QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND 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 Number) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
Large accelerated filer | o | Accelerated filer | o | |
x | Smaller reporting company | |||
Emerging growth company |
Item 1 | ||
Item 2 | ||
Item 3 | ||
Item 4 |
• | the effect of uncertainties related to the novel coronavirus and resulting COVID-19 pandemic on U.S. and global markets, our business, operations, revenue results, cash flow, operating expenses, demand for our solutions, sales cycles, customer retention, and our customers’ businesses; |
• | trends in key business metrics, including number of customers and dollar-based net retention rate, and non-GAAP financial measures and their usefulness in evaluating our business; |
• | trends in revenue, cost of revenue, and gross margin; |
• | trends in operating expenses, including research and development, sales and marketing, and general and administrative expense, and expectations regarding these expenses as a percentage of revenue; |
• | our existing cash and cash equivalents and cash provided by sales of our subscriptions being sufficient to support working capital and capital expenditures for at least the next 12 months; |
• | our efforts to maintain proper and effective internal controls; |
• | our ability to expand our operations and increase adoption of our platform internationally; |
• | our ability to stay abreast of new or modified laws and regulations that currently apply or become applicable to our business both in the United States and internationally; |
• | the increased expenses and administrative workload associated with being a public company; and |
• | other statements regarding our future operations, financial condition, and prospects and business strategies. |
As of April 30, 2020 | As of January 31, 2020 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | $ | |||||
Accounts receivable, net of allowance for doubtful accounts of $1,490 and $810 as of April 30, 2020 and January 31, 2020, respectively | |||||||
Investments | |||||||
Deferred contract costs, current | |||||||
Prepaid expenses and other current assets | |||||||
Total current assets | |||||||
Property and equipment, net | |||||||
Deferred contract costs, non-current | |||||||
Lease right-of-use assets | — | ||||||
Other assets | |||||||
Total assets | $ | $ | |||||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | $ | |||||
Accrued expenses and other current liabilities | |||||||
Accrued compensation | |||||||
Deferred revenue, current | |||||||
Lease liabilities, current | — | ||||||
Total current liabilities | |||||||
Deferred revenue, non-current | |||||||
Lease liabilities, non-current | — | ||||||
Other liabilities | |||||||
Total liabilities | |||||||
Commitments and contingencies (Note 8) | |||||||
Stockholders’ equity: | |||||||
Common stock | |||||||
Additional paid-in capital | |||||||
Accumulated other comprehensive income | |||||||
Accumulated deficit | ( | ) | ( | ) | |||
Total stockholders’ equity | |||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended April 30, | |||||||
2020 | 2019 | ||||||
Revenue | $ | $ | |||||
Cost of revenue | |||||||
Gross profit | |||||||
Operating expenses: | |||||||
Research and development | |||||||
Sales and marketing | |||||||
General and administrative | |||||||
Total operating expenses | |||||||
Loss from operations | ( | ) | ( | ) | |||
Interest income | |||||||
Other income, net | |||||||
Loss before provision for income taxes | ( | ) | ( | ) | |||
Provision for income taxes | ( | ) | ( | ) | |||
Net loss | $ | ( | ) | $ | ( | ) | |
Other comprehensive income: | |||||||
Unrealized gain on investments | |||||||
Total comprehensive loss | $ | ( | ) | $ | ( | ) | |
Net loss per share, basic and diluted | $ | ( | ) | $ | ( | ) | |
Weighted average shares used in calculating net loss per share, basic and diluted |
Three Months Ended April 30, 2020 | ||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
Balances as of January 31, 2020 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Issuance of common stock upon exercise of stock options and restricted stock agreements, net of repurchases | — | — | — | |||||||||||||||||||
Vesting of restricted stock units, net of employee payroll taxes | — | ( | ) | — | — | ( | ) | |||||||||||||||
Vesting of early exercised options | — | — | — | — | ||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||||
Net loss | — | — | — | — | ( | ) | ( | ) | ||||||||||||||
Balances as of April 30, 2020 | $ | $ | $ | $ | ( | ) | $ |
Three Months Ended April 30, 2019 | ||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||
Balances as of January 31, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | |||||||||||||||||
Issuance of common stock upon exercise of stock options and restricted stock agreements, net of repurchases | — | — | — | — | ||||||||||||||||||||||
Exercise of common stock warrants | — | — | — | — | — | |||||||||||||||||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and issuance costs | — | — | — | — | ||||||||||||||||||||||
Conversion of convertible preferred stock to common stock in connection with initial public offering | ( | ) | ( | ) | — | — | ||||||||||||||||||||
Repayment of promissory note | — | — | — | — | — | |||||||||||||||||||||
Vesting of early exercised options | — | — | — | — | — | |||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||
Net loss | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||
Balances as of April 30, 2019 | $ | $ | $ | $ | ( | ) | $ |
Three Months Ended April 30, | |||||||
2020 | 2019 | ||||||
Cash flows from operating activities | |||||||
Net loss | $ | ( | ) | $ | ( | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | |||||||
Amortization of deferred contract costs | |||||||
Stock-based compensation | |||||||
Non-cash lease expense | — | ||||||
Other | |||||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | ( | ) | |||||
Deferred contract costs | ( | ) | ( | ) | |||
Prepaid expenses and other assets | ( | ) | ( | ) | |||
Accounts payable | ( | ) | ( | ) | |||
Accrued expenses and other liabilities | |||||||
Accrued compensation | ( | ) | |||||
Deferred revenue | |||||||
Lease liabilities | ( | ) | — | ||||
Net cash used in operating activities | ( | ) | ( | ) | |||
Cash flows from investing activities | |||||||
Purchases of property and equipment | ( | ) | ( | ) | |||
Proceeds from maturities of held-to-maturity investments | |||||||
Purchases of available-for-sale investments | ( | ) | |||||
Proceeds from maturities of available-for-sale investments | |||||||
Proceeds from sales of available-for-sale investments | |||||||
Net cash provided by (used in) investing activities | ( | ) | |||||
Cash flows from financing activities | |||||||
Proceeds from initial public offering, net of underwriters' discounts and commissions | |||||||
Payments of costs related to initial public offering | ( | ) | |||||
Proceeds from repayment of promissory note | |||||||
Proceeds from issuance of common stock upon exercise of stock options | |||||||
Employee payroll taxes paid related to net share settlement of restricted stock units | ( | ) | |||||
Net cash provided by financing activities | |||||||
Net increase in cash, cash equivalents, and restricted cash | |||||||
Cash, cash equivalents, and restricted cash at beginning of period | |||||||
Cash, cash equivalents, and restricted cash at end of period | $ | $ | |||||
Supplemental cash flow data: | |||||||
Cash paid for taxes | $ | $ | |||||
Non-cash investing and financing activities: | |||||||
Vesting of early exercised options | $ | $ | |||||
Purchase of property and equipment, accrued but not yet paid | $ | $ | |||||
Costs related to initial public offering, accrued but not yet paid | $ | $ | |||||
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets | |||||||
Cash and cash equivalents | $ | $ | |||||
Restricted cash—included in other assets | |||||||
Total cash, cash equivalents, and restricted cash | $ | $ |
As of April 30, 2020 | As of January 31, 2020 | ||||||
(in thousands) | |||||||
Cash and cash equivalents | |||||||
Cash | $ | $ | |||||
Money market funds | |||||||
Commercial paper | |||||||
U.S. Treasury securities | |||||||
Total cash and cash equivalents | $ | $ | |||||
Available-for-sale investments: | |||||||
U.S. Treasury securities | $ | $ | |||||
Commercial paper | |||||||
Corporate debt securities | |||||||
U.S. Government agency securities | |||||||
Total available-for-sale investments | $ | $ | |||||
Held-to-maturity investments: | |||||||
U.S. Treasury securities | $ | $ | |||||
Commercial paper | |||||||
Corporate debt securities | |||||||
Total held-to-maturities investments | $ | $ | |||||
Total investments | $ | $ |
As of April 30, 2020 | |||||||||||
Cost Basis | Unrealized Gain, Net | Recorded Basis | |||||||||
Available-for-sale investments: | |||||||||||
U.S. Treasury securities | $ | $ | $ | ||||||||
Commercial paper | |||||||||||
Corporate debt securities | |||||||||||
U.S. Government agency securities | |||||||||||
Total available-for-sale investments | $ | $ | $ | ||||||||
Held-to-maturity investments: | |||||||||||
U.S. Treasury securities | $ | $ | $ | ||||||||
Commercial paper | |||||||||||
Corporate debt securities | |||||||||||
Total held-to-maturities investments | $ | $ | $ | ||||||||
Total investments | $ | $ | $ |
As of January 31, 2020 | |||||||||||
Cost Basis | Unrealized Gain, Net | Recorded Basis | |||||||||
Available-for-sale investments: | |||||||||||
U.S. Treasury securities | $ | $ | $ | ||||||||
Commercial paper | |||||||||||
Corporate debt securities | |||||||||||
U.S. Government agency securities | |||||||||||
Total available-for-sale investments | $ | $ | $ | ||||||||
Held-to-maturity investments: | |||||||||||
U.S. Treasury securities | $ | $ | $ | ||||||||
Commercial paper | |||||||||||
Corporate debt securities | |||||||||||
Total held-to-maturities investments | $ | $ | $ | ||||||||
Total investments | $ | $ | $ |
As of April 30, 2020 | |||||||
Cost Basis | Recorded Basis | ||||||
Due within one year | $ | $ | |||||
Due between one to five years | |||||||
Total | $ | $ |
As of January 31, 2020 | |||||||
Cost Basis | Recorded Basis | ||||||
Due within one year | $ | $ | |||||
Due between one to five years | |||||||
Total | $ | $ |
As of April 30, 2020 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(in thousands) | |||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||
U.S. Treasury securities | |||||||||||||||
Commercial paper | |||||||||||||||
Corporate debt securities | |||||||||||||||
U.S. Government agency securities | |||||||||||||||
Total | $ | $ | $ | $ | |||||||||||
Included in cash equivalents | $ | ||||||||||||||
Included in investments | $ |
As of January 31, 2020 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(in thousands) | |||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||
U.S. Treasury securities | |||||||||||||||
Commercial paper | |||||||||||||||
Corporate debt securities | |||||||||||||||
U.S. Government agency securities | |||||||||||||||
Total | $ | $ | $ | $ | |||||||||||
Included in cash equivalents | $ | ||||||||||||||
Included in investments | $ |
As of April 30, 2020 | As of January 31, 2020 | ||||||
(in thousands) | |||||||
Leasehold improvements | $ | $ | |||||
Computers and equipment | |||||||
Furniture and fixtures | |||||||
Capitalized internal-use software | |||||||
Gross property and equipment (1) | |||||||
Accumulated depreciation and amortization | ( | ) | ( | ) | |||
Property and equipment, net | $ | $ |
As of April 30, 2020 | |||
(in thousands) | |||
Assets | |||
Lease right-of-use assets | $ | ||
Liabilities | |||
Lease liabilities | |||
Lease liabilities, non-current |
Three Months Ended April 30, 2020 | |||
(in thousands) | |||
Operating lease expense | $ | ||
Short-term lease expense | |||
Variable lease expense |
Three Months Ended April 30, 2020 | |||
(in thousands) | |||
Cash paid for amounts included in the measurement of lease liabilities | $ |
Year ending January 31, | |||
(in thousands) | |||
2021 | $ | ||
2022 | |||
2023 | |||
2024 | |||
2025 | |||
Thereafter | |||
Gross lease payments | $ | ||
Less: Imputed interest | ( | ) | |
Total | $ |
Three Months Ended April 30, | |||||||
2020 | 2019 | ||||||
Deferred revenue, beginning of period | $ | $ | |||||
Billings | |||||||
Revenue recognized | ( | ) | ( | ) | |||
Deferred revenue, end of period | $ | $ |
April 30, 2020 | ||
Outstanding stock options and unvested RSUs outstanding | ||
Available for future stock option and RSU grants | ||
Available for ESPP | ||
Total common stock reserved at April 30, 2020 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||
(in thousands) | ||||||||||||
Outstanding at January 31, 2020 | $ | $ | ||||||||||
Granted | $ | |||||||||||
Exercised | ( | ) | $ | |||||||||
Canceled | ( | ) | $ | |||||||||
Outstanding at April 30, 2020 | $ | $ | ||||||||||
Vested as of April 30, 2020 | $ | $ |
Three Months Ended April 30, | |||||
2020 | 2019 | ||||
Expected dividend yield | |||||
Expected volatility | % | 42.4% - 42.8% | |||
Expected term (years) | 5.5 - 6.9 | ||||
Risk-free interest rate | 0.46% - 0.47% | 2.32% - 2.48% |
Number of RSUs | Weighted Average Grant Date Fair Value Per Share | |||||
Outstanding at January 31, 2020 | $ | |||||
Granted | $ | |||||
Vested, net of shares withheld for employee payroll taxes | ( | ) | $ | |||
Canceled | ( | ) | $ | |||
Outstanding at April 30, 2020 | $ |
Three Months Ended April 30, | |||||||
2020 | 2019 | ||||||
(in thousands) | |||||||
Cost of revenue | $ | $ | |||||
Research and development | |||||||
Sales and marketing | |||||||
General and administrative | |||||||
Total | $ | $ |
Three Months Ended April 30, | |||||||
2020 | 2019 | ||||||
(in thousands, except per share amounts) | |||||||
Numerator: | |||||||
Net loss | $ | ( | ) | $ | ( | ) | |
Denominator: | |||||||
Weighted average shares used in calculating net loss per share, basic and diluted | |||||||
Net loss per share, basic and diluted | $ | ( | ) | $ | ( | ) |
As of April 30, | |||||
2020 | 2019 | ||||
(in thousands) | |||||
Shares subject to outstanding common stock awards | |||||
Unvested early exercised stock options | |||||
Restricted stock awards purchased with promissory notes | |||||
Shares issuable pursuant to the 2019 Employee Stock Purchase Plan | |||||
Total |
Three Months Ended April 30, | |||||||
2020 | 2019 | ||||||
(in thousands) | |||||||
United States | $ | $ | |||||
International | |||||||
Total | $ | $ |
As of April 30, | |||||
2020 | 2019 | ||||
Customers | 13,060 | 11,680 | |||
Customers greater than $100,000 in ARR | 348 | 242 |
Last 12 Months Ended April 30, | |||||
2020 | 2019 | ||||
Dollar-based net retention rate for all customers | 121 | % | 137 | % |
Three Months Ended April 30, | |||||||
2020 | 2019 | ||||||
(in thousands) | |||||||
Revenue | $ | 49,786 | $ | 37,314 | |||
Cost of revenue(1) | 6,963 | 5,486 | |||||
Gross profit | 42,823 | 31,828 | |||||
Operating expenses: | |||||||
Research and development(1) | 15,014 | 10,906 | |||||
Sales and marketing(1) | 26,736 | 21,167 | |||||
General and administrative(1) | 13,673 | 12,484 | |||||
Total operating expenses | 55,423 | 44,557 | |||||
Loss from operations | (12,600 | ) | (12,729 | ) | |||
Interest income | 1,353 | 889 | |||||
Other income, net | 19 | 21 | |||||
Loss before provision for income taxes | (11,228 | ) | (11,819 | ) | |||
Provision for income taxes | (231 | ) | (245 | ) | |||
Net loss | $ | (11,459 | ) | $ | (12,064 | ) |
(1) | Includes stock-based compensation expense as follows: |
Three Months Ended April 30, | |||||||
2020 | 2019 | ||||||
(in thousands) | |||||||
Cost of revenue | $ | 344 | $ | 143 | |||
Research and development | 2,183 | 860 | |||||
Sales and marketing | 2,285 | 1,464 | |||||
General and administrative | 3,496 | 2,345 | |||||
Total | $ | 8,308 | $ | 4,812 |
Three Months Ended April 30, | |||||
2020 | 2019 | ||||
Revenue | 100 | % | 100 | % | |
Cost of revenue | 14 | 15 | |||
Gross margin | 86 | % | 85 | % | |
Operating expenses: | |||||
Research and development | 30 | 29 | |||
Sales and marketing | 54 | 57 | |||
General and administrative | 27 | 33 | |||
Total operating expenses | 111 | % | 119 | % | |
Loss from operations | (25 | ) | (34 | ) | |
Interest income | 3 | 2 | |||
Other income, net | — | — | |||
Loss before provision for income taxes | (23 | ) | (32 | ) | |
Provision for income taxes | — | (1 | ) | ||
Net loss | (23 | )% | (32 | )% |
Three Months Ended April 30, | ||||||||||||
2020 | 2019 | Change | % Change | |||||||||
(dollars in thousands) | ||||||||||||
Revenue | 49,786 | 37,314 | $ | 12,472 | 33 | % |
Three Months Ended April 30, | ||||||||||||
2020 | 2019 | Change | % Change | |||||||||
(dollars in thousands) | ||||||||||||
Cost of revenue | 6,963 | 5,486 | $ | 1,477 | 27 | % | ||||||
Gross margin | 86 | % | 85 | % |
Three Months Ended April 30, | ||||||||||||||
2020 | 2019 | Change | % Change | |||||||||||
(dollars in thousands) | ||||||||||||||
Research and development | $ | 15,014 | $ | 10,906 | $ | 4,108 | 38 | % | ||||||
Percentage of revenue | 30 | % | 29 | % |
Three Months Ended April 30, | ||||||||||||||
2020 | 2019 | Change | % Change | |||||||||||
(dollars in thousands) | ||||||||||||||
Sales and marketing | $ | 26,736 | $ | 21,167 | $ | 5,569 | 26 | % | ||||||
Percentage of revenue | 54 | % | 57 | % |
Three Months Ended April 30, | ||||||||||||||
2020 | 2019 | Change | % Change | |||||||||||
(dollars in thousands) | ||||||||||||||
General and administrative | $ | 13,673 | $ | 12,484 | $ | 1,189 | 10 | % | ||||||
Percentage of revenue | 27 | % | 33 | % |
Three Months Ended April 30, | ||||||||||||||
2020 | 2019 | Change | % Change | |||||||||||
(dollars in thousands) | ||||||||||||||
Interest income | $ | 1,353 | $ | 889 | $ | 464 | 52 | % | ||||||
Other income, net | $ | 19 | $ | 21 | $ | (2 | ) | (10 | )% |
Three Months Ended April 30, | |||||||
2020 | 2019 | ||||||
(in thousands) | |||||||
Gross profit | $ | 42,823 | $ | 31,828 | |||
Add: | |||||||
Stock-based compensation | 344 | 143 | |||||
Non-GAAP gross profit | $ | 43,167 | $ | 31,971 | |||
Gross margin | 86 | % | 85 | % | |||
Non-GAAP gross margin | 87 | % | 86 | % |
Three Months Ended April 30, | |||||||
2020 | 2019 | ||||||
(in thousands) | |||||||
Loss from operations | $ | (12,600 | ) | $ | (12,729 | ) | |
Add: | |||||||
Stock-based compensation | 8,308 | 4,812 | |||||
Non-GAAP operating loss | $ | (4,292 | ) | $ | (7,917 | ) | |
Operating margin | (25 | )% | (34 | )% | |||
Non-GAAP operating margin | (9 | )% | (21 | )% |
Three Months Ended April 30, | |||||||
2020 | 2019 | ||||||
(in thousands) | |||||||
Net loss | $ | (11,459 | ) | $ | (12,064 | ) | |
Add: | |||||||
Stock-based compensation | 8,308 | 4,812 | |||||
Non-GAAP net loss | $ | (3,151 | ) | $ | (7,252 | ) |
Three Months Ended April 30, | |||||||
2020 | 2019 | ||||||
(in thousands) | |||||||
Net cash used in operating activities | $ | (185 | ) | $ | (7,566 | ) | |
Less: | |||||||
Purchases of property and equipment | (2,713 | ) | (1,190 | ) | |||
Free cash flow | $ | (2,898 | ) | $ | (8,756 | ) | |
Net cash provided by (used in) investing activities | $ | 13,818 | $ | (1,190 | ) | ||
Net cash provided by financing activities | $ | 1,798 | $ | 218,918 |
Three Months Ended April 30, | |||||||
2020 | 2019 | ||||||
(in thousands) | |||||||
Net cash used in operating activities | $ | (185 | ) | $ | (7,566 | ) | |
Net cash provided by (used in) investing activities | $ | 13,818 | $ | (1,190 | ) | ||
Net cash provided by financing activities | $ | 1,798 | $ | 218,918 |
Exhibit Number | Description | Form | File No. | Incorporated by Exhibit Reference | Filing Date | |||||
8-K | 001-38856 | 3.1 | April 15, 2019 | |||||||
8-K | 001-38856 | 3.2 | April 15, 2019 | |||||||
Filed herewith | ||||||||||
Filed herewith | ||||||||||
Filed herewith | ||||||||||
Furnished herewith | ||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | Filed herewith | ||||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | Filed herewith | ||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | Filed herewith | ||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | Filed herewith | ||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | Filed herewith | ||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | Filed herewith |
PAGERDUTY, INC. | |||
By: | /s/ Jennifer G. Tejada | ||
Jennifer G. Tejada | |||
Chief Executive Officer | |||
(Principal Executive Officer) | |||
By: | /s/ Owen Howard Wilson | ||
Owen Howard Wilson | |||
Chief Financial Officer | |||
(Principal Financial Officer) | |||
By: | /s/ Karen Walker | ||
Karen Walker | |||
Senior Vice President, Finance | |||
(Principal Accounting Officer) |
Optionholder: | «Optionee» |
Date of Grant: | «GrantDate» |
Vesting Commencement Date: | «VestingCommenceDate» |
Number of Shares Subject to Option: | «NoofShares» |
Exercise Price (Per Share) (US$): | «ExercisePrice» |
Total Exercise Price (US$): | «TotalExercisePrice» |
Expiration Date: | «ExpirDate» |
Vesting Schedule: | [__________________], subject to Participant’s Continuous Service through each such vesting date and the potential vesting acceleration described in Section 1 of the Option Agreement.] |
¨ | If and only to the extent this option is a Nonstatutory Stock Option, and subject to the Company’s consent at the time of exercise, by a “net exercise” arrangement |
PAGERDUTY, INC. By: Signature Title: Date: | OPTIONHOLDER: Signature Date: |
Type of option (check one): | Incentive ¨ | Nonstatutory ¨ |
Stock option dated: | _______________ | _______________ |
Number of Shares as to which option is exercised: | _______________ | _______________ |
Certificates to be issued in name of: | _______________ | _______________ |
Total exercise price: | $______________ | $______________ |
Cash payment delivered herewith: | $______________ | $______________ |
Regulation T Program (cashless exercise): | $______________ | $______________ |
Value of ________ Shares delivered herewith: | $______________ | $______________] |
_______________________________________ |
Vesting Schedule: | [__________________], subject to Participant’s Continuous Service through each such vesting date and the potential vesting acceleration set forth in Section 2 of the Restricted Stock Unit Award Agreement. |
Issuance Schedule: | Subject to any Capitalization Adjustment, one share of Common Stock will be issued for each Restricted Stock Unit that vests at the time set forth in Section 6 of the Restricted Stock Unit Award Agreement. |
ATTACHMENTS: | Restricted Stock Unit Award Agreement (including the Appendix) and 2019 Equity Incentive Plan |
Data Privacy. Section 19 (Data Privacy) is deleted and replaced with the following: PRIVACY NOTICE FOR YOUR PARTICIPATION IN THE 2019 EQUITY INCENTIVE PLAN All personal data collected in the course of your participation in the Plan will be processed in accordance with the applicable data protection laws, in particular the General Data Protection Regulation (GDPR). You acknowledge that enrollment and participation in the Plan requires the collection, use and transfer, in electronic or other form, of your personal data as described in this document by and among, as applicable, your employer, the Company and its Affiliates for the exclusive purpose of implementing, administering and managing your participation in the Plan. You understand that the Company, its Affiliates and your employer hold certain personal information about you, including, but not limited to, name, home address and telephone number, date of birth, social security number (or other identification number), salary, nationality, job title, any shares of stock or directorships held in the Company, details of all options or any other entitlement to shares of stock awarded, canceled, purchased, exercised, vested, unvested or outstanding in your favor for the purpose of implementing, managing and administering the Plan (“Data”). You understand that the Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in your country or elsewhere, in particular in the US, and that the recipient country may have different data privacy laws providing less protections of your personal data than your country. You may request a list with the names and addresses of any potential recipients of the Data by contacting as the stock plan administrator at the Company (the “Stock Plan Administrator”). You acknowledge that the recipients may receive, possess, process, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data, as may be required to a broker or other third party with whom you may elect to deposit any shares of Common Stock acquired upon the exercise of your option. The legal basis for the processing of the Data is the performance of the contract under which the Plan is provided to you. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan (Art. 6(1) lit. b GDPR). You may, at any time, exercise your data protection rights under applicable data protection law, including the right of access, rectification and erasure to/of the Data, as well as to objection of processing and data portability, by contacting the Stock Plan Administrator in writing under privacy@pagerduty.com. You also have the right to lodge a complaint with the competent supervisory authority, in particular in the Member State of your habitual residence or where alleged infringement occurred. The responsible controller for the processing of the Data is PagerDuty, Inc., 600 Townsend St. #200, San Francisco, CA 94103 USA, privacy@pagerduty.com. The data protection officer of PagerDuty, Inc. can be reached under privacy@pagerduty.com. The EU based representative of PagerDuty, Inc. can be reached under privacy@pagerduty.com. You acknowledge that further information on how your employer, the Company and its Affiliates collect, hold, use and disclose Data and other personal information (and how you can exercise your data protection rights in accordance with applicable data protection laws) can be found in the privacy policies of your employer, the Company and its Affiliates (as applicable). For the avoidance of doubt, the contents of this privacy notice and the privacy policies of your employer, the Company and its Affiliates (as applicable) are not binding as contractual obligations and may be updated by the Company and your employer from time to time without recourse to the amendment provisions of the Plan. |
1. | I have reviewed this Quarterly Report on Form 10-Q of PagerDuty, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(c) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
1. | I have reviewed this Quarterly Report on Form 10-Q of PagerDuty, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(c) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Geographic Information - Revenue by Location (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Apr. 30, 2020 |
Apr. 30, 2019 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 49,786 | $ 37,314 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 38,272 | 29,468 |
International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 11,514 | $ 7,846 |
Common Stock and Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Apr. 30, 2020 |
Apr. 30, 2019 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 8,308 | $ 4,812 |
Cost of revenue | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 344 | 143 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 2,183 | 860 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 2,285 | 1,464 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 3,496 | $ 2,345 |
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |
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Apr. 30, 2020 |
Apr. 30, 2019 |
|
Income Statement And Statement Of Comprehensive Income [Abstract] | ||
Revenue | $ 49,786 | $ 37,314 |
Cost of revenue | 6,963 | 5,486 |
Gross profit | 42,823 | 31,828 |
Operating expenses: | ||
Research and development | 15,014 | 10,906 |
Sales and marketing | 26,736 | 21,167 |
General and administrative | 13,673 | 12,484 |
Total operating expenses | 55,423 | 44,557 |
Loss from operations | (12,600) | (12,729) |
Interest income | 1,353 | 889 |
Other income, net | 19 | 21 |
Loss before provision for income taxes | (11,228) | (11,819) |
Provision for income taxes | (231) | (245) |
Net loss | (11,459) | (12,064) |
Other comprehensive income: | ||
Unrealized gain on investments | 642 | 0 |
Total comprehensive loss | $ (10,817) | $ (12,064) |
Net loss per share, basic and diluted (in dollars per share) | $ (0.15) | $ (0.37) |
Weighted average shares used in calculating net loss per share, basic and diluted (in shares) | 77,770 | 32,510 |
Summary of Significant Accounting Policies |
3 Months Ended |
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Apr. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Concentrations of Risk and Significant Customers The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, held-to-maturity investments, available-for-sale investments, and accounts receivable. All of the Company’s cash and cash equivalents and investments are invested in money market funds, United States (U.S.) Treasury securities, commercial paper, corporate debt securities, or U.S. Government agency securities that management believes to be of high credit quality. One customer accounted for 10% of the total accounts receivable balance as of April 30, 2020. No single customer accounted for more than 10% of the total accounts receivable balance as of January 31, 2020. No single customer represented 10% or more of revenue for the three months ended April 30, 2020 or 2019. Segment Information The Company manages operations and allocates resources as one operating segment. The Company’s chief operating decision maker (CODM) is its chief executive officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. See Note 13, “Geographic Information” for information regarding the Company's long-lived assets and revenue by geography. Significant Accounting Policies There have been no significant changes to our significant accounting policies as compared to those described in our Annual Report on Form 10-K for the fiscal year ended January 31, 2020, other than as set forth below. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount, net of allowance for doubtful accounts. The allowance is based upon historical loss patterns, the age of each past due invoice, and an evaluation of the potential risk of loss associated with delinquent accounts. The allowance also reflects current market conditions and reasonable and supportable forecasts of future economic conditions. As of April 30, 2020, our allowance reflects considerations related to the COVID-19 pandemic and may increase in future periods as we ascertain future impacts to our customers and business. The allowance for doubtful accounts was $1.5 million and $0.8 million as of April 30, 2020 and January 31, 2020. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases, (Topic 842) (ASU 2016-02), which would require lessees to recognize most leases on their balance sheets, whether operating or financing, while continuing to recognize the expenses on their income statements in a manner similar to current practice. The guidance states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The Company adopted the standard using the optional alternative method on a prospective basis with an effective date as of the beginning of the Company’s fiscal year, February 1, 2020, and applied it to the operating leases that existed on that date. Prior year comparative financial information was not recast under the new standard and continues to be presented under ASC 840. The Company elected to utilize the package of practical expedients available for expired or existing contracts which allowed the Company to carryforward historical assessments of (a) whether contracts are or contain leases, (b) lease classification, and (c) initial direct costs. The Company elected to apply the short-term lease exception for all leases. Under the short-term lease exception, the Company will not recognize right-of-use assets or lease liabilities for leases that, at the acquisition date, have a remaining lease term of 12 months or less. As a result of implementing this guidance, the Company recognized a net operating right-of-use asset of $29.1 million and a $35.9 million operating lease liability in its condensed consolidated balance sheets as of February 1, 2020. The adoption of this guidance did not affect our condensed consolidated statements of operations or our condensed consolidated statements of cash flows. See Note 7, “Leases” for further information. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires an entity to utilize a new impairment model known as the current expected credit loss (CECL) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in more timely recognition of credit losses. This guidance also requires new disclosures for financial assets measured at amortized cost, loans, and available-for-sale debt securities. The Company adopted the standard as of the beginning of the Company’s fiscal year, February 1, 2020. The adoption of this guidance did not have a material impact to the condensed consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820) (ASU 2018-13), which modifies the disclosure requirements for fair value measurements for certain types of investments. We adopted this standard in the first quarter of 2020. The adoption did not have an effect on our consolidated financial statements. In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which is intends to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning in fiscal 2022, although early adoption is permitted. The Company early adopted the standard as of the beginning of the Company’s fiscal year, February 1, 2020. The adoption of this guidance did not have a material impact to the condensed consolidated financial statements.
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Commitments and Contingencies |
3 Months Ended |
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Apr. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Matters From time to time in the normal course of business, the Company may be subject to various claims and other legal matters arising in the ordinary course of business. The Company investigates these claims as they arise and accrues estimates for resolution of legal and other contingencies when losses are probable and estimable. The Company is not currently a party to any legal proceedings and does not anticipate any pending or threatened litigation that would be expected to have a material adverse effect on its financial condition, results of operations, or cash flows. Warranties and Indemnification The Company has entered into service-level agreements with a portion of its customers defining levels of uptime reliability and performance and permitting those customers to receive credits if the Company fails to meet the defined levels of uptime. To date, the Company has not experienced any significant failures to meet defined levels of uptime reliability and performance as a result of those agreements and, as a result, the Company has not incurred or accrued any material liabilities related to these agreements in the financial statements.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company measures its financial assets and liabilities at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value, as follows: Level 1—Valuations based on observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2—Valuations based on inputs that are directly or indirectly observable in the marketplace. Level 3—Valuations based on unobservable inputs that are supported by little or no market activity. The following table presents information about the Company’s financial assets that are required to be measured or disclosed at fair value using the above input categories:
The Company’s assets that are measured by management at fair value on a recurring basis are generally classified within Level 1 or Level 2 of the fair value hierarchy. The Company considers all highly liquid investments purchased with a remaining maturity of three months or less to be cash equivalents. As of April 30, 2020 and January 31, 2020, the Company’s Level 2 securities were priced by pricing vendors. These pricing vendors utilize observable market information in pricing these securities or, if specific prices are not available for these securities, use other observable inputs like market transactions involving identical or comparable securities. The carrying amounts of certain financial instruments, including cash held in banks, accounts receivable and accounts payable approximate fair value due to their short-term maturities and are excluded from the fair value table above.
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Income Taxes |
3 Months Ended |
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Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's provision for income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. The Company's quarterly tax provision, and estimate of its annual effective tax rate, is subject to variation due to several factors, including variability in pre-tax income (or loss), the mix of jurisdictions to which such income (or loss) relates, changes in how the Company does business, and tax law developments. The Company's estimated effective tax rate for the year differs from the U.S. statutory rate of 21% as a result of our U.S. losses for which no benefit will be realized, as well as our foreign operations which are subject to tax rates that differ from those in the U.S. The Company recorded an income tax expense of $0.2 million and $0.2 million for the three months ended April 30, 2020 and 2019, respectively.
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Property and Equipment, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Apr. 30, 2020 |
Apr. 30, 2019 |
Jan. 31, 2020 |
|
Property, Plant and Equipment [Line Items] | |||
Gross property and equipment | $ 21,418 | $ 19,617 | |
Accumulated depreciation and amortization | (8,207) | (7,248) | |
Property and equipment, net | 13,211 | 12,369 | |
Depreciation and amortization | 1,000 | $ 400 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Gross property and equipment | 12,288 | 12,257 | |
Computers and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Gross property and equipment | 5,617 | 4,431 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Gross property and equipment | 3,124 | 2,540 | |
Capitalized internal-use software | |||
Property, Plant and Equipment [Line Items] | |||
Gross property and equipment | 389 | 389 | |
Construction-in-progress | |||
Property, Plant and Equipment [Line Items] | |||
Gross property and equipment | $ 200 | $ 5,100 |
Deferred Revenue and Performance Obligations (Tables) |
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Summary of Deferred Revenue | The following table presents the changes to the Company’s deferred revenue (in thousands):
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Cash, Cash Equivalents, and Investments (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Cash and Cash Equivalents | Cash, cash equivalents, and investments consisted of the following:
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Components of Available-for-sale Investments | Cash, cash equivalents, and investments consisted of the following:
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Components of Held-to-maturity Investments | The following tables summarize the Company’s investments’ adjusted cost, net unrealized gains, and fair value by significant investment category as of April 30, 2020 and January 31, 2020. Gross realized gains or losses from sales of available-for-sale securities were not material for the three months ended April 30, 2020.
Cash, cash equivalents, and investments consisted of the following:
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Summary of Carrying Value of Available-for-sale Investments | The following tables summarize the Company’s investments’ adjusted cost, net unrealized gains, and fair value by significant investment category as of April 30, 2020 and January 31, 2020. Gross realized gains or losses from sales of available-for-sale securities were not material for the three months ended April 30, 2020.
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Summary of Contractual Maturities of Available-for-sale Securities | The following table presents the Company’s available-for-sale securities by contractual maturity date as of April 30, 2020 and January 31, 2020:
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Leases - Schedule of Remaining Maturities of Lease Liabilities (Details) $ in Thousands |
Apr. 30, 2020
USD ($)
|
---|---|
Leases [Abstract] | |
2021 | $ 4,246 |
2022 | 6,303 |
2023 | 6,474 |
2024 | 6,655 |
2025 | 6,854 |
Thereafter | 8,870 |
Gross lease payments | 39,402 |
Less: Imputed interest | (4,509) |
Total | $ 34,893 |
Common Stock and Stockholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Shares of Common Stock Reserved for Future Issuance | Shares of common stock reserved for future issuance are as follows:
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Schedule of Stock Option Activity | Stock option activity is as follows:
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Schedule of Assumptions Used to Calculate Fair Value of Employee Stock Option Grants Made | The following assumptions were used to calculate the fair value of employee stock option grants made during the periods:
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Schedule of Restricted Stock Unit Activity | A summary of the Company’s RSU activity and related information is as follow:
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Schedule of Stock-based Compensation Expense | Stock-based compensation expense included in the Company’s condensed consolidated statements of operations is as follows:
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Information about Company's Financial Assets | The following table presents information about the Company’s financial assets that are required to be measured or disclosed at fair value using the above input categories:
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Leases - Supplemental Cash Flow Information (Details) $ in Thousands |
3 Months Ended |
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Apr. 30, 2020
USD ($)
| |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities | $ 1,138 |
Geographic Information - Additional Information (Details) - Long-Lived Assets - Geographic Concentration Risk |
3 Months Ended | 12 Months Ended |
---|---|---|
Apr. 30, 2020 |
Jan. 31, 2020 |
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United States | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 87.00% | 76.00% |
Canada | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 13.00% | 23.00% |
United Kingdom | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 1.00% |
Net Loss Per Share - Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
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Apr. 30, 2020 |
Apr. 30, 2019 |
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Numerator: | ||
Net loss | $ (11,459) | $ (12,064) |
Denominator: | ||
Weighted average shares used in calculating net loss per share, basic and diluted (in shares) | 77,770 | 32,510 |
Net loss per share, basic and diluted (in dollars per share) | $ (0.15) | $ (0.37) |
Cash, Cash Equivalents, and Investments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents, and Investments | Cash, Cash Equivalents, and Investments Cash, cash equivalents, and investments consisted of the following:
The following tables summarize the Company’s investments’ adjusted cost, net unrealized gains, and fair value by significant investment category as of April 30, 2020 and January 31, 2020. Gross realized gains or losses from sales of available-for-sale securities were not material for the three months ended April 30, 2020.
All of the Company’s held-to-maturity securities have a contractual maturity of less than one year. The following table presents the Company’s available-for-sale securities by contractual maturity date as of April 30, 2020 and January 31, 2020:
There were no securities in a continuous net loss position for 12 months or longer as of April 30, 2020. When evaluating investments for impairment, we review factors such as length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and our intent to sell, or whether it is more likely than not we will be required to sell, the investment before recovery of the investment’s amortized cost. No impairment loss has been recorded on the securities included in the tables above, as we believe that any decrease in fair value of these securities is temporary and we expect to recover at least up to the initial cost of the investment for these securities. We have not recorded an allowance for credit losses, as we believe any such losses would be immaterial based on the high-grade credit rating for each of our marketable securities as of the end of each period.
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Geographic Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geographic Information | Geographic Information Revenue by location is determined by the billing address of the customer. The following table sets forth revenue by geographic area:
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Deferred Revenue and Performance Obligations |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Revenue and Performance Obligations | Deferred Contract Costs Deferred contract costs, which primarily consist of deferred sales commissions, were $26.1 million and $25.7 million as of April 30, 2020 and January 31, 2020, respectively. Amortization expense for deferred contract costs was $2.4 million and $1.6 million for the three months ended April 30, 2020 and 2019, respectively. There was no impairment charge related to the costs capitalized for the periods presented. Deferred Revenue and Performance ObligationsThe following table presents the changes to the Company’s deferred revenue (in thousands):
For the three months ended April 30, 2020 and 2019, the majority of revenue recognized was from the deferred revenue balances at the beginning of each quarter. As of April 30, 2020 and January 31, 2020, future estimated revenue related to performance obligations for subscriptions with terms of more than one year that are unsatisfied or partially unsatisfied at the end of the reporting periods was approximately $75.2 million and $75.7 million, respectively. The Company expects to satisfy the substantial majority of these unsatisfied performance obligations over the next 24 months and the remainder thereafter. The Company applied the optional exemption for subscriptions with terms of less than a one year.
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Property and Equipment, Net |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net, consisted of the following:
(1) Gross property and equipment includes construction-in-progress for leasehold improvements and furniture and fixtures of $0.2 million and $5.1 million that had not yet been placed in service as of April 30, 2020 and January 31, 2020, respectively. The costs associated with construction-in-progress are not amortized until placed in service. Depreciation and amortization expense was $1.0 million and $0.4 million for the three months ended April 30, 2020 and 2019, respectively.
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Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Information About Lease on Condensed Consolidated Balance Sheet | The following tables present information about leases on our condensed consolidated balance sheet.
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Information About Leases on Condensed Consolidated Statement of Operations and Supplemental Cash Flow Information | The following table presents information about leases on our condensed consolidated statement of operations.
The following table presents supplemental cash flow information about our leases.
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Schedule of Remaining Maturities of Lease Liabilities | As of April 30, 2020, remaining maturities of lease liabilities are as follows:
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