QUARTERLY 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 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) | ||||
Registrant’s telephone number, including area code: ( |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
$0.00001 per share |
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page | ||||||||
As of | |||||||||||
April 30, 2024 | January 31, 2024 | ||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Marketable securities | |||||||||||
Accounts receivable, net of allowance for credit losses of $ | |||||||||||
Contract assets | |||||||||||
Deferred contract acquisition costs | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Marketable securities, non-current | |||||||||||
Contract assets, non-current | |||||||||||
Deferred contract acquisition costs, non-current | |||||||||||
Property and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Deferred tax assets | |||||||||||
Other assets, non-current | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Accrued compensation and employee benefits | |||||||||||
Deferred revenue | |||||||||||
Total current liabilities | |||||||||||
Deferred revenue, non-current | |||||||||||
Operating lease liabilities, non-current | |||||||||||
Other liabilities, non-current | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 9) | |||||||||||
Stockholders' equity | |||||||||||
Preferred stock, $ | |||||||||||
Class A common stock, $ | |||||||||||
Class B common stock, $ | |||||||||||
Treasury stock, at cost, | ( | ( | |||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Revenue: | |||||||||||
Licenses | $ | $ | |||||||||
Subscription services | |||||||||||
Professional services and other | |||||||||||
Total revenue | |||||||||||
Cost of revenue: | |||||||||||
Licenses | |||||||||||
Subscription services | |||||||||||
Professional services and other | |||||||||||
Total cost of revenue | |||||||||||
Gross profit | |||||||||||
Operating expenses: | |||||||||||
Sales and marketing | |||||||||||
Research and development | |||||||||||
General and administrative | |||||||||||
Total operating expenses | |||||||||||
Operating loss | ( | ( | |||||||||
Interest income | |||||||||||
Other income, net | |||||||||||
Loss before income taxes | ( | ( | |||||||||
Provision for income taxes | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Net loss per share, basic and diluted | $ | ( | $ | ( | |||||||
Weighted-average shares used in computing net loss per share, basic and diluted |
Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Net loss | $ | ( | $ | ( | |||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Unrealized (loss) gain on available-for-sale marketable securities, net | ( | ||||||||||
Foreign currency translation adjustments | ( | ||||||||||
Other comprehensive (loss) income, net | ( | ||||||||||
Comprehensive loss | $ | ( | $ | ( |
Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Amount | Amount | Amount | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of January 31, 2024 | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon settlement of restricted stock units | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax withholdings on settlement of restricted stock units | ( | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Charitable donation of Class A common stock | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Class A Common Stock | — | — | — | — | ( | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of April 30, 2024 | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Amount | Amount | Amount | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of January 31, 2023 | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon settlement of restricted stock units | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax withholdings on settlement of restricted stock units | ( | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Charitable donations of Class A common stock | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of April 30, 2023 | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of deferred contract acquisition costs | |||||||||||
Net amortization on marketable securities | ( | ( | |||||||||
Stock-based compensation expense | |||||||||||
Charitable donation of Class A common stock | |||||||||||
Non-cash operating lease expense | |||||||||||
Provision for deferred income taxes | ( | ||||||||||
Other non-cash (credits) charges, net | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | |||||||||||
Contract assets | ( | ||||||||||
Deferred contract acquisition costs | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Accounts payable | ( | ||||||||||
Accrued expenses and other liabilities | ( | ( | |||||||||
Accrued compensation and employee benefits | ( | ( | |||||||||
Operating lease liabilities, net | ( | ( | |||||||||
Deferred revenue | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities | |||||||||||
Purchases of marketable securities | ( | ( | |||||||||
Maturities of marketable securities | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Other investing, net | |||||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Cash flows from financing activities | |||||||||||
Repurchases of Class A common stock | ( | ||||||||||
Proceeds from exercise of stock options | |||||||||||
Payments of tax withholdings on net settlement of equity awards | ( | ( | |||||||||
Net payments of tax withholdings on sell-to-cover equity award transactions | ( | ||||||||||
Proceeds from employee stock purchase plan contributions | |||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes | ( | ( | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | ( | ||||||||||
Cash, cash equivalents, and restricted cash - beginning of period | |||||||||||
Cash, cash equivalents, and restricted cash - end of period | $ | $ | |||||||||
Supplemental disclosure of cash flow information | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes | |||||||||||
Supplemental disclosure of non-cash investing and financing activities | |||||||||||
Property and equipment purchases included in accounts payable | |||||||||||
Receivable from maturities of marketable securities included in prepaid expense and other current assets | |||||||||||
Tax withholdings on net settlement of restricted stock units, accrued but not yet paid |
Three Months Ended April 30, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Amount | Percentage of Revenue | Amount | Percentage of Revenue | ||||||||||||||||||||
Americas (1) | $ | % | $ | % | |||||||||||||||||||
Europe, Middle East, and Africa | % | % | |||||||||||||||||||||
Asia-Pacific (2) | % | % | |||||||||||||||||||||
Total revenue | $ | % | $ | % |
As of April 30, 2024 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Commercial paper | $ | $ | $ | $ | |||||||||||||||||||
Treasury bills and U.S. government securities(1) | ( | ||||||||||||||||||||||
Corporate bonds(2) | ( | ||||||||||||||||||||||
Agency bonds | ( | ||||||||||||||||||||||
Total marketable securities | $ | $ | $ | ( | $ | ||||||||||||||||||
(1) Additional treasury bills with both amortized cost and estimated fair value of $ | |||||||||||||||||||||||
(2) Additional corporate bonds with both amortized cost and estimated fair value of $ |
As of January 31, 2024 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Treasury bills and U.S. government securities | ( | ||||||||||||||||||||||
Corporate bonds | ( | ||||||||||||||||||||||
Agency bonds | ( | ||||||||||||||||||||||
Total marketable securities | $ | $ | $ | ( | $ | ||||||||||||||||||
As of April 30, 2024 | |||||||||||||||||
Level 1 | Level 2 | Total | |||||||||||||||
Money market | $ | $ | $ | ||||||||||||||
Treasury bills | |||||||||||||||||
Corporate bonds | |||||||||||||||||
Total cash equivalents | |||||||||||||||||
Commercial paper | |||||||||||||||||
Treasury bills and U.S. government securities | |||||||||||||||||
Corporate bonds | |||||||||||||||||
Agency bonds | |||||||||||||||||
Total marketable securities | |||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
As of January 31, 2024 | |||||||||||||||||
Level 1 | Level 2 | Total | |||||||||||||||
Money market | $ | $ | $ | ||||||||||||||
Total cash equivalents | |||||||||||||||||
Treasury bills and U.S. government securities | |||||||||||||||||
Corporate bonds | |||||||||||||||||
Agency bonds | |||||||||||||||||
Total marketable securities | |||||||||||||||||
Total | $ | $ | $ |
Intangible Assets, Gross | Accumulated Amortization | Intangible Assets, Net | Weighted-Average Remaining Useful Life (years) | ||||||||||||||||||||
Developed technology | $ | $ | ( | $ | |||||||||||||||||||
Customer relationships | ( | ||||||||||||||||||||||
Trade names and trademarks | ( | ||||||||||||||||||||||
Other intangibles | ( | ||||||||||||||||||||||
Total | $ | $ | ( | $ |
Intangible Assets, Gross | Accumulated Amortization | Intangible Assets, Net | Weighted-Average Remaining Useful Life (years) | ||||||||||||||||||||
Developed technology | $ | $ | ( | $ | |||||||||||||||||||
Customer relationships | ( | ||||||||||||||||||||||
Trade names and trademarks | ( | ||||||||||||||||||||||
Other intangibles | ( | ||||||||||||||||||||||
Total | $ | $ | ( | $ |
Amount | |||||
Remainder of year ending January 31, 2025 | $ | ||||
Year ending January 31, | |||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 | |||||
Thereafter | |||||
Total | $ |
Carrying Amount | |||||
Balance as of January 31, 2024 | $ | ||||
Effect of foreign currency translation | ( | ||||
Balance as of April 30, 2024 | $ |
Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Operating lease cost | $ | $ | |||||||||
Short-term lease cost | |||||||||||
Variable lease cost | |||||||||||
Sublease income (1) | ( | ||||||||||
Total | $ | $ |
As of | |||||||||||
April 30, 2024 | January 31, 2024 | ||||||||||
Weighted-average remaining lease term (years) | |||||||||||
Weighted-average discount rate | % | % |
Amount | |||||
Remainder of year ending January 31, 2025 | $ | ||||
Year ending January 31, | |||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 | |||||
Thereafter | |||||
Total operating lease payments | |||||
Less: imputed interest | ( | ||||
Total operating lease liabilities | $ |
Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | $ | |||||||||
Operating lease ROU assets obtained in exchange for new operating lease liabilities |
As of | |||||||||||
April 30, 2024 | January 31, 2024 | ||||||||||
Prepaid expenses and service credits | $ | $ | |||||||||
Other current assets | |||||||||||
Prepaid expenses and other current assets | $ | $ |
As of | |||||||||||
April 30, 2024 | January 31, 2024 | ||||||||||
Computers and equipment | $ | $ | |||||||||
Leasehold improvements | |||||||||||
Furniture and fixtures | |||||||||||
Construction in progress | |||||||||||
Other | |||||||||||
Property and equipment, gross | |||||||||||
Less: accumulated depreciation | ( | ( | |||||||||
Property and equipment, net | $ | $ | |||||||||
As of | |||||||||||
April 30, 2024 | January 31, 2024 | ||||||||||
Accrued expenses | $ | $ | |||||||||
Withholding tax from employee equity transactions | |||||||||||
Employee stock purchase plan withholdings | |||||||||||
Payroll taxes and other benefits payable | |||||||||||
Income taxes payable | |||||||||||
Value-added taxes payable | |||||||||||
Operating lease liabilities, current | |||||||||||
Loan note related to fiscal year 2023 acquisition of Re:Infer LTD (payable July 29, 2024) | |||||||||||
Rebates payable to partners | |||||||||||
Other | |||||||||||
Accrued expenses and other current liabilities | $ | $ | |||||||||
Amount | |||||
Remainder of year ending January 31, 2025 | $ | ||||
Year ending January 31, | |||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 | |||||
Thereafter | |||||
Total | $ |
Foreign Currency Translation Adjustments | Unrealized Loss on Marketable Securities | Accumulated Other Comprehensive Income | |||||||||||||||
Balance as of January 31, 2024 | $ | $ | ( | $ | |||||||||||||
Other comprehensive loss, net of tax | ( | ( | ( | ||||||||||||||
Balance as of April 30, 2024 | $ | $ | ( | $ |
Foreign Currency Translation Adjustments | Unrealized Gain (Loss) on Marketable Securities | Accumulated Other Comprehensive Income | |||||||||||||||
Balance as of January 31, 2023 | $ | $ | ( | $ | |||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||
Balance as of April 30, 2023 | $ | $ | ( | $ |
Stock Options (in thousands) | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life (years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||
Outstanding as of January 31, 2024 | $ | $ | |||||||||||||||||||||
Granted | $ | ||||||||||||||||||||||
Exercised | ( | $ | |||||||||||||||||||||
Forfeited | ( | $ | |||||||||||||||||||||
Outstanding as of April 30, 2024 | $ | $ | |||||||||||||||||||||
Vested and exercisable as of April 30, 2024 | $ | $ |
RSUs (in thousands) | Weighted-Average Grant Date Fair Value Per Share | ||||||||||
Unvested as of January 31, 2024 | $ | ||||||||||
Granted | $ | ||||||||||
Vested | ( | $ | |||||||||
Forfeited | ( | $ | |||||||||
Unvested as of April 30, 2024 | $ |
Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Cost of subscription services revenue | $ | $ | |||||||||
Cost of professional services and other revenue | |||||||||||
Sales and marketing | |||||||||||
Research and development | |||||||||||
General and administrative | |||||||||||
Total | $ | $ |
Three Months Ended April 30, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average shares used in computing net loss per share, basic and diluted | |||||||||||||||||||||||
Net loss per share, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended April 30, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||||||||||
Unvested RSUs | |||||||||||||||||||||||
Outstanding stock options | |||||||||||||||||||||||
Shares subject to repurchase from RSAs and early exercised stock options | |||||||||||||||||||||||
Shares issuable under ESPP | |||||||||||||||||||||||
Returnable shares issued in connection with business acquisition | |||||||||||||||||||||||
Total |
At April 30, | |||||||||||
2024 | 2023 | ||||||||||
(dollars in thousands) | |||||||||||
ARR | $ | 1,507,730 | $ | 1,248,883 | |||||||
Incremental ARR (1) | 258,847 | 271,816 | |||||||||
Customers with ARR ≥ $1 million: | |||||||||||
Number of customers | 288 | 240 | |||||||||
Percent of current period revenue | 48 | % | 45 | % | |||||||
Customers with ARR ≥ $100 thousand: | |||||||||||
Number of customers | 2,092 | 1,858 | |||||||||
Percent of current period revenue | 85 | % | 82 | % | |||||||
Dollar-based net retention rate | 118 | % | 122 | % | |||||||
(1) For the twelve months ended April 30, 2024 and 2023, respectively |
Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Revenue: | |||||||||||
Licenses | $ | 140,128 | $ | 134,039 | |||||||
Subscription services | 185,131 | 146,352 | |||||||||
Professional services and other | 9,853 | 9,197 | |||||||||
Total revenue | 335,112 | 289,588 | |||||||||
Cost of revenue: | |||||||||||
Licenses (1) | 2,601 | 2,547 | |||||||||
Subscription services (1)(2)(3) | 36,754 | 23,078 | |||||||||
Professional services and other (2)(3) | 15,970 | 18,042 | |||||||||
Total cost of revenue | 55,325 | 43,667 | |||||||||
Gross profit | 279,787 | 245,921 | |||||||||
Operating expenses: | |||||||||||
Sales and marketing (1)(2)(3)(4) | 180,139 | 160,406 | |||||||||
Research and development (2)(3)(4) | 85,603 | 75,342 | |||||||||
General and administrative (1)(2)(3)(4) | 63,510 | 56,584 | |||||||||
Total operating expenses | 329,252 | 292,332 | |||||||||
Operating loss | (49,465) | (46,411) | |||||||||
Interest income | 13,830 | 13,848 | |||||||||
Other income, net | 10,679 | 4,294 | |||||||||
Loss before income taxes | (24,956) | (28,269) | |||||||||
Provision for income taxes | 3,780 | 3,632 | |||||||||
Net loss | $ | (28,736) | $ | (31,901) | |||||||
(1) Includes amortization of acquired intangible assets as follows: | |||||||||||
Cost of licenses revenue | $ | 844 | $ | 836 | |||||||
Cost of subscription services revenue | 593 | 584 | |||||||||
Sales and marketing | 552 | 671 | |||||||||
General and administrative | 39 | 41 | |||||||||
Total amortization of acquired intangible assets | $ | 2,028 | $ | 2,132 | |||||||
(2) Includes stock-based compensation expense as follows: | |||||||||||
Cost of subscription services revenue | $ | 4,276 | $ | 3,178 | |||||||
Cost of professional services and other revenue | 2,470 | 2,699 | |||||||||
Sales and marketing | 36,216 | 33,123 | |||||||||
Research and development | 29,142 | 24,773 | |||||||||
General and administrative | 16,623 | 21,275 | |||||||||
Total stock-based compensation expense | $ | 88,727 | $ | 85,048 | |||||||
(3) Includes employer payroll tax expense related to equity transactions as follows: | |||||||||||
Cost of subscription services revenue | $ | 177 | $ | 90 | |||||||
Cost of professional services and other revenue | 66 | 71 | |||||||||
Sales and marketing | 1,223 | 1,224 | |||||||||
Research and development | 630 | 601 | |||||||||
General and administrative | 415 | 378 | |||||||||
Total employer payroll tax expense related to equity transactions | $ | 2,511 | $ | 2,364 | |||||||
(4) Includes restructuring expense as follows: | |||||||||||
Sales and marketing | $ | — | $ | 229 | |||||||
Research and development | — | 285 | |||||||||
General and administrative | — | 375 | |||||||||
Total restructuring expense | $ | — | $ | 889 |
Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
(as a percentage of revenue) | |||||||||||
Revenue: | |||||||||||
Licenses | 42 | % | 46 | % | |||||||
Subscription services | 55 | % | 51 | % | |||||||
Professional services and other | 3 | % | 3 | % | |||||||
Total revenue | 100 | % | 100 | % | |||||||
Cost of revenue: | |||||||||||
Licenses | 1 | % | 1 | % | |||||||
Subscription services | 11 | % | 8 | % | |||||||
Professional services and other | 5 | % | 6 | % | |||||||
Total cost of revenue | 17 | % | 15 | % | |||||||
Gross profit | 83 | % | 85 | % | |||||||
Operating expenses: | |||||||||||
Sales and marketing | 53 | % | 55 | % | |||||||
Research and development | 26 | % | 26 | % | |||||||
General and administrative | 19 | % | 20 | % | |||||||
Total operating expenses | 98 | % | 101 | % | |||||||
Operating loss | (15) | % | (16) | % | |||||||
Interest income | 4 | % | 5 | % | |||||||
Other income, net | 3 | % | 1 | % | |||||||
Loss before income taxes | (8) | % | (10) | % | |||||||
Provision for income taxes | 1 | % | 1 | % | |||||||
Net loss | (9) | % | (11) | % |
Three Months Ended April 30, | |||||||||||||||||||||||
2024 | 2023 | Change | Change % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Licenses | $ | 140,128 | $ | 134,039 | $ | 6,089 | 5 | % | |||||||||||||||
Subscription services | 185,131 | 146,352 | 38,779 | 26 | % | ||||||||||||||||||
Professional services and other | 9,853 | 9,197 | 656 | 7 | % | ||||||||||||||||||
Total revenue | $ | 335,112 | $ | 289,588 | $ | 45,524 | 16 | % |
Three Months Ended April 30, | |||||||||||||||||||||||
2024 | 2023 | Change | Change % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Licenses | $ | 2,601 | $ | 2,547 | $ | 54 | 2 | % | |||||||||||||||
Subscription services | 36,754 | 23,078 | 13,676 | 59 | % | ||||||||||||||||||
Professional services and other | 15,970 | 18,042 | (2,072) | (11) | % | ||||||||||||||||||
Total cost of revenue | $ | 55,325 | $ | 43,667 | $ | 11,658 | 27 | % | |||||||||||||||
Gross margin | 83 | % | 85 | % |
Three Months Ended April 30, | |||||||||||||||||||||||
2024 | 2023 | Change | Change % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Sales and marketing | $ | 180,139 | $ | 160,406 | $ | 19,733 | 12 | % | |||||||||||||||
Percentage of revenue | 53 | % | 55 | % |
Three Months Ended April 30, | |||||||||||||||||||||||
2024 | 2023 | Change | Change % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Research and development | $ | 85,603 | $ | 75,342 | $ | 10,261 | 14 | % | |||||||||||||||
Percentage of revenue | 26 | % | 26 | % |
Three Months Ended April 30, | |||||||||||||||||||||||
2024 | 2023 | Change | Change % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
General and administrative | $ | 63,510 | $ | 56,584 | $ | 6,926 | 12 | % | |||||||||||||||
Percentage of revenue | 19 | % | 20 | % |
Three Months Ended April 30, | |||||||||||||||||||||||
2024 | 2023 | Change | Change % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Interest income | $ | 13,830 | $ | 13,848 | $ | (18) | — | % | |||||||||||||||
Percentage of revenue | 4 | % | 5 | % |
Three Months Ended April 30, | |||||||||||||||||||||||
2024 | 2023 | Change | Change % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Other income, net | $ | 10,679 | $ | 4,294 | $ | 6,385 | 149 | % | |||||||||||||||
Percentage of revenue | 3 | % | 1 | % | |||||||||||||||||||
Three Months Ended April 30, | |||||||||||||||||||||||
2024 | 2023 | Change | Change % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Provision for income taxes | $ | 3,780 | $ | 3,632 | $ | 148 | 4 | % | |||||||||||||||
Percentage of revenue | 1 | % | 1 | % |
Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Net cash provided by operating activities (1) | $ | 100,037 | $ | 67,341 | |||||||
Net cash provided by (used in) investing activities | $ | 35,766 | $ | (135,552) | |||||||
Net cash used in financing activities | $ | (45,736) | $ | (20,630) | |||||||
(1) Inclusive of: | |||||||||||
Cash paid for employer payroll taxes related to employee equity transactions | $ | (2,403) | $ | (2,738) | |||||||
Net payments of employee tax withholdings on stock option exercises | $ | (12) | $ | (765) | |||||||
Cash paid for restructuring costs | $ | (63) | $ | (3,734) |
Period | Total Number of Shares Purchased | Average Price Paid Per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
February 1 - 29 | 673 | $ | 23.54 | 673 | $ | 381,657 | ||||||||||||||||||||
March 1 - 31 | 265 | $ | 23.20 | 265 | $ | 375,515 | ||||||||||||||||||||
April 1 - 30 | — | $ | — | — | $ | 375,515 | ||||||||||||||||||||
Total | 938 | 938 |
Exhibit Number | Description | |||||||
32.1^ | ||||||||
32.2^ | ||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
† | Indicates management contract or compensatory plan. | |||||||
** | Certain information contained in this agreement has been omitted because it is the type that the registrant treats as private or confidential and/or is not material. | |||||||
^ | The certification furnished in Exhibit 32.1 hereto is deemed to accompany this Quarterly Report on Form 10-Q and is not deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, irrespective of any general incorporation language contained in such filing. |
UiPath, Inc. | ||||||||
Date: June 3, 2024 | By: | /s/ Ashim Gupta | ||||||
Ashim Gupta | ||||||||
Chief Financial Officer (Principal Financial Officer) |
SECTION 1. DEFINITIONS |
SECTION 2. TERM AND TERMINATION |
SECTION 3. COMPENSATION, PAYMENT AND INVOICES |
SECTION 4. CONFIDENTIALITY, PRIVACY AND CYBERSECURITY |
SECTION 5. INTELLECTUAL PROPERTY |
SECTION 6. REPRESENTATIONS AND WARRANTIES |
SECTION 7. INDEMNITY AND LIABILITY |
SECTION 8. SERVICES |
SECTION 9. MISCELLANEOUS |
UiPath | Senior Advisor | ||||
UiPath, Inc. | Senior Advisor | ||||
Address: 1 Vanderbilt Avenue, 60th Floor, New York, NY 10017 USA | Address: [*] [*] | ||||
Tax No. and/or VAT No: 47-4333187 | |||||
Email: contractnotice@uipath.com | Email: [*] | ||||
By: Brad Brubaker | By: Robert Enslin | ||||
Title: Chief Legal Officer | Title: Senior Advisor | ||||
Date: 5/28/2024 | Date: 5/28/2024 | ||||
Authorized signature: | Authorized signature: | ||||
/s/ Brad Brubaker | /s/ Robert Enslin |
Date: June 3, 2024 | By: | /s/ Daniel Dines | ||||||
Daniel Dines | ||||||||
Chief Executive Officer, Founder, and Chairman |
Date: June 3, 2024 | By: | /s/ Ashim Gupta | ||||||
Ashim Gupta | ||||||||
Chief Financial Officer |
Date: June 3, 2024 | By: | /s/ Daniel Dines | ||||||
Daniel Dines | ||||||||
Chief Executive Officer, Founder, and Chairman |
Date: June 3, 2024 | By: | /s/ Ashim Gupta | ||||||
Ashim Gupta | ||||||||
Chief Financial Officer |
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Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended | |
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Apr. 30, 2024 |
Apr. 30, 2023 |
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Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (28,736) | $ (31,901) |
Other comprehensive (loss) income, net of tax: | ||
Unrealized (loss) gain on available-for-sale marketable securities, net | (511) | 143 |
Foreign currency translation adjustments | (3,574) | 2,319 |
Other comprehensive (loss) income, net | (4,085) | 2,462 |
Comprehensive loss | $ (32,821) | $ (29,439) |
Organization and Description of Business |
3 Months Ended |
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Apr. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Description of Business UiPath, Inc. (the “Company,” “we,” “us,” or “our”) was incorporated in Delaware in June 2015 and is headquartered in New York, New York. Our AI-powered UiPath Business Automation Platform offers a robust set of capabilities that allows our customers to discover opportunities for automation, automate using a digital workforce that seamlessly collaborates with humans, and operate a mission critical automation program at scale.
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Summary of Significant Accounting Policies |
3 Months Ended |
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Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Our significant accounting policies are discussed in greater scope and detail in Note 2, Summary of Significant Accounting Policies, in the notes to consolidated financial statements included in the 2024 Form 10-K. There have been no significant changes to such policies during the three months ended April 30, 2024. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable regulations of the SEC regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP may be condensed or omitted. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the accompanying notes thereto for the fiscal year ended January 31, 2024, which are included in the 2024 Form 10-K. The unaudited condensed consolidated financial statements have been prepared on the same basis as our audited consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, that are necessary for the fair presentation of our financial information. The unaudited condensed consolidated financial statements include the financial statements of UiPath, Inc. and its subsidiaries in which we hold a controlling financial interest. Intercompany transactions and accounts have been eliminated in consolidation. The results of operations for the three months ended April 30, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2025 or for any other future interim or annual period. Fiscal Year Our fiscal year ends on January 31. References to fiscal year 2025, for example, refer to the fiscal year ending January 31, 2025. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities at the balance sheet date and the amounts of revenue and expenses reported during the period. We evaluate estimates based on historical and anticipated results, trends, and various other assumptions. Such estimates include, but are not limited to, certain aspects of revenue recognition, expected period of benefit for deferred contract acquisition costs, allowance for credit losses, fair value of financial assets and liabilities, fair value of acquired assets and assumed liabilities, useful lives of long-lived assets, capitalized software development costs, carrying value of operating lease right-of-use (“ROU”) assets and operating lease liabilities, incremental borrowing rates for operating leases, amount of stock-based compensation expense, timing and amount of contingencies, costs related to our restructuring actions, uncertain tax positions, and valuation allowance for deferred income taxes. Actual results could differ from these estimates and assumptions. Foreign Currency The functional currency of our non-U.S. subsidiaries is the local currency. Asset and liability balances denominated in non-U.S. dollar currencies are translated into U.S. dollars using period-end exchange rates, while revenue and expenses are translated using average monthly exchange rates. Differences are included in stockholders’ equity as a component of accumulated other comprehensive income. Financial assets and liabilities denominated in currencies other than the functional currency are recorded at the exchange rate at the time of the transaction and subsequent gains and losses related to changes in the foreign currency are included in other income (expense), net in the condensed consolidated statements of operations. For the three months ended April 30, 2024 and 2023, we recognized foreign currency transaction gains (losses) of $2.8 million and $(0.8) million, respectively. Concentration of Risks Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, marketable securities, and accounts receivable. We maintain our cash balance at financial institutions that management believes are high-credit, quality financial institutions, where our deposits, at times, exceed Federal Deposit Insurance Corporation (“FDIC”) limits. As of April 30, 2024 and January 31, 2024, 95% and 91%, respectively, of our cash and cash equivalents were concentrated in the U.S., European Union (“EU”) countries, and Japan. The selection of investments in marketable securities is governed by our investment policy. The policy aims to emphasize principles of safety and liquidity, with the overall objective of earning an attractive rate of return while limiting exposure to risk of loss and avoiding inappropriate concentrations. We use this policy to guide our investment decisions as it stipulates, among other things, a list of eligible investment types, minimum ratings and other restrictions for each type, and overall portfolio composition constraints. With regard to accounts receivable, we extend differing levels of credit to customers based on creditworthiness, do not require collateral deposits, and when necessary maintain reserves for potential credit losses based upon the expected collectability of accounts receivable. We manage credit risk related to our customers by performing periodic evaluations of creditworthiness and applying other credit risk monitoring procedures. Significant customers are those that represent 10% or more of our total revenue for the period or accounts receivable at the balance sheet date. For the three months ended April 30, 2024 and 2023, no single customer accounted for 10% or more of our total revenue. As of April 30, 2024 and January 31, 2024, no single customer accounted for 10% or more of our accounts receivable. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU No. 2023-07 is intended to improve reportable segments disclosures requirements, primarily through enhanced disclosures about significant segment expenses. ASU No. 2023-07 will be effective for us for annual periods beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this pronouncement on our condensed consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 will require additional tax disclosures, predominantly related to the effective income tax rate reconciliation and income taxes paid. ASU No. 2023-09 will be effective for us for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this pronouncement on our condensed consolidated financial statements.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Disaggregation of Revenue The following tables summarize revenue by geographical region (dollars in thousands):
(1)Revenue from the U.S. represented 42% and 38% of our total revenues for the three months ended April 30, 2024 and 2023, respectively. (2)Revenue from Japan represented 13% and 13% of our total revenues for the three months ended April 30, 2024 and 2023, respectively. Deferred Revenue During the three months ended April 30, 2024 and 2023, we recognized $182.3 million and $150.6 million of revenue that was included in the deferred revenue balance as of January 31, 2024 and 2023, respectively. Remaining Performance Obligations Our remaining performance obligations are comprised of licenses, subscription services, and professional services and other revenue not yet delivered. As of April 30, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $1,100.6 million, which consists of $616.2 million of billed consideration and $484.4 million of unbilled consideration. We expect to recognize 62% of our remaining performance obligations as revenue over the next 12 months, and the remainder thereafter. Deferred Contract Acquisition Costs Our deferred contract acquisition costs are comprised of sales commissions that represent incremental costs to obtain customer contracts, and are determined based on sales compensation plans. Amortization of deferred contract acquisition costs was $18.5 million and $14.1 million for the three months ended April 30, 2024 and 2023, respectively, and is recorded in sales and marketing expense in the condensed consolidated statements of operations.
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Marketable Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | Marketable Securities The following is a summary of our marketable securities (in thousands):
As of April 30, 2024 and January 31, 2024, $1.0 million and none, respectively, of our marketable securities had remaining contractual maturities of one year or more. As of April 30, 2024 and January 31, 2024, $3.1 million and $3.3 million, respectively, of interest receivable was included in prepaid expenses and other current assets on the condensed consolidated balance sheets. We did not recognize an allowance for credit losses against interest receivable as of April 30, 2024 and January 31, 2024. Unrealized losses during the periods presented are a result of changes in market conditions. We do not believe that any unrealized losses are attributable to credit-related factors based on our evaluation of available evidence. To determine whether a decline in value is related to credit loss, we evaluate, among other factors, the extent to which the fair value is less than the amortized cost basis and any adverse conditions specifically related to an issuer of a security or its industry.
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Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement The following tables present the fair value hierarchy of our financial assets measured at fair value on a recurring basis as of April 30, 2024 and January 31, 2024 (in thousands):
Our money market funds, treasury bills and U.S. government securities, and agency bonds are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. We classify commercial paper and corporate bonds as Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. None of our financial instruments were classified in the Level 3 category as of April 30, 2024 or January 31, 2024.
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Intangible Assets and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets, Net Acquired intangible assets, net consisted of the following as of April 30, 2024 (dollars in thousands):
Acquired intangible assets, net consisted of the following as of January 31, 2024 (dollars in thousands):
We record amortization expense associated with acquired developed technology in cost of licenses revenue and cost of subscription services revenue, trade names and trademarks in sales and marketing expense, customer relationships in sales and marketing expense, and other intangibles in general and administrative expense in the condensed consolidated statements of operations. Amortization of acquired intangible assets for the three months ended April 30, 2024 and 2023 was $2.0 million and $2.1 million, respectively. Expected future amortization expense related to intangible assets was as follows as of April 30, 2024 (in thousands):
Goodwill Changes in the carrying amount of goodwill during the three months ended April 30, 2024 were as follows (in thousands):
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Operating Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases | Operating Leases Our operating leases consist of real estate and vehicles and have remaining lease terms of one year to 14 years. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend the lease when it is reasonably certain that we will exercise those options. Our operating lease arrangements do not contain any material restrictive covenants or residual value guarantees. Lease costs are presented below (in thousands):
(1) Included in other income, net in the condensed consolidated statements of operations. The following table represents the weighted-average remaining lease term and discount rate as of the periods presented:
Future undiscounted lease payments for our operating lease liabilities as of April 30, 2024 were as follows (in thousands):
As of April 30, 2024, we had non-cancellable commitments in the amount of $26.3 million related to operating leases of real estate facilities that have not yet commenced. Current operating lease liabilities of $8.2 million and $8.4 million were included in on our condensed consolidated balance sheets as of April 30, 2024 and January 31, 2024, respectively. Supplemental cash flow information related to leases for the three months ended April 30, 2024 and 2023 was as follows (in thousands):
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Condensed Consolidated Balance Sheet Components |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet Components | Condensed Consolidated Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands):
Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
Depreciation expense for the three months ended April 30, 2024 and 2023 was $2.3 million and $3.0 million, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands):
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Letters of Credit We had a total of $2.8 million and $2.6 million in letters of credit outstanding in favor of certain landlords for office space as of April 30, 2024 and January 31, 2024, respectively. These letters of credit renew annually and expire on various dates through fiscal year 2026. Indemnification In the ordinary course of business, we may provide indemnification of varying scope and terms to customers, vendors, directors, and officers with respect to certain matters, including, but not limited to, losses arising out of our breach of such agreements, services to be provided by us, or from intellectual property infringement claims made by third parties. These indemnification provisions may survive termination of the underlying agreement and the potential amount of future payments we could be required to make under these indemnification provisions may not be subject to maximum loss clauses. The maximum potential amount of future payments we could be required to make under these indemnification provisions is indeterminable. As of April 30, 2024 and January 31, 2024, we have not accrued a liability for these indemnification arrangements because the likelihood of incurring a payment obligation, if any, in connection with these indemnification arrangements was remote. Defined Contribution Plans We sponsor retirement plans for qualifying employees, including a 401(k) plan in the U.S. and defined contribution plans in certain other countries, to which we make matching contributions. Our total matching contributions to all defined contribution plans was $6.2 million and $5.6 million for the three months ended April 30, 2024 and 2023, respectively. Litigation From time to time, we may be involved in lawsuits, claims, investigations, and proceedings, consisting of intellectual property, commercial, employment, and other matters which arise in the ordinary course of business. In accordance with ASC 450, Contingencies, we make a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. UiPath and certain of its officers are currently parties to the following litigation matters: On September 6, 2023, a putative class action lawsuit was filed in the United States District Court for the Southern District of New York against UiPath, then Co-CEO Daniel Dines, and CFO Ashim Gupta, captioned In re UiPath, Inc. Securities Litigation (the "Securities Action"). The initial complaint asserted claims under Sections 10(b) and 20(a) of the Exchange Act, and alleged that defendants made material misstatements and omissions, including regarding UiPath’s competitive position and its financial results. On January 26, 2024, the lead plaintiff in the Securities Action filed an amended complaint, and on March 26, 2024, filed a further amended complaint, which alleges Securities Act claims under Sections 11 and 15 as well as Exchange Act claims under Section 10(b), Rule 10b-5, and Section 20(a). In support of the Securities Act claims, the plaintiff alleges material misstatements and omissions in UiPath’s April 2021 Registration Statement, including regarding UiPath’s competitive position and its financial results. The operative complaint is purportedly brought on behalf of a putative class of persons who purchased or otherwise acquired UiPath common stock between April 21, 2021 and September 27, 2022. It seeks unspecified monetary damages, costs and attorneys’ fees, and other unspecified relief as the Court deems appropriate. Defendants moved to dismiss the second amended complaint on April 23, 2024. Plaintiffs filed their opposition to defendants' motion to dismiss on May 21, 2024. On November 30, 2023, a purported shareholder derivative lawsuit was filed in the United States District Court for the Eastern District of New York against UiPath, as nominal defendant, and then Co-CEO Daniel Dines, CFO Ashim Gupta, and several of UiPath’s current and former directors. The case is captioned Polilingua Limited v. Daniel Dines, et al. The lawsuit alleges that the individual defendants breached their fiduciary duties and committed other alleged misconduct in connection with the statements at issue in the Securities Action and by causing UiPath to repurchase shares at allegedly inflated prices. The plaintiff seeks unspecified damages and/or restitution on behalf of UiPath, as well as costs and attorneys’ fees and certain changes to UiPath’s corporate governance and internal controls. Similar cases were filed in the District of Delaware and in the Southern District of New York (together with Polilingua Limited v. Daniel Dines, et al, the "Derivative Litigations"). The Derivative Litigations are at an early stage; in each case the matter has been stayed, pending the outcome of the Court's decision on the defendants' motion to dismiss the Securities Action. We have not recorded any accrual related to the aforementioned litigation matters as of April 30, 2024, as we believe a loss in these matters is neither probable nor estimable at this time. Warranty We warrant to customers that our platform will operate substantially in accordance with its specifications. Historically, no significant costs have been incurred related to product warranties. Based on such historical experience, the probability of incurring such costs in the future is deemed remote. As such, no accruals for product warranty costs have been made. Other Matters Our indirect tax positions are subject to audit in multiple jurisdictions globally, with a key focus on our largest operational territories, including the U.S., Romania, India, and the U.K. Our Romanian subsidiary was subjected to audits by the Agenția Națională de Administrare Fiscală ("ANAF") for value-added tax and corporate income tax for the periods January 2020 through January 2022 and January 2018 through January 2022, respectively, which were completed during the three months ended April 30, 2024. With regard to the value-added tax audit, an assessment has been issued; we disagree with this assessment and are in the process of appealing. We have not recorded any reserves related to this audit as of April 30, 2024 as it is not probable that a material loss has been incurred. For additional information regarding the corporate income tax audit, refer to Note 12, Income Taxes. Non-Cancelable Purchase Obligations In the normal course of business, we enter into non-cancelable purchase commitments with various parties, mainly for hosting services, software products and services, and credits toward purchase of products and services from strategic alliance partners. As of April 30, 2024, we had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows (in thousands):
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Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Stock Repurchase Program On September 1, 2023, our board of directors authorized a stock repurchase program, pursuant to which we may repurchase from time to time up to $500.0 million of our outstanding shares of Class A common stock. Repurchases under the program may be effected through open market purchases, privately-negotiated transactions, or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternate uses of capital. This authorization expires on March 1, 2025, subject to modification by the board of directors in the future. During the three months ended April 30, 2024, we repurchased 0.9 million shares of our Class A common stock at an average price of $23.46 per share (inclusive of brokerage commission). Charitable Donations of Class A Common Stock We have reserved 2.8 million shares of our Class A common stock to fund our social impact and environmental, social, and governance initiatives. We contributed 0.3 million shares of our Class A common stock during the three months ended April 30, 2024 and 0.3 million shares of our Class A common stock during the three months ended April 30, 2023 to a donor-advised fund in connection with our Pledge 1% commitment. The aggregate fair values of the shares on the respective contribution dates of $6.6 million and $4.2 million were recorded within general and administrative expense in the condensed consolidated statements of operations for the three months ended April 30, 2024 and 2023, respectively. Accumulated Other Comprehensive Income For the three months ended April 30, 2024 and 2023, changes in the components of accumulated other comprehensive income were as follows (in thousands):
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Equity Incentive Plans and Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Incentive Plans and Stock-Based Compensation | Equity Incentive Plans and Stock-Based Compensation 2021 Stock Plan In April 2021, prior to and in connection with our initial public offering ("IPO"), we adopted our 2021 Equity Incentive Plan (the "2021 Plan"), which provides for grants of incentive stock options, nonstatutory stock options, stock appreciation rights, RSAs, RSUs, PSUs, and other forms of awards. As of April 30, 2024, we have reserved 202.2 million shares of our Class A common stock to be issued under the 2021 Plan. The number of shares of our Class A common stock reserved for issuance under the 2021 Plan will automatically increase on February 1 of each year for a period of ten years, which began on February 1, 2022 and continues through February 1, 2031, in an amount equal to (1) 5% of the total number of shares of our common stock (both Class A and Class B) outstanding on the preceding January 31, or (2) a lesser number of shares determined by our board of directors no later than the February 1 increase. 2021 Employee Stock Purchase Plan In April 2021, prior to and in connection with the IPO, we adopted our 2021 Employee Stock Purchase Plan (the “ESPP”). As of April 30, 2024, the ESPP authorizes the issuance of 27.2 million shares of our Class A common stock under purchase rights granted to our employees. The number of shares of our Class A common stock reserved for issuance will automatically increase on February 1 of each year for a period of ten years, which began on February 1, 2022 and continues through February 1, 2031, by the lesser of (1) 1% of the total number of shares of our common stock (both Class A and Class B) outstanding on the preceding January 31; and (2) 15.5 million shares, except before the date of any such increase, our board of directors may determine that such increase will be less than the amount set forth by (1) and (2) above. The ESPP allows participants to purchase shares at the lesser of (a) 85% of the fair market value of our Class A common stock as of the commencement of the offering period, and (b) 85% of the fair market value of our Class A common stock on the corresponding purchase date. Stock Options Stock option activity during the three months ended April 30, 2024 was as follows:
The weighted-average grant date fair value of stock options granted during the three months ended April 30, 2024 was $21.26 per share. The intrinsic value of stock options exercised during the three months ended April 30, 2024 was $31.4 million. Unrecognized compensation expense associated with unvested stock options granted and outstanding as of April 30, 2024 was approximately $122.5 million, which is to be recognized over a weighted-average remaining period of 2.2 years. Restricted Stock Units RSU activity during the three months ended April 30, 2024 was as follows:
The fair value of RSUs released during the three months ended April 30, 2024 was $87.4 million. As of April 30, 2024, total unrecognized compensation expense related to unvested RSUs was approximately $661.6 million, which is to be recognized over a weighted-average remaining period of 2.4 years. Employee Stock Purchase Plan Awards As of April 30, 2024, total unrecognized compensation expense related to the ESPP was approximately $0.9 million, which is to be recognized over a weighted-average remaining period of 0.1 years. Stock-Based Compensation Associated with Business Acquisition At the closing of the acquisition of Re:infer LTD on July 29, 2022, we issued 0.4 million shares of Class A common stock (outside of the 2021 Plan) to be released to certain employee sellers in equal installments on the first, second, and third anniversaries of the closing date, subject to employment-related clawback provisions. As of April 30, 2024, total unrecognized compensation expense related to these shares was $3.2 million, which is to be recognized over a weighted-average remaining period of 1.3 years. Stock-Based Compensation Expense Stock-based compensation expense is classified in the condensed consolidated statements of operations as follows (in thousands):
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Income Taxes |
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Apr. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in the applicable quarter. In each quarter, we update the estimated annual effective tax rate and make a year-to-date adjustment to the provision. The estimated annual effective tax rate is subject to significant volatility due to several factors, including our ability to accurately predict the proportion of our pretax income in multiple jurisdictions and certain book-tax differences. We had a provision for income taxes of $3.8 million, reflecting an effective tax rate of (15.1)%, and $3.6 million, reflecting an effective tax rate of (12.8)%, for the three months ended April 30, 2024 and 2023, respectively. For the three months ended April 30, 2024 and 2023, our effective tax rate differed from the U.S. federal statutory rate primarily as a result of not recognizing deferred tax assets ("DTAs") for losses due to a full valuation allowance (as discussed below) and due to tax rate differences between the U.S. and foreign countries. The realization of tax benefits of net DTAs is dependent upon future levels of taxable income of an appropriate character in the periods the items are expected to be deductible or taxable. Based on the available objective evidence during the three months ended April 30, 2024, we believe it is more likely than not that the tax benefits of DTAs associated with the U.S., Romania, and the U.K. will not be realized. Accordingly, we have recorded a full valuation allowance against U.S., Romania, and U.K. DTAs. We intend to maintain each of these full valuation allowances until sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance. As of April 30, 2024, we had gross unrecognized tax benefits totaling $2.3 million related to income taxes, which would impact the effective tax rate if recognized. Of this amount, the total liability pertaining to uncertain tax positions was $0.5 million, excluding interest and penalties, which are accounted for as a component of our income tax provision. Our tax positions are subject to income tax audits in multiple tax jurisdictions globally, with a currently open audit in India, and we believe that we have provided adequate reserves for our income tax uncertainties in all open tax years. Our Romanian subsidiary was subjected to a corporate income tax audit by ANAF for the period from January 2018 through January 2022, which was completed during the three months ended April 30, 2024. Certain deductions have been disallowed, resulting in a proposed reduction of net operating loss carryforwards of approximately $66.7 million. We are in the process of appealing this disallowance. In addition, we have engaged in two bilateral transfer pricing negotiations for our transfer pricing model, one between the U.S. and Romania, and one between Japan and Romania. These negotiations are still underway and the authorities are in the process of determining the cost sharing allocations between the respective countries. At this time, we do not expect any significant changes in the next fiscal quarter based on the current positions undertaken by us. In 2023, Romania adopted an alternative minimum tax that is applicable to all corporate taxpayers, including those reporting a net loss, for tax years commencing after January 1, 2024. As this tax is based on gross receipts, associated expense is included in operating expenses in our condensed consolidated statements of operations, and is not accounted for as income taxes.
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Net Loss Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss Per Share | Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share for the periods presented (in thousands except per share amounts):
Anti-dilutive common stock equivalents excluded from the computation of diluted net loss per share were as follows (in thousands):
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Subsequent Events |
3 Months Ended |
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Apr. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 3, 2024, we agreed to invest approximately $35.2 million, split between cash investment for equity and purchase of convertible bonds, in an initial seed round in H.AI (the “H company”), a France-based global foundation model and agentic artificial intelligence ("AI") company.
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Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable regulations of the SEC regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP may be condensed or omitted. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the accompanying notes thereto for the fiscal year ended January 31, 2024, which are included in the 2024 Form 10-K. The unaudited condensed consolidated financial statements have been prepared on the same basis as our audited consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, that are necessary for the fair presentation of our financial information. The unaudited condensed consolidated financial statements include the financial statements of UiPath, Inc. and its subsidiaries in which we hold a controlling financial interest. Intercompany transactions and accounts have been eliminated in consolidation. The results of operations for the three months ended April 30, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2025 or for any other future interim or annual period.
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Fiscal Year | Fiscal Year Our fiscal year ends on January 31. References to fiscal year 2025, for example, refer to the fiscal year ending January 31, 2025.
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities at the balance sheet date and the amounts of revenue and expenses reported during the period. We evaluate estimates based on historical and anticipated results, trends, and various other assumptions. Such estimates include, but are not limited to, certain aspects of revenue recognition, expected period of benefit for deferred contract acquisition costs, allowance for credit losses, fair value of financial assets and liabilities, fair value of acquired assets and assumed liabilities, useful lives of long-lived assets, capitalized software development costs, carrying value of operating lease right-of-use (“ROU”) assets and operating lease liabilities, incremental borrowing rates for operating leases, amount of stock-based compensation expense, timing and amount of contingencies, costs related to our restructuring actions, uncertain tax positions, and valuation allowance for deferred income taxes. Actual results could differ from these estimates and assumptions.
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Foreign Currency | Foreign Currency The functional currency of our non-U.S. subsidiaries is the local currency. Asset and liability balances denominated in non-U.S. dollar currencies are translated into U.S. dollars using period-end exchange rates, while revenue and expenses are translated using average monthly exchange rates. Differences are included in stockholders’ equity as a component of accumulated other comprehensive income. Financial assets and liabilities denominated in currencies other than the functional currency are recorded at the exchange rate at the time of the transaction and subsequent gains and losses related to changes in the foreign currency are included in other income (expense), net in the condensed consolidated statements of operations.
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Concentration of Risks | Concentration of Risks Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, marketable securities, and accounts receivable. We maintain our cash balance at financial institutions that management believes are high-credit, quality financial institutions, where our deposits, at times, exceed Federal Deposit Insurance Corporation (“FDIC”) limits. As of April 30, 2024 and January 31, 2024, 95% and 91%, respectively, of our cash and cash equivalents were concentrated in the U.S., European Union (“EU”) countries, and Japan. The selection of investments in marketable securities is governed by our investment policy. The policy aims to emphasize principles of safety and liquidity, with the overall objective of earning an attractive rate of return while limiting exposure to risk of loss and avoiding inappropriate concentrations. We use this policy to guide our investment decisions as it stipulates, among other things, a list of eligible investment types, minimum ratings and other restrictions for each type, and overall portfolio composition constraints. With regard to accounts receivable, we extend differing levels of credit to customers based on creditworthiness, do not require collateral deposits, and when necessary maintain reserves for potential credit losses based upon the expected collectability of accounts receivable. We manage credit risk related to our customers by performing periodic evaluations of creditworthiness and applying other credit risk monitoring procedures. Significant customers are those that represent 10% or more of our total revenue for the period or accounts receivable at the balance sheet date.
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Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU No. 2023-07 is intended to improve reportable segments disclosures requirements, primarily through enhanced disclosures about significant segment expenses. ASU No. 2023-07 will be effective for us for annual periods beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this pronouncement on our condensed consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 will require additional tax disclosures, predominantly related to the effective income tax rate reconciliation and income taxes paid. ASU No. 2023-09 will be effective for us for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this pronouncement on our condensed consolidated financial statements.
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue by Geographical Region | The following tables summarize revenue by geographical region (dollars in thousands):
(1)Revenue from the U.S. represented 42% and 38% of our total revenues for the three months ended April 30, 2024 and 2023, respectively. (2)Revenue from Japan represented 13% and 13% of our total revenues for the three months ended April 30, 2024 and 2023, respectively.
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Marketable Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Marketable Securities | The following is a summary of our marketable securities (in thousands):
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Fair Value Measurement (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis | The following tables present the fair value hierarchy of our financial assets measured at fair value on a recurring basis as of April 30, 2024 and January 31, 2024 (in thousands):
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Intangible Assets and Goodwill (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets, Net | Acquired intangible assets, net consisted of the following as of April 30, 2024 (dollars in thousands):
Acquired intangible assets, net consisted of the following as of January 31, 2024 (dollars in thousands):
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Schedule of Expected Future Amortization Expenses Related to Intangible Assets | Expected future amortization expense related to intangible assets was as follows as of April 30, 2024 (in thousands):
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Schedule of Changes in Carrying Amounts of Goodwill | Changes in the carrying amount of goodwill during the three months ended April 30, 2024 were as follows (in thousands):
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Operating Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Costs and Supplemental Cash Flow Information | Lease costs are presented below (in thousands):
(1) Included in other income, net in the condensed consolidated statements of operations. Supplemental cash flow information related to leases for the three months ended April 30, 2024 and 2023 was as follows (in thousands):
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Schedule of Weighted-average Lease Term and Discount Rate | The following table represents the weighted-average remaining lease term and discount rate as of the periods presented:
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Schedule of Future Undiscounted Lease Payments for Operating Lease Liabilities | Future undiscounted lease payments for our operating lease liabilities as of April 30, 2024 were as follows (in thousands):
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Condensed Consolidated Balance Sheet Components (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands):
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Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands):
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Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands):
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Non-Cancelable Purchase Obligations | As of April 30, 2024, we had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows (in thousands):
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Stockholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Components of Accumulated Other Comprehensive Income | For the three months ended April 30, 2024 and 2023, changes in the components of accumulated other comprehensive income were as follows (in thousands):
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Equity Incentive Plans and Stock-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Activity | Stock option activity during the three months ended April 30, 2024 was as follows:
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Schedule of RSU Activity | RSU activity during the three months ended April 30, 2024 was as follows:
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Schedule of Stock-Based Compensation Expense | Stock-based compensation expense is classified in the condensed consolidated statements of operations as follows (in thousands):
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Net Loss Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share for the periods presented (in thousands except per share amounts):
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Schedule of Anti-Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share | Anti-dilutive common stock equivalents excluded from the computation of diluted net loss per share were as follows (in thousands):
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Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Jan. 31, 2024 |
|
Summary Of Significant Accounting Policies [Line Items] | |||
Foreign currency transaction gain (losses) | $ 2.8 | $ (0.8) | |
United States, European Union Countries and Japan | Geographic Concentration Risk | Cash and Cash Equivalents | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 95.00% | 91.00% |
Revenue Recognition - Deferred Revenue and Deferred Contract Acquisition Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue recognized | $ 182,300 | $ 150,600 |
Deferred contract acquisition costs | $ 18,467 | $ 14,072 |
Revenue Recognition - Remaining Performance Obligations (Details) $ in Millions |
Apr. 30, 2024
USD ($)
|
---|---|
Disaggregation of Revenue [Line Items] | |
Remaining performance obligations | $ 1,100.6 |
Billed Consideration | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligations | 616.2 |
Unbilled Consideration | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligations | $ 484.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-05-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligations, percentage | 62.00% |
Remaining performance obligations, period | 12 months |
Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands |
Apr. 30, 2024 |
Jan. 31, 2024 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Marketable securities with contractual maturities of one year or more | $ 962 | $ 0 |
Interest receivable | $ 3,100 | $ 3,300 |
Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of acquired intangible assets | $ 2.0 | $ 2.1 |
Intangible Assets and Goodwill - Summary of Expected Future Amortization Expenses Related to Intangible Assets (Details) - USD ($) $ in Thousands |
Apr. 30, 2024 |
Jan. 31, 2024 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of year ending January 31, 2025 | $ 4,615 | |
2026 | 4,079 | |
2027 | 2,428 | |
2028 | 1,153 | |
2029 | 101 | |
Thereafter | 201 | |
Intangible Assets, Net | $ 12,577 | $ 14,704 |
Intangible Assets and Goodwill - Summary of Changes in Carrying Amounts of Goodwill (Details) $ in Thousands |
3 Months Ended |
---|---|
Apr. 30, 2024
USD ($)
| |
Goodwill [Roll Forward] | |
Beginning balance | $ 89,026 |
Effect of foreign currency translation | (642) |
Ending balance | $ 88,384 |
Operating Leases - Additional Information (Details) - USD ($) $ in Thousands |
Apr. 30, 2024 |
Jan. 31, 2024 |
---|---|---|
Lessee, Lease, Description [Line Items] | ||
Non-cancellable commitments for operating leases that have not yet commenced | $ 26,300 | |
Current operating lease liabilities | $ 8,224 | $ 8,357 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease remaining lease terms | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease remaining lease terms | 14 years |
Operating Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Leases [Abstract] | ||
Operating lease cost | $ 3,476 | $ 3,071 |
Short-term lease cost | 1,123 | 1,300 |
Variable lease cost | 523 | 621 |
Sublease income | 0 | (532) |
Total | $ 5,122 | $ 4,460 |
Operating Leases - Weighted Average Lease Term and Discount Rate (Details) |
Apr. 30, 2024 |
Jan. 31, 2024 |
---|---|---|
Leases [Abstract] | ||
Weighted-average remaining lease term (years) | 10 years 6 months | 10 years 8 months 12 days |
Weighted-average discount rate | 7.20% | 7.10% |
Operating Leases - Summary of Future Undiscounted Lease Payments for Operating Lease Liabilities (Details) $ in Thousands |
Apr. 30, 2024
USD ($)
|
---|---|
Leases [Abstract] | |
Remainder of year ending January 31, 2025 | $ 9,097 |
2026 | 12,110 |
2027 | 11,875 |
2028 | 10,444 |
2029 | 7,137 |
Thereafter | 49,852 |
Total operating lease payments | 100,515 |
Less: imputed interest | (29,519) |
Total operating lease liabilities | $ 70,996 |
Operating Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 3,653 | $ 2,615 |
Operating lease ROU assets obtained in exchange for new operating lease liabilities | $ 7,044 | $ 1,993 |
Condensed Consolidated Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands |
Apr. 30, 2024 |
Jan. 31, 2024 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid expenses and service credits | $ 76,695 | $ 87,781 |
Other current assets | 21,451 | 17,199 |
Prepaid expenses and other current assets | $ 98,146 | $ 104,980 |
Condensed Consolidated Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands |
Apr. 30, 2024 |
Jan. 31, 2024 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 58,072 | $ 57,355 |
Less: accumulated depreciation | (35,331) | (33,373) |
Property and equipment, net | 22,741 | 23,982 |
Computers and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 23,706 | 23,767 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 24,307 | 21,756 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 6,708 | 6,640 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,720 | 4,560 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 631 | $ 632 |
Condensed Consolidated Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Depreciation expense | $ 2.3 | $ 3.0 |
Condensed Consolidated Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Apr. 30, 2024 |
Jan. 31, 2024 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued expenses | $ 22,256 | $ 18,458 |
Withholding tax from employee equity transactions | 4,216 | 3,277 |
Employee stock purchase plan withholdings | 8,483 | 3,618 |
Payroll taxes and other benefits payable | 5,424 | 3,888 |
Income taxes payable | 6,833 | 7,140 |
Value-added taxes payable | 3,837 | 6,480 |
Operating lease liabilities, current | 8,224 | 8,357 |
Loan note related to fiscal year 2023 acquisition of Re:Infer LTD (payable July 29, 2024) | 5,570 | 5,570 |
Rebates payable to partners | 6,364 | 7,289 |
Other | 13,586 | 19,920 |
Accrued expenses and other current liabilities | $ 84,793 | $ 83,997 |
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Jan. 31, 2024 |
|
Other Commitments [Line Items] | |||
Letters of credit outstanding | $ 2.8 | $ 2.6 | |
Defined contribution plan, contribution cost | 6.2 | $ 5.6 | |
Litigation Matters | |||
Other Commitments [Line Items] | |||
Loss contingency accrual | 0.0 | ||
Product Liability Contingencies | |||
Other Commitments [Line Items] | |||
Loss contingency accrual | 0.0 | ||
Other Matters | |||
Other Commitments [Line Items] | |||
Loss contingency accrual | $ 0.0 |
Commitments and Contingencies - Schedule of Non-Cancelable Purchase Obligations (Details) $ in Thousands |
Apr. 30, 2024
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of year ending January 31, 2025 | $ 66,202 |
2026 | 69,593 |
2027 | 23,856 |
2028 | 8,443 |
2029 | 17 |
Thereafter | 1 |
Total | $ 168,112 |
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands |
3 Months Ended | ||
---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Sep. 01, 2023 |
|
Class of Stock [Line Items] | |||
Charitable contribution recorded as expense | $ 6,564,000 | $ 4,215,000 | |
Common Stock | Class A Common Stock | |||
Class of Stock [Line Items] | |||
Repurchase authorized | $ 500,000,000 | ||
Repurchased of common shares (in shares) | 900 | ||
Average price of common shares (in dollar per share) | $ 23.46 | ||
Common stock shares reserved to fund social impact and environmental, social and governance initiatives (in shares) | 2,800 | ||
Charitable donation of Class A common stock (in shares) | 281 | 281 |
Equity Incentive Plans and Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units shares in Thousands |
3 Months Ended |
---|---|
Apr. 30, 2024
$ / shares
shares
| |
RSUs | |
Unvested, beginning balance (in shares) | shares | 31,272 |
Granted (in shares) | shares | 9,479 |
Vested (in shares) | shares | (3,843) |
Forfeited (in shares) | shares | (1,497) |
Unvested, ending balance (in shares) | shares | 35,411 |
Weighted-Average Grant Date Fair Value Per Share | |
Unvested, beginning balance (in dollars per share) | $ / shares | $ 19.89 |
Granted (in dollars per share) | $ / shares | 21.45 |
Vested (in dollars per share) | $ / shares | 21.22 |
Forfeited (in dollars per share) | $ / shares | 20.76 |
Unvested, ending balance (in dollars per share) | $ / shares | $ 20.13 |
Income Taxes (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 30, 2024
USD ($)
negotiation
|
Apr. 30, 2023
USD ($)
|
|
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 3,780 | $ 3,632 |
Effective tax rate | (15.10%) | (12.80%) |
Unrecognized tax benefits which would impact the effective tax rate if recognized | $ 2,300 | |
Liability pertaining to uncertain tax positions | $ 500 | |
Number of bilateral transfer pricing negotiations | negotiation | 2 | |
Romania | Subsidiaries | ||
Income Tax Examination [Line Items] | ||
Proposed reduction in NOLs | $ 66,700 |
Subsequent Events (Details) $ in Millions |
May 03, 2024
USD ($)
|
---|---|
Subsequent Event | |
Subsequent Event [Line Items] | |
Investments | $ 35.2 |