Cover page
Cover page - USD ($) $ in Billions | 12 Months Ended | ||
Jan. 31, 2021 | Mar. 01, 2021 | Jul. 31, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 31, 2021 | ||
Current Fiscal Year End Date | --01-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-38056 | ||
Entity Registrant Name | YEXT, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-8059722 | ||
Entity Address, Address Line One | 61 Ninth Avenue | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10011 | ||
City Area Code | 212 | ||
Local Phone Number | 994-3900 | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | YEXT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.8 | ||
Entity Common Stock, Shares Outstanding | 124,807,360 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for its 2021 Annual Meeting of Stockholders (the “Proxy Statement”), to be filed within 120 days of the registrant’s fiscal year ended January 31, 2021, are incorporated by reference in Part III of this Annual Report on Form 10-K. Except with respect to information specifically incorporated by reference in this Form 10-K, the Proxy Statement is not deemed to be filed as part of this Form 10-K. | ||
Entity Central Index Key | 0001614178 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 230,411 | $ 256,076 |
Accounts receivable, net of allowances of $2,528 and $995, respectively | 97,455 | 80,583 |
Prepaid expenses and other current assets | 17,993 | 12,730 |
Costs to obtain revenue contracts, current | 30,325 | 28,423 |
Total current assets | 376,184 | 377,812 |
Restricted cash | 0 | 12,100 |
Property and equipment, net | 80,344 | 26,200 |
Operating lease right-of-use assets | 104,844 | 111,973 |
Costs to obtain revenue contracts, non-current | 22,692 | 26,051 |
Goodwill | 4,842 | 4,534 |
Intangible assets, net | 767 | 1,343 |
Other long term assets | 6,316 | 3,607 |
Total assets | 595,989 | 563,620 |
Current liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 54,186 | 59,482 |
Unearned revenue, current | 191,810 | 176,806 |
Operating lease liabilities, current | 14,165 | 8,640 |
Total current liabilities | 260,161 | 244,928 |
Operating lease liabilities, non-current | 123,584 | 115,187 |
Other long term liabilities | 5,009 | 2,293 |
Total liabilities | 388,754 | 362,408 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value per share; 50,000,000 shares authorized at January 31, 2021 and 2020; zero shares issued and outstanding at January 31, 2021 and 2020 | 0 | 0 |
Common stock, $0.001 par value per share; 500,000,000 shares authorized at January 31, 2021 and 2020, respectively; 130,494,513 and 122,335,709 shares issued at January 31, 2021 and 2020, respectively; 123,989,179 and 115,830,375 shares outstanding at January 31, 2021 and 2020, respectively | 130 | 122 |
Additional paid-in capital | 733,933 | 636,008 |
Accumulated other comprehensive income (loss) | 2,422 | (360) |
Accumulated deficit | (517,345) | (422,653) |
Treasury stock, at cost | (11,905) | (11,905) |
Total stockholders’ equity | 207,235 | 201,212 |
Total liabilities and stockholders’ equity | $ 595,989 | $ 563,620 |
Consolidated Balance Sheet - Pa
Consolidated Balance Sheet - Parenthetical - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,528 | $ 995 |
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) | 130,494,513 | 122,335,709 |
Common stock shares outstanding (in shares) | 123,989,179 | 115,830,375 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income Statement [Abstract] | |||
Revenue | $ 354,661 | $ 298,829 | $ 228,283 |
Cost of revenue | 86,404 | 77,030 | 57,413 |
Gross profit | 268,257 | 221,799 | 170,870 |
Operating expenses: | |||
Sales and marketing | 228,417 | 218,076 | 158,845 |
Research and development | 58,146 | 49,445 | 36,098 |
General and administrative | 76,026 | 77,231 | 51,572 |
Total operating expenses | 362,589 | 344,752 | 246,515 |
Loss from operations | (94,332) | (122,953) | (75,645) |
Interest income | 532 | 4,099 | 1,711 |
Interest expense | (614) | (308) | (143) |
Other expense, net | (181) | (1,285) | (538) |
Loss from operations before income taxes | (94,595) | (120,447) | (74,615) |
(Provision for) benefit from income taxes | (97) | (1,097) | (222) |
Net loss | $ (94,692) | $ (121,544) | $ (74,837) |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.79) | $ (1.09) | $ (0.76) |
Weighted-average common shares outstanding (in shares) | 119,690,378 | 111,758,946 | 98,387,366 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | $ 2,782 | $ 1,197 | $ (75) |
Unrealized (loss) gain on marketable securities, net | 0 | (129) | 280 |
Total comprehensive loss | $ (91,910) | $ (120,476) | $ (74,632) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Treasury Stock | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, AdjustmentAccumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, AdjustmentAccumulated Deficit |
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) | $ 7,181 | $ 3 | $ 7,178 |
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 plan (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] | |||||||||
Common stock offering, net of issuance costs of $530 (in shares) | 7,000,000 | ||||||||
Common stock offering, net of issuance costs of $530 | 146,470 | $ 7 | 146,463 | ||||||
Exercise of stock options (in shares) | 3,308,000 | ||||||||
Exercise of stock options | 14,855 | $ 3 | 14,852 | ||||||
Vested restricted stock units converted to common shares (in shares) | 2,946,000 | ||||||||
Vested restricted stock units converted to common shares | 0 | $ 3 | (3) | ||||||
Issuance of restricted stock (in shares) | 11,000 | ||||||||
Issuance of restricted stock | 0 | ||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 392,000 | ||||||||
Issuance of common stock under employee stock purchase plan | 6,627 | 6,627 | |||||||
Stock-based compensation | 69,187 | 69,187 | |||||||
Other comprehensive income | 1,068 | 1,068 | |||||||
Net loss | (121,544) | (121,544) | |||||||
End of period (in shares) at Jan. 31, 2020 | 115,830,000 | ||||||||
End of period at Jan. 31, 2020 | $ 201,212 | $ 122 | 636,008 | (360) | (422,653) | (11,905) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of stock options (in shares) | 3,064,420 | 3,064,000 | |||||||
Exercise of stock options | $ 16,516 | $ 3 | 16,513 | ||||||
Vested restricted stock units converted to common shares (in shares) | 4,358,000 | ||||||||
Vested restricted stock units converted to common shares | 0 | $ 4 | (4) | ||||||
Issuance of restricted stock (in shares) | 38,000 | ||||||||
Issuance of restricted stock | 0 | ||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 699,000 | ||||||||
Issuance of common stock under employee stock purchase plan | 7,000 | $ 1 | 6,999 | ||||||
Stock-based compensation | 74,417 | 74,417 | |||||||
Other comprehensive income | 2,782 | 2,782 | |||||||
Net loss | (94,692) | (94,692) | |||||||
End of period (in shares) at Jan. 31, 2021 | 123,989,000 | ||||||||
End of period at Jan. 31, 2021 | $ 207,235 | $ 130 | $ 733,933 | $ 2,422 | $ (517,345) | $ (11,905) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity - Parenthetical $ in Thousands | 12 Months Ended |
Jan. 31, 2020USD ($) | |
Additional Paid-in Capital | |
Issuance costs | $ 530 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021USD ($) | Jan. 31, 2020USD ($) | Jan. 31, 2019USD ($) | |
Operating activities: | |||
Net loss | $ (94,692) | $ (121,544) | $ (74,837) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization expense | 10,612 | 8,069 | 6,813 |
Bad debt expense | 2,547 | 1,246 | 492 |
Stock-based compensation expense | 72,294 | 67,770 | 44,233 |
Amortization of operating lease right-of-use assets | 12,203 | 11,124 | 0 |
Other, net | (489) | 120 | (83) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (17,990) | (26,981) | (11,601) |
Prepaid expenses and other current assets | (5,463) | 268 | (6,745) |
Costs to obtain revenue contracts | 2,429 | (18,344) | (16,817) |
Other long term assets | (1,630) | (2,629) | 2 |
Accounts payable, accrued expenses and other current liabilities | (1,976) | 8,267 | 17,626 |
Unearned revenue | 12,702 | 42,345 | 47,004 |
Operating lease liabilities | 8,937 | (1,044) | 0 |
Other long term liabilities | 1,720 | 565 | (847) |
Net cash provided by (used in) operating activities | 1,204 | (30,768) | 5,240 |
Investing activities: | |||
Purchases of marketable securities | 0 | 0 | (52,916) |
Maturities of marketable securities | 0 | 51,197 | 86,320 |
Capital expenditures | (65,111) | (11,889) | (5,270) |
Net cash (used in) provided by investing activities | (65,111) | 39,308 | 28,134 |
Financing activities: | |||
Proceeds from common stock offering, net of underwriting discounts and commissions | 0 | 147,000 | 0 |
Payments of common stock deferred offering costs | 0 | (530) | 0 |
Proceeds from exercise of stock options | 16,464 | 14,893 | 18,880 |
Payments of deferred financing costs | (869) | (260) | (159) |
Proceeds, net from employee stock purchase plan withholdings | 6,953 | 7,270 | 5,663 |
Net cash provided by financing activities | 22,548 | 168,373 | 24,384 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 3,594 | (492) | (370) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (37,765) | 176,421 | 57,388 |
Cash, cash equivalents and restricted cash at beginning of period | 268,176 | 91,755 | 34,367 |
Cash, cash equivalents and restricted cash at end of period | 230,411 | 268,176 | 91,755 |
Supplemental disclosure of cash flow data: | |||
Cash paid on interest | 54 | 41 | 7 |
Cash paid on income taxes | 1,413 | 531 | 19 |
Supplemental Cash Flow Information [Abstract] | |||
Cash and cash equivalents | 230,411 | 256,076 | 91,755 |
Restricted cash | 0 | 12,100 | 0 |
Cash, cash equivalents and restricted cash at end of period | $ 230,411 | $ 268,176 | $ 91,755 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Description of Business Yext, Inc. ("Yext" or the "Company") organizes a business's facts so it can provide official answers to consumer questions starting with the business's own website and then extending across search engines and voice assistants. The Yext platform lets businesses structure the facts about their brands in a database called the Knowledge Graph. The platform is built to leverage the structured data stored in the Knowledge Graph to deliver a modern search experience on a business's or organization's own website, as well as across approximately 200 service and application providers, which the Company refers to as its Knowledge Network and includes Amazon Alexa, Apple Maps, Bing, Cortana, Facebook, Google, Google Assistant, Google Maps, Siri and Yelp. The Yext platform powers all of the Company's key features, including Listings, Pages, and Answers, along with its other features and capabilities. Fiscal Year The Company's fiscal year ends on January 31 st . References to fiscal 2021, for example, are to the fiscal year ended January 31, 2021. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying 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 financial reporting. The 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. Certain prior period amounts have been reclassified to conform to the current period presentation. Use of Estimates The preparation of 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 those financial statements and the reported amounts of revenue and expense during the reporting period. These estimates include, but are not limited to, the standalone selling prices ("SSP") of performance obligations, the incremental borrowing rate associated with lease liabilities, the useful life of capitalized costs to obtain revenue contracts, income taxes, and the valuation and assumptions underlying stock-based compensation. 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 is the provider of the Yext platform and operates as one operating segment. 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 the Yext 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 consolidated financial statements. Revenue Recognition The Company derives its revenue primarily from its subscriptions and associated support to the Yext 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 adopted on a modified retrospective basis ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09") in its fourth quarter of the fiscal year ended January 31, 2019, the effects of which were recognized effective February 1, 2018. The Company recognizes revenue upon transfer of control of services to its customers 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 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 Yext 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. 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 costs of obtaining revenue contracts that are incremental and recoverable. Incremental costs 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, including the estimated life of capitalized software development costs resulting from additional functionality to the Yext platform and estimated customer life, among other such factors. 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 fiscal years ended January 31, 2021 and 2020, the Company capitalized $33.2 million and $41.4 million of costs to obtain revenue contracts and amortized $34.6 million and $23.1 million to sales and marketing expense, respectively. Costs capitalized to obtain revenue contracts on the Company's consolidated balance sheet totaled $53.0 million and $54.5 million at January 31, 2021 and 2020, respectively. There were no impairments of costs capitalized to obtain revenue contracts for the fiscal years ended January 31, 2021, 2020 and 2019, respectively. Cost of Revenue Cost of revenue is generally expensed as incurred, including personnel-related costs, costs associated with the Company’s Knowledge Network application providers, and data center costs. Capitalized software development costs incurred in connection with additional functionality to the Yext platform are recognized in cost of revenue as depreciation expense in accordance with the “capitalized software development costs” section of this Note. Cost of revenue also includes operating and short-term lease expenses, software expense, and depreciation expense, each of which are allocated based on employee headcount. Stock-Based Compensation Stock-based compensation for all employee stock-based awards, including restricted stock units, restricted stock and options to purchase common stock, is measured at fair value on the date of grant and recognized over the service period. The fair value of restricted stock units and restricted stock are estimated on the date of grant based on the fair value of the Company’s common stock. The fair value of employee stock options is estimated on the date of grant using a Black-Scholes option-pricing model. Stock-based compensation expense is recognized over the requisite service periods of awards, which is typically one Stock-based compensation expense associated with the Company's Employee Stock Purchase Plan ("ESPP") is measured at fair-value using a Black-Scholes option-pricing model at commencement of each offering period and recognized over that offering period. 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 does not apply a forfeiture rate assumption to value such awards, given the nature of the services provided. Prior to adoption, during the fiscal year ended January 31, 2019 stock-based compensation associated with stock-based awards issued to non-employees was re-measured each period until fully vested. Advertising and Other Promotional Costs Advertising and other promotional costs are expensed as incurred. Advertising expenses were $7.5 million, $6.9 million and $6.1 million for the fiscal years ended January 31, 2021, 2020 and 2019, respectively and are included within sales and marketing expense in the consolidated statement of operations and comprehensive loss. Research and Development Research and development costs are generally expensed as incurred, including personnel-related costs. Research and development costs also include operating and short-term lease expenses and software expense, each of which are allocated based on employee headcount. Research and development costs exclude capitalized software development costs. Capitalized Software Development Costs The Company capitalizes certain software development costs included as software in progress or computer software within property and equipment, net. These costs are incurred in connection with additional functionality to its platform, as well as internal-use projects during the application development stage and include elements of stock-based compensation. Computer software is recognized on a straight-line basis over an estimated useful life of 2 to 3 years. Software costs that meet the cloud computing arrangements criteria are capitalized in accordance with ASC 350 “Intangibles—Goodwill and Other” and are recognized on a straight-line basis over the term of the arrangement, plus reasonably certain renewals. Capitalized costs included in prepaid expenses and other current assets were $2.5 million and $1.2 million as of January 31, 2021 and 2020, respectively, and $0.8 million and zero were amortized during the fiscal years ended January 31, 2021 and 2020, respectively. Software costs that do not meet the capitalization criteria, including costs incurred in the maintenance and minor upgrade and enhancement of software without additional functionality, are expensed as incurred. The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, “Income Taxes,” under which deferred income taxes are provided for temporary differences between the financial reporting and tax basis of the Company’s assets and liabilities. The Company classifies all deferred tax assets and liabilities as non-current on the consolidated balance sheet. The effect of a change in tax rates on deferred tax assets and liabilities is recognized within the (provision for) benefit from income taxes on the consolidated statement of operations and comprehensive loss in the period that includes the enactment date. The Company reduces deferred tax assets, if necessary, by a valuation allowance if it is more likely than not that the Company will not realize some or all of the deferred tax assets. 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, tax-planning strategies, and results of recent operations. See Note 11 "Income Taxes" to the Company's consolidated financial statements for additional information on the composition of these valuation allowances. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefit recognized is measured as the largest amount of benefit which is greater than 50 percent likely to be realized upon settlement with the taxing authority. The Company recognizes interest and penalties related to uncertain tax positions within the (provision for) benefit from income taxes on the consolidated statement of operations and comprehensive loss. Net Loss Per Share 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 the common equivalent shares for the period, including any dilutive effect from such shares. See Note 14 "Net Loss Per Share Attributable to Common Stockholders" for further discussion. Foreign Currency The functional currency of the Company’s non-U.S. subsidiaries is generally the local currency. The Company translates the financial statements of its non-U.S. subsidiaries to U.S. dollars using month-end exchange rates for assets and liabilities, and average exchange rates for revenue, costs and expenses. The Company records translation gains and losses in accumulated other comprehensive loss as a component of stockholders’ equity. Foreign currency transaction gains and losses are included within other expense, net in the consolidated statements of operations and comprehensive loss. Concentration of Credit Risk Certain financial instruments that could be exposed to a concentration of credit risk include cash and cash equivalents 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 January 31, 2021 and 2020, 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 fiscal years ended January 31, 2021, 2020 and 2019, respectively. Cash and Cash Equivalents Cash consists of cash on deposit with banks that is stated at cost, which approximates fair value. The Company considers all highly liquid investments purchased with original maturities of less than three months from the date of purchase to be cash equivalents. . Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are carried at the original invoiced amount less an allowance for doubtful accounts based on the probability of future collection. The Company estimates its allowance for doubtful accounts based on historical loss patterns, the number of days that billings are past due, current market conditions, and reasonable and supportable forecasts of future economic conditions, in accordance with ASC 326 "Financial Instruments-Credit Losses." Accounts receivable are written off when deemed uncollectible and collection of the receivable is no longer being actively pursued. The following table summarizes the allowance for doubtful accounts activity: (in thousands) Fair Value Allowance for doubtful accounts as of January 31, 2019 $ 256 Additions 1,246 Deductions - write offs (507) Allowance for doubtful accounts as of January 31, 2020 995 Additions 2,547 Deductions - write offs (1,014) Allowance for doubtful accounts as of January 31, 2021 $ 2,528 Property and Equipment, Net Property and equipment are recorded at cost and depreciated or amortized on a straight-line basis over their estimated useful lives. Furniture and fixtures have an estimated useful life of five years. Office equipment has an estimated useful life of three years. Computer software, which includes capitalized software development costs, has an estimated useful life of two Leases Effective February 1, 2019, the Company adopted ASU 2016-02, "Leases (Topic ASC 842)" ("ASU 2016-02"), utilizing the modified retrospective adoption approach. 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. 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 to extend or terminate the lease term, when it is reasonably certain such options will be exercised. 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. With respect to operating lease arrangements, the Company accounts for lease components, and non-lease components that are fixed, as a single lease component. Non-lease components that are variable are expensed as incurred as in the statement of operations and comprehensive loss. The Company recognizes costs associated with lease arrangements having an initial term of 12 months or less ("short-term leases") on a straight-line basis over the lease term; such short-term leases are not recorded on the balance sheet. Prior to adoption, during the fiscal year ended January 31, 2019, 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. Goodwill and Intangible Assets 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 in accordance with ASC Topic 350, “Intangibles-Goodwill and Other.” The Company’s goodwill is evaluated at the entity level as it is determined there is one reporting unit. The Company performs its annual impairment test on November 1 st of each year, 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 considers the following potential indicators of impairment: significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of acquired assets or the strategy of the Company’s overall business, significant negative industry or economic trends and a significant decline in the value of the Company’s enterprise value for a sustained period. The Company’s intangible assets with definite lives consist of customer relationships and domains, which are amortized on a straight-line basis over their estimated useful lives of 7 and 15 years, respectively. Long-lived assets, including 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 in accordance with ASC Topic 360, “Property, Plant, and Equipment.” The Company assesses the impairment of long-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company has not recorded impairment charges on intangible assets for the periods presented in these consolidated financial statements. Deferred Financing Costs Financing costs incurred with securing a revolving line of credit are deferred and amortized to interest expense over the term of the agreement. Financing costs associated with revolving credit arrangements are deferred, regardless of whether a balance is outstanding. The Company includes deferred financing costs in prepaid and other current assets or other long term assets on the consolidated balance sheet. Legal and Other Contingencies From time to time, the Company may be a party to litigation and subject to claims incident to the ordinary course of business, including intellectual property claims, labor and employment claims, breach of contract claims and other asserted and unasserted claims. The Company investigates these claims as they arise and accrues estimates for resolution of legal and other contingencies when losses are probable and estimable. Recent Accounting Pronouncements New Accounting Standard To Be Adopted - ASU 2019-12 In December 2019, the FASB issued ASU 2019-12 "Simplifying the Accounting for Income Taxes", which simplifies the accounting for income taxes, eliminates certain exceptions within ASC Topic 740, "Income Taxes," and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company plans to adopt this standard on February 1, 2021 and does not expect the adoption to have a material impact on the Company's consolidated financial statements. |
Revenue
Revenue | 12 Months Ended |
Jan. 31, 2021 | |
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. The following table presents the Company's revenue by geographic region: Fiscal year ended January 31, (in thousands) 2021 2020 2019 North America $ 284,792 $ 245,629 $ 197,285 International 69,869 53,200 30,998 Total revenue $ 354,661 $ 298,829 $ 228,283 North America revenue is predominantly attributable to the United States, but also includes Canada. International revenue is predominantly attributable to European countries, but also includes Japan. The Company's revenue attributable to the United States represented 80%, 82%, and 85% of total revenue, and revenue attributable to Switzerland, which serves as one of the Company's contracting entities for Europe, represented 16%, 14%, and less than 10% of total revenue, respectively, for the fiscal years ended January 31, 2021, 2020 and 2019. No other individual country represented more than 10% of total revenue during the fiscal years ended January 31, 2021, 2020 and 2019. 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 the Yext platform. The performance obligation is distinct because a customer's use of the Yext 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 Yext 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 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 to the Yext platform. Professional services revenue accounted for approximately 7%, 5% and 4% of the Company's total revenue for the fiscal years ended January 31, 2021, 2020 and 2019, 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 January 31, 2021 and 2020, unearned revenue, current was $191.8 million and $176.8 million, while unearned revenue, non-current, which is included within other long term liabilities on the Company's consolidated balance sheet was $0.2 million and $0.4 million, respectively. 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. 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 consolidated balance sheet. Substantially all of the $176.8 million of unearned revenue, current as of January 31, 2020 was subsequently recognized as revenue during the fiscal year ended January 31, 2021. 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 January 31, 2021 and 2020, customer deposits of $0.2 million and $0.9 million were included in accounts payable, accrued expenses and other current liabilities on the Company's consolidated balance sheet, respectively. Remaining Performance Obligations The transaction price allocated to remaining performance obligations represents amounts under non-cancelable contracts expected to be recognized as revenue in future periods, and may be influenced by several factors, including seasonality, the timing of renewals, and contract terms. As of January 31, 2021, the Company had $351.8 million of remaining performance obligations, of which $332.8 million is expected to be recognized as revenue over the next twenty-four months, with the remaining balance expected to be recognized thereafter. As of January 31, 2020, the Company had $328.1 million of remaining performance obligations. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Jan. 31, 2021 | |
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. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jan. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill As of January 31, 2021 and 2020, the Company had goodwill of $4.8 million and $4.5 million, respectively. The changes to goodwill during these periods were due to foreign currency translation adjustments. 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 conducted its annual impairment test for goodwill as of November 1 st for each of the fiscal years ended January 31, 2021 and 2020. As a result of the annual tests and interim impairment assessments, the Company determined that goodwill was not impaired and that no events occurred or circumstances changed 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 January 31, 2021 and 2020, the Company had intangible assets, net of $0.8 million and $1.3 million, respectively. Intangible assets, net included customer relationships of $0.5 million and $1.1 million as well as domains of $0.2 million and $0.3 million, as of January 31, 2021 and 2020, respectively. Customer relationships had a weighted average remaining useful life of 0.9 years and domains had a weighted average remaining useful life of 10.0 years as of January 31, 2021. For the fiscal years ended January 31, 2021, 2020 and 2019, amortization expense related to intangible assets totaled $0.6 million for each period. As of January 31, 2021, the future amortization expense of intangible assets is expected to be $0.6 million for the fiscal year ending January 31, 2022 and less than $0.1 million per year through the fiscal year ending January 31, 2032. |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, Net Property and equipment are recorded at cost and depreciated or amortized on a straight-line basis over their estimated useful lives. Property and equipment, net consisted of the following: (in thousands) January 31, 2021 January 31, 2020 Computer software $ 10,719 $ 10,099 Office equipment 14,856 9,966 Furniture and fixtures 7,344 1,347 Leasehold improvements 57,799 15,170 Construction in progress 4,469 13,812 Software in progress 5,754 961 Total property and equipment, gross 100,941 51,355 Less: accumulated depreciation (20,597) (25,155) Total property and equipment, net $ 80,344 $ 26,200 Construction in progress consists primarily of leasehold improvements related to operating lease arrangements for office space primarily associated with the Company's new corporate headquarters in New York, NY. Software in progress consists of costs incurred in connection with additional functionality to the Yext platform. As of January 31, 2021 and 2020, the Company's property and equipment, net attributable to the United States was 88% for each period. No other individual country represented more than 10% of the total property and equipment, net as of those periods. For the fiscal years ended January 31, 2021, 2020 and 2019, depreciation expense was $10.0 million, $7.5 million and $6.2 million, respectively. |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Jan. 31, 2021 | |
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) January 31, 2021 January 31, 2020 Accounts payable $ 12,974 $ 9,599 Accrued employee compensation 16,780 20,622 Accrued Knowledge Network application provider fees 3,671 5,561 Accrued professional services and associated costs 2,202 3,077 Accrued employee stock purchase plan withholdings liability 3,230 3,277 Other current liabilities 15,329 17,346 Total accounts payable, accrued expenses and other current liabilities $ 54,186 $ 59,482 (1) - As of January 31, 2021 and 2020, accounts payable includes capital expenditures of $1.5 million and $2.2 million, respectively. (2) - As of January 31, 2021 and 2020, other current liabilities include capital expenditures of $3.0 million and $7.0 million, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jan. 31, 2021 | |
Share-based Payment Arrangement [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 since the 2008 Plan termination the Company has not granted and 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, 2020, the number of shares of common stock available for issuance under the 2016 Plan was automatically increased according to its terms by 4,633,215 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 January 31, 2021, the number of shares available for future award under the 2016 Plan is 1,500,883. 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 Balance, January 31, 2020 12,371,254 $ 7.05 5.53 $ 98,028 Granted — $ — Exercised (3,064,420) $ 5.39 Forfeited or canceled (434,944) $ 6.87 Balance, January 31, 2021 8,871,890 $ 7.64 4.94 $ 81,906 Vested and expected to vest 8,769,607 $ 7.59 4.92 $ 81,339 Exercisable at January 31, 2021 8,326,979 $ 7.40 4.83 $ 78,863 Nonvested option activity is as follows: Options Weighted-Average Grant Date Fair Value Nonvested as of January 31, 2020 2,121,438 $ 4.83 Granted — $ — Vested (1,209,284) $ 4.59 Forfeited (367,243) $ 4.55 Balance as of January 31, 2021 544,911 $ 5.55 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 January 31, 2021. 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 $31.8 million, $48.0 million and $79.4 million for the fiscal years ended January 31, 2021, 2020 and 2019, 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. 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, 2020 9,910,729 $ 17.44 Granted 5,570,519 $ 15.52 Vested and converted to shares (4,369,110) $ 16.59 Forfeited or canceled (1,566,786) $ 17.45 Balance as of January 31, 2021 9,545,352 $ 16.71 The estimated weighted-average grant date fair value of restricted stock and restricted stock units granted was $15.52, $18.71, and $18.21 per share for the fiscal years ended January 31, 2021, 2020, and 2019, respectively. The fair value of the common stock is the Company’s closing stock price as reported on the New York Stock Exchange. The total fair value of restricted stock and restricted stock units vested was $72.4 million, $54.7 million, and $30.4 million for the fiscal years ended January 31, 2021, 2020, and 2019, respectively. 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, 2020, the number of shares of common stock available for issuance under the ESPP was automatically increased according to its terms by 1,158,304 shares. As of January 31, 2021, a total of 2,834,557 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 16, 2020, 373,891 shares of common stock were purchased under the ESPP at a purchase price of $10.01 per share for total proceeds of $3.7 million. In connection with the offering period which ended on September 15, 2020, 324,141 shares of common stock were purchased under the ESPP at a purchase price of $10.01 per share for total proceeds of $3.2 million. A new offering period began on September 15, 2020 and will end on March 15, 2021. As of January 31, 2021, 315,718 shares are estimated to be purchased at the end of the offering period and $3.2 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 at commencement to be purchased during an ESPP offering period were as follows: Fiscal year ended January 31, 2021 2020 2019 Expected life (years) 0.50 0.50 0.50 Expected volatility 51.44% - 65.48% 42.41% - 60.86% 34.41% - 45.09% Dividend yield 0.00% 0.00% 0.00% Risk-free rate 0.12% - 0.29% 1.93% - 2.52% 1.95% - 2.35% The expected life assumptions were based on each offering period's respective purchase date. The Company 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 commencement of the offering period. 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 fiscal years ended January 31, 2021, 2020 and 2019, the Company recorded $2.8 million, $2.7 million and $2.1 million, respectively, of stock-based compensation expense associated with the ESPP. As of January 31, 2021, total unrecognized compensation cost related to ESPP was $0.4 million, net of estimated forfeitures, which will be amortized over a weighted-average remaining period of 0.12 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 consolidated statements of operations and comprehensive loss. The Company's stock-based compensation expense for the periods presented was as follows: Fiscal year ended January 31, (in thousands) 2021 2020 2019 Cost of revenue $ 5,724 $ 4,115 $ 2,915 Sales and marketing 32,581 31,421 22,519 Research and development 17,071 13,212 8,475 General and administrative 16,918 19,022 10,324 Total stock-based compensation expense $ 72,294 $ 67,770 $ 44,233 General and administrative stock-based compensation expense for the fiscal year ended January 31, 2020 included a $3.6 million one-time RSU cancellation-related expense. |
Equity
Equity | 12 Months Ended |
Jan. 31, 2021 | |
Equity [Abstract] | |
Equity | Equity 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 January 31, 2021 and 2020, no shares of preferred stock were issued or outstanding. Common Stock As of January 31, 2021 and 2020, 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 |
Debt
Debt | 12 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt On March 11, 2020, the Company entered into a new credit agreement with Silicon Valley Bank (the “Credit Agreement”). No significant debt issuance costs were incurred in association with the Credit Agreement. In January 2021, the Company amended the Credit Agreement which modified the conditions pursuant to which subsidiaries are required to become guarantors. The Credit Agreement provides for a senior secured revolving loan facility of up to $50.0 million that matures three years after the effective date, with the right subject to certain conditions to add an incremental revolving loan facility of up to $50.0 million in the aggregate. The three Under the Credit Agreement, loans bear interest, at the Company's option, at an annual rate based on LIBOR or a base rate. Loans based on LIBOR shall bear interest at a rate between LIBOR plus 2.50% and LIBOR plus 3.00%, depending on the Company's average daily usage of the revolving loan facility. Loans based on the base rate shall bear interest at a rate between the base rate minus 0.50% and the base rate plus 0.00%, depending on the Company's average daily usage of the revolving loan facility. The obligations under the Credit Agreement are secured by a lien on substantially all of the tangible and intangible property of the Company and by a pledge of all of the equity interests of the Company's material direct and indirect domestic subsidiaries and 66% of each class of capital stock of any material first-tier foreign subsidiaries, subject to limited exceptions. The Credit Agreement contains customary affirmative and negative covenants and restrictions, as well as financial covenants that require the Company to maintain the year-over-year growth rate of its ordinary course recurring revenue for a trailing four fiscal quarter period above specified rates when certain liquidity thresholds are not met and to maintain a consolidated quick ratio of at least 1.50 to 1.00 tested on a monthly basis. As of January 31, 2020, the Company had back-to-back standby letters of credit for $12.1 million, which were fully secured by a $12.1 million cash deposit and classified as restricted cash on the Company's consolidated balance sheet. In connection with the Credit Agreement, the $12.1 million cash deposit was released and is no longer classified as restricted cash on the Company's consolidated balance sheet as of January 31, 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The domestic and international components of the Company's loss from operations before income taxes are as follows: Fiscal year ended January 31, (in thousands) 2021 2020 2019 Domestic $ (69,953) $ (63,390) $ (64,653) International (24,642) (57,057) (9,962) Loss from operations before income taxes $ (94,595) $ (120,447) $ (74,615) The Company's (provision for) benefit from income taxes is comprised of the following: Fiscal year ended January 31, (in thousands) 2021 2020 2019 Current: Federal $ 313 $ (19) $ (19) State (198) (120) (91) International (1,070) (1,051) (155) Total current (955) (1,190) (265) Deferred: Federal (28) — — State (31) — — International 917 93 43 Total deferred 858 93 43 Total (provision for) benefit from income taxes $ (97) $ (1,097) $ (222) The Company’s (provision for) benefit from income taxes is primarily attributable to profitable jurisdictions outside of the United States and U.S. state income taxes. In the fiscal year ended January 31, 2021, the Company released a portion of its valuation allowance against certain foreign deferred tax assets resulting in an income tax benefit of $0.7 million, and recorded a U.S. tax benefit of $0.2 million due the expiration of certain statutes of limitations of unrecognized tax benefits. The Company reconciled its income taxes at the federal statutory income tax rate to the (provision for) benefit from income taxes included within its consolidated statements of operations and comprehensive loss. The reconciliation is as follows: Fiscal year ended January 31, (in thousands) 2021 2020 2019 U.S. federal tax (provision) benefit at statutory rate $ 19,865 $ 25,294 $ 15,669 State taxes, net of federal (provision) benefit 5,000 4,124 6,499 Foreign tax rate differential (2,130) 970 448 Non-deductible expenses (329) (903) (1,420) Change in valuation allowance (23,900) (24,377) (37,808) Rate change 131 (7,017) 7 Stock-based compensation expense (1,929) (2,064) (317) Net excess tax benefits from stock-based compensation 3,444 6,519 16,847 Return to provision adjustment 16 (2,323) (337) Global intangible low-taxes income (6,129) — — Intra-entity asset transfer 3,944 — — Other, net 1,920 (1,320) 190 Total (provision for) benefit from income taxes $ (97) $ (1,097) $ (222) Deferred Income Taxes Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating loss carryforwards. The components of the Company's deferred income taxes were as follows: As of January 31, (in thousands) 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 111,583 $ 102,064 Stock-based compensation 7,884 9,285 Allowance for doubtful accounts 650 255 Operating lease liability 33,350 29,280 Accrued expenses 2,903 1,974 Unearned revenue 52 26 Property and equipment — 730 Intangible assets 11,570 — Other 216 208 Total deferred tax assets 168,208 143,822 Less: valuation allowance (129,178) (105,277) Deferred tax assets, net of valuation allowance 39,030 38,545 Deferred tax liabilities: Property and equipment (2,062) — Intangible assets — (1,479) Costs to obtain revenue contracts (9,904) (9,767) Operating lease right-of-use assets (25,082) (26,518) Other (1,028) (686) Total deferred tax liabilities (38,076) (38,450) Net deferred tax asset (liability) $ 954 $ 95 As of January 31, 2021, for federal income tax purposes, the Company had $406.1 million of gross U.S. federal NOL carryforwards, with pre-2018 NOL expiring starting in fiscal 2028 and others indefinitely carried forward. As of January 31, 2021, for state income tax purposes, the Company had $18.5 million of post-apportioned, tax-effected NOL carryforwards, which expire in fiscal 2024 through fiscal 2040. As of January 31, 2021, the Company had $7.8 million of tax-effected foreign NOL carryforwards which expires starting in fiscal 2026. Utilization of the Company’s NOL carryforwards in the future will be dependent upon its ability to generate taxable income and could be limited due to ownership changes, as defined under the provisions of Section 382 of the Code and similar state provisions. Utilization of the Company’s foreign NOL carryforwards in the future will be dependent upon the local tax law and regulation. During the fiscal year ended January 31, 2021, the Company completed transfers of certain non-U.S. customer contracts and the related intangible assets from one of its local subsidiaries to the U.S. in order to better align the ownership of these rights with how the business operates. The transfer resulted in no incremental tax expense in the local jurisdiction, as there were sufficient NOL available to fully offset the tax gain. Additionally, the Company recognized deferred tax assets for the book and tax basis difference on the transferred assets in the U.S., which were fully offset against its valuation allowance. 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. During the fiscal year ended January 31, 2021, the valuation allowance had a net increase of $23.9 million from approximately $105.3 million to $129.2 million, primarily due to the impact of the NOL carryforwards established in the current period and other increases in U.S. deferred tax assets. The increase in the valuation allowance was partially offset by the use of the NOL in the local jurisdiction due to the intra-entity asset transfer. The Company also released a portion of the valuation allowance in certain foreign jurisdictions, as these jurisdictions demonstrated a sustained profitability evidenced by three consecutive years of positive earnings as well as forecasted continuing profitability. During the fiscal year ended January 31, 2020, the valuation allowance increased $24.4 million from approximately $80.9 million to $105.3 million, primarily due to the impact of the NOL carryforwards established in the current period and other increases in U.S. deferred tax assets. The Company will continue to assess the realizability of the deferred tax assets in each applicable jurisdiction going forward. Other Considerations The Company has not recorded deferred income taxes and withholding taxes with respect to the undistributed earnings of its foreign subsidiaries as such earnings are determined to be reinvested indefinitely. Upon distribution of those earnings in the form of dividends or otherwise, the Company may be subject to income taxes and withholding taxes, the determination of which is not practical as it is dependent on the amount of tax losses or other tax attributes available at the time of repatriation. A reconciliation of the beginning and ending balance of total unrecognized tax benefits for the fiscal years ended January 31, 2021, 2020, and 2019 is as follows: Fiscal year ended January 31, (in thousands) 2021 2020 2019 Beginning of period $ 493 $ 233 $ 233 Tax positions taken in prior period: Gross increases — 262 — Gross decreases (13) (8) — Tax positions taken in current period Gross increases — 13 — Lapse of statute of limitations (233) — — Currency translation effect 20 (7) — End of period $ 267 $ 493 $ 233 The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the (provision for) benefit from income taxes and recognized less than $0.1 million for interest and penalties in each of the fiscal years ended January 31, 2021, 2020, and 2019. As of January 31, 2021, 2020, and 2019 accrued unrecognized tax benefits were $0.3 million, $0.5 million, and $0.2 million, respectively, and if recognized would reduce the (provision for) benefit from income taxes, and the Company's effective tax rate. During the fiscal year ended January 31, 2021, the Company released $0.2 million unrecognized tax benefits due to a lapse in the statute of limitations. The Company does not expect any significant change in its unrecognized tax benefits during the next twelve months. The Company is subject to income tax examinations in the United States and various state and foreign jurisdictions. The Company’s most significant operations are in the United States and the earliest open tax year subject to potential examination in the United States is 2008. |
Leases
Leases | 12 Months Ended |
Jan. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company's operating lease arrangements are principally for office space. As of January 31, 2021, the Company had $14.2 million of operating lease liabilities, current, $123.6 million of operating lease liabilities, non-current, $104.8 million of operating lease right-of-use assets, and no financing leases, on its consolidated balance sheet. The operating lease arrangements included in the measurement of lease liabilities do not include short-term leases as discussed in Note 2, "Summary of Significant Accounting Policies", and had a weighted-average remaining lease term of 9.5 years and a weighted-average discount rate of 5.7%, as of January 31, 2021. During the fiscal year ended January 31, 2021, the Company paid $11.6 million for amounts included in the measurement of lease liabilities and obtained $7.2 million of operating lease right-of-use assets in exchange for lease obligations. In May 2020, the Company entered into a Surrender Agreement (the "Surrender Agreement") of its lease arrangement for its prior corporate headquarters in New York, NY. The previous lease arrangement was scheduled to expire in December 2020. Pursuant to the Surrender Agreement, the Company's lease obligations continued through August 31, 2020. During the fiscal years ended January 31, 2021 and 2020, the Company recognized $25.7 million and $21.2 million, of lease expense, respectively, which consisted of the following: Fiscal year ended January 31, (in thousands) 2021 2020 Operating lease expense $ 20,134 $ 16,820 Short-term lease expense 1,053 2,259 Variable lease expense 4,475 2,153 Total lease expense $ 25,662 $ 21,232 Operating lease expense is recognized on a straight-line basis over the term of the arrangement beginning on the lease commencement date for lease arrangements that have an initial term greater than twelve months and therefore are recorded on the balance sheet. For the fiscal year ended January 31, 2021, operating lease expense includes lease expense related to the Company's lease arrangement associated with its new corporate headquarters in New York, NY, which commenced in May 2019. Short-term lease expense is recognized on a straight-line basis over the lease term for lease arrangements that have an initial term of 12 months or less and therefore are not recorded on the balance sheet. Variable lease expense is recognized as incurred and consists of real estate taxes and utilities, among other office space related expenses. During the fiscal year ended January 31, 2019, rent expense was $7.3 million. The total remaining operating lease payments included in the measurement of lease liabilities on the Company's consolidated balance sheet as of January 31, 2021, was as follows (in thousands): Fiscal year ending January 31: Operating Lease Payments 2022 $ 19,087 2023 19,184 2024 18,915 2025 18,362 2026 18,986 2027 and thereafter 92,742 Total gross operating lease payments 187,276 Less: tenant allowances (4,484) Total net operating lease payments 182,792 Less: imputed interest (45,043) Total lease liabilities, reflecting the present value of net lease payments $ 137,749 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2021 | |
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 contractual obligations primarily relate to its operating lease arrangements for office space. Its other contractual obligations include contracts with its Knowledge Network application providers, which generally have a term of one year, although some have a term of several years, and its software vendors, among others. These obligations represent minimum contractual payments, or the Company's best estimate for variable elements based on historical payments. The Company's contractual obligations have various expiry dates between fiscal years 2022 and 2035. As of January 31, 2021, the Company's contractual obligations are as follows (in thousands): Fiscal year ending January 31: Operating Leases Other 2022 $ 19,490 $ 30,091 2023 19,189 10,332 2024 18,915 4,921 2025 18,362 1,885 2026 18,986 1,828 2027 and thereafter 92,743 1,877 Total $ 187,685 $ 50,934 Performance and Payment Bond The Company's operating lease arrangement associated with its new corporate headquarters in New York, NY requires performance and payment bonds to secure the completion of certain potential construction work, when a reasonable estimate of such work is available. In connection with these bonds, as of January 31, 2021, the Company paid $0.9 million in issuance costs which are recognized as operating expense over the estimated construction period in the Company's consolidated statement of operations. 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 Yext 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 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 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 | 12 Months Ended |
Jan. 31, 2021 | |
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: Fiscal year ended January 31, (in thousands, except share and per share data) 2021 2020 2019 Numerator: Net loss attributable to common stockholders $ (94,692) $ (121,544) $ (74,837) Denominator: Weighted-average common shares outstanding 119,690,378 111,758,946 98,387,366 Net loss per share attributable to common stockholders, basic and diluted $ (0.79) $ (1.09) $ (0.76) 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 January 31, 2021 2020 2019 Options to purchase common stock 8,871,890 12,371,254 15,977,235 Restricted stock and restricted stock units 9,545,352 9,910,729 7,703,705 Shares estimated to be purchased under ESPP 315,718 284,222 176,241 Total anti-dilutive common equivalent shares 18,732,960 22,566,205 23,857,181 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jan. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information (Unaudited) | Selected Quarterly Financial Data (Unaudited) Selected summarized quarterly financial information for the fiscal years ended January 31, 2021 and 2020 was as follows: Three months ended (in thousands, except per share data) Jan. 31, 2021 Oct. 31, 2020 Jul. 31, 2020 Apr. 30, 2020 Revenue $ 92,194 $ 89,061 $ 88,055 $ 85,351 Gross profit $ 70,597 $ 67,422 $ 66,071 $ 64,167 Loss from operations $ (19,143) $ (21,760) $ (24,240) $ (29,189) Net loss $ (18,311) $ (22,041) $ (25,116) $ (29,224) Net loss per share attributable to common stockholders, basic and diluted $ (0.15) $ (0.18) $ (0.21) $ (0.25) Three months ended (in thousands, except per share data) Jan. 31, 2020 Oct. 31, 2019 Jul. 31, 2019 Apr. 30, 2019 Revenue $ 81,378 $ 76,370 $ 72,373 $ 68,708 Gross profit $ 60,456 $ 56,004 $ 53,104 $ 52,235 Loss from operations $ (30,563) $ (42,833) $ (30,297) $ (19,260) Net loss $ (30,577) $ (42,717) $ (29,291) $ (18,959) Net loss per share attributable to common stockholders, basic and diluted $ (0.27) $ (0.38) $ (0.26) $ (0.18) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying 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 financial reporting. The 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. |
Use of Estimates | Use of Estimates The preparation of 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 those financial statements and the reported amounts of revenue and expense during the reporting period. These estimates include, but are not limited to, the standalone selling prices ("SSP") of performance obligations, the incremental borrowing rate associated with lease liabilities, the useful life of capitalized costs to obtain revenue contracts, income taxes, and the valuation and assumptions underlying stock-based compensation. 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 is the provider of the Yext platform and operates as one operating segment. 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 the Yext 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 consolidated financial statements. |
Revenue Recognition | Revenue Recognition The Company derives its revenue primarily from its subscriptions and associated support to the Yext 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 adopted on a modified retrospective basis ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09") in its fourth quarter of the fiscal year ended January 31, 2019, the effects of which were recognized effective February 1, 2018. The Company recognizes revenue upon transfer of control of services to its customers 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 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 Yext 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. 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 costs of obtaining revenue contracts that are incremental and recoverable. Incremental costs 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, including the estimated life of capitalized software development costs resulting from additional functionality to the Yext platform and estimated customer life, among other such factors. 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. |
Cost of Revenues | Cost of Revenue Cost of revenue is generally expensed as incurred, including personnel-related costs, costs associated with the Company’s Knowledge Network application providers, and data center costs. Capitalized software development costs incurred in connection with additional functionality to the Yext platform are recognized in cost of revenue as depreciation expense in accordance with the “capitalized software development costs” section of this Note. Cost of revenue also includes operating and short-term lease expenses, software expense, and depreciation expense, each of which are allocated based on employee headcount. |
Share-based Compensation | Stock-Based Compensation Stock-based compensation for all employee stock-based awards, including restricted stock units, restricted stock and options to purchase common stock, is measured at fair value on the date of grant and recognized over the service period. The fair value of restricted stock units and restricted stock are estimated on the date of grant based on the fair value of the Company’s common stock. The fair value of employee stock options is estimated on the date of grant using a Black-Scholes option-pricing model. Stock-based compensation expense is recognized over the requisite service periods of awards, which is typically one Stock-based compensation expense associated with the Company's Employee Stock Purchase Plan ("ESPP") is measured at fair-value using a Black-Scholes option-pricing model at commencement of each offering period and recognized over that offering period. 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 does not apply a forfeiture rate assumption to value such awards, given the nature of the services provided. Prior to adoption, during the fiscal year ended January 31, |
Advertising and Other Promotional Costs | Advertising and Other Promotional CostsAdvertising and other promotional costs are expensed as incurred. |
Research and Development | Research and DevelopmentResearch and development costs are generally expensed as incurred, including personnel-related costs. Research and development costs also include operating and short-term lease expenses and software expense, each of which are allocated based on employee headcount. Research and development costs exclude capitalized software development costs. |
Capitalized Software Development Costs | Capitalized Software Development Costs The Company capitalizes certain software development costs included as software in progress or computer software within property and equipment, net. These costs are incurred in connection with additional functionality to its platform, as well as internal-use projects during the application development stage and include elements of stock-based compensation. Computer software is recognized on a straight-line basis over an estimated useful life of 2 to 3 years. Software costs that meet the cloud computing arrangements criteria are capitalized in accordance with ASC 350 “Intangibles—Goodwill and Other” and are recognized on a straight-line basis over the term of the arrangement, plus reasonably certain renewals. Capitalized costs included in prepaid expenses and other current assets were $2.5 million and $1.2 million as of January 31, 2021 and 2020, respectively, and $0.8 million and zero were amortized during the fiscal years ended January 31, 2021 and 2020, respectively. Software costs that do not meet the capitalization criteria, including costs incurred in the maintenance and minor upgrade and enhancement of software without additional functionality, are expensed as incurred. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, “Income Taxes,” under which deferred income taxes are provided for temporary differences between the financial reporting and tax basis of the Company’s assets and liabilities. The Company classifies all deferred tax assets and liabilities as non-current on the consolidated balance sheet. The effect of a change in tax rates on deferred tax assets and liabilities is recognized within the (provision for) benefit from income taxes on the consolidated statement of operations and comprehensive loss in the period that includes the enactment date. The Company reduces deferred tax assets, if necessary, by a valuation allowance if it is more likely than not that the Company will not realize some or all of the deferred tax assets. 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, tax-planning strategies, and results of recent operations. See Note 11 "Income Taxes" to the Company's consolidated financial statements for additional information on the composition of these valuation allowances. |
Net Loss Per Share | Net Loss Per ShareBasic 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 the common equivalent shares for the period, including any dilutive effect from such shares. |
Foreign Currency | Foreign CurrencyThe functional currency of the Company’s non-U.S. subsidiaries is generally the local currency. The Company translates the financial statements of its non-U.S. subsidiaries to U.S. dollars using month-end exchange rates for assets and liabilities, and average exchange rates for revenue, costs and expenses. The Company records translation gains and losses in accumulated other comprehensive loss as a component of stockholders’ equity. Foreign currency transaction gains and losses are included within other expense, net in the consolidated statements of operations and comprehensive loss |
Concentration of Credit Risk | Concentration of Credit RiskCertain financial instruments that could be exposed to a concentration of credit risk include cash and cash equivalents 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash consists of cash on deposit with banks that is stated at cost, which approximates fair value. The Company considers all highly liquid investments purchased with original maturities of less than three months from the date of purchase to be cash equivalents. . |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful AccountsAccounts receivable are carried at the original invoiced amount less an allowance for doubtful accounts based on the probability of future collection. The Company estimates its allowance for doubtful accounts based on historical loss patterns, the number of days that billings are past due, current market conditions, and reasonable and supportable forecasts of future economic conditions, in accordance with ASC 326 "Financial Instruments-Credit Losses." Accounts receivable are written off when deemed uncollectible and collection of the receivable is no longer being actively pursued. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are recorded at cost and depreciated or amortized on a straight-line basis over their estimated useful lives. Furniture and fixtures have an estimated useful life of five years. Office equipment has an estimated useful life of three years. Computer software, which includes capitalized software development costs, has an estimated useful life of two |
Leases | Leases Effective February 1, 2019, the Company adopted ASU 2016-02, "Leases (Topic ASC 842)" ("ASU 2016-02"), utilizing the modified retrospective adoption approach. 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. 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 to extend or terminate the lease term, when it is reasonably certain such options will be exercised. 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. With respect to operating lease arrangements, the Company accounts for lease components, and non-lease components that are fixed, as a single lease component. Non-lease components that are variable are expensed as incurred as in the statement of operations and comprehensive loss. The Company recognizes costs associated with lease arrangements having an initial term of 12 months or less ("short-term leases") on a straight-line basis over the lease term; such short-term leases are not recorded on the balance sheet. Prior to adoption, during the fiscal year ended January 31, 2019, 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. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets 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 in accordance with ASC Topic 350, “Intangibles-Goodwill and Other.” The Company’s goodwill is evaluated at the entity level as it is determined there is one reporting unit. The Company performs its annual impairment test on November 1 st of each year, 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 considers the following potential indicators of impairment: significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of acquired assets or the strategy of the Company’s overall business, significant negative industry or economic trends and a significant decline in the value of the Company’s enterprise value for a sustained period. The Company’s intangible assets with definite lives consist of customer relationships and domains, which are amortized on a straight-line basis over their estimated useful lives of 7 and 15 years, respectively. Long-lived assets, including 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 in accordance with ASC Topic 360, “Property, Plant, and Equipment.” The Company assesses the impairment of long-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company has not recorded impairment charges on intangible assets for the periods presented in these consolidated financial statements. |
Deferred Financing Costs | Deferred Financing CostsFinancing costs incurred with securing a revolving line of credit are deferred and amortized to interest expense over the term of the agreement. Financing costs associated with revolving credit arrangements are deferred, regardless of whether a balance is outstanding. The Company includes deferred financing costs in prepaid and other current assets or other long term assets on the consolidated balance sheet. |
Legal and Other Contingencies | Legal and Other Contingencies From time to time, the Company may be a party to litigation and subject to claims incident to the ordinary course of business, including intellectual property claims, labor and employment claims, breach of contract claims and other asserted and unasserted claims. The Company investigates these claims as they arise and accrues estimates for resolution of legal and other contingencies when losses are probable and estimable. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements New Accounting Standard To Be Adopted - ASU 2019-12 In December 2019, the FASB issued ASU 2019-12 "Simplifying the Accounting for Income Taxes", which simplifies the accounting for income taxes, eliminates certain exceptions within ASC Topic 740, "Income Taxes," and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company plans to adopt this standard on February 1, 2021 and does not expect the adoption to have a material impact on the Company's consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounts, notes, loans and financing receivable | The following table summarizes the allowance for doubtful accounts activity: (in thousands) Fair Value Allowance for doubtful accounts as of January 31, 2019 $ 256 Additions 1,246 Deductions - write offs (507) Allowance for doubtful accounts as of January 31, 2020 995 Additions 2,547 Deductions - write offs (1,014) Allowance for doubtful accounts as of January 31, 2021 $ 2,528 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company's revenue by geographic region: Fiscal year ended January 31, (in thousands) 2021 2020 2019 North America $ 284,792 $ 245,629 $ 197,285 International 69,869 53,200 30,998 Total revenue $ 354,661 $ 298,829 $ 228,283 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property and equipment, net consisted of the following: (in thousands) January 31, 2021 January 31, 2020 Computer software $ 10,719 $ 10,099 Office equipment 14,856 9,966 Furniture and fixtures 7,344 1,347 Leasehold improvements 57,799 15,170 Construction in progress 4,469 13,812 Software in progress 5,754 961 Total property and equipment, gross 100,941 51,355 Less: accumulated depreciation (20,597) (25,155) Total property and equipment, net $ 80,344 $ 26,200 |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
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) January 31, 2021 January 31, 2020 Accounts payable $ 12,974 $ 9,599 Accrued employee compensation 16,780 20,622 Accrued Knowledge Network application provider fees 3,671 5,561 Accrued professional services and associated costs 2,202 3,077 Accrued employee stock purchase plan withholdings liability 3,230 3,277 Other current liabilities 15,329 17,346 Total accounts payable, accrued expenses and other current liabilities $ 54,186 $ 59,482 (1) - As of January 31, 2021 and 2020, accounts payable includes capital expenditures of $1.5 million and $2.2 million, respectively. (2) - As of January 31, 2021 and 2020, other current liabilities include capital expenditures of $3.0 million and $7.0 million, respectively. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Share-based Payment Arrangement [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 Balance, January 31, 2020 12,371,254 $ 7.05 5.53 $ 98,028 Granted — $ — Exercised (3,064,420) $ 5.39 Forfeited or canceled (434,944) $ 6.87 Balance, January 31, 2021 8,871,890 $ 7.64 4.94 $ 81,906 Vested and expected to vest 8,769,607 $ 7.59 4.92 $ 81,339 Exercisable at January 31, 2021 8,326,979 $ 7.40 4.83 $ 78,863 |
Schedule of Nonvested Share Activity | Nonvested option activity is as follows: Options Weighted-Average Grant Date Fair Value Nonvested as of January 31, 2020 2,121,438 $ 4.83 Granted — $ — Vested (1,209,284) $ 4.59 Forfeited (367,243) $ 4.55 Balance as of January 31, 2021 544,911 $ 5.55 |
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, 2020 9,910,729 $ 17.44 Granted 5,570,519 $ 15.52 Vested and converted to shares (4,369,110) $ 16.59 Forfeited or canceled (1,566,786) $ 17.45 Balance as of January 31, 2021 9,545,352 $ 16.71 |
Schedule of Employee Stock Purchase Plan Valuation Assumptions | The Black-Scholes option-pricing model assumptions used to calculate the fair value of shares, estimated at commencement to be purchased during an ESPP offering period were as follows: Fiscal year ended January 31, 2021 2020 2019 Expected life (years) 0.50 0.50 0.50 Expected volatility 51.44% - 65.48% 42.41% - 60.86% 34.41% - 45.09% Dividend yield 0.00% 0.00% 0.00% Risk-free rate 0.12% - 0.29% 1.93% - 2.52% 1.95% - 2.35% |
Schedule of Share-Based Compensation Expense | The Company's stock-based compensation expense for the periods presented was as follows: Fiscal year ended January 31, (in thousands) 2021 2020 2019 Cost of revenue $ 5,724 $ 4,115 $ 2,915 Sales and marketing 32,581 31,421 22,519 Research and development 17,071 13,212 8,475 General and administrative 16,918 19,022 10,324 Total stock-based compensation expense $ 72,294 $ 67,770 $ 44,233 |
Income Taxes - (Tables)
Income Taxes - (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The domestic and international components of the Company's loss from operations before income taxes are as follows: Fiscal year ended January 31, (in thousands) 2021 2020 2019 Domestic $ (69,953) $ (63,390) $ (64,653) International (24,642) (57,057) (9,962) Loss from operations before income taxes $ (94,595) $ (120,447) $ (74,615) |
Schedule of Components of Income Tax Expense (Benefit) | The Company's (provision for) benefit from income taxes is comprised of the following: Fiscal year ended January 31, (in thousands) 2021 2020 2019 Current: Federal $ 313 $ (19) $ (19) State (198) (120) (91) International (1,070) (1,051) (155) Total current (955) (1,190) (265) Deferred: Federal (28) — — State (31) — — International 917 93 43 Total deferred 858 93 43 Total (provision for) benefit from income taxes $ (97) $ (1,097) $ (222) |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation is as follows: Fiscal year ended January 31, (in thousands) 2021 2020 2019 U.S. federal tax (provision) benefit at statutory rate $ 19,865 $ 25,294 $ 15,669 State taxes, net of federal (provision) benefit 5,000 4,124 6,499 Foreign tax rate differential (2,130) 970 448 Non-deductible expenses (329) (903) (1,420) Change in valuation allowance (23,900) (24,377) (37,808) Rate change 131 (7,017) 7 Stock-based compensation expense (1,929) (2,064) (317) Net excess tax benefits from stock-based compensation 3,444 6,519 16,847 Return to provision adjustment 16 (2,323) (337) Global intangible low-taxes income (6,129) — — Intra-entity asset transfer 3,944 — — Other, net 1,920 (1,320) 190 Total (provision for) benefit from income taxes $ (97) $ (1,097) $ (222) |
Schedule of Deferred Tax Assets and Liabilities | The components of the Company's deferred income taxes were as follows: As of January 31, (in thousands) 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 111,583 $ 102,064 Stock-based compensation 7,884 9,285 Allowance for doubtful accounts 650 255 Operating lease liability 33,350 29,280 Accrued expenses 2,903 1,974 Unearned revenue 52 26 Property and equipment — 730 Intangible assets 11,570 — Other 216 208 Total deferred tax assets 168,208 143,822 Less: valuation allowance (129,178) (105,277) Deferred tax assets, net of valuation allowance 39,030 38,545 Deferred tax liabilities: Property and equipment (2,062) — Intangible assets — (1,479) Costs to obtain revenue contracts (9,904) (9,767) Operating lease right-of-use assets (25,082) (26,518) Other (1,028) (686) Total deferred tax liabilities (38,076) (38,450) Net deferred tax asset (liability) $ 954 $ 95 |
Reconciliation of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending balance of total unrecognized tax benefits for the fiscal years ended January 31, 2021, 2020, and 2019 is as follows: Fiscal year ended January 31, (in thousands) 2021 2020 2019 Beginning of period $ 493 $ 233 $ 233 Tax positions taken in prior period: Gross increases — 262 — Gross decreases (13) (8) — Tax positions taken in current period Gross increases — 13 — Lapse of statute of limitations (233) — — Currency translation effect 20 (7) — End of period $ 267 $ 493 $ 233 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost | During the fiscal years ended January 31, 2021 and 2020, the Company recognized $25.7 million and $21.2 million, of lease expense, respectively, which consisted of the following: Fiscal year ended January 31, (in thousands) 2021 2020 Operating lease expense $ 20,134 $ 16,820 Short-term lease expense 1,053 2,259 Variable lease expense 4,475 2,153 Total lease expense $ 25,662 $ 21,232 |
Schedule of total remaining operating lease payments | The total remaining operating lease payments included in the measurement of lease liabilities on the Company's consolidated balance sheet as of January 31, 2021, was as follows (in thousands): Fiscal year ending January 31: Operating Lease Payments 2022 $ 19,087 2023 19,184 2024 18,915 2025 18,362 2026 18,986 2027 and thereafter 92,742 Total gross operating lease payments 187,276 Less: tenant allowances (4,484) Total net operating lease payments 182,792 Less: imputed interest (45,043) Total lease liabilities, reflecting the present value of net lease payments $ 137,749 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Contractual Obligation Payments | As of January 31, 2021, the Company's contractual obligations are as follows (in thousands): Fiscal year ending January 31: Operating Leases Other 2022 $ 19,490 $ 30,091 2023 19,189 10,332 2024 18,915 4,921 2025 18,362 1,885 2026 18,986 1,828 2027 and thereafter 92,743 1,877 Total $ 187,685 $ 50,934 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
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: Fiscal year ended January 31, (in thousands, except share and per share data) 2021 2020 2019 Numerator: Net loss attributable to common stockholders $ (94,692) $ (121,544) $ (74,837) Denominator: Weighted-average common shares outstanding 119,690,378 111,758,946 98,387,366 Net loss per share attributable to common stockholders, basic and diluted $ (0.79) $ (1.09) $ (0.76) |
Schedule of Antidilutive Securities | Anti-dilutive common equivalent shares were as follows: As of January 31, 2021 2020 2019 Options to purchase common stock 8,871,890 12,371,254 15,977,235 Restricted stock and restricted stock units 9,545,352 9,910,729 7,703,705 Shares estimated to be purchased under ESPP 315,718 284,222 176,241 Total anti-dilutive common equivalent shares 18,732,960 22,566,205 23,857,181 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly financial information | Selected summarized quarterly financial information for the fiscal years ended January 31, 2021 and 2020 was as follows: Three months ended (in thousands, except per share data) Jan. 31, 2021 Oct. 31, 2020 Jul. 31, 2020 Apr. 30, 2020 Revenue $ 92,194 $ 89,061 $ 88,055 $ 85,351 Gross profit $ 70,597 $ 67,422 $ 66,071 $ 64,167 Loss from operations $ (19,143) $ (21,760) $ (24,240) $ (29,189) Net loss $ (18,311) $ (22,041) $ (25,116) $ (29,224) Net loss per share attributable to common stockholders, basic and diluted $ (0.15) $ (0.18) $ (0.21) $ (0.25) Three months ended (in thousands, except per share data) Jan. 31, 2020 Oct. 31, 2019 Jul. 31, 2019 Apr. 30, 2019 Revenue $ 81,378 $ 76,370 $ 72,373 $ 68,708 Gross profit $ 60,456 $ 56,004 $ 53,104 $ 52,235 Loss from operations $ (30,563) $ (42,833) $ (30,297) $ (19,260) Net loss $ (30,577) $ (42,717) $ (29,291) $ (18,959) Net loss per share attributable to common stockholders, basic and diluted $ (0.27) $ (0.38) $ (0.26) $ (0.18) |
Organization and Description _2
Organization and Description of Business (Details) | Jan. 31, 2021Provider |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of service and application providers | 200 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | ||
Jan. 31, 2021USD ($)segment | Jan. 31, 2020USD ($) | Jan. 31, 2019USD ($) | |
Concentration Risk [Line Items] | |||
Number of operating segments | segment | 1 | ||
Amortization period of capitalized contract costs (in years) | 3 years | ||
Costs capitalized to obtain revenue contracts, gross | $ 33,200,000 | $ 41,400,000 | |
Costs capitalized to obtain revenue contracts, amortization | 34,600,000 | 23,100,000 | |
Costs capitalized to obtain revenue contracts | 53,000,000 | 54,500,000 | |
Capitalized cost impairment | 0 | 0 | $ 0 |
Advertising expenses | 7,500,000 | 6,900,000 | 6,100,000 |
Capitalized software development costs | 7,200,000 | 4,400,000 | |
Capitalized computer software, amortization | 2,600,000 | 2,700,000 | $ 2,200,000 |
Capitalized computer software, additions | 2,500,000 | 1,200,000 | |
Amortization expense associated with cloud computing arrangements | $ 800,000 | $ 0 | |
Software Development | Minimum | |||
Concentration Risk [Line Items] | |||
Useful life (in years) | 2 years | ||
Software Development | Maximum | |||
Concentration Risk [Line Items] | |||
Useful life (in years) | 3 years | ||
Customer Relationships | |||
Concentration Risk [Line Items] | |||
Useful life (in years) | 7 years | ||
Internet Domain Names | |||
Concentration Risk [Line Items] | |||
Useful life (in years) | 15 years | ||
Restricted Stock Units (RSUs) | Minimum | |||
Concentration Risk [Line Items] | |||
Award requisite service period (in years) | 1 year | ||
Restricted Stock Units (RSUs) | Maximum | |||
Concentration Risk [Line Items] | |||
Award requisite service period (in years) | 4 years | ||
Employee Stock Option | |||
Concentration Risk [Line Items] | |||
Award requisite service period (in years) | 4 years | ||
Furniture and fixtures | |||
Concentration Risk [Line Items] | |||
Property and equipment, useful life (in years) | 5 years | ||
Office equipment | |||
Concentration Risk [Line Items] | |||
Property and equipment, useful life (in years) | 3 years | ||
Computer software | Minimum | |||
Concentration Risk [Line Items] | |||
Property and equipment, useful life (in years) | 2 years | ||
Computer software | Maximum | |||
Concentration Risk [Line Items] | |||
Property and equipment, useful life (in years) | 3 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Allowance for doubtful accounts receivable, beginning of the period | $ 995 | $ 256 | |
Additions | 2,547 | 1,246 | $ 492 |
Deductions - write offs | (1,014) | (507) | |
Allowance for doubtful accounts receivable, end of the period | $ 2,528 | $ 995 | $ 256 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 92,194 | $ 89,061 | $ 88,055 | $ 85,351 | $ 81,378 | $ 76,370 | $ 72,373 | $ 68,708 | $ 354,661 | $ 298,829 | $ 228,283 |
North America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 284,792 | 245,629 | 197,285 | ||||||||
International | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 69,869 | $ 53,200 | $ 30,998 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021USD ($)performanceObligation | Jan. 31, 2020USD ($) | Jan. 31, 2019 | |
Revenue from External Customer [Line Items] | |||
Number of performance obligations | performanceObligation | 2 | ||
Unearned revenue, current | $ 191,810 | $ 176,806 | |
Unearned revenue, noncurrent | 200 | 400 | |
Customer deposits | $ 200 | $ 900 | |
Sales Revenue, Net | Geographic Concentration Risk | UNITED STATES | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 80.00% | 82.00% | 85.00% |
Sales Revenue, Net | Geographic Concentration Risk | SWITZERLAND | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 16.00% | 14.00% | |
Service | Sales Revenue, Net | Product Concentration Risk | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 7.00% | 5.00% | 4.00% |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligations (Details) - USD ($) $ in Millions | Jan. 31, 2021 | Jan. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Revenue, remaining performance obligation, amount | $ 351.8 | $ 328.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-02-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Revenue, remaining performance obligation, amount | $ 332.8 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 2 years |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted cash | $ 0 | $ 12,100 | $ 0 |
Recurring | Fair Value, Inputs, Level 1 | Money market funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | $ 138,800 | ||
Cash equivalents | 190,800 | ||
Restricted cash | $ 12,100 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 4,842,000 | $ 4,534,000 | |
Intangible assets, net | 767,000 | 1,343,000 | |
Amortization of intangible assets | 600,000 | 600,000 | $ 600,000 |
Future amortization expense of intangible assets, year one | 600,000 | ||
Indefinite-lived intangible assets | 0 | ||
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | $ 500,000 | 1,100,000 | |
Weighted average remining useful life (in years) | 10 months 24 days | ||
Internet Domain Names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | $ 200,000 | $ 300,000 | |
Weighted average remining useful life (in years) | 10 years | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense per year for years two to eleven | $ 100,000 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | $ 100,941 | $ 51,355 | |
Less: accumulated depreciation | (20,597) | (25,155) | |
Total property and equipment, net | 80,344 | 26,200 | |
Depreciation | $ 10,000 | $ 7,500 | $ 6,200 |
UNITED STATES | Property, Plant and Equipment | Geographic Concentration Risk | |||
Property, Plant and Equipment [Line Items] | |||
Concentration risk, percentage | 88.00% | 88.00% | |
Computer software | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | $ 10,719 | $ 10,099 | |
Office equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | 14,856 | 9,966 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | 7,344 | 1,347 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | 57,799 | 15,170 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | 4,469 | 13,812 | |
Software in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | $ 5,754 | $ 961 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Payables and Accruals [Abstract] | |||
Accounts payable | $ 12,974 | $ 9,599 | |
Accrued employee compensation | 16,780 | 20,622 | |
Accrued Knowledge Network application provider fees | 3,671 | 5,561 | |
Accrued professional services and associated costs | 2,202 | 3,077 | |
Accrued employee stock purchase plan withholdings liability | 3,230 | 3,277 | |
Other current liabilities | 15,329 | 17,346 | |
Accounts payable, accrued expenses and other current liabilities | 54,186 | 59,482 | |
Property, Plant and Equipment [Line Items] | |||
Capital expenditures | 65,111 | 11,889 | $ 5,270 |
Accounts Payable and Accrued Liabilities | |||
Property, Plant and Equipment [Line Items] | |||
Capital expenditures | 1,500 | 2,200 | |
Other Current Liabilities | |||
Property, Plant and Equipment [Line Items] | |||
Capital expenditures | $ 3,000 | $ 7,000 |
Stock-Based Compensation - Plan
Stock-Based Compensation - Plans (Details) - shares | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2021 | Feb. 01, 2020 | 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 | Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award expiration period (in years) | 10 years | |||
Award vesting period (in years) | 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) | 4,633,215 | |||
Number of shares available for futures issuance (in shares) | 1,500,883 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Outstanding Stock Options | |||
Balance, beginning of period (in shares) | 12,371,254 | ||
Options granted (in shares) | 0 | ||
Options exercised (in shares) | (3,064,420) | ||
Options forfeited (in shares) | (434,944) | ||
Balance, end of period (in shares) | 8,871,890 | 12,371,254 | |
Vested and expected to vest at end of period (in shares) | 8,769,607 | ||
Exercisable at end of period (in shares) | 8,326,979 | ||
Weighted-Average Exercise Price (in dollars per share): | |||
Balance, beginning of period (in dollars per share) | $ 7.05 | ||
Options granted (in dollars per share) | 0 | ||
Options exercised (in dollars per share) | 5.39 | ||
Options forfeited (in dollars per share) | 6.87 | ||
Balance, end of period (in dollars per share) | 7.64 | $ 7.05 | |
Vested and expected to vest at end of period (in dollars per share) | 7.59 | ||
Exercisable at end of period (in dollars per share) | $ 7.40 | ||
Weighted-average remaining contractual life (in years) | 4 years 11 months 8 days | 5 years 6 months 10 days | |
Vested and expected to vest at end of period, Weighted-average contractual life (in years) | 4 years 11 months 1 day | ||
Exercisable at end of period, weighted-average contractual life (in years) | 4 years 9 months 29 days | ||
Aggregate intrinsic value | $ 81,906 | $ 98,028 | |
Vested and expected to vest at end of period, aggregate intrinsic value | 81,339 | ||
Exercisable at end of period, aggregate intrinsic value | 78,863 | ||
Options exercised, intrinsic value | $ 31,800 | $ 48,000 | $ 79,400 |
Stock-Based Compensation - Nonv
Stock-Based Compensation - Nonvested Stock Options (Details) | 12 Months Ended |
Jan. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Options, nonvested, beginning of the period (in shares) | shares | 2,121,438 |
Options granted (in shares) | shares | 0 |
Options vested (in shares) | shares | (1,209,284) |
Options forfeited (in shares) | shares | (367,243) |
Options, nonvested, end of the period (in shares) | shares | 544,911 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested, options, weighted-average grant date fair value, beginning of period (in dollars per share) | $ / shares | $ 4.83 |
Options granted, weighted-average grant date fair value (in dollars per share) | $ / shares | 0 |
Options vested, weighted-average grant date fair value (in dollars per share) | $ / shares | 4.59 |
Options forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | 4.55 |
Nonvested, options, weighted-average grant date fair value, end of period (in dollars per share) | $ / shares | $ 5.55 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock (Details) - Restricted stock and restricted stock units - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Balance as of the beginning of the period (in shares) | 9,910,729 | ||
Granted - restricted stock and restricted stock units (in shares) | 5,570,519 | ||
Vested and converted to shares (in shares) | (4,369,110) | ||
Canceled (in shares) | (1,566,786) | ||
Balance as of the end of period (in shares) | 9,545,352 | 9,910,729 | |
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 the beginning of the period (in dollars per share) | $ 17.44 | ||
Granted - restricted stock and restricted stock units (in dollars per share) | 15.52 | $ 18.71 | $ 18.21 |
Vested and converted to shares (in dollars per share) | 16.59 | ||
Canceled (in dollars per share) | 17.45 | ||
Balance as of the end of period (in dollars per share) | $ 16.71 | $ 17.44 | |
Fair value of stock vested | $ 72.4 | $ 54.7 | $ 30.4 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 15, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | Mar. 16, 2020 | Feb. 01, 2020 | Mar. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Issuance of common stock under employee stock purchase plan | $ 7,000 | $ 6,627 | $ 6,778 | ||||
Stock-based compensation expense | $ 72,294 | 67,770 | 44,233 | ||||
Shares estimated to be purchased under ESPP | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized, annual increase (in shares) | 1,158,304 | 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) | 2,834,557 | ||||||
Issuance of common stock under employee stock purchase plan (in shares) | 324,141 | 373,891 | |||||
Shares purchased under plan (in dollars per share) | $ 10.01 | $ 10.01 | |||||
Issuance of common stock under employee stock purchase plan | $ 3,200 | $ 3,700 | |||||
Number of shares purchased under plan (in shares) | 315,718 | ||||||
Common stock withheld on behalf of employees for future purchases under the ESPP (in shares) | 3,200,000 | ||||||
Stock-based compensation expense | $ 2,800 | $ 2,700 | $ 2,100 | ||||
Unrecognized compensation cost | $ 400 | ||||||
Unrecognized compensation cost, period for recognition (in years) | 1 month 13 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) | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield (as a percent) | 0.00% | 0.00% | 0.00% |
Shares estimated to be purchased under ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (years) | 6 months | 6 months | 6 months |
Expected volatility, minimum | 51.44% | 42.41% | 34.41% |
Expected volatility, maximum | 65.48% | 60.86% | 45.09% |
Risk-free rate, minimum | 0.12% | 1.93% | 1.95% |
Risk-free rate, maximum | 0.29% | 2.52% | 2.35% |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | $ 72,294 | $ 67,770 | $ 44,233 |
Unrecognized compensation cost, stock options | 149,900 | ||
Stock-based compensation related to internal-use software development | 2,100 | 1,400 | 700 |
Cost of revenue | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | 5,724 | 4,115 | 2,915 |
Sales and marketing | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | 32,581 | 31,421 | 22,519 |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | 17,071 | 13,212 | 8,475 |
General and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | 16,918 | $ 19,022 | $ 10,324 |
RSU cancellation expense | $ 3,600 | ||
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Unrecognized compensation cost, period for recognition (in years) | 2 years 8 months 1 day |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Thousands | Jan. 31, 2021USD ($)vote$ / sharesshares | Jan. 31, 2020USD ($)$ / sharesshares | Apr. 30, 2017$ / sharesshares |
Equity [Abstract] | |||
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 | ||
Treasury stock (in shares) | 6,505,334 | 6,505,334 | |
Treasury stock | $ | $ 11,905 | $ 11,905 |
Debt (Details)
Debt (Details) - USD ($) | Mar. 11, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 |
Line of Credit Facility [Line Items] | ||||
Restricted cash | $ 0 | $ 12,100,000 | $ 0 | |
Line of Credit | Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Borrowing capacity | $ 30,000,000 | |||
Debt instrument, collateral amount | 14,300,000 | |||
Line of Credit | Swingline Loan | ||||
Line of Credit Facility [Line Items] | ||||
Borrowing capacity | 10,000,000 | |||
Secured Debt | Revolving Credit Line | ||||
Line of Credit Facility [Line Items] | ||||
Borrowing capacity | $ 50,000,000 | 50,000,000 | ||
Debt instrument, term (in years) | 3 years | |||
Incremental borrowing available under certain conditions | $ 50,000,000 | |||
Capital stock of foreign subsidiary, percent | 66.00% | |||
Covenant terms, minimum adjusted quick ratio | 150.00% | |||
Remaining borrowing capacity | $ 35,700,000 | |||
Secured Debt | Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Borrowing capacity | 12,100,000 | |||
Restricted cash | $ 12,100,000 | |||
Secured Debt | London Interbank Offered Rate (LIBOR) | Revolving Credit Line | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 2.50% | |||
Secured Debt | London Interbank Offered Rate (LIBOR) | Revolving Credit Line | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 3.00% | |||
Secured Debt | Base Rate | Revolving Credit Line | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.50% | |||
Secured Debt | Base Rate | Revolving Credit Line | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.00% |
Income Taxes - Domestic and int
Income Taxes - Domestic and international components of the loss from operations before income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (69,953) | $ (63,390) | $ (64,653) |
International | (24,642) | (57,057) | (9,962) |
Loss from operations before income taxes | $ (94,595) | $ (120,447) | $ (74,615) |
Income Taxes - Provision_Benefi
Income Taxes - Provision/Benefit Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Current: | |||
Federal | $ 313 | $ (19) | $ (19) |
State | (198) | (120) | (91) |
International | (1,070) | (1,051) | (155) |
Total current | (955) | (1,190) | (265) |
Deferred: | |||
Federal | (28) | 0 | 0 |
State | (31) | 0 | 0 |
International | 917 | 93 | 43 |
Total deferred | 858 | 93 | 43 |
Total (provision for) benefit from income taxes | $ (97) | $ (1,097) | $ (222) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||||
Lapse of statute of limitations | $ 233 | $ 0 | $ 0 | |
Valuation allowance, DTA, increase (decrease), amount | 23,900 | 24,400 | ||
Deferred tax assets, valuation allowance | 129,178 | 105,277 | 80,900 | |
Unrecognized tax benefits, income tax penalties and interest expense | 100 | 100 | 100 | |
Unrecognized tax benefits | 267 | $ 493 | $ 233 | $ 233 |
Domestic Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Lapse of statute of limitations | 200 | |||
Operating loss carryforwards | 406,100 | |||
State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 18,500 | |||
Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income tax benefit from adjustments to deferred tax assets | (700) | |||
Operating loss carryforwards | $ 7,800 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal tax (provision) benefit at statutory rate | $ 19,865 | $ 25,294 | $ 15,669 |
State taxes, net of federal (provision) benefit | 5,000 | 4,124 | 6,499 |
Foreign tax rate differential | (2,130) | 970 | 448 |
Non-deductible expenses | (329) | (903) | (1,420) |
Change in valuation allowance | (23,900) | (24,377) | (37,808) |
Rate change | 131 | (7,017) | 7 |
Stock-based compensation expense | (1,929) | (2,064) | (317) |
Net excess tax benefits from stock-based compensation | 3,444 | 6,519 | 16,847 |
Return to provision adjustment | 16 | (2,323) | (337) |
Global intangible low-taxes income | (6,129) | 0 | 0 |
Intra-entity asset transfer | 3,944 | 0 | 0 |
Other, net | 1,920 | (1,320) | 190 |
Total (provision for) benefit from income taxes | $ (97) | $ (1,097) | $ (222) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 |
Deferred tax assets: | |||
Net operating loss carryforwards | $ 111,583 | $ 102,064 | |
Stock-based compensation | 7,884 | 9,285 | |
Allowance for doubtful accounts | 650 | 255 | |
Operating lease liability | 33,350 | 29,280 | |
Accrued expenses | 2,903 | 1,974 | |
Unearned revenue | 52 | 26 | |
Property and equipment | 0 | 730 | |
Intangible assets | 11,570 | 0 | |
Other | 216 | 208 | |
Total deferred tax assets | 168,208 | 143,822 | |
Less: valuation allowance | (129,178) | (105,277) | $ (80,900) |
Deferred tax assets, net of valuation allowance | 39,030 | 38,545 | |
Deferred tax liabilities: | |||
Property and equipment | (2,062) | 0 | |
Intangible assets | 0 | (1,479) | |
Costs to obtain revenue contracts | (9,904) | (9,767) | |
Operating lease right-of-use assets | (25,082) | (26,518) | |
Other | (1,028) | (686) | |
Total deferred tax liabilities | (38,076) | (38,450) | |
Net deferred tax asset (liability) | $ 954 | $ 95 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning of period | $ 493 | $ 233 | $ 233 |
Tax positions taken in prior period, gross increases | 0 | 262 | 0 |
Tax positions taken in prior period, gross decreases | (13) | (8) | 0 |
Tax positions taken in current period, gross increases | 0 | 13 | 0 |
Lapse of statute of limitations | (233) | 0 | 0 |
Increase in foreign currency translation | 20 | ||
Decrease in foreign currency translation | (7) | 0 | |
End of period | $ 267 | $ 493 | $ 233 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2019 | Jan. 31, 2020 | |
Leases [Abstract] | |||
Operating lease liabilities, current | $ 14,165 | $ 8,640 | |
Operating lease liabilities, non-current | 123,584 | 115,187 | |
Operating lease right-of-use assets | $ 104,844 | $ 111,973 | |
Operating lease, weighted average remaining lease term (in years) | 9 years 6 months | ||
Operating lease, weighted average discount rate, percentage | 5.70% | ||
Operating lease, payments | $ 11,600 | ||
Right-of-use assets obtained in exchange for lease obligations | $ 7,200 | ||
Rent expense | $ 7,300 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Leases [Abstract] | ||
Operating lease expense | $ 20,134 | $ 16,820 |
Short-term lease expense | 1,053 | 2,259 |
Variable lease expense | 4,475 | 2,153 |
Total lease expense | $ 25,662 | $ 21,232 |
Leases - Total remaining operat
Leases - Total remaining operating lease payments included in the measurement of lease liabilities (Details) $ in Thousands | Jan. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 19,087 |
2023 | 19,184 |
2024 | 18,915 |
2025 | 18,362 |
2026 | 18,986 |
2027 and thereafter | 92,742 |
Total gross operating lease payments | 187,276 |
Less: tenant allowances | (4,484) |
Total net operating lease payments | 182,792 |
Less: imputed interest | (45,043) |
Total lease liabilities, reflecting the present value of net lease payments | $ 137,749 |
Commitments and Contingencies -
Commitments and Contingencies -Contractual Obligations (Details) $ in Thousands | Jan. 31, 2021USD ($) |
Operating Leases | |
2022 | $ 19,490 |
2023 | 19,189 |
2024 | 18,915 |
2025 | 18,362 |
2026 | 18,986 |
2027 and thereafter | 92,743 |
Total | 187,685 |
Other | |
2022 | 30,091 |
2023 | 10,332 |
2024 | 4,921 |
2025 | 1,885 |
2026 | 1,828 |
2027 and thereafter | 1,877 |
Total | $ 50,934 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) $ in Millions | 12 Months Ended |
Jan. 31, 2021USD ($) | |
Bonds | |
Loss Contingencies [Line Items] | |
Amortization of debt issuance costs | $ 0.9 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Earnings Per Share [Abstract] | |||||||||||
Net loss attributable to common stockholders | $ (18,311) | $ (22,041) | $ (25,116) | $ (29,224) | $ (30,577) | $ (42,717) | $ (29,291) | $ (18,959) | $ (94,692) | $ (121,544) | $ (74,837) |
Weighted-average common shares outstanding (in shares) | 119,690,378 | 111,758,946 | 98,387,366 | ||||||||
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.15) | $ (0.18) | $ (0.21) | $ (0.25) | $ (0.27) | $ (0.38) | $ (0.26) | $ (0.18) | $ (0.79) | $ (1.09) | $ (0.76) |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive common equivalent shares (in shares) | 18,732,960 | 22,566,205 | 23,857,181 | ||||||||
Options to purchase common stock | Common Stock | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive common equivalent shares (in shares) | 8,871,890 | 12,371,254 | 15,977,235 | ||||||||
Restricted stock and restricted stock units | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive common equivalent shares (in shares) | 9,545,352 | 9,910,729 | 7,703,705 | ||||||||
Shares estimated to be purchased under ESPP | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive common equivalent shares (in shares) | 315,718 | 284,222 | 176,241 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 92,194 | $ 89,061 | $ 88,055 | $ 85,351 | $ 81,378 | $ 76,370 | $ 72,373 | $ 68,708 | $ 354,661 | $ 298,829 | $ 228,283 |
Gross profit | 70,597 | 67,422 | 66,071 | 64,167 | 60,456 | 56,004 | 53,104 | 52,235 | 268,257 | 221,799 | 170,870 |
Loss from operations | (19,143) | (21,760) | (24,240) | (29,189) | (30,563) | (42,833) | (30,297) | (19,260) | (94,332) | (122,953) | (75,645) |
Net loss | $ (18,311) | $ (22,041) | $ (25,116) | $ (29,224) | $ (30,577) | $ (42,717) | $ (29,291) | $ (18,959) | $ (94,692) | $ (121,544) | $ (74,837) |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.15) | $ (0.18) | $ (0.21) | $ (0.25) | $ (0.27) | $ (0.38) | $ (0.26) | $ (0.18) | $ (0.79) | $ (1.09) | $ (0.76) |
Uncategorized Items - yext-2021
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201409Member |