Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2019 | May 20, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | YEXT, INC. | |
Entity Central Index Key | 0001614178 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Reporting Company | false | |
Entity Common Stock, Shares Outstanding | 111,111,216 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 257,663 | $ 91,755 |
Marketable securities | 26,442 | 51,021 |
Accounts receivable, net of allowances of $236 and $256, respectively | 32,841 | 55,341 |
Prepaid expenses and other current assets | 14,057 | 14,135 |
Costs to obtain revenue contracts, current | 18,637 | 17,817 |
Total current assets | 349,640 | 230,069 |
Restricted cash | 12,100 | 0 |
Property and equipment, net | 11,093 | 11,077 |
Operating lease right-of-use assets | 33,424 | |
Costs to obtain revenue contracts, non-current | 17,852 | 18,366 |
Goodwill | 4,583 | 4,660 |
Intangible assets, net | 1,788 | 1,960 |
Other long term assets | 2,818 | 996 |
Total assets | 433,298 | 267,128 |
Current liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 35,671 | 44,236 |
Unearned revenue, current | 125,370 | 135,544 |
Operating lease liabilities, current | 2,005 | |
Total current liabilities | 163,046 | 179,780 |
Operating lease liabilities, non-current | 34,582 | |
Other long term liabilities | 1,510 | 2,799 |
Total liabilities | 199,138 | 182,579 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value per share; 50,000,000 shares authorized at April 30, 2019 and January 31, 2019; zero shares issued and outstanding at April 30, 2019 and January 31, 2019 | 0 | 0 |
Common stock, $0.001 par value per share; 500,000,000 shares authorized at April 30, 2019 and January 31, 2019; 117,505,451 and 108,678,234 shares issued at April 30, 2019 and January 31, 2019, respectively; 111,000,117 and 102,172,900 shares outstanding at April 30, 2019 and January 31, 2019, respectively | 117 | 109 |
Additional paid-in capital | 567,095 | 398,882 |
Accumulated other comprehensive loss | (1,079) | (1,428) |
Accumulated deficit | (320,068) | (301,109) |
Treasury stock, at cost | (11,905) | (11,905) |
Total stockholders’ equity | 234,160 | 84,549 |
Total liabilities and stockholders’ equity | $ 433,298 | $ 267,128 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 236 | $ 256 |
Preferred stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock shares issued (in shares) | 0 | 0 |
Preferred stock shares outstanding (in shares) | 0 | 0 |
Common stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock shares issued (in shares) | 117,505,451 | 108,678,234 |
Common stock shares outstanding (in shares) | 111,000,117 | 102,172,900 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Income Statement [Abstract] | ||
Revenue | $ 68,708 | $ 50,988 |
Cost of revenue | 16,473 | 12,800 |
Gross profit | 52,235 | 38,188 |
Operating expenses: | ||
Sales and marketing | 46,398 | 35,827 |
Research and development | 9,906 | 7,729 |
General and administrative | 15,191 | 11,538 |
Total operating expenses | 71,495 | 55,094 |
Loss from operations | (19,260) | (16,906) |
Interest income | 906 | 357 |
Interest expense | (53) | (37) |
Other expense, net | (206) | (170) |
Loss from operations before income taxes | (18,613) | (16,756) |
(Provision for) benefit from income taxes | (346) | (285) |
Net loss | $ (18,959) | $ (17,041) |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.18) | $ (0.18) |
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares) | 106,453,558 | 94,942,773 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | $ 314 | $ (93) |
Unrealized gain (loss) on marketable securities | 35 | (2) |
Total comprehensive loss | $ (18,610) | $ (17,136) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Treasury Stock |
Beginning of period (in shares) at Jan. 31, 2018 | 93,977,000 | |||||
Beginning of period at Jan. 31, 2018 | $ 81,453 | $ 100 | $ 328,344 | $ (1,636) | $ (233,450) | $ (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 1,678,000 | |||||
Exercise of stock options | 4,910 | $ 2 | 4,908 | |||
Vested restricted stock units converted to common shares (in shares) | 141,000 | |||||
Vested restricted stock units converted to common shares | 0 | |||||
Issuance of restricted stock (in shares) | 4,000 | |||||
Issuance of restricted stock | 0 | |||||
Issuance of common stock under employee stock purchase plans (in shares) | 438,000 | |||||
Issuance of common stock under employee stock purchase plan | 4,091 | $ 1 | 4,090 | |||
Stock-based compensation | 8,066 | 8,066 | ||||
Other comprehensive income | (95) | (95) | ||||
Net loss | (17,041) | (17,041) | ||||
End of period (in shares) at Apr. 30, 2018 | 96,238,000 | |||||
End of period at Apr. 30, 2018 | 88,565 | $ 103 | 345,408 | (1,728) | (243,313) | (11,905) |
Beginning of period (in shares) at Jan. 31, 2018 | 93,977,000 | |||||
Beginning of period at Jan. 31, 2018 | 81,453 | $ 100 | 328,344 | (1,636) | (233,450) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 5,901,000 | |||||
Exercise of stock options | 18,862 | $ 5 | 18,857 | |||
Vested restricted stock units converted to common shares (in shares) | 1,585,000 | |||||
Vested restricted stock units converted to common shares | 0 | $ 3 | (3) | |||
Issuance of restricted stock (in shares) | 16,000 | |||||
Issuance of restricted stock | 0 | |||||
Issuance of common stock under employee stock purchase plans (in shares) | 694,000 | |||||
Issuance of common stock under employee stock purchase plan | 6,778 | $ 1 | 6,777 | |||
Stock-based compensation | 44,907 | 44,907 | ||||
Other comprehensive income | 205 | 205 | ||||
Net loss | (74,837) | (74,837) | ||||
End of period (in shares) at Jan. 31, 2019 | 102,173,000 | |||||
End of period at Jan. 31, 2019 | $ 84,549 | $ 109 | 398,882 | (1,428) | (301,109) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 1,096,258 | 1,096,000 | ||||
Exercise of stock options | $ 4,996 | $ 1 | 4,995 | |||
Vested restricted stock units converted to common shares (in shares) | 557,000 | |||||
Vested restricted stock units converted to common shares | 0 | |||||
Issuance of restricted stock (in shares) | 4,000 | |||||
Issuance of restricted stock | 0 | |||||
Issuance of common stock under employee stock purchase plans (in shares) | 170,000 | |||||
Issuance of common stock under employee stock purchase plan | 3,283 | $ 0 | 3,283 | |||
Stock-based compensation | 13,472 | 13,472 | ||||
Other comprehensive income | 349 | 349 | ||||
Net loss | (18,959) | (18,959) | ||||
Common stock offering, net of issuance costs (in shares) | 7,000,000 | |||||
Common stock offering, net of issuance costs of $530 | 146,470 | $ 7 | 146,463 | |||
End of period (in shares) at Apr. 30, 2019 | 111,000,000 | |||||
End of period at Apr. 30, 2019 | 234,160 | $ 117 | 567,095 | $ (1,079) | $ (320,068) | $ (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance costs | $ 500 | $ 530 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Apr. 30, 2018 | |
Operating activities: | ||||||
Net loss | $ (18,959) | $ (17,041) | $ (74,837) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||
Depreciation and amortization | 1,941 | 1,576 | ||||
Provision for bad debts | 40 | 76 | ||||
Stock-based compensation expense | 13,216 | 7,993 | ||||
Deferred income taxes | 3 | (22) | ||||
Amortization of deferred financing costs | 47 | 34 | ||||
Amortization of (discount) premium on marketable securities | (82) | 39 | ||||
Amortization of operating lease right-of-use assets | 1,578 | |||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | 22,195 | 20,293 | ||||
Prepaid expenses and other current assets | 60 | (379) | ||||
Costs to obtain revenue contracts | (365) | (836) | ||||
Other long term assets | (1,913) | (79) | ||||
Accounts payable, accrued expenses and other current liabilities | (6,338) | (3,074) | ||||
Unearned revenue | (9,708) | (6,908) | ||||
Operating lease liabilities | (1,242) | |||||
Other long term liabilities | 346 | (263) | ||||
Net cash provided by operating activities | 819 | 1,409 | ||||
Investing activities: | ||||||
Maturities of marketable securities | 24,697 | 13,223 | ||||
Capital expenditures | (831) | (1,572) | ||||
Net cash provided by investing activities | 23,866 | 11,651 | ||||
Financing activities: | ||||||
Proceeds from common stock offering, net of underwriting discounts and commissions | 147,000 | 0 | ||||
Payments of deferred offering costs | (208) | 0 | ||||
Proceeds from exercise of stock options | 5,000 | 4,948 | ||||
Payments of deferred financing costs | (163) | 0 | ||||
Proceeds, net from employee stock purchase plan withholdings | 1,868 | 1,221 | ||||
Net cash provided by financing activities | 153,497 | 6,169 | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (174) | (193) | ||||
Net increase in cash, cash equivalents and restricted cash | 178,008 | 19,036 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 91,755 | 34,367 | 34,367 | |||
Cash, cash equivalents and restricted cash at end of period | 269,763 | 53,403 | 91,755 | |||
Supplemental Cash Flow Information [Abstract] | ||||||
Cash and cash equivalents | $ 257,663 | $ 91,755 | $ 53,403 | |||
Restricted cash | 12,100 | 0 | 0 | |||
Cash, cash equivalents and restricted cash at end of period | $ 91,755 | $ 34,367 | $ 34,367 | $ 269,763 | $ 91,755 | $ 53,403 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Apr. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Yext, Inc. (the "Company") provides a cloud-based platform, the Yext Knowledge Engine, that lets businesses control their digital knowledge in the cloud and sync it to the Company's Knowledge Network of more than 150 service and application providers, including Amazon Alexa, Apple Maps, Bing, Cortana, Facebook, Google, Google Assistant, Google Maps, Siri and Yelp. The Yext Knowledge Engine is used by end consumers around the globe to discover new businesses, read reviews, and find accurate answers to their queries. The Yext Knowledge Engine powers all of the Company's key features, including Listings, Pages and Reviews, along with its other features. Fiscal Year The Company's fiscal year ends on January 31 st . References to fiscal 2020 , for example, are to the fiscal year ending January 31, 2020 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2019 , filed with the SEC on March 15, 2019 (the "Form 10-K"). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of January 31, 2019 , 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. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods. The results for the three months ended April 30, 2019 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending January 31, 2020 , or any other period. Except as described elsewhere in this Note 2 under the heading “Recent Accounting Pronouncements - Adoption of New Accounting Standards”, there have been no material changes to the Company's significant accounting policies as described in the Form 10-K. Certain prior period amounts have been reclassified to conform to the current period presentation. All periods presented in this Form 10-Q are accounted for under "Revenue from Contracts with Customers" Accounting Standard Codification ("ASC") 606, which the Company adopted in its Form 10-K for the fiscal year ended January 31, 2019, the effects of which were recognized effective February 1, 2018. The statement of cash flows for the three months ended April 30, 2018 reflects this adoption, which did not result in any changes to the classification among the total operating, investing or financing activity line items. Amounts classified as deferred rent, current and deferred rent, non-current in the Form 10-K as of January 31, 2019, are now included in accounts payable, accrued expenses and other current liabilities and other long term liabilities, respectively, on the Company's condensed consolidated balance sheet. 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 and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could be material to the financial position and results of operations. Segment Information The Company operates as one operating segment providing its cloud-based Knowledge Engine platform. An operating segment is defined as a component of an enterprise for which separate financial information is evaluated regularly by the chief operating decision makers ("CODM"). The Company defines its CODM as its executive officers, and their role is to make decisions about allocating resources and assessing performance. The Company's business operates in one operating segment as all of the Company's offerings operate on a single platform and are deployed in an identical way, with its CODM evaluating the Company's financial information, resources and performance of these resources on a consolidated basis. Since the Company operates in one operating segment, all required financial segment information can be found in the condensed consolidated financial statements. Revenue Recognition The Company derives its revenue primarily from its subscription and associated support to its cloud‑based Knowledge Engine platform. The Company's subscriptions do not provide customers with the right to take possession of the software supporting the applications and, as a result, are accounted for as service contracts. The Company recognizes revenue upon transfer of control of services to its customers, including third-party resellers, in an amount that reflects the consideration it expects to receive in exchange for those services. The recognition of revenue is determined through application of the following five-step model: • Identification of the contract(s) with customers; • Identification of the performance obligation(s) in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligation(s) in the contract; and • Recognition of revenue when or as the performance obligation(s) are satisfied The Company identifies the performance obligations in a contract with a customer and determines whether they are distinct, or distinct within the context of the contract. When there is more than one distinct performance obligation in a contract, the Company allocates the transaction price to the performance obligations on a relative standalone selling price ("SSP") basis. The Company estimates the amount of consideration expected to be received in exchange for transferring services if the consideration promised in a contract includes a variable amount. Revenue is generally recognized ratably over the contract term beginning on the commencement date of each contract, which is the date the Company’s platform is made available to customers. Contracts are typically one year in length, but may be up to three years or longer in length. At the beginning of each subscription term the Company invoices its customers, typically in annual installments but also monthly, quarterly, and semi-annually. Amounts that have been invoiced for non-cancelable contracts are recorded in accounts receivable and in unearned revenue or revenue, depending on when the transfer of control to customers has occurred. The Company reports revenue net of sales tax and other taxes collected from customers to be remitted to government authorities. Costs Capitalized to Obtain Revenue Contracts The Company capitalizes incremental costs of obtaining revenue contracts. Incremental costs capitalized primarily include sales commissions for new and renewal revenue contracts, certain related incentives, and associated payroll tax and fringe benefit costs. Capitalized amounts are recoverable through future revenue streams under all customer contracts. Costs capitalized to obtain new revenue contracts are amortized on a straight-line basis over three years , which reflects the average benefit period, and may be longer than the initial contract period. The Company determined the average benefit period having considered both qualitative and quantitative factors, most notably the estimated life of capitalized software development costs resulting from additional functionality to its cloud‑based Knowledge Engine platform. The Company amortizes costs capitalized for contract renewals over the renewal term, reflecting the average benefit period for such renewals, which is typically one year . Amortization of costs capitalized to obtain revenue contracts is included in sales and marketing expense in the accompanying consolidated statements of operations and comprehensive loss. The Company periodically evaluates whether there have been any changes in its business, market conditions, or other events which would indicate that its amortization period should be changed, or if there are potential indicators of impairment. During the three months ended April 30, 2019 , the Company capitalized $5.2 million of costs to obtain revenue contracts and amortized $4.9 million to sales and marketing expense. Costs capitalized to obtain revenue contracts on the Company's consolidated balance sheet totaled $36.5 million at April 30, 2019 . Concentration of Credit Risk The Company's financial instruments that are exposed to a concentration of credit risk consist primarily of cash and cash equivalents, marketable securities and accounts receivable. The Company deposits its cash with financial institutions, and such deposits, at times, may exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. Collateral is not required for accounts receivable. At April 30, 2019 and January 31, 2019 , no single customer accounted for more than 10% of the Company's accounts receivable. No single customer accounted for more than 10% of the Company's revenue for the three months ended April 30, 2019 and 2018 , respectively. Recent Accounting Pronouncements Adoption of New Accounting Standards - ASU 2016-02 In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, "Leases" ("ASU 2016-02"), which introduced and codified new lease accounting guidance under ASC 842. This standard requires lessees to record a lease liability, initially measured at the present value of future lease payments, and a right-of-use asset, associated with operating leases, on its balance sheet. The standard also requires a single lease expense to be recognized within the statement of operations on a straight-line basis over the lease term. The Company adopted the new standard on February 1, 2019, which resulted in the Company recording lease liabilities and right-of-use assets associated with its operating leases on its balance sheet, and did not have a material effect on the statement of operations and comprehensive loss. The Company utilized the modified retrospective adoption approach, whereby all prior periods continue to be reported under previous lease accounting guidance. The Company elected the package of practical expedients to not reassess prior conclusions related to lease identification, classification and initial direct costs, and did not elect the hindsight practical expedient which would have permitted the use of hindsight in determining the lease term and assessing impairment. See Note 13 "Leases" for further discussion on the Company's accounting for leases under ASC 842. Adoption of New Accounting Standards - ASU 2018-07 The Company prospectively adopted ASU 2018-07, "Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting" on February 1, 2019. The Company will not apply a forfeiture rate assumption to value stock-based awards issued to non-employees, given the nature of the services provided. The adoption of this standard did not have a material effect on the Company's condensed consolidated financial statements. Adoption of New Accounting Standards - ASU 2018-15 The Company prospectively adopted ASU 2018-15, "Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract" on February 1, 2019. As a result, eligible implementation costs incurred in a cloud computing arrangement that is a service contract are capitalized as prepaid expenses and other current assets on the balance sheet, recognized on a straight-line basis over its life in the statement of operations and comprehensive loss in the same line item as the fees for the associated arrangement, and the related activity is generally classified as an operating activity in the statement of cash flows. The adoption of this standard did not have a material effect on the Company's condensed consolidated financial statements as of and for the three months ended April 30, 2019 . |
Revenue
Revenue | 3 Months Ended |
Apr. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue The Company disaggregates its revenue from contracts with customers by geographic region, as it believes this best depicts how the nature, amount, timing, and uncertainty of its revenues and cash flows are affected by economic factors. Revenue by geographic region is determined based on the region of the Company's contracting entity, which may be different than the region of its customers. North America revenue is predominantly attributable to the United States but also includes Canada. International revenue is predominantly attributable to Europe. The following table presents the Company's revenue by geographic region: Three months ended April 30, (in thousands) 2019 2018 North America $ 56,512 $ 44,867 International 12,196 6,121 Total revenue $ 68,708 $ 50,988 Significant Judgments Significant judgments and estimates may be required to determine the appropriate application of accounting related to revenue, including whether performance obligations are distinct and assessments regarding the transaction price. The Company has identified that it has two distinct performance obligations. The Company predominantly recognizes revenue through its performance obligation of a subscription and associated support to its platform, which lets businesses control their digital knowledge in the cloud and sync their information to the Knowledge Network. It is distinct because a customer's use of the platform is fully functional upon access, does not require any additional development, modification or customization, and is often sold separately. In certain instances, the Company enters into a contract with a customer that includes a promise to provide certain technical or customized professional services, in addition to a promise to provide its subscription and associated support. The Company's professional services performance obligation is distinct as it does not significantly change or enhance the functionality of the platform. In those instances when a contract includes more than one performance obligation, the Company must allocate the transaction price to the performance obligations on a relative standalone selling price ("SSP") basis. SSP represents the price at which a company would sell a promised product or service separately to a customer. The Company determines the SSP based on a series of complex factors. The Company's selling prices associated with its subscription and associated support are considered highly variable based on discounting practices, customer geography, customer size, and other such factors. In contrast, the Company's selling prices associated with its professional services are more observable, predictable and consistent. Accordingly, the Company uses the residual method, under which the total transaction price and observable SSP of the professional services performance obligation is used to arrive at the estimated SSP of the subscription and associated support performance obligation. The Company's revenue is predominantly related to its subscription and associated support. Professional services revenue accounted for less than 5% , and 2% , of the Company's total revenue for the three months ended April 30, 2019 and 2018 , respectively. Contract Liabilities A contract liability is an obligation to transfer goods or services for which consideration has been received or is due to a customer. The Company's contract liabilities consist primarily of unearned revenue and, to a lesser extent, customer deposits. As of April 30, 2019 , unearned revenue, current was $125.4 million and unearned revenue, non-current was $0.1 million and included within other long term liabilities on the Company's condensed consolidated balance sheet. Unearned revenue represents amounts billed, or payments received, in advance of revenue recognition for which the Company has an unconditional obligation to transfer goods or services associated with a non-cancelable contract. Unearned revenue is subsequently recognized as revenue when transfer of control to a customer has occurred. $53.6 million of revenue recognized during the three months ended April 30, 2019 was included in unearned revenue at the beginning of the period. The unearned revenue balance is influenced by several factors, including seasonality, the compounding effects of renewals, and invoice duration, timing and size. The portion of unearned revenue expected to be recognized during the succeeding twelve-month period is classified as unearned revenue, current, and the remaining portion is classified within other long term liabilities in the Company’s condensed consolidated balance sheet. Customer deposits represent payments received in advance in instances where a revenue contract is cancelable in nature, and therefore the Company does not have an unconditional obligation to transfer control to a customer. As of April 30, 2019 and January 31, 2019 , customer deposits of $1.3 million and $1.1 million were included in accounts payable, accrued expenses and other current liabilities on the Company's condensed consolidated balance sheet, respectively. Remaining Performance Obligations The transaction price allocated to remaining performance obligations represents contracted revenue which is expected to be recognized as revenue in future periods, and includes unearned revenue and non-cancelable unbilled amounts. As of April 30, 2019 , the Company has approximately $256.3 million of remaining performance obligations from revenue contracts, of which $240.2 million is expected to be recognized as revenue over the next twenty-four months, with the balance recognized thereafter. |
Investments in Marketable Secur
Investments in Marketable Securities | 3 Months Ended |
Apr. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Marketable Securities | Investments in Marketable Securities The following tables summarize the Company's investments in marketable securities: April 30, 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds $ 3,000 $ — $ (1 ) $ 2,999 U.S. treasury securities (1) 23,445 1 (3 ) 23,443 Total marketable securities $ 26,445 $ 1 $ (4 ) $ 26,442 January 31, 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds $ 16,949 $ — $ (28 ) $ 16,921 U.S. treasury securities (1) 34,112 — (12 ) 34,100 Total marketable securities $ 51,061 $ — $ (40 ) $ 51,021 (1) The Company's U.S. treasury securities purchased with an original maturity of less than three months from the purchase date are classified as cash and cash equivalents, and those purchased with an original maturity of three months or more are classified as marketable securities, respectively, on its condensed consolidated balance sheet. As of April 30, 2019 and January 31, 2019 , the Company had gross unrealized losses of less than $0.1 million , associated with an aggregate fair value of marketable securities of $3.0 million and $18.9 million , respectively, which were in a continuous unrealized loss position for more than 12 months as of their respective balance sheet dates. The Company does not believe the unrealized losses represent other-than-temporary impairments based on its evaluation of available evidence. As of April 30, 2019 , the Company's marketable securities have an original contractual maturity of two years or less, and a remaining contractual maturity of one year or less. Interest income on investments in marketable securities, amortization of premiums and discounts, realized gains and losses and other-than-temporary declines in fair value on securities available for sale are the potential components within interest income in the statement of operations and comprehensive loss. The Company had no material reclassification adjustments out of accumulated other comprehensive loss into net loss in any of the periods presented. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Apr. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Subsequent changes in fair value of these financial assets and liabilities are recognized in earnings or other comprehensive (loss) income when they occur. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the assets or liabilities, such as inherent risk, transfer restrictions, and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 inputs are based on quoted prices in active markets for identical assets or liabilities. Level 2 inputs are based on observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs are based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. All of the Company’s cash equivalents and marketable securities are classified within Level 1 or Level 2 because the Company’s cash equivalents and marketable securities are valued using quoted market prices or alternative pricing sources and models utilizing observable market inputs. The following tables summarize the Company's assets that are measured at fair value on a recurring basis, by level, within the fair value hierarchy: April 30, 2019 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds (1) $ 43,788 $ — $ — $ 43,788 U.S. treasury securities (1)(2) — 166,541 — 166,541 Marketable securities: Corporate bonds — 2,999 — 2,999 U.S. treasury securities (2) — 23,443 — 23,443 Restricted cash: Money market funds 12,100 — — 12,100 Total assets $ 55,888 $ 192,983 $ — $ 248,871 January 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds (1) $ 42,021 $ — $ — $ 42,021 Marketable securities: Corporate bonds — 16,921 — 16,921 U.S. treasury securities (2) — 34,100 — 34,100 Total assets $ 42,021 $ 51,021 $ — $ 93,042 (1) Included in cash and cash equivalents on the condensed consolidated balance sheets. (2) The Company's U.S. treasury securities purchased with an original maturity of less than three months from the purchase date are classified as cash and cash equivalents, and those purchased with an original maturity of three months or more are classified as marketable securities, respectively, on its condensed consolidated balance sheet. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Apr. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Intangible Assets Goodwill As of April 30, 2019 and January 31, 2019 , the Company had goodwill of $4.6 million and $4.7 million , respectively. Goodwill represents the excess of cost over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Goodwill is not amortized but is subject to periodic testing for impairment at the reporting unit level, which is at or one level below the operating segment level. The Company operates as one operating segment, which represents its one reporting unit. The test for impairment is conducted annually each November 1 st , or more frequently if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company determined that no events occurred or circumstances changed during the three months ended April 30, 2019 and 2018 that would more likely than not reduce the fair value of the Company's reporting unit below its carrying amount. However, if certain events occur or circumstances change, it may be necessary to record impairment charges in the future. Intangible Assets As of April 30, 2019 and January 31, 2019 , the Company had intangible assets, net of $1.8 million and $2.0 million , respectively. The Company's intangible assets are amortized on a straight‑line basis over their estimated useful lives. Intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company has no indefinite-lived intangible assets. The Company determined that no events occurred or circumstances changed during the three months ended April 30, 2019 and 2018 that would indicate that its intangible assets with finite lives may not be recoverable. However, if certain events occur or circumstances change, it may be necessary to record impairment charges in the future. Amortization expense related to intangible assets totaled $0.1 million and $0.2 million for the three months ended April 30, 2019 and 2018 , respectively. |
Property and Equipment, net
Property and Equipment, net | 3 Months Ended |
Apr. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net consisted of the following: (in thousands) April 30, 2019 January 31, 2019 Furniture and fixtures $ 716 $ 719 Office equipment 8,063 7,662 Leasehold improvements 13,085 13,090 Computer software 7,084 6,461 Construction in progress 1,620 841 Total property and equipment 30,568 28,773 Less: accumulated depreciation (19,475 ) (17,696 ) Total property and equipment, net $ 11,093 $ 11,077 Capital expenditures included in accounts payable, accrued expenses and other current liabilities was $1.1 million and $0.2 million as of April 30, 2019 and 2018 , respectively. Depreciation expense was $1.8 million and $1.4 million for the three months ended April 30, 2019 and 2018 , respectively. |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Apr. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Expenses and Other Current Liabilities | Accounts Payable, Accrued Expenses and Other Current Liabilities Accounts payable, accrued expenses and other current liabilities consisted of the following: (in thousands) April 30, 2019 January 31, 2019 Accounts payable $ 8,671 $ 8,025 Accrued employee compensation 9,274 19,029 Accrued Knowledge Network application provider fees 4,255 2,508 Accrued professional services and associated costs 2,733 2,198 Accrued sales and use tax 1,798 2,206 Accrued employee stock purchase plan withholdings liability 1,220 2,635 Customer deposits 1,256 1,144 Other current liabilities 6,464 6,491 Total accounts payable, accrued expenses and other current liabilities $ 35,671 $ 44,236 Deferred offering costs included in accounts payable, accrued expenses and other current liabilities was $0.3 million as of April 30, 2019 . |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Apr. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation 2008 Equity Incentive Plan The Company's 2008 Equity Incentive Plan (the "2008 Plan"), as amended on March 10, 2016, allowed for the issuance of up to 25,912,531 shares of common stock. Awards granted under the 2008 Plan may be incentive stock options ("ISOs"), nonqualified stock options ("NQSOs"), restricted stock and restricted stock units. The 2008 Plan is administered by the Company's Board of Directors, which determines the terms of the options granted, the exercise price, the number of shares subject to option and the option vesting period. No ISO or NQSO is exercisable after 10 years from the date of grant, and option awards will typically vest over a four -year period. The 2008 Plan was terminated in connection with the adoption of the Company's 2016 Equity Incentive Plan (the "2016 Plan") in December 2016, and the Company will not grant any additional awards under the 2008 Plan. However, the 2008 Plan will continue to govern the terms and conditions of the outstanding awards previously granted thereunder. 2016 Equity Incentive Plan In December 2016, the Company's Board of Directors adopted, and its stockholders approved, the 2016 Plan. The number of shares reserved for issuance under the 2016 Plan will increase on the first day of each fiscal year during the term of the 2016 Plan by the lesser of: (i) 10,000,000 shares, (ii) 4% of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year; or (iii) such other amount as the Company's Board of Directors may determine. On February 1, 2019 , the number of shares of common stock available for issuance under the 2016 Plan was automatically increased according to its terms by 4,086,916 shares. In addition, the shares reserved for issuance under the 2016 Plan also include shares returned to the 2008 Plan as the result of expiration or termination of options or other awards. As of April 30, 2019 , the number of shares available for future award under the 2016 Plan is 4,840,549 . Stock Options The following table summarizes the activity related to the Company's stock options: Options Outstanding Outstanding Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Balance, January 31, 2019 15,977,235 $ 6.54 6.40 $ 144,934 Granted — $ — Exercised (1,096,258 ) $ 4.56 Forfeited or canceled (121,442 ) $ 8.02 Balance, April 30, 2019 14,759,535 $ 6.67 6.20 $ 224,926 Vested and expected to vest 14,728,295 $ 6.67 6.20 $ 224,460 Exercisable at April 30, 2019 10,567,236 $ 6.01 5.61 $ 167,998 The aggregate intrinsic value of options vested and expected to vest and exercisable is calculated based on the difference between the exercise price and the fair value of the Company’s common stock as of April 30, 2019 . The fair value of the common stock is the Company’s closing stock price as reported on the New York Stock Exchange. The aggregate intrinsic value of exercised options was $18.8 million and $16.2 million for the three months ended April 30, 2019 and 2018 , respectively, and is calculated based on the difference between the exercise price and the fair value of the Company’s common stock as of the exercise date. No options were granted during the three months ended April 30, 2019 and 2018 . Restricted Stock and Restricted Stock Units The following table summarizes the activity related to the Company's restricted stock and restricted stock units: Outstanding Weighted-Average Grant Date Fair Value Balance as of January 31, 2019 7,703,705 $ 16.07 Granted 936,550 $ 22.43 Vested and converted to shares (561,883 ) $ 14.60 Forfeited or canceled (348,169 ) $ 18.58 Balance as of April 30, 2019 7,730,203 $ 16.83 Employee Stock Purchase Plan In March 2017, the Company's Board of Directors adopted, and its stockholders approved, the 2017 Employee Stock Purchase Plan ("ESPP"), which became effective on the date it was adopted. The number of shares of the Company's common stock that will be available for sale to employees under the ESPP increases annually on the first day of each fiscal year in an amount equal to the lesser of: (i) 2,500,000 shares; (ii) 1% of the outstanding shares of the Company's common stock as of the last day of the immediately preceding fiscal year; or (iii) such other amount as the administrator may determine. On February 1, 2019 , the number of shares of common stock available for issuance under the ESPP was automatically increased according to its terms by 1,021,729 shares. As of April 30, 2019 , a total of 2,597,364 shares of the Company's common stock are available for sale to employees under the ESPP. In connection with the offering period which ended on March 15, 2019, 170,450 shares of common stock were purchased under the ESPP at a purchase price of $19.26 per share for total proceeds of $3.3 million . A new offering period began on March 15, 2019 and will end on September 16, 2019. As of April 30, 2019 , 193,111 shares are estimated to be purchased at the end of the offering period and $1.2 million has been withheld on behalf of employees for these future purchases under the ESPP and is included in accounts payable, accrued expenses and other current liabilities. The Black-Scholes option-pricing model assumptions used to calculate the fair value of shares estimated to be purchased under the respective ESPP offering periods were as follows: Three months ended April 30, 2019 2018 Expected life (years) 0.50 0.50 Expected volatility 60.86% 34.41% Dividend yield — — Risk-free rate 2.52% 1.95% The expected life assumptions were based on each offering period's respective purchase date. The Company estimated the expected volatility assumptions based on the average of the historical volatility for a sample of comparable companies for the offering periods during the three months ended April 30, 2018 . Effective with the offering period beginning September 17, 2018, the Company determined it had sufficient historical information and estimated the expected volatility assumption based on the historical volatility of its stock price. The risk-free rate assumptions were based on the U.S. treasury yield curve in effect at the time of grants. The dividend yield assumption was zero as the Company has not historically paid any dividends and does not expect to declare or pay any dividends in the foreseeable future. During the three months ended April 30, 2019 and 2018 , the Company recorded $0.7 million and $0.5 million , respectively, of stock-based compensation expense associated with the ESPP. As of April 30, 2019 , total unrecognized compensation cost related to ESPP was $1.1 million , net of estimated forfeitures, which will be amortized over a weighted-average remaining period of 0.38 years . A new offering period commences on the first trading day on or after March 15 th and September 15 th each year, or on such other date as the administrator will determine, and will end on the first trading day, approximately six months later, on or after September 15 th and March 15 th , respectively. Participants may purchase the Company’s common stock through payroll deductions, up to a maximum of 15% of their eligible compensation. Unless changed by the administrator, the purchase price for each share of common stock purchased under the ESPP will be 85% of the lower of the fair market value per share on the first trading day of the applicable offering period or the fair market value per share on the last trading day of the applicable offering period. Stock-Based Compensation Expense Stock-based compensation represents the cost related to stock-based awards granted in lieu of monetary payment. The Company measures stock-based compensation associated with stock-based awards issued to employees at the grant date, based on the estimated fair value of the award, and recognizes expense on a straight-line basis, net of estimated forfeitures, over the requisite service period in the condensed consolidated statements of operations and comprehensive loss. The Company prospectively adopted ASU 2018-07 on February 1, 2019. As a result, the Company measures stock-based compensation associated with stock-based awards issued to non-employees at the grant date, based on the estimated fair value of the award, and recognizes expense on a straight-line basis over the requisite service period. The Company will not apply a forfeiture rate assumption to value such awards, given the nature of the services provided. Prior to adoption, during the fiscal years ended January 31, 2019 and prior, stock-based compensation associated with stock-based awards issued to non-employees was re-measured each period until fully vested. The Company's stock-based compensation expense was as follows: Three months ended April 30, (in thousands) 2019 2018 Cost of revenue $ 818 $ 566 Sales and marketing 6,840 3,770 Research and development 2,572 1,556 General and administrative 2,986 2,101 Total stock-based compensation expense $ 13,216 $ 7,993 As of April 30, 2019 , there was approximately $133.8 million of total unrecognized compensation cost related to unvested stock-based awards. This unrecognized compensation cost is expected to be recognized over an estimated weighted-average vesting period of approximately 3.0 years . During the three months ended April 30, 2019 and 2018 , the Company capitalized $0.3 million and $0.1 million , respectively, of stock-based compensation related to development of additional functionality to its cloud-based platform. |
Equity
Equity | 3 Months Ended |
Apr. 30, 2019 | |
Equity [Abstract] | |
Equity | Equity Common Stock Offering On March 20, 2019, the Company closed a common stock offering (the “Offering”), in which it issued and sold 7,000,000 shares of common stock, inclusive of the fully exercised underwriters’ option to purchase additional shares. The price per share to the public was $21.50 . The Company received aggregate proceeds of $147.0 million from the Offering, net of underwriters’ discounts and commissions, before deducting offering costs of approximately $0.5 million , which were recorded in additional paid in capital in its condensed consolidated statements of stockholders' equity. The following table summarizes the changes in stockholders' equity during the three months ended April 30, 2019 : Accumulated Additional Other Total Common Stock Paid-In Comprehensive Accumulated Treasury Stockholders’ (in thousands) Shares Amount Capital Loss Deficit Stock Equity Balance, January 31, 2019 102,173 $ 109 $ 398,882 $ (1,428 ) $ (301,109 ) $ (11,905 ) $ 84,549 Common stock offering, net of issuance costs of $530 7,000 7 146,463 — — — 146,470 Exercise of stock options 1,096 1 4,995 — — — 4,996 Vested restricted stock units converted to common shares 557 — — — — — — Issuance of restricted stock 4 — — — — — — Issuance of common stock under employee stock purchase plan 170 — 3,283 — — — 3,283 Stock-based compensation — — 13,472 — — — 13,472 Other comprehensive income — — — 349 — — 349 Net loss — — — — (18,959 ) — (18,959 ) Balance, April 30, 2019 111,000 $ 117 $ 567,095 $ (1,079 ) $ (320,068 ) $ (11,905 ) $ 234,160 The following table summarizes the changes in stockholders' equity during the three months ended April 30, 2018 : Accumulated Additional Other Total Common Stock Paid-In Comprehensive Accumulated Treasury Stockholders’ (in thousands) Shares Amount Capital Loss Deficit Stock Equity Balance, January 31, 2018 93,977 $ 100 $ 328,344 $ (1,636 ) $ (233,450 ) $ (11,905 ) $ 81,453 Cumulative effect adjustment in connection with the adoption of ASU 2014-09 — — — 3 7,178 — 7,181 Exercise of stock options 1,678 2 4,908 — — — 4,910 Vested restricted stock units converted to common shares 141 — — — — — — Issuance of restricted stock 4 — — — — — — Issuance of common stock under employee stock purchase plans 438 1 4,090 — — — 4,091 Stock-based compensation — — 8,066 — — — 8,066 Other comprehensive loss — — — (95 ) — — (95 ) Net loss — — — — (17,041 ) — (17,041 ) Balance, April 30, 2018 96,238 $ 103 $ 345,408 $ (1,728 ) $ (243,313 ) $ (11,905 ) $ 88,565 Preferred Stock Effective April 2017, the Company’s Board of Directors is authorized to issue up to 50,000,000 shares of preferred stock, $0.001 par value, in one or more series without stockholder approval. The Company's Board of Directors has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. The issuance of preferred stock could have the effect of restricting dividends on the Company’s common stock, diluting the voting power of its common stock, impairing the liquidation rights of its common stock, or delaying or preventing changes in control or management of the Company. As of April 30, 2019 and January 31, 2019 , no shares of preferred stock were issued or outstanding. Common Stock As of April 30, 2019 and January 31, 2019 , the Company had authorized 500,000,000 shares of voting $0.001 par value common stock. Each holder of the Company's common stock is entitled to one vote for each share on all matters to be voted upon by the stockholders and there are no cumulative rights. Subject to any preferential rights of any outstanding preferred stock, holders of the Company's common stock are entitled to receive ratably the dividends, if any, as may be declared from time to time by the Company's Board of Directors out of legally available funds. If there is a liquidation, dissolution or winding up of the Company, holders of the Company's common stock would be entitled to share in the Company's assets remaining after the payment of liabilities and any preferential rights of any outstanding preferred stock. Holders of the Company's common stock have no preemptive or conversion rights or other subscription rights, and there are no redemption or sinking fund provisions applicable to the common stock. All outstanding shares of the Company's common stock will be fully paid and non-assessable. The rights, preferences and privileges of the holders of the Company's common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock which the Company may designate and issue in the future. Treasury Stock As of April 30, 2019 and January 31, 2019 , the Company had 6,505,334 shares of treasury stock which are carried at its cost basis of $11.9 million on the Company's condensed consolidated balance sheets. |
Debt
Debt | 3 Months Ended |
Apr. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt On March 16, 2016, the Company entered into a Loan and Security agreement with Silicon Valley Bank that provides for a $15.0 million revolving credit line ("Revolving Line") and a $7.0 million Letter of Credit facility (together with the Revolving Line, the "Credit Agreement"). In March 2018, the Credit Agreement was amended to extend the maturity date to March 16, 2020 . No significant debt issuance costs were incurred in association with the amendment. The Company is obligated to pay ongoing commitment fees at a rate equal to 0.25% for the Revolving Line and 1.75% for any issued letters of credit. Subject to certain terms of the Credit Agreement, the Company may borrow, prepay and reborrow amounts under the Revolving Line at any time during the agreement and amounts repaid or prepaid may be reborrowed. Interest rates on borrowings under the Revolving Line will be based on one-half of one percent ( 0.50% ) above the prime rate. The prime rate is defined as the rate of interest per annum from time to time published in the money rate section of the Wall Street Journal. The Credit Agreement contains certain customary affirmative and negative covenants, including an adjusted quick ratio of at least 1.25 to 1.00, minimum revenue subject to annual updates, a limit on the Company's ability to incur additional indebtedness, dispose of assets, make certain acquisition transactions, pay dividends or make distributions, and certain other restrictions on the Company's activities each defined specifically in the agreement. In April 2019, in connection with the leasing of office space in New York, NY, the Company established back-to-back standby letters of credit for $12.1 million . The arrangement expires September 30, 2031 , and is fully secured by a $12.1 million cash deposit. Such cash is restricted as to its withdrawal and usage as of April 30, 2019 , and accordingly, is classified as a restricted cash asset on the Company's condensed consolidated balance sheet. There were no significant financing costs associated with this transaction. As of April 30, 2019 , the Company was in compliance with all debt covenants. As of such date, the $15.0 million Revolving Line was fully available, and the $7.0 million Letter of Credit had $6.8 million allocated as security in connection with various office space. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company calculates its year-to-date (provision for) benefit from income taxes by applying the estimated annual effective tax rate to year-to-date loss from operations before income taxes and adjusts the (provision for) benefit from income taxes for discrete tax items recorded in the period. During the three months ended April 30, 2019 and 2018 , the Company recorded a (provision for) benefit from income taxes of $(0.3) million and $(0.3) million , respectively. The Company's effective tax rate generally differs from the U.S. federal statutory tax rate primarily due to a full valuation allowance related to the Company's U.S. deferred tax assets, partially offset by the foreign tax rate differential on non-U.S. income. The Company regularly evaluates the realizability of its deferred tax assets and establishes a valuation allowance if it is more likely than not that some or all the deferred tax assets will not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, loss carryback and tax-planning strategies. Generally, more weight is given to objectively verifiable evidence, such as the cumulative loss in recent years, as a significant piece of negative evidence to overcome. |
Leases
Leases | 3 Months Ended |
Apr. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company enters into contracts in the normal course of business and assesses whether any such contracts contain a lease. The Company determines if an arrangement is a lease at inception if it conveys the right to control the identified asset for a period of time in exchange for consideration. The Company classifies leases as operating or financing in nature, and records the associated lease liability and right-of-use asset on its balance sheet. The lease liability represents the present value of future lease payments, net of lease incentives, discounted using an incremental borrowing rate, which is a management estimate based on the information available at the commencement date of a lease arrangement. The Company accounts for lease and non-lease components related to operating lease arrangements for office space as a single lease component. The Company has elected that costs associated with leases having an initial term of 12 months or less ("short-term leases") are recognized in the statement of operations and comprehensive loss on a straight-line basis over the lease term and are not recorded on the balance sheet. Effective February 1, 2019, the Company adopted ASU 2016-02, utilizing the modified retrospective adoption approach. Prior to adoption, during the fiscal years ended January 31, 2019 and prior, the Company accounted for leases under ASC 840, whereby rent expense associated with operating leases was recognized on a straight-line basis over the lease term. Under ASC 842, lease expense is recognized as a single lease cost on a straight-line basis over the lease term. The lease term consists of non-cancelable periods, and may include options, including those to extend or terminate, if it is reasonably certain they will be exercised. As of April 30, 2019 , the Company had $2.0 million and $34.6 million of operating lease liabilities, classified as current and non-current, respectively, $33.4 million of operating lease right-of-use assets, and no finance leases, on its condensed consolidated balance sheet. These operating lease arrangements included in the measurement of lease liabilities had a weighted-average remaining lease term of 7.8 years , a weighted-average discount rate of 5.5% , and do not reflect options to extend or terminate, as management does not consider the exercise of these options to be reasonably certain. During the three months ended April 30, 2019 , the Company entered into new operating lease arrangements for office space in Rosslyn, VA and London, UK, each of which have expiration dates subsequent to the fiscal year ending January 31, 2024. During the three months ended April 30, 2019 , the Company recognized $2.6 million of lease expense, of which $0.5 million related to short-term leases, paid $1.7 million for amounts included in the measurement of lease liabilities which is reflected within operating activities on the statement of cash flows, and obtained $23.2 million of operating lease right-of-use assets in exchange for lease obligations. During the three months ended April 30, 2018 , rent expense was $1.8 million . As of April 30, 2019 , the total remaining operating lease payments included in the measurement of lease liabilities was as follows (in thousands): Fiscal year ending January 31: Operating Lease Payments 2020 $ 193 2021 7,612 2022 4,591 2023 4,663 2024 and thereafter 32,036 Total operating lease payments 49,095 Less: imputed interest 12,508 Total lease liabilities, reflecting the present value of lease payments $ 36,587 Subsequent to the quarter ended April 30, 2019, in May 2019, the Company met the criteria to commence accounting for an operating lease arrangement for office space in New York, NY, which was dated April 23, 2019. The lease expires in February 2031, and includes approximately $135 million of legally binding minimum lease payments. The Company is in the process of completing its accounting for this operating lease arrangement, including determining the incremental borrowing rate to discount the remaining lease payments associated with the lease liability and the right-of-use asset. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contractual Obligations The Company is obligated to make payments under certain non-cancelable contractual obligations in the normal course of business. The Company's obligations primarily relate to its operating leases for office space as well as other obligations, including contracts with its Knowledge Network application providers and its software vendors. The Company reviews its contractual arrangements and assesses whether they contain a lease. The Company's contractual obligations have various expiry dates between fiscal years 2020 and 2035 . As of April 30, 2019 , future minimum annual payments under these contractual obligations are as follows (in thousands): Fiscal year ending January 31: Operating Leases Other 2020 $ 5,899 $ 14,961 2021 10,637 6,553 2022 16,691 1,865 2023 16,762 50 2024 and thereafter 138,614 118 Total payments $ 188,603 $ 23,547 The Company's operating lease obligations in the table above include its lease arrangement for office space in New York, NY, which was dated April 23, 2019, and therefore was part of the Company's legal and contractual obligations as of April 30, 2019. As discussed in Note 13 "Leases", this operating lease met the criteria to commence accounting in May 2019. This agreement includes a provision to deliver a performance bond to secure the completion of certain potential construction work. Legal Proceedings The Company is and may be involved in various legal proceedings arising in the normal course of business. Although the results of litigation and claims cannot be predicted with certainty, currently, in the opinion of the Company, the likelihood of any material adverse impact on the Company's results of operations, cash flows or the Company's financial position for any such litigation or claims is deemed to be remote. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense costs, diversion of management resources and other factors. Warranties and Indemnifications The Company's platform is in some cases warranted to perform in a manner consistent with general industry standards that are reasonably applicable and materially in accordance with the Company's product specifications. The Company's arrangements generally include certain provisions for indemnifying customers against liabilities if its products or services infringe a third-party's intellectual property rights and/or if the Company breaches its contractual agreements with a customer or in instances of negligence, fraud or willful misconduct by the Company. To date, the Company has not incurred any material costs as a result of such obligations and has not accrued any liabilities related to such obligations in the accompanying condensed consolidated financial statements. The Company has also agreed to indemnify certain of its directors and executive officers for costs associated with any fees, expenses, judgments, fines and settlement amounts incurred by any of these persons in any action or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the person's service as a director or officer, including any action by the Company, arising out of that person's services as the Company's director or officer or that person's services provided to any other company or enterprise at the Company's request. The Company maintains director and officer insurance coverage that would generally enable the Company to recover a portion of any future amounts paid. The Company may also be subject to indemnification obligations by law with respect to the actions of its employees under certain circumstances and in certain jurisdictions. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 3 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders: Three months ended April 30, (in thousands, except share and per share data) 2019 2018 Numerator: Net loss attributable to common stockholders $ (18,959 ) $ (17,041 ) Denominator: Weighted-average common shares outstanding 106,453,558 94,942,773 Net loss per share attributable to common stockholders, basic and diluted $ (0.18 ) $ (0.18 ) Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Unvested restricted stock and restricted stock units are excluded from the denominator of basic net loss per share. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares plus common equivalent shares for the period, including any dilutive effect from such shares. Since the Company was in a net loss position for all periods presented, net loss per share attributable to common stockholders was the same on a basic and diluted basis, as the inclusion of all potential common equivalent shares outstanding would have been anti-dilutive. Anti-dilutive common equivalent shares were as follows: As of April 30, 2019 2018 Options to purchase common stock 14,759,535 20,540,150 Restricted stock and restricted stock units 7,730,203 4,707,227 Shares estimated to be purchased under ESPP 193,111 291,544 Total anti-dilutive common equivalent shares 22,682,849 25,538,921 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2019 , filed with the SEC on March 15, 2019 (the "Form 10-K"). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of January 31, 2019 , 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. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods. The results for the three months ended April 30, 2019 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending January 31, 2020 , or any other period. |
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 and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could be material to the financial position and results of operations. |
Segment Information | Segment Information The Company operates as one operating segment providing its cloud-based Knowledge Engine platform. An operating segment is defined as a component of an enterprise for which separate financial information is evaluated regularly by the chief operating decision makers ("CODM"). The Company defines its CODM as its executive officers, and their role is to make decisions about allocating resources and assessing performance. The Company's business operates in one operating segment as all of the Company's offerings operate on a single platform and are deployed in an identical way, with its CODM evaluating the Company's financial information, resources and performance of these resources on a consolidated basis. Since the Company operates in one operating segment, all required financial segment information can be found in the condensed consolidated financial statements. |
Concentration of Credit Risk | Concentration of Credit Risk The Company's financial instruments that are exposed to a concentration of credit risk consist primarily of cash and cash equivalents, marketable securities and accounts receivable. The Company deposits its cash with financial institutions, and such deposits, at times, may exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. Collateral is not required for accounts receivable. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adoption of New Accounting Standards - ASU 2016-02 In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, "Leases" ("ASU 2016-02"), which introduced and codified new lease accounting guidance under ASC 842. This standard requires lessees to record a lease liability, initially measured at the present value of future lease payments, and a right-of-use asset, associated with operating leases, on its balance sheet. The standard also requires a single lease expense to be recognized within the statement of operations on a straight-line basis over the lease term. The Company adopted the new standard on February 1, 2019, which resulted in the Company recording lease liabilities and right-of-use assets associated with its operating leases on its balance sheet, and did not have a material effect on the statement of operations and comprehensive loss. The Company utilized the modified retrospective adoption approach, whereby all prior periods continue to be reported under previous lease accounting guidance. The Company elected the package of practical expedients to not reassess prior conclusions related to lease identification, classification and initial direct costs, and did not elect the hindsight practical expedient which would have permitted the use of hindsight in determining the lease term and assessing impairment. See Note 13 "Leases" for further discussion on the Company's accounting for leases under ASC 842. Adoption of New Accounting Standards - ASU 2018-07 The Company prospectively adopted ASU 2018-07, "Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting" on February 1, 2019. The Company will not apply a forfeiture rate assumption to value stock-based awards issued to non-employees, given the nature of the services provided. The adoption of this standard did not have a material effect on the Company's condensed consolidated financial statements. Adoption of New Accounting Standards - ASU 2018-15 The Company prospectively adopted ASU 2018-15, "Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract" on February 1, 2019. As a result, eligible implementation costs incurred in a cloud computing arrangement that is a service contract are capitalized as prepaid expenses and other current assets on the balance sheet, recognized on a straight-line basis over its life in the statement of operations and comprehensive loss in the same line item as the fees for the associated arrangement, and the related activity is generally classified as an operating activity in the statement of cash flows. The adoption of this standard did not have a material effect on the Company's condensed consolidated financial statements as of and for the three months ended April 30, 2019 . |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company's revenue by geographic region: Three months ended April 30, (in thousands) 2019 2018 North America $ 56,512 $ 44,867 International 12,196 6,121 Total revenue $ 68,708 $ 50,988 |
Investments in Marketable Sec_2
Investments in Marketable Securities (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | The following tables summarize the Company's investments in marketable securities: April 30, 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds $ 3,000 $ — $ (1 ) $ 2,999 U.S. treasury securities (1) 23,445 1 (3 ) 23,443 Total marketable securities $ 26,445 $ 1 $ (4 ) $ 26,442 January 31, 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds $ 16,949 $ — $ (28 ) $ 16,921 U.S. treasury securities (1) 34,112 — (12 ) 34,100 Total marketable securities $ 51,061 $ — $ (40 ) $ 51,021 (1) The Company's U.S. treasury securities purchased with an original maturity of less than three months from the purchase date are classified as cash and cash equivalents, and those purchased with an original maturity of three months or more are classified as marketable securities, respectively, on its condensed consolidated balance sheet. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize the Company's assets that are measured at fair value on a recurring basis, by level, within the fair value hierarchy: April 30, 2019 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds (1) $ 43,788 $ — $ — $ 43,788 U.S. treasury securities (1)(2) — 166,541 — 166,541 Marketable securities: Corporate bonds — 2,999 — 2,999 U.S. treasury securities (2) — 23,443 — 23,443 Restricted cash: Money market funds 12,100 — — 12,100 Total assets $ 55,888 $ 192,983 $ — $ 248,871 January 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds (1) $ 42,021 $ — $ — $ 42,021 Marketable securities: Corporate bonds — 16,921 — 16,921 U.S. treasury securities (2) — 34,100 — 34,100 Total assets $ 42,021 $ 51,021 $ — $ 93,042 (1) Included in cash and cash equivalents on the condensed consolidated balance sheets. (2) The Company's U.S. treasury securities purchased with an original maturity of less than three months from the purchase date are classified as cash and cash equivalents, and those purchased with an original maturity of three months or more are classified as marketable securities, respectively, on its condensed consolidated balance sheet. |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property and equipment, net consisted of the following: (in thousands) April 30, 2019 January 31, 2019 Furniture and fixtures $ 716 $ 719 Office equipment 8,063 7,662 Leasehold improvements 13,085 13,090 Computer software 7,084 6,461 Construction in progress 1,620 841 Total property and equipment 30,568 28,773 Less: accumulated depreciation (19,475 ) (17,696 ) Total property and equipment, net $ 11,093 $ 11,077 |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable, Accrued Expenses and Other Current Liabilities | Accounts payable, accrued expenses and other current liabilities consisted of the following: (in thousands) April 30, 2019 January 31, 2019 Accounts payable $ 8,671 $ 8,025 Accrued employee compensation 9,274 19,029 Accrued Knowledge Network application provider fees 4,255 2,508 Accrued professional services and associated costs 2,733 2,198 Accrued sales and use tax 1,798 2,206 Accrued employee stock purchase plan withholdings liability 1,220 2,635 Customer deposits 1,256 1,144 Other current liabilities 6,464 6,491 Total accounts payable, accrued expenses and other current liabilities $ 35,671 $ 44,236 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Options Activity | The following table summarizes the activity related to the Company's stock options: Options Outstanding Outstanding Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Balance, January 31, 2019 15,977,235 $ 6.54 6.40 $ 144,934 Granted — $ — Exercised (1,096,258 ) $ 4.56 Forfeited or canceled (121,442 ) $ 8.02 Balance, April 30, 2019 14,759,535 $ 6.67 6.20 $ 224,926 Vested and expected to vest 14,728,295 $ 6.67 6.20 $ 224,460 Exercisable at April 30, 2019 10,567,236 $ 6.01 5.61 $ 167,998 |
Schedule of Nonvested RSU Activity | The following table summarizes the activity related to the Company's restricted stock and restricted stock units: Outstanding Weighted-Average Grant Date Fair Value Balance as of January 31, 2019 7,703,705 $ 16.07 Granted 936,550 $ 22.43 Vested and converted to shares (561,883 ) $ 14.60 Forfeited or canceled (348,169 ) $ 18.58 Balance as of April 30, 2019 7,730,203 $ 16.83 |
Schedule of Employee Stock Purchase Plan Valuation Assumptions | The Black-Scholes option-pricing model assumptions used to calculate the fair value of shares estimated to be purchased under the respective ESPP offering periods were as follows: Three months ended April 30, 2019 2018 Expected life (years) 0.50 0.50 Expected volatility 60.86% 34.41% Dividend yield — — Risk-free rate 2.52% 1.95% |
Schedule of Share-Based Compensation Expense | The Company's stock-based compensation expense was as follows: Three months ended April 30, (in thousands) 2019 2018 Cost of revenue $ 818 $ 566 Sales and marketing 6,840 3,770 Research and development 2,572 1,556 General and administrative 2,986 2,101 Total stock-based compensation expense $ 13,216 $ 7,993 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Equity [Abstract] | |
Schedule of Stockholders Equity | The following table summarizes the changes in stockholders' equity during the three months ended April 30, 2019 : Accumulated Additional Other Total Common Stock Paid-In Comprehensive Accumulated Treasury Stockholders’ (in thousands) Shares Amount Capital Loss Deficit Stock Equity Balance, January 31, 2019 102,173 $ 109 $ 398,882 $ (1,428 ) $ (301,109 ) $ (11,905 ) $ 84,549 Common stock offering, net of issuance costs of $530 7,000 7 146,463 — — — 146,470 Exercise of stock options 1,096 1 4,995 — — — 4,996 Vested restricted stock units converted to common shares 557 — — — — — — Issuance of restricted stock 4 — — — — — — Issuance of common stock under employee stock purchase plan 170 — 3,283 — — — 3,283 Stock-based compensation — — 13,472 — — — 13,472 Other comprehensive income — — — 349 — — 349 Net loss — — — — (18,959 ) — (18,959 ) Balance, April 30, 2019 111,000 $ 117 $ 567,095 $ (1,079 ) $ (320,068 ) $ (11,905 ) $ 234,160 The following table summarizes the changes in stockholders' equity during the three months ended April 30, 2018 : Accumulated Additional Other Total Common Stock Paid-In Comprehensive Accumulated Treasury Stockholders’ (in thousands) Shares Amount Capital Loss Deficit Stock Equity Balance, January 31, 2018 93,977 $ 100 $ 328,344 $ (1,636 ) $ (233,450 ) $ (11,905 ) $ 81,453 Cumulative effect adjustment in connection with the adoption of ASU 2014-09 — — — 3 7,178 — 7,181 Exercise of stock options 1,678 2 4,908 — — — 4,910 Vested restricted stock units converted to common shares 141 — — — — — — Issuance of restricted stock 4 — — — — — — Issuance of common stock under employee stock purchase plans 438 1 4,090 — — — 4,091 Stock-based compensation — — 8,066 — — — 8,066 Other comprehensive loss — — — (95 ) — — (95 ) Net loss — — — — (17,041 ) — (17,041 ) Balance, April 30, 2018 96,238 $ 103 $ 345,408 $ (1,728 ) $ (243,313 ) $ (11,905 ) $ 88,565 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Leases [Abstract] | |
Schedule of total remaining operating lease payments | As of April 30, 2019 , the total remaining operating lease payments included in the measurement of lease liabilities was as follows (in thousands): Fiscal year ending January 31: Operating Lease Payments 2020 $ 193 2021 7,612 2022 4,591 2023 4,663 2024 and thereafter 32,036 Total operating lease payments 49,095 Less: imputed interest 12,508 Total lease liabilities, reflecting the present value of lease payments $ 36,587 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of total remaining operating lease payments | As of April 30, 2019 , future minimum annual payments under these contractual obligations are as follows (in thousands): Fiscal year ending January 31: Operating Leases Other 2020 $ 5,899 $ 14,961 2021 10,637 6,553 2022 16,691 1,865 2023 16,762 50 2024 and thereafter 138,614 118 Total payments $ 188,603 $ 23,547 |
Schedule of Future Minimum Contractual Obligation Payments | As of April 30, 2019 , future minimum annual payments under these contractual obligations are as follows (in thousands): Fiscal year ending January 31: Operating Leases Other 2020 $ 5,899 $ 14,961 2021 10,637 6,553 2022 16,691 1,865 2023 16,762 50 2024 and thereafter 138,614 118 Total payments $ 188,603 $ 23,547 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders: Three months ended April 30, (in thousands, except share and per share data) 2019 2018 Numerator: Net loss attributable to common stockholders $ (18,959 ) $ (17,041 ) Denominator: Weighted-average common shares outstanding 106,453,558 94,942,773 Net loss per share attributable to common stockholders, basic and diluted $ (0.18 ) $ (0.18 ) |
Schedule of Antidilutive Securities | Anti-dilutive common equivalent shares were as follows: As of April 30, 2019 2018 Options to purchase common stock 14,759,535 20,540,150 Restricted stock and restricted stock units 7,730,203 4,707,227 Shares estimated to be purchased under ESPP 193,111 291,544 Total anti-dilutive common equivalent shares 22,682,849 25,538,921 |
Organization and Description _2
Organization and Description of Business (Details) | Apr. 30, 2019Provider |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of service and application providers | 150 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) $ in Millions | 3 Months Ended | |
Apr. 30, 2019USD ($)segmentcustomer | Jan. 31, 2019customer | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Number of operating segments | segment | 1 | |
Capitalized contract cost, amortization period | 3 years | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Costs capitalized to obtain revenue contracts, gross | $ 5.2 | |
Costs capitalized to obtain revenue contracts, amortization | (4.9) | |
Costs capitalized to obtain revenue contracts | $ 36.5 | |
Accounts Receivable | Customer Concentration Risk | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Number of customers accounted for under concentration of credit risk | customer | 0 | 0 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2019 | |
Revenue from External Customer [Line Items] | |||
Unearned revenue, revenue recognized | $ 53,600 | ||
Unearned revenue, current | 125,370 | $ 135,544 | |
Unearned revenue, noncurrent | 100 | ||
Customer deposits | $ 1,256 | $ 1,144 | |
Sales Revenue, Net | Product Concentration Risk | Service | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 5.00% | 2.00% |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 68,708 | $ 50,988 |
North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 56,512 | 44,867 |
International | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 12,196 | $ 6,121 |
Revenue - Revenue Performance O
Revenue - Revenue Performance Obligations (Details) $ in Millions | Apr. 30, 2019USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 256.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-05-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 240.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 2 years |
Investments in Marketable Sec_3
Investments in Marketable Securities - Investments at Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Jan. 31, 2019 | |
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost | $ 26,445 | $ 51,061 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (4) | (40) |
Fair Value | $ 26,442 | 51,021 |
Marketable securities, contractual maturity term | 2 years | |
Marketable securities, remaining contractual maturity term | 1 year | |
Corporate bonds | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost | $ 3,000 | 16,949 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (28) |
Fair Value | 2,999 | 16,921 |
U.S. treasury securities (1) | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost | 23,445 | 34,112 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (3) | (12) |
Fair Value | 23,443 | 34,100 |
Corporate Bond Securities | ||
Gain (Loss) on Securities [Line Items] | ||
Gross Unrealized Losses | (3,000) | $ (18,900) |
Debt securities, available-for-sale securities, continuous unrealized loss position, twelve months or longer, fair value | $ 100 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 | Apr. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | $ 26,442 | $ 51,021 | |
Restricted cash | 12,100 | 0 | $ 0 |
Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 2,999 | 16,921 | |
U.S. treasury securities (1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 23,443 | 34,100 | |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
U.S. treasury securities (2) | 248,871 | 93,042 | |
Recurring | Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 2,999 | 16,921 | |
Recurring | U.S. treasury securities (1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 23,443 | 34,100 | |
Recurring | Money market funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 43,788 | 42,021 | |
Restricted cash | 12,100 | ||
Recurring | U.S. treasury securities (1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 166,541 | ||
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
U.S. treasury securities (2) | 55,888 | 42,021 | |
Recurring | Level 1 | Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Recurring | Level 1 | U.S. treasury securities (1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Recurring | Level 1 | Money market funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 43,788 | 42,021 | |
Restricted cash | 12,100 | ||
Recurring | Level 1 | U.S. treasury securities (1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | ||
Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
U.S. treasury securities (2) | 192,983 | 51,021 | |
Recurring | Level 2 | Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 2,999 | 16,921 | |
Recurring | Level 2 | U.S. treasury securities (1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 23,443 | 34,100 | |
Recurring | Level 2 | Money market funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | 0 | |
Restricted cash | 0 | ||
Recurring | Level 2 | U.S. treasury securities (1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 166,541 | ||
Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
U.S. treasury securities (2) | 0 | 0 | |
Recurring | Level 3 | Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Recurring | Level 3 | U.S. treasury securities (1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Recurring | Level 3 | Money market funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | $ 0 | |
Restricted cash | 0 | ||
Recurring | Level 3 | U.S. treasury securities (1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | $ 0 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Details) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2019USD ($)segment | Apr. 30, 2018USD ($) | Jan. 31, 2019USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 4,583 | $ 4,660 | |
Number of operating segments | segment | 1 | ||
Intangible assets, net | $ 1,788 | $ 1,960 | |
Amortization of intangible assets | $ 100 | $ 200 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 30,568 | $ 28,773 | |
Less: accumulated depreciation | (19,475) | (17,696) | |
Total property and equipment, net | 11,093 | 11,077 | |
Purchases of capital expenditures | 831 | $ 1,572 | |
Depreciation | 1,800 | 1,400 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 716 | 719 | |
Office equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 8,063 | 7,662 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 13,085 | 13,090 | |
Computer software | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 7,084 | 6,461 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 1,620 | $ 841 | |
Accounts Payable, Accrued Expenses and Other Current Liabilities | |||
Property, Plant and Equipment [Line Items] | |||
Purchases of capital expenditures | $ 1,100 | $ 200 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 8,671 | $ 8,025 |
Accrued employee compensation | 9,274 | 19,029 |
Accrued Knowledge Network application provider fees | 4,255 | 2,508 |
Accrued professional services and associated costs | 2,733 | 2,198 |
Accrued sales and use tax | 1,798 | 2,206 |
Accrued employee stock purchase plan withholdings liability | 1,220 | 2,635 |
Customer deposits | 1,256 | 1,144 |
Other current liabilities | 6,464 | 6,491 |
Total accounts payable, accrued expenses and other current liabilities | 35,671 | $ 44,236 |
Accrued equity offering costs | $ 300 |
Stock-Based Compensation - Plan
Stock-Based Compensation - Plans (Details) - shares | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2016 | Apr. 30, 2019 | Jan. 01, 2019 | Mar. 10, 2016 | |
2008 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 25,912,531 | |||
2008 Equity Incentive Plan | Options to purchase common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award expiration period | 10 years | |||
Award vesting period | 4 years | |||
2016 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 10,000,000 | |||
Percentage of outstanding shares | 4.00% | |||
Number of shares authorized, annual increase (in shares) | 4,086,916 | |||
Number of shares available for futures issuance (in shares) | 4,840,549 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | |
Outstanding Stock Options | ||||
Balance, January 31, 2019 (in shares) | 15,977,235 | |||
Options granted (in shares) | 0 | |||
Options exercised (in shares) | (1,096,258) | |||
Options forfeited (in shares) | (121,442) | |||
Balance, April 30, 2019 (in shares) | 14,759,535 | 15,977,235 | ||
Vested and expected to vest at October 31, 2018 (in shares) | 14,728,295 | |||
Exercisable at October 31, 2018 (in shares) | 10,567,236 | |||
Weighted-Average Exercise Price (in dollars per share): | ||||
Balance, January 31, 2019 (in dollars per share) | $ 6.54 | |||
Options granted (in dollars per share) | 0 | |||
Options exercised (in dollars per share) | 4.56 | |||
Options forfeited (in dollars per share) | 8.02 | |||
Balance, April 30, 2019 (in dollars per share) | 6.67 | $ 6.54 | ||
Vested and expected to vest at April 30, 2019 (in dollars per share) | 6.67 | |||
Exercisable at April 30, 2019 (in dollars per share) | $ 6.01 | |||
Balance, weighted-average remaining contractual life (in years) | 6 years 2 months 12 days | 6 years 4 months 24 days | ||
Vested and expected to vest at April 30, 2019, Weighted-Average Contractual Life (in years) | 6 years 2 months 12 days | |||
Exercisable at April 30, 2019, weighted-average contractual life (in years) | 5 years 7 months 10 days | |||
Balance, aggregate intrinsic value | $ 224,926 | $ 144,934 | ||
Vested and expected to vest at April 30, 2019, aggregate intrinsic value | 224,460 | |||
Exercisable at April 30, 2019, aggregate intrinsic value | 167,998 | |||
Options exercised, intrinsic value | $ 18,800 | $ 16,200 | ||
Options to purchase common stock | ||||
Outstanding Stock Options | ||||
Options granted (in shares) | 0 | 0 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock (Details) - Restricted stock and restricted stock units | 3 Months Ended |
Apr. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Balance as of January 31, 2019 (in shares) | shares | 7,703,705 |
Granted - restricted stock and restricted stock units (in shares) | shares | 936,550 |
Vested and converted to shares (in shares) | shares | (561,883) |
Canceled (in shares) | shares | (348,169) |
Balance as of April 30, 2019 (in shares) | shares | 7,730,203 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Balance as of January 31, 2019 (in dollars per share) | $ / shares | $ 16.07 |
Granted - restricted stock and restricted stock units (in dollars per share) | $ / shares | 22.43 |
Vested and converted to shares (in dollars per share) | $ / shares | 14.60 |
Canceled (in dollars per share) | $ / shares | 18.58 |
Balance as of April 30, 2019 (in dollars per share) | $ / shares | $ 16.83 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | 23 Months Ended | |||
Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2019 | Mar. 15, 2019 | Feb. 01, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Issuance of common stock under employee stock purchase plan | $ 3,283 | $ 4,091 | $ 6,778 | |||
Stock-based compensation expense | $ 13,216 | 7,993 | ||||
Shares committed under 2017 ESPP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized, annual increase (in shares) | 1,021,729 | 2,500,000 | ||||
Number of shares authorized, annual increase, percentage of outstanding shares at the end of prior fiscal year | 1.00% | |||||
Number of shares authorized (in shares) | 2,597,364 | |||||
Issuance of common stock under employee stock purchase plans (in shares) | 170,450 | |||||
Shares purchased under plan (in dollars per share) | $ 19.26 | |||||
Issuance of common stock under employee stock purchase plan | $ 3,300 | |||||
Number of shares purchased under plan (in shares) | 193,111 | |||||
Common stock withheld on behalf of employees for future purchases under the ESPP | 1,200,000 | |||||
Stock-based compensation expense | $ 700 | $ 500 | ||||
Unrecognized compensation cost | $ 1,100 | |||||
Unrecognized compensation cost, period for recognition | 4 months 17 days | |||||
Maximum payroll deduction (as a percent of eligible compensation) | 15.00% | |||||
Purchase price of common stock (as a percent) | 85.00% |
Stock-Based Compensation - Valu
Stock-Based Compensation - Valuation Assumptions (Details) - Shares committed under 2017 ESPP | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 6 months | 6 months |
Expected volatility | 60.86% | 34.41% |
Dividend yield | 0.00% | 0.00% |
Risk-free rate | 2.52% | 1.95% |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 13,216 | $ 7,993 |
Unrecognized compensation cost, stock options | 133,800 | |
Stock-based compensation related to internal-use software development (less than $0.1 million in the six months ended June 30, 2016) | 300 | 100 |
Cost of revenue | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 818 | 566 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 6,840 | 3,770 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 2,572 | 1,556 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 2,986 | $ 2,101 |
Options to purchase common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Unrecognized compensation cost, period for recognition | 3 years 7 days |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Apr. 30, 2019USD ($)vote$ / sharesshares | Apr. 30, 2018USD ($) | Jan. 31, 2019USD ($)vote$ / sharesshares | Apr. 30, 2017$ / sharesshares | |
Class of Stock [Line Items] | ||||
Proceeds from common stock offering, net of underwriting discounts and commissions | $ | $ 147,000 | $ 0 | ||
Issuance costs | $ | $ 500 | |||
Preferred stock shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | |
Preferred stock par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |
Preferred stock shares issued (in shares) | 0 | 0 | ||
Preferred stock shares outstanding (in shares) | 0 | 0 | ||
Common stock shares authorized (in shares) | 500,000,000 | 500,000,000 | ||
Common stock par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||
Common stock number of votes per share | vote | 1 | 1 | ||
Treasury stock (in shares) | 6,505,334 | 6,505,334 | ||
Treasury stock | $ | $ 11,905 | $ 11,905 | ||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Common stock offering, net of issuance costs (in shares) | 7,000,000 | |||
Sale of stock, price per share (in dollars per share) | $ / shares | $ 21.50 | |||
Proceeds from common stock offering, net of underwriting discounts and commissions | $ | $ 147,000 |
Equity Changes in stockholders'
Equity Changes in stockholders' equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | Feb. 01, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning of period | $ 84,549 | $ 81,453 | $ 81,453 | ||
Common stock offering, net of issuance costs of $530 | $ 146,470 | ||||
Exercise of stock options (in shares) | 1,096,258 | ||||
Exercise of stock options | $ 4,996 | 4,910 | 18,862 | ||
Vested restricted stock units converted to common shares | 0 | 0 | 0 | ||
Issuance of restricted stock | 0 | 0 | 0 | ||
Issuance of common stock under employee stock purchase plan | 3,283 | 4,091 | 6,778 | ||
Stock-based compensation | 13,472 | 8,066 | 44,907 | ||
Other comprehensive income | 349 | (95) | 205 | ||
Net loss | (18,959) | (17,041) | (74,837) | ||
Cumulative effect adjustment in connection with the adoption of ASU 2014-09 | $ 7,181 | ||||
End of period | 234,160 | $ 88,565 | $ 84,549 | $ 81,453 | |
Issuance costs | $ 500 | ||||
Common Stock | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning of period (in shares) | 102,173,000 | 93,977,000 | 93,977,000 | ||
Beginning of period | $ 109 | $ 100 | $ 100 | ||
Common stock offering, net of issuance costs (in shares) | 7,000,000 | ||||
Common stock offering, net of issuance costs of $530 | $ 7 | ||||
Exercise of stock options (in shares) | 1,096,000 | 1,678,000 | 5,901,000 | ||
Exercise of stock options | $ 1 | $ 2 | $ 5 | ||
Vested restricted stock units converted to common shares (in shares) | 557,000 | 141,000 | 1,585,000 | ||
Vested restricted stock units converted to common shares | $ 3 | ||||
Issuance of restricted stock (in shares) | 4,000 | 4,000 | 16,000 | ||
Issuance of common stock under employee stock purchase plans (in shares) | 170,000 | 438,000 | 694,000 | ||
Issuance of common stock under employee stock purchase plan | $ 0 | $ 1 | $ 1 | ||
End of period (in shares) | 111,000,000 | 96,238,000 | 102,173,000 | 93,977,000 | |
End of period | $ 117 | $ 103 | $ 109 | $ 100 | |
Additional Paid-in Capital | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning of period | 398,882 | 328,344 | 328,344 | ||
Common stock offering, net of issuance costs of $530 | 146,463 | ||||
Exercise of stock options | 4,995 | 4,908 | 18,857 | ||
Vested restricted stock units converted to common shares | (3) | ||||
Issuance of common stock under employee stock purchase plan | 3,283 | 4,090 | 6,777 | ||
Stock-based compensation | 13,472 | 8,066 | 44,907 | ||
End of period | 567,095 | 345,408 | 398,882 | 328,344 | |
Issuance costs | 530 | 530 | |||
Accumulated Other Comprehensive Loss | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning of period | (1,428) | (1,636) | (1,636) | ||
Other comprehensive income | 349 | (95) | 205 | ||
Cumulative effect adjustment in connection with the adoption of ASU 2014-09 | 3 | ||||
End of period | (1,079) | (1,728) | (1,428) | (1,636) | |
Accumulated Deficit | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning of period | (301,109) | (233,450) | (233,450) | ||
Net loss | (18,959) | (17,041) | (74,837) | ||
Cumulative effect adjustment in connection with the adoption of ASU 2014-09 | $ 7,178 | ||||
End of period | (320,068) | (243,313) | (301,109) | (233,450) | |
Treasury Stock | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning of period | (11,905) | (11,905) | (11,905) | ||
End of period | $ (11,905) | $ (11,905) | $ (11,905) | $ (11,905) |
Debt (Details)
Debt (Details) - USD ($) | Mar. 16, 2016 | Apr. 30, 2019 | Jan. 31, 2019 | Apr. 30, 2018 |
Line of Credit Facility [Line Items] | ||||
Restricted cash deposits | $ 12,100,000 | $ 0 | $ 0 | |
Line of Credit | Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, collateral amount | 6,800,000 | |||
Line of Credit | Silicon Valley Bank | ||||
Line of Credit Facility [Line Items] | ||||
Covenant terms, minimum adjusted quick ratio | 1.25 | |||
Line of Credit | Silicon Valley Bank | Revolving Credit Line | ||||
Line of Credit Facility [Line Items] | ||||
Borrowing capacity | $ 15,000,000 | |||
Commitment fee, percentage | 0.25% | |||
Line of Credit | Silicon Valley Bank | Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Borrowing capacity | $ 7,000,000 | |||
Commitment fee, percentage | 1.75% | |||
Line of Credit | Prime Rate | Silicon Valley Bank | Revolving Credit Line | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.50% | |||
Secured Debt | Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Borrowing capacity | 12,099,070 | |||
Restricted cash deposits | $ 12,100,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
(Provision for) benefit from income taxes | $ (346) | $ (285) |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | May 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease liabilities, current | $ 2,005 | ||
Operating lease liabilities, non-current | 34,582 | ||
Operating lease right-of-use assets | $ 33,424 | ||
Operating lease, weighted average remaining lease term | 7 years 9 months 15 days | ||
Operating lease, weighted average discount rate, percentage | 5.50% | ||
Lease expense | $ 2,600 | ||
Short-term lease expense | 500 | ||
Rent expense | $ 1,800 | ||
Operating lease, payments | 1,700 | ||
Right-of-use assets obtained in exchange for lease obligations | 23,200 | ||
Operating minimum lease payments | $ 49,095 | ||
Subsequent Event | Office Space | New York | |||
Lessee, Lease, Description [Line Items] | |||
Operating minimum lease payments | $ 135,000 |
Leases - Remaining operating le
Leases - Remaining operating lease payments (Details) $ in Thousands | Apr. 30, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 193 |
2021 | 7,612 |
2022 | 4,591 |
2023 | 4,663 |
2024 and thereafter | 32,036 |
Total operating lease payments | 49,095 |
Less: imputed interest | 12,508 |
Total lease liabilities, reflecting the present value of lease payments | $ 36,587 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Apr. 30, 2019USD ($) |
Operating Leases | |
2020 | $ 5,899 |
2021 | 10,637 |
2022 | 16,691 |
2023 | 16,762 |
2024 and thereafter | 138,614 |
Total operating lease payments | 188,603 |
Other | |
2020 | 14,961 |
2021 | 6,553 |
2022 | 1,865 |
2023 | 50 |
2024 and thereafter | 118 |
Total payments | $ 23,547 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net loss attributable to common stockholders | $ (18,959) | $ (17,041) | $ (74,837) |
Weighted-average common shares outstanding (in shares) | 106,453,558 | 94,942,773 | |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.18) | $ (0.18) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Anti-dilutive common equivalent shares (Details) - shares | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities xxcluded from computation of earnings per share | 22,682,849 | 25,538,921 |
Restricted stock and restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities xxcluded from computation of earnings per share | 7,730,203 | 4,707,227 |
Shares estimated to be purchased under ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities xxcluded from computation of earnings per share | 193,111 | 291,544 |
Common Stock | Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities xxcluded from computation of earnings per share | 14,759,535 | 20,540,150 |