Cover
Cover - shares | 3 Months Ended | |
Apr. 30, 2023 | Jun. 02, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-41121 | |
Entity Registrant Name | HashiCorp, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 32-0410665 | |
Entity Address, Address Line One | 101 Second Street | |
Entity Address, Address Line Two | Suite 700 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94105 | |
City Area Code | (415) | |
Local Phone Number | 301-3250 | |
Title of 12(b) Security | Class A Common Stock, par value $0.000015 per share | |
Trading Symbol | HCP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001720671 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2024 | |
Common Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 100,420,703 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 91,463,210 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 966,791 | $ 1,286,134 |
Short-term investments | 322,395 | 0 |
Accounts receivable, net of allowance of $13 for both periods | 102,939 | 162,369 |
Deferred contract acquisition costs | 42,995 | 42,812 |
Prepaid expenses and other current assets | 26,760 | 17,683 |
Total current assets | 1,461,880 | 1,508,998 |
Deferred contract acquisition costs, non-current | 80,227 | 81,286 |
Other assets, non-current | 41,242 | 38,056 |
Total assets | 1,583,349 | 1,628,340 |
Current liabilities: | ||
Accounts payable | 13,470 | 12,450 |
Accrued expenses and other current liabilities | 8,835 | 10,163 |
Accrued compensation and benefits | 53,474 | 58,628 |
Deferred revenue | 249,515 | 272,909 |
Customer deposits | 24,890 | 26,699 |
Total current liabilities | 350,184 | 380,849 |
Deferred revenue, non-current | 26,899 | 29,335 |
Other liabilities, non-current | 11,970 | 12,806 |
Total liabilities | 389,053 | 422,990 |
Commitments and contingencies (note 8) | ||
Stockholders’ equity | ||
Additional paid-in capital | 2,028,017 | 1,985,747 |
Accumulated other comprehensive loss | (66) | 0 |
Accumulated deficit | (833,658) | (780,400) |
Total stockholders’ equity | 1,194,296 | 1,205,350 |
Total liabilities and stockholders’ equity | 1,583,349 | 1,628,340 |
Class A Common Stock | ||
Stockholders’ equity | ||
Common Stock | 1 | 1 |
Class B Common Stock | ||
Stockholders’ equity | ||
Common Stock | $ 2 | $ 2 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Accounts receivable, allowances | $ 13 | $ 13 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.000015 | $ 0.000015 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 98,358,000 | 88,823,000 |
Common stock, shares outstanding (in shares) | 98,358,000 | 88,823,000 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.000015 | $ 0.000015 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 93,194,000 | 101,145,000 |
Common stock, shares outstanding (in shares) | 93,194,000 | 101,145,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Revenue: | ||
Total revenue | $ 137,983 | $ 100,897 |
Cost of revenue: | ||
Total cost of revenue | 26,788 | 19,389 |
Gross profit | 111,195 | 81,508 |
Operating expenses: | ||
Sales and marketing | 90,564 | 80,252 |
Research and development | 54,193 | 47,175 |
General and administrative | 34,248 | 32,523 |
Total operating expenses | 179,005 | 159,950 |
Loss from operations | (67,810) | (78,442) |
Interest income | 14,980 | 616 |
Other income (expense), net | (120) | (106) |
Loss before income taxes | (52,950) | (77,932) |
Provision for income taxes | 308 | 285 |
Net loss | $ (53,258) | $ (78,217) |
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share) | $ (0.28) | $ (0.43) |
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share) | $ (0.28) | $ (0.43) |
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic (in shares) | 190,806 | 182,948 |
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, diluted (in shares) | 190,806 | 182,948 |
Subscription Revenue | ||
Revenue: | ||
Total revenue | $ 133,615 | $ 98,384 |
Cost of revenue: | ||
Total cost of revenue | 22,456 | 16,061 |
Subscription Revenue | License | ||
Revenue: | ||
Total revenue | 15,158 | 10,344 |
Cost of revenue: | ||
Total cost of revenue | 585 | 393 |
Subscription Revenue | Support | ||
Revenue: | ||
Total revenue | 101,913 | 79,208 |
Cost of revenue: | ||
Total cost of revenue | 14,843 | 10,838 |
Subscription Revenue | Cloud-hosted services | ||
Revenue: | ||
Total revenue | 16,544 | 8,832 |
Cost of revenue: | ||
Total cost of revenue | 7,028 | 4,830 |
Professional services and other | ||
Revenue: | ||
Total revenue | 4,368 | 2,513 |
Cost of revenue: | ||
Total cost of revenue | $ 4,332 | $ 3,328 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (53,258) | $ (78,217) |
Available-for-sale investments: | ||
Unrealized loss on available-for-sale investments, net of tax | (66) | 0 |
Comprehensive loss | $ (53,324) | $ (78,217) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Class A and Class B Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance (in shares) at Jan. 31, 2022 | 182,167 | ||||
Beginning balance at Jan. 31, 2022 | $ 1,282,291 | $ 3 | $ 1,788,390 | $ (506,102) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 839 | ||||
Issuance of common stock upon exercise of stock options | 521 | 521 | |||
Vesting of early exercised stock options | 3 | 3 | |||
Issuance of common stock upon settlement of restricted stock units (in shares) | 710 | ||||
Tax withholdings on settlement of restricted stock units (in shares) | (8) | ||||
Tax withholdings on settlement of restricted stock units | (125) | (125) | |||
Stock-based compensation | 47,141 | 47,141 | |||
Net loss | (78,217) | (78,217) | |||
Ending balance (in shares) at Apr. 30, 2022 | 183,708 | ||||
Ending balance at Apr. 30, 2022 | 1,251,614 | $ 3 | 1,835,930 | (584,319) | |
Beginning balance (in shares) at Jan. 31, 2023 | 189,968 | ||||
Beginning balance at Jan. 31, 2023 | 1,205,350 | $ 3 | 1,985,747 | $ 0 | (780,400) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 513 | ||||
Issuance of common stock upon exercise of stock options | 1,013 | 1,013 | |||
Issuance of common stock upon settlement of restricted stock units (in shares) | 1,071 | ||||
Tax withholdings on settlement of restricted stock units | (9) | (9) | |||
Stock-based compensation | 41,266 | 41,266 | |||
Other comprehensive loss | (66) | (66) | |||
Net loss | (53,258) | (53,258) | |||
Ending balance (in shares) at Apr. 30, 2023 | 191,552 | ||||
Ending balance at Apr. 30, 2023 | $ 1,194,296 | $ 3 | $ 2,028,017 | $ (66) | $ (833,658) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (53,258) | $ (78,217) |
Adjustments to reconcile net loss to cash from operating activities: | ||
Stock-based compensation expense, net of amounts capitalized | 40,163 | 46,259 |
Depreciation and amortization expense | 1,583 | 906 |
Non-cash operating lease cost | 733 | 705 |
(Accretion) amortization of (discounts) premiums on marketable securities, net | (1,345) | 0 |
Other | (28) | (19) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 59,433 | 36,887 |
Deferred contract acquisition costs | 876 | (6,074) |
Prepaid expenses and other assets | (10,346) | (1,552) |
Accounts payable | 1,020 | (4,702) |
Accrued expenses and other liabilities | (2,243) | 1,506 |
Accrued compensation and benefits | (5,075) | (6,328) |
Deferred revenue | (25,830) | (3,361) |
Customer deposits | (1,809) | 271 |
Net cash provided by (used in) operating activities | 3,874 | (13,719) |
Cash flows from investing activities | ||
Purchases of property and equipment | (391) | (13) |
Capitalized internal-use software | (2,739) | (1,592) |
Purchases of investments | (342,330) | 0 |
Proceeds from sales of investments | 21,239 | 0 |
Net cash used in investing activities | (324,221) | (1,605) |
Cash flows from financing activities | ||
Taxes paid related to net share settlement of equity awards | (9) | (125) |
Proceeds from issuance of common stock upon exercise of stock options | 1,013 | 521 |
Net cash provided by financing activities | 1,004 | 396 |
Net decrease in cash, cash equivalents, and restricted cash | (319,343) | (14,928) |
Cash, cash equivalents, and restricted cash beginning of period | 1,286,134 | 1,357,613 |
Cash, cash equivalents, and restricted cash end of period | 966,791 | 1,342,685 |
Supplemental disclosure of cash flow information | ||
Cash paid for income taxes, net of refunds received | 444 | 215 |
Cash paid for operating lease liabilities | 963 | 935 |
Supplemental disclosure of noncash investing and financing activities | ||
Capitalized stock-based compensation expense | $ 1,103 | $ 882 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Apr. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Description of Business |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP" or "GAAP") and include the accounts of the Company and its wholly owned subsidiaries. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (the "SEC"). The condensed balance sheet data as of January 31, 2023 was derived from the Company’s audited financial statements included in its Annual Report on Form 10-K for the fiscal year ended January 31, 2023 (the “2023 Form 10-K”), but does not include all disclosures required by U.S. GAAP. Therefore, these interim condensed consolidated financial statements and accom panying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in its Annual Report on Form 10-K for the fiscal year ended January 31, 2023 (the “fiscal 2023 Form 10-K”). The accompanying condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, that are, in the opinion of management, necessary for the fair presentation of the Company’s financial position, results of operations, cash flows, and stockholders’ equity for the interim periods presented. The results of operations for the three months ended April 30, 2023 shown in this report are not necessarily indicative of the results to be expected for the full year ending January 31, 2024 or any other period. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in accordance 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 at the date of the consolidated financial statements, and the reported amounts of income and expense during the reporting period. Such management estimates include, but are not limited to, the determination of standalone selling prices of the Company’s performance obligations, the estimated period of benefit of deferred contract acquisition costs, the fair value of share-based awards, fair value of investments, software development costs, discount rates used for operating leases, amortization and accretion of interest on investments, and accounting for income taxes, including the valuation allowance on deferred tax assets and uncertain tax positions. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates. Accumulated Other Comprehensive Loss As of April 30, 2023, accumulated other comprehensive loss was comprised of unrealized losses from our available-for-sale investments. Significant Accounting Policies Other than the short-term investment policy described below, there have been no changes to the Company’s significant accounting policies described in the fiscal 2023 Form 10-K that have had a material impact on these condensed consolidated financial statements and related notes. Short-Term Investments The Company’s investments consist of U.S. treasury securities, corporate notes and bonds, U.S. agency obligations, commercial paper, and certificates of deposit. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such determination at each balance sheet date. The Company has classified and accounted for its investments as available-for-sale securities. The Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its investments, including those with maturities beyond twelve months, as current assets in the consolidated balance sheets. Available-for-sale securities are recorded at fair value each reporting period, and are adjusted for amortization of premiums and accretion of discounts to maturity and such amortization and accretion are included in interest income in the condensed consolidated statements of operations. Realized gains and losses are determined based on the specific identification method and are reported in other income (expense), net in the condensed consolidated statements of operations. Unrealized gains are reported as a separate component of accumulated other comprehensive loss on the condensed consolidated balance sheets until realized. For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell the security or it is more likely than not that the Company will be required to sell the security before the recovery of its entire amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through other income (expense), net in the condensed consolidated statements of operations. If neither of these criteria is met, the Company evaluates whether the decline in fair value below amortized cost is due to credit or non-credit related factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. Credit related unrealized losses are recognized as an allowance for expected credit losses of available-for-sale debt securities on the condensed consolidated balance sheets with a corresponding charge in other income (expense), net in the condensed consolidated statements of operations. Non-credit related unrealized losses are included in accumulated other comprehensive loss. |
Revenue and Performance Obligat
Revenue and Performance Obligations | 3 Months Ended |
Apr. 30, 2023 | |
Disaggregation of Revenue [Abstract] | |
Revenue and Performance Obligations | 3. Revenue and Performance Obligations Disaggregation of revenue The following table presents revenue by category (dollars in thousands): Three Months Ended April 30, 2023 2022 Amount % of Total Amount % of Total License $ 15,158 11 % $ 10,344 10 % Support 101,913 74 79,208 79 Cloud-hosted services 16,544 12 8,832 9 Total subscription revenue 133,615 97 98,384 98 Professional services and other 4,368 3 2,513 2 Total revenue $ 137,983 100 % $ 100,897 100 % The following table summarizes the revenue by region based on the billing address of customers who have contracted to use the Company's products and services (dollars in thousands): Three Months Ended April 30, 2023 2022 Amount % of Total Amount % of Total United States $ 98,557 71 % $ 72,791 72 % Rest of the world 39,426 29 % 28,106 28 % Total $ 137,983 100 % $ 100,897 100 % No other country, outside of the United States, exceeded 10% of total revenue during the periods presented. Contract Balances Changes in deferred revenue and unbilled accounts receivable were as follows (in thousands): Three Months Ended April 30, 2023 2022 Balance, beginning of period $ 302,244 $ 223,289 Deferred revenue billings including reclassification to deferred revenue from customer deposits 113,046 98,094 Recognition of revenue, net of change in unbilled accounts receivable* (138,876) (101,455) Balance, end of period $ 276,414 $ 219,928 * Reconciliation to revenue reported per consolidated statements of operations: Revenue billed as of the end of the period $ 138,876 $ 101,455 Increase (decrease) in total unbilled accounts receivable (893) (558) Revenue reported per consolidated statements of operations $ 137,983 $ 100,897 Unbilled accounts receivable represents revenue recognized on contracts for which billings have not yet been presented to customers because the amounts were earned but not contractually billable as of the balance sheet date. The unbilled accounts receivable balance is due within one year. As of April 30, 2023 and January 31, 2023, unbilled accounts receivable of approximately $4.0 million and $4.9 million, respectively, were included in accounts receivable on the Company’s condensed consolidated balance sheets. Remaining Performance Obligations (RPOs) The typical stated customer contract term is one year but can range up to three years. RPOs include both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. As of April 30, 2023 and January 31, 2023, the Company had $635.3 million and $647.1 million, respectively, of remaining performance obligations, which is comprised of product and services revenue not yet delivered. As of April 30, 2023 and January 31, 2023, the Company expected to recognize approximately 59% and 58%, respectively, of its remaining performance obligations as revenue over the next 12 months and the remainder thereafter. RPOs exclude customer deposits, which are refundable pre-paid amounts that are expected to be recognized as revenue in future periods. These balances are included in customer deposits in the condensed consolidated balance sheets and are classified as current because contractually customers can cancel these obligations with 30 days written notice. The customer deposit balance is amortized to revenue over the term of the underlying contract as the customer’s right to cancel expires. If no contracts with customers are cancelled, the existing customer deposit balance will be recognized to revenue over the remaining stated term of the underlying contract which may be over the next 12 months or longer as follows (in thousands): As of April 30, 2023 January 31, 2023 Within the next 12 months $ 21,144 $ 22,657 After the next 12 months 3,746 4,042 Total $ 24,890 $ 26,699 |
Short-Term Investments
Short-Term Investments | 3 Months Ended |
Apr. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-Term Investments | 4. Short-Term Investments The following tables summarize the fair values of the Company’s short-term investments (in thousands): Three Months Ended April 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 182,660 $ 44 $ (226) $ 182,478 U.S. agency obligations 46,327 134 (10) 46,451 Corporate notes and bonds 51,464 43 (49) 51,458 Commercial paper 28,992 — — 28,992 Certificates of deposit 13,016 — — 13,016 Total short-term investments $ 322,459 $ 221 $ (285) $ 322,395 As of April 30, 2023, available-for-sale short-term investments had a fair value of $322.4 million. The Company does not intend to sell these investments and it is more likely than not that the Company will hold these short-term investments until maturity or a recovery of the cost basis. The Company determined that the decline in fair value of short-term investments was not due to credit-related factors, and no allowance for expected credit losses was recorded as of April 30, 2023. Realized gains and losses were not material for the three months ended April 30, 2023. The following table summarizes the contractual maturities of the Company’s short-term investments (in thousands): April 30, 2023 Amortized Cost Fair Value Due within one year $ 270,424 $ 270,353 Due after one year through three years 52,035 52,042 Total $ 322,459 $ 322,395 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The following table sets forth the financial assets, measured at fair value, by level within the fair value hierarchy on a recurring basis and indicates the fair value hierarchy of the valuation inputs used to determine such fair value (in thousands): Fair Value Measurement As of April 30, 2023 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Assets: Cash and Cash equivalents: Cash $ 863,524 $ — $ — $ 863,524 Money market funds Level 1 82,083 — — 82,083 U.S. treasury securities Level 2 10,485 — (2) 10,483 Corporate notes and bonds Level 2 1,126 — — 1,126 Commercial paper Level 2 8,075 — — 8,075 Certificates of deposit Level 2 1,500 — — 1,500 Total cash and cash equivalents $ 966,793 $ — $ (2) $ 966,791 Short-term investments: U.S. treasury securities Level 2 $ 182,660 $ 44 $ (226) $ 182,478 U.S. agency obligations Level 2 46,327 134 (10) 46,451 Corporate notes and bonds Level 2 51,464 43 (49) 51,458 Commercial paper Level 2 28,992 — — 28,992 Certificates of deposit Level 2 13,016 — — 13,016 Total short-term investments $ 322,459 $ 221 $ (285) $ 322,395 Total assets measured at fair value $ 1,289,252 $ 221 $ (287) $ 1,289,186 The following table summarizes the respective fair value and the classification by level within the fair value hierarchy (in thousands): Fair Value Measurement As of January 31, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents Money market funds $ 169,904 $ — $ — $ 169,904 Total cash and cash equivalents 169,904 — — 169,904 Total assets measured at fair value $ 169,904 $ — $ — $ 169,904 The Company classifies its highly liquid money market funds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its corporate notes and bonds, U.S. treasury securities, U.S. agency obligations, commercial paper, and CDs within Level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security that may not be actively traded. As of April 30, 2023, the declines in the market value of the Company's investment portfolio were not driven by credit related factors. During the three months ended April 30, 2023, the Company determined that it does not intend to sell any securities with a decline in market value, and it is more likely than not that the Company will be able to hold these securities until the entire principal has been recovered. Therefore, the Company did not recognize any losses on the investments due to credit related factors. As of April 30, 2023, the total unrealized losses were not material. The condensed consolidated financial statements as of April 30, 2023 and January 31, 2023 do not include any nonrecurring fair value measurements relating to assets or liabilities. There were no transfers between fair value measurement levels during the three months ended April 30, 2023. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Apr. 30, 2023 | |
Supplemental Balance Sheet Disclosures [Abstract] | |
Balance Sheet Components | 6. Balance Sheet Components Other Assets, Non-Current Other assets, non-current are comprised of the following (in thousands): As of April 30, 2023 January 31, 2023 Property and equipment, net $ 27,244 $ 24,594 Operating lease right-of-use assets 11,827 12,560 Other 2,171 902 Total other assets, non-current $ 41,242 $ 38,056 Property and Equipment, Net Property and equipment, net are included in other assets, non-current in the condensed consolidated balance sheets and are comprised of the following (in thousands): Estimated As of April 30, 2023 January 31, 2023 Furniture and fixtures 5 years $ 1,330 $ 1,292 Computers, equipment and software 3 years 581 581 Capitalized internal-use software development costs 5 years 29,635 25,817 Leasehold improvements Shorter of useful life or lease term 5,484 5,138 Construction in progress 77 47 Total property and equipment 37,107 32,875 Less: accumulated depreciation and amortization (9,863) (8,281) Property and equipment, net $ 27,244 $ 24,594 Total depreciation and amortization expense for three months ended April 30, 2023 and 2022 was $1.6 million and $0.9 million, respectively. The Company capitalized $3.8 million and $2.5 million in internal-use software development costs for the three months ended April 30, 2023 and 2022, respectively. Amortization expense associated with internal-use software development costs totaled $1.3 million and $0.6 million for three months ended April 30, 2023 and 2022, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities are comprised of the following (in thousands): As of April 30, 2023 January 31, 2023 Accrued expenses $ 3,013 $ 4,222 Operating lease liabilities 3,488 3,380 Accrued income taxes payable 991 1,081 Sales tax payable 1,343 1,480 Total accrued expenses and other current liabilities $ 8,835 $ 10,163 Accrued Compensation and Benefits Accrued compensation and benefits are comprised of the following (in thousands): As of April 30, 2023 January 31, 2023 Accrued commissions $ 9,876 $ 16,932 Accrued vacation 22,557 20,614 Accrued payroll and withholding taxes 8,361 11,574 ESPP employee contributions 9,432 4,247 Accrued bonus 2,729 3,220 Other 519 2,041 Total accrued compensation and benefits $ 53,474 $ 58,628 Deferred Contract Acquisition Costs The following table summarizes the activity of deferred contract acquisition costs (in thousands): Three Months Ended April 30, 2023 2022 Beginning balance $ 124,098 $ 89,331 Capitalization of contract acquisition costs 11,663 15,212 Amortization of deferred contract acquisition costs (12,539) (9,138) Ending balance 123,222 95,405 Deferred contract acquisition costs, current $ 42,995 $ 32,200 Deferred contract acquisition costs, non-current 80,227 63,205 Total deferred contract acquisition costs $ 123,222 $ 95,405 There were no impairment losses recognized for deferred contract acquisition costs during the three months ended April 30, 2023 and 2022. Other Liabilities, Non-Current The following table summarizes the activity of other liabilities, non-current (in thousands): As of April 30, 2023 January 31, 2023 Operating lease liabilities, non-current $ 11,178 $ 12,093 Accrued commissions, non-current 792 713 Total other liabilities, non-current $ 11,970 $ 12,806 |
Leases
Leases | 3 Months Ended |
Apr. 30, 2023 | |
Leases [Abstract] | |
Leases | 7. Leases The Company leases office spaces under noncancelable operating lease agreements, which expire at various dates through 2027. The Company is required to pay property taxes, insurance, and normal maintenance costs for certain of these facilities. Operating lease cost for these leases is recognized on a straight-line basis over the lease term, with variable lease costs recognized in the period incurred. These lease agreements do not contain residual value guarantees or restrictive covenants. Lease costs Lease costs were as follows (in thousands): Three Months Ended April 30, 2023 2022 Short-term lease costs $ 156 $ 100 Operating lease costs 878 878 Total lease costs $ 1,034 $ 978 Variable lease cost was not significant for the three months ended April 30, 2023 and 2022. There were no other lease components for the periods presented. Lease term and discount rate information are summarized as follows: As of April 30, 2023 Weighted average remaining lease terms (in years) 3.9 Weighted average discount rate 3.8 % Future lease payments under noncancelable operating leases on an undiscounted cash flow basis as of April 30, 2023 are as follows (in thousands): Years Ending January 31, Amount 2024 (remaining nine months) $ 2,961 2025 4,150 2026 3,734 2027 3,737 2028 1,277 Total minimum lease payments 15,859 Less imputed interest (1,193) Present value of future minimum lease payments 14,666 Less current lease liabilities (3,488) Operating lease liabilities, non-current $ 11,178 Operating lease liabilities are included in accrued expenses and other current liabilities, and non-current lease liabilities are included in other liabilities, non-current, in the condensed consolidated balance sheets. There were no lease related operating right-of-use asset impairment losses in the three months ended April 30, 2023 and 2022. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Letter of credit The Company has a total of $1.8 million in letters of credit outstanding as security deposits for the Company’s leased office spaces as of April 30, 2023 and January 31, 2023. Litigation From time to time, the Company may become involved in various legal proceedings in the ordinary course of its business and may be subject to third-party infringement claims. In the normal course of business, the Company may agree to indemnify third parties with whom it enters into contractual relationships, including customers, lessors, and parties to other transactions with the Company, with respect to certain matters. The Company has agreed, under certain conditions, to hold these third parties harmless against specified losses, such as those arising from a breach of representations or covenants, other third-party claims that the Company’s products when used for their intended purposes infringe the intellectual property rights of such other third parties, or other claims made against certain parties. It is not possible to determine the maximum potential amount of liability under these indemnification obligations due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim. |
Common Stock and Stockholders'
Common Stock and Stockholders' Equity | 3 Months Ended |
Apr. 30, 2023 | |
Equity [Abstract] | |
Common Stock and Stockholders' Equity | 9. Common Stock and Stockholders' Equity Common Stock Reserved for Future Issuance The Company reserved shares of common stock for future issuance as follows (in thousands): As of April 30, 2023 January 31, 2023 Options outstanding 8,801 9,315 Restricted stock units outstanding 12,064 11,588 Remaining shares available for future issuance under the 2021 Equity Incentive Plan ("2021 Plans") 29,419 21,466 2021 Employee Stock Purchase Plan ("ESPP") 4,907 3,008 Total 55,191 45,377 Stock Options The following table summarizes stock option activity for the 2021 Plan (shares and aggregate intrinsic value in thousands): Options Outstanding Number of Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Aggregate Intrinsic Value Balance as of January 31, 2023 9,315 $ 1.92 4.6 $ 281,837 Stock options exercised (513) 1.98 14,679 Stock options cancelled/forfeited/expired (1) 5.70 Balance as of April 30, 2023 8,801 1.92 4.5 219,062 Exercisable as of April 30, 2023 8,678 $ 1.77 4.4 $ 217,340 The total grant-date fair value of stock options vested was $0.5 million and $1.3 million during the three months ended April 30, 2023 and 2022. The total intrinsic value of options exercised during the three months ended April 30, 2023 and 2022 were $14.7 million and $34.8 million, respectively. Restricted Stock Units The Company’s summary of restricted stock units ("RSUs") activity under the 2021 Plan is as follows (in thousands): Number of Awards Weighted-Average Grant Date Fair Value Outstanding and unvested at January 31, 2023 11,588 $ 42.48 RSUs granted 1,939 $ 31.89 RSUs released (1,071) $ 35.74 RSUs cancelled (392) $ 42.61 Outstanding and unvested at April 30, 2023 12,064 $ 41.37 The total grant-date fair value of RSUs vested was $38.3 million and $17.5 million during the three months ended April 30, 2023 and 2022. Employee Stock Purchase Plan A total of 4,907,132 shares of Class A common stock are available for future issuance under the ESPP as of April 30, 2023. For the three months ended April 30, 2023 and 2022, the Company recognized $3.0 million and $3.1 million of stock-based compensation expense related to the ESPP, respectively. As of April 30, 2023, unrecognized stock-based compensation expense related to the ESPP was approximately $19.0 million, which is expected to be recognized over a weighted-average period of approximately 1.6 years. The Company’s current offering period began December 15, 2022 and is expected to end December 15, 2024. ESPP employee payroll contributions accrued as of April 30, 2023 were $9.4 million and are reported within accrued compensation and benefits in the consolidated balance sheets. Payroll contributions accrued as of April 30, 2023 will be used to purchase shares at the end of the current purchase period ending on June 15, 2023. Payroll contributions ultimately used to purchase shares will be reclassified as stockholders’ equity on the purchase date. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations is as follows (in thousands): Three Months Ended April 30, 2023 2022 Cost of support $ 2,256 $ 1,959 Cost of cloud-hosted services 609 640 Cost of professional services and other 566 728 Sales and marketing 11,959 14,393 Research and development 11,731 14,738 General and administrative 13,042 13,801 Stock-based compensation expense, net of amounts capitalized $ 40,163 $ 46,259 Capitalized stock-based compensation 1,103 882 Total stock-based compensation expense $ 41,266 $ 47,141 As of April 30, 2023 and 2022, total unrecognized stock-based compensation expense related to RSUs was approximately $359.5 million and $420.6 million, respectively. This unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 2.9 years and 3.1 years, respectively. As of April 30, 2023, and 2022, total unrecognized stock-based compensation expense related to unvested stock options was approximately $0.9 million and $4.0 million, respectively, which are expected to be recognized over a weighted-average period of approximately 1.2 years and 1.5 years, respectively. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 3 Months Ended |
Apr. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | 10. Net Loss Per Share Attributable to Common Stockholders For periods in which there were Class A and Class B shares outstanding, the rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock were identical, except with respect to voting, converting, and transfer rights. Our Class B common stock has ten votes per share, and our Class A common stock has one vote per share. As the liquidation and dividend rights were identical for Class A and Class B common stock, the undistributed earnings would be allocated on a proportionate basis and the resulting net loss per share would, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Three Months Ended April 30, 2023 2022 Numerator: Net loss $ (53,258) $ (78,217) Denominator: Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted 190,806 182,948 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (0.28) $ (0.43) The following outstanding potentially dilutive shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because the impact of including them would have been antidilutive (in thousands): Three Months Ended April 30, 2023 2022 Outstanding stock options and restricted stock units 20,868 24,646 Share purchase rights under the ESPP 1,999 947 Class A and Class B common stock subject to repurchase — 3 Total 22,867 25,596 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company determines its income tax provision for interim periods using an estimate of its annual effective tax rate adjusted for discrete items occurring during the periods presented. The primary difference between its effective tax rate and the federal statutory rate is the full valuation allowance it has established on the federal and state net operating losses and credits. The provision for income taxes recorded in the three months ended April 30, 2023 and 2022 consists primarily of income taxes in foreign jurisdictions in which the Company conducts business. The Company is subject to income tax in the United States, certain states, and various foreign countries. Due to the history of net operating losses, the Company is subject to United States federal, state, and local examinations by tax authorities for all years since incorporation. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Apr. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events The Company evaluated subsequent events through June 7, 2023, which is the date the audited consolidated financial statements were available to be issued. On June 7, 2023 we initiated a workforce reduction plan impacting approximately 8% of the Company’s workforce. The workforce reduction plan is intended to increase operational efficiency, decrease costs and increase profitability. The Company expects to substantially complete the reduction plan during the second quarter of fiscal 2024. The Company expects to recognize charges in connection with the workforce reduction plan for severance payments and benefits continuation estimated at between $7.5 million and $9.0 million, excluding the impact of stock-based compensation expense, which is expected to be immaterial. The Company expects these expenses to be recognized and paid primarily in the second quarter of fiscal 2024. The Company expects the workforce reduction plan will reduce annual recurring cash employee expenses by approximately $36.0 million. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP" or "GAAP") and include the accounts of the Company and its wholly owned subsidiaries. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (the "SEC"). The condensed balance sheet data as of January 31, 2023 was derived from the Company’s audited financial statements included in its Annual Report on Form 10-K for the fiscal year ended January 31, 2023 (the “2023 Form 10-K”), but does not include all disclosures required by U.S. GAAP. Therefore, these interim condensed consolidated financial statements and accom panying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in its Annual Report on Form 10-K for the fiscal year ended January 31, 2023 (the “fiscal 2023 Form 10-K”). The accompanying condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, that are, in the opinion of management, necessary for the fair presentation of the Company’s financial position, results of operations, cash flows, and stockholders’ equity for the interim periods presented. The results of operations for the three months ended April 30, 2023 shown in this report are not necessarily indicative of the results to be expected for the full year ending January 31, 2024 or any other period. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in accordance 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 at the date of the consolidated financial statements, and the reported amounts of income and expense during the reporting period. Such management estimates include, but are not limited to, the determination of standalone selling prices of the Company’s performance obligations, the estimated period of benefit of deferred contract acquisition costs, the fair value of share-based awards, fair value of investments, software development costs, discount rates used for operating leases, amortization and accretion of interest on investments, and accounting for income taxes, including the valuation allowance on deferred tax assets and uncertain tax positions. These estimates are based on |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss As of April 30, 2023, accumulated other comprehensive loss was comprised of unrealized losses from our available-for-sale investments. |
Significant Accounting Policies | Significant Accounting Policies Other than the short-term investment policy described below, there have been no changes to the Company’s significant accounting policies described in the fiscal 2023 Form 10-K that have had a material impact on these condensed consolidated financial statements and related notes. |
Short-Term Investments | Short-Term Investments The Company’s investments consist of U.S. treasury securities, corporate notes and bonds, U.S. agency obligations, commercial paper, and certificates of deposit. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such determination at each balance sheet date. The Company has classified and accounted for its investments as available-for-sale securities. The Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its investments, including those with maturities beyond twelve months, as current assets in the consolidated balance sheets. Available-for-sale securities are recorded at fair value each reporting period, and are adjusted for amortization of premiums and accretion of discounts to maturity and such amortization and accretion are included in interest income in the condensed consolidated statements of operations. Realized gains and losses are determined based on the specific identification method and are reported in other income (expense), net in the condensed consolidated statements of operations. Unrealized gains are reported as a separate component of accumulated other comprehensive loss on the condensed consolidated balance sheets until realized. For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell the security or it is more likely than not that the Company will be required to sell the security before the recovery of its entire amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through other income (expense), net in the condensed consolidated statements of operations. If neither of these criteria is met, the Company evaluates whether the decline in fair value below amortized cost is due to credit or non-credit related factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. Credit related unrealized losses are recognized as an allowance for expected credit losses of available-for-sale debt securities on the condensed consolidated balance sheets with a corresponding charge in other income (expense), net in the condensed consolidated statements of operations. Non-credit related unrealized losses are included in accumulated other comprehensive loss. |
Revenue and Performance Oblig_2
Revenue and Performance Obligations (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Disaggregation of Revenue [Abstract] | |
Summary of Revenue Disaggregated by Category | The following table presents revenue by category (dollars in thousands): Three Months Ended April 30, 2023 2022 Amount % of Total Amount % of Total License $ 15,158 11 % $ 10,344 10 % Support 101,913 74 79,208 79 Cloud-hosted services 16,544 12 8,832 9 Total subscription revenue 133,615 97 98,384 98 Professional services and other 4,368 3 2,513 2 Total revenue $ 137,983 100 % $ 100,897 100 % |
Summary of Revenue By Region Based On The Billing Address of Customers | The following table summarizes the revenue by region based on the billing address of customers who have contracted to use the Company's products and services (dollars in thousands): Three Months Ended April 30, 2023 2022 Amount % of Total Amount % of Total United States $ 98,557 71 % $ 72,791 72 % Rest of the world 39,426 29 % 28,106 28 % Total $ 137,983 100 % $ 100,897 100 % |
Summary of Changes in Deferred Revenue and Unbilled Accounts Receivable | Changes in deferred revenue and unbilled accounts receivable were as follows (in thousands): Three Months Ended April 30, 2023 2022 Balance, beginning of period $ 302,244 $ 223,289 Deferred revenue billings including reclassification to deferred revenue from customer deposits 113,046 98,094 Recognition of revenue, net of change in unbilled accounts receivable* (138,876) (101,455) Balance, end of period $ 276,414 $ 219,928 * Reconciliation to revenue reported per consolidated statements of operations: Revenue billed as of the end of the period $ 138,876 $ 101,455 Increase (decrease) in total unbilled accounts receivable (893) (558) Revenue reported per consolidated statements of operations $ 137,983 $ 100,897 |
Summary of Revenue Recognized Related to Customer Deposit Balance | If no contracts with customers are cancelled, the existing customer deposit balance will be recognized to revenue over the remaining stated term of the underlying contract which may be over the next 12 months or longer as follows (in thousands): As of April 30, 2023 January 31, 2023 Within the next 12 months $ 21,144 $ 22,657 After the next 12 months 3,746 4,042 Total $ 24,890 $ 26,699 |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of fair value of short-term investments | The following tables summarize the fair values of the Company’s short-term investments (in thousands): Three Months Ended April 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 182,660 $ 44 $ (226) $ 182,478 U.S. agency obligations 46,327 134 (10) 46,451 Corporate notes and bonds 51,464 43 (49) 51,458 Commercial paper 28,992 — — 28,992 Certificates of deposit 13,016 — — 13,016 Total short-term investments $ 322,459 $ 221 $ (285) $ 322,395 |
Summary of contractual maturities | The following table summarizes the contractual maturities of the Company’s short-term investments (in thousands): April 30, 2023 Amortized Cost Fair Value Due within one year $ 270,424 $ 270,353 Due after one year through three years 52,035 52,042 Total $ 322,459 $ 322,395 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis | The following table sets forth the financial assets, measured at fair value, by level within the fair value hierarchy on a recurring basis and indicates the fair value hierarchy of the valuation inputs used to determine such fair value (in thousands): Fair Value Measurement As of April 30, 2023 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Assets: Cash and Cash equivalents: Cash $ 863,524 $ — $ — $ 863,524 Money market funds Level 1 82,083 — — 82,083 U.S. treasury securities Level 2 10,485 — (2) 10,483 Corporate notes and bonds Level 2 1,126 — — 1,126 Commercial paper Level 2 8,075 — — 8,075 Certificates of deposit Level 2 1,500 — — 1,500 Total cash and cash equivalents $ 966,793 $ — $ (2) $ 966,791 Short-term investments: U.S. treasury securities Level 2 $ 182,660 $ 44 $ (226) $ 182,478 U.S. agency obligations Level 2 46,327 134 (10) 46,451 Corporate notes and bonds Level 2 51,464 43 (49) 51,458 Commercial paper Level 2 28,992 — — 28,992 Certificates of deposit Level 2 13,016 — — 13,016 Total short-term investments $ 322,459 $ 221 $ (285) $ 322,395 Total assets measured at fair value $ 1,289,252 $ 221 $ (287) $ 1,289,186 The following table summarizes the respective fair value and the classification by level within the fair value hierarchy (in thousands): Fair Value Measurement As of January 31, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents Money market funds $ 169,904 $ — $ — $ 169,904 Total cash and cash equivalents 169,904 — — 169,904 Total assets measured at fair value $ 169,904 $ — $ — $ 169,904 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Supplemental Balance Sheet Disclosures [Abstract] | |
Summary of Other Assets Non-current | Other assets, non-current are comprised of the following (in thousands): As of April 30, 2023 January 31, 2023 Property and equipment, net $ 27,244 $ 24,594 Operating lease right-of-use assets 11,827 12,560 Other 2,171 902 Total other assets, non-current $ 41,242 $ 38,056 |
Summary of Property and Equipment, Net | Property and equipment, net are included in other assets, non-current in the condensed consolidated balance sheets and are comprised of the following (in thousands): Estimated As of April 30, 2023 January 31, 2023 Furniture and fixtures 5 years $ 1,330 $ 1,292 Computers, equipment and software 3 years 581 581 Capitalized internal-use software development costs 5 years 29,635 25,817 Leasehold improvements Shorter of useful life or lease term 5,484 5,138 Construction in progress 77 47 Total property and equipment 37,107 32,875 Less: accumulated depreciation and amortization (9,863) (8,281) Property and equipment, net $ 27,244 $ 24,594 |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities are comprised of the following (in thousands): As of April 30, 2023 January 31, 2023 Accrued expenses $ 3,013 $ 4,222 Operating lease liabilities 3,488 3,380 Accrued income taxes payable 991 1,081 Sales tax payable 1,343 1,480 Total accrued expenses and other current liabilities $ 8,835 $ 10,163 |
Summary of Accrued Compensation and Benefits | Accrued compensation and benefits are comprised of the following (in thousands): As of April 30, 2023 January 31, 2023 Accrued commissions $ 9,876 $ 16,932 Accrued vacation 22,557 20,614 Accrued payroll and withholding taxes 8,361 11,574 ESPP employee contributions 9,432 4,247 Accrued bonus 2,729 3,220 Other 519 2,041 Total accrued compensation and benefits $ 53,474 $ 58,628 |
Summary of Activity of Deferred Contract Acquisition Costs | The following table summarizes the activity of deferred contract acquisition costs (in thousands): Three Months Ended April 30, 2023 2022 Beginning balance $ 124,098 $ 89,331 Capitalization of contract acquisition costs 11,663 15,212 Amortization of deferred contract acquisition costs (12,539) (9,138) Ending balance 123,222 95,405 Deferred contract acquisition costs, current $ 42,995 $ 32,200 Deferred contract acquisition costs, non-current 80,227 63,205 Total deferred contract acquisition costs $ 123,222 $ 95,405 |
Schedule of Other Liabilities, Non-current | The following table summarizes the activity of other liabilities, non-current (in thousands): As of April 30, 2023 January 31, 2023 Operating lease liabilities, non-current $ 11,178 $ 12,093 Accrued commissions, non-current 792 713 Total other liabilities, non-current $ 11,970 $ 12,806 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Leases [Abstract] | |
Schedule of Lease Costs | Lease costs were as follows (in thousands): Three Months Ended April 30, 2023 2022 Short-term lease costs $ 156 $ 100 Operating lease costs 878 878 Total lease costs $ 1,034 $ 978 |
Summary of Lease Term and Discount Rate | Lease term and discount rate information are summarized as follows: As of April 30, 2023 Weighted average remaining lease terms (in years) 3.9 Weighted average discount rate 3.8 % |
Schedule of Future Lease Payments | Future lease payments under noncancelable operating leases on an undiscounted cash flow basis as of April 30, 2023 are as follows (in thousands): Years Ending January 31, Amount 2024 (remaining nine months) $ 2,961 2025 4,150 2026 3,734 2027 3,737 2028 1,277 Total minimum lease payments 15,859 Less imputed interest (1,193) Present value of future minimum lease payments 14,666 Less current lease liabilities (3,488) Operating lease liabilities, non-current $ 11,178 |
Common Stock and Stockholders_2
Common Stock and Stockholders' Equity (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Equity [Abstract] | |
Schedule of Reserved Shares of Common Stock for Future Issuance | The Company reserved shares of common stock for future issuance as follows (in thousands): As of April 30, 2023 January 31, 2023 Options outstanding 8,801 9,315 Restricted stock units outstanding 12,064 11,588 Remaining shares available for future issuance under the 2021 Equity Incentive Plan ("2021 Plans") 29,419 21,466 2021 Employee Stock Purchase Plan ("ESPP") 4,907 3,008 Total 55,191 45,377 |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the 2021 Plan (shares and aggregate intrinsic value in thousands): Options Outstanding Number of Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Aggregate Intrinsic Value Balance as of January 31, 2023 9,315 $ 1.92 4.6 $ 281,837 Stock options exercised (513) 1.98 14,679 Stock options cancelled/forfeited/expired (1) 5.70 Balance as of April 30, 2023 8,801 1.92 4.5 219,062 Exercisable as of April 30, 2023 8,678 $ 1.77 4.4 $ 217,340 |
Schedule of Restricted Stock Units (RSUs") Activity | The Company’s summary of restricted stock units ("RSUs") activity under the 2021 Plan is as follows (in thousands): Number of Awards Weighted-Average Grant Date Fair Value Outstanding and unvested at January 31, 2023 11,588 $ 42.48 RSUs granted 1,939 $ 31.89 RSUs released (1,071) $ 35.74 RSUs cancelled (392) $ 42.61 Outstanding and unvested at April 30, 2023 12,064 $ 41.37 |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations is as follows (in thousands): Three Months Ended April 30, 2023 2022 Cost of support $ 2,256 $ 1,959 Cost of cloud-hosted services 609 640 Cost of professional services and other 566 728 Sales and marketing 11,959 14,393 Research and development 11,731 14,738 General and administrative 13,042 13,801 Stock-based compensation expense, net of amounts capitalized $ 40,163 $ 46,259 Capitalized stock-based compensation 1,103 882 Total stock-based compensation expense $ 41,266 $ 47,141 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Three Months Ended April 30, 2023 2022 Numerator: Net loss $ (53,258) $ (78,217) Denominator: Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted 190,806 182,948 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (0.28) $ (0.43) |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following outstanding potentially dilutive shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because the impact of including them would have been antidilutive (in thousands): Three Months Ended April 30, 2023 2022 Outstanding stock options and restricted stock units 20,868 24,646 Share purchase rights under the ESPP 1,999 947 Class A and Class B common stock subject to repurchase — 3 Total 22,867 25,596 |
Revenue and Performance Oblig_3
Revenue and Performance Obligations - Summary of Revenue Disaggregated by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Amount | $ 137,983 | $ 100,897 |
% of Total Revenue | Product | ||
Disaggregation Of Revenue [Line Items] | ||
% of Total Revenue | 100% | 100% |
Subscription Revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Amount | $ 133,615 | $ 98,384 |
Subscription Revenue | % of Total Revenue | Product | ||
Disaggregation Of Revenue [Line Items] | ||
% of Total Revenue | 97% | 98% |
Subscription Revenue | License | ||
Disaggregation Of Revenue [Line Items] | ||
Amount | $ 15,158 | $ 10,344 |
Subscription Revenue | License | % of Total Revenue | Product | ||
Disaggregation Of Revenue [Line Items] | ||
% of Total Revenue | 11% | 10% |
Subscription Revenue | Support | ||
Disaggregation Of Revenue [Line Items] | ||
Amount | $ 101,913 | $ 79,208 |
Subscription Revenue | Support | % of Total Revenue | Product | ||
Disaggregation Of Revenue [Line Items] | ||
% of Total Revenue | 74% | 79% |
Subscription Revenue | Cloud-hosted services | ||
Disaggregation Of Revenue [Line Items] | ||
Amount | $ 16,544 | $ 8,832 |
Subscription Revenue | Cloud-hosted services | % of Total Revenue | Product | ||
Disaggregation Of Revenue [Line Items] | ||
% of Total Revenue | 12% | 9% |
Professional services and other | ||
Disaggregation Of Revenue [Line Items] | ||
Amount | $ 4,368 | $ 2,513 |
Professional services and other | % of Total Revenue | Product | ||
Disaggregation Of Revenue [Line Items] | ||
% of Total Revenue | 3% | 2% |
Revenue and Performance Oblig_4
Revenue and Performance Obligations - Summary of Revenue By Region Based On The Billing Address of Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Amount | $ 137,983 | $ 100,897 |
% of Total Revenue | Region | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
% of Total Revenue | 100% | 100% |
United States | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Amount | $ 98,557 | $ 72,791 |
United States | % of Total Revenue | Region | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
% of Total Revenue | 71% | 72% |
Rest of the world | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Amount | $ 39,426 | $ 28,106 |
Rest of the world | % of Total Revenue | Region | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
% of Total Revenue | 29% | 28% |
Revenue and Performance Oblig_5
Revenue and Performance Obligations - Changes in Deferred Revenue and Unbilled Accounts Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Contract With Customer, Change In Contract With Customer, Asset, And Liability [Roll Forward] | ||
Balance, beginning of period | $ 302,244 | $ 223,289 |
Deferred revenue billings including reclassification to deferred revenue from customer deposits | 113,046 | 98,094 |
Recognition of revenue, net of change in unbilled accounts receivable | (138,876) | (101,455) |
Balance, end of period | 276,414 | 219,928 |
* Reconciliation to revenue reported per consolidated statements of operations: | ||
Revenue billed as of the end of the period | 138,876 | 101,455 |
Increase (decrease) in total unbilled accounts receivable | (893) | (558) |
Revenue reported per consolidated statements of operations | $ 137,983 | $ 100,897 |
Revenue and Performance Oblig_6
Revenue and Performance Obligations - Additional information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2023 | Jan. 31, 2023 | |
Disaggregation Of Revenue [Line Items] | ||
Unbilled accounts receivable balance in due | 1 year | |
Unbilled accounts receivable | $ 4 | $ 4.9 |
Remaining performance obligations | $ 635.3 | $ 647.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-02-01 | ||
Disaggregation Of Revenue [Line Items] | ||
Remaining performance obligations, percentage | 58% | |
Revenue remaining performance obligation, expected timing of satisfaction, period | 12 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-05-01 | ||
Disaggregation Of Revenue [Line Items] | ||
Remaining performance obligations, percentage | 59% | |
Revenue remaining performance obligation, expected timing of satisfaction, period | 12 months | |
Minimum | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue, performance obligation, contract term | 1 year | |
Maximum | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue, performance obligation, contract term | 3 years |
Revenue and Performance Oblig_7
Revenue and Performance Obligations - Summary of Revenue Recognized Related to Customer Deposit Balance (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Disaggregation of Revenue [Abstract] | ||
Within the next 12 months | $ 21,144 | $ 22,657 |
After the next 12 months | 3,746 | 4,042 |
Total | $ 24,890 | $ 26,699 |
Short-Term Investments - Summar
Short-Term Investments - Summary of fair value of short-term investments (Details) $ in Thousands | Apr. 30, 2023 USD ($) |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | $ 322,459 |
Gross Unrealized Gains | 221 |
Gross Unrealized Losses | (285) |
Estimated Fair Value | 322,395 |
U.S. treasury securities | |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | 182,660 |
Gross Unrealized Gains | 44 |
Gross Unrealized Losses | (226) |
Estimated Fair Value | 182,478 |
U.S. agency obligations | |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | 46,327 |
Gross Unrealized Gains | 134 |
Gross Unrealized Losses | (10) |
Estimated Fair Value | 46,451 |
Corporate notes and bonds | |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | 51,464 |
Gross Unrealized Gains | 43 |
Gross Unrealized Losses | (49) |
Estimated Fair Value | 51,458 |
Commercial paper | |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | 28,992 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Estimated Fair Value | 28,992 |
Certificates of deposit | |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | 13,016 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Estimated Fair Value | $ 13,016 |
Short-Term Investments - Narrat
Short-Term Investments - Narrative (Details) | Apr. 30, 2023 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Estimated Fair Value | $ 322,395,000 |
Allowance for expected credit losses | $ 0 |
Short-Term Investments - Summ_2
Short-Term Investments - Summary of contractual maturities (Details) $ in Thousands | Apr. 30, 2023 USD ($) |
Amortized Cost | |
Due within one year | $ 270,424 |
Due after one year through three years | 52,035 |
Amortized Cost | 322,459 |
Fair Value | |
Due within one year | 270,353 |
Due after one year through three years | 52,042 |
Estimated Fair Value | $ 322,395 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value, By Level Within The Fair Value Hierarchy On A Recurring Basis (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Cash and Cash equivalents: | ||
Cash and cash equivalents | $ 966,791 | $ 1,286,134 |
Short-term investments: | ||
Amortized Cost | 322,459 | |
Gross Unrealized Gains | 221 | |
Gross Unrealized Losses | (285) | |
Estimated Fair Value | 322,395 | |
U.S. treasury securities | ||
Short-term investments: | ||
Amortized Cost | 182,660 | |
Gross Unrealized Gains | 44 | |
Gross Unrealized Losses | (226) | |
Estimated Fair Value | 182,478 | |
U.S. agency obligations | ||
Short-term investments: | ||
Amortized Cost | 46,327 | |
Gross Unrealized Gains | 134 | |
Gross Unrealized Losses | (10) | |
Estimated Fair Value | 46,451 | |
Corporate notes and bonds | ||
Short-term investments: | ||
Amortized Cost | 51,464 | |
Gross Unrealized Gains | 43 | |
Gross Unrealized Losses | (49) | |
Estimated Fair Value | 51,458 | |
Commercial paper | ||
Short-term investments: | ||
Amortized Cost | 28,992 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 28,992 | |
Certificates of deposit | ||
Short-term investments: | ||
Amortized Cost | 13,016 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 13,016 | |
Fair Value, Recurring | ||
Cash and Cash equivalents: | ||
Amortized Cost | 966,793 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (2) | |
Cash and cash equivalents | 966,791 | |
Short-term investments: | ||
Amortized Cost | 322,459 | |
Gross Unrealized Gains | 221 | |
Gross Unrealized Losses | (285) | |
Estimated Fair Value | 322,395 | |
Total asset measured at fair value, amortized cost | 1,289,252 | |
Total assets measured at fair value, gross unrealized gain | 221 | |
Total asset measured at fair value, gross unrealized loss | (287) | |
Total assets measured at fair value | 1,289,186 | 169,904 |
Fair Value, Recurring | Cash | ||
Cash and Cash equivalents: | ||
Amortized Cost | 863,524 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Cash and cash equivalents | 863,524 | |
Level 1 | Fair Value, Recurring | ||
Short-term investments: | ||
Total assets measured at fair value | 169,904 | |
Level 1 | Fair Value, Recurring | Money market funds | ||
Cash and Cash equivalents: | ||
Amortized Cost | 82,083 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Cash and cash equivalents | 82,083 | |
Level 2 | Fair Value, Recurring | ||
Short-term investments: | ||
Total assets measured at fair value | $ 0 | |
Level 2 | Fair Value, Recurring | U.S. treasury securities | ||
Cash and Cash equivalents: | ||
Amortized Cost | 10,485 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (2) | |
Cash and cash equivalents | 10,483 | |
Level 2 | Fair Value, Recurring | Corporate notes and bonds | ||
Cash and Cash equivalents: | ||
Amortized Cost | 1,126 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Cash and cash equivalents | 1,126 | |
Level 2 | Fair Value, Recurring | Commercial paper | ||
Cash and Cash equivalents: | ||
Amortized Cost | 8,075 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Cash and cash equivalents | 8,075 | |
Level 2 | Fair Value, Recurring | Certificates of deposit | ||
Cash and Cash equivalents: | ||
Amortized Cost | 1,500 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Cash and cash equivalents | 1,500 | |
Level 2 | Fair Value, Recurring | U.S. treasury securities | ||
Short-term investments: | ||
Amortized Cost | 182,660 | |
Gross Unrealized Gains | 44 | |
Gross Unrealized Losses | (226) | |
Estimated Fair Value | 182,478 | |
Level 2 | Fair Value, Recurring | U.S. agency obligations | ||
Short-term investments: | ||
Amortized Cost | 46,327 | |
Gross Unrealized Gains | 134 | |
Gross Unrealized Losses | (10) | |
Estimated Fair Value | 46,451 | |
Level 2 | Fair Value, Recurring | Corporate notes and bonds | ||
Short-term investments: | ||
Amortized Cost | 51,464 | |
Gross Unrealized Gains | 43 | |
Gross Unrealized Losses | (49) | |
Estimated Fair Value | 51,458 | |
Level 2 | Fair Value, Recurring | Commercial paper | ||
Short-term investments: | ||
Amortized Cost | 28,992 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 28,992 | |
Level 2 | Fair Value, Recurring | Certificates of deposit | ||
Short-term investments: | ||
Amortized Cost | 13,016 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | $ 13,016 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | $ 169,904 | |
Total assets measured at fair value | $ 1,289,186 | 169,904 |
Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 169,904 | |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 169,904 | |
Total assets measured at fair value | 169,904 | |
Level 1 | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 169,904 | |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 0 | |
Total assets measured at fair value | 0 | |
Level 2 | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 0 | |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 0 | |
Total assets measured at fair value | 0 | |
Level 3 | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | Apr. 30, 2023 USD ($) |
Fair Value Disclosures [Abstract] | |
Fair value measurement, transfers level 1 to level 2 | $ 0 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Other Assets Non-current (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Other Assets, Noncurrent [Abstract] | ||
Property and equipment, net | $ 27,244 | $ 24,594 |
Operating lease right-of-use assets | 11,827 | 12,560 |
Other | 2,171 | 902 |
Total other assets, non-current | $ 41,242 | $ 38,056 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Property and Equipment Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Jan. 31, 2023 | |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 37,107 | $ 32,875 |
Less: accumulated depreciation and amortization | (9,863) | (8,281) |
Property and equipment, net | $ 27,244 | 24,594 |
Furniture and fixtures | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful life | 5 years | |
Total property and equipment | $ 1,330 | 1,292 |
Computers, equipment and software | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful life | 3 years | |
Total property and equipment | $ 581 | 581 |
Capitalized internal-use software development costs | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful life | 5 years | |
Total property and equipment | $ 29,635 | 25,817 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful life | Shorter of useful life or lease term | |
Total property and equipment | $ 5,484 | 5,138 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 77 | $ 47 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Supplemental Balance Sheet Disclosures [Abstract] | ||
Depreciation and amortization expense | $ 1,600,000 | $ 900,000 |
Software capitalized costs | 3,800,000 | 2,500,000 |
Amortization of capitalized costs | 1,300,000 | 600,000 |
Impairment losses for deferred contract acquisition costs | $ 0 | $ 0 |
Balance Sheet Components - Su_3
Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accrued expenses | $ 3,013 | $ 4,222 |
Operating lease liabilities | 3,488 | 3,380 |
Accrued income taxes payable | 991 | 1,081 |
Sales tax payable | 1,343 | 1,480 |
Total accrued expenses and other current liabilities | $ 8,835 | $ 10,163 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Compensation And Benefits [Abstract] | ||
Accrued commissions | $ 9,876 | $ 16,932 |
Accrued vacation | 22,557 | 20,614 |
Accrued payroll and withholding taxes | 8,361 | 11,574 |
ESPP employee contributions | 9,432 | 4,247 |
Accrued bonus | 2,729 | 3,220 |
Other | 519 | 2,041 |
Total accrued compensation and benefits | $ 53,474 | $ 58,628 |
Balance Sheet Components - Su_4
Balance Sheet Components - Summary of Activity of Deferred Contract Acquisition Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Capitalized Contract Cost, Net, Classified [Roll Forward] | ||
Beginning balance | $ 124,098 | $ 89,331 |
Capitalization of contract acquisition costs | 11,663 | 15,212 |
Amortization of deferred contract acquisition costs | (12,539) | (9,138) |
Ending balance | 123,222 | 95,405 |
Deferred contract acquisition costs, current | 42,995 | 32,200 |
Deferred contract acquisition costs, non-current | 80,227 | 63,205 |
Total deferred contract acquisition costs | $ 123,222 | $ 95,405 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Other Liabilities, Non-current (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Supplemental Balance Sheet Disclosures [Abstract] | ||
Operating lease liabilities, non-current | $ 11,178 | $ 12,093 |
Accrued commissions | 792 | 713 |
Total other liabilities, non-current | $ 11,970 | $ 12,806 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Leases [Abstract] | ||
Short-term lease costs | $ 156 | $ 100 |
Operating lease costs | 878 | 878 |
Total lease costs | $ 1,034 | $ 978 |
Leases - Summary of Lease Term
Leases - Summary of Lease Term and Discount Rate (Details) | Apr. 30, 2023 |
Leases [Abstract] | |
Weighted average remaining lease terms (in years) | 3 years 10 months 24 days |
Weighted average discount rate | 3.80% |
Leases - Schedule of Future Lea
Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Leases [Abstract] | ||
2024 (remaining nine months) | $ 2,961 | |
2025 | 4,150 | |
2026 | 3,734 | |
2027 | 3,737 | |
2028 | 1,277 | |
Total minimum lease payments | 15,859 | |
Less imputed interest | (1,193) | |
Present value of future minimum lease payments | 14,666 | |
Less current lease liabilities | (3,488) | $ (3,380) |
Operating lease liabilities, non-current | $ 11,178 | $ 12,093 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Leases [Abstract] | ||
Operating right-of-use asset impairment losses | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | Apr. 30, 2023 | Jan. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Letters of credit outstanding amount | $ 1.8 | $ 1.8 |
Common Stock and Stockholders_3
Common Stock and Stockholders' Equity - Schedule of Reserved Shares of Common Stock for Future Issuance (Details) - shares shares in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Class Of Stock [Line Items] | ||
Common stock capital shares reserved for future issuance | 55,191 | 45,377 |
2021 Equity Incentive Plan | ||
Class Of Stock [Line Items] | ||
Remaining shares available for future issuance | 29,419 | 21,466 |
2021 Employee Stock Purchase Plan ("ESPP") | ||
Class Of Stock [Line Items] | ||
Common stock capital shares reserved for future issuance | 4,907 | 3,008 |
Options outstanding | ||
Class Of Stock [Line Items] | ||
Common stock capital shares reserved for future issuance | 8,801 | 9,315 |
Restricted stock units outstanding | ||
Class Of Stock [Line Items] | ||
Common stock capital shares reserved for future issuance | 12,064 | 11,588 |
Common Stock and Stockholders_4
Common Stock and Stockholders' Equity - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | Jan. 31, 2023 | |
Aggregate Intrinsic Value | |||
Aggregate intrinsic value, excercised | $ 14,700 | $ 34,800 | |
2021 Equity Incentive Plan | |||
Number of Options Outstanding | |||
Beginning balance (in shares) | 9,315 | ||
Stock options exercised (in shares) | (513) | ||
Stock options cancelled/forfeited/expired (in shares) | (1) | ||
Ending balance (in shares) | 8,801 | 9,315 | |
Number of options outstanding, exercisable (in shares) | 8,678 | ||
Weighted-Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 1.92 | ||
Stock options exercised (in dollars per share) | 1.98 | ||
Stock options cancelled/forfeited/expired (in dollars per share) | 5.70 | ||
Ending balance (in dollars per share) | 1.92 | $ 1.92 | |
Weighted-average exercise price per share, exercisable (in dollars per share) | $ 1.77 | ||
Weighted- Average Remaining Contractual Term (in Years) | 4 years 6 months | 4 years 7 months 6 days | |
Weighted Average Remaining Contractual Term, Exercisable (in years) | 4 years 4 months 24 days | ||
Aggregate Intrinsic Value | |||
Aggregate intrinsic value | $ 219,062 | $ 281,837 | |
Aggregate intrinsic value, excercised | 14,679 | ||
Aggregate intrinsic value, exercisable | $ 217,340 |
Common Stock and Stockholders_5
Common Stock and Stockholders' Equity - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Jan. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total grant-date fair value of stock options vested | $ 500 | $ 1,300 | |
Total intrinsic value of options exercised | 14,700 | 34,800 | |
Stock-based compensation expense, net of amounts capitalized | 40,163 | 46,259 | |
Unrecognized stock-based compensation expense | $ 900 | $ 4,000 | |
Unrecognized stock-based compensation expense, weighted-average period | 1 year 2 months 12 days | 1 year 6 months | |
ESPP employee payroll contributions | $ 53,474 | $ 58,628 | |
2021 Equity Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total intrinsic value of options exercised | $ 14,679 | ||
Number of shares available for sale | 29,419,000 | 21,466,000 | |
2021 Employee Stock Purchase Plan ("ESPP") | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense, net of amounts capitalized | $ 3,000 | $ 3,100 | |
Unrecognized stock-based compensation expense | $ 19,000 | ||
Unrecognized stock-based compensation expense, weighted-average period | 1 year 7 months 6 days | ||
ESPP employee payroll contributions | $ 9,400 | ||
2021 Employee Stock Purchase Plan ("ESPP") | Common Class A | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares available for sale | 4,907,132 | ||
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant-date fair value of vested shares | $ 38,300 | 17,500 | |
Unrecognized stock-based compensation expense | $ 359,500 | $ 420,600 | |
Unrecognized stock-based compensation expense, weighted-average period | 2 years 10 months 24 days | 3 years 1 month 6 days |
Common Stock and Stockholders_6
Common Stock and Stockholders' Equity - Schedule of Restricted Stock Units (RSUs") Activity (Details) - 2014 and 2021 Plans - Restricted Stock Units shares in Thousands | 3 Months Ended |
Apr. 30, 2023 $ / shares shares | |
Number of Awards | |
Beginning balance (in shares) | shares | 11,588 |
RSUs granted (in shares) | shares | 1,939 |
RSUs released (in shares) | shares | (1,071) |
RSUs cancelled (in shares) | shares | (392) |
Ending balance (in shares) | shares | 12,064 |
Weighted-Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 42.48 |
RSUs granted (in dollars per share) | $ / shares | 31.89 |
RSUs released (in dollars per share) | $ / shares | 35.74 |
RSUs cancelled (in dollars per share) | $ / shares | 42.61 |
Ending balance (in dollars per share) | $ / shares | $ 41.37 |
Common Stock and Stockholders_7
Common Stock and Stockholders' Equity - Summary of Stock-Based Compensation Expense (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Stock-based compensation expense: | ||
Stock-based compensation expense, net of amounts capitalized | $ 40,163,000 | $ 46,259,000 |
Capitalized stock-based compensation | 1,103,000 | 882,000 |
Total stock-based compensation expense | 41,266,000 | 47,141,000 |
Cost Of Revenue | Support | ||
Stock-based compensation expense: | ||
Stock-based compensation expense, net of amounts capitalized | 2,256,000 | 1,959,000 |
Cost Of Revenue | Cloud-hosted services | ||
Stock-based compensation expense: | ||
Stock-based compensation expense, net of amounts capitalized | 609,000 | 640,000 |
Cost Of Revenue | Professional services and other | ||
Stock-based compensation expense: | ||
Stock-based compensation expense, net of amounts capitalized | 566,000 | 728,000 |
Sales and marketing | ||
Stock-based compensation expense: | ||
Stock-based compensation expense, net of amounts capitalized | 11,959,000 | 14,393,000 |
Research and development | ||
Stock-based compensation expense: | ||
Stock-based compensation expense, net of amounts capitalized | 11,731,000 | 14,738,000 |
General and administrative | ||
Stock-based compensation expense: | ||
Stock-based compensation expense, net of amounts capitalized | $ 13,042,000 | $ 13,801,000 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Additional Information (Details) | 3 Months Ended |
Apr. 30, 2023 vote | |
Class A Common Stock | |
Class Of Stock [Line Items] | |
Common stock, voting rights | 1 |
Class B Common Stock | |
Class Of Stock [Line Items] | |
Common stock, voting rights | 10 |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Summary of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Numerator: | ||
Net loss | $ (53,258) | $ (78,217) |
Denominator: | ||
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic (in shares) | 190,806 | 182,948 |
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, diluted (in shares) | 190,806 | 182,948 |
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share) | $ (0.28) | $ (0.43) |
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share) | $ (0.28) | $ (0.43) |
Net Loss Per Share Attributab_5
Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 22,867 | 25,596 |
Outstanding stock options and restricted stock units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 20,868 | 24,646 |
Share purchase rights under the ESPP | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 1,999 | 947 |
Class A and Class B common stock subject to repurchase | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 0 | 3 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent event $ in Millions | Jun. 07, 2023 USD ($) |
Subsequent Event [Line Items] | |
Workforce reduction plan, percentage of people impacted | 8% |
Workforce reduction plan, reduction in current annualized payroll and benefit expenses | $ 36 |
Minimum | |
Subsequent Event [Line Items] | |
Workforce reduction plan, expected charges | 7.5 |
Maximum | |
Subsequent Event [Line Items] | |
Workforce reduction plan, expected charges | $ 9 |