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Year Ended January 31, | |||||||||||
2015 | 2016 | 2017 | |||||||||
(in thousands) | |||||||||||
Allowance for doubtful accounts, beginning balance | $ | 160 | $ | 210 | $ | 944 | |||||
Provision | 50 | 918 | 1,394 | ||||||||
Writeoffs | — | (184 | ) | (338 | ) | ||||||
Allowance for doubtful accounts, ending balance | $ | 210 | $ | 944 | $ | 2,000 |
• | Persuasive evidence of an arrangement exists—We rely upon sales agreements and/or purchase orders to determine the existence of an arrangement. |
• | Delivery has occurred—We typically recognize product revenue upon shipment, as title and risk of loss are transferred to our channel partners at that time. Products are typically shipped directly by us to customers, and our channel partners do not stock our inventory. |
• | The fee is fixed or determinable—We assess whether the fee is fixed or determinable based on the payment terms associated with the transaction. |
• | Collection is reasonably assured—We assess collectability based on credit analysis and payment history. |
• | VSOE—We determine VSOE based on our historical pricing and discounting practices for the specific products and services when sold separately. In determining VSOE, we require that a substantial majority of the stand-alone selling prices fall within a reasonably narrow pricing range. During the three months ended October 31, 2016, we established VSOE for support related deliverables as our stand-alone selling prices are now sufficiently concentrated based on an analysis of our historical data. We have not established VSOE for any of our hardware or other deliverables. |
• | TPE—When VSOE cannot be established for deliverables in multiple-element arrangements, we apply judgment with respect to whether we can establish a selling price based on TPE. TPE is determined based on competitor prices for interchangeable products or services when sold separately to similarly situated customers. However, because our products contain a significant element of proprietary technology and our solutions offer substantially different features and functionality, the comparable pricing of products with similar functionality typically cannot be obtained. |
• | BESP—When neither VSOE nor TPE can be established, we utilize BESP to allocate consideration to deliverables in a multiple-element arrangement. Our process to determine BESP for products and support is based on qualitative and quantitative considerations of multiple factors, which primarily include historical sales, margin objectives and discount behavior. Additional considerations are given to other factors such as customer demographics, costs to manufacture products or provide support, pricing practices and market conditions. |
|
• | 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. |
January 31, 2016 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cash Equivalents | Restricted Cash | ||||||||||||||||||
Level 1 | |||||||||||||||||||||||
Money market funds | $ | — | $ | — | $ | — | $ | 45,614 | $ | 45,614 | $ | — | |||||||||||
Level 2 | |||||||||||||||||||||||
Certificates of deposit | — | — | — | 7,132 | — | 7,132 | |||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | 52,746 | $ | 45,614 | $ | 7,132 |
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 |
January 31, 2017 | |||||||
Amortized Cost | Fair Value | ||||||
Due within one year | $ | 103,213 | $ | 103,238 | |||
Due in one to five years | 260,335 | 259,748 | |||||
Total | $ | 363,548 | $ | 362,986 |
Less than 12 months | |||||||
Fair Value | Unrealized Loss | ||||||
U.S. government treasury notes | $ | 82,228 | $ | (289 | ) | ||
U.S government agencies | 34,485 | (159 | ) | ||||
Corporate debt securities | 99,710 | (379 | ) | ||||
Foreign government bonds | 877 | (3 | ) | ||||
Total | $ | 217,300 | $ | (830 | ) |
|
January 31, | |||||||
2016 | 2017 | ||||||
Test equipment | $ | 65,663 | $ | 105,955 | |||
Computer equipment and software | 31,388 | 54,521 | |||||
Furniture and fixtures | 2,852 | 4,494 | |||||
Leasehold improvements | 4,935 | 10,332 | |||||
Total property and equipment | 104,838 | 175,302 | |||||
Less: accumulated depreciation and amortization | (52,209 | ) | (93,607 | ) | |||
Property and equipment, net | $ | 52,629 | $ | 81,695 |
January 31, | |||||||
2016 | 2017 | ||||||
Technology patents | $ | 9,125 | $ | 10,125 | |||
Accumulated amortization | (2,145 | ) | (3,565 | ) | |||
Intangible assets, net | $ | 6,980 | $ | 6,560 |
Year Ending January 31, | Estimated Future Amortization Expense | ||
2018 | $ | 1,504 | |
2019 | 1,504 | ||
2020 | 1,504 | ||
2021 | 1,504 | ||
2022 | 544 | ||
Total | $ | 6,560 |
January 31, | |||||||
2016 | 2017 | ||||||
Sales and use tax payable | $ | 299 | $ | 540 | |||
Accrued professional fees | 3,044 | 1,765 | |||||
Accrued marketing | 2,684 | 6,718 | |||||
Accrued travel and entertainment expenses | 2,182 | 2,235 | |||||
Income tax payable | 1,791 | 1,135 | |||||
Other accrued liabilities | 4,076 | 9,304 | |||||
Total accrued expenses and other liabilities | $ | 14,076 | $ | 21,697 |
|
Year Ending January 31, | Operating Leases | ||
2018 | $ | 17,937 | |
2019 | 14,762 | ||
2020 | 13,565 | ||
2021 | 14,118 | ||
2022 | 11,972 | ||
Thereafter | 15,063 | ||
Total | $ | 87,417 |
|
January 31, 2017 | ||
Shares underlying outstanding stock options | 56,840,189 | |
Shares underlying outstanding restricted stock units | 8,783,024 | |
Shares reserved for future equity awards | 24,457,623 | |
Shares reserved for future employee stock purchase plan awards | 2,968,087 | |
Total | 93,048,923 |
|
Options Outstanding | ||||||||||||
Number of Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||
(in thousands) | ||||||||||||
Balance as of January 31, 2016 | 68,879,087 | $ | 6.43 | 7.9 | $ | 505,131 | ||||||
Options granted | 1,999,000 | 12.69 | ||||||||||
Options exercised | (10,180,258 | ) | 1.47 | |||||||||
Options cancelled/forfeited | (3,857,640 | ) | 12.18 | |||||||||
Balance as of January 31, 2017 | 56,840,189 | $ | 7.15 | 7.0 | $ | 315,502 | ||||||
Vested and exercisable as of January 31, 2017 | 29,575,922 | $ | 4.12 | 6.2 | $ | 228,436 |
Year Ended January 31, | ||||||||
2015 | 2016 | 2017 | ||||||
Employee Stock Options | ||||||||
Expected term (in years) | 5.0 - 6.9 | 6.0 - 7.4 | 6.1 | |||||
Expected volatility | 55% - 68% | 48% - 52% | 44 | % | ||||
Risk-free interest rate | 1.3% - 2.2% | 1.5% - 1.9% | 1.25% - 1.49% | |||||
Dividend rate | — | — | — | |||||
Fair value of common stock | $4.81 - $12.65 | $13.94 - $19.68 | $10.37 - $14.52 | |||||
Employee Stock Purchase Plan | ||||||||
Expected term (in years) | — | 0.4 - 1.9 | 0.5 - 2.0 | |||||
Expected volatility | — | 49 | % | 41 | % | |||
Risk-free interest rate | — | 0.1% - 0.7% | 0.5% - 0.9% | |||||
Dividend rate | — | — | — |
Year Ended January 31, | |||||||||
2015 | 2016 | 2017 | |||||||
Expected term (in years) | 10.0 | 10.0 | — | ||||||
Expected volatility | 62% - 63% | 49 | % | — | |||||
Risk-free interest rate | 1.6% - 2.6% | 1.5 | % | — | |||||
Dividend rate | — | — | — | ||||||
Fair value of common stock | $9.40 - $12.40 | $17.00 | — |
Number of Restricted Stock Units Outstanding | Weighted-Average Grant Date Fair value | Aggregate Intrinsic Value | |||||||
(in thousands) | |||||||||
Unvested Balance as of January 31, 2016 | 53,000 | $ | 16.98 | $ | 690 | ||||
Granted | 10,501,600 | 13.15 | |||||||
Vested | (1,237,502) | 13.95 | |||||||
Forfeited | (534,074) | 13.16 | |||||||
Unvested Balance of January 31,2017 | 8,783,024 | $ | 13.06 | $ | 99,863 |
Year Ended January 31, | |||||||||||
2015 | 2016 | 2017 | |||||||||
Cost of revenue—product | $ | 303 | $ | 276 | $ | 601 | |||||
Cost of revenue—support | 1,273 | 2,388 | 5,639 | ||||||||
Research and development | 22,512 | 31,135 | 63,495 | ||||||||
Sales and marketing | 22,466 | 16,966 | 34,317 | ||||||||
General and administrative | 6,479 | 7,460 | 12,616 | ||||||||
Total stock-based compensation expense | $ | 53,033 | $ | 58,225 | $ | 116,668 |
|
Year Ended January 31, | |||||||||||
2015 | 2016 | 2017 | |||||||||
Domestic | $ | (186,922 | ) | $ | (195,019 | ) | $ | (200,355 | ) | ||
International | 5,028 | (17,164 | ) | (42,824 | ) | ||||||
Total | $ | (181,894 | ) | $ | (212,183 | ) | $ | (243,179 | ) |
Year Ended January 31, | |||||||||||
2015 | 2016 | 2017 | |||||||||
Current: | |||||||||||
State | $ | 56 | $ | 210 | $ | 389 | |||||
Foreign | 1,073 | 2,198 | 1,806 | ||||||||
Total | $ | 1,129 | $ | 2,408 | $ | 2,195 | |||||
Deferred: | |||||||||||
Foreign | 208 | (839 | ) | (308 | ) | ||||||
Provision for income taxes | $ | 1,337 | $ | 1,569 | $ | 1,887 |
Year Ended January 31, | |||||||||||
2015 | 2016 | 2017 | |||||||||
Tax at federal statutory rate | $ | (61,844 | ) | $ | (72,142 | ) | $ | (82,682 | ) | ||
State tax, net of federal benefit | 44 | 152 | 276 | ||||||||
Stock-based compensation expense | 5,328 | 10,866 | (5,242 | ) | |||||||
Research and development tax credits | (1,999 | ) | (3,832 | ) | (1,570 | ) | |||||
Foreign rate differential | (429 | ) | 7,106 | 15,878 | |||||||
Change in valuation allowance | 60,042 | 58,979 | 73,863 | ||||||||
Other | 195 | 440 | 1,364 | ||||||||
Provision for income taxes | $ | 1,337 | $ | 1,569 | $ | 1,887 |
January 31, | |||||||
2016 | 2017 | ||||||
Deferred tax assets: | |||||||
Net operating loss carryforwards | $ | 137,456 | $ | 173,942 | |||
Tax credit carryover | 12,406 | 15,319 | |||||
Accruals and reserves | 1,921 | 3,112 | |||||
Deferred revenue | 20,314 | 53,424 | |||||
Stock-based compensation expense | 12,588 | 26,401 | |||||
Depreciation and amortization | 3,397 | 7,302 | |||||
Charitable contribution carryforwards | 4,380 | 4,345 | |||||
Total deferred tax assets | 192,462 | 283,845 | |||||
Valuation allowance | (180,926 | ) | (271,779 | ) | |||
Total deferred tax assets, net of valuation allowance | 11,536 | 12,066 | |||||
Deferred tax liabilities: | |||||||
Deferred commissions | (11,000 | ) | (11,222 | ) | |||
Total deferred tax liabilities | (11,000 | ) | (11,222 | ) | |||
Net deferred tax assets | $ | 536 | $ | 844 |
Year Ended January 31, | |||||||||||
2015 | 2016 | 2017 | |||||||||
Gross unrecognized tax benefits—beginning balance | $ | 4,676 | $ | 13,874 | $ | 15,470 | |||||
Decreases related to tax positions taken during prior years | — | (3,969 | ) | (11,286 | ) | ||||||
Increases related to tax positions taken during prior years | — | 35 | — | ||||||||
Increases related to tax positions taken during current year | 9,198 | 5,530 | 2,191 | ||||||||
Gross unrecognized tax benefits—ending balance | $ | 13,874 | $ | 15,470 | $ | 6,375 |
|
Year Ended January 31, | |||||||||||
2015 | 2016 | 2017 | |||||||||
United States | $ | 134,920 | $ | 343,625 | $ | 561,352 | |||||
Rest of the world | 39,531 | 96,708 | 166,625 | ||||||||
Total revenue | $ | 174,451 | $ | 440,333 | $ | 727,977 |
January 31, | |||||||
2016 | 2017 | ||||||
United States | $ | 50,501 | $ | 78,692 | |||
Rest of the world | 2,128 | 3,003 | |||||
Total long-lived assets | $ | 52,629 | $ | 81,695 |
|
|
|
• | Persuasive evidence of an arrangement exists—We rely upon sales agreements and/or purchase orders to determine the existence of an arrangement. |
• | Delivery has occurred—We typically recognize product revenue upon shipment, as title and risk of loss are transferred to our channel partners at that time. Products are typically shipped directly by us to customers, and our channel partners do not stock our inventory. |
• | The fee is fixed or determinable—We assess whether the fee is fixed or determinable based on the payment terms associated with the transaction. |
• | Collection is reasonably assured—We assess collectability based on credit analysis and payment history. |
• | VSOE—We determine VSOE based on our historical pricing and discounting practices for the specific products and services when sold separately. In determining VSOE, we require that a substantial majority of the stand-alone selling prices fall within a reasonably narrow pricing range. During the three months ended October 31, 2016, we established VSOE for support related deliverables as our stand-alone selling prices are now sufficiently concentrated based on an analysis of our historical data. We have not established VSOE for any of our hardware or other deliverables. |
• | TPE—When VSOE cannot be established for deliverables in multiple-element arrangements, we apply judgment with respect to whether we can establish a selling price based on TPE. TPE is determined based on competitor prices for interchangeable products or services when sold separately to similarly situated customers. However, because our products contain a significant element of proprietary technology and our solutions offer substantially different features and functionality, the comparable pricing of products with similar functionality typically cannot be obtained. |
• | BESP—When neither VSOE nor TPE can be established, we utilize BESP to allocate consideration to deliverables in a multiple-element arrangement. Our process to determine BESP for products and support is based on qualitative and quantitative considerations of multiple factors, which primarily include historical sales, margin objectives and discount behavior. Additional considerations are given to other factors such as customer demographics, costs to manufacture products or provide support, pricing practices and market conditions. |
|
Year Ended January 31, | |||||||||||
2015 | 2016 | 2017 | |||||||||
(in thousands) | |||||||||||
Allowance for doubtful accounts, beginning balance | $ | 160 | $ | 210 | $ | 944 | |||||
Provision | 50 | 918 | 1,394 | ||||||||
Writeoffs | — | (184 | ) | (338 | ) | ||||||
Allowance for doubtful accounts, ending balance | $ | 210 | $ | 944 | $ | 2,000 |
|
January 31, 2016 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cash Equivalents | Restricted Cash | ||||||||||||||||||
Level 1 | |||||||||||||||||||||||
Money market funds | $ | — | $ | — | $ | — | $ | 45,614 | $ | 45,614 | $ | — | |||||||||||
Level 2 | |||||||||||||||||||||||
Certificates of deposit | — | — | — | 7,132 | — | 7,132 | |||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | 52,746 | $ | 45,614 | $ | 7,132 |
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 |
January 31, 2017 | |||||||
Amortized Cost | Fair Value | ||||||
Due within one year | $ | 103,213 | $ | 103,238 | |||
Due in one to five years | 260,335 | 259,748 | |||||
Total | $ | 363,548 | $ | 362,986 |
Less than 12 months | |||||||
Fair Value | Unrealized Loss | ||||||
U.S. government treasury notes | $ | 82,228 | $ | (289 | ) | ||
U.S government agencies | 34,485 | (159 | ) | ||||
Corporate debt securities | 99,710 | (379 | ) | ||||
Foreign government bonds | 877 | (3 | ) | ||||
Total | $ | 217,300 | $ | (830 | ) |
|
January 31, | |||||||
2016 | 2017 | ||||||
Test equipment | $ | 65,663 | $ | 105,955 | |||
Computer equipment and software | 31,388 | 54,521 | |||||
Furniture and fixtures | 2,852 | 4,494 | |||||
Leasehold improvements | 4,935 | 10,332 | |||||
Total property and equipment | 104,838 | 175,302 | |||||
Less: accumulated depreciation and amortization | (52,209 | ) | (93,607 | ) | |||
Property and equipment, net | $ | 52,629 | $ | 81,695 |
January 31, | |||||||
2016 | 2017 | ||||||
Technology patents | $ | 9,125 | $ | 10,125 | |||
Accumulated amortization | (2,145 | ) | (3,565 | ) | |||
Intangible assets, net | $ | 6,980 | $ | 6,560 |
Year Ending January 31, | Estimated Future Amortization Expense | ||
2018 | $ | 1,504 | |
2019 | 1,504 | ||
2020 | 1,504 | ||
2021 | 1,504 | ||
2022 | 544 | ||
Total | $ | 6,560 |
January 31, | |||||||
2016 | 2017 | ||||||
Sales and use tax payable | $ | 299 | $ | 540 | |||
Accrued professional fees | 3,044 | 1,765 | |||||
Accrued marketing | 2,684 | 6,718 | |||||
Accrued travel and entertainment expenses | 2,182 | 2,235 | |||||
Income tax payable | 1,791 | 1,135 | |||||
Other accrued liabilities | 4,076 | 9,304 | |||||
Total accrued expenses and other liabilities | $ | 14,076 | $ | 21,697 |
|
Year Ending January 31, | Operating Leases | ||
2018 | $ | 17,937 | |
2019 | 14,762 | ||
2020 | 13,565 | ||
2021 | 14,118 | ||
2022 | 11,972 | ||
Thereafter | 15,063 | ||
Total | $ | 87,417 |
|
January 31, 2017 | ||
Shares underlying outstanding stock options | 56,840,189 | |
Shares underlying outstanding restricted stock units | 8,783,024 | |
Shares reserved for future equity awards | 24,457,623 | |
Shares reserved for future employee stock purchase plan awards | 2,968,087 | |
Total | 93,048,923 |
|
Options Outstanding | ||||||||||||
Number of Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||
(in thousands) | ||||||||||||
Balance as of January 31, 2016 | 68,879,087 | $ | 6.43 | 7.9 | $ | 505,131 | ||||||
Options granted | 1,999,000 | 12.69 | ||||||||||
Options exercised | (10,180,258 | ) | 1.47 | |||||||||
Options cancelled/forfeited | (3,857,640 | ) | 12.18 | |||||||||
Balance as of January 31, 2017 | 56,840,189 | $ | 7.15 | 7.0 | $ | 315,502 | ||||||
Vested and exercisable as of January 31, 2017 | 29,575,922 | $ | 4.12 | 6.2 | $ | 228,436 |
Year Ended January 31, | ||||||||
2015 | 2016 | 2017 | ||||||
Employee Stock Options | ||||||||
Expected term (in years) | 5.0 - 6.9 | 6.0 - 7.4 | 6.1 | |||||
Expected volatility | 55% - 68% | 48% - 52% | 44 | % | ||||
Risk-free interest rate | 1.3% - 2.2% | 1.5% - 1.9% | 1.25% - 1.49% | |||||
Dividend rate | — | — | — | |||||
Fair value of common stock | $4.81 - $12.65 | $13.94 - $19.68 | $10.37 - $14.52 | |||||
Employee Stock Purchase Plan | ||||||||
Expected term (in years) | — | 0.4 - 1.9 | 0.5 - 2.0 | |||||
Expected volatility | — | 49 | % | 41 | % | |||
Risk-free interest rate | — | 0.1% - 0.7% | 0.5% - 0.9% | |||||
Dividend rate | — | — | — |
Year Ended January 31, | |||||||||
2015 | 2016 | 2017 | |||||||
Expected term (in years) | 10.0 | 10.0 | — | ||||||
Expected volatility | 62% - 63% | 49 | % | — | |||||
Risk-free interest rate | 1.6% - 2.6% | 1.5 | % | — | |||||
Dividend rate | — | — | — | ||||||
Fair value of common stock | $9.40 - $12.40 | $17.00 | — |
Number of Restricted Stock Units Outstanding | Weighted-Average Grant Date Fair value | Aggregate Intrinsic Value | |||||||
(in thousands) | |||||||||
Unvested Balance as of January 31, 2016 | 53,000 | $ | 16.98 | $ | 690 | ||||
Granted | 10,501,600 | 13.15 | |||||||
Vested | (1,237,502) | 13.95 | |||||||
Forfeited | (534,074) | 13.16 | |||||||
Unvested Balance of January 31,2017 | 8,783,024 | $ | 13.06 | $ | 99,863 |
Year Ended January 31, | |||||||||||
2015 | 2016 | 2017 | |||||||||
Cost of revenue—product | $ | 303 | $ | 276 | $ | 601 | |||||
Cost of revenue—support | 1,273 | 2,388 | 5,639 | ||||||||
Research and development | 22,512 | 31,135 | 63,495 | ||||||||
Sales and marketing | 22,466 | 16,966 | 34,317 | ||||||||
General and administrative | 6,479 | 7,460 | 12,616 | ||||||||
Total stock-based compensation expense | $ | 53,033 | $ | 58,225 | $ | 116,668 |
|
Year Ended January 31, | |||||||||||
2015 | 2016 | 2017 | |||||||||
Domestic | $ | (186,922 | ) | $ | (195,019 | ) | $ | (200,355 | ) | ||
International | 5,028 | (17,164 | ) | (42,824 | ) | ||||||
Total | $ | (181,894 | ) | $ | (212,183 | ) | $ | (243,179 | ) |
Year Ended January 31, | |||||||||||
2015 | 2016 | 2017 | |||||||||
Current: | |||||||||||
State | $ | 56 | $ | 210 | $ | 389 | |||||
Foreign | 1,073 | 2,198 | 1,806 | ||||||||
Total | $ | 1,129 | $ | 2,408 | $ | 2,195 | |||||
Deferred: | |||||||||||
Foreign | 208 | (839 | ) | (308 | ) | ||||||
Provision for income taxes | $ | 1,337 | $ | 1,569 | $ | 1,887 |
Year Ended January 31, | |||||||||||
2015 | 2016 | 2017 | |||||||||
Tax at federal statutory rate | $ | (61,844 | ) | $ | (72,142 | ) | $ | (82,682 | ) | ||
State tax, net of federal benefit | 44 | 152 | 276 | ||||||||
Stock-based compensation expense | 5,328 | 10,866 | (5,242 | ) | |||||||
Research and development tax credits | (1,999 | ) | (3,832 | ) | (1,570 | ) | |||||
Foreign rate differential | (429 | ) | 7,106 | 15,878 | |||||||
Change in valuation allowance | 60,042 | 58,979 | 73,863 | ||||||||
Other | 195 | 440 | 1,364 | ||||||||
Provision for income taxes | $ | 1,337 | $ | 1,569 | $ | 1,887 |
January 31, | |||||||
2016 | 2017 | ||||||
Deferred tax assets: | |||||||
Net operating loss carryforwards | $ | 137,456 | $ | 173,942 | |||
Tax credit carryover | 12,406 | 15,319 | |||||
Accruals and reserves | 1,921 | 3,112 | |||||
Deferred revenue | 20,314 | 53,424 | |||||
Stock-based compensation expense | 12,588 | 26,401 | |||||
Depreciation and amortization | 3,397 | 7,302 | |||||
Charitable contribution carryforwards | 4,380 | 4,345 | |||||
Total deferred tax assets | 192,462 | 283,845 | |||||
Valuation allowance | (180,926 | ) | (271,779 | ) | |||
Total deferred tax assets, net of valuation allowance | 11,536 | 12,066 | |||||
Deferred tax liabilities: | |||||||
Deferred commissions | (11,000 | ) | (11,222 | ) | |||
Total deferred tax liabilities | (11,000 | ) | (11,222 | ) | |||
Net deferred tax assets | $ | 536 | $ | 844 |
Year Ended January 31, | |||||||||||
2015 | 2016 | 2017 | |||||||||
Gross unrecognized tax benefits—beginning balance | $ | 4,676 | $ | 13,874 | $ | 15,470 | |||||
Decreases related to tax positions taken during prior years | — | (3,969 | ) | (11,286 | ) | ||||||
Increases related to tax positions taken during prior years | — | 35 | — | ||||||||
Increases related to tax positions taken during current year | 9,198 | 5,530 | 2,191 | ||||||||
Gross unrecognized tax benefits—ending balance | $ | 13,874 | $ | 15,470 | $ | 6,375 |
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Year Ended January 31, | |||||||||||
2015 | 2016 | 2017 | |||||||||
United States | $ | 134,920 | $ | 343,625 | $ | 561,352 | |||||
Rest of the world | 39,531 | 96,708 | 166,625 | ||||||||
Total revenue | $ | 174,451 | $ | 440,333 | $ | 727,977 |
January 31, | |||||||
2016 | 2017 | ||||||
United States | $ | 50,501 | $ | 78,692 | |||
Rest of the world | 2,128 | 3,003 | |||||
Total long-lived assets | $ | 52,629 | $ | 81,695 |
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