
Revenue recognized included in deferred revenue | 131 | $ 87 |
Deferred revenue | 394.5 | |
Professional services | ||
Revenue from External Customer [Line Items] | ||
Revenue recognized included in deferred revenue | 3.7 | $ 3.6 |
Deferred revenue | $ 6.5 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Revenue Recognition (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-05-01 | Apr. 30, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percentage of revenue related to remaining performance obligations | 91.00% |
Period of expected timing of satisfaction related to remaining performance obligations | 12 months |
Deferred Commissions (Details)
Deferred Commissions (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Jan. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |||
Deferred commissions | $ 94,130 | $ 91,312 | |
Amortization of deferred commission costs | $ 13,100 | $ 9,200 | |
Deferred commissions amortized period | 3 years |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Numerator: | ||
Net loss | $ (70,457) | $ (37,072) |
Denominator: | ||
Weighted-average common shares outstanding, basic (in shares) | 128,519 | 124,110 |
Weighted-average common shares outstanding, diluted (in shares) | 128,519 | 124,110 |
Net loss per share, basic (in dollars per share) | $ (0.55) | $ (0.30) |
Net loss per share, diluted (in dollars per share) | $ (0.55) | $ (0.30) |
Net Loss Per Share - Schedule_2
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares (in shares) | 11,785 | 12,104 |
Shares subject to outstanding common stock awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares (in shares) | 11,569 | 12,050 |
Shares issuable pursuant to the 2018 Employee Stock Purchase Plan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares (in shares) | 216 | 54 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Gains and Losses, and Estimated Fair Values of the Company’s Investments (Details) $ in Thousands | Apr. 30, 2022USD ($) |
Debt and Equity Securities, FV-NI [Line Items] | |
Amortized Cost* | $ 378,011 |
Unrealized Gains | 2 |
Unrealized Losses | (344) |
Short-term investments: | 377,669 |
Interest receivable | 500 |
Corporate bonds | |
Debt and Equity Securities, FV-NI [Line Items] | |
Amortized Cost* | 67,092 |
Unrealized Gains | 0 |
Unrealized Losses | (266) |
Short-term investments: | 66,826 |
U.S. Treasury securities | |
Debt and Equity Securities, FV-NI [Line Items] | |
Amortized Cost* | 97,474 |
Unrealized Gains | 2 |
Unrealized Losses | (78) |
Short-term investments: | 97,398 |
Commercial paper | |
Debt and Equity Securities, FV-NI [Line Items] | |
Amortized Cost* | 42,757 |
Unrealized Gains | 0 |
Unrealized Losses | 0 |
Short-term investments: | 42,757 |
Short-term Investments | |
Debt and Equity Securities, FV-NI [Line Items] | |
Amortized Cost* | 207,323 |
Unrealized Gains | 2 |
Unrealized Losses | (344) |
Short-term investments: | 206,981 |
Money market funds | |
Debt and Equity Securities, FV-NI [Line Items] | |
Amortized Cost* | 161,162 |
Unrealized Gains | 0 |
Unrealized Losses | 0 |
Short-term investments: | 161,162 |
Corporate bonds | |
Debt and Equity Securities, FV-NI [Line Items] | |
Amortized Cost* | 9,526 |
Unrealized Gains | 0 |
Unrealized Losses | 0 |
Short-term investments: | 9,526 |
Cash Equivalents | |
Debt and Equity Securities, FV-NI [Line Items] | |
Amortized Cost* | 170,688 |
Unrealized Gains | 0 |
Unrealized Losses | 0 |
Short-term investments: | $ 170,688 |
Investments - Schedule of Matur
Investments - Schedule of Maturities of the Company’s Short-term Investments (Details) $ in Thousands | Apr. 30, 2022USD ($) |
Amortized Cost | |
Due within one year | $ 184,237 |
Due between one to five years | 23,086 |
Amortized Cost* | 207,323 |
Estimated Fair Value | |
Due within one year | 184,027 |
Due between one to five years | 22,954 |
Estimated Fair Value | $ 206,981 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Cash equivalents: | ||
Short-term investments: | $ 377,669 | |
Corporate bonds | ||
Cash equivalents: | ||
Short-term investments: | 66,826 | |
U.S. Treasury securities | ||
Cash equivalents: | ||
Short-term investments: | 97,398 | |
Commercial paper | ||
Cash equivalents: | ||
Short-term investments: | 42,757 | |
Money market funds | ||
Cash equivalents: | ||
Short-term investments: | 161,162 | |
Corporate bonds | ||
Cash equivalents: | ||
Short-term investments: | 9,526 | |
Fair Value, Measurements, Recurring | ||
Cash equivalents: | ||
Cash equivalents: | 170,688 | |
Short-term investments: | 206,981 | |
Total assets | 377,669 | $ 378,294 |
Fair Value, Measurements, Recurring | Corporate bonds | ||
Cash equivalents: | ||
Short-term investments: | 66,826 | |
Fair Value, Measurements, Recurring | U.S. Treasury securities | ||
Cash equivalents: | ||
Short-term investments: | 97,398 | |
Fair Value, Measurements, Recurring | Commercial paper | ||
Cash equivalents: | ||
Short-term investments: | 42,757 | |
Fair Value, Measurements, Recurring | Money market funds | ||
Cash equivalents: | ||
Cash equivalents: | 161,162 | 378,294 |
Fair Value, Measurements, Recurring | Corporate bonds | ||
Cash equivalents: | ||
Cash equivalents: | 9,526 | |
Fair Value, Measurements, Recurring | Level 1 | ||
Cash equivalents: | ||
Cash equivalents: | 161,162 | |
Short-term investments: | 0 | |
Total assets | 161,162 | 378,294 |
Fair Value, Measurements, Recurring | Level 1 | Corporate bonds | ||
Cash equivalents: | ||
Short-term investments: | 0 | |
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury securities | ||
Cash equivalents: | ||
Short-term investments: | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Commercial paper | ||
Cash equivalents: | ||
Short-term investments: | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Money market funds | ||
Cash equivalents: | ||
Cash equivalents: | 161,162 | 378,294 |
Fair Value, Measurements, Recurring | Level 1 | Corporate bonds | ||
Cash equivalents: | ||
Cash equivalents: | 0 | |
Fair Value, Measurements, Recurring | Level 2 | ||
Cash equivalents: | ||
Cash equivalents: | 9,526 | |
Short-term investments: | 206,981 | |
Total assets | 216,507 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Corporate bonds | ||
Cash equivalents: | ||
Short-term investments: | 66,826 | |
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury securities | ||
Cash equivalents: | ||
Short-term investments: | 97,398 | |
Fair Value, Measurements, Recurring | Level 2 | Commercial paper | ||
Cash equivalents: | ||
Short-term investments: | 42,757 | |
Fair Value, Measurements, Recurring | Level 2 | Money market funds | ||
Cash equivalents: | ||
Cash equivalents: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Corporate bonds | ||
Cash equivalents: | ||
Cash equivalents: | 9,526 | |
Fair Value, Measurements, Recurring | Level 3 | ||
Cash equivalents: | ||
Cash equivalents: | 0 | |
Short-term investments: | 0 | |
Total assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Corporate bonds | ||
Cash equivalents: | ||
Short-term investments: | 0 | |
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury securities | ||
Cash equivalents: | ||
Short-term investments: | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Commercial paper | ||
Cash equivalents: | ||
Short-term investments: | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Money market funds | ||
Cash equivalents: | ||
Cash equivalents: | 0 | $ 0 |
Fair Value, Measurements, Recurring | Level 3 | Corporate bonds | ||
Cash equivalents: | ||
Cash equivalents: | $ 0 |
Goodwill and Net Intangible A_3
Goodwill and Net Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Changes in goodwill | $ 0 | |
Measurement period adjustments | 0 | |
Amortization expense | $ 2,500 | $ 2,500 |
Goodwill and Net Intangible A_4
Goodwill and Net Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Jan. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 61,864 | $ 61,864 |
Accumulated Amortization | (20,254) | (17,768) |
Net Carrying Amount | 41,610 | 44,096 |
Net Carrying Amount | $ 41,525 | $ 44,009 |
Weighted Average Life (Years) | 4 years 8 months 12 days | 4 years 10 months 24 days |
Acquired software technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 25,400 | $ 25,400 |
Accumulated Amortization | (10,465) | (9,195) |
Net Carrying Amount | 14,935 | 16,205 |
Net Carrying Amount | $ 14,935 | $ 16,205 |
Weighted Average Life (Years) | 3 years 1 month 6 days | 3 years 3 months 18 days |
Acquired customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 32,150 | $ 32,150 |
Accumulated Amortization | (8,837) | (7,735) |
Net Carrying Amount | 23,313 | 24,415 |
Net Carrying Amount | $ 23,313 | $ 24,415 |
Weighted Average Life (Years) | 5 years 3 months 18 days | 5 years 6 months |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,100 | $ 4,100 |
Accumulated Amortization | (823) | (711) |
Net Carrying Amount | 3,277 | 3,389 |
Net Carrying Amount | $ 3,277 | $ 3,389 |
Weighted Average Life (Years) | 7 years 4 months 24 days | 7 years 7 months 6 days |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 170 | $ 170 |
Accumulated Amortization | (129) | (127) |
Net Carrying Amount | 41 | 43 |
Domain name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 44 | 44 |
Accumulated Amortization | 0 | 0 |
Net Carrying Amount | $ 44 | $ 44 |
Goodwill and Net Intangible A_5
Goodwill and Net Intangible Assets - Estimated Remaining Amortization Expense (Details) $ in Thousands | Apr. 30, 2022USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of Fiscal 2023 | $ 7,456 |
Fiscal 2024 | 9,942 |
Fiscal 2025 | 8,740 |
Fiscal 2026 | 7,023 |
Fiscal 2027 | 4,858 |
Thereafter | 3,547 |
Total | $ 41,566 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2022USD ($)purchasePeriodshares | Apr. 30, 2021USD ($) | Jan. 31, 2022shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 43,900 | $ 23,859 | |
Capitalized software development costs | $ 700 | $ 400 | |
2018 ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allowable payroll deduction as a percent of base cash compensation | 15.00% | ||
Offering period (in months) | 6 months | ||
Number of purchase periods | purchasePeriod | 1 | ||
Purchase period (in months) | 6 months | ||
Purchase price percent | 85.00% | ||
Maximum number of shares authorized (in shares) | shares | 5,318,526 | 4,040,430 | |
Share-based compensation | $ 8,900 | ||
Common Class A | 2018 ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period in which shares authorized increase | 10 years | ||
Common Class A | 2018 ESPP | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares authorized (in shares) | shares | 20,400,000 | ||
Common Class A and B | 2018 ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of shares outstanding | 1.00% | ||
Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Expiration period | 10 years | ||
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
RSAs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options (Details) - Stock Option | 3 Months Ended |
Apr. 30, 2022$ / sharesshares | |
Options Outstanding | |
Outstanding beginning balance (in shares) | shares | 4,573,482 |
Granted (in shares) | shares | 3,744 |
Exercised (in shares) | shares | (284,137) |
Forfeited or canceled (in shares) | shares | (31,735) |
Outstanding ending balance (in shares) | shares | 4,261,354 |
Exercisable (in shares) | shares | 3,421,858 |
Weighted-Average Exercise Price | |
Outstanding beginning balance (in dollars per share) | $ / shares | $ 20.87 |
Granted (in dollars per share) | $ / shares | 52.72 |
Exercised (in dollars per share) | $ / shares | 13.61 |
Forfeited or canceled (in dollars per share) | $ / shares | 47.03 |
Outstanding ending balance (in dollars per share) | $ / shares | 21.19 |
Exercisable (in dollars per share) | $ / shares | $ 11.75 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Units (Details) - RSUs | 3 Months Ended |
Apr. 30, 2022$ / sharesshares | |
Number of Shares Underlying Outstanding RSUs | |
Outstanding beginning balance (in shares) | shares | 7,281,232 |
Granted (in shares) | shares | 1,142,315 |
Vested (in shares) | shares | (793,111) |
Forfeited or canceled (in shares) | shares | (322,873) |
Outstanding ending balance (in shares) | shares | 7,307,563 |
Weighted-Average Grant-Date Fair Value per RSU | |
Outstanding beginning balance (in dollars per share) | $ / shares | $ 60.95 |
Granted (in dollars per share) | $ / shares | 53.60 |
Vested (in dollars per share) | $ / shares | 56.48 |
Forfeited or canceled (in dollars per share) | $ / shares | 59.42 |
Outstanding ending balance (in dollars per share) | $ / shares | $ 60.37 |
Share-Based Compensation - Re_2
Share-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock | 3 Months Ended |
Apr. 30, 2022$ / sharesshares | |
Number of Shares | |
Outstanding beginning balance (in shares) | shares | 56,288 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Forfeited or canceled (in shares) | shares | 0 |
Outstanding ending balance (in shares) | shares | 56,288 |
Weighted-Average Grant-Date Fair Value per Share | |
Outstanding beginning balance (in dollars per share) | $ / shares | $ 46.93 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited or canceled (in dollars per share) | $ / shares | 0 |
Outstanding ending balance (in dollars per share) | $ / shares | $ 46.93 |
Share-Based Compensation - 2018
Share-Based Compensation - 2018 Plan and 2018 Employee Stock Purchase Plan (Details) | 3 Months Ended |
Apr. 30, 2022shares | |
2018 Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance at beginning of period (in shares) | 15,067,025 |
Authorized (in shares) | 6,390,477 |
Granted (in shares) | (1,146,059) |
Forfeited or canceled (in shares) | 354,608 |
Balance at end of period (in shares) | 20,666,051 |
2018 ESPP | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance at beginning of period (in shares) | 4,040,430 |
Authorized (in shares) | 1,278,096 |
Granted (in shares) | 0 |
Forfeited or canceled (in shares) | 0 |
Balance at end of period (in shares) | 5,318,526 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | $ 43,900 | $ 23,859 |
Cost of subscription revenue | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | 2,611 | 1,495 |
Cost of professional services revenue | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | 1,477 | 673 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | 15,615 | 8,307 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | 14,745 | 8,656 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | $ 9,452 | $ 4,728 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision | $ 215 | $ 49 |
Income Tax Contingency [Line Items] | ||
Income tax provision | $ 215 | 49 |
Maximum | ||
Income Tax Disclosure [Abstract] | ||
Income tax provision | 100 | |
Income Tax Contingency [Line Items] | ||
Income tax provision | $ 100 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 3 Months Ended |
Apr. 30, 2022 | |
Lessee, Lease, Description [Line Items] | |
Option to extend lease | 5 years |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 7 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Leases [Abstract] | ||
Operating lease cost | $ 4,879 | $ 4,532 |
Short-term lease cost | 129 | 343 |
Variable lease cost | 567 | 588 |
Total lease costs | $ 5,575 | $ 5,463 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 4,652 | $ 4,100 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 4,464 | $ 0 |
Weighted-average remaining lease term (in years): | ||
Operating leases | 4 years 10 months 24 days | 6 years |
Weighted-average discount rate: | ||
Operating leases | 4.90% | 5.10% |
Cash paid for lease liability accretion | $ 900 | $ 1,100 |
Leases - Schedule of Future Pay
Leases - Schedule of Future Payments for Operating Leases (Details) $ in Thousands | Apr. 30, 2022USD ($) |
Operating Leases | |
Remainder of Fiscal 2023 | $ 14,746 |
Fiscal 2024 | 20,115 |
Fiscal 2025 | 16,037 |
Fiscal 2026 | 13,298 |
Fiscal 2027 | 9,991 |
Thereafter | 11,467 |
Total lease payments | 85,654 |
Less: imputed interest | (9,176) |
Total | $ 76,478 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended |
Jan. 31, 2022USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Payments for legal settlement | $ 10 |
Geographic Information - Schedu
Geographic Information - Schedule of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 168,310 | $ 117,082 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 139,694 | 96,403 |
EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 15,285 | 11,061 |
Asia Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 6,534 | 4,454 |
Americas other than the United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 6,797 | $ 5,164 |
Geographic Information - Long-l
Geographic Information - Long-lived Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | $ 85,107 | $ 84,287 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | 76,948 | 79,278 |
EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | 7,320 | 3,828 |
Asia Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | 789 | 1,153 |
Americas other than the United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | $ 50 | $ 28 |