Cover
Cover - shares | 3 Months Ended | |
Apr. 30, 2023 | May 12, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-38865 | |
Entity Registrant Name | Zoom Video Communications, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 61-1648780 | |
Entity Address, Address Line One | 55 Almaden Boulevard, 6th Floor | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95113 | |
City Area Code | 888 | |
Local Phone Number | 799-9666 | |
Title of 12(b) Security | Class A Common Stock, $0.001 par value per share | |
Trading Symbol | ZM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001585521 | |
Current Fiscal Year End Date | --01-31 | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 250,875,006 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 46,669,611 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,029,546 | $ 1,086,830 |
Marketable securities | 4,566,845 | 4,325,836 |
Accounts receivable, net of allowances of $47,448 and $33,206 as of April 30, 2023 and January 31, 2023, respectively | 590,694 | 557,404 |
Deferred contract acquisition costs, current | 209,607 | 223,250 |
Prepaid expenses and other current assets | 170,987 | 163,092 |
Total current assets | 6,567,679 | 6,356,412 |
Deferred contract acquisition costs, noncurrent | 166,742 | 179,991 |
Property and equipment, net | 255,218 | 252,821 |
Operating lease right-of-use assets | 75,525 | 80,906 |
Strategic investments | 452,267 | 398,992 |
Goodwill | 304,162 | 122,641 |
Deferred tax assets | 532,996 | 558,428 |
Other assets, noncurrent | 181,621 | 177,874 |
Total assets | 8,536,210 | 8,128,065 |
Current liabilities: | ||
Accounts payable | 16,520 | 14,414 |
Accrued expenses and other current liabilities | 489,813 | 457,716 |
Deferred revenue, current | 1,337,560 | 1,266,514 |
Total current liabilities | 1,843,893 | 1,738,644 |
Deferred revenue, noncurrent | 28,576 | 41,932 |
Operating lease liabilities, noncurrent | 68,470 | 73,687 |
Other liabilities, noncurrent | 71,164 | 67,195 |
Total liabilities | 2,012,103 | 1,921,458 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value per share, 200,000,000 shares authorized as of April 30, 2023 and January 31, 2023; zero shares issued and outstanding as of April 30, 2023 and January 31, 2023 | 0 | 0 |
Common stock, $0.001 par value per share, 2,000,000,000 Class A shares authorized as of April 30, 2023 and January 31, 2023; 250,777,971 and 247,151,956 shares issued and outstanding as of April 30, 2023 and January 31, 2023, respectively; 300,000,000 Class B shares authorized as of April 30, 2023 and January 31, 2023; 46,677,755 and 46,670,894 shares issued and outstanding as of April 30, 2023 and January 31, 2023, respectively | 298 | 294 |
Additional paid-in capital | 4,391,418 | 4,104,880 |
Accumulated other comprehensive loss | (34,871) | (50,385) |
Retained earnings | 2,167,262 | 2,151,818 |
Total stockholders’ equity | 6,524,107 | 6,206,607 |
Total liabilities and stockholders’ equity | $ 8,536,210 | $ 8,128,065 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Current assets: | ||
Accounts receivable, allowances | $ 47,448 | $ 33,206 |
Stockholders’ equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Class A Common Stock | ||
Stockholders’ equity: | ||
Common stock, authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, issued (in shares) | 250,777,971 | 247,151,956 |
Common stock, outstanding (in shares) | 250,777,971 | 247,151,956 |
Class B Common Stock | ||
Stockholders’ equity: | ||
Common stock, authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, issued (in shares) | 46,677,755 | 46,670,894 |
Common stock, outstanding (in shares) | 46,677,755 | 46,670,894 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 1,105,364 | $ 1,073,800 |
Cost of revenue | 263,947 | 261,821 |
Gross profit | 841,417 | 811,979 |
Operating expenses: | ||
Research and development | 209,271 | 144,291 |
Sales and marketing | 422,504 | 362,783 |
General and administrative | 199,900 | 117,840 |
Total operating expenses | 831,675 | 624,914 |
Income from operations | 9,742 | 187,065 |
Gains (losses) on strategic investments, net | 2,275 | (36,404) |
Other income (expense), net | 31,213 | (6,989) |
Income before provision for income taxes | 43,230 | 143,672 |
Provision for income taxes | 27,786 | 30,014 |
Net income | 15,444 | 113,658 |
Undistributed earnings attributable to participating securities | 0 | (18) |
Net income attributable to common stockholders | $ 15,444 | $ 113,640 |
Net income per share attributable to common stockholders: | ||
Basic (in dollars per share) | $ 0.05 | $ 0.38 |
Diluted (in dollars per share) | $ 0.05 | $ 0.37 |
Weighted-average shares used in computing net income per share attributable to common stockholders: | ||
Basic (in shares) | 295,409,207 | 299,147,105 |
Diluted (in shares) | 304,115,913 | 306,614,220 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 15,444 | $ 113,658 |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on available-for-sale marketable securities, net of income tax (expense) benefit of $(4,674) and $8,686 for the three months ended April 30, 2023 and 2022, respectively | 15,514 | (27,335) |
Comprehensive income | $ 30,958 | $ 86,323 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized (loss) gain on available for sale marketable securities, tax effect | $ (4,674) | $ 8,686 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Beginning balance (in shares) at Jan. 31, 2022 | 299,037,805 | ||||
Beginning balance at Jan. 31, 2022 | $ 5,780,018 | $ 299 | $ 3,749,514 | $ (17,902) | $ 2,048,107 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 543,518 | ||||
Issuance of common stock upon exercise of stock options | 3,344 | $ 1 | 3,343 | ||
Issuance of common stock upon release of restricted stock units (in shares) | 467,160 | ||||
Repurchase of common stock (in shares) | (1,224,250) | ||||
Repurchase of common stock | (132,412) | $ (1) | (132,411) | ||
Stock-based compensation expense | 210,614 | 210,614 | |||
Other comprehensive income (loss) | (27,335) | (27,335) | |||
Net income | 113,658 | 113,658 | |||
Ending balance (in shares) at Apr. 30, 2022 | 298,824,233 | ||||
Ending balance at Apr. 30, 2022 | 5,947,887 | $ 299 | 3,831,060 | (45,237) | 2,161,765 |
Beginning balance (in shares) at Jan. 31, 2023 | 293,822,850 | ||||
Beginning balance at Jan. 31, 2023 | $ 6,206,607 | $ 294 | 4,104,880 | (50,385) | 2,151,818 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 501,968 | 501,968 | |||
Issuance of common stock upon exercise of stock options | $ 4,269 | $ 1 | 4,268 | ||
Issuance of common stock upon release of restricted stock units (in shares) | 3,130,908 | ||||
Issuance of common stock upon release of restricted stock units | 0 | $ 3 | (3) | ||
Stock-based compensation expense | 282,273 | 282,273 | |||
Other comprehensive income (loss) | 15,514 | 15,514 | |||
Net income | 15,444 | 15,444 | |||
Ending balance (in shares) at Apr. 30, 2023 | 297,455,726 | ||||
Ending balance at Apr. 30, 2023 | $ 6,524,107 | $ 298 | $ 4,391,418 | $ (34,871) | $ 2,167,262 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 15,444 | $ 113,658 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation expense | 282,345 | 209,363 |
Amortization of deferred contract acquisition costs | 73,230 | 56,780 |
Depreciation and amortization | 24,076 | 15,280 |
Deferred income taxes | 21,511 | 0 |
(Gains) losses on strategic investments, net | (2,275) | |
(Gains) losses on strategic investments, net | 36,404 | |
Provision for accounts receivable allowances | 15,433 | 13,097 |
Unrealized foreign exchange losses | 3,316 | 11,980 |
Non-cash operating lease cost | 5,381 | 5,451 |
Amortization of discount/premium on marketable securities | (6,765) | 3,604 |
Other | (5,471) | 750 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (29,101) | (83,605) |
Prepaid expenses and other assets | (6,659) | (27,235) |
Deferred contract acquisition costs | (46,338) | (65,690) |
Accounts payable | 1,881 | 11,153 |
Accrued expenses and other liabilities | 24,640 | 78,236 |
Deferred revenue | 53,340 | 152,974 |
Operating lease liabilities, net | (5,501) | (6,049) |
Net cash provided by operating activities | 418,487 | 526,151 |
Cash flows from investing activities: | ||
Purchases of marketable securities | (768,230) | (611,662) |
Maturities of marketable securities | 559,686 | 609,327 |
Purchases of property and equipment | (21,826) | (25,038) |
Purchases of strategic investments | (51,000) | (11,750) |
Cash paid for acquisition, net of cash acquired | (199,416) | 0 |
Purchases of intangible assets | 0 | (3,211) |
Net cash used in investing activities | (480,786) | (42,334) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 4,268 | 3,255 |
Proceeds from employee equity transactions to be remitted (remitted) to employees and tax authorities, net | 2,751 | (4,086) |
Cash paid for repurchases of common stock | 0 | (132,412) |
Net cash provided by (used in) financing activities | 7,019 | (133,243) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (2,553) | (9,425) |
Net increase in cash, cash equivalents, and restricted cash | (57,833) | 341,149 |
Cash, cash equivalents, and restricted cash – beginning of period | 1,100,243 | 1,073,353 |
Cash, cash equivalents, and restricted cash – end of period | 1,042,410 | 1,414,502 |
Reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above: | ||
Cash and cash equivalents | 1,029,546 | 1,407,305 |
Restricted cash, current included in prepaid expenses and other current assets | 12,610 | 6,923 |
Restricted cash, noncurrent included in other assets, noncurrent | 254 | 274 |
Total cash, cash equivalents, and restricted cash | $ 1,042,410 | $ 1,414,502 |
Summary of Business and Signifi
Summary of Business and Significant Accounting Policies | 3 Months Ended |
Apr. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Business and Significant Accounting Policies | Summary of Business and Significant Accounting Policies Description of Business Zoom Video Communications, Inc. and its subsidiaries (collectively, “Zoom,” the “Company,” “we,” “us,” or “our”) connect people through our core unified communications and collaboration platform, which frictionlessly brings together video, phone, chat, webinars events, and contact center, and enables meaningful experiences across disparate devices and locations. We were incorporated in the state of Delaware in April 2011, and are headquartered in San Jose, California. Fiscal Year Our fiscal year ends on January 31. References to fiscal year 2024, for example, refer to the fiscal year ending January 31, 2024. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting, and include the accounts of Zoom Video Communications, Inc., its subsidiaries, and variable interest entities for which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of January 31, 2023 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, statements of comprehensive income, statements of stockholders’ equity, and statements of 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 audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended January 31, 2023, filed with the SEC on March 3, 2023. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the estimated expected benefit period for deferred contract acquisition costs, stock-based compensation expense, the fair value of marketable securities, acquired intangible assets and goodwill, the valuation of deferred income tax assets and uncertain tax positions, and accruals and contingencies. Actual results could materially differ from those estimates. Summary of Significant Accounting Policies Our significant accounting policies are discussed in Note 1. “Summary of Business and Significant Accounting Policies” in the notes to consolidated financial statements included in our Annual Report on Form 10-K for the year ended January 31, 2023, filed with the SEC on March 3, 2023. There have been no significant changes to these policies during the three months ended April 30, 2023. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Apr. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregation of Revenue The following table summarizes revenue by region based on the billing address of customers: Three Months Ended April 30, 2023 2022 Amount Percentage of Amount Percentage of (in thousands, except percentages) Americas $ 784,597 71 % $ 728,381 68 % Asia Pacific (“APAC”) 140,870 13 148,821 14 Europe, Middle East, and Africa (“EMEA”) 179,897 16 196,598 18 Total $ 1,105,364 100 % $ 1,073,800 100 % Contract Balances We receive payments from customers based on a billing schedule as established in our customer contracts. Accounts receivable are recorded when we contractually have the right to consideration. In some arrangements, a right to consideration for our performance under the customer contract may occur before invoicing to the customer, resulting in an unbilled accounts receivable. The amount of unbilled accounts receivable included within accounts receivable, net was $107.1 million and $91.6 million as of April 30, 2023 and January 31, 2023, respectively, and the amount of unbilled accounts receivable included within other assets, noncurrent was immaterial as of April 30, 2023 and January 31, 2023. Contract liabilities consist of deferred revenue. Revenue is deferred when we have the right to invoice in advance of performance under a customer contract. The current portion of deferred revenue balances is recognized over the next 12 months. The amount of revenue recognized during the three months ended April 30, 2023 and 2022 that was included in deferred revenue at the beginning of each period was $576.8 million and $541.6 million, respectively. Remaining Performance Obligations The terms of our subscription agreements are monthly, annual, and multiyear, and we may bill for the full term in advance or on an annual, quarterly, or monthly basis, depending on the billing terms with customers. As of April 30, 2023, the aggregate amount of the transaction price allocated to our remaining performance obligations was $3,482.2 million, which consists of both billed consideration in the amount of $1,366.1 million and unbilled consideration in the amount of $2,116.1 million that we expect to recognize as revenue. We expect to recognize 59% of our remaining performance obligations as revenue over the next 12 months and the remainder thereafter. |
Investments
Investments | 3 Months Ended |
Apr. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Marketable Securities As of April 30, 2023 and January 31, 2023, our marketable securities consisted of the following: As of April 30, 2023 Amortized Gross Gross Estimated (in thousands) Commercial paper $ 61,013 $ — $ — $ 61,013 Agency bonds 1,189,447 323 (10,734) 1,179,036 Corporate and other debt securities 521,480 268 (3,982) 517,766 U.S. government agency securities 2,770,605 819 (32,671) 2,738,753 Treasury bills 70,330 — (53) 70,277 Marketable securities $ 4,612,875 $ 1,410 $ (47,440) $ 4,566,845 As of January 31, 2023 Amortized Gross Gross Estimated (in thousands) Commercial paper $ 77,701 $ — $ — $ 77,701 Agency bonds 823,027 63 (12,440) 810,650 Corporate and other debt securities 555,354 385 (4,845) 550,894 U.S. government agency securities 2,910,572 150 (49,507) 2,861,215 Treasury bills 25,404 1 (29) 25,376 Marketable securities $ 4,392,058 $ 599 $ (66,821) $ 4,325,836 Unrealized losses for securities that have been in an unrealized loss position for less than 12 months were $18.9 million and $24.8 million as of April 30, 2023 and January 31, 2023, respectively. Unrealized losses for securities that have been in an unrealized loss position for 12 months or longer were $28.6 million and $42.0 million as of April 30, 2023 and January 31, 2023, respectively. We review the individual securities that have unrealized losses on a regular basis to evaluate whether or not any security has experienced, or is expected to experience, credit losses resulting in the decline in fair value. We evaluate, among other factors, whether we have the intention to sell any of these marketable securities and whether it is more likely than not that we will be required to sell any of them before recovery of the amortized cost basis. We have not recorded an allowance for credit losses, as we believe any such losses would be immaterial based on the high-grade credit rating for each of our marketable securities as of the end of each period. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive loss for the three months ended April 30, 2023 and 2022. The following table presents the contractual maturities of our marketable securities as of April 30, 2023 and January 31, 2023: As of April 30, 2023 January 31, 2023 (in thousands) Less than one year $ 2,940,895 $ 2,743,677 Due in one to five years 1,625,950 1,582,159 Total $ 4,566,845 $ 4,325,836 Strategic Investments Strategic investments by form and measurement category as of April 30, 2023 were as follows: Measurement Category Fair Value Measurement Alternative Equity Method Total (in thousands) Equity securities $ 167,694 $ 186,232 $ 94,624 $ 448,550 Debt securities 3,717 — — 3,717 Strategic investments $ 171,411 $ 186,232 $ 94,624 $ 452,267 Strategic investments by form and measurement category as of January 31, 2023 were as follows: Measurement Category Fair Value Measurement Alternative Equity Method Total (in thousands) Equity securities $ 171,975 $ 118,763 $ 93,854 $ 384,592 Debt securities 14,400 — — 14,400 Strategic investments $ 186,375 $ 118,763 $ 93,854 $ 398,992 In the first quarter of fiscal year 2024, we made a total of $51.0 million of strategic investments in equity securities of private companies. Based on the terms of these privately-held securities, we determined that we do not have a controlling interest nor the ability to exercise significant influence over the operating and financial policies of the investees. Therefore these investments are currently accounted for under the measurement alternative method. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present information about our financial instruments that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value: As of April 30, 2023 Fair Value Level 1 Level 2 Level 3 (in thousands) Financial Assets: Money market funds $ 503,109 $ 503,109 $ — $ — Treasury bills 7,535 — 7,535 — Corporate debt securities 257 — 257 — Agency bonds 58,415 — 58,415 — Cash equivalents 569,316 503,109 66,207 — Commercial paper 61,013 — 61,013 — Agency bonds 1,179,036 — 1,179,036 — Corporate and other debt securities 517,766 — 517,766 — U.S. government agency securities 2,738,753 — 2,738,753 — Treasury bills 70,277 — 70,277 — Marketable securities 4,566,845 — 4,566,845 — Certificates of deposit included in other assets, noncurrent 254 — 254 — Publicly held equity securities included in strategic investments 167,694 167,694 — — Privately held debt securities included in strategic investments 3,717 — — 3,717 Total financial assets $ 5,307,826 $ 670,803 $ 4,633,306 $ 3,717 As of January 31, 2023 Fair Value Level 1 Level 2 Level 3 (in thousands) Financial Assets: Money market funds $ 310,571 $ 310,571 $ — $ — Cash equivalents 310,571 310,571 — — Commercial paper 77,701 — 77,701 — Agency bonds 810,650 — 810,650 — Corporate and other debt securities 550,894 — 550,894 — U.S. government agency securities 2,861,215 — 2,861,215 — Treasury bills 25,376 — 25,376 — Marketable securities 4,325,836 — 4,325,836 — Certificates of deposit included in other assets, noncurrent 272 — 272 — Publicly held equity securities included in strategic investments 171,975 171,975 — — Privately held debt securities included in strategic investments 14,400 — — 14,400 Total financial assets $ 4,823,054 $ 482,546 $ 4,326,108 $ 14,400 We classify our highly liquid money market funds and publicly held equity securities within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. We classify our commercial paper, agency bonds, corporate and other debt securities, U.S. government agency securities, treasury bills, and certificates of deposit within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security, which may not be actively traded. We classify our privately held debt securities as Level 3 due to the lack of relevant observable market data over fair value inputs, such as the probability weighting of the various scenarios that can impact settlement of the arrangement. |
Business Combinations
Business Combinations | 3 Months Ended |
Apr. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations Solvvy, Inc. On May 19, 2022, we acquired 100% of the issued and outstanding share capital of Solvvy, Inc., a private technology company specializing in customer support automation, for an all-cash purchase consideration of $121.2 million. The acquisition adds to our customer service capabilities and enhances our integrated platform by providing conversational AI capabilities. The acquisition has been accounted for as a business combination. In allocating the purchase consideration, $95.0 million was attributed to goodwill, $26.7 million to intangible assets (consisted of $12.0 million to developed technology and $14.7 million to customer relationships), and $0.5 million to other net liabilities acquired. The goodwill amount represents synergies related to our existing products expected to be realized from the acquisition and assembled workforce. The associated goodwill is not deductible for tax purposes. At the date of the acquisition, the developed technology and customer relationships both had an estimated useful life of 5.0 years, and both are amortized using the straight-line method over their respective estimated useful lives. As of April 30, 2023, the developed technology and customer relationships both had a remaining useful life of 4.0 years. Transaction costs incurred in connection with the acquisition were immaterial. The results of operations of Solvvy, Inc., which are not material, have been included in our condensed consolidated financial statements from the date of the acquisition. Pro forma and historical results of operations of the company have not been presented, as the results do not have a material effect on any of the periods presented in our condensed consolidated statements of operations. Workvivo Limited On April 21, 2023, we acquired 100% of the issued and outstanding share capital of Workvivo Limited (“Workvivo”), a private technology company that provides an employee experience platform, for an all-cash purchase consideration of $215.8 million. The acquisition extends our platform and offers our customers new ways to keep employees informed, engaged, and connected. The acquisition has been accounted for as a business combination. As of April 30, 2023, we performed a preliminary allocation of the purchase consideration based on the estimated fair values of the assets acquired and liabilities assumed. Based on our preliminary purchase price allocation, $181.5 million was attributed to goodwill, $28.0 million to intangible assets (primarily consisting of $10.8 million to developed technology and $17.0 million to customer relationships), and $6.3 million to other net assets acquired. The goodwill amount represents synergies related to our existing products expected to be realized from the acquisition and assembled workforce. The associated goodwill is not deductible for tax purposes. The allocation of the purchase price is based upon a preliminary valuation, and as additional information becomes available, our estimates and assumptions may be subject to refinement within the measurement period, which may be up to one year from the acquisition date. Adjustments to the purchase price may require adjustments to goodwill prospectively. The primary areas of preliminary purchase price allocation that are not yet finalized include intangible assets and certain tax matters. At the date of the acquisition, the developed technology and customer relationships both had an estimated useful life of 5.0 years, and both are amortized using the straight-line method over their respective estimated useful lives. As of April 30, 2023, the developed technology and customer relationships both had a remaining useful life of 5.0 years. Transaction costs incurred in connection with the acquisition were immaterial. The results of operations of Workvivo, which are not material, have been included in our condensed consolidated financial statements from the date of the acquisition. Pro forma and historical results of operations of the company have not been presented, as the results do not have a material effect on any of the periods presented in our condensed consolidated statements of operations. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Apr. 30, 2023 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | Balance Sheet Components Accounts Receivable, Net Accounts receivable are recorded for invoiced amounts and amounts for which revenue has been recognized, but not invoiced, net of allowances. Our short-term accounts receivable consist of the following: As of April 30, 2023 January 31, 2023 (in thousands) Accounts receivable, gross $ 638,142 $ 590,610 Less: allowance for credit losses (38,121) (24,900) Less: allowance for returns (9,327) (8,306) Accounts receivable, net $ 590,694 $ 557,404 Below is a rollforward of our allowance for credit losses for the three months ended April 30, 2023 and 2022: 2023 2022 (in thousands) Balance as of January 31 $ 24,900 $ 17,000 Provision for credit losses 21,737 13,407 Write-offs (8,516) (10,407) Balance as of April 30 $ 38,121 $ 20,000 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: As of April 30, 2023 January 31, 2023 (in thousands) Prepaid expenses $ 130,815 $ 123,493 Other receivables 17,146 17,142 Restricted cash from international employee stock sales 12,610 13,141 Other 10,416 9,316 Prepaid expenses and other current assets $ 170,987 $ 163,092 Property and Equipment, Net Property and equipment consisted of the following: As of April 30, 2023 January 31, 2023 (in thousands) Servers $ 268,220 $ 249,776 Software 86,854 84,082 Computer and office equipment 47,250 48,325 Leasehold improvements 28,210 25,948 Furniture and fixtures 4,372 4,372 Property and equipment, gross 434,906 412,503 Less: accumulated depreciation and amortization (179,688) (159,682) Property and equipment, net $ 255,218 $ 252,821 Depreciation and amortization expense was $22.0 million and $15.1 million for the three months ended April 30, 2023 and 2022, respectively. Other Assets, Noncurrent Other assets, noncurrent consisted of the following: As of April 30, 2023 January 31, 2023 (in thousands) Accounts receivable, noncurrent $ 72,303 $ 92,031 Intangible assets subject to amortization, net 57,399 31,420 Indefinite-lived intangible assets 25,239 25,239 Prepaid expenses, noncurrent 14,334 9,695 Other 12,346 19,489 Other assets, noncurrent $ 181,621 $ 177,874 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: As of April 30, 2023 January 31, 2023 (in thousands) Accrued expenses $ 222,540 $ 160,189 Accrued compensation and benefits 135,486 139,105 Income tax liabilities 25,325 46,441 Sales and other non-income tax liabilities 29,403 33,859 Customer deposit liabilities 31,793 33,640 Operating lease liabilities, current 22,659 22,790 Other 22,607 21,692 Accrued expenses and other current liabilities $ 489,813 $ 457,716 Other Liabilities, Noncurrent Other liabilities, noncurrent consisted of the following: As of April 30, 2023 January 31, 2023 (in thousands) Sales and other non-income tax liabilities $ 42,904 $ 42,321 Other 28,260 24,874 Other liabilities, noncurrent $ 71,164 $ 67,195 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Non-cancelable Purchase Obligations During the three months ended April 30, 2023, there have been no material changes to our non-cancelable purchase obligations from those disclosed in Note 8. “Commitments and Contingencies” in the notes to consolidated financial statements included in our Annual Report on Form 10-K for the year ended January 31, 2023, filed with the SEC on March 3, 2023. Other Contingencies In June 2020, we received a grand jury subpoena from the Department of Justice’s U.S. Attorney’s Office for Eastern District of New York (“EDNY”), which requested information regarding our interactions with foreign governments and foreign political parties, including the Chinese government, as well as information regarding storage of and access to user data, the development and implementation of Zoom’s privacy policies, and the actions we took relating to the Tiananmen commemorations on Zoom. In July 2020, we received subpoenas from the Department of Justice’s U.S. Attorney’s Office for the Northern District of California (“NDCA”) and the SEC. Both subpoenas seek documents and information relating to various security, data protection and privacy matters, including our encryption, and our statements relating thereto, as well as calculation of usage metrics and related public statements. In addition, the NDCA subpoena seeks information relating to any contacts between our employees and representatives of the Chinese government, and any attempted or successful influence by any foreign government in our policies, procedures, practices, and actions as they relate to users in the United States. We have since received additional subpoenas from EDNY and NDCA seeking related information. We are fully cooperating with all of these investigations and have been conducting our own thorough internal investigation. These investigations are ongoing, and we do not know when they will be completed, which facts we will ultimately discover as a result of the investigations, or what actions the government may or may not take. We cannot predict the outcome of these investigations, and a negative outcome in any or all of these matters could cause us to incur substantial fines, penalties, or other financial exposure, as well as reputational harm. Legal Proceedings On June 11, 2020 and July 30, 2020, purported shareholder derivative complaints were filed in the United States District Court for the District of Delaware. The first complaint names as defendants nine of our officers and directors, and the second complaint names eight of our officers and directors. The lawsuits assert state and federal claims and are based on the same alleged misstatements as the shareholder class action complaint. The lawsuits accuse our board of directors of failing to exercise reasonable and prudent supervision over our management, policies, practices, and internal controls. The plaintiffs seek unspecified monetary damages on behalf of us as well as governance reforms. On September 25, 2020, the derivative cases were consolidated. On October 27, 2021, a third substantially identical lawsuit was filed in the same court against the same defendants, seeking unspecified monetary damages and governance reforms. On November 17, 2021, all three derivative lawsuits were consolidated. The consolidated case was stayed pending resolution of the motion to dismiss the securities class action. On April 11, 2023, the court entered a stipulated order that requires defendants to answer, move, or otherwise respond to the operative complaint by June 12, 2023. We believe these lawsuits are without merit, and we are vigorously defending ourselves against them. Given the uncertainty of litigation, the preliminary stage of the cases, and the legal standards that must be met for, among other things, class certification and success on the merits, we cannot estimate the reasonably possible loss or range of loss that may result from these actions. Beginning on March 30, 2020, multiple putative class actions were filed against us in various U.S. federal district courts and state courts relating to our alleged privacy and security practices, including alleged data sharing with third parties (the “U.S. Privacy Class Actions”). The plaintiffs claim violations of a variety of state consumer protection and privacy laws, and also assert state constitutional and common law claims, such as negligence and unjust enrichment. The U.S. Privacy Class Actions seek to certify both nationwide and state-specific classes of individuals using our services in certain time periods. The plaintiffs seek various forms of injunctive and monetary relief, including restitution, statutory and actual damages, punitive damages, and attorneys’ fees. The federal cases have been transferred to and consolidated in the NDCA with our consent; lead plaintiffs’ counsel have been appointed; and plaintiffs filed their first amended consolidated class action complaint on October 28, 2020. On March 11, 2021, the court granted in part, and denied in part, our motion to dismiss, and gave plaintiffs leave to amend. On July 30, 2021, we entered into a settlement agreement with plaintiffs to settle the action on a classwide basis, and plaintiffs filed a motion for preliminary approval of the settlement with the court on July 31, 2021. On October 21, 2021, the Court preliminarily approved the settlement. Under the terms of the settlement, we have paid $85.0 million into an escrow account that will be used to pay claims filed by settlement class members, attorneys’ fees and expenses, administrative costs, and service payments to plaintiffs. On April 21, 2022, the Court granted final approval of the settlement. On May 19, 2022, two objectors to the settlement appealed the Court's final approval order. On May 20, 2022, a third objector appealed the Court’s final approval order. On October 17, 2022, we, plaintiffs, and all three objector-appellants agreed to settle the appeals, and on October 27, 2022, we and plaintiffs initiated proceedings in the district court to obtain Court approval of the settlements, which the district court approved on December 16, 2022. On January 13, 2023, a new objector appealed the court’s December 16, 2022 approval of the settlements of the prior appeals, and on March 31, 2023, the Ninth Circuit dismissed the new appeal. With the appeals resolved, the class action settlement is final and the settlement administrator will be making payments to claimants. On May 30, 2022, a new class action was filed against us in the Northern District of California raising privacy claims similar to those raised in the U.S. Privacy Class Actions on behalf of a putative class of users of Zoom who reside in Australia, New Zealand, Canada, and the United Kingdom and who are not members of the settlement class in the U.S. Privacy Class Actions. On July 12, 2022, we moved to dismiss this new class action, and on February 15, 2023 the court granted the motion to dismiss. On April 5, 2023, the plaintiffs voluntarily dismissed their claims, resolving this lawsuit. On April 7, 2020 and April 8, 2020, securities class action complaints were filed against us and two of our officers in the United States District Court for the NDCA. The plaintiffs are purported stockholders of ours. The complaints allege, among other things, that we violated Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 by making false and misleading statements and omissions of material fact about our data privacy and security measures. The complaints seek unspecified damages, interest, fees, and costs. On May 18, 2020, the actions were consolidated. On November 4, 2020, the court appointed a lead plaintiff. On December 23, 2020, the lead plaintiff filed a consolidated complaint. We filed a motion to dismiss the consolidated complaint on May 20, 2021. Plaintiff filed an opposition to our motion to dismiss on July 9, 2021. Our reply in support of the motion to dismiss was filed on August 9, 2021. On February 16, 2022, the court granted in part, and denied in part, our motion to dismiss. On March 14, 2022, we moved for reconsideration of the court’s ruling on the motion to dismiss. On March 22, 2022, the court ordered plaintiff to respond to our motion, which plaintiff did on March 29, 2022. On April 22, 2022, we answered the complaint. On March 8, 2023, the court denied our motion for reconsideration. On April 6, 2023, the court entered a scheduling order. Trial is scheduled for May 20, 2024. We have had discussions with lead plaintiff’s counsel regarding a potential settlement of this matter. Although we have not yet reached a binding agreement, and there can be no assurance that a final settlement will be reached or that a settlement, if reached, will be approved by the Court, those discussions are ongoing. We previously accrued an estimated legal settlement charge of $7.5 million during fiscal year 2023, and based on recent discussions, we have recorded an additional estimated legal settlement charge of $52.5 million as a general |
Stockholders_ Equity and Equity
Stockholders’ Equity and Equity Incentive Plans | 3 Months Ended |
Apr. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ Equity and Equity Incentive Plans | Stockholders’ Equity and Equity Incentive Plans Common Stock Our amended and restated certificate of incorporation authorizes the issuance of 2,000,000,000 shares of Class A common stock, $0.001 par value per share, and 300,000,000 shares of Class B common stock, $0.001 par value per share. Class A and Class B common stock are referred to as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted. Stock Repurchase Plan In February 2022, our Board of Directors authorized a stock repurchase program of up to $1.0 billion of our Class A common stock, which was completed in December 2022. During the three months ended April 30, 2022, we repurchased and subsequently retired 1,224,250 shares of our Class A common stock, for an aggregate amount of $132.4 million . Equity Incentive Plans We have two equity incentive plans: the 2011 Global Share Plan (“2011 Plan”) and the 2019 Equity Incentive Plan (“2019 Plan”). All shares that remain available for future grants are under the 2019 Plan. Stock Options A summary of stock option activity under our equity incentive plan and related information is as follows: Stock Options Outstanding Weighted- Weighted- Aggregate (in thousands, except share, life, and per share data) Balance as of January 31, 2023 4,800,616 $ 8.22 4.9 $ 322,929 Exercised (501,968) $ 8.50 $ 30,864 Canceled/forfeited/expired (250) $ 58.18 Outstanding as of April 30, 2023 4,298,398 $ 8.19 4.5 $ 232,898 Vested and expected to vest as of April 30, 2023 4,298,398 $ 8.19 4.5 $ 232,898 Exercisable as of April 30, 2023 4,294,422 $ 8.12 4.5 $ 232,887 As of April 30, 2023, unrecognized stock-based compensation expense related to outstanding unvested stock options was $0.1 million, which is expected to be recognized over a weighted-average period of 0.7 years. Restricted Stock Units A summary of restricted stock unit (“RSU”) activity under our equity incentive plan and related information is as follows: RSUs RSUs Weighted- Unvested as of January 31, 2023 21,868,533 $ 109.31 Granted 7,565,078 $ 69.89 Vested (3,130,859) $ 112.03 Canceled/forfeited (2,277,349) $ 108.80 Unvested as of April 30, 2023 24,025,403 $ 96.60 As of April 30, 2023, unrecognized stock-based compensation expense related to RSUs was $2,278.7 million, which is expected to be recognized over a weighted-average period of 2.7 years. 2019 Employee Stock Purchase Plan In April 2019, we adopted the 2019 Employee Stock Purchase Plan (“ESPP”). As of April 30, 2023, unrecognized stock-based compensation expense related to the ESPP was $48.0 million, which is expected to be recognized over a weighted-average period of 1.2 years. Stock-Based Compensation The stock-based compensation expense by line item in the accompanying condensed consolidated statements of operations is summarized as follows: Three Months Ended April 30, 2023 2022 (in thousands) Cost of revenue $ 38,089 $ 31,150 Research and development 81,466 55,751 Sales and marketing 112,593 93,795 General and administrative 50,197 28,667 Total stock-based compensation expense $ 282,345 $ 209,363 Benefit from income taxes (49,677) (42,915) Total stock-based compensation expense recorded to net income $ 232,668 $ 166,448 |
Restructuring Activities
Restructuring Activities | 3 Months Ended |
Apr. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | Restructuring Activities On February 7, 2023, we announced a restructuring plan (the “Plan”) intended to reduce operating costs and continue advancing our ongoing commitment to profitable growth. The Plan includes a reduction of our current workforce by approximately 15%. For the three months ended April 30, 2023, we recorded restructuring expenses of $73.2 million, which consisted of $54.8 million related to employee transition, severance payments, and employee benefits; $17.3 million related to stock-based compensation awards; and $1.1 million for other related expenses. The execution of the Plan was substantially completed as of April 30, 2023; however, potential employment position eliminations in certain jurisdictions outside of the United States are subject to extended consultation periods mandated by the local jurisdictions. The estimated remaining expenses are not expected to be material. The following table summarizes our restructuring expenses that were recorded as an operating expense in the condensed consolidated statement of operations for the three months ended April 30, 2023: (in thousands) Cost of revenue $ 7,095 Research and development 19,302 Sales and marketing 33,841 General and administrative 12,942 Total restructuring expenses $ 73,180 The following table summarizes our restructuring liability that is included in accrued expenses and other current liabilities on the condensed consolidated balance sheet: Severance and termination benefits Other (in thousands) Balance as of January 31, 2023 $ — $ — Restructuring expenses 54,809 1,078 Cash payments (50,354) (811) Balance as of April 30, 2023 $ 4,455 $ 267 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We compute our provision for income taxes by applying the estimated annual effective tax rate to year-to-date ordinary income and adjust the provision for discrete tax items recorded in the period. In each quarter, we update the estimated annual effective tax rate and make a year-to-date adjustment to the provision. The estimated annual effective tax rate is subject to significant volatility due to several factors, including our ability to accurately predict the proportion of our pretax income in multiple jurisdictions and certain book-tax differences. The following table provides details of the provision for income taxes: Three Months Ended April 30, 2023 2022 (in thousands, except percentages) Income before provision for income taxes $ 43,230 $ 143,672 Provision for income taxes 27,786 30,014 Effective tax rate 64.3 % 20.9 % We had a provision for income taxes of $27.8 million and $30.0 million for the three months ended April 30, 2023 and 2022, respectively. The year-over-year change in effective tax rate for the three months ended April 30, 2023 was due primarily to changes in the valuation allowance, tax shortfalls and windfalls on stock-based compensation, and the foreign-derived intangible income deduction. For the three months ended April 30, 2023, the effective tax rate differed from the U.S. federal statutory rate due primarily to the foreign-derived intangible income deduction and research credits, offset by tax shortfalls on stock-based compensation, the valuation allowance recorded on the deferred tax asset related to losses that are capital in nature and certain state attributes, and other compensation-related permanent differences. For the three months ended April 30, 2022, the effective tax rate differed from the U.S. federal statutory rate due primarily to tax shortfalls on stock-based compensation, research credits, and the foreign-derived intangible income deduction. The realization of tax benefits of net deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available objective evidence during the three months ended April 30, 2023, we continue to believe that it is more likely than not that the tax benefits of the U.K. net deferred tax assets may not be realized. Accordingly, we maintained a full valuation allowance against the tax benefits of these net deferred tax assets. Based on the available objective evidence during the three months ended April 30, 2023, we believe that it is more likely than not that the tax benefits relating to U.S. losses that are capital in nature may not be realized prior to expiration. Accordingly, we have maintained a valuation allowance against these deferred tax assets. Based on the available objective evidence during the three months ended April 30, 2023, we believe that it is more likely than not that the tax benefits of certain state net deferred tax assets may not be realized. Accordingly, we have maintained a full valuation allowance against these deferred tax assets. We intend to maintain the applicable valuation allowance until sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance. During the three months ended April 30, 2023, there were no material changes to the total amount of unrecognized tax benefits and we do not expect any significant changes in the next 12 months. As required by the 2017 Tax Cuts and Jobs Act, we started capitalizing research and development expenses incurred beginning in fiscal year 2023. These expenses are capitalized and amortized over five years for domestic research and fifteen years for international research. The mandatory capitalization requirement increases our cash tax liabilities but also decreases our effective tax rate due to increasing the foreign-derived intangible income deduction. The cash flow impact will decrease over time as capitalized research and development expenditures continue to amortize. The Inflation Reduction Act was signed into law in August 2022. The act included tax provisions for a 15% corporate book income minimum tax effective for tax years beginning after December 31, 2022. We do not expect the Inflation Reduction Act to have a material impact on our condensed consolidated financial statements. |
Net Income Per Share Attributab
Net Income Per Share Attributable to Common Stockholders | 3 Months Ended |
Apr. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income Per Share Attributable to Common Stockholders | Net Income Per Share Attributable to Common Stockholders The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders for the periods presented: Three Months Ended April 30, 2023 2022 Class A Class B Class A Class B (in thousands, except share and per share data) Numerator: Net income $ 13,004 $ 2,440 $ 95,289 $ 18,369 Less: undistributed earnings attributable to participating securities — — — (18) Net income attributable to common stockholders, basic $ 13,004 $ 2,440 $ 95,289 $ 18,351 Reallocation of net income attributable to common stockholders (135) 135 (1,498) 1,498 Net income attributable to common stockholders, diluted $ 12,869 $ 2,575 $ 93,791 $ 19,849 Denominator: Weighted-average shares used in computing net income per share attributable to common stockholders, basic 248,731,065 46,678,142 250,840,017 48,307,088 Weighted-average shares used in computing net income per share attributable to common stockholders, diluted 253,394,377 50,721,536 253,035,897 53,578,323 Net income per share attributable to common stockholders, basic $ 0.05 $ 0.05 $ 0.38 $ 0.38 Net income per share attributable to common stockholders, diluted $ 0.05 $ 0.05 $ 0.37 $ 0.37 The potential shares of common stock that were excluded from the computation of diluted net income per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive, are as follows: Three Months Ended April 30, 2023 2022 Class A Class B Class A Class B Unvested RSUs 10,884,907 — 3,775,393 — Purchase rights committed under the ESPP 2,068,828 — 232,870 — Outstanding stock options 124,051 — — — Total 13,077,786 — 4,008,263 — The table above does not include 405,156 shares of issued Class A common stock held by us as of April 30, 2023 and 2022 that are reserved for the sole purpose of being transferred to nonprofit organizations. |
Summary of Business and Signi_2
Summary of Business and Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting, and include the accounts of Zoom Video Communications, Inc., its subsidiaries, and variable interest entities for which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the estimated expected benefit period for deferred contract acquisition costs, stock-based compensation expense, the fair value of marketable securities, acquired intangible assets and goodwill, the valuation of deferred income tax assets and uncertain tax positions, and accruals and contingencies. Actual results could materially differ from those estimates. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue by Region | The following table summarizes revenue by region based on the billing address of customers: Three Months Ended April 30, 2023 2022 Amount Percentage of Amount Percentage of (in thousands, except percentages) Americas $ 784,597 71 % $ 728,381 68 % Asia Pacific (“APAC”) 140,870 13 148,821 14 Europe, Middle East, and Africa (“EMEA”) 179,897 16 196,598 18 Total $ 1,105,364 100 % $ 1,073,800 100 % |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | As of April 30, 2023 and January 31, 2023, our marketable securities consisted of the following: As of April 30, 2023 Amortized Gross Gross Estimated (in thousands) Commercial paper $ 61,013 $ — $ — $ 61,013 Agency bonds 1,189,447 323 (10,734) 1,179,036 Corporate and other debt securities 521,480 268 (3,982) 517,766 U.S. government agency securities 2,770,605 819 (32,671) 2,738,753 Treasury bills 70,330 — (53) 70,277 Marketable securities $ 4,612,875 $ 1,410 $ (47,440) $ 4,566,845 As of January 31, 2023 Amortized Gross Gross Estimated (in thousands) Commercial paper $ 77,701 $ — $ — $ 77,701 Agency bonds 823,027 63 (12,440) 810,650 Corporate and other debt securities 555,354 385 (4,845) 550,894 U.S. government agency securities 2,910,572 150 (49,507) 2,861,215 Treasury bills 25,404 1 (29) 25,376 Marketable securities $ 4,392,058 $ 599 $ (66,821) $ 4,325,836 |
Schedule of Contractual Maturities of Marketable Securities | The following table presents the contractual maturities of our marketable securities as of April 30, 2023 and January 31, 2023: As of April 30, 2023 January 31, 2023 (in thousands) Less than one year $ 2,940,895 $ 2,743,677 Due in one to five years 1,625,950 1,582,159 Total $ 4,566,845 $ 4,325,836 |
Schedule of Strategic Investments | Strategic investments by form and measurement category as of April 30, 2023 were as follows: Measurement Category Fair Value Measurement Alternative Equity Method Total (in thousands) Equity securities $ 167,694 $ 186,232 $ 94,624 $ 448,550 Debt securities 3,717 — — 3,717 Strategic investments $ 171,411 $ 186,232 $ 94,624 $ 452,267 Strategic investments by form and measurement category as of January 31, 2023 were as follows: Measurement Category Fair Value Measurement Alternative Equity Method Total (in thousands) Equity securities $ 171,975 $ 118,763 $ 93,854 $ 384,592 Debt securities 14,400 — — 14,400 Strategic investments $ 186,375 $ 118,763 $ 93,854 $ 398,992 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis | The following tables present information about our financial instruments that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value: As of April 30, 2023 Fair Value Level 1 Level 2 Level 3 (in thousands) Financial Assets: Money market funds $ 503,109 $ 503,109 $ — $ — Treasury bills 7,535 — 7,535 — Corporate debt securities 257 — 257 — Agency bonds 58,415 — 58,415 — Cash equivalents 569,316 503,109 66,207 — Commercial paper 61,013 — 61,013 — Agency bonds 1,179,036 — 1,179,036 — Corporate and other debt securities 517,766 — 517,766 — U.S. government agency securities 2,738,753 — 2,738,753 — Treasury bills 70,277 — 70,277 — Marketable securities 4,566,845 — 4,566,845 — Certificates of deposit included in other assets, noncurrent 254 — 254 — Publicly held equity securities included in strategic investments 167,694 167,694 — — Privately held debt securities included in strategic investments 3,717 — — 3,717 Total financial assets $ 5,307,826 $ 670,803 $ 4,633,306 $ 3,717 As of January 31, 2023 Fair Value Level 1 Level 2 Level 3 (in thousands) Financial Assets: Money market funds $ 310,571 $ 310,571 $ — $ — Cash equivalents 310,571 310,571 — — Commercial paper 77,701 — 77,701 — Agency bonds 810,650 — 810,650 — Corporate and other debt securities 550,894 — 550,894 — U.S. government agency securities 2,861,215 — 2,861,215 — Treasury bills 25,376 — 25,376 — Marketable securities 4,325,836 — 4,325,836 — Certificates of deposit included in other assets, noncurrent 272 — 272 — Publicly held equity securities included in strategic investments 171,975 171,975 — — Privately held debt securities included in strategic investments 14,400 — — 14,400 Total financial assets $ 4,823,054 $ 482,546 $ 4,326,108 $ 14,400 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Balance Sheet Components [Abstract] | |
Schedule of Accounts Receivable | Our short-term accounts receivable consist of the following: As of April 30, 2023 January 31, 2023 (in thousands) Accounts receivable, gross $ 638,142 $ 590,610 Less: allowance for credit losses (38,121) (24,900) Less: allowance for returns (9,327) (8,306) Accounts receivable, net $ 590,694 $ 557,404 |
Schedule of Accounts Receivable, Allowance for Credit Loss | Below is a rollforward of our allowance for credit losses for the three months ended April 30, 2023 and 2022: 2023 2022 (in thousands) Balance as of January 31 $ 24,900 $ 17,000 Provision for credit losses 21,737 13,407 Write-offs (8,516) (10,407) Balance as of April 30 $ 38,121 $ 20,000 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: As of April 30, 2023 January 31, 2023 (in thousands) Prepaid expenses $ 130,815 $ 123,493 Other receivables 17,146 17,142 Restricted cash from international employee stock sales 12,610 13,141 Other 10,416 9,316 Prepaid expenses and other current assets $ 170,987 $ 163,092 |
Schedule of Property and Equipment | Property and equipment consisted of the following: As of April 30, 2023 January 31, 2023 (in thousands) Servers $ 268,220 $ 249,776 Software 86,854 84,082 Computer and office equipment 47,250 48,325 Leasehold improvements 28,210 25,948 Furniture and fixtures 4,372 4,372 Property and equipment, gross 434,906 412,503 Less: accumulated depreciation and amortization (179,688) (159,682) Property and equipment, net $ 255,218 $ 252,821 |
Schedule of Other Noncurrent Assets | Other assets, noncurrent consisted of the following: As of April 30, 2023 January 31, 2023 (in thousands) Accounts receivable, noncurrent $ 72,303 $ 92,031 Intangible assets subject to amortization, net 57,399 31,420 Indefinite-lived intangible assets 25,239 25,239 Prepaid expenses, noncurrent 14,334 9,695 Other 12,346 19,489 Other assets, noncurrent $ 181,621 $ 177,874 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: As of April 30, 2023 January 31, 2023 (in thousands) Accrued expenses $ 222,540 $ 160,189 Accrued compensation and benefits 135,486 139,105 Income tax liabilities 25,325 46,441 Sales and other non-income tax liabilities 29,403 33,859 Customer deposit liabilities 31,793 33,640 Operating lease liabilities, current 22,659 22,790 Other 22,607 21,692 Accrued expenses and other current liabilities $ 489,813 $ 457,716 |
Schedule of Other Liabilities Non Current | Other liabilities, noncurrent consisted of the following: As of April 30, 2023 January 31, 2023 (in thousands) Sales and other non-income tax liabilities $ 42,904 $ 42,321 Other 28,260 24,874 Other liabilities, noncurrent $ 71,164 $ 67,195 |
Stockholders_ Equity and Equi_2
Stockholders’ Equity and Equity Incentive Plans (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock Option Activity Under Equity Incentive Plan | A summary of stock option activity under our equity incentive plan and related information is as follows: Stock Options Outstanding Weighted- Weighted- Aggregate (in thousands, except share, life, and per share data) Balance as of January 31, 2023 4,800,616 $ 8.22 4.9 $ 322,929 Exercised (501,968) $ 8.50 $ 30,864 Canceled/forfeited/expired (250) $ 58.18 Outstanding as of April 30, 2023 4,298,398 $ 8.19 4.5 $ 232,898 Vested and expected to vest as of April 30, 2023 4,298,398 $ 8.19 4.5 $ 232,898 Exercisable as of April 30, 2023 4,294,422 $ 8.12 4.5 $ 232,887 |
Schedule of Restricted Stock Units (RSUs) Activity Under Equity Incentive Plan | A summary of restricted stock unit (“RSU”) activity under our equity incentive plan and related information is as follows: RSUs RSUs Weighted- Unvested as of January 31, 2023 21,868,533 $ 109.31 Granted 7,565,078 $ 69.89 Vested (3,130,859) $ 112.03 Canceled/forfeited (2,277,349) $ 108.80 Unvested as of April 30, 2023 24,025,403 $ 96.60 |
Schedule of Stock-based Compensation Expense by Line Item | The stock-based compensation expense by line item in the accompanying condensed consolidated statements of operations is summarized as follows: Three Months Ended April 30, 2023 2022 (in thousands) Cost of revenue $ 38,089 $ 31,150 Research and development 81,466 55,751 Sales and marketing 112,593 93,795 General and administrative 50,197 28,667 Total stock-based compensation expense $ 282,345 $ 209,363 Benefit from income taxes (49,677) (42,915) Total stock-based compensation expense recorded to net income $ 232,668 $ 166,448 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Costs | The following table summarizes our restructuring expenses that were recorded as an operating expense in the condensed consolidated statement of operations for the three months ended April 30, 2023: (in thousands) Cost of revenue $ 7,095 Research and development 19,302 Sales and marketing 33,841 General and administrative 12,942 Total restructuring expenses $ 73,180 |
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes our restructuring liability that is included in accrued expenses and other current liabilities on the condensed consolidated balance sheet: Severance and termination benefits Other (in thousands) Balance as of January 31, 2023 $ — $ — Restructuring expenses 54,809 1,078 Cash payments (50,354) (811) Balance as of April 30, 2023 $ 4,455 $ 267 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The following table provides details of the provision for income taxes: Three Months Ended April 30, 2023 2022 (in thousands, except percentages) Income before provision for income taxes $ 43,230 $ 143,672 Provision for income taxes 27,786 30,014 Effective tax rate 64.3 % 20.9 % |
Net Income Per Share Attribut_2
Net Income Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Income Per Share | The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders for the periods presented: Three Months Ended April 30, 2023 2022 Class A Class B Class A Class B (in thousands, except share and per share data) Numerator: Net income $ 13,004 $ 2,440 $ 95,289 $ 18,369 Less: undistributed earnings attributable to participating securities — — — (18) Net income attributable to common stockholders, basic $ 13,004 $ 2,440 $ 95,289 $ 18,351 Reallocation of net income attributable to common stockholders (135) 135 (1,498) 1,498 Net income attributable to common stockholders, diluted $ 12,869 $ 2,575 $ 93,791 $ 19,849 Denominator: Weighted-average shares used in computing net income per share attributable to common stockholders, basic 248,731,065 46,678,142 250,840,017 48,307,088 Weighted-average shares used in computing net income per share attributable to common stockholders, diluted 253,394,377 50,721,536 253,035,897 53,578,323 Net income per share attributable to common stockholders, basic $ 0.05 $ 0.05 $ 0.38 $ 0.38 Net income per share attributable to common stockholders, diluted $ 0.05 $ 0.05 $ 0.37 $ 0.37 |
Schedule of Potential Shares of Common Stock Excluded from Computation of Diluted Net Income Per Share Attributable to Common Stockholders | The potential shares of common stock that were excluded from the computation of diluted net income per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive, are as follows: Three Months Ended April 30, 2023 2022 Class A Class B Class A Class B Unvested RSUs 10,884,907 — 3,775,393 — Purchase rights committed under the ESPP 2,068,828 — 232,870 — Outstanding stock options 124,051 — — — Total 13,077,786 — 4,008,263 — |
Revenue Recognition - Summary D
Revenue Recognition - Summary Disaggregation of Revenue by Region (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,105,364 | $ 1,073,800 |
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue (as a percent) | 100% | 100% |
Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 784,597 | $ 728,381 |
Americas | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue (as a percent) | 71% | 68% |
Asia Pacific (“APAC”) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 140,870 | $ 148,821 |
Asia Pacific (“APAC”) | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue (as a percent) | 13% | 14% |
Europe, Middle East, and Africa (“EMEA”) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 179,897 | $ 196,598 |
Europe, Middle East, and Africa (“EMEA”) | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue (as a percent) | 16% | 18% |
Revenue Recognition - Contract
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Jan. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |||
Unbilled contracts receivable | $ 107.1 | $ 91.6 | |
Revenue recognized included in deferred revenue | $ 576.8 | $ 541.6 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligation (Details) $ in Millions | Apr. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 3,482.2 |
Billed Consideration | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 1,366.1 |
Unbilled Consideration | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 2,116.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-05-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation (as a percent) | 59% |
Revenue remaining performance obligation, expected timing of satisfaction period (in months) | 12 months |
Investments - Summary of Market
Investments - Summary of Marketable Securities (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 4,612,875 | $ 4,392,058 |
Gross Unrealized Gains | 1,410 | 599 |
Gross Unrealized Losses | (47,440) | (66,821) |
Estimated Fair Value | 4,566,845 | 4,325,836 |
Commercial paper | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 61,013 | 77,701 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 61,013 | 77,701 |
Agency bonds | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 1,189,447 | 823,027 |
Gross Unrealized Gains | 323 | 63 |
Gross Unrealized Losses | (10,734) | (12,440) |
Estimated Fair Value | 1,179,036 | 810,650 |
Corporate and other debt securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 521,480 | 555,354 |
Gross Unrealized Gains | 268 | 385 |
Gross Unrealized Losses | (3,982) | (4,845) |
Estimated Fair Value | 517,766 | 550,894 |
U.S. government agency securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 2,770,605 | 2,910,572 |
Gross Unrealized Gains | 819 | 150 |
Gross Unrealized Losses | (32,671) | (49,507) |
Estimated Fair Value | 2,738,753 | 2,861,215 |
Treasury bills | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 70,330 | 25,404 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | (53) | (29) |
Estimated Fair Value | $ 70,277 | $ 25,376 |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Jan. 31, 2023 | |
Net Investment Income [Line Items] | |||
Unrealized losses for securities in unrealized loss position for less than 12 months | $ 18,900,000 | $ 24,800,000 | |
Unrealized losses for securities in unrealized loss position for 12 months or longer | 28,600,000 | $ 42,000,000 | |
Available-for-sale, realized gain (loss) | 0 | $ 0 | |
Investment in Equity Securities of Private Companies | |||
Net Investment Income [Line Items] | |||
Purchase of strategic investments | $ 51,000,000 |
Investments - Summary of Contra
Investments - Summary of Contractual Maturities of Marketable Securities (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Less than one year | $ 2,940,895 | $ 2,743,677 |
Due in one to five years | 1,625,950 | 1,582,159 |
Total | $ 4,566,845 | $ 4,325,836 |
Investments - Schedule of Strat
Investments - Schedule of Strategic Investments (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Measurement Alternative | $ 186,232 | $ 118,763 |
Equity Method | 94,624 | 93,854 |
Total equity securities | 448,550 | 384,592 |
Debt securities | 3,717 | 14,400 |
Fair value of strategic investments | 171,411 | 186,375 |
Total strategic investments | 452,267 | 398,992 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 167,694 | 171,975 |
Debt securities | $ 3,717 | $ 14,400 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Financial Assets: | ||
Marketable securities | $ 4,566,845 | $ 4,325,836 |
Commercial paper | ||
Financial Assets: | ||
Marketable securities | 61,013 | 77,701 |
Agency bonds | ||
Financial Assets: | ||
Marketable securities | 1,179,036 | 810,650 |
Corporate and other debt securities | ||
Financial Assets: | ||
Marketable securities | 517,766 | 550,894 |
U.S. government agency securities | ||
Financial Assets: | ||
Marketable securities | 2,738,753 | 2,861,215 |
Fair Value, Recurring Basis | ||
Financial Assets: | ||
Cash equivalents | 569,316 | 310,571 |
Marketable securities | 4,566,845 | 4,325,836 |
Publicly held equity securities included in strategic investments | 167,694 | 171,975 |
Total financial assets | 5,307,826 | 4,823,054 |
Fair Value, Recurring Basis | Commercial paper | ||
Financial Assets: | ||
Marketable securities | 61,013 | 77,701 |
Fair Value, Recurring Basis | Agency bonds | ||
Financial Assets: | ||
Marketable securities | 1,179,036 | 810,650 |
Fair Value, Recurring Basis | Corporate and other debt securities | ||
Financial Assets: | ||
Marketable securities | 517,766 | 550,894 |
Fair Value, Recurring Basis | U.S. government agency securities | ||
Financial Assets: | ||
Marketable securities | 2,738,753 | 2,861,215 |
Fair Value, Recurring Basis | Treasury bills | ||
Financial Assets: | ||
Marketable securities | 70,277 | 25,376 |
Fair Value, Recurring Basis | Certificates of deposit included in other assets, noncurrent | ||
Financial Assets: | ||
Certificates of deposit included in other assets, noncurrent | 254 | 272 |
Fair Value, Recurring Basis | Privately held debt securities included in strategic investments | ||
Financial Assets: | ||
Marketable securities | 3,717 | 14,400 |
Fair Value, Recurring Basis | Money market funds | ||
Financial Assets: | ||
Cash equivalents | 503,109 | 310,571 |
Fair Value, Recurring Basis | Treasury bills | ||
Financial Assets: | ||
Cash equivalents | 7,535 | |
Fair Value, Recurring Basis | Corporate debt securities | ||
Financial Assets: | ||
Cash equivalents | 257 | |
Fair Value, Recurring Basis | Agency bonds | ||
Financial Assets: | ||
Cash equivalents | 58,415 | |
Fair Value, Recurring Basis | Level 1 | ||
Financial Assets: | ||
Cash equivalents | 503,109 | 310,571 |
Marketable securities | 0 | 0 |
Publicly held equity securities included in strategic investments | 167,694 | 171,975 |
Total financial assets | 670,803 | 482,546 |
Fair Value, Recurring Basis | Level 1 | Commercial paper | ||
Financial Assets: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring Basis | Level 1 | Agency bonds | ||
Financial Assets: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring Basis | Level 1 | Corporate and other debt securities | ||
Financial Assets: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring Basis | Level 1 | U.S. government agency securities | ||
Financial Assets: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring Basis | Level 1 | Treasury bills | ||
Financial Assets: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring Basis | Level 1 | Certificates of deposit included in other assets, noncurrent | ||
Financial Assets: | ||
Certificates of deposit included in other assets, noncurrent | 0 | 0 |
Fair Value, Recurring Basis | Level 1 | Privately held debt securities included in strategic investments | ||
Financial Assets: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring Basis | Level 1 | Money market funds | ||
Financial Assets: | ||
Cash equivalents | 503,109 | 310,571 |
Fair Value, Recurring Basis | Level 1 | Treasury bills | ||
Financial Assets: | ||
Cash equivalents | 0 | |
Fair Value, Recurring Basis | Level 1 | Corporate debt securities | ||
Financial Assets: | ||
Cash equivalents | 0 | |
Fair Value, Recurring Basis | Level 1 | Agency bonds | ||
Financial Assets: | ||
Cash equivalents | 0 | |
Fair Value, Recurring Basis | Level 2 | ||
Financial Assets: | ||
Cash equivalents | 66,207 | 0 |
Marketable securities | 4,566,845 | 4,325,836 |
Publicly held equity securities included in strategic investments | 0 | 0 |
Total financial assets | 4,633,306 | 4,326,108 |
Fair Value, Recurring Basis | Level 2 | Commercial paper | ||
Financial Assets: | ||
Marketable securities | 61,013 | 77,701 |
Fair Value, Recurring Basis | Level 2 | Agency bonds | ||
Financial Assets: | ||
Marketable securities | 1,179,036 | 810,650 |
Fair Value, Recurring Basis | Level 2 | Corporate and other debt securities | ||
Financial Assets: | ||
Marketable securities | 517,766 | 550,894 |
Fair Value, Recurring Basis | Level 2 | U.S. government agency securities | ||
Financial Assets: | ||
Marketable securities | 2,738,753 | 2,861,215 |
Fair Value, Recurring Basis | Level 2 | Treasury bills | ||
Financial Assets: | ||
Marketable securities | 70,277 | 25,376 |
Fair Value, Recurring Basis | Level 2 | Certificates of deposit included in other assets, noncurrent | ||
Financial Assets: | ||
Certificates of deposit included in other assets, noncurrent | 254 | 272 |
Fair Value, Recurring Basis | Level 2 | Privately held debt securities included in strategic investments | ||
Financial Assets: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring Basis | Level 2 | Money market funds | ||
Financial Assets: | ||
Cash equivalents | 0 | 0 |
Fair Value, Recurring Basis | Level 2 | Treasury bills | ||
Financial Assets: | ||
Cash equivalents | 7,535 | |
Fair Value, Recurring Basis | Level 2 | Corporate debt securities | ||
Financial Assets: | ||
Cash equivalents | 257 | |
Fair Value, Recurring Basis | Level 2 | Agency bonds | ||
Financial Assets: | ||
Cash equivalents | 58,415 | |
Fair Value, Recurring Basis | Level 3 | ||
Financial Assets: | ||
Cash equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Publicly held equity securities included in strategic investments | 0 | 0 |
Total financial assets | 3,717 | 14,400 |
Fair Value, Recurring Basis | Level 3 | Commercial paper | ||
Financial Assets: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring Basis | Level 3 | Agency bonds | ||
Financial Assets: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring Basis | Level 3 | Corporate and other debt securities | ||
Financial Assets: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring Basis | Level 3 | U.S. government agency securities | ||
Financial Assets: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring Basis | Level 3 | Treasury bills | ||
Financial Assets: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring Basis | Level 3 | Certificates of deposit included in other assets, noncurrent | ||
Financial Assets: | ||
Certificates of deposit included in other assets, noncurrent | 0 | 0 |
Fair Value, Recurring Basis | Level 3 | Privately held debt securities included in strategic investments | ||
Financial Assets: | ||
Marketable securities | 3,717 | 14,400 |
Fair Value, Recurring Basis | Level 3 | Money market funds | ||
Financial Assets: | ||
Cash equivalents | 0 | $ 0 |
Fair Value, Recurring Basis | Level 3 | Treasury bills | ||
Financial Assets: | ||
Cash equivalents | 0 | |
Fair Value, Recurring Basis | Level 3 | Corporate debt securities | ||
Financial Assets: | ||
Cash equivalents | 0 | |
Fair Value, Recurring Basis | Level 3 | Agency bonds | ||
Financial Assets: | ||
Cash equivalents | $ 0 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 21, 2023 | May 19, 2022 | Apr. 30, 2023 | Jan. 31, 2023 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 304,162 | $ 122,641 | ||
Solvvy, Inc. | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, percentage of voting interests acquired (as a percent) | 100% | |||
Cash consideration paid | $ 121,200 | |||
Goodwill | 95,000 | |||
Intangible assets, other than goodwill | 26,700 | |||
Other net liabilities acquired | (500) | |||
Solvvy, Inc. | Developed Technology Rights | ||||
Business Acquisition [Line Items] | ||||
Intangible assets, other than goodwill | $ 12,000 | |||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 5 years | 4 years | ||
Solvvy, Inc. | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Intangible assets, other than goodwill | $ 14,700 | |||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 5 years | 4 years | ||
Workvivo Limited | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, percentage of voting interests acquired (as a percent) | 100% | |||
Cash consideration paid | $ 215,800 | |||
Goodwill | $ 181,500 | |||
Intangible assets, other than goodwill | 28,000 | |||
Other net assets acquired | 6,300 | |||
Workvivo Limited | Developed Technology Rights | ||||
Business Acquisition [Line Items] | ||||
Intangible assets, other than goodwill | $ 10,800 | |||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 5 years | 5 years | ||
Workvivo Limited | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Intangible assets, other than goodwill | $ 17,000 | |||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 5 years | 5 years |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 | Apr. 30, 2022 | Jan. 31, 2022 |
Balance Sheet Components [Abstract] | ||||
Accounts receivable, gross | $ 638,142 | $ 590,610 | ||
Less: allowance for credit losses | (38,121) | (24,900) | $ (20,000) | $ (17,000) |
Less: allowance for returns | (9,327) | (8,306) | ||
Accounts receivable, net | $ 590,694 | $ 557,404 |
Balance Sheet Components - Roll
Balance Sheet Components - Rollforward of Allowance For Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 24,900 | $ 17,000 |
Provision for credit losses | 21,737 | 13,407 |
Write-offs | (8,516) | (10,407) |
Ending balance | $ 38,121 | $ 20,000 |
Balance Sheet Components - Prep
Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Balance Sheet Components [Abstract] | ||
Prepaid expenses | $ 130,815 | $ 123,493 |
Other receivables | 17,146 | 17,142 |
Restricted cash from international employee stock sales | 12,610 | 13,141 |
Other | 10,416 | 9,316 |
Prepaid expenses and other current assets | $ 170,987 | $ 163,092 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 434,906 | $ 412,503 |
Less: accumulated depreciation and amortization | (179,688) | (159,682) |
Property and equipment, net | 255,218 | 252,821 |
Servers | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 268,220 | 249,776 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 86,854 | 84,082 |
Computer and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 47,250 | 48,325 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 28,210 | 25,948 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 4,372 | $ 4,372 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Balance Sheet Components [Abstract] | ||
Depreciation and amortization expense | $ 22 | $ 15.1 |
Balance Sheet Components - Othe
Balance Sheet Components - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Balance Sheet Components [Abstract] | ||
Accounts receivable, noncurrent | $ 72,303 | $ 92,031 |
Intangible assets subject to amortization, net | 57,399 | 31,420 |
Indefinite-lived intangible assets | 25,239 | 25,239 |
Prepaid expenses, noncurrent | 14,334 | 9,695 |
Other | 12,346 | 19,489 |
Other assets, noncurrent | $ 181,621 | $ 177,874 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Balance Sheet Components [Abstract] | ||
Accrued expenses | $ 222,540 | $ 160,189 |
Accrued compensation and benefits | 135,486 | 139,105 |
Income tax liabilities | 25,325 | 46,441 |
Sales and other non-income tax liabilities | 29,403 | 33,859 |
Customer deposit liabilities | 31,793 | 33,640 |
Operating lease liabilities, current | 22,659 | 22,790 |
Other | 22,607 | 21,692 |
Accrued expenses and other current liabilities | $ 489,813 | $ 457,716 |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Other Liabilities Non Current (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Balance Sheet Components [Abstract] | ||
Sales and other non-income tax liabilities | $ 42,904 | $ 42,321 |
Other | 28,260 | 24,874 |
Other liabilities, noncurrent | $ 71,164 | $ 67,195 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended | |||||||||
Oct. 17, 2022 objector | May 19, 2022 objector | Oct. 21, 2021 USD ($) | Jul. 30, 2020 officer | Jun. 11, 2020 officer | Apr. 08, 2020 officer | Apr. 30, 2022 USD ($) | Apr. 30, 2023 USD ($) | Jan. 31, 2023 USD ($) | Nov. 17, 2021 lawsuit | |
Other Commitments [Line Items] | ||||||||||
Number of derivative lawsuits | lawsuit | 3 | |||||||||
U.S. Privacy Class Actions | ||||||||||
Other Commitments [Line Items] | ||||||||||
Loss contingency, number of defendants | objector | 3 | 2 | ||||||||
Payments for legal settlements | $ 85 | |||||||||
Violation Of Securities Act Section 10(b), 20(a), and Rule 10b-5 | ||||||||||
Other Commitments [Line Items] | ||||||||||
Loss contingency, number of defendants | officer | 8 | 9 | 2 | |||||||
Loss contingency accrual | $ 7.5 | |||||||||
Additional increase in accrual during the period | $ 52.5 | |||||||||
Loss contingency, range of possible loss, portion not accrued | $ 90 |
Stockholders_ Equity and Equi_3
Stockholders’ Equity and Equity Incentive Plans - Additional Information (Details) | 3 Months Ended | ||
Apr. 30, 2023 USD ($) plan $ / shares shares | Jan. 31, 2023 $ / shares shares | Feb. 28, 2022 USD ($) | |
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |
Stock repurchase plan, authorized amount (up to) | $ | $ 1,000,000,000 | ||
Number of equity incentive plans | plan | 2 | ||
Stock Options | |||
Class of Stock [Line Items] | |||
Unrecognized stock-based compensation expenses related to outstanding unvested stock options | $ | $ 100,000 | ||
Unrecognized stock-based compensation excepted to be recognized over a weighted-average period (in years) | 8 months 12 days | ||
RSUs | |||
Class of Stock [Line Items] | |||
Unrecognized stock-based compensation expenses | $ | $ 2,278,700,000 | ||
Unrecognized stock-based compensation excepted to be recognized over a weighted-average period (in years) | 2 years 8 months 12 days | ||
Employee Stock Purchase Plan | |||
Class of Stock [Line Items] | |||
Unrecognized stock-based compensation expenses | $ | $ 48,000,000 | ||
Unrecognized stock-based compensation excepted to be recognized over a weighted-average period (in years) | 1 year 2 months 12 days | ||
Class A Common Stock | |||
Class of Stock [Line Items] | |||
Common stock, authorized (in shares) | shares | 2,000,000,000 | 2,000,000,000 | |
Stock repurchased and retired during period (in shares) | shares | 1,224,250 | ||
Stock repurchased and retired during period | $ | $ 132,400,000 | ||
Class A Common Stock | Initial Public Offering | |||
Class of Stock [Line Items] | |||
Common stock, authorized (in shares) | shares | 2,000,000,000 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||
Class B Common Stock | |||
Class of Stock [Line Items] | |||
Common stock, authorized (in shares) | shares | 300,000,000 | 300,000,000 | |
Class B Common Stock | Initial Public Offering | |||
Class of Stock [Line Items] | |||
Common stock, authorized (in shares) | shares | 300,000,000 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 |
Stockholders_ Equity and Equi_4
Stockholders’ Equity and Equity Incentive Plans - Summary of Stock Option Activity Under Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Apr. 30, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Outstanding Stock Options | |||
Beginning balance (in shares) | 4,800,616 | ||
Exercised (in shares) | (501,968) | ||
Cancelled/forfeited/expired (in shares) | (250) | ||
Ending balance (in shares) | 4,298,398 | ||
Vested and expected to vest (in shares) | 4,298,398 | ||
Exercisable (in shares) | 4,294,422 | ||
Weighted- Average Exercise Price | |||
Beginning balance (in dollars per share) | $ 8.22 | ||
Exercised (in dollars per share) | 8.50 | ||
Cancelled/forfeited/expired (in dollars per share) | 58.18 | ||
Ending balance (in dollars per share) | 8.19 | ||
Weighted average exercise price, vested and expected to vest (in dollars per share) | 8.19 | ||
Weighted average exercise price, exercisable (in dollars per share) | $ 8.12 | ||
Weighted- Average Remaining Contractual Life (Years) | |||
Outstanding (in years) | 4 years 6 months | 4 years 10 months 24 days | |
Vested and expected to vest (in years) | 4 years 6 months | ||
Weighted-average remaining contractual life, exercisable (in years) | 4 years 6 months | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 232,898 | $ 322,929 | |
Exercised | 30,864 | ||
Vested and expected to vest | 232,898 | ||
Aggregate intrinsic value, Exercisable | $ 232,887 |
Stockholders_ Equity and Equi_5
Stockholders’ Equity and Equity Incentive Plans - Summary of Restricted Stock Units Activity Under Equity Incentive Plan (Details) - RSUs | 3 Months Ended |
Apr. 30, 2023 $ / shares shares | |
RSUs | |
Beginning balance (in shares) | shares | 21,868,533 |
Granted (in shares) | shares | 7,565,078 |
Vested (in shares) | shares | (3,130,859) |
Cancelled/forfeited (in shares) | shares | (2,277,349) |
Ending balance (in shares) | shares | 24,025,403 |
Weighted- Average Grant Date Fair Value Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 109.31 |
Granted (in dollars per share) | $ / shares | 69.89 |
Vested (in dollars per share) | $ / shares | 112.03 |
Cancelled/forfeited (in dollars per share) | $ / shares | 108.80 |
Ending balance (in dollars per share) | $ / shares | $ 96.60 |
Stockholders_ Equity and Equi_6
Stockholders’ Equity and Equity Incentive Plans - Summary of Stock-based Compensation Expense by Line Item (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 282,345 | $ 209,363 |
Benefit from income taxes | (49,677) | (42,915) |
Total stock-based compensation expense recorded to net income | 232,668 | 166,448 |
Cost of revenue | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 38,089 | 31,150 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 81,466 | 55,751 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 112,593 | 93,795 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 50,197 | $ 28,667 |
Restructuring Activities - Addi
Restructuring Activities - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 07, 2023 | Apr. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | $ 73,180 | |
Employee Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 54,800 | |
Employee Stock-Based Compensation Awards | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 17,300 | |
Other Related Expenses | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | $ 1,100 | |
The Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Reduction in current workforce (as a percent) | 15% |
Restructuring Activities - Rest
Restructuring Activities - Restructuring Costs (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2023 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Total restructuring expenses | $ 73,180 |
Cost of revenue | |
Restructuring Cost and Reserve [Line Items] | |
Total restructuring expenses | 7,095 |
Research and development | |
Restructuring Cost and Reserve [Line Items] | |
Total restructuring expenses | 19,302 |
Sales and marketing | |
Restructuring Cost and Reserve [Line Items] | |
Total restructuring expenses | 33,841 |
General and administrative | |
Restructuring Cost and Reserve [Line Items] | |
Total restructuring expenses | $ 12,942 |
Restructuring Activities - Sche
Restructuring Activities - Schedule of Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Jan. 31, 2023 | |
Severance and termination benefits | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, balance at end of period | $ 4,455 | $ 0 |
Restructuring expenses | 54,809 | |
Cash payments | (50,354) | |
Other | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, balance at end of period | 267 | $ 0 |
Restructuring expenses | 1,078 | |
Cash payments | $ (811) |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income before provision for income taxes | $ 43,230 | $ 143,672 |
Provision for income taxes | $ 27,786 | $ 30,014 |
Effective tax rate | 64.30% | 20.90% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 27,786 | $ 30,014 |
Net Income Per Share Attribut_3
Net Income Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Numerator: | ||
Net income | $ 15,444 | $ 113,658 |
Net income attributable to common stockholders | $ 15,444 | $ 113,640 |
Denominator: | ||
Weighted-average shares used in computing net income per share attributable to common stockholders, basic (in shares) | 295,409,207 | 299,147,105 |
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted (in shares) | 304,115,913 | 306,614,220 |
Net income per share attributable to common stockholders, basic (in dollars per share) | $ 0.05 | $ 0.38 |
Net income per share attributable to common stockholders, diluted (in dollars per share) | $ 0.05 | $ 0.37 |
Class A Common Stock | ||
Numerator: | ||
Net income | $ 13,004 | $ 95,289 |
Less: undistributed earnings attributable to participating securities | 0 | 0 |
Net income attributable to common stockholders | 13,004 | 95,289 |
Reallocation of net income attributable to common stockholders | (135) | (1,498) |
Net income attributable to common stockholders, diluted | $ 12,869 | $ 93,791 |
Denominator: | ||
Weighted-average shares used in computing net income per share attributable to common stockholders, basic (in shares) | 248,731,065 | 250,840,017 |
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted (in shares) | 253,394,377 | 253,035,897 |
Net income per share attributable to common stockholders, basic (in dollars per share) | $ 0.05 | $ 0.38 |
Net income per share attributable to common stockholders, diluted (in dollars per share) | $ 0.05 | $ 0.37 |
Class B Common Stock | ||
Numerator: | ||
Net income | $ 2,440 | $ 18,369 |
Less: undistributed earnings attributable to participating securities | 0 | (18) |
Net income attributable to common stockholders | 2,440 | 18,351 |
Reallocation of net income attributable to common stockholders | 135 | 1,498 |
Net income attributable to common stockholders, diluted | $ 2,575 | $ 19,849 |
Denominator: | ||
Weighted-average shares used in computing net income per share attributable to common stockholders, basic (in shares) | 46,678,142 | 48,307,088 |
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted (in shares) | 50,721,536 | 53,578,323 |
Net income per share attributable to common stockholders, basic (in dollars per share) | $ 0.05 | $ 0.38 |
Net income per share attributable to common stockholders, diluted (in dollars per share) | $ 0.05 | $ 0.37 |
Net Income Per Share Attribut_4
Net Income Per Share Attributable to Common Stockholders - Summary of Potential Shares of Common Stock Excluded from Computation of Diluted Net Income Per Share Attributable to Common Stockholders (Details) - shares | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Class A Common Stock | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 13,077,786 | 4,008,263 |
Class A Common Stock | Unvested RSUs | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 10,884,907 | 3,775,393 |
Class A Common Stock | Purchase rights committed under the ESPP | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 2,068,828 | 232,870 |
Class A Common Stock | Outstanding stock options | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 124,051 | 0 |
Class A Common Stock | Held For Charitable Contributions | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 405,156 | 405,156 |
Class B Common Stock | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 0 |
Class B Common Stock | Unvested RSUs | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 0 |
Class B Common Stock | Purchase rights committed under the ESPP | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 0 |
Class B Common Stock | Outstanding stock options | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 0 |