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▪ | Level I—Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities; |
▪ | Level II—Observable inputs are quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments; and |
▪ | Level III—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs are based on our own assumptions used to measure assets and liabilities at fair value and require significant management judgment or estimation. |
As of January 31, 2017 | |||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cash Equivalents | Marketable Securities | Restricted Cash | |||||||||||||||||||||
Level 1 | |||||||||||||||||||||||||||
Money market accounts | $ | — | $ | — | $ | — | $ | 12,734 | $ | — | $ | — | $ | 12,734 | |||||||||||||
Level 2 | |||||||||||||||||||||||||||
U.S. government treasury notes | 148,298 | 22 | (289 | ) | 148,031 | 13,226 | 134,805 | — | |||||||||||||||||||
U.S. government agencies | 40,398 | 2 | (159 | ) | 40,241 | — | 40,241 | — | |||||||||||||||||||
Corporate debt securities | 185,701 | 242 | (379 | ) | 185,564 | — | 185,564 | — | |||||||||||||||||||
Foreign government bonds | 2,377 | 2 | (3 | ) | 2,376 | — | 2,376 | — | |||||||||||||||||||
Total | $ | 376,774 | $ | 268 | $ | (830 | ) | $ | 388,946 | $ | 13,226 | $ | 362,986 | $ | 12,734 |
As of July 31, 2017 | |||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cash Equivalents | Marketable Securities | Restricted Cash | |||||||||||||||||||||
Level 1 | |||||||||||||||||||||||||||
Money market accounts | $ | — | $ | — | $ | — | $ | 12,734 | $ | — | $ | — | $ | 12,734 | |||||||||||||
Level 2 | |||||||||||||||||||||||||||
U.S. government treasury notes | 140,495 | 15 | (317 | ) | 140,193 | 18,390 | 121,803 | — | |||||||||||||||||||
U.S. government agencies | 44,861 | 3 | (139 | ) | 44,725 | — | 44,725 | — | |||||||||||||||||||
Corporate debt securities | 182,057 | 365 | (205 | ) | 182,217 | — | 182,217 | — | |||||||||||||||||||
Foreign government bonds | 2,380 | — | (2 | ) | 2,378 | — | 2,378 | — | |||||||||||||||||||
Total | $ | 369,793 | $ | 383 | $ | (663 | ) | $ | 382,247 | $ | 18,390 | $ | 351,123 | $ | 12,734 |
As of July 31, 2017 | |||||||
Amortized Cost | Fair Value | ||||||
Due within one year | $ | 150,456 | $ | 150,372 | |||
Due in one to five years | 200,946 | 200,751 | |||||
Total | $ | 351,402 | $ | 351,123 |
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
U.S. government treasury notes | $ | 121,518 | $ | (299 | ) | $ | 1,986 | $ | (18 | ) | $ | 123,504 | $ | (317 | ) | ||||||||
U.S. government agencies | 35,916 | (112 | ) | 4,471 | (27 | ) | 40,387 | (139 | ) | ||||||||||||||
Corporate debt securities | 62,323 | (192 | ) | 4,271 | (13 | ) | 66,594 | (205 | ) | ||||||||||||||
Foreign government bonds | 878 | (2 | ) | — | — | 878 | (2 | ) | |||||||||||||||
Total | $ | 220,635 | $ | (605 | ) | $ | 10,728 | $ | (58 | ) | $ | 231,363 | $ | (663 | ) |
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As of January 31, 2017 | As of July 31, 2017 | ||||||
Raw materials | $ | 3,003 | $ | 2,966 | |||
Finished goods | 20,495 | 30,694 | |||||
Inventory | $ | 23,498 | $ | 33,660 |
As of January 31, 2017 | As of July 31, 2017 | ||||||
Test equipment | $ | 105,955 | $ | 125,348 | |||
Computer equipment and software | 54,521 | 60,838 | |||||
Furniture and fixtures | 4,494 | 5,045 | |||||
Leasehold improvements | 10,332 | 13,092 | |||||
Total property and equipment | 175,302 | 204,323 | |||||
Less: accumulated depreciation and amortization | (93,607 | ) | (122,473 | ) | |||
Property and equipment, net | $ | 81,695 | $ | 81,850 |
As of January 31, 2017 | As of July 31, 2017 | ||||||
Technology patents | $ | 10,125 | $ | 10,125 | |||
Accumulated amortization | (3,565 | ) | (4,317 | ) | |||
Intangible assets, net | $ | 6,560 | $ | 5,808 |
Years Ending January 31, | Estimated Future Amortization Expense | ||
Remainder of 2018 | $ | 752 | |
2019 | 1,504 | ||
2020 | 1,504 | ||
2021 | 1,504 | ||
2022 | 544 | ||
Total | $ | 5,808 |
As of January 31, 2017 | As of July 31, 2017 | ||||||
Sales and use tax payable | $ | 540 | $ | 298 | |||
Accrued professional fees | 1,765 | 1,325 | |||||
Accrued marketing | 6,718 | 6,164 | |||||
Accrued travel and entertainment expenses | 2,235 | 4,014 | |||||
Income tax payable | 1,135 | 1,317 | |||||
Other accrued liabilities | 9,304 | 5,191 | |||||
Total accrued expenses and other liabilities | $ | 21,697 | $ | 18,309 |
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Options Outstanding | ||||||||||||
Number of Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life (In Years) | Aggregate Intrinsic Value (in thousands) | |||||||||
Balance as of January 31, 2017 | 56,840,189 | $ | 7.15 | 7.0 | $ | 315,502 | ||||||
Options granted | — | — | ||||||||||
Options exercised | (2,769,381 | ) | 2.53 | |||||||||
Options forfeited/cancelled | (1,266,826 | ) | 14.04 | |||||||||
Balance as of July 31, 2017 | 52,803,982 | $ | 7.23 | 6.5 | $ | 315,252 | ||||||
Vested and exercisable as of July 31, 2017 | 31,539,259 | $ | 4.67 | 5.8 | $ | 248,932 |
Number of Restricted Stock Units Outstanding | Weighted- Average Grant Date Fair Value | Aggregate Intrinsic Value (in thousands) | ||||||||
Unvested Balance as of January 31, 2017 | 8,783,024 | $ | 13.06 | $ | 99,863 | |||||
Granted | 9,807,355 | 10.59 | — | |||||||
Vested | (2,221,800 | ) | 12.46 | — | ||||||
Forfeited | (908,755 | ) | 11.50 | — | ||||||
Unvested Balance as of July 31, 2017 | 15,459,824 | $ | 11.67 | $ | 186,600 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Cost of revenue—product | $ | 181 | $ | 358 | $ | 287 | $ | 755 | |||||||
Cost of revenue—support | 1,712 | 2,245 | 2,804 | 4,019 | |||||||||||
Research and development | 13,976 | 17,971 | 25,634 | 33,559 | |||||||||||
Sales and marketing | 8,732 | 11,439 | 16,251 | 22,065 | |||||||||||
General and administrative | 3,295 | 4,825 | 5,918 | 8,659 | |||||||||||
Total stock-based compensation expense | $ | 27,896 | $ | 36,838 | $ | 50,894 | $ | 69,057 |
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Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
United States | $ | 122,103 | $ | 165,466 | $ | 233,330 | $ | 311,960 | |||||||
Rest of the world | 41,111 | 58,995 | 69,831 | 95,132 | |||||||||||
Total revenue | $ | 163,214 | $ | 224,461 | $ | 303,161 | $ | 407,092 |
As of January 31, 2017 | As of July 31, 2017 | ||||||
United States | $ | 78,692 | $ | 78,207 | |||
Rest of the world | 3,003 | 3,643 | |||||
Total long-lived assets | $ | 81,695 | $ | 81,850 |
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▪ | Level I—Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities; |
▪ | Level II—Observable inputs are quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments; and |
▪ | Level III—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs are based on our own assumptions used to measure assets and liabilities at fair value and require significant management judgment or estimation. |
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As of January 31, 2017 | |||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cash Equivalents | Marketable Securities | Restricted Cash | |||||||||||||||||||||
Level 1 | |||||||||||||||||||||||||||
Money market accounts | $ | — | $ | — | $ | — | $ | 12,734 | $ | — | $ | — | $ | 12,734 | |||||||||||||
Level 2 | |||||||||||||||||||||||||||
U.S. government treasury notes | 148,298 | 22 | (289 | ) | 148,031 | 13,226 | 134,805 | — | |||||||||||||||||||
U.S. government agencies | 40,398 | 2 | (159 | ) | 40,241 | — | 40,241 | — | |||||||||||||||||||
Corporate debt securities | 185,701 | 242 | (379 | ) | 185,564 | — | 185,564 | — | |||||||||||||||||||
Foreign government bonds | 2,377 | 2 | (3 | ) | 2,376 | — | 2,376 | — | |||||||||||||||||||
Total | $ | 376,774 | $ | 268 | $ | (830 | ) | $ | 388,946 | $ | 13,226 | $ | 362,986 | $ | 12,734 |
As of July 31, 2017 | |||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cash Equivalents | Marketable Securities | Restricted Cash | |||||||||||||||||||||
Level 1 | |||||||||||||||||||||||||||
Money market accounts | $ | — | $ | — | $ | — | $ | 12,734 | $ | — | $ | — | $ | 12,734 | |||||||||||||
Level 2 | |||||||||||||||||||||||||||
U.S. government treasury notes | 140,495 | 15 | (317 | ) | 140,193 | 18,390 | 121,803 | — | |||||||||||||||||||
U.S. government agencies | 44,861 | 3 | (139 | ) | 44,725 | — | 44,725 | — | |||||||||||||||||||
Corporate debt securities | 182,057 | 365 | (205 | ) | 182,217 | — | 182,217 | — | |||||||||||||||||||
Foreign government bonds | 2,380 | — | (2 | ) | 2,378 | — | 2,378 | — | |||||||||||||||||||
Total | $ | 369,793 | $ | 383 | $ | (663 | ) | $ | 382,247 | $ | 18,390 | $ | 351,123 | $ | 12,734 |
As of July 31, 2017 | |||||||
Amortized Cost | Fair Value | ||||||
Due within one year | $ | 150,456 | $ | 150,372 | |||
Due in one to five years | 200,946 | 200,751 | |||||
Total | $ | 351,402 | $ | 351,123 |
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
U.S. government treasury notes | $ | 121,518 | $ | (299 | ) | $ | 1,986 | $ | (18 | ) | $ | 123,504 | $ | (317 | ) | ||||||||
U.S. government agencies | 35,916 | (112 | ) | 4,471 | (27 | ) | 40,387 | (139 | ) | ||||||||||||||
Corporate debt securities | 62,323 | (192 | ) | 4,271 | (13 | ) | 66,594 | (205 | ) | ||||||||||||||
Foreign government bonds | 878 | (2 | ) | — | — | 878 | (2 | ) | |||||||||||||||
Total | $ | 220,635 | $ | (605 | ) | $ | 10,728 | $ | (58 | ) | $ | 231,363 | $ | (663 | ) |
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As of January 31, 2017 | As of July 31, 2017 | ||||||
Raw materials | $ | 3,003 | $ | 2,966 | |||
Finished goods | 20,495 | 30,694 | |||||
Inventory | $ | 23,498 | $ | 33,660 |
As of January 31, 2017 | As of July 31, 2017 | ||||||
Test equipment | $ | 105,955 | $ | 125,348 | |||
Computer equipment and software | 54,521 | 60,838 | |||||
Furniture and fixtures | 4,494 | 5,045 | |||||
Leasehold improvements | 10,332 | 13,092 | |||||
Total property and equipment | 175,302 | 204,323 | |||||
Less: accumulated depreciation and amortization | (93,607 | ) | (122,473 | ) | |||
Property and equipment, net | $ | 81,695 | $ | 81,850 |
As of January 31, 2017 | As of July 31, 2017 | ||||||
Technology patents | $ | 10,125 | $ | 10,125 | |||
Accumulated amortization | (3,565 | ) | (4,317 | ) | |||
Intangible assets, net | $ | 6,560 | $ | 5,808 |
Years Ending January 31, | Estimated Future Amortization Expense | ||
Remainder of 2018 | $ | 752 | |
2019 | 1,504 | ||
2020 | 1,504 | ||
2021 | 1,504 | ||
2022 | 544 | ||
Total | $ | 5,808 |
As of January 31, 2017 | As of July 31, 2017 | ||||||
Sales and use tax payable | $ | 540 | $ | 298 | |||
Accrued professional fees | 1,765 | 1,325 | |||||
Accrued marketing | 6,718 | 6,164 | |||||
Accrued travel and entertainment expenses | 2,235 | 4,014 | |||||
Income tax payable | 1,135 | 1,317 | |||||
Other accrued liabilities | 9,304 | 5,191 | |||||
Total accrued expenses and other liabilities | $ | 21,697 | $ | 18,309 |
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Options Outstanding | ||||||||||||
Number of Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life (In Years) | Aggregate Intrinsic Value (in thousands) | |||||||||
Balance as of January 31, 2017 | 56,840,189 | $ | 7.15 | 7.0 | $ | 315,502 | ||||||
Options granted | — | — | ||||||||||
Options exercised | (2,769,381 | ) | 2.53 | |||||||||
Options forfeited/cancelled | (1,266,826 | ) | 14.04 | |||||||||
Balance as of July 31, 2017 | 52,803,982 | $ | 7.23 | 6.5 | $ | 315,252 | ||||||
Vested and exercisable as of July 31, 2017 | 31,539,259 | $ | 4.67 | 5.8 | $ | 248,932 |
Number of Restricted Stock Units Outstanding | Weighted- Average Grant Date Fair Value | Aggregate Intrinsic Value (in thousands) | ||||||||
Unvested Balance as of January 31, 2017 | 8,783,024 | $ | 13.06 | $ | 99,863 | |||||
Granted | 9,807,355 | 10.59 | — | |||||||
Vested | (2,221,800 | ) | 12.46 | — | ||||||
Forfeited | (908,755 | ) | 11.50 | — | ||||||
Unvested Balance as of July 31, 2017 | 15,459,824 | $ | 11.67 | $ | 186,600 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Cost of revenue—product | $ | 181 | $ | 358 | $ | 287 | $ | 755 | |||||||
Cost of revenue—support | 1,712 | 2,245 | 2,804 | 4,019 | |||||||||||
Research and development | 13,976 | 17,971 | 25,634 | 33,559 | |||||||||||
Sales and marketing | 8,732 | 11,439 | 16,251 | 22,065 | |||||||||||
General and administrative | 3,295 | 4,825 | 5,918 | 8,659 | |||||||||||
Total stock-based compensation expense | $ | 27,896 | $ | 36,838 | $ | 50,894 | $ | 69,057 |
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Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
United States | $ | 122,103 | $ | 165,466 | $ | 233,330 | $ | 311,960 | |||||||
Rest of the world | 41,111 | 58,995 | 69,831 | 95,132 | |||||||||||
Total revenue | $ | 163,214 | $ | 224,461 | $ | 303,161 | $ | 407,092 |
As of January 31, 2017 | As of July 31, 2017 | ||||||
United States | $ | 78,692 | $ | 78,207 | |||
Rest of the world | 3,003 | 3,643 | |||||
Total long-lived assets | $ | 81,695 | $ | 81,850 |
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