Cover page
Cover page - shares | 6 Months Ended | |
Jul. 31, 2021 | Aug. 23, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2021 | |
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 $0.001 per share | |
Trading Symbol | YEXT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Reporting Company | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 127,845,122 | |
Entity Central Index Key | 0001614178 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 240,490 | $ 230,411 |
Accounts receivable, net of allowances of $2,786 and $2,528, respectively | 59,110 | 97,455 |
Prepaid expenses and other current assets | 16,192 | 17,993 |
Costs to obtain revenue contracts, current | 33,428 | 30,325 |
Total current assets | 349,220 | 376,184 |
Property and equipment, net | 80,287 | 80,344 |
Operating lease right-of-use assets | 99,972 | 104,844 |
Costs to obtain revenue contracts, non-current | 27,916 | 22,692 |
Goodwill | 4,764 | 4,842 |
Intangible assets, net | 458 | 767 |
Other long term assets | 6,127 | 6,316 |
Total assets | 568,744 | 595,989 |
Current liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 49,307 | 54,186 |
Unearned revenue, current | 165,377 | 191,810 |
Operating lease liabilities, current | 14,191 | 14,165 |
Total current liabilities | 228,875 | 260,161 |
Operating lease liabilities, non-current | 117,689 | 123,584 |
Other long term liabilities | 5,601 | 5,009 |
Total liabilities | 352,165 | 388,754 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value per share; 50,000,000 shares authorized at July 31, 2021 and January 31, 2021; zero shares issued and outstanding at July 31, 2021 and January 31, 2021 | 0 | 0 |
Common stock, $0.001 par value per share; 500,000,000 shares authorized at July 31, 2021 and January 31, 2021; 134,305,353 and 130,494,513 shares issued at July 31, 2021 and January 31, 2021, respectively; 127,800,019 and 123,989,179 shares outstanding at July 31, 2021 and January 31, 2021, respectively | 134 | 130 |
Additional paid-in capital | 788,149 | 733,933 |
Accumulated other comprehensive income | 2,769 | 2,422 |
Accumulated deficit | (562,568) | (517,345) |
Treasury stock, at cost | (11,905) | (11,905) |
Total stockholders’ equity | 216,579 | 207,235 |
Total liabilities and stockholders’ equity | $ 568,744 | $ 595,989 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,786 | $ 2,528 |
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) | 134,305,353 | 130,494,513 |
Common stock shares outstanding (in shares) | 127,800,019 | 123,989,179 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 98,124 | $ 88,055 | $ 190,116 | $ 173,406 |
Cost of revenue | 26,615 | 21,984 | 48,469 | 43,168 |
Gross profit | 71,509 | 66,071 | 141,647 | 130,238 |
Operating expenses: | ||||
Sales and marketing | 58,578 | 56,049 | 113,744 | 114,569 |
Research and development | 18,500 | 14,788 | 32,357 | 29,166 |
General and administrative | 20,843 | 19,474 | 39,190 | 39,932 |
Total operating expenses | 97,921 | 90,311 | 185,291 | 183,667 |
Loss from operations | (26,412) | (24,240) | (43,644) | (53,429) |
Interest income | 4 | 47 | 10 | 515 |
Interest expense | (158) | (154) | (290) | (291) |
Other expense, net | (741) | (423) | (827) | (507) |
Loss from operations before income taxes | (27,307) | (24,770) | (44,751) | (53,712) |
(Provision for) benefit from income taxes | (285) | (346) | (472) | (628) |
Net loss | $ (27,592) | $ (25,116) | $ (45,223) | $ (54,340) |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.22) | $ (0.21) | $ (0.36) | $ (0.46) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.22) | $ (0.21) | $ (0.36) | $ (0.46) |
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 126,906,937 | 118,411,758 | 126,152,602 | 117,519,214 |
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 126,906,937 | 118,411,758 | 126,152,602 | 117,519,214 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | $ (8) | $ 2,250 | $ 347 | $ 917 |
Total comprehensive loss | $ (27,600) | $ (22,866) | $ (44,876) | $ (53,423) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Treasury Stock |
Beginning of period (in shares) at Jan. 31, 2020 | 115,830,000 | |||||
Beginning 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) | 391,000 | |||||
Exercise of stock options | 1,896 | $ 1 | 1,895 | |||
Vested restricted stock units converted to common shares (in shares) | 903,000 | |||||
Vested restricted stock units converted to common shares | 0 | $ 1 | (1) | |||
Issuance of restricted stock (in shares) | 26,000 | |||||
Issuance of restricted stock | 0 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | 374,000 | |||||
Issuance of common stock under employee stock purchase plan | 3,743 | 3,743 | ||||
Stock-based compensation | 17,617 | 17,617 | ||||
Other comprehensive income | (1,333) | (1,333) | ||||
Net loss | (29,224) | (29,224) | ||||
End of period (in shares) at Apr. 30, 2020 | 117,524,000 | |||||
End of period at Apr. 30, 2020 | 193,911 | $ 124 | 659,262 | (1,693) | (451,877) | (11,905) |
Beginning of period (in shares) at Jan. 31, 2020 | 115,830,000 | |||||
Beginning of period at Jan. 31, 2020 | 201,212 | $ 122 | 636,008 | (360) | (422,653) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (54,340) | |||||
End of period (in shares) at Jul. 31, 2020 | 119,512,000 | |||||
End of period at Jul. 31, 2020 | 193,548 | $ 126 | 681,763 | 557 | (476,993) | (11,905) |
Beginning of period (in shares) at Jan. 31, 2020 | 115,830,000 | |||||
Beginning 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) | 3,064,000 | |||||
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) |
Beginning of period (in shares) at Apr. 30, 2020 | 117,524,000 | |||||
Beginning of period at Apr. 30, 2020 | 193,911 | $ 124 | 659,262 | (1,693) | (451,877) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 935,000 | |||||
Exercise of stock options | 4,751 | $ 1 | 4,750 | |||
Vested restricted stock units converted to common shares (in shares) | 1,041,000 | |||||
Vested restricted stock units converted to common shares | 0 | $ 1 | (1) | |||
Issuance of restricted stock (in shares) | 12,000 | |||||
Issuance of restricted stock | 0 | |||||
Stock-based compensation | 17,752 | 17,752 | ||||
Other comprehensive income | 2,250 | 2,250 | ||||
Net loss | (25,116) | (25,116) | ||||
End of period (in shares) at Jul. 31, 2020 | 119,512,000 | |||||
End of period at Jul. 31, 2020 | 193,548 | $ 126 | 681,763 | 557 | (476,993) | (11,905) |
Beginning of period (in shares) at Jan. 31, 2021 | 123,989,000 | |||||
Beginning of period at Jan. 31, 2021 | 207,235 | $ 130 | 733,933 | 2,422 | (517,345) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 1,069,000 | |||||
Exercise of stock options | 12,111 | $ 1 | 12,110 | |||
Vested restricted stock units converted to common shares (in shares) | 871,000 | |||||
Vested restricted stock units converted to common shares | 0 | $ 1 | (1) | |||
Issuance of restricted stock (in shares) | 4,000 | |||||
Issuance of restricted stock | 0 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | 282,000 | |||||
Issuance of common stock under employee stock purchase plan | 3,817 | 3,817 | ||||
Stock-based compensation | 15,288 | 15,288 | ||||
Other comprehensive income | 355 | 355 | ||||
Net loss | (17,631) | (17,631) | ||||
End of period (in shares) at Apr. 30, 2021 | 126,215,000 | |||||
End of period at Apr. 30, 2021 | 221,175 | $ 132 | 765,147 | 2,777 | (534,976) | (11,905) |
Beginning of period (in shares) at Jan. 31, 2021 | 123,989,000 | |||||
Beginning of period at Jan. 31, 2021 | $ 207,235 | $ 130 | 733,933 | 2,422 | (517,345) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 1,471,011 | 1,471,000 | ||||
Exercise of stock options | $ 14,385 | $ 2 | 14,383 | |||
Vested restricted stock units converted to common shares (in shares) | 2,043,000 | |||||
Vested restricted stock units converted to common shares | 0 | $ 2 | (2) | |||
Issuance of restricted stock (in shares) | 15,000 | |||||
Issuance of restricted stock | 0 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | 282,000 | |||||
Issuance of common stock under employee stock purchase plan | 3,817 | 3,817 | ||||
Stock-based compensation | 36,018 | 36,018 | ||||
Other comprehensive income | 347 | 347 | ||||
Net loss | (45,223) | (45,223) | ||||
End of period (in shares) at Jul. 31, 2021 | 127,800,000 | |||||
End of period at Jul. 31, 2021 | 216,579 | $ 134 | 788,149 | 2,769 | (562,568) | (11,905) |
Beginning of period (in shares) at Apr. 30, 2021 | 126,215,000 | |||||
Beginning of period at Apr. 30, 2021 | 221,175 | $ 132 | 765,147 | 2,777 | (534,976) | (11,905) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 402,000 | |||||
Exercise of stock options | 2,274 | $ 1 | 2,273 | |||
Vested restricted stock units converted to common shares (in shares) | 1,172,000 | |||||
Vested restricted stock units converted to common shares | 0 | $ 1 | (1) | |||
Issuance of restricted stock (in shares) | 11,000 | |||||
Issuance of restricted stock | 0 | |||||
Stock-based compensation | 20,730 | 20,730 | ||||
Other comprehensive income | (8) | (8) | ||||
Net loss | (27,592) | (27,592) | ||||
End of period (in shares) at Jul. 31, 2021 | 127,800,000 | |||||
End of period at Jul. 31, 2021 | $ 216,579 | $ 134 | $ 788,149 | $ 2,769 | $ (562,568) | $ (11,905) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 31, 2021 | Apr. 30, 2021 | Jul. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | |
Operating activities: | |||||||
Net loss | $ (27,592) | $ (17,631) | $ (25,116) | $ (29,224) | $ (45,223) | $ (54,340) | $ (94,692) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization expense | 7,933 | 5,187 | |||||
Bad debt expense | 909 | 2,316 | |||||
Stock-based compensation expense | 35,000 | 34,602 | |||||
Amortization of operating lease right-of-use assets | 4,619 | 6,827 | |||||
Other, net | 371 | 344 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 37,618 | 26,001 | |||||
Prepaid expenses and other current assets | 1,681 | (7,929) | |||||
Costs to obtain revenue contracts | (8,442) | 3,726 | |||||
Other long term assets | 15 | (1,191) | |||||
Accounts payable, accrued expenses and other current liabilities | (711) | (7,010) | |||||
Unearned revenue | (26,337) | (31,377) | |||||
Operating lease liabilities | (5,634) | 3,744 | |||||
Other long term liabilities | 650 | 2,805 | |||||
Net cash provided by (used in) operating activities | 2,449 | (16,295) | |||||
Investing activities: | |||||||
Capital expenditures | (10,555) | (40,055) | |||||
Net cash used in investing activities | (10,555) | (40,055) | |||||
Financing activities: | |||||||
Proceeds from exercise of stock options | 14,439 | 6,651 | |||||
Payments of deferred financing costs | (263) | (654) | |||||
Proceeds, net from employee stock purchase plan withholdings | 3,409 | 3,667 | |||||
Net cash provided by financing activities | 17,585 | 9,664 | |||||
Effect of exchange rate changes on cash and cash equivalents | 600 | 1,857 | |||||
Net increase (decrease) in cash and cash equivalents | 10,079 | (44,829) | |||||
Cash and cash equivalents at beginning of period | $ 230,411 | $ 268,176 | 230,411 | 268,176 | 268,176 | ||
Cash and cash equivalents at end of period | $ 240,490 | $ 223,347 | $ 240,490 | $ 223,347 | $ 230,411 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jul. 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 2022, for example, are to the fiscal year ending January 31, 2022. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2021, filed with the SEC on March 16, 2021 (the "Form 10-K"). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of January 31, 2021, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods. The results for the three and six months ended July 31, 2021 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending January 31, 2022, or any other period. There have been no material changes to the Company's significant accounting policies as described in the Form 10-K. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of 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 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 condensed consolidated financial statements. 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 July 31, 2021 and January 31, 2021, no single customer accounted for more than 10% of the Company's accounts receivable. No single customer accounted for more than 10% of the Company's revenue for the three and six months ended July 31, 2021 and 2020, respectively. Recent Accounting Pronouncements Adoption of Accounting Standard - 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. The Company adopted this standard on February 1, 2021 and it did not have a material impact on the Company's condensed consolidated financial statements. |
Revenue
Revenue | 6 Months Ended |
Jul. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Performance Obligations The Company has identified that it has two distinct performance obligations: subscription and associated support to the Yext platform and professional services. The Company's revenue is predominantly related to its subscription and associated support to the Yext platform. Professional services revenue accounted for approximately 8% and 7% of the Company's total revenue for the six months ended July 31, 2021 and 2020, respectively. Geographic Region 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: Three months ended July 31, Six months ended July 31, (in thousands) 2021 2020 2021 2020 North America $ 77,639 $ 71,171 $ 150,699 $ 140,398 International 20,485 16,884 39,417 33,008 Total revenue $ 98,124 $ 88,055 $ 190,116 $ 173,406 North America revenue is predominantly attributable to the United States. International revenue is predominantly attributable to European countries, but also includes Japan. The Company's revenue attributable to the United States represented 79% and 80% for the six months ended July 31, 2021 and 2020, respectively. Revenue attributable to England, which serves as the Company's main contracting entity for Europe effective February 1, 2021, represented 19% of total revenue for the six months ended July 31, 2021. Revenue attributable to Switzerland, which served as the Company's main contracting entity for Europe prior to February 1, 2021, represented 15% of total revenue for the six months ended July 31, 2020. No other individual country represented more than 10% of total revenue for the six months ended July 31, 2021 and 2020. 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 July 31, 2021, unearned revenue, current was $165.4 million, while unearned revenue, non-current, which is included within other long term liabilities on the Company's condensed consolidated balance sheet, was $0.2 million. Revenue recognized of $132.6 million during the six months ended July 31, 2021 was included in unearned revenue at the beginning of the period. 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 July 31, 2021 and January 31, 2021, customer deposits of $0.7 million and $0.2 million were included in accounts payable, accrued expenses and other current liabilities on the Company's condensed consolidated balance sheet, respectively. Remaining Performance Obligations The transaction price allocated to remaining performance obligations represents 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 July 31, 2021, the Company had $341.6 million of remaining performance obligations, of which $323.8 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, 2021, the Company had $351.8 million of remaining performance obligations. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jul. 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 | 6 Months Ended |
Jul. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The Company had goodwill of $4.8 million as of both July 31, 2021 and January 31, 2021. Goodwill is not amortized but is subject to periodic testing for impairment at the reporting unit level, which is at or one level below the operating segment level. The Company operates as one operating segment, which represents its one reporting unit. The test for impairment is conducted annually each November 1 st , or more frequently if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company determined that no events occurred or circumstances changed during the six months ended July 31, 2021 and 2020 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 July 31, 2021 and January 31, 2021, the Company had intangible assets, net of $0.5 million and $0.8 million, respectively. The Company's intangible assets are amortized on a straight-line basis over their estimated useful lives. Intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company has no indefinite-lived intangible assets. The Company determined that no events occurred or circumstances changed during the six months ended July 31, 2021 and 2020 that would indicate that its intangible assets with finite lives may not be recoverable. However, if certain events occur or circumstances change, it may be necessary to record impairment charges in the future. Amortization expense related to intangible assets totaled $0.2 million and $0.3 million for the three and six months ended July 31, 2021, respectively and $0.1 million and $0.3 million for the three and six months ended July 31, 2020, respectively. |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jul. 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) July 31, 2021 January 31, 2021 Computer software $ 18,528 $ 10,719 Office equipment 17,853 14,856 Furniture and fixtures 8,098 7,344 Leasehold improvements 63,070 57,799 Construction in progress 313 4,469 Software in progress 596 5,754 Total property and equipment, gross 108,458 100,941 Less: accumulated depreciation (28,171) (20,597) Total property and equipment, net $ 80,287 $ 80,344 As of July 31, 2021 and January 31, 2021, the Company's property and equipment, net attributable to the United States was 90% and 88%, respectively. No other individual country represented more than 10% of the total property and equipment, net as of those periods. Depreciation expense was $4.0 million and $7.6 million for the three and six months ended July 31, 2021, respectively and $3.0 million and $4.9 million for the three and six months ended July 31, 2020, respectively. |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jul. 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) July 31, 2021 January 31, 2021 Accounts payable $ 9,497 $ 12,974 Accrued employee compensation 17,423 16,780 Accrued Knowledge Network application provider fees 2,997 3,671 Accrued professional services and associated costs 2,820 2,202 Accrued employee stock purchase plan withholdings liability 2,821 3,230 Other current liabilities 13,749 15,329 Total accounts payable, accrued expenses and other current liabilities $ 49,307 $ 54,186 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 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, 2021, the number of shares of common stock available for issuance under the 2016 Plan was automatically increased according to its terms by 4,959,567 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 July 31, 2021, the number of shares available for future award under the 2016 Plan is 2,703,984. Stock Options The following table summarizes the activity related to the Company's stock options: Outstanding Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Balance, January 31, 2021 8,871,890 $ 7.64 4.94 $ 81,906 Granted — $ — Exercised (1,471,011) $ 9.78 Forfeited or canceled (7,813) $ 6.80 Balance, July 31, 2021 7,393,066 $ 7.21 4.81 $ 43,098 Vested and expected to vest 7,322,361 $ 7.17 4.80 $ 43,003 Exercisable at July 31, 2021 7,035,440 $ 6.99 4.74 $ 42,593 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 July 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 $9.7 million and $13.1 million for the six months ended July 31, 2021 and 2020, 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, 2021 9,545,352 $ 16.71 Granted 5,443,718 $ 13.51 Vested and converted to shares (2,067,646) $ 16.06 Forfeited or canceled (1,679,439) $ 16.75 Balance as of July 31, 2021 11,241,985 $ 15.27 The estimated weighted-average grant date fair value of restricted stock and restricted stock units granted was $13.51 and $15.36 per share for the six months ended July 31, 2021 and 2020, respectively. The fair value of the common stock is the Company’s closing stock price as reported on the New York Stock Exchange. 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, 2021, the number of shares of common stock available for issuance under the ESPP was automatically increased according to its terms by 1,239,891 shares. As of July 31, 2021, a total of 3,792,329 shares of the Company's common stock are available for sale to employees under the ESPP. In connection with the offering period which ended on March 15, 2021, 282,119 shares of common stock were purchased under the ESPP at a purchase price of $13.53 per share for total proceeds of $3.8 million. A new offering period began on March 15, 2021 and will end on September 15, 2021. As of July 31, 2021, 207,120 shares are estimated to be purchased at the end of the offering period and $2.8 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 estimated at the commencement of the new offering period and used to calculate the fair value of shares to be purchased during an ESPP offering period included expected lives of 0.5 years, expected volatility of 59.24% and 51.44%, and risk-free rates of 0.06% and 0.29%, for the six months ended July 31, 2021 and 2020, respectively. 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 three and six months ended July 31, 2021, the Company recorded stock-based compensation expense associated with the ESPP of $0.5 million and $1.1 million, respectively and $0.6 million and $1.2 million for the three and six months ended July 31, 2020, respectively. As of July 31, 2021, total unrecognized compensation cost related to ESPP was $0.3 million, net of estimated forfeitures, which will be amortized over a weighted-average remaining period of 0.13 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, net of estimated forfeitures, over the vesting period of the applicable award using the straight-line method. The Company's stock-based compensation expense for the periods presented was as follows: Three months ended July 31, Six months ended July 31, (in thousands) 2021 2020 2021 2020 Cost of revenue $ 2,312 $ 1,307 $ 3,757 $ 2,540 Sales and marketing 7,377 7,960 12,878 15,741 Research and development 5,828 3,933 9,816 7,876 General and administrative 4,885 4,030 8,549 8,445 Total stock-based compensation expense $ 20,402 $ 17,230 $ 35,000 $ 34,602 As of July 31, 2021, there was approximately $162.8 million of total unrecognized compensation cost related to unvested stock-based awards. This unrecognized compensation cost is expected to be recognized over an estimated remaining weighted-average vesting period of approximately 2.78 years. During the three and six months ended July 31, 2021, the Company capitalized $0.3 million and $1.0 million, respectively of stock-based compensation related to software development, and $0.5 million and $0.8 million for the three and six months ended July 31, 2020. |
Equity
Equity | 6 Months Ended |
Jul. 31, 2021 | |
Equity [Abstract] | |
Equity | Equity The following table summarizes the changes in stockholders' equity during the three and six months ended July 31, 2021: Accumulated Additional Other Total Common Stock Paid-In Comprehensive Accumulated Treasury Stockholders’ (in thousands) Shares Amount Capital Income Deficit Stock Equity Balance, January 31, 2021 123,989 $ 130 $ 733,933 $ 2,422 $ (517,345) $ (11,905) $ 207,235 Exercise of stock options 1,069 1 12,110 — — — 12,111 Vested restricted stock units converted to common shares 871 1 (1) — — — — Issuance of restricted stock 4 — — — — — — Issuance of common stock under employee stock purchase plan 282 — 3,817 — — — 3,817 Stock-based compensation — — 15,288 — — — 15,288 Other comprehensive income — — — 355 — — 355 Net loss — — — — (17,631) — (17,631) Balance, April 30, 2021 126,215 132 765,147 2,777 (534,976) (11,905) 221,175 Exercise of stock options 402 1 2,273 — — — 2,274 Vested restricted stock units converted to common shares 1,172 1 (1) — — — — Issuance of restricted stock 11 — — — — — — Stock-based compensation — — 20,730 — — — 20,730 Other comprehensive loss — — — (8) — — (8) Net loss — — — — (27,592) — (27,592) Balance, July 31, 2021 127,800 $ 134 $ 788,149 $ 2,769 $ (562,568) $ (11,905) $ 216,579 The following table summarizes the changes in stockholders' equity during the three and six months ended July 31, 2020: Accumulated Additional Other Total Common Stock Paid-In Comprehensive Accumulated Treasury Stockholders’ (in thousands) Shares Amount Capital Loss Deficit Stock Equity Balance, January 31, 2020 115,830 $ 122 $ 636,008 $ (360) $ (422,653) $ (11,905) $ 201,212 Exercise of stock options 391 1 1,895 — — — 1,896 Vested restricted stock units converted to common shares 903 1 (1) — — — — Issuance of restricted stock 26 — — — — — — Issuance of common stock under employee stock purchase plan 374 — 3,743 — — — 3,743 Stock-based compensation — — 17,617 — — — 17,617 Other comprehensive loss — — — (1,333) — — (1,333) Net loss — — — — (29,224) — (29,224) Balance, April 30, 2020 117,524 124 659,262 (1,693) (451,877) (11,905) 193,911 Exercise of stock options 935 1 4,750 — — — 4,751 Vested restricted stock units converted to common shares 1,041 1 (1) — — — — Issuance of restricted stock 12 — — — — — — Stock-based compensation — — 17,752 — — — 17,752 Other comprehensive income — — — 2,250 — — 2,250 Net loss — — — — (25,116) — (25,116) Balance, July 31, 2020 119,512 $ 126 $ 681,763 $ 557 $ (476,993) $ (11,905) $ 193,548 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 July 31, 2021 and January 31, 2021, no shares of preferred stock were issued or outstanding. Common Stock As of July 31, 2021 and January 31, 2021, 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 | 6 Months Ended |
Jul. 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 year revolving loan facility provides for borrowings up to the amount of the facility with sub-limits of up to (i) $30.0 million to be available for the issuance of letters of credit and (ii) $10.0 million to be available for swingline loans. 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. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company calculates its year-to-date (provision for) benefit from income taxes by applying the estimated annual effective tax rate ("AETR") to year-to-date income or loss from operations before income taxes and adjusts for discrete tax items recorded in the period. During the three and six months ended July 31, 2021, the Company recorded a (provision for) benefit from income taxes of $(0.3) million and $(0.5) million, respectively. During the three and six months ended July 31, 2020, the Company recorded a (provision for) benefit from income taxes of $(0.3) million and $(0.6) million, respectively. The Company's effective tax rate generally differs from the U.S. federal statutory tax rate primarily due to a full valuation allowance related to the Company's net deferred tax assets in the U.S. and in certain foreign jurisdictions, partially offset by the |
Leases
Leases | 6 Months Ended |
Jul. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company's operating le ase arrangements are principally for office space. As of July 31, 2021, the Company had $14.2 million of operating lease liabilities, current, $117.7 million of operating lease liabilities, non-current, $100.0 million of operating lease right-of-use assets, and no financing leases, on its condensed consolidated balance sheet. The operating lease arrangements included in the measurement of lease liabilities do not include short-term leases, and had a weighted-average remaining lease term of 9.1 years and a weighted-average discount rate of 5.8%, as of July 31, 2021. During the six months ended July 31, 2021, the Company paid $9.5 million for amounts included in the measurement of lease liabilities and did not enter into any new lease arrangements. During the six months ended July 31, 2021 and 2020, the Company recognized $13.3 million and $13.1 million, of lease expense, respectively, which consisted of the following: Six months ended July 31, (in thousands) 2021 2020 Operating lease expense $ 8,502 $ 10,944 Short-term lease expense 379 784 Variable lease expense 4,408 1,338 Total lease expense $ 13,289 $ 13,066 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 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 July 31, 2021, the Company's contractual obligations are as follows (in thousands): Fiscal year ending January 31: Operating Leases Other 2022 (remainder of fiscal year) $ 9,726 $ 15,275 2023 19,147 12,304 2024 18,849 5,931 2025 18,295 1,939 2026 18,991 1,840 2027 and thereafter 92,759 1,939 Total $ 177,767 $ 39,228 Performance and Payment Bond The Company's operating lease arrangement associated with its new corporate headquarters in New York, NY required performance and payment bonds to secure the completion of certain construction work. The Company was not required to pay any amounts associated with non-performance or non-payment related to the bonds. 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 condensed consolidated financial statements. The Company has also agreed to indemnify certain of its directors and executive officers for costs associated with any fees, expenses, judgments, fines and settlement amounts incurred by any of these persons in any action or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the person's service as a director or officer, including any action by the Company, arising out of that person's services as the Company's director or officer or that person's services provided to any other company or enterprise at the Company's request. The Company maintains director and officer insurance coverage that would generally enable the Company to recover a portion of 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 | 6 Months Ended |
Jul. 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: Three months ended July 31, Six months ended July 31, (in thousands, except share and per share data) 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ (27,592) $ (25,116) $ (45,223) $ (54,340) Denominator: Weighted-average common shares outstanding 126,906,937 118,411,758 126,152,602 117,519,214 Net loss per share attributable to common stockholders, basic and diluted $ (0.22) $ (0.21) $ (0.36) $ (0.46) 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 July 31, 2021 2020 Options to purchase common stock 7,393,066 10,952,041 Restricted stock and restricted stock units 11,241,985 9,998,039 Shares estimated to be purchased under ESPP 207,120 336,113 Total anti-dilutive common equivalent shares 18,842,171 21,286,193 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2021, filed with the SEC on March 16, 2021 (the "Form 10-K"). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of January 31, 2021, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods. The results for the three and six months ended July 31, 2021 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending January 31, 2022, or any other period. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of 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 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 condensed consolidated financial statements. |
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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adoption of Accounting Standard - 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. The Company adopted this standard on February 1, 2021 and it did not have a material impact on the Company's condensed consolidated financial statements. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company's revenue by geographic region: Three months ended July 31, Six months ended July 31, (in thousands) 2021 2020 2021 2020 North America $ 77,639 $ 71,171 $ 150,699 $ 140,398 International 20,485 16,884 39,417 33,008 Total revenue $ 98,124 $ 88,055 $ 190,116 $ 173,406 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | 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) July 31, 2021 January 31, 2021 Computer software $ 18,528 $ 10,719 Office equipment 17,853 14,856 Furniture and fixtures 8,098 7,344 Leasehold improvements 63,070 57,799 Construction in progress 313 4,469 Software in progress 596 5,754 Total property and equipment, gross 108,458 100,941 Less: accumulated depreciation (28,171) (20,597) Total property and equipment, net $ 80,287 $ 80,344 |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jul. 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) July 31, 2021 January 31, 2021 Accounts payable $ 9,497 $ 12,974 Accrued employee compensation 17,423 16,780 Accrued Knowledge Network application provider fees 2,997 3,671 Accrued professional services and associated costs 2,820 2,202 Accrued employee stock purchase plan withholdings liability 2,821 3,230 Other current liabilities 13,749 15,329 Total accounts payable, accrued expenses and other current liabilities $ 49,307 $ 54,186 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 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: Outstanding Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Balance, January 31, 2021 8,871,890 $ 7.64 4.94 $ 81,906 Granted — $ — Exercised (1,471,011) $ 9.78 Forfeited or canceled (7,813) $ 6.80 Balance, July 31, 2021 7,393,066 $ 7.21 4.81 $ 43,098 Vested and expected to vest 7,322,361 $ 7.17 4.80 $ 43,003 Exercisable at July 31, 2021 7,035,440 $ 6.99 4.74 $ 42,593 |
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, 2021 9,545,352 $ 16.71 Granted 5,443,718 $ 13.51 Vested and converted to shares (2,067,646) $ 16.06 Forfeited or canceled (1,679,439) $ 16.75 Balance as of July 31, 2021 11,241,985 $ 15.27 |
Schedule of Share-Based Compensation Expense | The Company's stock-based compensation expense for the periods presented was as follows: Three months ended July 31, Six months ended July 31, (in thousands) 2021 2020 2021 2020 Cost of revenue $ 2,312 $ 1,307 $ 3,757 $ 2,540 Sales and marketing 7,377 7,960 12,878 15,741 Research and development 5,828 3,933 9,816 7,876 General and administrative 4,885 4,030 8,549 8,445 Total stock-based compensation expense $ 20,402 $ 17,230 $ 35,000 $ 34,602 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Equity [Abstract] | |
Schedule of Stockholders Equity | The following table summarizes the changes in stockholders' equity during the three and six months ended July 31, 2021: Accumulated Additional Other Total Common Stock Paid-In Comprehensive Accumulated Treasury Stockholders’ (in thousands) Shares Amount Capital Income Deficit Stock Equity Balance, January 31, 2021 123,989 $ 130 $ 733,933 $ 2,422 $ (517,345) $ (11,905) $ 207,235 Exercise of stock options 1,069 1 12,110 — — — 12,111 Vested restricted stock units converted to common shares 871 1 (1) — — — — Issuance of restricted stock 4 — — — — — — Issuance of common stock under employee stock purchase plan 282 — 3,817 — — — 3,817 Stock-based compensation — — 15,288 — — — 15,288 Other comprehensive income — — — 355 — — 355 Net loss — — — — (17,631) — (17,631) Balance, April 30, 2021 126,215 132 765,147 2,777 (534,976) (11,905) 221,175 Exercise of stock options 402 1 2,273 — — — 2,274 Vested restricted stock units converted to common shares 1,172 1 (1) — — — — Issuance of restricted stock 11 — — — — — — Stock-based compensation — — 20,730 — — — 20,730 Other comprehensive loss — — — (8) — — (8) Net loss — — — — (27,592) — (27,592) Balance, July 31, 2021 127,800 $ 134 $ 788,149 $ 2,769 $ (562,568) $ (11,905) $ 216,579 The following table summarizes the changes in stockholders' equity during the three and six months ended July 31, 2020: Accumulated Additional Other Total Common Stock Paid-In Comprehensive Accumulated Treasury Stockholders’ (in thousands) Shares Amount Capital Loss Deficit Stock Equity Balance, January 31, 2020 115,830 $ 122 $ 636,008 $ (360) $ (422,653) $ (11,905) $ 201,212 Exercise of stock options 391 1 1,895 — — — 1,896 Vested restricted stock units converted to common shares 903 1 (1) — — — — Issuance of restricted stock 26 — — — — — — Issuance of common stock under employee stock purchase plan 374 — 3,743 — — — 3,743 Stock-based compensation — — 17,617 — — — 17,617 Other comprehensive loss — — — (1,333) — — (1,333) Net loss — — — — (29,224) — (29,224) Balance, April 30, 2020 117,524 124 659,262 (1,693) (451,877) (11,905) 193,911 Exercise of stock options 935 1 4,750 — — — 4,751 Vested restricted stock units converted to common shares 1,041 1 (1) — — — — Issuance of restricted stock 12 — — — — — — Stock-based compensation — — 17,752 — — — 17,752 Other comprehensive income — — — 2,250 — — 2,250 Net loss — — — — (25,116) — (25,116) Balance, July 31, 2020 119,512 $ 126 $ 681,763 $ 557 $ (476,993) $ (11,905) $ 193,548 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost | During the six months ended July 31, 2021 and 2020, the Company recognized $13.3 million and $13.1 million, of lease expense, respectively, which consisted of the following: Six months ended July 31, (in thousands) 2021 2020 Operating lease expense $ 8,502 $ 10,944 Short-term lease expense 379 784 Variable lease expense 4,408 1,338 Total lease expense $ 13,289 $ 13,066 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Contractual Obligation Payments | As of July 31, 2021, the Company's contractual obligations are as follows (in thousands): Fiscal year ending January 31: Operating Leases Other 2022 (remainder of fiscal year) $ 9,726 $ 15,275 2023 19,147 12,304 2024 18,849 5,931 2025 18,295 1,939 2026 18,991 1,840 2027 and thereafter 92,759 1,939 Total $ 177,767 $ 39,228 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jul. 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: Three months ended July 31, Six months ended July 31, (in thousands, except share and per share data) 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ (27,592) $ (25,116) $ (45,223) $ (54,340) Denominator: Weighted-average common shares outstanding 126,906,937 118,411,758 126,152,602 117,519,214 Net loss per share attributable to common stockholders, basic and diluted $ (0.22) $ (0.21) $ (0.36) $ (0.46) |
Schedule of Antidilutive Securities | Anti-dilutive common equivalent shares were as follows: As of July 31, 2021 2020 Options to purchase common stock 7,393,066 10,952,041 Restricted stock and restricted stock units 11,241,985 9,998,039 Shares estimated to be purchased under ESPP 207,120 336,113 Total anti-dilutive common equivalent shares 18,842,171 21,286,193 |
Organization and Description _2
Organization and Description of Business (Details) | Jul. 31, 2021Provider |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of service and application providers | 200 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) | 6 Months Ended |
Jul. 31, 2021operatingSegment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | |
Revenue from External Customer [Line Items] | |||
Unearned revenue, current | $ 165,377 | $ 191,810 | |
Unearned revenue, noncurrent | 200 | ||
Unearned revenue, revenue recognized | 132,600 | ||
Customer deposits | $ 700 | $ 200 | |
Sales Revenue, Net | Product Concentration Risk | Professional Services | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 8.00% | 7.00% | |
Sales Revenue, Net | Geographic Concentration Risk | UNITED STATES | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 79.00% | 80.00% | |
Sales Revenue, Net | Geographic Concentration Risk | UNITED KINGDOM | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 19.00% | ||
Sales Revenue, Net | Geographic Concentration Risk | SWITZERLAND | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 15.00% |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 98,124 | $ 88,055 | $ 190,116 | $ 173,406 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 77,639 | 71,171 | 150,699 | 140,398 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 20,485 | $ 16,884 | $ 39,417 | $ 33,008 |
Revenue - Revenue Performance O
Revenue - Revenue Performance Obligations (Details) - USD ($) $ in Millions | Jul. 31, 2021 | Jan. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Revenue, remaining performance obligation, amount | $ 341.6 | $ 351.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, amount | 341.6 | $ 351.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-08-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Revenue, remaining performance obligation, amount | 323.8 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, amount | $ 323.8 | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 24 months |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Jul. 31, 2021 | Jan. 31, 2021 |
Recurring | Fair Value, Inputs, Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | $ 138.5 | $ 138.8 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2021USD ($) | Jul. 31, 2020USD ($) | Jul. 31, 2021USD ($)reportingUnitoperatingSegment | Jul. 31, 2020USD ($) | Jan. 31, 2021USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 4,764 | $ 4,764 | $ 4,842 | ||
Number of operating segments | operatingSegment | 1 | ||||
Number of reporting units | reportingUnit | 1 | ||||
Intangible assets, net | 458 | $ 458 | 767 | ||
Indefinite-lived intangible assets (excluding goodwill) | 0 | 0 | $ 0 | ||
Amortization of intangible assets | $ 200 | $ 100 | $ 300 | $ 300 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment, gross | $ 108,458 | $ 108,458 | $ 100,941 | ||
Less: accumulated depreciation | (28,171) | (28,171) | (20,597) | ||
Total property and equipment, net | 80,287 | 80,287 | $ 80,344 | ||
Depreciation expense | 4,000 | $ 3,000 | $ 7,600 | $ 4,900 | |
Geographic Concentration Risk | UNITED STATES | Property, Plant and Equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Concentration risk, percentage | 90.00% | 88.00% | |||
Computer software | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment, gross | 18,528 | $ 18,528 | $ 10,719 | ||
Office equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment, gross | 17,853 | 17,853 | 14,856 | ||
Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment, gross | 8,098 | 8,098 | 7,344 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment, gross | 63,070 | 63,070 | 57,799 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment, gross | 313 | 313 | 4,469 | ||
Software in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment, gross | $ 596 | $ 596 | $ 5,754 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 9,497 | $ 12,974 |
Accrued employee compensation | 17,423 | 16,780 |
Accrued Knowledge Network application provider fees | 2,997 | 3,671 |
Accrued professional services and associated costs | 2,820 | 2,202 |
Accrued employee stock purchase plan withholdings liability | 2,821 | 3,230 |
Other current liabilities | 13,749 | 15,329 |
Total accounts payable, accrued expenses and other current liabilities | 49,307 | 54,186 |
Capital expenditures | $ 700 | $ 4,500 |
Stock-Based Compensation - Plan
Stock-Based Compensation - Plans (Details) - shares | 1 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Jul. 31, 2021 | Feb. 01, 2021 | Mar. 10, 2016 | |
2008 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 25,912,531 | |||
2008 Equity Incentive Plan | Options to purchase common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award expiration period (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) | 4,959,567 | |||
Number of shares available for futures issuance (in shares) | 2,703,984 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | |
Outstanding Stock Options | |||
Balance, beginning of period (in shares) | 8,871,890 | ||
Options granted (in shares) | 0 | ||
Options exercised (in shares) | (1,471,011) | ||
Options forfeited or canceled (in shares) | (7,813) | ||
Balance, end of period (in shares) | 7,393,066 | 8,871,890 | |
Vested and expected to vest (in shares) | 7,322,361 | ||
Exercisable at end of period (in shares) | 7,035,440 | ||
Weighted-Average Exercise Price (in dollars per share): | |||
Balance, beginning of period (in dollars per share) | $ 7.64 | ||
Options granted (in dollars per share) | 0 | ||
Options exercised (in dollars per share) | 9.78 | ||
Options forfeited or canceled (in dollars per share) | 6.80 | ||
Balance, end of period (in dollars per share) | 7.21 | $ 7.64 | |
Vested and expected to vest (in dollars per share) | 7.17 | ||
Exercisable at end of period (in dollars per share) | $ 6.99 | ||
Balance, weighted-average remaining contractual life (in years) | 4 years 9 months 21 days | 4 years 11 months 8 days | |
Vested and expected to vest, weighted-average remaining contractual life (in years) | 4 years 9 months 18 days | ||
Exercisable at end of period, weighted-average remaining contractual life (in years) | 4 years 8 months 26 days | ||
Balance, aggregate intrinsic value | $ 43,098 | $ 81,906 | |
Vested and expected to vest, aggregate intrinsic value | 43,003 | ||
Exercisable at end of period, aggregate intrinsic value | 42,593 | ||
Options exercised, intrinsic value | $ 9,700 | $ 13,100 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock (Details) - Restricted stock and restricted stock units - $ / shares | 6 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Outstanding | ||
Balance, beginning of period (in shares) | 9,545,352 | |
Granted (in shares) | 5,443,718 | |
Vested and converted to shares (in shares) | (2,067,646) | |
Forfeited or canceled (in shares) | (1,679,439) | |
Balance, end of period (in shares) | 11,241,985 | |
Weighted-Average Grant Date Fair Value | ||
Balance, beginning of period (in dollars per share) | $ 16.71 | |
Granted (in dollars per share) | 13.51 | $ 15.36 |
Vested and converted to shares (in dollars per share) | 16.06 | |
Forfeited or canceled (in dollars per share) | 16.75 | |
Balance, end of period (in dollars per share) | 15.27 | |
Granted (in dollars per share) | $ 13.51 | $ 15.36 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jul. 31, 2021 | Apr. 30, 2021 | Jul. 31, 2020 | Apr. 30, 2020 | Sep. 15, 2021 | Jul. 31, 2021 | Mar. 15, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Feb. 01, 2021 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Issuance of common stock under employee stock purchase plan | $ 3,817 | $ 3,743 | $ 3,817 | $ 7,000 | |||||||
Stock-based compensation expense | $ 20,402 | $ 17,230 | $ 35,000 | $ 34,602 | |||||||
Shares committed under 2017 ESPP | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares authorized, annual increase (in shares) | 1,239,891 | 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) | 3,792,329 | 3,792,329 | |||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 282,119 | ||||||||||
Shares purchased under plan (in dollars per share) | $ 13.53 | ||||||||||
Issuance of common stock under employee stock purchase plan | $ 3,800 | ||||||||||
Employee withholdings for future purchases under the ESPP | $ 2,800 | $ 2,800 | |||||||||
Expected life (in years) | 6 months | 6 months | |||||||||
Expected volatility rate | 59.24% | 51.44% | |||||||||
Risk free interest rate | 0.06% | 0.29% | |||||||||
Stock-based compensation expense | $ 500 | $ 600 | 1,100 | $ 1,200 | |||||||
Unrecognized compensation cost | $ 300 | $ 300 | |||||||||
Unrecognized compensation cost, period for recognition (in years) | 1 month 17 days | ||||||||||
Maximum payroll deduction (as a percent of eligible compensation) | 15.00% | ||||||||||
Purchase price of common stock (as a percent) | 85.00% | ||||||||||
Shares committed under 2017 ESPP | Forecast | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 207,120 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 20,402 | $ 17,230 | $ 35,000 | $ 34,602 |
Unrecognized compensation cost, stock options | 162,800 | 162,800 | ||
Stock-based compensation related to internal-use software development | 300 | 500 | 1,000 | 800 |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 2,312 | 1,307 | 3,757 | 2,540 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 7,377 | 7,960 | 12,878 | 15,741 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 5,828 | 3,933 | 9,816 | 7,876 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 4,885 | $ 4,030 | $ 8,549 | $ 8,445 |
Options to purchase common stock | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Unrecognized compensation cost, period for recognition (in years) | 2 years 9 months 10 days |
Equity - Changes in stockholder
Equity - Changes in stockholders' equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 31, 2021 | Apr. 30, 2021 | Jul. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning of period | $ 221,175 | $ 207,235 | $ 193,911 | $ 201,212 | $ 207,235 | $ 201,212 | $ 201,212 |
Exercise of stock options (in shares) | 1,471,011 | ||||||
Exercise of stock options | 2,274 | 12,111 | 4,751 | 1,896 | $ 14,385 | 16,516 | |
Vested restricted stock units converted to common shares | 0 | 0 | 0 | 0 | 0 | 0 | |
Issuance of restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | |
Issuance of common stock under employee stock purchase plan | 3,817 | 3,743 | 3,817 | 7,000 | |||
Stock-based compensation | 20,730 | 15,288 | 17,752 | 17,617 | 36,018 | 74,417 | |
Other comprehensive income (loss) | (8) | 355 | 2,250 | (1,333) | 347 | 2,782 | |
Net loss | (27,592) | (17,631) | (25,116) | (29,224) | (45,223) | (54,340) | (94,692) |
End of period | $ 216,579 | $ 221,175 | $ 193,548 | $ 193,911 | $ 216,579 | $ 193,548 | $ 207,235 |
Common Stock | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning of period (in shares) | 126,215,000 | 123,989,000 | 117,524,000 | 115,830,000 | 123,989,000 | 115,830,000 | 115,830,000 |
Beginning of period | $ 132 | $ 130 | $ 124 | $ 122 | $ 130 | $ 122 | $ 122 |
Exercise of stock options (in shares) | 402,000 | 1,069,000 | 935,000 | 391,000 | 1,471,000 | 3,064,000 | |
Exercise of stock options | $ 1 | $ 1 | $ 1 | $ 1 | $ 2 | $ 3 | |
Vested restricted stock units converted to common shares (in shares) | 1,172,000 | 871,000 | 1,041,000 | 903,000 | 2,043,000 | 4,358,000 | |
Vested restricted stock units converted to common shares | $ 1 | $ 1 | $ 1 | $ 1 | $ 2 | $ 4 | |
Issuance of restricted stock (in shares) | 11,000 | 4,000 | 12,000 | 26,000 | 15,000 | 38,000 | |
Issuance of common stock under employee stock purchase plan (in shares) | 282,000 | 374,000 | 282,000 | 699,000 | |||
Issuance of common stock under employee stock purchase plan | $ 1 | ||||||
End of period (in shares) | 127,800,000 | 126,215,000 | 119,512,000 | 117,524,000 | 127,800,000 | 119,512,000 | 123,989,000 |
End of period | $ 134 | $ 132 | $ 126 | $ 124 | $ 134 | $ 126 | $ 130 |
Additional Paid-in Capital | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning of period | 765,147 | 733,933 | 659,262 | 636,008 | 733,933 | 636,008 | 636,008 |
Exercise of stock options | 2,273 | 12,110 | 4,750 | 1,895 | 14,383 | 16,513 | |
Vested restricted stock units converted to common shares | (1) | (1) | (1) | (1) | (2) | (4) | |
Issuance of common stock under employee stock purchase plan | 3,817 | 3,743 | 3,817 | 6,999 | |||
Stock-based compensation | 20,730 | 15,288 | 17,752 | 17,617 | 36,018 | 74,417 | |
End of period | 788,149 | 765,147 | 681,763 | 659,262 | 788,149 | 681,763 | 733,933 |
Accumulated Other Comprehensive Income (Loss) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning of period | 2,777 | 2,422 | (1,693) | (360) | 2,422 | (360) | (360) |
Other comprehensive income (loss) | (8) | 355 | 2,250 | (1,333) | 347 | 2,782 | |
End of period | 2,769 | 2,777 | 557 | (1,693) | 2,769 | 557 | 2,422 |
Accumulated Deficit | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning of period | (534,976) | (517,345) | (451,877) | (422,653) | (517,345) | (422,653) | (422,653) |
Net loss | (27,592) | (17,631) | (25,116) | (29,224) | (45,223) | (94,692) | |
End of period | (562,568) | (534,976) | (476,993) | (451,877) | (562,568) | (476,993) | (517,345) |
Treasury Stock | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning of period | (11,905) | (11,905) | (11,905) | (11,905) | (11,905) | (11,905) | (11,905) |
End of period | $ (11,905) | $ (11,905) | $ (11,905) | $ (11,905) | $ (11,905) | $ (11,905) | $ (11,905) |
Equity - Narrative (Details)
Equity - Narrative (Details) $ / shares in Units, $ in Thousands | Jul. 31, 2021USD ($)vote$ / sharesshares | Jan. 31, 2021USD ($)vote$ / 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 | 1 | |
Treasury stock (in shares) | 6,505,334 | 6,505,334 | |
Treasury stock | $ | $ 11,905 | $ 11,905 |
Debt (Details)
Debt (Details) | Mar. 11, 2020USD ($)Rate | Jul. 31, 2021USD ($)quarter |
Line of Credit Facility [Line Items] | ||
Number of fiscal quarters | quarter | 4 | |
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 | Bridge 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 | Rate | 0.015% | |
Line of credit facility, available borrowing capacity | $ 35,700,000 | |
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 (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
(Provision for) benefit from income taxes | $ (285) | $ (346) | $ (472) | $ (628) |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2021 | Jan. 31, 2021 | |
Leases [Abstract] | ||
Operating lease liabilities, current | $ 14,191 | $ 14,165 |
Operating lease liabilities, non-current | 117,689 | 123,584 |
Operating lease right-of-use assets | $ 99,972 | $ 104,844 |
Operating lease, weighted average remaining lease term (in years) | 9 years 1 month 6 days | |
Operating lease, weighted average discount rate, percentage | 5.80% | |
Operating lease, payments | $ 9,500 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Leases [Abstract] | ||
Operating lease expense | $ 8,502 | $ 10,944 |
Short-term lease expense | 379 | 784 |
Variable lease expense | 4,408 | 1,338 |
Total lease expense | $ 13,289 | $ 13,066 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual Obligations (Details) $ in Thousands | Jul. 31, 2021USD ($) |
Operating Leases | |
2022 (remainder of fiscal year) | $ 9,726 |
2023 | 19,147 |
2024 | 18,849 |
2025 | 18,295 |
2026 | 18,991 |
2027 and thereafter | 92,759 |
Total | 177,767 |
Other | |
2022 (remainder of fiscal year) | 15,275 |
2023 | 12,304 |
2024 | 5,931 |
2025 | 1,939 |
2026 | 1,840 |
2027 and thereafter | 1,939 |
Total | $ 39,228 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 31, 2021 | Apr. 30, 2021 | Jul. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | |
Earnings Per Share [Abstract] | |||||||
Net loss attributable to common stockholders | $ (27,592) | $ (17,631) | $ (25,116) | $ (29,224) | $ (45,223) | $ (54,340) | $ (94,692) |
Weighted-average common shares outstanding, basic (in shares) | 126,906,937 | 118,411,758 | 126,152,602 | 117,519,214 | |||
Weighted-average common shares outstanding, diluted (in shares) | 126,906,937 | 118,411,758 | 126,152,602 | 117,519,214 | |||
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.22) | $ (0.21) | $ (0.36) | $ (0.46) | |||
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.22) | $ (0.21) | $ (0.36) | $ (0.46) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Anti-dilutive common equivalent shares (Details) - shares | 6 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive common equivalent shares (in shares) | 18,842,171 | 21,286,193 |
Restricted stock and restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive common equivalent shares (in shares) | 11,241,985 | 9,998,039 |
Shares estimated to be purchased under ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive common equivalent shares (in shares) | 207,120 | 336,113 |
Common Stock | Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive common equivalent shares (in shares) | 7,393,066 | 10,952,041 |