|
|
|
ý
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
|
|
26-4175727
(I.R.S. Employer
Identification Number)
|
|
|
100 First Street, Suite 600
San Francisco, California 94105
(Address of Principal executive offices)
|
|
|
(Title of each class)
|
|
(Name of each exchange on which registered)
|
Class A common stock, par value $0.0001 per share
|
|
The NASDAQ Stock Market LLC
|
Large accelerated filer
|
|
ý
|
|
Accelerated filer
|
|
☐
|
Non-accelerated filer
|
|
☐
|
|
Smaller reporting company
|
|
☐
|
|
|
|
|
Emerging growth company
|
|
☐
|
|
|
Page
|
|
Part I
|
||
Part II
|
||
Part III
|
||
Part IV
|
||
•
|
our future financial performance, including our revenue, costs of revenue, gross profit or gross margin and operating expenses;
|
•
|
trends in our key business metrics;
|
•
|
our growth strategy and ability to compete;
|
•
|
the sufficiency of our cash and cash equivalents, investments and cash provided by sales of our products and services to meet our liquidity needs;
|
•
|
market and other opportunities arising from business combinations;
|
•
|
our ability to maintain the security and availability of our internal networks and platform;
|
•
|
our ability to increase our number of customers;
|
•
|
our ability to sell additional products to and retain our existing customers;
|
•
|
our ability to successfully expand in our existing markets and into new markets;
|
•
|
our ability to effectively manage our growth and future expenses;
|
•
|
our ability to expand our network of channel partners;
|
•
|
our ability to form and expand partnerships with independent software vendors and system integrators;
|
•
|
our ability to introduce new products, enhance existing products and address new use cases;
|
•
|
our ability to add new integration partners;
|
•
|
our ability to grow our international business;
|
•
|
our ability to maintain, protect and enhance our intellectual property;
|
•
|
our ability to comply with modified or new laws and regulations applying to our business;
|
•
|
the attraction and retention of qualified employees and key personnel;
|
•
|
our anticipated investments in sales and marketing and research and development;
|
•
|
our ability to comply with modified or new laws and regulations applying to our business, including GDPR (as defined below) and other privacy regulations that may be implemented in the future;
|
•
|
the impact of recent accounting pronouncements on our financial statements;
and
|
•
|
our ability to successfully defend litigation brought against us.
|
•
|
Drive New Customer Growth
. To increase our market share, we intend to continue to grow our customer base using a land-and-expand sales model, with a focus on key market segments by size of customers, as well as key verticals, including highly-regulated sectors.
|
•
|
Deepen Relationships Within Our Existing Customer Base
. We plan to further increase revenue from our existing customers by cross-selling and up-selling additional and new products. We also believe we can expand our footprint by focusing on current customers that have deployed the Okta Identity Cloud for workforce identity, and expanding those customers’ use of our platform for customer identity, or vice versa.
|
•
|
Expand Our Integrations
. The Okta Integration Network is an extensive partner ecosystem, which includes over
6,000
integrations with cloud, mobile and web applications and IT infrastructure providers. We plan to continue these partnerships as well as add new integration partners to enrich our user experience and expand our customer base. We view our investment in partnerships as a force multiplier that enables us to build and promote complementary capabilities that benefit our customers.
|
•
|
Expand Our Channel Partner Ecosystem
.
We also plan to expand our indirect sales network to leverage the sales efforts of additional resellers, ISVs, system integrators and other distribution partners, and to increase the contribution we receive from these channel partners.
|
•
|
Expand Our International Footprint
. With
16%
of our revenue generated outside of the United States in fiscal
2019
, up from
15%
in fiscal
2018
, we believe there is significant opportunity to grow our international business. We believe global demand for our products will continue to be a long-term growth driver as organizations outside the United States fully embrace the transition to cloud computing, and larger international organizations take advantage of technology consolidation within their global locations.
|
•
|
Innovate and Advance Our Platform with New Products
. We intend to continue making significant investments in research and development, hiring top technical talent and maintaining an agile organization. By continuing to innovate, we believe that we can introduce new products and offer increasing value to existing and potential customers.
|
•
|
Extend Our Accessible Market with New Use Cases
.
As technology and our customers’ markets evolve, we plan to use our platform to help our customers address new challenges, regulatory requirements and use cases as they develop.
|
•
|
Leverage Our Unique Data Assets with Powerful Analytics
. Our position at the intersection of people, devices, applications and infrastructure gives us unique access to powerful data, and the opportunity to provide differentiated insights based on that data. We expect the value of our analytics to our customer base will increase as customers continue to connect more devices, applications and users to their networks and as we add more customers. We do not currently derive direct revenue from our unique data assets, but we may explore opportunities for monetization in the future.
|
•
|
Universal Directory
. Universal Directory provides a centralized, cloud-based system of record to store and secure user, application and device profiles for an organization. Users and profiles stored in the directory can be used with our Single Sign-On product to manage passwords and authentication, or can be used by developers to store and authenticate the users of their applications. When fully utilized to manage and secure identities for a customer’s workforce, Universal Directory becomes a customer’s system of record for all of its employees, contractors and partners.
|
•
|
Single Sign-On
. When used to manage and secure identities for a customer’s workforce, Single Sign-On enables users to access all of their applications, whether in the cloud or on-premise, from any device, with a single entry of their user credentials. We combine secure access, modern protocols, flexible policies and a consumer-like user experience to permit organizations to easily allow customers or partners to sign in to their applications with their existing identity information. Single Sign-On also enables built-in reporting and analytics that provide real-time search functionalities across users, devices, applications and the associated access and usage activity.
|
•
|
Adaptive Multi-Factor Authentication
. Adaptive Multi-Factor Authentication is a comprehensive, but simple-to-use, product that provides an additional layer of security for an organization’s cloud, mobile and web applications and data. We offer an intelligent approach to security, built on contextual data. Adaptive Multi-
|
•
|
Lifecycle Management
. Lifecycle Management enables IT organizations or developers to manage a user's identity throughout its entire lifecycle. It automates IT processes and ensures user accounts are created and deactivated at the appropriate times, including the workflow and policies needed to power those processes. With Okta Lifecycle Management, organizations can securely manage the entire identity lifecycle, from on-boarding to off-boarding, and ensure compliance requirements are met as user roles evolve and access levels change.
|
•
|
API Access Management
. API Access Management enables organizations to secure APIs as systems connect to each other. Access to these APIs is managed based on the user, which enables organizations to centrally maintain one set of permissions for any employee, partner or customer across every point of access. API Access Management reduces development time, boosts security and enables seamless end-user experiences by providing a unified portable service for authorizing secure and always available access to any API.
|
•
|
Authentication providers, such as Computer Associates (a subsidiary of Broadcom), Duo Security (a division of Cisco Systems), IBM, Microsoft, Oracle and SailPoint;
|
•
|
Lifecycle Management providers, such as Computer Associates (a subsidiary of Broadcom), IBM, Microsoft and Oracle; and
|
•
|
Multi-factor Authentication providers, such as Duo Security (a division of Cisco Systems), Microsoft, RSA (a division of Dell Technologies) and Symantec.
|
•
|
Internally developed systems;
|
•
|
Infrastructure-as-a-service providers, such as Amazon Web Services, Google Cloud Platform and Microsoft; and
|
•
|
Dedicated customer identity and access management vendors, such as Gigya (a division of SAP) and Janrain (a division of Akamai Technologies).
|
•
|
price our platform effectively so that we are able to attract and retain customers without compromising our profitability;
|
•
|
attract new customers, successfully deploy and implement our platform, upsell or otherwise increase our existing customers’ use of our platform, obtain customer renewals and provide our customers with excellent customer support;
|
•
|
increase our network of channel partners, which include resellers, independent software vendors, or ISVs, system integrators and other distribution partners;
|
•
|
adequately expand our sales force, and maintain or increase our sales force’s productivity;
|
•
|
successfully identify and enter into agreements with suitable acquisition targets, integrate any acquisitions and integrate acquired technologies into our existing products or use them to develop new products;
|
•
|
successfully introduce new products, enhance existing products and address new use cases;
|
•
|
introduce our platform to new markets outside of the United States;
|
•
|
successfully compete against larger companies and new market entrants; and
|
•
|
increase awareness of our brand on a global basis.
|
•
|
the level of demand for our platform;
|
•
|
our ability to attract new customers, obtain renewals from existing customers and upsell or otherwise increase our existing customers’ use of our platform;
|
•
|
the timing and success of new product introductions by us or our competitors or any other change in the competitive landscape of our market;
|
•
|
pricing pressure as a result of competition or otherwise;
|
•
|
seasonal buying patterns for IT spending;
|
•
|
the mix of revenue attributable to larger transactions as opposed to smaller transactions, and the associated volatility and timing of our transactions;
|
•
|
errors in our forecasting of the demand for our products, which could lead to lower revenue, increased costs or both;
|
•
|
increases in and timing of sales and marketing and other operating expenses that we may incur to grow and expand our operations and to remain competitive;
|
•
|
significant security breaches of, technical difficulties with, or interruptions to, the delivery and use of our platform and products;
|
•
|
our ability to comply with privacy laws and requirements, including the General Data Protection Regulation and California Consumer Privacy Act;
|
•
|
costs related to the acquisition of businesses, talent, technologies or intellectual property, including potentially significant amortization costs and possible write-downs;
|
•
|
credit or other difficulties confronting our channel partners;
|
•
|
adverse litigation judgments, settlements of litigation and other disputes or other litigation-related or dispute-related costs;
|
•
|
the impact of new accounting pronouncements and associated system implementations;
|
•
|
changes in the legislative or regulatory environment;
|
•
|
fluctuations in foreign currency exchange rates;
|
•
|
expenses related to real estate, including our office leases, and other fixed expenses; and
|
•
|
general economic conditions in either domestic or international markets, including geopolitical uncertainty and instability.
|
•
|
the need to raise awareness about the uses and benefits of our platform, including our customer identity products;
|
•
|
the need to allay privacy, regulatory and security concerns;
|
•
|
the discretionary nature of purchasing and budget cycles and decisions;
|
•
|
the competitive nature of evaluation and purchasing processes;
|
•
|
announcements or planned introductions of new products, features or functionality by us or our competitors; and
|
•
|
often lengthy purchasing approval processes.
|
•
|
require costly litigation to resolve and/or the payment of substantial damages, ongoing royalty payments or other amounts to settle such disputes;
|
•
|
require significant management time and attention;
|
•
|
cause us to enter into unfavorable royalty or license agreements, if such arrangements are available at all;
|
•
|
require us to discontinue the sale of some or all of our products, remove or reduce features or functionality of our products or comply with other unfavorable terms;
|
•
|
require us to indemnify our customers or third-party service providers; and/or
|
•
|
require us to expend additional development resources to redesign our products.
|
•
|
delays or reductions in customer purchases for both us and the acquired business;
|
•
|
disruption of partner and customer relationships;
|
•
|
potential loss of key employees of the acquired company;
|
•
|
claims by and disputes with the acquired company’s employees, customers, stockholders or third parties;
|
•
|
unknown liabilities or risks associated with the acquired business, product or technology, such as contractual obligations, potential security vulnerabilities of the acquired company and its products and services, potential intellectual property infringement, costs arising from the acquired company’s failure to comply with legal or regulatory requirements and litigation matters;
|
•
|
they could be viewed unfavorably by our partners, our customers, our stockholders or securities analysts;
|
•
|
unforeseen integration or other expenses; and
|
•
|
future impairment of goodwill or other acquired intangible assets.
|
•
|
unexpected costs and errors in the localization of our products, including translation into foreign languages and adaptation for local practices and regulatory requirements;
|
•
|
lack of familiarity and burdens of complying with foreign laws, legal standards, privacy standards, regulatory requirements, tariffs and other barriers;
|
•
|
laws and business practices favoring local competitors or commercial parties;
|
•
|
costs and liabilities related to compliance with the GDPR and disparate data privacy standards and enforcement;
|
•
|
greater risk that our foreign employees or partners will fail to comply with U.S. and foreign laws;
|
•
|
practical difficulties of enforcing intellectual property rights in countries with fluctuating laws and standards and reduced or varied protection for intellectual property rights in some countries;
|
•
|
restrictive governmental actions focusing on cross-border trade, including taxes, trade laws, tariffs, import and export restrictions or quotas, barriers, sanctions, custom duties or other trade restrictions;
|
•
|
unexpected changes in legal and regulatory requirements;
|
•
|
difficulties in managing systems integrators and technology partners;
|
•
|
differing technology standards;
|
•
|
longer accounts receivable payment cycles and difficulties in collecting accounts receivable;
|
•
|
difficulties in managing and staffing international operations and differing employer/employee relationships and local employment laws;
|
•
|
political, economic and social instability, war, armed conflict or terrorist activities;
|
•
|
fluctuations in exchange rates that may increase the volatility of our foreign-based revenue; and
|
•
|
potentially adverse tax consequences, including the complexities of foreign value added tax (or other tax) systems and restrictions on the repatriation of earnings.
|
•
|
develop and enhance our products;
|
•
|
continue to expand our product development, sales and marketing organizations;
|
•
|
hire, train and retain employees;
|
•
|
respond to competitive pressures or unanticipated working capital requirements; or
|
•
|
pursue acquisition opportunities.
|
•
|
overall performance of the equity markets and/or publicly-listed technology companies;
|
•
|
actual or anticipated fluctuations in our revenue or other financial or operating metrics;
|
•
|
changes in the financial projections we provide to the public or our failure to meet these projections;
|
•
|
failure of securities analysts to initiate or maintain coverage of us, changes in financial estimates and/or recommendations by any securities analysts who follow our company;
|
•
|
our failure to meet the estimates or the expectations of securities analysts or investors;
|
•
|
recruitment or departure of key personnel;
|
•
|
significant security breaches, technical difficulties or interruptions of our service;
|
•
|
the economy as a whole and market conditions in our industry;
|
•
|
rumors and market speculation involving us or other companies in our industry;
|
•
|
announcements by us or our competitors of significant innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;
|
•
|
new laws or regulations or new interpretations of existing laws or regulations applicable to our business;
|
•
|
lawsuits threatened or filed against us;
|
•
|
other events or factors, including those resulting from war, incidents of terrorism, or responses to these events; and
|
•
|
sales of additional shares of our Class A common stock by us, our directors, our officers or our stockholders.
|
•
|
provide that our board of directors is classified into three classes of directors with staggered three-year terms;
|
•
|
permit the board of directors to establish the number of directors and fill any vacancies and newly-created directorships;
|
•
|
require super-majority voting to amend some provisions in our amended and restated certificate of incorporation and amended and restated bylaws;
|
•
|
authorize the issuance of “blank check” preferred stock that our board of directors could use to implement a stockholder rights plan;
|
•
|
provide that only the Chairperson of our board of directors, our Chief Executive Officer, or a majority of our board of directors are authorized to call a special meeting of stockholders;
|
•
|
provide for a dual class common stock structure in which holders of our Class B common stock have the ability to control the outcome of matters requiring stockholder approval, even if they own significantly less than a majority of the outstanding shares of our Class A and Class B common stock, including the election of directors and significant corporate transactions, such as a merger or other sale of our company or its assets;
|
•
|
prohibit stockholder action by written consent, which requires all stockholder actions to be taken at a meeting of our stockholders;
|
•
|
provide that the board of directors is expressly authorized to make, alter or repeal our bylaws; and
|
•
|
advance notice requirements for nominations for election to our board of directors or for proposing matters that can be acted upon by stockholders at annual stockholder meetings.
|
•
|
any derivative action or proceeding brought on our behalf;
|
•
|
any action asserting a breach of fiduciary duty;
|
•
|
any action asserting a claim against us arising pursuant to the Delaware General Corporation Law, our amended and restated certificate of incorporation, or our amended and restated bylaws; or
|
•
|
or any action asserting a claim against us that is governed by the internal affairs doctrine.
|
•
|
make us more vulnerable to adverse changes in general U.S. and worldwide economic, industry and competitive conditions and adverse changes in government regulation;
|
•
|
limit our flexibility in planning for, or reacting to, changes in our business and our industry;
|
•
|
place us at a disadvantage compared to our competitors who have less debt;
|
•
|
limit our ability to borrow additional amounts to fund acquisitions, for working capital and for other general corporate purposes; and
|
•
|
make an acquisition of our company less attractive or more difficult.
|
Company/Index
|
|
Base period
4/7/2017 |
|
4/30/2017
|
|
7/31/2017
|
|
10/31/2017
|
|
1/31/2018
|
|
4/30/2018
|
|
7/31/2018
|
|
10/31/2018
|
|
1/31/2019
|
||||||||||||||||||
Okta
|
|
$
|
100.00
|
|
|
$
|
110.80
|
|
|
$
|
93.36
|
|
|
$
|
123.01
|
|
|
$
|
125.27
|
|
|
$
|
182.09
|
|
|
$
|
211.19
|
|
|
$
|
248.23
|
|
|
$
|
350.62
|
|
S&P 500 Index
|
|
100.00
|
|
|
101.22
|
|
|
104.87
|
|
|
109.33
|
|
|
119.88
|
|
|
112.42
|
|
|
119.56
|
|
|
115.12
|
|
|
114.80
|
|
|||||||||
S&P 500 Information Technology Index
|
|
$
|
100.00
|
|
|
$
|
103.04
|
|
|
$
|
108.82
|
|
|
$
|
121.68
|
|
|
$
|
132.07
|
|
|
$
|
126.76
|
|
|
$
|
138.02
|
|
|
$
|
134.94
|
|
|
$
|
129.11
|
|
(a)
|
Unregistered Sales of Equity Securities
|
(b)
|
Use of Proceeds from Public Offering of Class A Common Stock
|
(c)
|
Issuer Purchases of Equity Securities
|
|
Year Ended January 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
(2)
|
|
2015
(2)
|
||||||||||
|
|
|
As Adjusted
(2)
|
|
As Adjusted
(2)
|
|
|
|
|
||||||||||
|
(in thousands, except per share data)
|
||||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
||||||||||
Subscription
|
$
|
370,855
|
|
|
$
|
236,422
|
|
|
$
|
144,909
|
|
|
$
|
76,443
|
|
|
$
|
38,138
|
|
Professional services and other
|
28,399
|
|
|
20,125
|
|
|
15,897
|
|
|
9,464
|
|
|
2,872
|
|
|||||
Total revenue
|
399,254
|
|
|
256,547
|
|
|
160,806
|
|
|
85,907
|
|
|
41,010
|
|
|||||
Cost of revenue
|
|
|
|
|
|
|
|
|
|
||||||||||
Subscription
(1)
|
77,354
|
|
|
52,481
|
|
|
34,211
|
|
|
20,684
|
|
|
9,818
|
|
|||||
Professional services and other
(1)
|
36,067
|
|
|
28,274
|
|
|
21,738
|
|
|
15,340
|
|
|
8,912
|
|
|||||
Total cost of revenue
|
113,421
|
|
|
80,755
|
|
|
55,949
|
|
|
36,024
|
|
|
18,730
|
|
|||||
Gross profit
|
285,833
|
|
|
175,792
|
|
|
104,857
|
|
|
49,883
|
|
|
22,280
|
|
|||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development
(1)
|
102,385
|
|
|
70,821
|
|
|
38,659
|
|
|
28,761
|
|
|
18,370
|
|
|||||
Sales and marketing
(1)
|
227,960
|
|
|
165,020
|
|
|
110,769
|
|
|
77,915
|
|
|
49,096
|
|
|||||
General and administrative
(1)
|
75,110
|
|
|
51,803
|
|
|
30,099
|
|
|
19,195
|
|
|
13,596
|
|
|||||
Total operating expenses
|
405,455
|
|
|
287,644
|
|
|
179,527
|
|
|
125,871
|
|
|
81,062
|
|
|||||
Operating loss
|
(119,622
|
)
|
|
(111,852
|
)
|
|
(74,670
|
)
|
|
(75,988
|
)
|
|
(58,782
|
)
|
|||||
Interest expense
|
(15,072
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other income (expense), net
|
9,180
|
|
|
1,682
|
|
|
39
|
|
|
(19
|
)
|
|
(199
|
)
|
|||||
Loss before provision for (benefit from) income taxes
|
(125,514
|
)
|
|
(110,170
|
)
|
|
(74,631
|
)
|
|
(76,007
|
)
|
|
(58,981
|
)
|
|||||
Provision for (benefit from) income taxes
|
(17
|
)
|
|
(321
|
)
|
|
425
|
|
|
295
|
|
|
130
|
|
|||||
Net loss
|
$
|
(125,497
|
)
|
|
$
|
(109,849
|
)
|
|
$
|
(75,056
|
)
|
|
$
|
(76,302
|
)
|
|
$
|
(59,111
|
)
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted
|
$
|
(1.17
|
)
|
|
$
|
(1.32
|
)
|
|
$
|
(3.94
|
)
|
|
$
|
(4.28
|
)
|
|
$
|
(3.67
|
)
|
Weighted-average shares outstanding used to compute net loss per share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted
|
107,504
|
|
|
83,004
|
|
|
19,038
|
|
|
17,817
|
|
|
16,097
|
|
(1)
|
Amounts include stock-based compensation expense as follows:
|
|
Year Ended January 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Cost of subscription revenue
|
$
|
7,837
|
|
|
$
|
4,600
|
|
|
$
|
1,979
|
|
|
$
|
909
|
|
|
$
|
323
|
|
Cost of professional services and other revenue
|
4,983
|
|
|
3,137
|
|
|
1,283
|
|
|
553
|
|
|
273
|
|
|||||
Research and development
|
22,642
|
|
|
18,107
|
|
|
2,992
|
|
|
1,748
|
|
|
912
|
|
|||||
Sales and marketing
|
22,916
|
|
|
13,242
|
|
|
6,029
|
|
|
2,853
|
|
|
1,236
|
|
|||||
General and administrative
|
17,942
|
|
|
10,774
|
|
|
4,844
|
|
|
3,769
|
|
|
3,836
|
|
|||||
Total stock-based compensation expense
|
$
|
76,320
|
|
|
$
|
49,860
|
|
|
$
|
17,127
|
|
|
$
|
9,832
|
|
|
$
|
6,580
|
|
(2)
|
The summary consolidated statements of operations data for the
years ended January 31, 2019
,
2018
and
2017
reflects the adoption of Accounting Standard Update ("ASU") No. 2014-09,
Revenue from Contracts with Customers ("Topic 606")
. See Note 2 of the notes to the consolidated financial statements for a summary of adjustments. The summary consolidated statement of operations data for the years ended January 31, 2016 and 2015 does not reflect the adoption of Topic 606.
|
|
As of January 31,
|
||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
(1)
|
||||||||
|
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
Consolidated Balance Sheet Data:
|
|
|
|
|
|
|
|
||||||||
Cash, cash equivalents and short-term investments
|
$
|
563,768
|
|
|
$
|
229,714
|
|
|
$
|
37,672
|
|
|
$
|
87,945
|
|
Working capital
|
145,139
|
|
|
129,555
|
|
|
(35,456
|
)
|
|
38,528
|
|
||||
Total assets
|
864,335
|
|
|
399,263
|
|
|
155,276
|
|
|
149,763
|
|
||||
Deferred revenue, current and non-current portion
|
254,390
|
|
|
164,779
|
|
|
107,120
|
|
|
79,525
|
|
||||
Redeemable convertible preferred stock warrant liability
|
—
|
|
|
—
|
|
|
304
|
|
|
237
|
|
||||
Redeemable convertible preferred stock
|
—
|
|
|
—
|
|
|
227,954
|
|
|
227,954
|
|
||||
Total stockholders’ equity (deficit)
|
252,377
|
|
|
199,340
|
|
|
(212,361
|
)
|
|
(181,062
|
)
|
|
Year Ended January 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
(2)
|
|
2015
(2)
|
||||||||||
|
|
|
As Adjusted
(2)
|
|
As Adjusted
(2)
|
|
|
|
|
||||||||||
|
(dollars in thousands)
|
||||||||||||||||||
Gross profit
|
$
|
285,833
|
|
|
$
|
175,792
|
|
|
$
|
104,857
|
|
|
$
|
49,883
|
|
|
$
|
22,280
|
|
Non-GAAP gross profit
|
$
|
299,485
|
|
|
$
|
183,533
|
|
|
$
|
108,309
|
|
|
$
|
51,535
|
|
|
$
|
23,062
|
|
Gross margin
|
72
|
%
|
|
69
|
%
|
|
65
|
%
|
|
58
|
%
|
|
54
|
%
|
|||||
Non-GAAP gross margin
|
75
|
%
|
|
72
|
%
|
|
67
|
%
|
|
60
|
%
|
|
56
|
%
|
|||||
Operating loss
|
$
|
(119,622
|
)
|
|
$
|
(111,852
|
)
|
|
$
|
(74,670
|
)
|
|
$
|
(75,988
|
)
|
|
$
|
(58,782
|
)
|
Non-GAAP operating loss
|
$
|
(41,462
|
)
|
|
$
|
(61,234
|
)
|
|
$
|
(57,353
|
)
|
|
$
|
(65,935
|
)
|
|
$
|
(51,247
|
)
|
Operating margin
|
(30
|
)%
|
|
(44
|
)%
|
|
(46
|
)%
|
|
(89
|
)%
|
|
(143
|
)%
|
|||||
Non-GAAP operating margin
|
(10
|
)%
|
|
(24
|
)%
|
|
(36
|
)%
|
|
(77
|
)%
|
|
(125
|
)%
|
|||||
Net cash used in operating activities
|
$
|
15,172
|
|
|
$
|
(25,240
|
)
|
|
$
|
(42,101
|
)
|
|
$
|
(41,536
|
)
|
|
$
|
(32,749
|
)
|
Net cash provided by (used in) investing activities
|
$
|
(197,320
|
)
|
|
$
|
(99,704
|
)
|
|
$
|
6,965
|
|
|
$
|
1,160
|
|
|
$
|
(48,571
|
)
|
Net cash provided by financing activities
|
$
|
357,762
|
|
|
$
|
237,408
|
|
|
$
|
457
|
|
|
$
|
76,841
|
|
|
$
|
77,313
|
|
Free cash flow
|
$
|
(6,750
|
)
|
|
$
|
(37,221
|
)
|
|
$
|
(53,843
|
)
|
|
$
|
(48,237
|
)
|
|
$
|
(35,694
|
)
|
Customers (period end)
|
6,100
|
|
|
4,350
|
|
|
3,114
|
|
|
2,225
|
|
|
1,320
|
|
|||||
Calculated billings
|
$
|
488,217
|
|
|
$
|
314,934
|
|
|
$
|
194,524
|
|
|
$
|
118,023
|
|
|
$
|
68,100
|
|
Dollar-based retention rate for the trailing 12 months ended
|
120
|
%
|
|
121
|
%
|
|
123
|
%
|
|
120
|
%
|
|
129
|
%
|
|
As of January 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
Customers with annual contract value (ACV) above $100,000
|
1,038
|
|
|
691
|
|
|
443
|
|
Dollar-based retention rate for the trailing 12 months ended
|
120
|
%
|
|
121
|
%
|
|
123
|
%
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
|
|
|
||||||
|
(dollars in thousands)
|
||||||||||
Calculated billings
|
$
|
488,217
|
|
|
$
|
314,934
|
|
|
$
|
194,524
|
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
||||||
|
(in thousands, except per share data)
|
||||||||||
Revenue
|
|
|
|
|
|
||||||
Subscription
|
$
|
370,855
|
|
|
$
|
236,422
|
|
|
$
|
144,909
|
|
Professional services and other
|
28,399
|
|
|
20,125
|
|
|
15,897
|
|
|||
Total revenue
|
399,254
|
|
|
256,547
|
|
|
160,806
|
|
|||
Cost of revenue
|
|
|
|
|
|
||||||
Subscription
(2)
|
77,354
|
|
|
52,481
|
|
|
34,211
|
|
|||
Professional services and other
(2)
|
36,067
|
|
|
28,274
|
|
|
21,738
|
|
|||
Total cost of revenue
|
113,421
|
|
|
80,755
|
|
|
55,949
|
|
|||
Gross profit
|
285,833
|
|
|
175,792
|
|
|
104,857
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Research and development
(2)
|
102,385
|
|
|
70,821
|
|
|
38,659
|
|
|||
Sales and marketing
(2)
|
227,960
|
|
|
165,020
|
|
|
110,769
|
|
|||
General and administrative
(2)
|
75,110
|
|
|
51,803
|
|
|
30,099
|
|
|||
Total operating expenses
|
405,455
|
|
|
287,644
|
|
|
179,527
|
|
|||
Operating loss
|
(119,622
|
)
|
|
(111,852
|
)
|
|
(74,670
|
)
|
|||
Interest expense
|
(15,072
|
)
|
|
—
|
|
|
—
|
|
|||
Other income (expense), net
|
9,180
|
|
|
1,682
|
|
|
39
|
|
|||
Loss before provision for (benefit from) income taxes
|
(125,514
|
)
|
|
(110,170
|
)
|
|
(74,631
|
)
|
|||
Provision for (benefit from) income taxes
|
(17
|
)
|
|
(321
|
)
|
|
425
|
|
|||
Net loss
|
$
|
(125,497
|
)
|
|
$
|
(109,849
|
)
|
|
$
|
(75,056
|
)
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(in thousands)
|
||||||||||
Cost of subscription revenue
|
$
|
7,837
|
|
|
$
|
4,600
|
|
|
$
|
1,979
|
|
Cost of professional services and other revenue
|
4,983
|
|
|
3,137
|
|
|
1,283
|
|
|||
Research and development
|
22,642
|
|
|
18,107
|
|
|
2,992
|
|
|||
Sales and marketing
|
22,916
|
|
|
13,242
|
|
|
6,029
|
|
|||
General and administrative
|
17,942
|
|
|
10,774
|
|
|
4,844
|
|
|||
Total stock-based compensation expense
|
$
|
76,320
|
|
|
$
|
49,860
|
|
|
$
|
17,127
|
|
|
Year Ended January 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
|
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
|||
Revenue
|
|
|
|
|
|
|||
Subscription
|
93
|
%
|
|
92
|
%
|
|
90
|
%
|
Professional services and other
|
7
|
|
|
8
|
|
|
10
|
|
Total revenue
|
100
|
|
|
100
|
|
|
100
|
|
Cost of revenue
|
|
|
|
|
|
|||
Subscription
|
19
|
|
|
20
|
|
|
21
|
|
Professional services and other
|
9
|
|
|
11
|
|
|
14
|
|
Total cost of revenue
|
28
|
|
|
31
|
|
|
35
|
|
Gross profit
|
72
|
|
|
69
|
|
|
65
|
|
Operating expenses:
|
|
|
|
|
|
|||
Research and development
|
26
|
|
|
28
|
|
|
24
|
|
Sales and marketing
|
57
|
|
|
65
|
|
|
68
|
|
General and administrative
|
19
|
|
|
20
|
|
|
19
|
|
Total operating expenses
|
102
|
|
|
113
|
|
|
111
|
|
Operating loss
|
(30
|
)
|
|
(44
|
)
|
|
(46
|
)
|
Interest expense
|
(3
|
)
|
|
—
|
|
|
—
|
|
Other income (expense), net
|
2
|
|
|
1
|
|
|
—
|
|
Loss before provision for (benefit from) income taxes
|
(31
|
)
|
|
(43
|
)
|
|
(46
|
)
|
Provision for (benefit from) income taxes
|
—
|
|
|
—
|
|
|
1
|
|
Net loss
|
(31
|
)%
|
|
(43
|
)%
|
|
(47
|
)%
|
|
Year Ended January 31,
|
|
|
|||||||||||
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|||||||
Subscription
|
$
|
370,855
|
|
|
$
|
236,422
|
|
|
$
|
134,433
|
|
|
57
|
%
|
Professional services and other
|
28,399
|
|
|
20,125
|
|
|
8,274
|
|
|
41
|
|
|||
Total revenue
|
$
|
399,254
|
|
|
$
|
256,547
|
|
|
$
|
142,707
|
|
|
56
|
|
Percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
||||
Subscription
|
93
|
%
|
|
92
|
%
|
|
|
|
|
|
|
|||
Professional services and other
|
7
|
|
|
8
|
|
|
|
|
|
|
|
|||
Total
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|||||||||||
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Cost of revenue:
|
|
|
|
|
|
|
|
|||||||
Subscription
|
$
|
77,354
|
|
|
$
|
52,481
|
|
|
$
|
24,873
|
|
|
47
|
%
|
Professional services and other
|
36,067
|
|
|
28,274
|
|
|
7,793
|
|
|
28
|
|
|||
Total cost of revenue
|
$
|
113,421
|
|
|
$
|
80,755
|
|
|
$
|
32,666
|
|
|
40
|
|
Gross profit
|
$
|
285,833
|
|
|
$
|
175,792
|
|
|
$
|
110,041
|
|
|
63
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
||||
Subscription
|
79
|
%
|
|
78
|
%
|
|
|
|
|
|
|
|||
Professional services and other
|
(27
|
)
|
|
(40
|
)
|
|
|
|
|
|
|
|||
Total gross margin
|
72
|
|
|
69
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|||||||||||
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Research and development
|
$
|
102,385
|
|
|
$
|
70,821
|
|
|
$
|
31,564
|
|
|
45
|
%
|
Percentage of revenue
|
26
|
%
|
|
28
|
%
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|||||||||||
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Sales and marketing
|
$
|
227,960
|
|
|
$
|
165,020
|
|
|
$
|
62,940
|
|
|
38
|
%
|
Percentage of revenue
|
57
|
%
|
|
65
|
%
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|||||||||||
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
General and administrative
|
$
|
75,110
|
|
|
$
|
51,803
|
|
|
$
|
23,307
|
|
|
45
|
%
|
Percentage of revenue
|
19
|
%
|
|
20
|
%
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
||||||||||
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
||||||
|
|
|
|
|
|
|
|
||||||
|
(dollars in thousands)
|
||||||||||||
Interest expense
|
$
|
(15,072
|
)
|
|
$
|
—
|
|
|
$
|
(15,072
|
)
|
|
N/A
|
Other income (expense), net
|
$
|
9,180
|
|
|
$
|
1,682
|
|
|
$
|
7,498
|
|
|
N/A
|
|
Year Ended January 31,
|
|
|
|||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|||||||
Subscription
|
$
|
236,422
|
|
|
$
|
144,909
|
|
|
$
|
91,513
|
|
|
63
|
%
|
Professional services and other
|
20,125
|
|
|
15,897
|
|
|
4,228
|
|
|
27
|
|
|||
Total revenue
|
$
|
256,547
|
|
|
$
|
160,806
|
|
|
$
|
95,741
|
|
|
60
|
|
Percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
||||
Subscription
|
92
|
%
|
|
90
|
%
|
|
|
|
|
|
|
|||
Professional services and other
|
8
|
|
|
10
|
|
|
|
|
|
|
|
|||
Total
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Cost of revenue:
|
|
|
|
|
|
|
|
|||||||
Subscription
|
$
|
52,481
|
|
|
$
|
34,211
|
|
|
$
|
18,270
|
|
|
53
|
%
|
Professional services and other
|
28,274
|
|
|
21,738
|
|
|
6,536
|
|
|
30
|
|
|||
Total cost of revenue
|
$
|
80,755
|
|
|
$
|
55,949
|
|
|
$
|
24,806
|
|
|
44
|
|
Gross profit
|
$
|
175,792
|
|
|
$
|
104,857
|
|
|
$
|
70,935
|
|
|
68
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|||||
Subscription
|
78
|
%
|
|
76
|
%
|
|
|
|
|
|
|
|||
Professional services and other
|
(40
|
)
|
|
(37
|
)
|
|
|
|
|
|
|
|||
Total gross margin
|
69
|
|
|
65
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Research and development
|
$
|
70,821
|
|
|
$
|
38,659
|
|
|
$
|
32,162
|
|
|
83
|
%
|
Percentage of revenue
|
28
|
%
|
|
24
|
%
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Sales and marketing
|
$
|
165,020
|
|
|
$
|
110,769
|
|
|
$
|
54,251
|
|
|
49
|
%
|
Percentage of revenue
|
65
|
%
|
|
68
|
%
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
General and administrative
|
$
|
51,803
|
|
|
$
|
30,099
|
|
|
$
|
21,704
|
|
|
72
|
%
|
Percentage of revenue
|
20
|
%
|
|
19
|
%
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||
|
|
|
|
|
|
|
|
||||||
|
(dollars in thousands)
|
||||||||||||
Other income (expense), net
|
$
|
1,682
|
|
|
$
|
39
|
|
|
$
|
1,643
|
|
|
N/A
|
|
Year Ended January 31,
|
|
|
||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||
|
|
|
|
|
|
|
|
||||||
|
(dollars in thousands)
|
||||||||||||
Provision for (benefit from) income taxes
|
$
|
(321
|
)
|
|
$
|
425
|
|
|
$
|
(746
|
)
|
|
N/A
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||
|
Apr 30,
2017
|
|
Jul 31,
2017
|
|
Oct 31,
2017
|
|
Jan 31,
2018
|
|
Apr 30,
2018
|
|
Jul 31,
2018
|
|
Oct 31,
2018
|
|
Jan 31,
2019
|
||||||||||||||||
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Subscription
|
$
|
48,279
|
|
|
$
|
55,317
|
|
|
$
|
61,863
|
|
|
$
|
70,963
|
|
|
$
|
76,841
|
|
|
$
|
87,854
|
|
|
$
|
97,698
|
|
|
$
|
108,462
|
|
Professional services and other
|
4,046
|
|
|
4,942
|
|
|
5,048
|
|
|
6,089
|
|
|
6,780
|
|
|
6,732
|
|
|
7,878
|
|
|
7,009
|
|
||||||||
Total revenue
|
52,325
|
|
|
60,259
|
|
|
66,911
|
|
|
77,052
|
|
|
83,621
|
|
|
94,586
|
|
|
105,576
|
|
|
115,471
|
|
||||||||
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Subscription
(2)
|
11,157
|
|
|
12,691
|
|
|
13,553
|
|
|
15,080
|
|
|
16,332
|
|
|
19,211
|
|
|
20,265
|
|
|
21,546
|
|
||||||||
Professional services and other
(2)
|
6,306
|
|
|
6,991
|
|
|
7,570
|
|
|
7,407
|
|
|
7,775
|
|
|
9,017
|
|
|
9,435
|
|
|
9,840
|
|
||||||||
Total cost of revenue
|
17,463
|
|
|
19,682
|
|
|
21,123
|
|
|
22,487
|
|
|
24,107
|
|
|
28,228
|
|
|
29,700
|
|
|
31,386
|
|
||||||||
Gross profit
|
34,862
|
|
|
40,577
|
|
|
45,788
|
|
|
54,565
|
|
|
59,514
|
|
|
66,358
|
|
|
75,876
|
|
|
84,085
|
|
||||||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Research and development
(2)
|
15,359
|
|
|
16,923
|
|
|
19,190
|
|
|
19,349
|
|
|
19,929
|
|
|
24,829
|
|
|
27,596
|
|
|
30,031
|
|
||||||||
Sales and marketing
(2)
|
35,303
|
|
|
37,891
|
|
|
47,567
|
|
|
44,259
|
|
|
49,493
|
|
|
59,004
|
|
|
56,911
|
|
|
62,552
|
|
||||||||
General and administrative
(2)
|
11,639
|
|
|
11,948
|
|
|
13,546
|
|
|
14,670
|
|
|
15,070
|
|
|
20,955
|
|
|
19,848
|
|
|
19,237
|
|
||||||||
Total operating expenses
|
62,301
|
|
|
66,762
|
|
|
80,303
|
|
|
78,278
|
|
|
84,492
|
|
|
104,788
|
|
|
104,355
|
|
|
111,820
|
|
||||||||
Operating loss
|
(27,439
|
)
|
|
(26,185
|
)
|
|
(34,515
|
)
|
|
(23,713
|
)
|
|
(24,978
|
)
|
|
(38,430
|
)
|
|
(28,479
|
)
|
|
(27,735
|
)
|
||||||||
Other income (expense), net
|
(19
|
)
|
|
382
|
|
|
509
|
|
|
810
|
|
|
(1,215
|
)
|
|
(1,762
|
)
|
|
(1,705
|
)
|
|
(1,210
|
)
|
||||||||
Loss before provision for (benefit from) income taxes
|
(27,458
|
)
|
|
(25,803
|
)
|
|
(34,006
|
)
|
|
(22,903
|
)
|
|
(26,193
|
)
|
|
(40,192
|
)
|
|
(30,184
|
)
|
|
(28,945
|
)
|
||||||||
Provision for (benefit from) income taxes
|
248
|
|
|
229
|
|
|
(940
|
)
|
|
142
|
|
|
(231
|
)
|
|
(985
|
)
|
|
(667
|
)
|
|
1,866
|
|
||||||||
Net loss
|
$
|
(27,706
|
)
|
|
$
|
(26,032
|
)
|
|
$
|
(33,066
|
)
|
|
$
|
(23,045
|
)
|
|
$
|
(25,962
|
)
|
|
$
|
(39,207
|
)
|
|
$
|
(29,517
|
)
|
|
$
|
(30,811
|
)
|
Net loss per share, basic and diluted
|
$
|
(0.70
|
)
|
|
$
|
(0.28
|
)
|
|
$
|
(0.35
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.25
|
)
|
|
$
|
(0.37
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.28
|
)
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||
|
Apr 30,
2017 |
|
Jul 31,
2017 |
|
Oct 31,
2017 |
|
Jan 31,
2018 |
|
Apr 30,
2018 |
|
Jul 31,
2018 |
|
Oct 31,
2018 |
|
Jan 31,
2019 |
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||
Cost of subscription revenue
|
$
|
686
|
|
|
$
|
1,056
|
|
|
$
|
1,421
|
|
|
$
|
1,437
|
|
|
$
|
1,529
|
|
|
$
|
1,901
|
|
|
$
|
2,383
|
|
|
$
|
2,024
|
|
Cost of professional services and other revenue
|
469
|
|
|
738
|
|
|
979
|
|
|
951
|
|
|
889
|
|
|
1,083
|
|
|
1,305
|
|
|
1,706
|
|
||||||||
Research and development
|
3,301
|
|
|
4,438
|
|
|
5,174
|
|
|
5,194
|
|
|
4,213
|
|
|
5,272
|
|
|
6,291
|
|
|
6,866
|
|
||||||||
Sales and marketing
|
2,375
|
|
|
3,021
|
|
|
3,894
|
|
|
3,952
|
|
|
4,153
|
|
|
5,471
|
|
|
6,228
|
|
|
7,064
|
|
||||||||
General and administrative
|
2,075
|
|
|
2,725
|
|
|
2,940
|
|
|
3,034
|
|
|
3,351
|
|
|
4,495
|
|
|
5,335
|
|
|
4,761
|
|
||||||||
Total stock-based compensation expense
|
$
|
8,906
|
|
|
$
|
11,978
|
|
|
$
|
14,408
|
|
|
$
|
14,568
|
|
|
$
|
14,135
|
|
|
$
|
18,222
|
|
|
$
|
21,542
|
|
|
$
|
22,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||||||||||||||||||
|
Apr 30,
2017
|
|
Jul 31,
2017
|
|
Oct 31,
2017
|
|
Jan 31,
2018
|
|
Apr 30,
2018 |
|
Jul 31,
2018 |
|
Oct 31,
2018 |
|
Jan 31,
2019 |
||||||||
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Subscription
|
92
|
%
|
|
92
|
%
|
|
92
|
%
|
|
92
|
%
|
|
92
|
%
|
|
93
|
%
|
|
93
|
%
|
|
94
|
%
|
Professional services and other
|
8
|
|
|
8
|
|
|
8
|
|
|
8
|
|
|
8
|
|
|
7
|
|
|
7
|
|
|
6
|
|
Total revenue
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Subscription
|
21
|
|
|
21
|
|
|
20
|
|
|
20
|
|
|
20
|
|
|
20
|
|
|
19
|
|
|
19
|
|
Professional services and other
|
12
|
|
|
12
|
|
|
12
|
|
|
9
|
|
|
9
|
|
|
10
|
|
|
9
|
|
|
8
|
|
Total cost of revenue
|
33
|
|
|
33
|
|
|
32
|
|
|
29
|
|
|
29
|
|
|
30
|
|
|
28
|
|
|
27
|
|
Gross profit
|
67
|
|
|
67
|
|
|
68
|
|
|
71
|
|
|
71
|
|
|
70
|
|
|
72
|
|
|
73
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Research and development
|
29
|
|
|
28
|
|
|
29
|
|
|
25
|
|
|
24
|
|
|
26
|
|
|
26
|
|
|
26
|
|
Sales and marketing
|
68
|
|
|
62
|
|
|
71
|
|
|
58
|
|
|
59
|
|
|
62
|
|
|
54
|
|
|
54
|
|
General and administrative
|
22
|
|
|
20
|
|
|
20
|
|
|
19
|
|
|
18
|
|
|
23
|
|
|
19
|
|
|
17
|
|
Total operating expenses
|
119
|
|
|
110
|
|
|
120
|
|
|
102
|
|
|
101
|
|
|
111
|
|
|
99
|
|
|
97
|
|
Operating loss
|
(52
|
)
|
|
(43
|
)
|
|
(52
|
)
|
|
(31
|
)
|
|
(30
|
)
|
|
(41
|
)
|
|
(27
|
)
|
|
(24
|
)
|
Other income (expense), net
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
(1
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(1
|
)
|
Loss before provision for (benefit from) income taxes
|
(52
|
)
|
|
(43
|
)
|
|
(51
|
)
|
|
(30
|
)
|
|
(31
|
)
|
|
(43
|
)
|
|
(29
|
)
|
|
(25
|
)
|
Provision for (benefit from) income taxes
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(1
|
)
|
|
2
|
|
Net loss
|
(52
|
)%
|
|
(43
|
)%
|
|
(49
|
)%
|
|
(30
|
)%
|
|
(31
|
)%
|
|
(41
|
)%
|
|
(28
|
)%
|
|
(27
|
)%
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
||||||
|
|
|
|
|
|
||||||
|
(dollars in thousands)
|
||||||||||
Gross profit
|
$
|
285,833
|
|
|
$
|
175,792
|
|
|
$
|
104,857
|
|
Add:
|
|
|
|
|
|
||||||
Stock-based compensation expense included in cost of revenue
|
12,820
|
|
|
7,737
|
|
|
3,262
|
|
|||
Amortization of acquired intangibles
|
832
|
|
|
4
|
|
|
190
|
|
|||
Non-GAAP gross profit
|
$
|
299,485
|
|
|
$
|
183,533
|
|
|
$
|
108,309
|
|
Gross margin
|
72
|
%
|
|
69
|
%
|
|
65
|
%
|
|||
Non-GAAP gross margin
|
75
|
%
|
|
72
|
%
|
|
67
|
%
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
||||||
|
|
|
|
|
|
||||||
|
(dollars in thousands)
|
||||||||||
Operating loss
|
$
|
(119,622
|
)
|
|
$
|
(111,852
|
)
|
|
$
|
(74,670
|
)
|
Add:
|
|
|
|
|
|
||||||
Stock-based compensation expense
|
76,320
|
|
|
49,860
|
|
|
17,127
|
|
|||
Charitable contributions
|
1,008
|
|
|
754
|
|
|
—
|
|
|||
Amortization of acquired intangibles
|
832
|
|
|
4
|
|
|
190
|
|
|||
Non-GAAP operating loss
|
$
|
(41,462
|
)
|
|
$
|
(61,234
|
)
|
|
$
|
(57,353
|
)
|
Operating margin
|
(30
|
)%
|
|
(44
|
)%
|
|
(46
|
)%
|
|||
Non-GAAP operating margin
|
(10
|
)%
|
|
(24
|
)%
|
|
(36
|
)%
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
|
|
|
||||||
|
(dollars in thousands)
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
15,172
|
|
|
$
|
(25,240
|
)
|
|
$
|
(42,101
|
)
|
Less:
|
|
|
|
|
|
||||||
Purchases of property and equipment
|
(19,811
|
)
|
|
(6,550
|
)
|
|
(6,253
|
)
|
|||
Capitalization of internal-use software costs
|
(2,851
|
)
|
|
(5,431
|
)
|
|
(5,489
|
)
|
|||
Proceeds from sales of property and equipment
|
740
|
|
|
—
|
|
|
—
|
|
|||
Free Cash Flow
|
$
|
(6,750
|
)
|
|
$
|
(37,221
|
)
|
|
$
|
(53,843
|
)
|
Net cash provided by (used in) investing activities
|
$
|
(197,320
|
)
|
|
$
|
(99,704
|
)
|
|
$
|
6,965
|
|
Net cash provided by financing activities
|
$
|
357,762
|
|
|
$
|
237,408
|
|
|
$
|
457
|
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
||||||
|
|
|
|
|
|
||||||
|
(dollars in thousands)
|
||||||||||
Total revenue
|
$
|
399,254
|
|
|
$
|
256,547
|
|
|
$
|
160,806
|
|
Add:
|
|
|
|
|
|
||||||
Deferred revenue (end of period)
|
254,390
|
|
|
164,779
|
|
|
107,120
|
|
|||
Unbilled receivables (beginning of period)
|
809
|
|
|
1,537
|
|
|
1,736
|
|
|||
Less:
|
|
|
|
|
|
||||||
Unbilled receivables (end of period)
|
(1,457
|
)
|
|
(809
|
)
|
|
(1,537
|
)
|
|||
Deferred revenue (beginning of period)
|
(164,779
|
)
|
|
(107,120
|
)
|
|
(73,601
|
)
|
|||
Calculated billings
|
488,217
|
|
|
314,934
|
|
|
194,524
|
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
|
|
|
||||||
|
(in thousands)
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
15,172
|
|
|
$
|
(25,240
|
)
|
|
$
|
(42,101
|
)
|
Net cash provided by (used in) investing activities
|
(197,320
|
)
|
|
(99,704
|
)
|
|
6,965
|
|
|||
Net cash provided by financing activities
|
357,762
|
|
|
237,408
|
|
|
457
|
|
|||
Effects of changes in foreign currency exchange rates on cash, cash equivalents and restricted cash
|
(632
|
)
|
|
487
|
|
|
(120
|
)
|
|||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
$
|
174,982
|
|
|
$
|
112,951
|
|
|
$
|
(34,799
|
)
|
|
|
|
|
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
Less
Than
1 Year
|
|
1 to 3
Years
|
|
3 to 5
Years
|
|
More
Than
5 Years
|
|
Total
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Convertible senior notes
(1)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
345,000
|
|
|
$
|
—
|
|
|
$
|
345,000
|
|
Interest obligations for convertible senior notes
|
863
|
|
|
1,725
|
|
|
1,260
|
|
|
—
|
|
|
3,848
|
|
|||||
Operating lease obligations
(2)
|
16,672
|
|
|
54,744
|
|
|
56,161
|
|
|
117,101
|
|
|
244,678
|
|
|||||
Other obligations
(3)
|
19,668
|
|
|
30,202
|
|
|
10,000
|
|
|
—
|
|
|
59,870
|
|
|||||
Total contractual obligations
|
$
|
37,203
|
|
|
$
|
86,671
|
|
|
$
|
412,421
|
|
|
$
|
117,101
|
|
|
$
|
653,396
|
|
|
|
|
|
|
|
|
|
|
|
•
|
Identification of the contract, or contracts, with a customer;
|
•
|
Identification of the performance obligations in the contract;
|
•
|
Determination of the transaction price;
|
•
|
Allocation of the transaction price to the performance obligations in the contract; and
|
•
|
Recognition of revenue when, or as, we satisfy a performance obligation.
|
|
Year Ended January 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
Expected volatility
|
40
|
%
|
|
40% - 41%
|
|
|
40% - 44%
|
|
Expected term (in years)
|
6.3
|
|
|
6.3 - 6.4
|
|
|
5.5 - 6.9
|
|
Risk-free interest rate
|
2.70
|
%
|
|
1.87% - 2.21%
|
|
|
1.13% - 2.28%
|
|
Expected dividend yield
|
—
|
|
|
—
|
|
|
—
|
|
|
Page
|
|
As of January 31,
|
||||||
|
2019
|
|
2018
|
||||
|
|
|
As Adjusted
(1)
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
298,394
|
|
|
$
|
127,949
|
|
Short-term investments
|
265,374
|
|
|
101,765
|
|
||
Accounts receivable, net of allowances of $2,098 and $1,472
|
91,926
|
|
|
52,248
|
|
||
Deferred commissions
|
24,185
|
|
|
17,755
|
|
||
Prepaid expenses and other current assets
|
29,451
|
|
|
17,781
|
|
||
Total current assets
|
709,330
|
|
|
317,498
|
|
||
Property and equipment, net
|
52,921
|
|
|
12,540
|
|
||
Deferred commissions, noncurrent
|
54,812
|
|
|
40,755
|
|
||
Intangible assets, net
|
13,897
|
|
|
11,761
|
|
||
Goodwill
|
18,089
|
|
|
6,282
|
|
||
Other assets
|
15,286
|
|
|
10,427
|
|
||
Total assets
|
$
|
864,335
|
|
|
$
|
399,263
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
|||
Current liabilities:
|
|
|
|
|
|||
Accounts payable
|
$
|
17,212
|
|
|
$
|
9,566
|
|
Accrued expenses and other current liabilities
|
9,959
|
|
|
6,187
|
|
||
Accrued compensation
|
19,770
|
|
|
12,374
|
|
||
Convertible senior notes, net
|
271,628
|
|
|
—
|
|
||
Deferred revenue
|
245,622
|
|
|
159,816
|
|
||
Total current liabilities
|
564,191
|
|
|
187,943
|
|
||
Deferred revenue, noncurrent
|
8,768
|
|
|
4,963
|
|
||
Other liabilities, noncurrent
|
38,999
|
|
|
7,017
|
|
||
Total liabilities
|
611,958
|
|
|
199,923
|
|
||
Commitments and contingencies (Note 10)
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
|
|||
Preferred stock,
par value $0.0001 per share; 100,000 shares authorized, no shares issued and outstanding as of January 31, 2019 and 2018.
|
—
|
|
|
—
|
|
||
Class A Common stock, par value $0.0001 per share; 1,000,000 shares authorized as of January 31, 2019 and 2018, respectively; 101,093 and 70,610 shares issued and outstanding as of January 31, 2019 and 2018, respectively.
|
10
|
|
|
7
|
|
||
Class B Common stock, par value $0.0001 per share; 120,000 shares authorized as of January 31, 2019 and 2018, respectively; 11,059 and 33,361 shares issued and outstanding as of January 31, 2019 and 2018, respectively.
|
1
|
|
|
3
|
|
||
Additional paid-in capital
|
744,896
|
|
|
565,653
|
|
||
Accumulated other comprehensive income (loss)
|
(319
|
)
|
|
391
|
|
||
Accumulated deficit
|
(492,211
|
)
|
|
(366,714
|
)
|
||
Total stockholders’ equity
|
252,377
|
|
|
199,340
|
|
||
Total liabilities and stockholders’ equity
|
$
|
864,335
|
|
|
$
|
399,263
|
|
(1)
|
See Note 2 for a summary of adjustments.
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
||||||
|
|
|
|
|
|
||||||
Revenue
|
|
|
|
|
|
||||||
Subscription
|
$
|
370,855
|
|
|
$
|
236,422
|
|
|
$
|
144,909
|
|
Professional services and other
|
28,399
|
|
|
20,125
|
|
|
15,897
|
|
|||
Total revenue
|
399,254
|
|
|
256,547
|
|
|
160,806
|
|
|||
Cost of revenue
|
|
|
|
|
|
|
|||||
Subscription
|
77,354
|
|
|
52,481
|
|
|
34,211
|
|
|||
Professional services and other
|
36,067
|
|
|
28,274
|
|
|
21,738
|
|
|||
Total cost of revenue
|
113,421
|
|
|
80,755
|
|
|
55,949
|
|
|||
Gross profit
|
285,833
|
|
|
175,792
|
|
|
104,857
|
|
|||
Operating expenses
|
|
|
|
|
|
|
|||||
Research and development
|
102,385
|
|
|
70,821
|
|
|
38,659
|
|
|||
Sales and marketing
|
227,960
|
|
|
165,020
|
|
|
110,769
|
|
|||
General and administrative
|
75,110
|
|
|
51,803
|
|
|
30,099
|
|
|||
Total operating expenses
|
405,455
|
|
|
287,644
|
|
|
179,527
|
|
|||
Operating loss
|
(119,622
|
)
|
|
(111,852
|
)
|
|
(74,670
|
)
|
|||
Interest expense
|
(15,072
|
)
|
|
—
|
|
|
—
|
|
|||
Other income (expense), net
|
9,180
|
|
|
1,682
|
|
|
39
|
|
|||
Loss before provision for (benefit from) income taxes
|
(125,514
|
)
|
|
(110,170
|
)
|
|
(74,631
|
)
|
|||
Provision for (benefit from) income taxes
|
(17
|
)
|
|
(321
|
)
|
|
425
|
|
|||
Net loss
|
$
|
(125,497
|
)
|
|
$
|
(109,849
|
)
|
|
$
|
(75,056
|
)
|
|
|
|
|
|
|
|
|||||
Net loss per share attributable to common stockholders, basic and diluted
|
$
|
(1.17
|
)
|
|
$
|
(1.32
|
)
|
|
$
|
(3.94
|
)
|
|
|
|
|
|
|
|
|||||
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted
|
107,504
|
|
|
83,004
|
|
|
19,038
|
|
(1)
|
See Note 2 for a summary of adjustments.
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
||||||
|
|
|
|
|
|
||||||
Net loss
|
$
|
(125,497
|
)
|
|
$
|
(109,849
|
)
|
|
$
|
(75,056
|
)
|
Net change in unrealized gains (losses) on available-for-sale securities
|
179
|
|
|
(202
|
)
|
|
10
|
|
|||
Foreign currency translation adjustments
|
(889
|
)
|
|
760
|
|
|
(120
|
)
|
|||
Other comprehensive income (loss)
|
(710
|
)
|
|
558
|
|
|
(110
|
)
|
|||
Comprehensive loss
|
$
|
(126,207
|
)
|
|
$
|
(109,291
|
)
|
|
$
|
(75,166
|
)
|
(1)
|
See Note 2 for a summary of adjustments.
|
|
Redeemable Convertible
Preferred Stock
|
|
|
Class A Common Stock
|
|
Class B Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Accumulated
Deficit
|
|
Total
Stockholders’
Equity (Deficit)
|
|||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
|||||||||||||||||
Balances as of January 31, 2016
|
59,465,439
|
|
|
$
|
227,954
|
|
|
|
—
|
|
|
—
|
|
|
19,325,074
|
|
|
$
|
2
|
|
|
$
|
23,393
|
|
|
$
|
(57
|
)
|
|
$
|
(181,609
|
)
|
|
$
|
(158,271
|
)
|
|
Issuance of common stock upon exercise of stock options and other activity, net
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
954,329
|
|
|
—
|
|
|
3,298
|
|
|
—
|
|
|
—
|
|
|
3,298
|
|
|||||||
Issuance of common stock pursuant to charitable donation
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
13,935
|
|
|
—
|
|
|
129
|
|
|
—
|
|
|
—
|
|
|
129
|
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,649
|
|
|
—
|
|
|
—
|
|
|
17,649
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(110
|
)
|
|
—
|
|
|
(110
|
)
|
|||||||
Net loss
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(75,056
|
)
|
|
(75,056
|
)
|
|||||||
Balances as of January 31, 2017
|
59,465,439
|
|
|
227,954
|
|
|
|
—
|
|
|
—
|
|
|
20,293,338
|
|
|
2
|
|
|
44,469
|
|
|
(167
|
)
|
|
(256,665
|
)
|
|
(212,361
|
)
|
|||||||
Issuance of common stock upon exercise of stock options and other activity, net
|
—
|
|
|
—
|
|
|
|
8,274,599
|
|
|
1
|
|
|
900,517
|
|
|
—
|
|
|
34,697
|
|
|
—
|
|
|
—
|
|
|
34,698
|
|
|||||||
Issuance of common stock upon net exercise of warrant
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
168,750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and issuance costs
|
—
|
|
|
—
|
|
|
|
12,650,000
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
194,344
|
|
|
—
|
|
|
—
|
|
|
194,345
|
|
|||||||
Issuance of Series B redeemable convertible preferred stock upon net exercise of warrants
|
26,201
|
|
|
408
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Conversion of convertible preferred stock to common stock in connection with initial public offering
|
(59,491,640
|
)
|
|
(228,362
|
)
|
|
|
—
|
|
|
—
|
|
|
59,491,640
|
|
|
6
|
|
|
228,356
|
|
|
—
|
|
|
—
|
|
|
228,362
|
|
|||||||
Issuance of common stock and restricted stock in connection with acquisition
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
1,598,500
|
|
|
—
|
|
|
3,652
|
|
|
—
|
|
|
—
|
|
|
3,652
|
|
|||||||
Issuance of common stock pursuant to charitable donation
|
—
|
|
|
—
|
|
|
|
24,287
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
708
|
|
|
—
|
|
|
—
|
|
|
708
|
|
|||||||
Issuance of common stock under employee stock purchase plan
|
—
|
|
|
—
|
|
|
|
569,373
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,369
|
|
|
—
|
|
|
—
|
|
|
8,369
|
|
|||||||
Conversion of Class B common stock to Class A common stock
|
—
|
|
|
—
|
|
|
|
49,091,639
|
|
|
5
|
|
|
(49,091,639
|
)
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Cumulative-effect adjustment in connection with the adoption of ASU 2016-09
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
200
|
|
|
—
|
|
|
(200
|
)
|
|
—
|
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,858
|
|
|
—
|
|
|
—
|
|
|
50,858
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
558
|
|
|
—
|
|
|
558
|
|
|||||||
Net loss
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(109,849
|
)
|
|
(109,849
|
)
|
|||||||
Balances as of January 31, 2018
|
—
|
|
|
—
|
|
|
|
70,609,898
|
|
|
7
|
|
|
33,361,106
|
|
|
3
|
|
|
565,653
|
|
|
391
|
|
|
(366,714
|
)
|
|
199,340
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable Convertible
Preferred Stock
|
|
|
Class A Common Stock
|
|
Class B Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Accumulated
Deficit
|
|
Total
Stockholders’
Equity (Deficit)
|
|||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options and other activity, net
|
—
|
|
|
—
|
|
|
|
6,465,957
|
|
|
1
|
|
|
104,084
|
|
|
—
|
|
|
37,610
|
|
|
—
|
|
|
—
|
|
|
37,611
|
|
|||||||
Issuance of common stock under employee stock purchase plan
|
—
|
|
|
—
|
|
|
|
615,210
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,727
|
|
|
—
|
|
|
—
|
|
|
13,727
|
|
|||||||
Issuance of common stock for settlement of RSUs
|
—
|
|
|
—
|
|
|
|
976,248
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Issuance of common stock pursuant to charitable donation
|
—
|
|
|
—
|
|
|
|
20,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,008
|
|
|
—
|
|
|
—
|
|
|
1,008
|
|
|||||||
Conversion of Class B common stock to Class A common stock
|
—
|
|
|
—
|
|
|
|
22,406,009
|
|
|
2
|
|
|
(22,406,009
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Equity component of convertible senior notes, net of issuance costs
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
77,631
|
|
|
—
|
|
|
—
|
|
|
77,631
|
|
|||||||
Issuance of warrants related to convertible notes
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,440
|
|
|
—
|
|
|
—
|
|
|
52,440
|
|
|||||||
Purchase of convertible senior notes hedges
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(80,040
|
)
|
|
—
|
|
|
—
|
|
|
(80,040
|
)
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76,867
|
|
|
—
|
|
|
—
|
|
|
76,867
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(710
|
)
|
|
—
|
|
|
(710
|
)
|
|||||||
Net loss
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(125,497
|
)
|
|
(125,497
|
)
|
|||||||
Balances as of January 31, 2019
|
—
|
|
|
$
|
—
|
|
|
|
101,093,322
|
|
|
$
|
10
|
|
|
11,059,181
|
|
|
$
|
1
|
|
|
$
|
744,896
|
|
|
$
|
(319
|
)
|
|
$
|
(492,211
|
)
|
|
$
|
252,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See Note 2 for a summary of adjustments. The cumulative effect adjustment to Accumulated Deficit and Total Stockholders' Equity (Deficit) related to the adoption of ASU No. 2014-09 (Topic 606) as of January 31, 2016 was
$22.8 million
.
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
||||||
|
|
|
|
|
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net loss
|
$
|
(125,497
|
)
|
|
$
|
(109,849
|
)
|
|
$
|
(75,056
|
)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Stock-based compensation
|
76,320
|
|
|
49,860
|
|
|
17,127
|
|
|||
Depreciation, amortization and accretion
|
8,001
|
|
|
7,001
|
|
|
4,568
|
|
|||
Amortization of debt discount and issuance costs
|
14,279
|
|
|
—
|
|
|
—
|
|
|||
Amortization of deferred commissions
|
20,852
|
|
|
15,180
|
|
|
10,466
|
|
|||
Deferred income taxes
|
(765
|
)
|
|
(534
|
)
|
|
—
|
|
|||
Write-off of intangible assets
|
—
|
|
|
1,114
|
|
|
—
|
|
|||
Non-cash charitable contributions
|
1,008
|
|
|
708
|
|
|
129
|
|
|||
Other, net
|
640
|
|
|
719
|
|
|
575
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable
|
(39,682
|
)
|
|
(18,321
|
)
|
|
(11,993
|
)
|
|||
Deferred commissions
|
(41,342
|
)
|
|
(26,986
|
)
|
|
(24,096
|
)
|
|||
Prepaid expenses and other assets
|
(11,624
|
)
|
|
(9,400
|
)
|
|
(3,224
|
)
|
|||
Accounts payable
|
675
|
|
|
3,505
|
|
|
1,529
|
|
|||
Accrued compensation
|
7,429
|
|
|
3,582
|
|
|
1,967
|
|
|||
Accrued expenses and other liabilities
|
15,575
|
|
|
521
|
|
|
2,387
|
|
|||
Deferred revenue
|
89,303
|
|
|
57,660
|
|
|
33,520
|
|
|||
Net cash provided by (used in) operating activities
|
15,172
|
|
|
(25,240
|
)
|
|
(42,101
|
)
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
|||||
Capitalized internal-use software costs
|
(2,851
|
)
|
|
(5,431
|
)
|
|
(5,489
|
)
|
|||
Purchases of property and equipment
|
(19,811
|
)
|
|
(6,550
|
)
|
|
(6,253
|
)
|
|||
Proceeds from sales of property and equipment
|
740
|
|
|
—
|
|
|
—
|
|
|||
Purchases of securities available for sale
|
(631,488
|
)
|
|
(129,086
|
)
|
|
—
|
|
|||
Proceeds from maturities and redemption of securities available for sale
|
298,650
|
|
|
39,825
|
|
|
12,500
|
|
|||
Proceeds from sales of securities available for sale
|
173,072
|
|
|
1,538
|
|
|
6,207
|
|
|||
Payments for business acquisition
|
(15,632
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash provided by (used in) investing activities
|
(197,320
|
)
|
|
(99,704
|
)
|
|
6,965
|
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
|||||
Proceeds from initial public offering, net of underwriters' discounts and commissions
|
—
|
|
|
199,948
|
|
|
—
|
|
|||
Proceeds from issuance of convertible senior notes, net of issuance costs
|
334,980
|
|
|
—
|
|
|
—
|
|
|||
Purchase of convertible senior notes hedge
|
(80,040
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from issuance of warrants related to convertible notes
|
52,440
|
|
|
—
|
|
|
—
|
|
|||
Payments of deferred offering costs
|
—
|
|
|
(4,038
|
)
|
|
(1,584
|
)
|
|||
Proceeds from exercise of stock options, net of repurchases and other
|
36,861
|
|
|
33,646
|
|
|
2,437
|
|
|||
Proceeds from issuance of convertible redeemable preferred stock, net of issuance costs
|
—
|
|
|
8,369
|
|
|
—
|
|
|||
Proceeds from shares issued in connection with employee stock purchase plan
|
13,727
|
|
|
—
|
|
|
—
|
|
|||
Other, net
|
(206
|
)
|
|
(517
|
)
|
|
(396
|
)
|
|||
Net cash provided by financing activities
|
357,762
|
|
|
237,408
|
|
|
457
|
|
|||
Effects of changes in foreign currency exchange rates on cash, cash equivalents and restricted cash
|
(632
|
)
|
|
487
|
|
|
(120
|
)
|
|||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
174,982
|
|
|
112,951
|
|
|
(34,799
|
)
|
|||
Cash, cash equivalents and restricted cash at beginning of year
|
136,233
|
|
|
23,282
|
|
|
58,081
|
|
|||
Cash, cash equivalents and restricted cash at end of year
|
$
|
311,215
|
|
|
$
|
136,233
|
|
|
$
|
23,282
|
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
||||||
|
|
|
|
|
|
||||||
Supplementary cash flow disclosure:
|
|
|
|
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
|
|
||||||
Income taxes
|
514
|
|
|
747
|
|
|
—
|
|
|||
Non-cash investing and financing activities:
|
|
|
|
|
|
|
|
||||
Vesting of early exercised common stock options
|
763
|
|
|
1,335
|
|
|
1,297
|
|
|||
Issuance of common stock in connection with warrant exercises
|
—
|
|
|
272
|
|
|
—
|
|
|||
Common stock issued as charitable contribution
|
1,008
|
|
|
708
|
|
|
129
|
|
|||
Assets acquired under financing arrangement
|
—
|
|
|
—
|
|
|
386
|
|
|||
Deferred offering costs, accrued but not yet paid
|
—
|
|
|
—
|
|
|
2,106
|
|
|||
Property and equipment acquired through tenant improvement allowances
|
22,236
|
|
|
—
|
|
|
1,332
|
|
|||
Property and equipment and other accrued but not yet paid
|
7,225
|
|
|
111
|
|
|
1,367
|
|
|||
Issuance of common stock in connection with business combination
|
—
|
|
|
2,160
|
|
|
—
|
|
|||
Conversion of redeemable convertible preferred stock to common stock
|
—
|
|
|
228,362
|
|
|
—
|
|
|||
Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets to the amounts shown in the statements of cash flows above:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
298,394
|
|
|
$
|
127,949
|
|
|
$
|
23,282
|
|
Restricted cash, current
|
1,384
|
|
|
—
|
|
|
—
|
|
|||
Restricted cash, noncurrent
|
11,437
|
|
|
8,284
|
|
|
—
|
|
|||
Total cash, cash equivalents and restricted cash
|
$
|
311,215
|
|
|
$
|
136,233
|
|
|
$
|
23,282
|
|
•
|
Identification of the contract, or contracts, with a customer;
|
•
|
Identification of the performance obligations in the contract;
|
•
|
Determination of the transaction price;
|
•
|
Allocation of the transaction price to the performance obligations in the contract; and
|
•
|
Recognition of revenue when, or as, the Company satisfies a performance obligation.
|
|
Useful lives
|
Capitalized internal-use software costs
|
3 years
|
Computers and equipment
|
3 years
|
Furniture and fixtures
|
7 years
|
Leasehold improvements
|
Shorter of estimated useful life or remaining lease term
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
|
|
|
||||||
United States
|
$
|
337,367
|
|
|
$
|
217,300
|
|
|
$
|
135,364
|
|
International
|
61,887
|
|
|
39,247
|
|
|
25,442
|
|
|||
Total
|
$
|
399,254
|
|
|
$
|
256,547
|
|
|
$
|
160,806
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
||||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||||
|
As Reported
|
|
Adoption of ASU 2014-09
|
|
As Adjusted
|
|
As Reported
|
|
Adoption of ASU 2014-09
|
|
As Adjusted
|
||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Subscription
|
$
|
239,177
|
|
|
$
|
(2,755
|
)
|
|
$
|
236,422
|
|
|
$
|
143,136
|
|
|
$
|
1,773
|
|
|
$
|
144,909
|
|
Professional services and other
|
20,813
|
|
|
(688
|
)
|
|
20,125
|
|
|
17,190
|
|
|
(1,293
|
)
|
|
15,897
|
|
||||||
Total revenue
|
259,990
|
|
|
(3,443
|
)
|
|
256,547
|
|
|
160,326
|
|
|
480
|
|
|
160,806
|
|
||||||
Sales and marketing
|
172,973
|
|
|
(7,953
|
)
|
|
165,020
|
|
|
118,742
|
|
|
(7,973
|
)
|
|
110,769
|
|
||||||
Total operating expenses
|
295,597
|
|
|
(7,953
|
)
|
|
287,644
|
|
|
187,500
|
|
|
(7,973
|
)
|
|
179,527
|
|
||||||
Net loss
|
(114,359
|
)
|
|
4,510
|
|
|
(109,849
|
)
|
|
(83,509
|
)
|
|
8,453
|
|
|
(75,056
|
)
|
||||||
Net loss per share, basic and diluted
|
$
|
(1.38
|
)
|
|
$
|
0.06
|
|
|
$
|
(1.32
|
)
|
|
$
|
(4.39
|
)
|
|
$
|
0.45
|
|
|
$
|
(3.94
|
)
|
|
As of January 31, 2018
|
||||||||||
|
As Reported
|
|
Adoption of ASU 2014-09
|
|
As Adjusted
|
||||||
Assets
|
|
|
|
|
|
||||||
Current assets:
|
|
|
|
|
|
||||||
Deferred commissions
|
$
|
16,481
|
|
|
$
|
1,274
|
|
|
$
|
17,755
|
|
Prepaid expenses and other current assets
|
16,973
|
|
|
808
|
|
|
17,781
|
|
|||
Total current assets
|
315,416
|
|
|
2,082
|
|
|
317,498
|
|
|||
Deferred commissions, noncurrent
|
10,971
|
|
|
29,784
|
|
|
40,755
|
|
|||
Total assets
|
$
|
367,397
|
|
|
$
|
31,866
|
|
|
$
|
399,263
|
|
|
|
|
|
|
|
||||||
Liabilities and stockholders’ equity
|
|
|
|
|
|
||||||
Deferred revenue
|
$
|
162,633
|
|
|
$
|
(2,817
|
)
|
|
$
|
159,816
|
|
Total current liabilities
|
190,760
|
|
|
(2,817
|
)
|
|
187,943
|
|
|||
Deferred revenue, noncurrent
|
6,034
|
|
|
(1,071
|
)
|
|
4,963
|
|
|||
Total liabilities
|
203,811
|
|
|
(3,888
|
)
|
|
199,923
|
|
|||
Accumulated deficit
|
(402,468
|
)
|
|
35,754
|
|
|
(366,714
|
)
|
|||
Total stockholders’ equity
|
$
|
163,586
|
|
|
$
|
35,754
|
|
|
$
|
199,340
|
|
|
As of January 31, 2019
|
||||||||||||||
|
Amortized
Cost
|
|
Unrealized
Gain
|
|
Unrealized
Loss
|
|
Estimated
Fair Value
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
247,426
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
247,426
|
|
Corporate debt securities
|
3,409
|
|
|
—
|
|
|
(1
|
)
|
|
3,408
|
|
||||
Total cash equivalents
|
250,835
|
|
|
—
|
|
|
(1
|
)
|
|
250,834
|
|
||||
Short-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. treasury securities
|
195,913
|
|
|
37
|
|
|
(53
|
)
|
|
195,897
|
|
||||
Corporate debt securities
|
69,483
|
|
|
13
|
|
|
(19
|
)
|
|
69,477
|
|
||||
Total short-term investments
|
265,396
|
|
|
50
|
|
|
(72
|
)
|
|
265,374
|
|
||||
Total
|
$
|
516,231
|
|
|
$
|
50
|
|
|
$
|
(73
|
)
|
|
$
|
516,208
|
|
|
As of January 31, 2018
|
||||||||||||||
|
Amortized
Cost
|
|
Unrealized
Gain
|
|
Unrealized
Loss
|
|
Estimated
Fair Value
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
90,770
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
90,770
|
|
Total cash equivalents
|
90,770
|
|
|
—
|
|
|
—
|
|
|
90,770
|
|
||||
Short-term investments:
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial paper
|
15,946
|
|
|
—
|
|
|
—
|
|
|
15,946
|
|
||||
U.S. treasury securities
|
61,896
|
|
|
—
|
|
|
(158
|
)
|
|
61,738
|
|
||||
Corporate debt securities
|
24,125
|
|
|
—
|
|
|
(44
|
)
|
|
24,081
|
|
||||
Total short-term investments
|
101,967
|
|
|
—
|
|
|
(202
|
)
|
|
101,765
|
|
||||
Total
|
$
|
192,737
|
|
|
$
|
—
|
|
|
$
|
(202
|
)
|
|
$
|
192,535
|
|
|
As of January 31, 2019
|
|
As of January 31, 2018
|
||||||||||||
|
Amortized
Cost
|
|
Estimated
Fair Value
|
|
Amortized
Cost
|
|
Estimated
Fair Value
|
||||||||
Due within one year
|
$
|
265,396
|
|
|
$
|
265,374
|
|
|
$
|
93,421
|
|
|
$
|
93,237
|
|
Due between one to five years
|
—
|
|
|
—
|
|
|
8,546
|
|
|
8,528
|
|
||||
Total
|
$
|
265,396
|
|
|
$
|
265,374
|
|
|
$
|
101,967
|
|
|
$
|
101,765
|
|
|
As of January 31, 2019
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
247,426
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
247,426
|
|
Corporate debt securities
|
—
|
|
|
3,408
|
|
|
—
|
|
|
3,408
|
|
||||
Total cash equivalents
|
247,426
|
|
|
3,408
|
|
|
—
|
|
|
250,834
|
|
||||
Short-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. treasury securities
|
—
|
|
|
195,897
|
|
|
—
|
|
|
195,897
|
|
||||
Corporate debt securities
|
—
|
|
|
69,477
|
|
|
—
|
|
|
69,477
|
|
||||
Total short-term investments
|
—
|
|
|
265,374
|
|
|
—
|
|
|
265,374
|
|
||||
Total cash equivalents and short-term investments
|
$
|
247,426
|
|
|
$
|
268,782
|
|
|
$
|
—
|
|
|
$
|
516,208
|
|
|
As of January 31, 2018
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
90,770
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
90,770
|
|
Total cash equivalents
|
90,770
|
|
|
—
|
|
|
—
|
|
|
90,770
|
|
||||
Short-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial paper
|
—
|
|
|
15,946
|
|
|
—
|
|
|
$
|
15,946
|
|
|||
U.S. treasury securities
|
—
|
|
|
61,738
|
|
|
—
|
|
|
$
|
61,738
|
|
|||
Corporate debt securities
|
—
|
|
|
24,081
|
|
|
—
|
|
|
24,081
|
|
||||
Total short-term investments
|
—
|
|
|
101,765
|
|
|
—
|
|
|
101,765
|
|
||||
Total cash equivalents and short-term investments
|
$
|
90,770
|
|
|
$
|
101,765
|
|
|
$
|
—
|
|
|
$
|
192,535
|
|
|
As of January 31, 2019
|
||||||
|
Net Carrying Amount
Before Unamortized Debt Issuance Costs |
|
Estimated
Fair Value |
||||
Convertible senior notes
|
$
|
278,231
|
|
|
$
|
620,565
|
|
|
|
||
Balance at January 31, 2018
|
$
|
6,282
|
|
Goodwill recorded in connection with ScaleFT acquisition
|
11,807
|
|
|
Balance at January 31, 2019
|
$
|
18,089
|
|
|
|
|
As of January 31, 2019
|
||||||||||||||
|
Gross
|
|
Accumulated Amortization
|
|
Write-offs
|
|
Net
|
||||||||
Capitalized internal-use software costs
|
$
|
19,838
|
|
|
$
|
(9,969
|
)
|
|
$
|
—
|
|
|
$
|
9,869
|
|
Purchased developed technology
|
4,600
|
|
|
(833
|
)
|
|
—
|
|
|
3,767
|
|
||||
Software licenses
|
1,023
|
|
|
(763
|
)
|
|
—
|
|
|
260
|
|
||||
|
$
|
25,461
|
|
|
$
|
(11,565
|
)
|
|
$
|
—
|
|
|
$
|
13,896
|
|
|
|
|
|
|
|
|
|
|
As of January 31, 2018
|
||||||||||||||
|
Gross
|
|
Accumulated Amortization
|
|
Write-offs
|
|
Net
|
||||||||
Capitalized internal-use software costs
|
$
|
17,511
|
|
|
$
|
(5,172
|
)
|
|
$
|
(1,077
|
)
|
|
$
|
11,262
|
|
Software licenses
|
1,094
|
|
|
(558
|
)
|
|
(37
|
)
|
|
499
|
|
||||
|
$
|
18,605
|
|
|
$
|
(5,730
|
)
|
|
$
|
(1,114
|
)
|
|
$
|
11,761
|
|
|
|
|
|
|
|
|
|
2020
|
6,302
|
|
|
2021
|
4,789
|
|
|
2022
|
1,459
|
|
|
2023
|
1,346
|
|
|
Total
|
$
|
13,896
|
|
|
|
|
As of January 31,
|
||||||
|
2019
|
|
2018
|
||||
|
|
|
|
||||
Computers and equipment
|
$
|
3,668
|
|
|
$
|
5,384
|
|
Furniture and fixtures
|
11,012
|
|
|
7,083
|
|
||
Leasehold improvements
|
47,883
|
|
|
8,188
|
|
||
Property and equipment, gross
|
62,563
|
|
|
20,655
|
|
||
Less accumulated depreciation
|
(9,642
|
)
|
|
(8,115
|
)
|
||
Property and equipment, net
|
$
|
52,921
|
|
|
$
|
12,540
|
|
|
|
|
|
|
As of January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
|
|
|
||||||
Balance, beginning of period
|
$
|
1,472
|
|
|
$
|
1,306
|
|
|
$
|
861
|
|
Additions
|
888
|
|
|
431
|
|
|
1,185
|
|
|||
Write-offs
|
(262
|
)
|
|
(265
|
)
|
|
(740
|
)
|
|||
Balance, end of period
|
$
|
2,098
|
|
|
$
|
1,472
|
|
|
$
|
1,306
|
|
|
|
|
|
|
|
|
As of January 31,
|
||||||
|
2019
|
|
2018
|
||||
|
|
|
|
||||
Deposit related to early exercise of unvested options
|
$
|
370
|
|
|
$
|
1,119
|
|
Accrued expenses
|
6,392
|
|
|
3,389
|
|
||
Accrued taxes payable
|
1,195
|
|
|
835
|
|
||
Deferred rent, current
|
2,002
|
|
|
520
|
|
||
Other
|
—
|
|
|
324
|
|
||
Accrued expenses and other current liabilities
|
$
|
9,959
|
|
|
$
|
6,187
|
|
|
|
|
|
|
As of January 31,
|
||||||
|
2019
|
|
2018
|
||||
|
|
|
|
||||
Deferred rent, noncurrent
|
$
|
35,980
|
|
|
$
|
5,010
|
|
Deferred tax liabilities
|
727
|
|
|
175
|
|
||
Other
|
2,292
|
|
|
1,832
|
|
||
Other liabilities, noncurrent
|
$
|
38,999
|
|
|
$
|
7,017
|
|
|
|
|
|
|
Year Ended January 31, 2019
|
||
Contractual interest expense
|
$
|
793
|
|
Amortization of debt issuance costs
|
1,085
|
|
|
Amortization of debt discount
|
13,194
|
|
|
Total
|
$
|
15,072
|
|
|
|
|
As of January 31, 2019
|
||
Liability component:
|
|
||
Principal
|
$
|
345,000
|
|
Less: unamortized debt issuance costs and debt discount
|
(73,372
|
)
|
|
Net carrying amount
|
$
|
271,628
|
|
|
|
||
Equity component:
|
|
||
2023 Notes
|
$
|
79,962
|
|
Less: issuance costs
|
(2,320
|
)
|
|
Carrying amount of the equity component
(1)
|
$
|
77,642
|
|
|
|
|
|
Operating
Leases |
|
Purchase Obligations
|
|
Total
|
||||||
2020
|
|
$
|
16,672
|
|
|
$
|
19,668
|
|
|
$
|
36,340
|
|
2021
|
|
26,606
|
|
|
15,101
|
|
|
41,707
|
|
|||
2022
|
|
28,138
|
|
|
15,101
|
|
|
43,239
|
|
|||
2023
|
|
27,777
|
|
|
10,000
|
|
|
37,777
|
|
|||
2024
|
|
28,384
|
|
|
—
|
|
|
28,384
|
|
|||
Thereafter
|
|
117,101
|
|
|
—
|
|
|
117,101
|
|
|||
Total contractual obligations
|
|
$
|
244,678
|
|
|
$
|
59,870
|
|
|
$
|
304,548
|
|
|
|
|
|
|
|
|
|
|
|
Options and unvested RSUs outstanding
|
22,639,330
|
|
Available for future stock option and RSU grants
|
12,635,830
|
|
Available for ESPP
|
2,855,127
|
|
|
38,130,287
|
|
|
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Stock options
|
$
|
23,466
|
|
|
$
|
24,186
|
|
|
$
|
17,127
|
|
RSUs
|
41,637
|
|
|
9,104
|
|
|
—
|
|
|||
ESPP
|
7,248
|
|
|
7,111
|
|
|
—
|
|
|||
Restricted stock awards
|
1,608
|
|
|
3,281
|
|
|
—
|
|
|||
Restricted common stock
|
2,361
|
|
|
6,178
|
|
|
—
|
|
|||
Total
|
$
|
76,320
|
|
|
$
|
49,860
|
|
|
$
|
17,127
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cost of revenue:
|
|
|
|
|
|
||||||
Subscription
|
$
|
7,837
|
|
|
$
|
4,600
|
|
|
$
|
1,979
|
|
Professional services and other
|
4,983
|
|
|
3,137
|
|
|
1,283
|
|
|||
Research and development
|
22,642
|
|
|
18,107
|
|
|
2,992
|
|
|||
Sales and marketing
|
22,916
|
|
|
13,242
|
|
|
6,029
|
|
|||
General and administrative
|
17,942
|
|
|
10,774
|
|
|
4,844
|
|
|||
Total
|
$
|
76,320
|
|
|
$
|
49,860
|
|
|
$
|
17,127
|
|
|
Number of
Options
|
|
Weighted-
Average
Exercise
Price
|
|
Weighted-
Average
Remaining
Contractual
Term
(Years)
|
|
Aggregate
Intrinsic Value
(in thousands)
|
|||||
Outstanding as of January 31, 2018
|
24,917,045
|
|
|
$
|
7.37
|
|
|
7.6
|
|
$
|
550,173
|
|
Granted
|
684,500
|
|
|
39.21
|
|
|
|
|
|
|||
Exercised
|
(6,576,700
|
)
|
|
5.61
|
|
|
|
|
|
|||
Canceled
|
(1,221,051
|
)
|
|
8.55
|
|
|
|
|
|
|||
Outstanding as of January 31, 2019
|
17,803,794
|
|
|
$
|
9.16
|
|
|
7.1
|
|
$
|
1,304,446
|
|
As of January 31, 2019:
|
|
|
|
|
|
|
|
|||||
Vested and expected to vest
|
17,803,794
|
|
|
$
|
9.16
|
|
|
7.1
|
|
$
|
1,304,446
|
|
Vested and exercisable
|
9,681,494
|
|
|
$
|
6.82
|
|
|
6.6
|
|
$
|
731,998
|
|
|
Year Ended January 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
Expected volatility
|
40
|
%
|
|
40% - 41%
|
|
|
40% - 44%
|
|
Expected term (in years)
|
6.3
|
|
|
6.3 - 6.4
|
|
|
5.5 - 6.9
|
|
Risk-free interest rate
|
2.70
|
%
|
|
1.87% - 2.21%
|
|
|
1.13% - 2.28%
|
|
Expected dividend yield
|
—
|
|
|
—
|
|
|
—
|
|
|
Number of
RSUs |
|
Weighted-
Average Grant Date Fair Value Per Share |
|||
Outstanding as of January 31, 2018
|
2,862,929
|
|
|
$
|
24.38
|
|
Granted
|
3,392,285
|
|
|
54.34
|
|
|
Vested
|
(976,248
|
)
|
|
23.92
|
|
|
Forfeited
|
(443,430
|
)
|
|
35.22
|
|
|
Outstanding as of January 31, 2019
|
4,835,536
|
|
|
$
|
44.49
|
|
|
Year Ended January 31,
|
||
|
2019
|
|
2018
|
Expected volatility
|
39% - 70%
|
|
32% - 38%
|
Expected term (in years)
|
0.5 - 1.0
|
|
0.5 - 1.2
|
Risk-free interest rate
|
2.12% - 2.62%
|
|
0.95% - 1.73%
|
Expected dividend yield
|
—
|
|
—
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
||||||
Domestic
|
$
|
(128,214
|
)
|
|
$
|
(112,858
|
)
|
|
$
|
(76,485
|
)
|
Foreign
|
2,700
|
|
|
2,688
|
|
|
1,854
|
|
|||
Loss before provision for (benefit from) income taxes
|
$
|
(125,514
|
)
|
|
$
|
(110,170
|
)
|
|
$
|
(74,631
|
)
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
State
|
61
|
|
|
—
|
|
|
18
|
|
|||
Foreign
|
667
|
|
|
183
|
|
|
426
|
|
|||
Total current provision for income taxes
|
728
|
|
|
183
|
|
|
444
|
|
|||
Deferred:
|
|
|
|
|
|
|
|||||
Federal
|
(620
|
)
|
|
(32
|
)
|
|
60
|
|
|||
State
|
(130
|
)
|
|
10
|
|
|
6
|
|
|||
Foreign
|
5
|
|
|
(482
|
)
|
|
(85
|
)
|
|||
Total deferred provision for (benefit from) income taxes
|
(745
|
)
|
|
(504
|
)
|
|
(19
|
)
|
|||
Total provision for (benefit from) income taxes
|
$
|
(17
|
)
|
|
$
|
(321
|
)
|
|
$
|
425
|
|
|
Year Ended January 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
|
|
|
As Adjusted
(1)
|
|
As Adjusted
(1)
|
|||
Tax at federal statutory rate
|
21.0
|
%
|
|
33.8
|
%
|
|
34.0
|
%
|
State income taxes, net of federal benefit
|
3.8
|
|
|
3.4
|
|
|
3.6
|
|
Change in valuation allowance
|
(68.5
|
)
|
|
(27.1
|
)
|
|
(32.1
|
)
|
Stock-based compensation
|
45.5
|
|
|
42.4
|
|
|
(5.0
|
)
|
Tax Cuts and Jobs Act of 2017
|
—
|
|
|
(51.3
|
)
|
|
—
|
|
Other, net
|
(1.8
|
)
|
|
(0.9
|
)
|
|
(1.1
|
)
|
Effective tax rate
|
—
|
%
|
|
0.3
|
%
|
|
(0.6
|
)%
|
|
As of January 31,
|
||||||
|
2019
|
|
2018
|
||||
|
|
|
As Adjusted
(1)
|
||||
Deferred tax assets:
|
|
|
|
||||
Net operating loss carryforwards
|
$
|
202,471
|
|
|
$
|
123,013
|
|
Stock-based compensation
|
13,185
|
|
|
7,926
|
|
||
Deferred revenue
|
1,312
|
|
|
213
|
|
||
Other reserves and accruals
|
13,113
|
|
|
3,084
|
|
||
Credits
|
791
|
|
|
791
|
|
||
Disallowed interest
|
1,769
|
|
|
—
|
|
||
Total deferred tax assets
|
232,641
|
|
|
135,027
|
|
||
Valuation allowance
|
(203,899
|
)
|
|
(116,948
|
)
|
||
Total deferred tax assets, net
|
28,742
|
|
|
18,079
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Deferred commissions
|
(19,424
|
)
|
|
(14,597
|
)
|
||
Capitalized internal-use software costs
|
(2,047
|
)
|
|
(2,389
|
)
|
||
Goodwill
|
(217
|
)
|
|
(175
|
)
|
||
Depreciation and amortization
|
(6,492
|
)
|
|
(441
|
)
|
||
Total deferred tax liabilities
|
(28,180
|
)
|
|
(17,602
|
)
|
||
Net deferred tax assets (liabilities)
|
$
|
562
|
|
|
$
|
477
|
|
|
Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Gross amount of unrecognized tax benefits as of the beginning of the year
|
$
|
11,719
|
|
|
$
|
5,775
|
|
|
$
|
3,512
|
|
Additions based on tax positions related to a prior year
|
1,859
|
|
|
—
|
|
|
—
|
|
|||
Additions based on tax positions related to current year
|
10,353
|
|
|
5,944
|
|
|
2,263
|
|
|||
Gross amount of unrecognized tax benefits as of the end of the year
|
$
|
23,931
|
|
|
$
|
11,719
|
|
|
$
|
5,775
|
|
|
Year Ended January 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
|
Class A
|
|
Class B
|
|
Class A
|
|
Class B
|
|
Class A
|
|
Class B
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net loss
|
$
|
(107,926
|
)
|
|
$
|
(17,571
|
)
|
|
$
|
(31,980
|
)
|
|
$
|
(77,869
|
)
|
|
$
|
—
|
|
|
$
|
(75,056
|
)
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted-average shares outstanding, basic and diluted
|
92,452
|
|
|
15,052
|
|
|
24,165
|
|
|
58,839
|
|
|
—
|
|
|
19,038
|
|
||||||
Net loss per share attributable to common stockholders, basic and diluted
|
$
|
(1.17
|
)
|
|
$
|
(1.17
|
)
|
|
$
|
(1.32
|
)
|
|
$
|
(1.32
|
)
|
|
$
|
—
|
|
|
$
|
(3.94
|
)
|
|
Year Ended January 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
|
|
|
|
|
|
|||
Unvested restricted common stock issued and outstanding
|
400
|
|
|
800
|
|
|
—
|
|
Unvested RSUs issued and outstanding
|
4,836
|
|
|
2,863
|
|
|
—
|
|
Unvested restricted stock awards issued and outstanding
|
388
|
|
|
599
|
|
|
—
|
|
Shares committed under the ESPP
|
271
|
|
|
1,149
|
|
|
—
|
|
Unvested shares subject to repurchase
|
48
|
|
|
188
|
|
|
—
|
|
Conversion of convertible preferred stock
|
—
|
|
|
—
|
|
|
59,465
|
|
Shares related to convertible senior notes
|
7,134
|
|
|
—
|
|
|
—
|
|
Issued and outstanding stock options
|
17,804
|
|
|
24,917
|
|
|
32,866
|
|
Conversion of common stock warrant
|
—
|
|
|
—
|
|
|
188
|
|
Conversion of convertible Series B warrant
|
—
|
|
|
—
|
|
|
29
|
|
|
30,881
|
|
|
30,516
|
|
|
92,548
|
|
1.
|
Financial Statements
|
2.
|
Financial Statement Schedules
|
3.
|
Exhibits
|
|
|
OKTA, INC.
|
|
|
|
March 14, 2019
|
|
/s/ William E. Losch
|
|
|
William E. Losch
Chief Financial Officer
|
|
|
|
||
Signature
|
|
Title
|
|
Date
|
|
|
|
||
/s/ Todd McKinnon
Todd McKinnon
|
|
Chief Executive Officer and Director
(Principal Executive Officer)
|
|
March 14, 2019
|
|
|
|
||
/s/ William E. Losch
William E. Losch
|
|
Chief Financial Officer (Principal Accounting
and Financial Officer)
|
|
March 14, 2019
|
|
|
|
||
/s/ J. Frederic Kerrest
J. Frederic Kerrest
|
|
Director
|
|
March 14, 2019
|
|
|
|
|
|
/s/ Shellye Archambeau
Shellye Archambeau |
|
Director
|
|
March 14, 2019
|
|
|
|
||
/s/ Patrick Grady
Patrick Grady
|
|
Director
|
|
March 14, 2019
|
|
|
|
||
/s/ Ben Horowitz
Ben Horowitz
|
|
Director
|
|
March 14, 2019
|
|
|
|
||
/s/ Michael Kourey
Michael Kourey
|
|
Director
|
|
March 14, 2019
|
|
|
|
||
/s/ Rebecca Saeger
Rebecca Saeger
|
|
Director
|
|
March 14, 2019
|
|
|
|
|
|
/s/ Michael Stankey
Michael Stankey
|
|
Director
|
|
March 14, 2019
|
|
|
|
||
/s/ Michelle Wilson
Michelle Wilson
|
|
Director
|
|
March 14, 2019
|
Exhibit Number
|
|
Exhibit Description
|
|
Incorporated by Reference from Form
|
|
|
Exhibit 3.2 to Form S-1 filed on March 13, 2017
|
||
|
|
Exhibit 3.4 to Form S-1 filed on March 13, 2017
|
||
|
|
Exhibit 4.1 to Form S-1 filed on March 13, 2017
|
||
|
|
Exhibit 4.1 to Form 8-K filed February 27, 2018
|
||
|
|
Exhibit 4.2 to Form 8-K filed February 27, 2018
|
||
|
|
Exhibit 10.1 to Form S-1 filed on March 13, 2017
|
||
|
|
Exhibit 10.2 to Form S-1 filed on March 13, 2017
|
||
|
|
Exhibit 10.3 to Form S-1A filed on March 27, 2017
|
||
|
|
Exhibit 10.4 to Form S-1A filed on March 27, 2017
|
||
|
|
Exhibit 99.2 to Form 8-K filed on March 7, 2019
|
||
|
|
Exhibit 10.8 to Form S-1 filed on March 13, 2017
|
||
|
|
Exhibit 10.9 to Form S-1 filed on March 13, 2017
|
||
|
|
Exhibit 10.10 to Form S-1 filed on March 13, 2017
|
||
10.
9
|
|
|
Exhibit 10.1 to Form 8-K filed on December 6, 2017
|
|
10.1
0
|
|
|
Exhibit 10.1 to Form 8-K filed February 27, 2018
|
|
10.1
1
|
|
|
Exhibit 10.2 to Form 8-K filed February 27, 2018
|
|
|
|
Filed herewith
|
||
|
|
Filed herewith
|
Exhibit Number
|
|
Exhibit Description
|
|
Incorporated by Reference from Form
|
|
|
Filed herewith
|
||
|
|
Filed herewith
|
||
|
|
Furnished herewith
|
||
101.INS
|
|
XBRL Instance Document
|
|
Filed herewith
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
Filed herewith
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Filed herewith
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Filed herewith
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Filed herewith
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
(1)
|
Registration Statement (Form S-8 No. 333-217188) pertaining to the Amended and Restated 2009 Stock Plan, the 2017 Equity Incentive Plan, and the 2017 Employee Stock Purchase Plan of Okta, Inc.
|
(2)
|
Registration Statement (Form S-8 No. 333-223598) pertaining to the 2017 Equity Incentive Plan and the 2017 Employee Stock Purchase Plan of Okta, Inc.
|
/s/ Todd McKinnon
|
|
Todd McKinnon
|
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
/s/ William E. Losch
|
|
William E. Losch
|
|
Chief Financial Officer
|
|
(Principal Accounting and Financial Officer)
|
|
1.
|
The Company’s
Annual
Report on Form
10-K
for the
year
ended
January 31, 2019
, to which this Certification is attached as Exhibit 32.1 (the “Periodic Report”), fully complies with the requirements of Section 13(a) or Section 15(d) of the Exchange Act; and
|
2.
|
The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Todd McKinnon
|
|
Todd McKinnon
|
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
|
|
/s/ William E. Losch
|
|
William E. Losch
|
|
Chief Financial Officer
|
|
(Principal Accounting and Financial Officer)
|
|