Cover Page
Cover Page - shares | 6 Months Ended | |
Jul. 31, 2020 | Aug. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-38982 | |
Entity Registrant Name | Medallia, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0558353 | |
Entity Address, Address Line One | 575 Market Street | |
Entity Address, Address Line Two | Suite 1850 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94105 | |
City Area Code | 650 | |
Local Phone Number | 321-3000 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | MDLA | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 147,082,664 | |
Entity Central Index Key | 0001540184 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --01-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 225,782 | $ 226,866 |
Marketable securities | 121,741 | 116,833 |
Trade and other receivables, net of allowance for doubtful accounts of $3,173 and $982 as of July 31, 2020 and January 31, 2020, respectively | 85,767 | 150,661 |
Deferred commissions, current | 25,425 | 22,455 |
Prepaid expenses and other current assets | 24,500 | 22,492 |
Total current assets | 483,215 | 539,307 |
Property and equipment, net | 38,717 | 34,879 |
Deferred commissions, noncurrent | 56,120 | 51,540 |
Intangible assets, net | 35,937 | 21,306 |
Goodwill | 143,462 | 79,324 |
Other noncurrent assets | 9,680 | 5,293 |
Total assets | 767,131 | 731,649 |
Current liabilities: | ||
Accounts payable | 1,879 | 3,608 |
Accrued expenses and other current liabilities | 27,415 | 20,268 |
Accrued compensation | 31,922 | 37,160 |
Revolving line of credit | 43,000 | 0 |
Deferred revenue, current | 206,806 | 263,115 |
Total current liabilities | 311,022 | 324,151 |
Deferred revenue, noncurrent | 1,051 | 1,407 |
Deferred rent, noncurrent | 5,173 | 2,799 |
Other liabilities | 13,782 | 5,496 |
Total liabilities | 331,028 | 333,853 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity: | ||
Common stock, $0.001 par value: 1,000,000,000 shares authorized as of July 31, 2020 and January 31, 2020; 145,554,351 shares and 132,346,402 shares issued and outstanding as of July 31, 2020 and January 31, 2020, respectively | 142 | 132 |
Additional paid-in capital | 986,232 | 878,843 |
Accumulated other comprehensive loss | (1,571) | (206) |
Accumulated deficit | (548,700) | (480,973) |
Total stockholders' equity | 436,103 | 397,796 |
Total liabilities and stockholders' equity | $ 767,131 | $ 731,649 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 3,173 | $ 982 |
Common stock, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 145,554,351 | 132,346,402 |
Common stock, shares outstanding (in shares) | 145,554,351 | 132,346,402 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Revenue: | ||||
Revenues | $ 115,525 | $ 95,670 | $ 228,216 | $ 189,289 |
Total revenue | 115,525 | 95,670 | 228,216 | 189,289 |
Cost of revenue: | ||||
Total cost of revenue | 41,172 | 34,883 | 80,735 | 67,478 |
Gross profit | 74,353 | 60,787 | 147,481 | 121,811 |
Operating expenses: | ||||
Research and development | 27,790 | 22,693 | 60,169 | 42,309 |
Sales and marketing | 51,942 | 46,470 | 103,957 | 80,085 |
General and administrative | 29,137 | 30,076 | 50,635 | 39,914 |
Total operating expenses | 108,869 | 99,239 | 214,761 | 162,308 |
Loss from operations | (34,516) | (38,452) | (67,280) | (40,497) |
Interest income and other income (expense), net | (448) | 431 | (273) | 573 |
Loss before provision for income taxes | (34,964) | (38,021) | (67,553) | (39,924) |
Provision for income taxes | 234 | 263 | 174 | 919 |
Net loss | $ (35,198) | $ (38,284) | $ (67,727) | $ (40,843) |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.25) | $ (0.87) | $ (0.49) | $ (1.10) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares) | 142,479 | 43,986 | 139,272 | 37,248 |
Subscription | ||||
Revenue: | ||||
Revenues | $ 92,831 | $ 74,547 | $ 181,823 | $ 146,259 |
Cost of revenue: | ||||
Total cost of revenue | 19,130 | 14,699 | 36,474 | 28,160 |
Professional services | ||||
Revenue: | ||||
Revenues | 22,694 | 21,123 | 46,393 | 43,030 |
Cost of revenue: | ||||
Total cost of revenue | $ 22,042 | $ 20,184 | $ 44,261 | $ 39,318 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (35,198) | $ (38,284) | $ (67,727) | $ (40,843) |
Other comprehensive income (loss), net of taxes: | ||||
Foreign currency translation adjustment | 1,948 | (223) | (583) | (386) |
Change in unrealized gain (loss) on marketable securities | (15) | 31 | (12) | 46 |
Change in unrealized gain (loss) on cash flow hedges | (547) | (438) | (770) | (691) |
Other comprehensive income (loss) | 1,386 | (630) | (1,365) | (1,031) |
Comprehensive loss | $ (33,812) | $ (38,914) | $ (69,092) | $ (41,874) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Operating activities | ||
Net loss | $ (67,727) | $ (40,843) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 11,790 | 6,718 |
Amortization of deferred commissions | 12,433 | 8,687 |
Stock-based compensation expense | 56,438 | 43,141 |
Impairment (gain) on property and equipment, and lease termination | 0 | (13,783) |
Lease exit costs | 7,634 | 0 |
Other | 1,813 | (560) |
Changes in assets and liabilities: | ||
Trade and other receivables | 63,310 | 50,224 |
Deferred commissions | (19,983) | (15,785) |
Prepaid expenses and other current assets | (2,214) | (7,405) |
Other noncurrent assets | (1,404) | (36) |
Accounts payable | (2,912) | 1,832 |
Deferred revenue | (57,766) | (39,198) |
Accrued expenses and other current liabilities | (4,295) | 4,245 |
Other noncurrent liabilities | 6,574 | 121 |
Net cash provided by (used in) operating activities | 3,691 | (2,642) |
Investing activities | ||
Purchases of property, equipment and other | (9,774) | (5,234) |
Purchase of marketable securities | (139,196) | (76,122) |
Maturities of marketable securities | 133,473 | 23,125 |
Proceeds from sale of marketable securities | 1,100 | 511 |
Acquisitions, net of cash acquired | (80,372) | (19,540) |
Net cash used in investing activities | (94,769) | (77,260) |
Financing activities | ||
Proceeds from initial public offering net of issuance costs, underwriters discounts and commissions, and concurrent private placement | 0 | 320,392 |
Proceeds from Series F convertible preferred stock, net of issuance costs | 0 | 69,848 |
Proceeds from revolving line of credit | 43,000 | 0 |
Proceeds from exercise of stock options | 41,032 | 13,018 |
Proceeds from share purchase plan | 10,267 | 0 |
Principal payments on capital leases | (2,117) | (1,469) |
Repayment of debt assumed in acquisitions and other | (2,139) | (2,297) |
Net cash provided by financing activities | 90,043 | 399,492 |
Effect of exchange rate changes on cash and cash equivalents | (49) | (47) |
Net (decrease) increase in cash and cash equivalents | (1,084) | 319,543 |
Cash and cash equivalents at beginning of period | 226,866 | 44,876 |
Cash and cash equivalents at end of period | 225,782 | 364,419 |
Supplemental disclosures of cash flow information | ||
Cash paid for interest | 652 | 265 |
Cash paid for income taxes | 656 | 806 |
Noncash investing and financing activities | ||
Other receivables related to stock option exercises | 1 | 0 |
Vesting of early exercised stock options | 0 | 392 |
Accrued unpaid issuance costs related to initial public offering | 0 | 690 |
Accrued unpaid capital expenditures | $ 2,111 | $ 5,809 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred StockConvertible Preferred Stock | Common Stock | Common StockCommon Class A | Common StockCommon Class B | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance at Jan. 31, 2019 | $ (6,558) | $ 72 | $ 0 | $ 30 | $ 0 | $ 363,076 | $ (1,096) | $ (368,640) |
Beginning balance (in shares) at Jan. 31, 2019 | 72,482,609 | 0 | 29,755,883 | 3,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercise of employee stock options | 13,010 | $ 2 | $ 1 | 13,007 | ||||
Exercise of employee stock options (in shares) | 1,889,293 | 1,370,818 | ||||||
Conversion of common stock | $ 31 | $ (31) | ||||||
Conversion of common stock (in shares) | 31,129,701 | (31,126,701) | (3,000) | |||||
Conversion of preferred stock | $ (77) | $ 77 | ||||||
Conversion of preferred stock (in shares) | (77,149,275) | 77,149,275 | ||||||
Proceeds from initial public offering, net of issuance and underwriters' discounts and commissions and concurrent private placement | 319,572 | $ 17 | 319,555 | |||||
Proceeds from initial public offering, net of issuance and underwriters' discounts and commissions and concurrent private placement (in shares) | 16,680,000 | |||||||
Repurchase of early exercised stock options (in shares) | (625) | |||||||
Issuance of Series F preferred shares, net of issuance costs | 69,848 | $ 5 | 69,843 | |||||
Issuance of Series F preferred shares, net of issuance costs (in shares) | 4,666,666 | |||||||
Vesting of early exercised stock options | 392 | 392 | ||||||
Warrant exercises (in shares) | 73,299 | |||||||
Stock-based compensation | 43,141 | 43,141 | ||||||
Other comprehensive loss | (1,031) | (1,031) | ||||||
Net loss | (40,843) | (40,843) | ||||||
Ending balance at Jul. 31, 2019 | 397,531 | $ 0 | $ 127 | $ 0 | $ 0 | 809,014 | (2,127) | (409,483) |
Ending balance (in shares) at Jul. 31, 2019 | 0 | 126,920,943 | 0 | 0 | ||||
Beginning balance at Apr. 30, 2019 | 73,767 | $ 77 | $ 0 | $ 31 | $ 0 | 446,355 | (1,497) | (371,199) |
Beginning balance (in shares) at Apr. 30, 2019 | 77,149,275 | 0 | 31,126,701 | 3,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercise of employee stock options | 7,742 | $ 2 | 7,740 | |||||
Exercise of employee stock options (in shares) | 1,889,293 | |||||||
Conversion of common stock | $ 31 | $ (31) | ||||||
Conversion of common stock (in shares) | 31,129,701 | (31,126,701) | (3,000) | |||||
Conversion of preferred stock | $ (77) | $ 77 | ||||||
Conversion of preferred stock (in shares) | (77,149,275) | 77,149,275 | ||||||
Proceeds from initial public offering, net of issuance and underwriters' discounts and commissions and concurrent private placement | $ 319,572 | $ 17 | 319,555 | |||||
Proceeds from initial public offering, net of issuance and underwriters' discounts and commissions and concurrent private placement (in shares) | 16,680,000 | |||||||
Repurchase of early exercised stock options (in shares) | (625) | |||||||
Vesting of early exercised stock options | 185 | 185 | ||||||
Warrant exercises (in shares) | 73,299 | |||||||
Stock-based compensation | 35,179 | 35,179 | ||||||
Other comprehensive loss | (630) | (630) | ||||||
Net loss | (38,284) | (38,284) | ||||||
Ending balance at Jul. 31, 2019 | 397,531 | $ 0 | $ 127 | $ 0 | $ 0 | 809,014 | (2,127) | (409,483) |
Ending balance (in shares) at Jul. 31, 2019 | 0 | 126,920,943 | 0 | 0 | ||||
Beginning balance at Jan. 31, 2020 | 397,796 | $ 0 | $ 132 | $ 0 | $ 0 | 878,843 | (206) | (480,973) |
Beginning balance (in shares) at Jan. 31, 2020 | 0 | 132,346,402 | 0 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercise of employee stock options | $ 40,694 | $ 9 | 40,685 | |||||
Exercise of employee stock options (in shares) | 9,853,483 | 9,853,483 | ||||||
Release of restricted stock units (in shares) | 2,762,734 | |||||||
Issuance of shares from share purchase plan | $ 10,267 | $ 1 | 10,266 | |||||
Issuance of shares from share purchase plan (in shares) | 591,732 | |||||||
Stock-based compensation | 56,438 | 56,438 | ||||||
Other comprehensive loss | (1,365) | (1,365) | ||||||
Net loss | (67,727) | (67,727) | ||||||
Ending balance at Jul. 31, 2020 | 436,103 | $ 0 | $ 142 | $ 0 | $ 0 | 986,232 | (1,571) | (548,700) |
Ending balance (in shares) at Jul. 31, 2020 | 0 | 145,554,351 | 0 | 0 | ||||
Beginning balance at Apr. 30, 2020 | 423,521 | $ 0 | $ 139 | $ 0 | $ 0 | 939,841 | (2,957) | (513,502) |
Beginning balance (in shares) at Apr. 30, 2020 | 0 | 139,794,418 | 0 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercise of employee stock options | 21,760 | $ 3 | 21,757 | |||||
Exercise of employee stock options (in shares) | 4,668,851 | |||||||
Release of restricted stock units (in shares) | 1,091,082 | |||||||
Stock-based compensation | 24,634 | 24,634 | ||||||
Other comprehensive loss | 1,386 | 1,386 | ||||||
Net loss | (35,198) | (35,198) | ||||||
Ending balance at Jul. 31, 2020 | $ 436,103 | $ 0 | $ 142 | $ 0 | $ 0 | $ 986,232 | $ (1,571) | $ (548,700) |
Ending balance (in shares) at Jul. 31, 2020 | 0 | 145,554,351 | 0 | 0 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 31, 2020 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies Description of Business Medallia, Inc. (the Company or Medallia) provides an enterprise Software-as-a-Service (SaaS) platform that utilizes deep learning-based artificial intelligence (AI) technology to analyze structured and unstructured data from signal fields across human, digital and Internet of Things (IoT) interactions at great scale to derive personalized and predictive insights. Medallia's customers include companies in various industries such as retail, technology, manufacturing, financial services, insurance and hospitality. Medallia is headquartered in San Francisco, California. Basis of Presentation and Consolidation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of January 31, 2020 included herein was derived from the audited financial statements as of that date but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. The unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets, statements of operations, comprehensive loss, stockholders’ equity and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements in its Annual Report on Form 10-K, for the year ended January 31, 2020. The Company's fiscal year ends on January 31. References to fiscal 2021, for example, refer to the fiscal year ending January 31, 2021. Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the periods covered by the financial statements and accompanying notes. Such estimates include, but are not limited to revenue recognition, stock-based compensation expense, including estimation of the grant date fair value of the common stock, allowance for doubtful accounts, the assessment of the recoverability of long-lived assets (goodwill, and identified intangible assets), lease exit charges and contingencies. The Company bases its estimates on historical experience and on assumptions that it believes are reasonable. The Company assesses these estimates on a regular basis; however, actual results could materially differ from these estimates. The COVID-19 pandemic has created and may continue to create significant uncertainty, which in the future may adversely impact the Company’s results of operations. The Company expects uncertainties around its key accounting estimates, including principally the allowance for doubtful accounts, to continue to evolve depending on the duration and degree of impact associated with the COVID-19 pandemic. The Company’s estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in its unaudited condensed consolidated financial statements. JOBS Act Accounting Election The Company is an emerging growth company (EGC), as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, EGCs can delay adopting new or revised accounting standards issued subsequent to 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 earlier of the date the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, the Company’s unaudited condensed consolidated financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. Effective January 31, 2021, the Company will no longer meet the definition of an EGC. Accordingly, as of January 31, 2021, the Company will be required to comply with the effective accounting standards as described in "Recently Issued Accounting Pronouncements", which the Company is currently evaluating. Concentrations of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and trade and other receivables. For cash, cash equivalents and marketable securities, the Company is exposed to credit risk in the event of default to the extent of the amounts recorded on the condensed consolidated balance sheets. A majority of the cash balances are with U.S. banks and are insured to the extent defined by the Federal Deposit Insurance Corporation. The Company does not require collateral for trade receivabl es. No customer accounted for 10% or more of total revenues for the three and six months end ed July 31, 2020 and 2019. No customer accounted for 10% or more of accounts receivable as of July 31, 2020 and July 31, 2019. Significant Accounting Policies The Company’s significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended January 31, 2020. There have been no material changes to the Company’s significant accounting policies during the three and six months ended July 31, 2020. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases, as amended, which would require lessees to put all leases on their balance sheets, whether operating or financing, while continuing to recognize the expenses on their income statements in a similar manner to current practice. The guidance states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. In the fourth quarter of fiscal year 2021, the guidance will be required to be adopted by the Company for its fiscal year ending January 31, 2021. While the Company is evaluating the accounting, transition and disclosure requirements of the standard, the Company anticipates the recognition of additional assets and corresponding liabilities related to the leases on its balance sheets. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments , as amended, which requires the measurement and recognition of expected credit losses for financial assets not held at fair value. ASU 2016-13 replaces the existing incurred loss impairment model with a forward-looking expected credit loss model which will result in earlier recognition of credit losses. In the fourth quarter of fiscal year 2021, the guidance will be required to be adopted by the Company for its fiscal year ending January 31, 2021. The Comp any is in the process of evaluating the impact of this accounting standard. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, as amended . The ASU is intended to better align an entity's risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. In the fourth quarter of fiscal year 2021, the guidance will be required to be adopted by the Company for its fiscal year ending January 31, 2021. The Company is in the process of evaluating the impact of this accounting standard. |
Revenue
Revenue | 6 Months Ended |
Jul. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Revenue Recognition Revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company determines revenue recognition through the following steps: • identification of the contract, or contracts, with a customer; • identification of the performance obligations in the contract; • determination of the transaction price; • allocation of the transaction price to the performance obligations in the contract; and • recognition of revenue when, or as, the Company satisfies a performance obligation. Subscription Revenue Subscription revenue is derived from customers accessing the Company's proprietary hosted cloud application. The Company's customers do not have the ability to take possession of the software operating the cloud application. The contracted subscription terms are typically one year to three years. The Company recognizes subscription revenue ratably over the subscription term, commencing on the date the service is provisioned. Professional Services Revenue Professional services revenue consists of managed services and implementation and other services. These services are distinct from subscription revenue. Managed services support our customers by providing a range of ongoing services including program design, launch, enhancement, expansion and analytics. Managed services are a stand-ready obligation to perform these services over the term of the arrangement and as a result, revenues are recognized ratably over the term of the arrangement. Implementation services consist primarily of initial design, integration and configuration services. Other professional services include projects that enable customers to gain insightful business information through data analysis, and the Company's institute training programs. Implementation and other services revenue are recognized as services are performed. Contracts with Multiple Performance Obligations Most of the Company's contracts with customers contain multiple performance obligations. The Company's subscription services are sold for a broad range of amounts (the selling price is highly variable) and a representative standalone selling price (SSP) is not discernible from past transactions or other observable evidence. Standalone selling prices for professional services are estimated based upon observable transactions when those services are sold on a standalone basis. As a result, the SSP for subscription services included in a contract with multiple performance obligations is determined by applying a residual approach whereby performance obligations related to professional services within a contract are first allocated a portion of the transaction price based upon their respective SSPs, with the residual amount of transaction price allocated to subscription services. Contract Balances and Remaining Performance Obligations Contract assets represent revenue recognized for contracts that have not yet been invoiced to customers, typically for multi-year arrangements. Total contract assets were $4.5 million and $2.1 million as of July 31, 2020 and January 31, 2020, respectively. These balances are included within trade and other receivables, net, on the unaudited condensed consolidated balance sheets. Contract liabilities consist of deferred revenue. Revenue is deferred when the Company has the right to invoice in advance of services being provided. The Company recognized revenue of $91.6 million and $170.7 million during the three and six months ended July 31, 2020, respectively and $83.4 million and $139.8 million for the three and six months ended July 31, 2019, respectively, that were included in the deferred revenue balances at the beginning of the respective periods. The Company applied a practicable expedient allowing it not to disclose the amount of the transaction price allocated to the remaining performance obligations for contracts with an original expected duration of one year or less, which includes certain professional service contracts. Remaining performance obligations represent contra cted revenue that has not yet been recognized, and include deferred revenue, and amounts that will be invoiced and recognized as revenue in future periods. As of July 31, 2020, the Company's remaining performance obligations were $727.8 million, approximately 47% of which it expects to recognize as revenue over the next 12 months and the remaining balance will be recognized thereafter. As of January 31, 2020, the Company's remaining performance obligations were $679.0 million, approximately 51% of which it expects to recognize as revenue over the next 12 months and the remaining balance will be recognized thereafter. Disaggregation of Revenue by Geographic Region The following table sets forth revenue by geographic region based on the billing address of the customers' parent for the periods presented (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2020 2019 2020 2019 North America $ 88,506 $ 71,887 $ 175,432 $ 143,334 EMEA 17,286 16,050 34,227 31,333 Other 9,733 7,733 18,557 14,622 Total $ 115,525 $ 95,670 $ 228,216 $ 189,289 The United States comprised 73% of the Company's revenue during each of the three and six months ended July 31, 2020, and comprised 72% and 70% during the three and six months ended July 31, 2019, respectively. No other country comprised 10% or greater of the Company's revenue during each of the three and six months ended July 31, 2020 and 2019. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 6 Months Ended |
Jul. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities The Company estimates the fair value of cash equivalents, marketable securities and foreign currency derivative contracts by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data or other means. Level 3: Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. The inputs require significant management judgment or estimation. All of the Company's cash equivalents, marketable securities and foreign currency derivative contracts are classified within Level 1 or Level 2 because the Company's cash equivalents, marketable securities and foreign currency derivative contracts are valued using quoted market prices or alternative pricing sources and models utilizing observable market inputs. The following tables represents the fair value of assets and liabilities measured at fair value on a recurring basis using the above hierarchy (in thousands): July 31, 2020 January 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 113,131 $ — $ — $ 113,131 $ 92,272 $ — $ — $ 92,272 Commercial paper — 8,999 — 8,999 — 17,667 — 17,667 U.S. government and agency securities — 5,000 — 5,000 — 17,978 — 17,978 Total cash equivalents 113,131 13,999 — 127,130 92,272 35,645 — 127,917 Marketable securities: Corporate notes and bonds — — — — — 5,674 — 5,674 Commercial paper — 16,754 — 16,754 — 13,713 — 13,713 U.S. government and agency securities — 104,987 — 104,987 — 97,446 — 97,446 Total marketable securities — 121,741 — 121,741 — 116,833 — 116,833 Derivative assets — 453 — 453 — 683 — 683 Total assets measured at fair value $ 113,131 $ 136,193 $ — $ 249,324 $ 92,272 $ 153,161 $ — $ 245,433 Liabilities: Derivative liabilities $ — $ 1,006 $ — $ 1,006 $ — $ 342 $ — $ 342 Total liabilities measured at fair value $ — $ 1,006 $ — $ 1,006 $ — $ 342 $ — $ 342 |
Cash Equivalents and Marketable
Cash Equivalents and Marketable Securities | 6 Months Ended |
Jul. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash Equivalents and Marketable Securities | Cash Equivalents and Marketable Securities As of July 31, 2020, cash equivalent and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 113,131 $ — $ — $ 113,131 U.S. government and agency securities 109,977 10 — 109,987 Commercial paper 25,753 — — 25,753 Total $ 248,861 $ 10 $ — $ 248,871 Included in cash and cash equivalents $ 127,130 $ — $ — $ 127,130 Included in marketable securities $ 121,731 $ 10 $ — $ 121,741 As of January 31, 2020, cash equivalent and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 92,272 $ — $ — $ 92,272 U.S. government and agency securities 115,412 13 — 115,425 Commercial paper 31,379 — — 31,379 Corporate notes and bonds 5,665 9 — 5,674 Total $ 244,728 $ 22 $ — $ 244,750 Included in cash and cash equivalents $ 127,917 $ — $ — $ 127,917 Included in marketable securities $ 116,811 $ 22 $ — $ 116,833 Marketable securities as of July 31, 2020 and January 31, 2020 had a stated maturity date of less than one year. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jul. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Cash Flow Hedges As of July 31, 2020 and January 31, 2020, the Company had outstanding foreign currency forward contracts designated as cash flow hedges with total notional value s of $3.7 million and $5.8 million, respectively. All contracts have maturities not greater than 13 months. The notional value represents the amount that will be bought or sold upon maturity of the forward contract. During the three and six months ended July 31, 2020 and 2019, all cash flow hedges were considered effective. Foreign Currency Forward Contracts Not Designated as Hedges As of July 31, 2020 and January 31, 2020, the Company had outstanding forward contract s with total notional values o f $24.9 million and $23.5 million, respectively. All contracts have maturities not greater than 13 months. The fair values of outstanding derivative instruments were as follows (in thousands): July 31, 2020 January 31, 2020 Derivative assets (recorded in prepaid expenses and other current assets): Foreign currency forward contracts designated as cash flow hedges $ 354 $ 384 Foreign currency forward contracts not designated as hedges 100 299 Derivative liabilities (recorded in accrued expenses and other current liabilities): Foreign currency forward contracts designated as cash flow hedges 544 76 Foreign currency forward contracts not designated as hedges 462 266 Gains (losses) associated with foreign currency forward contracts designated as cash flow hedges were as follows (in thousands): Condensed Consolidated Statements of Operations and Statements of Comprehensive Loss (OCI) Locations Three Months Ended July 31, Six Months Ended July 31, 2020 2019 2020 2019 Gains (losses) recognized in OCI (effective portion) Change in unrealized gain (loss) on cash flow hedges, net of tax $ (748) $ (467) $ (676) $ (610) Gains (losses) reclassified from OCI into income (effective portion) Revenues 161 115 291 219 Gains (losses) reclassified from OCI into income (effective portion) General and administrative (363) (145) (199) (139) Gains (losses) recognized in income (amount excluded from effectiveness testing and ineffective portion) Interest income and other income (expense), net (9) (29) (58) (62) Of the gains (losses) recognized in OCI for the effective portion of foreign currency forward contracts designated as cash flow hedges as of July 31, 2020 , $0.3 million is expected to be reclassified out of OCI within the next 12 months. Gains (losses) associated with foreign currency forward contracts not designated as cash flow hedges were as follows (in thousands): Condensed Consolidated Statements of Three Months Ended July 31, Six Months Ended July 31, Derivative Type 2020 2019 2020 2019 Foreign currency forward contracts not designated as hedges Interest income and other income (expense), net $ (1,784) $ 16 $ (1,117) $ (43) As of July 31, 2020, information related to offsetting arrangements was as follows (in thousands): Gross Gross Net Gross Amounts Not Net Asset Financial Cash Derivative assets: Counterparty A $ 146 $ — $ 146 $ (51) $ — $ 95 Counterparty B 307 — 307 (307) — — Total $ 453 $ — $ 453 $ (358) $ — $ 95 Gross Gross Net Gross Amounts Not Net Financial Cash Derivative liabilities: Counterparty A $ 51 $ — $ 51 $ (51) $ — $ — Counterparty B 955 — 955 (307) — 648 Total $ 1,006 $ — $ 1,006 $ (358) $ — $ 648 As of January 31, 2020, information related to offsetting arrangements was as follows (in thousands): Gross Gross Net Gross Amounts Not Net Asset Financial Cash Derivative assets: Counterparty A $ 102 $ — $ 102 $ (5) $ — $ 97 Counterparty B 581 — 581 (337) — 244 Total $ 683 $ — $ 683 $ (342) $ — $ 341 Gross Gross Net Gross Amounts Not Net Financial Cash Derivative liabilities: Counterparty A $ 5 $ — $ 5 $ (5) $ — $ — Counterparty B 337 — 337 (337) — — Total $ 342 $ — $ 342 $ (342) $ — $ — |
Business Combinations
Business Combinations | 6 Months Ended |
Jul. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations On May 1, 2020 the Company acquired Voci Technologies (Voci), a privately-held company, for approximately $59.6 million in cash. Voci is a real-time speech to text platform, that delivers a rich single view of the customer that can power an exceptional customer experience. On February 19, 2020 the Company acquired Living Lens Enterprise Ltd. (LivingLens), a privately-held company for approximately $26.8 million in cash. LivingLens provides a video feedback platform to humanize feedback and bring the voice of the customer and employee to life. On October 3, 2019, the Company acquired Crowdicity Limited (C rowdicity), a privately-held company for a purchase price of $16.6 million in cash. Crowdicity is an idea and innovation management platform. On September 23, 2019, the Company acquired Zingle Inc. (Zingle), a privately-held company for a purchase price of $47.3 million in cash. Zingle is a leading multi-channel mobile messaging and customer engagement solution. On July 15, 2019, the Company acquired Promoter.io Inc. (Promoter.io), a privately-held company for a purchase price of $2.3 million in cash. Promoter.io is a Net Promoter Score (NPS) platform for small and medium sized businesses that can measure loyalty and customer sentiment using the NPS. On June 17, 2019, the Company acquired Cooladata Ltd. (Cooladata), a privately-held company for a purchase price of $7.6 million in cash. Cooladata is a cloud-based behavioral analytics platform that can derive and predict customer sentiment. On May 16, 2019, the Company acquired Strikedeck Inc. (Strikedeck), a privately-held company for the purchase price of $11.0 million in cash. Strikedeck is a customer success platform for business-to-business customers. The above transactions were each accounted for as business combinations. Accordingly, assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date when control was obtained. The Company expensed all transaction costs in the period in which they were incurred. The fair value of developed technologies was determined using either the Multiple Period Excess Earnings Method or the Profit Allocation Method, the fair value of customer relationships was determined by using the Multiple Period Excess Earnings Method, and the fair value of the trademarks was determined using the Profit Allocation Method. The excess of the consideration paid over the fair value of the net tangible assets and liabilities and identifiable intangible assets acquired is recorded as goodwill. The goodwill resulting from the acquisitions are largely attributable to the synergies expected to be realized. None of the goodwill recorded from the acquisitions will be deductible for income tax purposes. The Company is in the process of settling working capital adjustments for Voci, LivingLens, Zingle and Crowdicity, and therefore the provisional measurements of identifiable assets and liabilities, and the resulting goodwill related to these acquisitions are subject to change and the final purchase price accounting could be different from the amounts presented herein. The following table summarizes the purchase consideration, net of cash acquired, and the related fair values of the assets acquired and liabilities assumed (in thousands): Purchase Consideration, Net of Cash Acquired Net Liabilities Assumed Identifiable Intangible Assets Goodwill Voci $ 55,285 $ (1,259) $ 12,600 $ 43,944 LivingLens 25,894 (406) 5,700 20,600 Crowdicity 15,865 (2,350) 4,811 13,404 Zingle 42,702 (665) 8,715 34,652 Promoter 1,694 (431) 900 1,225 Cooladata 7,346 (2,784) 4,600 5,530 Strikedeck 10,498 (439) 4,000 6,937 The following table sets forth each component of identifiable intangible assets acquired in connection with the acquisitions (in thousands): Developed Technology Useful Life (years) Customer Relationships Useful Life (years) Trademark Useful Life (years) Voci $ 7,700 5 $ 4,600 5 $ 300 5 LivingLens 3,100 5 2,200 5 400 5 Crowdicity 2,406 5 2,105 5 300 5 Zingle 4,915 5 3,000 5 800 5 Promoter 700 5 — — 200 5 Cooladata 4,600 5 — — — — Strikedeck 4,000 5 — — — — The financial results for the above acquisitions are included in the Company's unaudited condensed consolidated financial statements from the date of acquisition through July 31, 2020. The pro forma impact of these acquisitions on unaudited condensed consolidated revenue, income (loss) from operations and net loss was not material. |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 6 Months Ended |
Jul. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net Goodwill represents the excess of the purchase price in a business combination of the fair value of net assets acquired. Goodwill amounts are not amortized, but rather tested for impairment at least annually during the fourth quarter. The changes in the goodwill are as follows (in thousands): Balance as of January 31, 2019 $ 16,745 Acquisitions 61,748 Foreign currency exchange 831 Balance as of January 31, 2020 79,324 Acquisitions 64,544 Foreign currency exchange (406) Balance as of July 31, 2020 $ 143,462 The changes in intangible assets for fiscal 2021 and the net book value of intangible assets as of July 31, 2020, and January 31, 2020, were as follows (in thousands): Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net January 31, 2020 Identifiable Intangible Assets Acquired (1) July 31, 2020 January 31, 2020 Amortization Expense July 31, 2020 January 31, 2020 July 31, 2020 Weighted Average Remaining Useful Life (Years) Developed technology $ 18,670 $ 10,731 $ 29,401 $ (3,473) $ (2,415) $ (5,888) $ 15,197 $ 23,513 4.3 Customer relationships 5,237 6,743 11,980 (351) (938) (1,289) 4,886 10,691 4.5 Trademarks 1,320 691 2,011 (97) (181) (278) 1,223 1,733 4.3 $ 25,227 $ 18,165 $ 43,392 $ (3,921) $ (3,534) $ (7,455) $ 21,306 $ 35,937 (1) Amounts also include any changes in intangible asset balances for the periods presented that resulted from foreign currency translation. The changes in intangible assets for fiscal 2020 and the net book value of intangible assets as of January 31, 2020 and January 31, 2019, were as follows (in thousands): Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net January 31, 2019 Identifiable Intangible Assets Acquired (1) January 31, 2020 January 31, 2019 Amortization Expense January 31, 2020 January 31, 2019 January 31, 2020 Weighted Average Remaining Useful Life (Years) Developed technology $ 1,900 $ 16,770 $ 18,670 $ (1,594) $ (1,879) $ (3,473) $ 306 $ 15,197 4.5 Customer relationships — 5,237 5,237 — (351) (351) — 4,886 4.7 Trademarks — 1,320 1,320 — (97) (97) — 1,223 4.6 $ 1,900 $ 23,327 $ 25,227 $ (1,594) $ (2,327) $ (3,921) $ 306 $ 21,306 (1) Amounts also include any changes in intangible asset balances for the periods presented that resulted from foreign currency translation. The total amortization expense for intangible assets was $2.1 million and $3.5 million for the three and six months ended July 31, 2020 and was $0.3 million and $0.4 million for the three and six months ended July 31, 2019. Amortization expense related to the intangible assets is as follows (in thousands): Year Ending January 31: Remainder of 2021 $ 4,209 2022 8,306 2023 8,306 2024 8,306 2025 6,116 Thereafter 694 Total $ 35,937 |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jul. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | Balance Sheet Components Deferred Commissions Sales commissions earned by the sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions for initial contracts are deferred and then amortized on a straight-line basis over a period of benefit that the Company has determined to be five years. The Company determined the period of benefit by taking into consideration its customer contracts, technology and other factors. Sales commissions for renewal contracts (which are not considered commensurate with sales commissions for new revenue contracts) are deferred and amortized on a straight-line basis over the related contractual renewal period. Amortization expense is included in sales and marketing expenses in the unaudited condensed consolidated statements of operations. Commissions earned and capitalized during the three and six months ended July 31, 2020 were $15.5 million and $19.7 million, respectively, and during the three and six months ended July 31, 2019 were $9.1 million and $15.8 million, respectively. Amortization expense for deferred commissions during the three and six months ended July 31, 2020 were $6.3 million, and $12.3 million, respectively and for the three and six months ended July 31, 2019 were $4.5 million and $8.7 million, respectively. Property and Equipment, Net The table below summarizes property and equipment which consists of the following (in thousands): July 31, 2020 January 31, 2020 Computer equipment and software $ 64,641 $ 56,758 Furniture, fixtures and equipment 1,075 1,028 Leasehold improvements 8,225 6,941 Equipment acquired under capital leases 11,829 11,687 Construction-in-progress 5,877 3,113 Total property and equipment, gross 91,647 79,527 Less accumulated depreciation and amortization (52,930) (44,648) Property and equipment, net $ 38,717 $ 34,879 Depreciation and amortization expense during the three and six months ended July 31, 2020 totaled $4.2 million and $8.2 million, respectively, and during the three and six months ended July 31, 2019 totaled $3.5 million and $6.7 million, respectively. This depreciation and amortization includes depreciation of assets recorded under capital leases of $1.0 million and $1.9 million for the three and six months ended July 31, 2020, respectively, and $1.0 million and $1.6 million for the three and six months ended July 31, 2019, respectively. Property and equipment located outside the U.S. was $16.5 million and $13.4 million as of July 31, 2020 and January 31, 2020, respectively. During the year ended January 31, 2020, the Company recorded a net gain of approximately $4.0 million as a result of the termination of its lease for its former corporate headquarters which included the gain on the reversal of deferred rent of $34.5 million, partially offset by the impairment of property and equipment of $20.7 million and cash payments associated with the termination and other fees of $9.8 million. Accrued Expenses an d Other Current Liabilities The table below summarizes accrued expenses and other current liabilities which consists of the following (in thousands): July 31, 2020 January 31, 2020 Capital leases, current $ 4,937 $ 4,316 Lease exit liability 4,103 — Transaction taxes 4,138 3,932 Indemnity holdback and term loan related to acquisitions 3,780 1,573 Other 10,457 10,447 Accrued expenses and other current liabilities $ 27,415 $ 20,268 Accrued Compensation The table below summarizes accrued compensation which consists of the follo wing (in thousands): July 31, 2020 January 31, 2020 Accrued salaries and bonuses $ 5,060 $ 8,312 Accrued commissions 10,602 11,280 Accrued vacation 4,313 3,906 Employee stock purchase plan 6,230 8,693 Payroll taxes 5,717 4,969 Accrued compensation $ 31,922 $ 37,160 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Silicon Valley Bank Revolving Line of Credit As of July 31, 2020 and January 31, 2020, the Company maintained a revolving line of credit that matures in September 2020 and provided for aggregate borrowings of up to $50.0 million. Prior to the maturity date, the Company has the option, to borrow an aggregate amount not to exceed $15.0 million and convert the borrowing to a term loan (Term-Out Loan), provided that no prior event of default has occurred. The existing aggregate borrowing amount on the revolving line of credit is reduced by the amount of the Term-Out Loan. Principal payments on the Term-Out Loan are repaid in consecutive monthly installments. The maturity date is the earlier of (i) 48 months after such Term-Out Loan are made and (ii) September 2023. The applicable interest rate for borrowings under the revolving line of credit and the Term-Out Loan are determined as follows: for borrowings less than $5.0 million, the interest rate is based on the Wall Street Journal's Prime Rate plus a 0.5% margin. For borrowings greater than or equal to $5.0 million, but less than $10.0 million, the interest rate is based on the Wall Street Journal's Prime Rate. For borrowings greater or equal to $10.0 million, the interest rate is based on the Wall Street Journal's Prime Rate minus a 0.5% applicable margin. Standby letters of credit related to the Company's office lease facilities o f $4.7 million an d $3.5 million were outstanding as of July 31, 2020 and January 31, 2020, respectively, and such amounts reduce aggregate borrowings available under the revolving line of credit. As of January 31, 2020, $46.5 million was available for borrowing under the revolving line of credit. During the six months ended July 31, 2020, the Company drew down $43.0 million from its revolving line of credit as a precautionary measure to provide liquidity in light of the global economic uncertainty caused by the COVID-19 pandemic and the remaining balance of $2.3 million was available for borrowing under the revolving line of credit. As of July 31, 2020, the Company was in compliance with the financial covenants contained in the revolving line of credit. The revolving line of credit required the Company to achieve a minimum level of quarterly subscription revenue and liquidity as defined in the credit agreement. On September 4, 2020, the Company paid all outstanding amounts owing under the Silicon Valley Bank revolving line of credit and terminated the credit facility. The Company continues to have unsecured letters of credit issued by Silicon Valley Bank in the face amount of $4.7 million outstanding. Wells Fargo Bank Revolving Line of Credit On September 4, 2020, the Company entered into the Wells Fargo Bank , National Association (Wells Fargo ) credit facility to provide for a senior secured revolving line of credit of up to $50.0 million with the right (subject to certain conditions) to add incremental revolving commitments of up to $50.0 million in the aggregate. The revolving line of credit provides a sublimit of up to $40.0 million to be available for the issuance of letters of credit. The outstanding balance, if any, is due at the maturity date in September 2023. Loans bear interest, at the Company’s option, at an annual rate based on LIBOR or a base rate. Loans based on LIBOR shall bear interest at a rate of LIBOR plus 1.75%. Loans based on the base rate shall bear interest at a rate of the base rate plus 0.75%. The Company is required to pay a commitment fee equal to 0.25% per annum on the undrawn portion available under the revolving line of credit. Operating Leases The Company leases certain office and data center facilities which are operating leases that expire in fiscal 2020 to 2028. Certain of the Company's leases include options to renew with terms of up to five years. There have been no material changes to the Company's contractual lease obligations from those disclosed in Item 7 of the Company's Form 10-K for the year ended January 31, 2020 and Form 10-Q for the quarter ended April 30, 2020, except as noted herein. Rent expense during the three and six months ended July 31, 2020 was $4.5 million and $9.5 million, respectively and for the three and six months ended July 31, 2019 was $3.8 million and $7.2 million, respectively. During the three months ended July 31, 2020, the Company exited its office space in San Mateo and a portion of its office space in Pleasanton, California. On August 5, 2020, the portion of the office space not utilized by the Company in Pleasanton, California, was sublet to a third party. The office space in San Mateo is currently being marketed for sublease. The Company recorded lease exit charges of $7.6 million in the three months ended July 31, 2020. These lease exit charges, included in general and administrative expense, primarily include the present value of remaining lease obligation on the cease use dates, that occurred during the second quarter, net of estimated sublease income. Warranties, Indemnification, and Contingent Obligations The Company's arrangements generally include provisions indemnifying customers against liabilities if their customer data is compromised due to a breach of information security, or if the Company's applications or services infringe a third-party's intellectual property rights. To date, the Company has not incurred any costs as a result of such indemnification and has not accrued any liabilities related to such obligations in the unaudited condensed consolidated financial statements. The Company enters into service level agreements with customers which warrant defined levels of uptime and support response times and permit those customers to receive credits for prepaid amounts in the event that those performance and response levels are not met. To date, the Company has not experienced any significant failures to meet defined levels of performance and response. In connection with the service level agreements, the Company has not incurred any significant costs and has not accrued any liabilities in the unaudited condensed consolidated financial statements. The Company's subscription services agreements also generally include a warranty that the service performs in accordance with the applicable specifications document. The Company's professional services are generally warranted to be performed in a professional manner and in a manner that will comply with the terms of the customer agreements. To date, the Company has not incurred any material costs associated with these warranties. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company determines its income tax provision for interim periods using an estimate of its annual effective tax rate adjusted for discrete items occurring during the periods presented. The Company recorded income tax expense of $0.2 million for each of the three and six months ended July 31, 2020, respectively and expense of $0.3 million and $0.9 million for the three and six months ended July 31, 2019, respectively. During the three months ended July 31, 2020, the Company's withholding taxes were lower as compared to the three months ended July 31, 2019. During the six months ended July 31, 2020, i ncome tax expense decreased by $0.7 million, as compared to the six months ended July 31, 2019, primarily due to excess tax benefits from stock-based compensation deductions in the United Kingdom. |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Jul. 31, 2020 | |
Equity [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans Equity Incentive Plans The Plan activity is as follows: Six Months Ended Opening balance 23,050,732 Shares authorized (1) 6,617,320 Options and RSUs granted (3,491,910) Cancelled shares 944,366 Ending balance 27,120,508 (1) Reflects an automatic increase to the number of shares of Common Stock reserved for issuance pursuant to future awards under the 2019 Plan, which annual increase is provided for in the 2019 Plan. The stock-based compensation expense by line item in the unaudited condensed consolidated statements of operations is summarized as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2020 2019 2020 2019 Cost of subscription revenue $ 946 $ 869 $ 1,855 $ 1,156 Cost of professional services revenue 2,719 2,690 5,402 3,247 Research and development expense 4,746 3,658 16,219 5,241 Sales and marketing expense 8,745 8,475 18,081 9,968 General and administrative expense 7,478 19,487 14,881 23,529 Total stock-based compensation $ 24,634 $ 35,179 $ 56,438 $ 43,141 Option Activity The following table summarizes the stock option activity: Options Outstanding Number of Average Weighted Aggregate Balance as of January 31, 2020 41,935,173 $ 5.47 7.29 $ 954,124 Options exercised (9,853,483) 4.13 262,410 Options cancelled or expired (569,330) 6.71 Balance as of July 31, 2020 31,512,360 $ 5.87 7.20 $ 783,580 Exercisable as of July 31, 2020 20,217,598 $ 5.48 6.75 $ 510,437 The weighted-average grant-date fair value of options granted during the six months ended July 31, 2020 and 2019 was nil and $5.38 per share, respectively. The grant date fair value of stock options vested during the six months ended July 31, 2020 and 2019 was $12.7 million and $13.4 million, respectively. As of July 31, 2020, total unrecognized compensation expense related to stock options was $31.8 million and will be recognized over a weighted-average remaining recognition period of 2.0 years. Restricted Stock Units Activity The following table summarizes restricted stock unit activities: Restricted Stock Units Performance Based Number of Weighted Number Weighted Balance as of January 31, 2020 9,019,681 $ 16.07 826,333 $ 13.95 Stock units granted 3,141,965 22.84 349,945 22.30 Stock units vested (2,762,734) 13.86 — — Stock units cancelled and expired (307,836) 21.85 (67,200) 13.41 Balance as of July 31, 2020 9,091,076 $ 18.88 1,109,078 $ 16.62 As of July 31, 2020, total unrecognized compensation expense related to the RSUs was $131.7 million and will be recognized over a weighted-average remaining period of 2.3 years. Certain RSUs, in addition to the satisfaction of the service-based performance vesting conditions, also require the fulfillment of performance vesting conditions which include subscription revenue growth targets and a combination of subscription revenue growth and operating margin targets. Employee Stock Purchase Plan The fair value of each Employee Stock Purchase Plan (ESPP) share is estimated on the enrollment date of the offering period using the Black-Scholes-Merton option-pricing model and the assumptions noted in the following table: July 31, 2020 Risk-free interest rate 0.3% Expected volatility 45% Expected term (in years) 0.5 Expected dividend rate — The fair value of stock purchase rights granted under the ESPP during the six-month period wa s $5.48 per share. As of July 31, 2020, the Company had $0.7 million of unrecognized compensation expense related to ESPP subscriptions that will be recognized over 0.1 years. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 6 Months Ended |
Jul. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Three Months Ended July 31, Six Months Ended July 31, 2020 2019 2020 2019 Net loss attributable to common stockholders $ (35,198) $ (38,284) $ (67,727) $ (40,843) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 142,479 43,986 139,272 37,248 Net loss per share attributable to common stockholders, basic and diluted $ (0.25) $ (0.87) $ (0.49) $ (1.10) The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2020 2019 2020 2019 Stock options 31,512 48,271 31,512 48,271 Restricted stock units 10,200 9,554 10,200 9,554 ESPP 513 683 513 683 Unvested early exercises subject to repurchase — 28 — 28 Convertible preferred stock warrant — 56 — 56 Total 42,225 58,592 42,225 58,592 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jul. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Event On September 8, 2020, the Company acquired StellaService Inc., a privately-held company, for approximately $100.0 million in cash. StellaService Inc. is a customer feedback and quality management platform that helps customer support teams to analyze and improve performance in real time. On September 4, 2020, the Company entered into the Wells Fargo Bank , National Association (Wells Fargo ) credit facility to provide for a senior secured revolving line of credit of up to $50.0 million with the right (subject to certain conditions) to add incremental revolving commitments of up to $50.0 million in the aggregate. T he revolving line of credit provides a sublimit of up to $40.0 million to be available for the issuance of letters of credit. In connection with entering into the Wells Fargo credit facility, the Company paid all outstanding amounts owing under the Silicon Valley Bank revolving line of credit and terminated the credit facility. The Company continues to have unsecured letters of credit issued by by Silicon Valley Bank in the face amount of $4.7 million outstanding. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of January 31, 2020 included herein was derived from the audited financial statements as of that date but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. The unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets, statements of operations, comprehensive loss, stockholders’ equity and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements in its Annual Report on Form 10-K, for the year ended January 31, 2020. The Company's fiscal year ends on January 31. References to fiscal 2021, for example, refer to the fiscal year ending January 31, 2021. |
Use of Estimates | Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the periods covered by the financial statements and accompanying notes. Such estimates include, but are not limited to revenue recognition, stock-based compensation expense, including estimation of the grant date fair value of the common stock, allowance for doubtful accounts, the assessment of the recoverability of long-lived assets (goodwill, and identified intangible assets), lease exit charges and contingencies. The Company bases its estimates on historical experience and on assumptions that it believes are reasonable. The Company assesses these estimates on a regular basis; however, actual results could materially differ from these estimates. The COVID-19 pandemic has created and may continue to create significant uncertainty, which in the future may adversely impact the Company’s results of operations. The Company expects uncertainties around its key accounting estimates, including principally the allowance for doubtful accounts, to continue to evolve depending on the duration and degree of impact associated with the COVID-19 pandemic. The Company’s estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in its unaudited condensed consolidated financial statements. |
JOBS Act Accounting Election | JOBS Act Accounting Election The Company is an emerging growth company (EGC), as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, EGCs can delay adopting new or revised accounting standards issued subsequent to 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 earlier of the date the |
Concentrations of Credit Risk and Significant Customers | Concentrations of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and trade and other receivables. For cash, cash equivalents and marketable securities, the Company is exposed to credit risk in the event of default to the extent of the amounts recorded on the condensed consolidated balance sheets. A majority of the cash balances are with U.S. banks and are insured to the extent defined by the Federal Deposit Insurance Corporation. The Company does not require collateral for trade receivabl es. No customer accounted for 10% or more of total revenues for the three and six months end ed July 31, 2020 and 2019. No customer accounted for 10% or more of accounts receivable as of July 31, 2020 and July 31, 2019. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases, as amended, which would require lessees to put all leases on their balance sheets, whether operating or financing, while continuing to recognize the expenses on their income statements in a similar manner to current practice. The guidance states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. In the fourth quarter of fiscal year 2021, the guidance will be required to be adopted by the Company for its fiscal year ending January 31, 2021. While the Company is evaluating the accounting, transition and disclosure requirements of the standard, the Company anticipates the recognition of additional assets and corresponding liabilities related to the leases on its balance sheets. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments , as amended, which requires the measurement and recognition of expected credit losses for financial assets not held at fair value. ASU 2016-13 replaces the existing incurred loss impairment model with a forward-looking expected credit loss model which will result in earlier recognition of credit losses. In the fourth quarter of fiscal year 2021, the guidance will be required to be adopted by the Company for its fiscal year ending January 31, 2021. The Comp any is in the process of evaluating the impact of this accounting standard. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, as amended . The ASU is intended to better align an entity's risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. In the fourth quarter of fiscal year 2021, the guidance will be required to be adopted by the Company for its fiscal year ending January 31, 2021. |
Revenue Recognition | Revenue Recognition Revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company determines revenue recognition through the following steps: • identification of the contract, or contracts, with a customer; • identification of the performance obligations in the contract; • determination of the transaction price; • allocation of the transaction price to the performance obligations in the contract; and • recognition of revenue when, or as, the Company satisfies a performance obligation. Subscription Revenue Subscription revenue is derived from customers accessing the Company's proprietary hosted cloud application. The Company's customers do not have the ability to take possession of the software operating the cloud application. The contracted subscription terms are typically one year to three years. The Company recognizes subscription revenue ratably over the subscription term, commencing on the date the service is provisioned. Professional Services Revenue Professional services revenue consists of managed services and implementation and other services. These services are distinct from subscription revenue. Managed services support our customers by providing a range of ongoing services including program design, launch, enhancement, expansion and analytics. Managed services are a stand-ready obligation to perform these services over the term of the arrangement and as a result, revenues are recognized ratably over the term of the arrangement. Implementation services consist primarily of initial design, integration and configuration services. Other professional services include projects that enable customers to gain insightful business information through data analysis, and the Company's institute training programs. Implementation and other services revenue are recognized as services are performed. Contracts with Multiple Performance Obligations Most of the Company's contracts with customers contain multiple performance obligations. The Company's subscription services are sold for a broad range of amounts (the selling price is highly variable) and a representative standalone selling price (SSP) is not discernible from past transactions or other observable evidence. Standalone selling prices for professional services are estimated based upon observable transactions when those services are sold on a standalone basis. As a result, the SSP for subscription services included in a contract with multiple performance obligations is determined by applying a residual approach whereby performance obligations related to professional services within a contract are first allocated a portion of the transaction price based upon their respective SSPs, with the residual amount of transaction price allocated to subscription services. Contract Balances and Remaining Performance Obligations Contract assets represent revenue recognized for contracts that have not yet been invoiced to customers, typically for multi-year arrangements. Total contract assets were $4.5 million and $2.1 million as of July 31, 2020 and January 31, 2020, respectively. These balances are included within trade and other receivables, net, on the unaudited condensed consolidated balance sheets. Contract liabilities consist of deferred revenue. Revenue is deferred when the Company has the right to invoice in advance of services being provided. The Company recognized revenue of $91.6 million and $170.7 million during the three and six months ended July 31, 2020, respectively and $83.4 million and $139.8 million for the three and six months ended July 31, 2019, respectively, that were included in the deferred revenue balances at the beginning of the respective periods. The Company applied a practicable expedient allowing it not to disclose the amount of the transaction price allocated to the remaining performance obligations for contracts with an original expected duration of one year or less, which includes certain professional service contracts. Remaining performance obligations represent contra cted revenue that has not yet been recognized, and include deferred revenue, and amounts that will be invoiced and recognized as revenue in future periods. As of July 31, 2020, the Company's remaining performance obligations were $727.8 million, approximately 47% of which it expects to recognize as revenue over the next 12 months and the remaining balance will be recognized thereafter. As of January 31, 2020, the Company's remaining performance obligations were $679.0 million, approximately 51% of which it expects to recognize as revenue over the next 12 months and the remaining balance will be recognized thereafter. |
Deferred Commissions | Sales commissions earned by the sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions for initial contracts are deferred and then amortized on a straight-line basis over a period of benefit that the Company has determined to be five years. The Company determined the period of benefit by taking into consideration its customer contracts, technology and other factors. Sales commissions for renewal contracts (which are not considered commensurate with sales commissions for new revenue contracts) are deferred and amortized on a straight-line basis over the related contractual renewal period. Amortization expense is included in sales and marketing expenses in the unaudited condensed consolidated statements of operations. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Geographic Areas | The following table sets forth revenue by geographic region based on the billing address of the customers' parent for the periods presented (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2020 2019 2020 2019 North America $ 88,506 $ 71,887 $ 175,432 $ 143,334 EMEA 17,286 16,050 34,227 31,333 Other 9,733 7,733 18,557 14,622 Total $ 115,525 $ 95,670 $ 228,216 $ 189,289 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables represents the fair value of assets and liabilities measured at fair value on a recurring basis using the above hierarchy (in thousands): July 31, 2020 January 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 113,131 $ — $ — $ 113,131 $ 92,272 $ — $ — $ 92,272 Commercial paper — 8,999 — 8,999 — 17,667 — 17,667 U.S. government and agency securities — 5,000 — 5,000 — 17,978 — 17,978 Total cash equivalents 113,131 13,999 — 127,130 92,272 35,645 — 127,917 Marketable securities: Corporate notes and bonds — — — — — 5,674 — 5,674 Commercial paper — 16,754 — 16,754 — 13,713 — 13,713 U.S. government and agency securities — 104,987 — 104,987 — 97,446 — 97,446 Total marketable securities — 121,741 — 121,741 — 116,833 — 116,833 Derivative assets — 453 — 453 — 683 — 683 Total assets measured at fair value $ 113,131 $ 136,193 $ — $ 249,324 $ 92,272 $ 153,161 $ — $ 245,433 Liabilities: Derivative liabilities $ — $ 1,006 $ — $ 1,006 $ — $ 342 $ — $ 342 Total liabilities measured at fair value $ — $ 1,006 $ — $ 1,006 $ — $ 342 $ — $ 342 |
Cash Equivalents and Marketab_2
Cash Equivalents and Marketable Securities (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Investments | As of July 31, 2020, cash equivalent and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 113,131 $ — $ — $ 113,131 U.S. government and agency securities 109,977 10 — 109,987 Commercial paper 25,753 — — 25,753 Total $ 248,861 $ 10 $ — $ 248,871 Included in cash and cash equivalents $ 127,130 $ — $ — $ 127,130 Included in marketable securities $ 121,731 $ 10 $ — $ 121,741 As of January 31, 2020, cash equivalent and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 92,272 $ — $ — $ 92,272 U.S. government and agency securities 115,412 13 — 115,425 Commercial paper 31,379 — — 31,379 Corporate notes and bonds 5,665 9 — 5,674 Total $ 244,728 $ 22 $ — $ 244,750 Included in cash and cash equivalents $ 127,917 $ — $ — $ 127,917 Included in marketable securities $ 116,811 $ 22 $ — $ 116,833 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values and Gains (Losses) Associated with Derivative Instruments | The fair values of outstanding derivative instruments were as follows (in thousands): July 31, 2020 January 31, 2020 Derivative assets (recorded in prepaid expenses and other current assets): Foreign currency forward contracts designated as cash flow hedges $ 354 $ 384 Foreign currency forward contracts not designated as hedges 100 299 Derivative liabilities (recorded in accrued expenses and other current liabilities): Foreign currency forward contracts designated as cash flow hedges 544 76 Foreign currency forward contracts not designated as hedges 462 266 Gains (losses) associated with foreign currency forward contracts designated as cash flow hedges were as follows (in thousands): Condensed Consolidated Statements of Operations and Statements of Comprehensive Loss (OCI) Locations Three Months Ended July 31, Six Months Ended July 31, 2020 2019 2020 2019 Gains (losses) recognized in OCI (effective portion) Change in unrealized gain (loss) on cash flow hedges, net of tax $ (748) $ (467) $ (676) $ (610) Gains (losses) reclassified from OCI into income (effective portion) Revenues 161 115 291 219 Gains (losses) reclassified from OCI into income (effective portion) General and administrative (363) (145) (199) (139) Gains (losses) recognized in income (amount excluded from effectiveness testing and ineffective portion) Interest income and other income (expense), net (9) (29) (58) (62) |
Derivatives Not Designated as Hedging Instruments | Gains (losses) associated with foreign currency forward contracts not designated as cash flow hedges were as follows (in thousands): Condensed Consolidated Statements of Three Months Ended July 31, Six Months Ended July 31, Derivative Type 2020 2019 2020 2019 Foreign currency forward contracts not designated as hedges Interest income and other income (expense), net $ (1,784) $ 16 $ (1,117) $ (43) |
Information Related to Offsetting Arrangements, Derivative Assets | As of July 31, 2020, information related to offsetting arrangements was as follows (in thousands): Gross Gross Net Gross Amounts Not Net Asset Financial Cash Derivative assets: Counterparty A $ 146 $ — $ 146 $ (51) $ — $ 95 Counterparty B 307 — 307 (307) — — Total $ 453 $ — $ 453 $ (358) $ — $ 95 Gross Gross Net Gross Amounts Not Net Financial Cash Derivative liabilities: Counterparty A $ 51 $ — $ 51 $ (51) $ — $ — Counterparty B 955 — 955 (307) — 648 Total $ 1,006 $ — $ 1,006 $ (358) $ — $ 648 As of January 31, 2020, information related to offsetting arrangements was as follows (in thousands): Gross Gross Net Gross Amounts Not Net Asset Financial Cash Derivative assets: Counterparty A $ 102 $ — $ 102 $ (5) $ — $ 97 Counterparty B 581 — 581 (337) — 244 Total $ 683 $ — $ 683 $ (342) $ — $ 341 Gross Gross Net Gross Amounts Not Net Financial Cash Derivative liabilities: Counterparty A $ 5 $ — $ 5 $ (5) $ — $ — Counterparty B 337 — 337 (337) — — Total $ 342 $ — $ 342 $ (342) $ — $ — |
Information Related to Offsetting Arrangements, Derivative Liabilities | As of July 31, 2020, information related to offsetting arrangements was as follows (in thousands): Gross Gross Net Gross Amounts Not Net Asset Financial Cash Derivative assets: Counterparty A $ 146 $ — $ 146 $ (51) $ — $ 95 Counterparty B 307 — 307 (307) — — Total $ 453 $ — $ 453 $ (358) $ — $ 95 Gross Gross Net Gross Amounts Not Net Financial Cash Derivative liabilities: Counterparty A $ 51 $ — $ 51 $ (51) $ — $ — Counterparty B 955 — 955 (307) — 648 Total $ 1,006 $ — $ 1,006 $ (358) $ — $ 648 As of January 31, 2020, information related to offsetting arrangements was as follows (in thousands): Gross Gross Net Gross Amounts Not Net Asset Financial Cash Derivative assets: Counterparty A $ 102 $ — $ 102 $ (5) $ — $ 97 Counterparty B 581 — 581 (337) — 244 Total $ 683 $ — $ 683 $ (342) $ — $ 341 Gross Gross Net Gross Amounts Not Net Financial Cash Derivative liabilities: Counterparty A $ 5 $ — $ 5 $ (5) $ — $ — Counterparty B 337 — 337 (337) — — Total $ 342 $ — $ 342 $ (342) $ — $ — |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Acquisition Consideration and Related Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the purchase consideration, net of cash acquired, and the related fair values of the assets acquired and liabilities assumed (in thousands): Purchase Consideration, Net of Cash Acquired Net Liabilities Assumed Identifiable Intangible Assets Goodwill Voci $ 55,285 $ (1,259) $ 12,600 $ 43,944 LivingLens 25,894 (406) 5,700 20,600 Crowdicity 15,865 (2,350) 4,811 13,404 Zingle 42,702 (665) 8,715 34,652 Promoter 1,694 (431) 900 1,225 Cooladata 7,346 (2,784) 4,600 5,530 Strikedeck 10,498 (439) 4,000 6,937 |
Component of Identifiable Intangible Assets Acquired in Connection with Acquisitions | The following table sets forth each component of identifiable intangible assets acquired in connection with the acquisitions (in thousands): Developed Technology Useful Life (years) Customer Relationships Useful Life (years) Trademark Useful Life (years) Voci $ 7,700 5 $ 4,600 5 $ 300 5 LivingLens 3,100 5 2,200 5 400 5 Crowdicity 2,406 5 2,105 5 300 5 Zingle 4,915 5 3,000 5 800 5 Promoter 700 5 — — 200 5 Cooladata 4,600 5 — — — — Strikedeck 4,000 5 — — — — |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets, Net (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the goodwill are as follows (in thousands): Balance as of January 31, 2019 $ 16,745 Acquisitions 61,748 Foreign currency exchange 831 Balance as of January 31, 2020 79,324 Acquisitions 64,544 Foreign currency exchange (406) Balance as of July 31, 2020 $ 143,462 |
Schedule of Finite-Lived Intangible Assets | The changes in intangible assets for fiscal 2021 and the net book value of intangible assets as of July 31, 2020, and January 31, 2020, were as follows (in thousands): Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net January 31, 2020 Identifiable Intangible Assets Acquired (1) July 31, 2020 January 31, 2020 Amortization Expense July 31, 2020 January 31, 2020 July 31, 2020 Weighted Average Remaining Useful Life (Years) Developed technology $ 18,670 $ 10,731 $ 29,401 $ (3,473) $ (2,415) $ (5,888) $ 15,197 $ 23,513 4.3 Customer relationships 5,237 6,743 11,980 (351) (938) (1,289) 4,886 10,691 4.5 Trademarks 1,320 691 2,011 (97) (181) (278) 1,223 1,733 4.3 $ 25,227 $ 18,165 $ 43,392 $ (3,921) $ (3,534) $ (7,455) $ 21,306 $ 35,937 (1) Amounts also include any changes in intangible asset balances for the periods presented that resulted from foreign currency translation. The changes in intangible assets for fiscal 2020 and the net book value of intangible assets as of January 31, 2020 and January 31, 2019, were as follows (in thousands): Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net January 31, 2019 Identifiable Intangible Assets Acquired (1) January 31, 2020 January 31, 2019 Amortization Expense January 31, 2020 January 31, 2019 January 31, 2020 Weighted Average Remaining Useful Life (Years) Developed technology $ 1,900 $ 16,770 $ 18,670 $ (1,594) $ (1,879) $ (3,473) $ 306 $ 15,197 4.5 Customer relationships — 5,237 5,237 — (351) (351) — 4,886 4.7 Trademarks — 1,320 1,320 — (97) (97) — 1,223 4.6 $ 1,900 $ 23,327 $ 25,227 $ (1,594) $ (2,327) $ (3,921) $ 306 $ 21,306 (1) Amounts also include any changes in intangible asset balances for the periods presented that resulted from foreign currency translation. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Amortization expense related to the intangible assets is as follows (in thousands): Year Ending January 31: Remainder of 2021 $ 4,209 2022 8,306 2023 8,306 2024 8,306 2025 6,116 Thereafter 694 Total $ 35,937 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property, Plant and Equipment | The table below summarizes property and equipment which consists of the following (in thousands): July 31, 2020 January 31, 2020 Computer equipment and software $ 64,641 $ 56,758 Furniture, fixtures and equipment 1,075 1,028 Leasehold improvements 8,225 6,941 Equipment acquired under capital leases 11,829 11,687 Construction-in-progress 5,877 3,113 Total property and equipment, gross 91,647 79,527 Less accumulated depreciation and amortization (52,930) (44,648) Property and equipment, net $ 38,717 $ 34,879 |
Schedule of Accrued Expenses and Other Current Liabilities | The table below summarizes accrued expenses and other current liabilities which consists of the following (in thousands): July 31, 2020 January 31, 2020 Capital leases, current $ 4,937 $ 4,316 Lease exit liability 4,103 — Transaction taxes 4,138 3,932 Indemnity holdback and term loan related to acquisitions 3,780 1,573 Other 10,457 10,447 Accrued expenses and other current liabilities $ 27,415 $ 20,268 |
Schedule of Accrued Compensation | The table below summarizes accrued compensation which consists of the follo wing (in thousands): July 31, 2020 January 31, 2020 Accrued salaries and bonuses $ 5,060 $ 8,312 Accrued commissions 10,602 11,280 Accrued vacation 4,313 3,906 Employee stock purchase plan 6,230 8,693 Payroll taxes 5,717 4,969 Accrued compensation $ 31,922 $ 37,160 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Equity [Abstract] | |
Schedule of Plan Activity | The Plan activity is as follows: Six Months Ended Opening balance 23,050,732 Shares authorized (1) 6,617,320 Options and RSUs granted (3,491,910) Cancelled shares 944,366 Ending balance 27,120,508 |
Stock-Based Compensation Expense | The stock-based compensation expense by line item in the unaudited condensed consolidated statements of operations is summarized as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2020 2019 2020 2019 Cost of subscription revenue $ 946 $ 869 $ 1,855 $ 1,156 Cost of professional services revenue 2,719 2,690 5,402 3,247 Research and development expense 4,746 3,658 16,219 5,241 Sales and marketing expense 8,745 8,475 18,081 9,968 General and administrative expense 7,478 19,487 14,881 23,529 Total stock-based compensation $ 24,634 $ 35,179 $ 56,438 $ 43,141 |
Stock Option Activity | The following table summarizes the stock option activity: Options Outstanding Number of Average Weighted Aggregate Balance as of January 31, 2020 41,935,173 $ 5.47 7.29 $ 954,124 Options exercised (9,853,483) 4.13 262,410 Options cancelled or expired (569,330) 6.71 Balance as of July 31, 2020 31,512,360 $ 5.87 7.20 $ 783,580 Exercisable as of July 31, 2020 20,217,598 $ 5.48 6.75 $ 510,437 |
Restricted Stock Unit Activity | The following table summarizes restricted stock unit activities: Restricted Stock Units Performance Based Number of Weighted Number Weighted Balance as of January 31, 2020 9,019,681 $ 16.07 826,333 $ 13.95 Stock units granted 3,141,965 22.84 349,945 22.30 Stock units vested (2,762,734) 13.86 — — Stock units cancelled and expired (307,836) 21.85 (67,200) 13.41 Balance as of July 31, 2020 9,091,076 $ 18.88 1,109,078 $ 16.62 |
ESPP Valuation Assumptions | The fair value of each Employee Stock Purchase Plan (ESPP) share is estimated on the enrollment date of the offering period using the Black-Scholes-Merton option-pricing model and the assumptions noted in the following table: July 31, 2020 Risk-free interest rate 0.3% Expected volatility 45% Expected term (in years) 0.5 Expected dividend rate — |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Three Months Ended July 31, Six Months Ended July 31, 2020 2019 2020 2019 Net loss attributable to common stockholders $ (35,198) $ (38,284) $ (67,727) $ (40,843) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 142,479 43,986 139,272 37,248 Net loss per share attributable to common stockholders, basic and diluted $ (0.25) $ (0.87) $ (0.49) $ (1.10) |
Schedule of Potential Shares of Common Stock Equivalents Excluded From Computation of Diluted Net Loss Per Share Attributable to Common Stockholders | The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2020 2019 2020 2019 Stock options 31,512 48,271 31,512 48,271 Restricted stock units 10,200 9,554 10,200 9,554 ESPP 513 683 513 683 Unvested early exercises subject to repurchase — 28 — 28 Convertible preferred stock warrant — 56 — 56 Total 42,225 58,592 42,225 58,592 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||||
Contract with customer, liability | $ 91.6 | $ 83.4 | $ 170.7 | $ 139.8 | |
Geographic Concentration Risk | Revenue from Contract with Customer Benchmark | United States | |||||
Disaggregation of Revenue [Line Items] | |||||
Concentration risk, percentage | 73.00% | 72.00% | 73.00% | 70.00% | |
Trade And Other Receivables | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract assets | $ 4.5 | $ 4.5 | $ 2.1 | ||
Minimum | |||||
Disaggregation of Revenue [Line Items] | |||||
Subscription contract term | 1 year | ||||
Maximum | |||||
Disaggregation of Revenue [Line Items] | |||||
Subscription contract term | 3 years |
Revenue - Performance Obligatio
Revenue - Performance Obligation (Details) - USD ($) $ in Millions | Jul. 31, 2020 | Jan. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Revenue, remaining performance obligation, amount | $ 727.8 | $ 679 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-02-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, percentage | 51.00% | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-08-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, percentage | 47.00% | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Revenue - Summary of Revenue by
Revenue - Summary of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 115,525 | $ 95,670 | $ 228,216 | $ 189,289 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 88,506 | 71,887 | 175,432 | 143,334 |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 17,286 | 16,050 | 34,227 | 31,333 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 9,733 | $ 7,733 | $ 18,557 | $ 14,622 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Assets: | ||
Included in cash and cash equivalents | $ 127,130 | $ 127,917 |
Total marketable securities | 121,741 | 116,833 |
Derivative assets | 453 | 683 |
Total assets measured at fair value | 249,324 | 245,433 |
Liabilities: | ||
Derivative liabilities | 1,006 | 342 |
Total liabilities measured at fair value | 1,006 | 342 |
Level 1 | ||
Assets: | ||
Included in cash and cash equivalents | 113,131 | 92,272 |
Total marketable securities | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets measured at fair value | 113,131 | 92,272 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Level 2 | ||
Assets: | ||
Included in cash and cash equivalents | 13,999 | 35,645 |
Total marketable securities | 121,741 | 116,833 |
Derivative assets | 453 | 683 |
Total assets measured at fair value | 136,193 | 153,161 |
Liabilities: | ||
Derivative liabilities | 1,006 | 342 |
Total liabilities measured at fair value | 1,006 | 342 |
Level 3 | ||
Assets: | ||
Included in cash and cash equivalents | 0 | 0 |
Total marketable securities | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Corporate notes and bonds | ||
Assets: | ||
Total marketable securities | 0 | 5,674 |
Corporate notes and bonds | Level 1 | ||
Assets: | ||
Total marketable securities | 0 | 0 |
Corporate notes and bonds | Level 2 | ||
Assets: | ||
Total marketable securities | 0 | 5,674 |
Corporate notes and bonds | Level 3 | ||
Assets: | ||
Total marketable securities | 0 | 0 |
Commercial paper | ||
Assets: | ||
Total marketable securities | 16,754 | 13,713 |
Commercial paper | Level 1 | ||
Assets: | ||
Total marketable securities | 0 | 0 |
Commercial paper | Level 2 | ||
Assets: | ||
Total marketable securities | 16,754 | 13,713 |
Commercial paper | Level 3 | ||
Assets: | ||
Total marketable securities | 0 | 0 |
U.S. government and agency securities | ||
Assets: | ||
Total marketable securities | 104,987 | 97,446 |
U.S. government and agency securities | Level 1 | ||
Assets: | ||
Total marketable securities | 0 | 0 |
U.S. government and agency securities | Level 2 | ||
Assets: | ||
Total marketable securities | 104,987 | 97,446 |
U.S. government and agency securities | Level 3 | ||
Assets: | ||
Total marketable securities | 0 | 0 |
Money market funds | ||
Assets: | ||
Included in cash and cash equivalents | 113,131 | 92,272 |
Money market funds | Level 1 | ||
Assets: | ||
Included in cash and cash equivalents | 113,131 | 92,272 |
Money market funds | Level 2 | ||
Assets: | ||
Included in cash and cash equivalents | 0 | 0 |
Money market funds | Level 3 | ||
Assets: | ||
Included in cash and cash equivalents | 0 | 0 |
Commercial paper | ||
Assets: | ||
Included in cash and cash equivalents | 8,999 | 17,667 |
Commercial paper | Level 1 | ||
Assets: | ||
Included in cash and cash equivalents | 0 | 0 |
Commercial paper | Level 2 | ||
Assets: | ||
Included in cash and cash equivalents | 8,999 | 17,667 |
Commercial paper | Level 3 | ||
Assets: | ||
Included in cash and cash equivalents | 0 | 0 |
U.S. government and agency securities | ||
Assets: | ||
Included in cash and cash equivalents | 5,000 | 17,978 |
U.S. government and agency securities | Level 1 | ||
Assets: | ||
Included in cash and cash equivalents | 0 | 0 |
U.S. government and agency securities | Level 2 | ||
Assets: | ||
Included in cash and cash equivalents | 5,000 | 17,978 |
U.S. government and agency securities | Level 3 | ||
Assets: | ||
Included in cash and cash equivalents | $ 0 | $ 0 |
Cash Equivalents and Marketab_3
Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Aggregate Fair Value | $ 121,741 | $ 116,833 |
Cash, Cash Equivalents and Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 248,861 | 244,728 |
Unrealized Gains | 10 | 22 |
Unrealized Losses | 0 | 0 |
Aggregate Fair Value | 248,871 | 244,750 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 127,130 | 127,917 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Aggregate Fair Value | 127,130 | 127,917 |
Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 121,731 | 116,811 |
Unrealized Gains | 10 | 22 |
Unrealized Losses | 0 | 0 |
Aggregate Fair Value | 121,741 | 116,833 |
Money market funds | Cash, Cash Equivalents and Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 113,131 | 92,272 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Aggregate Fair Value | 113,131 | 92,272 |
U.S. government and agency securities | Cash, Cash Equivalents and Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 109,977 | 115,412 |
Unrealized Gains | 10 | 13 |
Unrealized Losses | 0 | 0 |
Aggregate Fair Value | 109,987 | 115,425 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Aggregate Fair Value | 16,754 | 13,713 |
Commercial paper | Cash, Cash Equivalents and Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 25,753 | 31,379 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Aggregate Fair Value | $ 25,753 | 31,379 |
Corporate notes and bonds | Cash, Cash Equivalents and Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,665 | |
Unrealized Gains | 9 | |
Unrealized Losses | 0 | |
Aggregate Fair Value | $ 5,674 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Details) - Foreign currency forward - USD ($) $ in Millions | Jul. 31, 2020 | Jul. 31, 2020 | Jan. 31, 2020 |
Derivative [Line Items] | |||
Gains (losses) expected to be reclassified out of OCI within the next 12 months | $ 0.3 | ||
Designated as hedging | Cash flow hedging | |||
Derivative [Line Items] | |||
Notional values | 3.7 | $ 3.7 | $ 5.8 |
Maturity term (not greater than) | 13 months | 13 months | |
Not designated as hedging | |||
Derivative [Line Items] | |||
Notional values | $ 24.9 | $ 24.9 | $ 23.5 |
Maturity term (not greater than) | 13 months |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values of Instruments (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 453 | $ 683 |
Derivative liabilities | 1,006 | 342 |
Foreign currency forward | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 453 | 683 |
Derivative liabilities | 1,006 | 342 |
Designated as hedging | Foreign currency forward | Prepaid expenses and other current assets | Cash flow hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 354 | 384 |
Designated as hedging | Foreign currency forward | Accrued expenses and other current liabilities | Cash flow hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 544 | 76 |
Not designated as hedging | Foreign currency forward | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 100 | 299 |
Not designated as hedging | Foreign currency forward | Accrued expenses and other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 462 | $ 266 |
Derivative Instruments - Gains
Derivative Instruments - Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Change in unrealized gain (loss) on cash flow hedges | $ (547) | $ (438) | $ (770) | $ (691) |
Foreign currency forward | Interest income and other income (expense), net | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) associated with foreign currency forward contracts not designated as cash flow hedges | (1,784) | 16 | (1,117) | (43) |
Cash flow hedging | Foreign currency forward | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Change in unrealized gain (loss) on cash flow hedges | (748) | (467) | (676) | (610) |
Cash flow hedging | Foreign currency forward | Revenues | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) reclassified from OCI into income (effective portion) | 161 | 115 | 291 | 219 |
Cash flow hedging | Foreign currency forward | General and administrative expense | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) reclassified from OCI into income (effective portion) | (363) | (145) | (199) | (139) |
Cash flow hedging | Foreign currency forward | Interest income and other income (expense), net | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) recognized in income (amount excluded from effectiveness testing and ineffective portion) | $ (9) | $ (29) | $ (58) | $ (62) |
Derivative Instruments - Offset
Derivative Instruments - Offsetting Arrangements (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Derivative assets: | ||
Net Amounts of Assets in the Condensed Consolidated Balance Sheets | $ 453 | $ 683 |
Derivative liabilities: | ||
Net Amounts of Assets in the Condensed Consolidated Balance Sheets | 1,006 | 342 |
Foreign currency forward | ||
Derivative assets: | ||
Gross Amounts of Recognized Assets | 453 | 683 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Assets in the Condensed Consolidated Balance Sheets | 453 | 683 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | (358) | (342) |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Asset Exposed | 95 | 341 |
Derivative liabilities: | ||
Gross Amounts of Recognized Liabilities | 1,006 | 342 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Assets in the Condensed Consolidated Balance Sheets | 1,006 | 342 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | (358) | (342) |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Liabilities Exposed | 648 | 0 |
Foreign currency forward | Counterparty A | ||
Derivative assets: | ||
Gross Amounts of Recognized Assets | 146 | 102 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Assets in the Condensed Consolidated Balance Sheets | 146 | 102 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | (51) | (5) |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Asset Exposed | 95 | 97 |
Derivative liabilities: | ||
Gross Amounts of Recognized Liabilities | 51 | 5 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Assets in the Condensed Consolidated Balance Sheets | 51 | 5 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | (51) | (5) |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Liabilities Exposed | 0 | 0 |
Foreign currency forward | Counterparty B | ||
Derivative assets: | ||
Gross Amounts of Recognized Assets | 307 | 581 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Assets in the Condensed Consolidated Balance Sheets | 307 | 581 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | (307) | (337) |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Asset Exposed | 0 | 244 |
Derivative liabilities: | ||
Gross Amounts of Recognized Liabilities | 955 | 337 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Assets in the Condensed Consolidated Balance Sheets | 955 | 337 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | (307) | (337) |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Liabilities Exposed | $ 648 | $ 0 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - USD ($) $ in Millions | May 01, 2020 | Feb. 19, 2020 | Oct. 03, 2019 | Sep. 23, 2019 | Jul. 15, 2019 | Jun. 17, 2019 | May 16, 2019 |
Voci | |||||||
Business Acquisition [Line Items] | |||||||
Cash payments to acquire business | $ 59.6 | ||||||
LivingLens | |||||||
Business Acquisition [Line Items] | |||||||
Cash payments to acquire business | $ 26.8 | ||||||
Crowdicity | |||||||
Business Acquisition [Line Items] | |||||||
Cash payments to acquire business | $ 16.6 | ||||||
Zingle | |||||||
Business Acquisition [Line Items] | |||||||
Cash payments to acquire business | $ 47.3 | ||||||
Promoter | |||||||
Business Acquisition [Line Items] | |||||||
Cash payments to acquire business | $ 2.3 | ||||||
Cooladata | |||||||
Business Acquisition [Line Items] | |||||||
Cash payments to acquire business | $ 7.6 | ||||||
Strikedeck | |||||||
Business Acquisition [Line Items] | |||||||
Cash payments to acquire business | $ 11 |
Business Combinations - Schedul
Business Combinations - Schedule of Acquisition Consideration and Related Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Business Acquisition [Line Items] | ||
Goodwill | $ 64,544 | $ 61,748 |
Voci | ||
Business Acquisition [Line Items] | ||
Purchase Consideration, Net of Cash Acquired | 55,285 | |
Net Liabilities Assumed | (1,259) | |
Identifiable Intangible Assets | 12,600 | |
Goodwill | 43,944 | |
LivingLens | ||
Business Acquisition [Line Items] | ||
Purchase Consideration, Net of Cash Acquired | 25,894 | |
Net Liabilities Assumed | (406) | |
Identifiable Intangible Assets | 5,700 | |
Goodwill | 20,600 | |
Crowdicity | ||
Business Acquisition [Line Items] | ||
Purchase Consideration, Net of Cash Acquired | 15,865 | |
Net Liabilities Assumed | (2,350) | |
Identifiable Intangible Assets | 4,811 | |
Goodwill | 13,404 | |
Zingle | ||
Business Acquisition [Line Items] | ||
Purchase Consideration, Net of Cash Acquired | 42,702 | |
Net Liabilities Assumed | (665) | |
Identifiable Intangible Assets | 8,715 | |
Goodwill | 34,652 | |
Promoter | ||
Business Acquisition [Line Items] | ||
Purchase Consideration, Net of Cash Acquired | 1,694 | |
Net Liabilities Assumed | (431) | |
Identifiable Intangible Assets | 900 | |
Goodwill | 1,225 | |
Cooladata | ||
Business Acquisition [Line Items] | ||
Purchase Consideration, Net of Cash Acquired | 7,346 | |
Net Liabilities Assumed | (2,784) | |
Identifiable Intangible Assets | 4,600 | |
Goodwill | 5,530 | |
Strikedeck | ||
Business Acquisition [Line Items] | ||
Purchase Consideration, Net of Cash Acquired | 10,498 | |
Net Liabilities Assumed | (439) | |
Identifiable Intangible Assets | 4,000 | |
Goodwill | $ 6,937 |
Business Combinations - Compone
Business Combinations - Component of Identifiable Intangible Assets Acquired in Connection with Acquisitions (Details) $ in Thousands | 6 Months Ended |
Jul. 31, 2020USD ($) | |
Voci | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 12,600 |
Voci | Developed technology | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 7,700 |
Useful life (years) | 5 years |
Voci | Customer relationships | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 4,600 |
Useful life (years) | 5 years |
Voci | Trademarks | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 300 |
Useful life (years) | 5 years |
LivingLens | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 5,700 |
LivingLens | Developed technology | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 3,100 |
Useful life (years) | 5 years |
LivingLens | Customer relationships | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 2,200 |
Useful life (years) | 5 years |
LivingLens | Trademarks | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 400 |
Useful life (years) | 5 years |
Crowdicity | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 4,811 |
Crowdicity | Developed technology | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 2,406 |
Useful life (years) | 5 years |
Crowdicity | Customer relationships | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 2,105 |
Useful life (years) | 5 years |
Crowdicity | Trademarks | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 300 |
Useful life (years) | 5 years |
Zingle | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 8,715 |
Zingle | Developed technology | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 4,915 |
Useful life (years) | 5 years |
Zingle | Customer relationships | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 3,000 |
Useful life (years) | 5 years |
Zingle | Trademarks | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 800 |
Useful life (years) | 5 years |
Promoter | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 900 |
Promoter | Developed technology | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 700 |
Useful life (years) | 5 years |
Promoter | Customer relationships | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 0 |
Promoter | Trademarks | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 200 |
Useful life (years) | 5 years |
Cooladata | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 4,600 |
Cooladata | Developed technology | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 4,600 |
Useful life (years) | 5 years |
Cooladata | Customer relationships | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 0 |
Cooladata | Trademarks | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | 0 |
Strikedeck | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | 4,000 |
Strikedeck | Developed technology | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 4,000 |
Useful life (years) | 5 years |
Strikedeck | Customer relationships | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 0 |
Strikedeck | Trademarks | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 0 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Changes in Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 79,324 | $ 16,745 |
Acquisitions | 64,544 | 61,748 |
Foreign currency exchange | (406) | 831 |
Goodwill, ending balance | $ 143,462 | $ 79,324 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Schedule Intangible Assets, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Intangible Assets, Gross [Roll Forward] | ||||||
Beginning of period | $ 25,227 | $ 1,900 | $ 1,900 | |||
Identifiable Intangible Assets Acquired | 18,165 | 23,327 | ||||
End of period | $ 43,392 | 43,392 | 25,227 | |||
Accumulated Amortization [Roll Forward] | ||||||
Beginning of period | (3,921) | (1,594) | (1,594) | |||
Amortization of Intangible Assets | (2,100) | $ (300) | (3,534) | (400) | (2,327) | |
End of period | (7,455) | (7,455) | (3,921) | |||
Intangible assets, net | 35,937 | 35,937 | 21,306 | $ 306 | ||
Developed technology | ||||||
Intangible Assets, Gross [Roll Forward] | ||||||
Beginning of period | 18,670 | 1,900 | 1,900 | |||
Identifiable Intangible Assets Acquired | 10,731 | 16,770 | ||||
End of period | 29,401 | 29,401 | 18,670 | |||
Accumulated Amortization [Roll Forward] | ||||||
Beginning of period | (3,473) | (1,594) | (1,594) | |||
Amortization of Intangible Assets | (2,415) | (1,879) | ||||
End of period | (5,888) | (5,888) | (3,473) | |||
Intangible assets, net | 23,513 | $ 23,513 | $ 15,197 | 306 | ||
Intangible assets, estimated useful life | 4 years 3 months 18 days | 4 years 6 months | ||||
Customer relationships | ||||||
Intangible Assets, Gross [Roll Forward] | ||||||
Beginning of period | $ 5,237 | 0 | $ 0 | |||
Identifiable Intangible Assets Acquired | 6,743 | 5,237 | ||||
End of period | 11,980 | 11,980 | 5,237 | |||
Accumulated Amortization [Roll Forward] | ||||||
Beginning of period | (351) | 0 | 0 | |||
Amortization of Intangible Assets | (938) | (351) | ||||
End of period | (1,289) | (1,289) | (351) | |||
Intangible assets, net | 10,691 | $ 10,691 | $ 4,886 | 0 | ||
Intangible assets, estimated useful life | 4 years 6 months | 4 years 8 months 12 days | ||||
Trademarks | ||||||
Intangible Assets, Gross [Roll Forward] | ||||||
Beginning of period | $ 1,320 | 0 | $ 0 | |||
Identifiable Intangible Assets Acquired | 691 | 1,320 | ||||
End of period | 2,011 | 2,011 | 1,320 | |||
Accumulated Amortization [Roll Forward] | ||||||
Beginning of period | (97) | $ 0 | 0 | |||
Amortization of Intangible Assets | (181) | (97) | ||||
End of period | (278) | (278) | (97) | |||
Intangible assets, net | $ 1,733 | $ 1,733 | $ 1,223 | $ 0 | ||
Intangible assets, estimated useful life | 4 years 3 months 18 days | 4 years 7 months 6 days |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Amortization of Intangible Assets | $ 2,100 | $ 300 | $ 3,534 | $ 400 | $ 2,327 | |
Remainder of 2021 | 4,209 | 4,209 | ||||
2022 | 8,306 | 8,306 | ||||
2023 | 8,306 | 8,306 | ||||
2024 | 8,306 | 8,306 | ||||
2025 | 6,116 | 6,116 | ||||
Thereafter | 694 | 694 | ||||
Total | $ 35,937 | $ 35,937 | $ 21,306 | $ 306 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||||
Sales commissions amortization period | 5 years | 5 years | |||
Deferred commissions earned and capitalized | $ 15,500 | $ 9,100 | $ 19,700 | $ 15,800 | |
Amortization of deferred commissions | 6,300 | 4,500 | 12,300 | 8,700 | |
Depreciation and amortization expense | 4,200 | 3,500 | 8,200 | 6,700 | |
Capital lease amortization expense | 1,000 | $ 1,000 | 1,900 | $ 1,600 | |
Property and equipment, net | 38,717 | 38,717 | $ 34,879 | ||
Gain on termination of lease | 4,000 | ||||
Gain on reversal of deferred rent | 34,500 | ||||
Impairment of property and equipment | 20,700 | ||||
Cash payments associated with termination and other fees | 9,800 | ||||
Non-US | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, net | $ 16,500 | $ 16,500 | $ 13,400 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 91,647 | $ 79,527 |
Less accumulated depreciation and amortization | (52,930) | (44,648) |
Property and equipment, net | 38,717 | 34,879 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 64,641 | 56,758 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 1,075 | 1,028 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 8,225 | 6,941 |
Equipment acquired under capital leases | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 11,829 | 11,687 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 5,877 | $ 3,113 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Capital leases, current | $ 4,937 | $ 4,316 |
Lease exit liability | 4,103 | 0 |
Transaction taxes | 4,138 | 3,932 |
Indemnity holdback and term loan related to acquisitions | 3,780 | 1,573 |
Other | 10,457 | 10,447 |
Accrued expenses and other current liabilities | $ 27,415 | $ 20,268 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Accrued Compensation (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued salaries and bonuses | $ 5,060 | $ 8,312 |
Accrued commissions | 10,602 | 11,280 |
Accrued vacation | 4,313 | 3,906 |
Employee stock purchase plan | 6,230 | 8,693 |
Payroll taxes | 5,717 | 4,969 |
Accrued compensation | $ 31,922 | $ 37,160 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | Sep. 04, 2020 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 |
Loss Contingencies [Line Items] | ||||||
Proceeds from revolving line of credit | $ 43,000,000 | $ 0 | ||||
Operating lease renewal term option | 5 years | 5 years | ||||
Rent expense | $ 4,500,000 | $ 3,800,000 | $ 9,500,000 | $ 7,200,000 | ||
Lease exit costs | $ (4,000,000) | |||||
General and administrative expense | San Mateo and Pleasanton, California | ||||||
Loss Contingencies [Line Items] | ||||||
Lease exit costs | 7,600,000 | 7,600,000 | ||||
Revolving Credit Facility | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum borrowing capacity | 50,000,000 | 50,000,000 | 50,000,000 | |||
Current borrowing capacity | 2,300,000 | 2,300,000 | 46,500,000 | |||
Revolving Credit Facility | Subsequent Event | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum borrowing capacity | $ 50,000,000 | |||||
Amount of right to add revolving commitments | $ 50,000,000 | |||||
Commitment fee percentage | 0.25% | |||||
Revolving Credit Facility | Debt Convertible At Company Option | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum borrowing capacity | 15,000,000 | $ 15,000,000 | ||||
Maturity period of debt instrument | 48 months | |||||
Revolving Credit Facility | LIBOR | Subsequent Event | ||||||
Loss Contingencies [Line Items] | ||||||
Variable interest rate | 1.75% | |||||
Revolving Credit Facility | Base Rate | Subsequent Event | ||||||
Loss Contingencies [Line Items] | ||||||
Variable interest rate | 0.75% | |||||
Revolving Line Of Credit And Term Out Loan | Debt Instrument, Redemption, Period One | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Amount of borrowings that effect the interest rate | 5,000,000 | $ 5,000,000 | ||||
Revolving Line Of Credit And Term Out Loan | Debt Instrument, Redemption, Period Two | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Amount of borrowings that effect the interest rate | 10,000,000 | 10,000,000 | ||||
Revolving Line Of Credit And Term Out Loan | Debt Instrument, Redemption, Period Two | Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Amount of borrowings that effect the interest rate | 5,000,000 | 5,000,000 | ||||
Revolving Line Of Credit And Term Out Loan | Debt Instrument, Redemption, Period Three | Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Amount of borrowings that effect the interest rate | 10,000,000 | $ 10,000,000 | ||||
Revolving Line Of Credit And Term Out Loan | Prime Rate | Debt Instrument, Redemption, Period One | ||||||
Loss Contingencies [Line Items] | ||||||
Variable interest rate | 0.50% | |||||
Revolving Line Of Credit And Term Out Loan | Prime Rate | Debt Instrument, Redemption, Period Three | ||||||
Loss Contingencies [Line Items] | ||||||
Variable interest rate | 0.50% | |||||
Standby Letters of Credit | Subsequent Event | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum borrowing capacity | $ 40,000,000 | |||||
Standby Letters of Credit | Office Lease Facilities | ||||||
Loss Contingencies [Line Items] | ||||||
Standby letters of credit | $ 4,700,000 | $ 4,700,000 | $ 3,500,000 | |||
Standby Letters of Credit | Office Lease Facilities | Subsequent Event | ||||||
Loss Contingencies [Line Items] | ||||||
Standby letters of credit | $ 4,700,000 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 234 | $ 263 | $ 174 | $ 919 |
United Kingdom | ||||
Operating Loss Carryforwards [Line Items] | ||||
Excess tax benefits from stock based compensation | $ 700 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value, options granted in period (in usd per share) | $ 0 | $ 5.38 |
Fair value of options vested during period | $ 12.7 | $ 13.4 |
Unrecognized stock based compensation expense | $ 31.8 | |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recognition period, unrecognized stock based compensation expense | 2 years | |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recognition period, unrecognized stock based compensation expense | 2 years 3 months 18 days | |
Unrecognized compensation expense | $ 131.7 | |
Weighted average grant date fair value, stock units granted (in usd per share) | $ 22.84 | |
ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recognition period, unrecognized stock based compensation expense | 1 month 6 days | |
Unrecognized compensation expense | $ 0.7 | |
Weighted average grant date fair value, stock units granted (in usd per share) | $ 5.48 | |
Performance Based Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value, stock units granted (in usd per share) | $ 22.30 |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of 2019 Plan Activity (Details) - 2019 Equity Incentive Plan | 6 Months Ended |
Jul. 31, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding [Roll Forward] | |
Equity Incentive Plan Shares, beginning balance (in shares) | 23,050,732 |
Shares authorized (in shares) | 6,617,320 |
Options and RSUs granted (in shares) | (3,491,910) |
Cancelled shares (in shares) | 944,366 |
Equity Incentive Plan Shares, ending balance (in shares) | 27,120,508 |
Equity Incentive Plans - Stock-
Equity Incentive Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | $ 24,634 | $ 35,179 | $ 56,438 | $ 43,141 |
Research and development expense | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 4,746 | 3,658 | 16,219 | 5,241 |
Sales and marketing expense | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 8,745 | 8,475 | 18,081 | 9,968 |
General and administrative expense | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 7,478 | 19,487 | 14,881 | 23,529 |
Subscription | Cost of Sales | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 946 | 869 | 1,855 | 1,156 |
Professional services | Cost of Sales | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | $ 2,719 | $ 2,690 | $ 5,402 | $ 3,247 |
Equity Incentive Plans - Stock
Equity Incentive Plans - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020USD ($)$ / sharesshares | Jan. 31, 2020USD ($)$ / sharesshares | |
Number of Shares | ||
Options outstanding, beginning balance (in shares) | shares | 41,935,173 | |
Options exercised (in shares) | shares | (9,853,483) | |
Options cancelled or expired (in shares) | shares | (569,330) | |
Options outstanding, ending balance (in shares) | shares | 31,512,360 | 41,935,173 |
Options exercisable (in shares) | shares | 20,217,598 | |
Average Exercise Price per Share | ||
Options outstanding, beginning balance, average exercise price (in usd per share) | $ / shares | $ 5.47 | |
Options exercised, weighted average exercise price (in usd per share) | $ / shares | 4.13 | |
Options cancelled or expired, weighted average exercise price (in usd per share) | $ / shares | 6.71 | |
Options outstanding, ending balance, average exercise price (in usd per share) | $ / shares | 5.87 | $ 5.47 |
Options exercisable, average exercise price (in usd per share) | $ / shares | $ 5.48 | |
Weighted average remaining contractual term, options outstanding | 7 years 2 months 12 days | 7 years 3 months 14 days |
Weighted average remaining contractual term, options exercisable | 6 years 9 months | |
Aggregate intrinsic value, options outstanding | $ | $ 954,124 | |
Aggregate intrinsic value, exercises in period | $ | 262,410 | |
Aggregate intrinsic value, options outstanding | $ | 783,580 | $ 954,124 |
Aggregate intrinsic value, options exercisable | $ | $ 510,437 |
Equity Incentive Plans - Restri
Equity Incentive Plans - Restricted Stock Activity (Details) | 6 Months Ended |
Jul. 31, 2020$ / sharesshares | |
Restricted stock units | |
Number of Shares | |
Stock units outstanding, beginning balance (in shares) | shares | 9,019,681 |
Stock units granted (in shares) | shares | 3,141,965 |
Stock units vested (in shares) | shares | (2,762,734) |
Stock units cancelled and expired (in units) | shares | (307,836) |
Stock units outstanding, ending balance (in shares) | shares | 9,091,076 |
Weighted Average Grant Date Fair Value | |
Weighted average grant date fair value, stock units outstanding, beginning balance (in usd per share) | $ / shares | $ 16.07 |
Weighted average grant date fair value, stock units granted (in usd per share) | $ / shares | 22.84 |
Weighted average grant date fair value, stock units vested (in usd per share) | $ / shares | 13.86 |
Weighted average grant date fair value, stock units cancelled or expired (in usd per share) | $ / shares | 21.85 |
Weighted average grant date fair value, stock units outstanding, ending balance (in usd per share) | $ / shares | $ 18.88 |
Performance Based Restricted Stock Units | |
Number of Shares | |
Stock units outstanding, beginning balance (in shares) | shares | 826,333 |
Stock units granted (in shares) | shares | 349,945 |
Stock units vested (in shares) | shares | 0 |
Stock units cancelled and expired (in units) | shares | (67,200) |
Stock units outstanding, ending balance (in shares) | shares | 1,109,078 |
Weighted Average Grant Date Fair Value | |
Weighted average grant date fair value, stock units outstanding, beginning balance (in usd per share) | $ / shares | $ 13.95 |
Weighted average grant date fair value, stock units granted (in usd per share) | $ / shares | 22.30 |
Weighted average grant date fair value, stock units vested (in usd per share) | $ / shares | 0 |
Weighted average grant date fair value, stock units cancelled or expired (in usd per share) | $ / shares | 13.41 |
Weighted average grant date fair value, stock units outstanding, ending balance (in usd per share) | $ / shares | $ 16.62 |
Equity Incentive Plans - Valuat
Equity Incentive Plans - Valuation Assumptions (Details) - ESPP | 6 Months Ended |
Jul. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 0.30% |
Expected volatility | 45.00% |
Expected term (in years) | 6 months |
Expected dividend rate | 0.00% |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (35,198) | $ (38,284) | $ (67,727) | $ (40,843) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares) | 142,479 | 43,986 | 139,272 | 37,248 |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.25) | $ (0.87) | $ (0.49) | $ (1.10) |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 42,225 | 58,592 | 42,225 | 58,592 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 31,512 | 48,271 | 31,512 | 48,271 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 10,200 | 9,554 | 10,200 | 9,554 |
ESPP | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 513 | 683 | 513 | 683 |
Unvested early exercises subject to repurchase | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 28 | 0 | 28 |
Convertible preferred stock warrant | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 56 | 0 | 56 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Sep. 08, 2020 | Sep. 04, 2020 | Jul. 31, 2020 | Jan. 31, 2020 |
Revolving Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | $ 50,000,000 | $ 50,000,000 | ||
Standby Letters of Credit | Office Lease Facilities | ||||
Subsequent Event [Line Items] | ||||
Standby letters of credit | $ 4,700,000 | $ 3,500,000 | ||
Subsequent Event | Revolving Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | $ 50,000,000 | |||
Amount of right to add revolving commitments | 50,000,000 | |||
Subsequent Event | Standby Letters of Credit | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | 40,000,000 | |||
Subsequent Event | Standby Letters of Credit | Office Lease Facilities | ||||
Subsequent Event [Line Items] | ||||
Standby letters of credit | $ 4,700,000 | |||
Subsequent Event | StellaService Inc. | ||||
Subsequent Event [Line Items] | ||||
Cash payments to acquire business | $ 100,000,000 |