– | Reports Record Fourth Quarter Revenue of $63.8 Million, an Increase of 33% Year-Over-Year |
– | Reports Record Full Year Fiscal 2019 Revenue of $228.3 million, an Increase of 34% Year-Over-Year |
– | Reports Positive Cash Flow from Operations for Fourth Quarter and Full Year |
– | Remaining Performance Obligations Exceeds a Quarter of a Billion Dollars |
– | Company Adopts ASC 606 Standard for Current Period Results |
– | Issues Revenue Guidance for the First Quarter Fiscal 2020 and the Full Year Fiscal 2020 |
• | Revenue of $63.8 million, a 33% increase as compared to the $48.0 million reported in fourth quarter fiscal 2018. The adoption of ASC 606 did not have a material impact on revenue in the quarter. |
• | Gross Profit of $48.1 million, a 34% increase as compared to the $35.8 million reported in fourth quarter fiscal 2018. Gross margin of 75.5% as compared to the 74.6% reported in fourth quarter fiscal 2018. |
• | Net Loss and Non-GAAP Net Loss: |
• | Net loss of $15.5 million as compared to the $17.0 million net loss in fourth quarter fiscal 2018. The improvement reflects a benefit to sales and marketing expenses associated with the adoption of ASC 606, as commissions and related costs are now being amortized over a longer period. |
• | Non-GAAP net loss of $3.2 million as compared to the $9.6 million non-GAAP net loss in the fourth quarter fiscal 2018. The improvement was primarily due to the same factors that affected net loss. |
• | Net Loss Per Share and Non-GAAP Net Loss Per Share: |
• | Net loss per share of $0.15 based on 101.4 million weighted-average shares outstanding, as compared to the net loss per share of $0.18 in the fourth quarter fiscal 2018 based on 92.4 million weighted-average shares outstanding. |
• | Non-GAAP net loss per share of $0.03 as reported under ASC 606, based on 101.4 million weighted-average shares outstanding, as compared to the non-GAAP net loss per share of $0.10 in the fourth quarter fiscal 2018 based on 92.4 million weighted-average shares outstanding. |
• | Non-GAAP net loss per share would have been $0.08 if reported on the basis of ASC 605. |
• | Balance Sheet: Cash, cash equivalents and marketable securities of $142.8 million as of January 31, 2019. The adoption of ASC 606 did not alter the reported cash balance. |
• | Cash Flow: Cash provided by operating activities for the fourth quarter of fiscal 2019 was $30.8 million as compared to cash used in operating activities of $2.1 million in the same period in fiscal 2018. The improvement in cash flow in the current period reflects improved working capital, driven primarily by a higher amount of unearned revenue. |
• | Remaining Performance Obligations ("RPO"): RPO as of January 31, 2019 was $262.0 million, with $242.9 million expected to be recognized over the next 24 months and the balance to be recognized thereafter. RPO does not include amounts under contracts subject to certain accounting exclusions. |
• | Revenue of $228.3 million as reported under ASC 606, or $228.8 million if reported on the basis of ASC 605, reflects a 34% increase as compared to the $170.2 million reported in fiscal year ended January 31, 2018. |
• | Gross Profit of $170.9 million, a 35% increase as compared to the $126.1 million reported in fiscal year ended January 31, 2018. Gross margin of 74.9% as compared to the 74.1% reported in fiscal year ended January 31, 2018. |
• | Net Loss and Non-GAAP Net Loss: |
• | Net loss of $74.8 million as compared to the $66.6 million net loss in fiscal year ended January 31, 2018. |
• | Non-GAAP net loss of $30.6 million as compared to the $44.2 million non-GAAP net loss in the fiscal year ended January 31, 2018. |
• | Net Loss Per Share and Non-GAAP Net Loss Per Share: |
• | Net loss per share of $0.76 based on 98.4 million weighted-average shares outstanding, as compared to the net loss per share of $0.85 in the fiscal year ended January 31, 2018 based on 78.6 million weighted-average shares outstanding. |
• | Non-GAAP net loss per share of $0.31 as reported under ASC 606, based on 98.4 million weighted-average shares outstanding at January 31, 2019, as compared to the non-GAAP net loss per share of $0.47 in the fiscal year ended January 31, 2018 based on 94.0 million non-GAAP shares outstanding at January 31, 2018. |
• | Non-GAAP net loss per share would have been $0.40 if reported on the basis of ASC 605. |
• | Cash Flow: Cash provided by operating activities for the fiscal year ended January 31, 2019 was $5.2 million as compared to cash used in operating activities of $32.4 million for the fiscal year ended January 31, 2018. |
• | Stored more than 185 million facts1 in Yext's digital knowledge platform as of January 31, 2019, an increase of approximately 50% as compared to January 31, 2018. |
• | Announced the appointment of Wendi Sturgis, Yext's Chief Client Officer, as CEO of Yext Europe, as well as a tripling in the number of enterprise customers over the past year served by its Southern Europe region across a diverse set of industries, including luxury, retail, food, hospitality, and financial services. |
• | Unveiled an expansion of Yext's presence in the Washington D.C.-area with an office located in Rosslyn, Virginia, as well as a plan to hire hundreds of people over a five year period in that region. |
• | Issued our Spring Product Release, providing new services and features to our platform, including: integrations with some of the largest global digital services used by Chinese consumers when traveling overseas, such as Baidu Map (Overseas), Fliggy, CK Map and PIRT; the ability for our customers to monitor and answer questions their consumers ask about them on Google in Google's Q&A search results; general access for self-serve, AI-ready Pages, letting our customers create smart landing pages on their website for any entity stored in Yext. |
• | Expanded the Yext Knowledge Network through an integration with Snapchat, allowing businesses to power the facts about them in Snapchat Context Cards and Organic Venue Geofilters directly from Yext. |
• | Named to the Best Workplaces in Technology list by Fortune Magazine and Great Place to Work®. |
• | First Quarter Fiscal 2020 Outlook: |
• | Revenue is projected to be $66.0 million to $67.0 million. This compares to $51.0 million of revenue from the first quarter of fiscal 2019, which reflects the adoption of ASC 606. |
• | Non-GAAP net loss per share is projected to be $0.09 to $0.11, which assumes 103.1 million weighted-average shares outstanding. This compares to a non-GAAP net loss per share of $0.10 from the first quarter of fiscal 2019, which reflects the adoption of ASC 606. |
• | Full Year Fiscal 2020 Outlook: |
• | Revenue is projected to be $295 million to $300 million. |
• | Non-GAAP net loss per share is projected to be $0.40 to $0.44, which assumes 105.9 million weighted-average shares outstanding. |
January 31, 2019 | January 31, 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 91,755 | $ | 34,367 | |||
Marketable securities | 51,021 | 83,974 | |||||
Accounts receivable, net of allowances of $256 and $231, respectively | 55,341 | 44,656 | |||||
Prepaid expenses and other current assets | 14,135 | 7,703 | |||||
Costs to obtain revenue contracts, current | 17,817 | 9,342 | |||||
Total current assets | 230,069 | 180,042 | |||||
Property and equipment, net | 11,077 | 11,438 | |||||
Goodwill | 4,660 | 4,924 | |||||
Intangible assets, net | 1,960 | 2,761 | |||||
Costs to obtain revenue contracts, non-current | 18,366 | 3,405 | |||||
Other long term assets | 996 | 919 | |||||
Total assets | $ | 267,128 | $ | 203,489 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable, accrued expenses and other current liabilities | $ | 42,651 | $ | 27,416 | |||
Unearned revenue, current | 135,544 | 89,474 | |||||
Deferred rent, current | 1,585 | 1,288 | |||||
Total current liabilities | 179,780 | 118,178 | |||||
Deferred rent, non-current | 1,607 | 3,213 | |||||
Other long term liabilities | 1,192 | 645 | |||||
Total liabilities | 182,579 | 122,036 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $0.001 par value per share; 50,000,000 shares authorized at January 31, 2019 and 2018, respectively; zero shares issued and outstanding at January 31, 2019 and 2018 | — | — | |||||
Common stock, $0.001 par value per share; 500,000,000 shares authorized at January 31, 2019 and 2018, respectively; 108,678,234 and 100,482,264 shares issued at January 31, 2019 and 2018, respectively; 102,172,900 and 93,976,930 shares outstanding at January 31, 2019 and 2018, respectively | 109 | 100 | |||||
Additional paid-in capital | 398,882 | 328,344 | |||||
Accumulated other comprehensive loss | (1,428 | ) | (1,636 | ) | |||
Accumulated deficit | (301,109 | ) | (233,450 | ) | |||
Treasury stock, at cost | (11,905 | ) | (11,905 | ) | |||
Total stockholders’ equity | 84,549 | 81,453 | |||||
Total liabilities and stockholders’ equity | $ | 267,128 | $ | 203,489 |
Three months ended January 31, | Fiscal year ended January 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue | $ | 63,759 | $ | 48,020 | $ | 228,283 | $ | 170,201 | |||||||
Cost of revenue | 15,641 | 12,208 | 57,413 | 44,095 | |||||||||||
Gross profit | 48,118 | 35,812 | 170,870 | 126,106 | |||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing | 41,006 | 35,089 | 158,845 | 126,980 | |||||||||||
Research and development | 9,228 | 7,250 | 36,098 | 25,687 | |||||||||||
General and administrative | 14,107 | 10,976 | 51,572 | 40,079 | |||||||||||
Total operating expenses | 64,341 | 53,315 | 246,515 | 192,746 | |||||||||||
Loss from operations | (16,223 | ) | (17,503 | ) | (75,645 | ) | (66,640 | ) | |||||||
Investment income | 372 | 394 | 1,485 | 1,135 | |||||||||||
Interest income (expense) | 74 | (85 | ) | 72 | (359 | ) | |||||||||
Other income (expense), net | 56 | 128 | (527 | ) | (539 | ) | |||||||||
Loss from operations before income taxes | (15,721 | ) | (17,066 | ) | (74,615 | ) | (66,403 | ) | |||||||
(Provision for) benefit from income taxes | 261 | 68 | (222 | ) | (162 | ) | |||||||||
Net loss | $ | (15,460 | ) | $ | (16,998 | ) | (74,837 | ) | $ | (66,565 | ) | ||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.15 | ) | $ | (0.18 | ) | $ | (0.76 | ) | $ | (0.85 | ) | |||
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted | 101,354,229 | 92,400,382 | 98,387,366 | 78,632,448 | |||||||||||
Other comprehensive income (loss): | |||||||||||||||
Foreign currency translation adjustment | $ | (97 | ) | $ | 82 | $ | (75 | ) | $ | 492 | |||||
Unrealized gain (loss) on marketable securities | 114 | (172 | ) | 280 | (320 | ) | |||||||||
Total comprehensive loss | $ | (15,443 | ) | $ | (17,088 | ) | $ | (74,632 | ) | $ | (66,393 | ) |
Fiscal year ended January 31, | |||||||
2019 | 2018 | ||||||
Operating activities: | |||||||
Net loss | $ | (74,837 | ) | $ | (66,565 | ) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 6,813 | 5,123 | |||||
Provision for bad debts | 492 | 478 | |||||
Stock-based compensation expense | 44,233 | 22,360 | |||||
Change in fair value of convertible preferred stock warrant liability | — | 491 | |||||
Deferred income taxes | (43 | ) | (129 | ) | |||
Amortization of deferred financing costs | 130 | 140 | |||||
Amortization of (discount) premium on marketable securities | (170 | ) | 156 | ||||
Gain on sale of marketable securities | — | (1 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (11,601 | ) | (17,036 | ) | |||
Prepaid expenses and other current assets | (6,745 | ) | (4,043 | ) | |||
Costs to obtain revenue contracts | (16,817 | ) | (4,420 | ) | |||
Other long term assets | 2 | (358 | ) | ||||
Accounts payable, accrued expenses and other current liabilities | 17,328 | 350 | |||||
Unearned revenue | 47,004 | 31,753 | |||||
Deferred rent | (1,291 | ) | (807 | ) | |||
Other long term liabilities | 742 | 99 | |||||
Net cash provided by (used in) operating activities | 5,240 | (32,409 | ) | ||||
Investing activities: | |||||||
Purchases of marketable securities | (52,916 | ) | (110,644 | ) | |||
Maturities of marketable securities | 86,320 | 20,154 | |||||
Sales of marketable securities | — | 6,041 | |||||
Capital expenditures | (5,270 | ) | (3,674 | ) | |||
Net cash provided by (used in) investing activities | 28,134 | (88,123 | ) | ||||
Financing activities: | |||||||
Proceeds from initial public offering, net of underwriting discounts and commissions | — | 123,527 | |||||
Payments of deferred offering costs | — | (4,263 | ) | ||||
Proceeds from exercise of stock options | 18,880 | 11,610 | |||||
Proceeds from exercise of warrants | — | 79 | |||||
Repayments on Revolving Line | — | (5,000 | ) | ||||
Payments of deferred financing costs | (159 | ) | (99 | ) | |||
Proceeds, net from employee stock purchase plan withholdings | 5,663 | 3,750 | |||||
Net cash provided by financing activities | 24,384 | 129,604 | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (370 | ) | 375 | ||||
Net increase in cash, cash equivalents and restricted cash | 57,388 | 9,447 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 34,367 | 24,920 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 91,755 | $ | 34,367 |
Three months ended January 31, 2019 | |||||||||||
GAAP | Stock-Based Compensation Expense | Non-GAAP | |||||||||
Cost and expenses: | |||||||||||
Cost of revenue | $ | 15,641 | $ | (883 | ) | $ | 14,758 | ||||
Gross profit | $ | 48,118 | $ | 883 | $ | 49,001 | |||||
Sales and marketing | $ | 41,006 | $ | (6,189 | ) | $ | 34,817 | ||||
Research and development | $ | 9,228 | $ | (2,464 | ) | $ | 6,764 | ||||
General and administrative | $ | 14,107 | $ | (2,754 | ) | $ | 11,353 | ||||
Loss from operations | $ | (16,223 | ) | $ | 12,290 | $ | (3,933 | ) | |||
Net loss | $ | (15,460 | ) | $ | 12,290 | $ | (3,170 | ) | |||
Net loss margin | (24 | )% | 19 | % | (5 | )% |
Three months ended January 31, 2018 | |||||||||||
GAAP | Stock-Based Compensation Expense | Non-GAAP | |||||||||
Cost and expenses: | |||||||||||
Cost of revenue | $ | 12,208 | $ | (512 | ) | $ | 11,696 | ||||
Gross profit | $ | 35,812 | $ | 512 | $ | 36,324 | |||||
Sales and marketing | $ | 35,089 | $ | (3,644 | ) | $ | 31,445 | ||||
Research and development | $ | 7,250 | $ | (1,323 | ) | $ | 5,927 | ||||
General and administrative | $ | 10,976 | $ | (1,879 | ) | $ | 9,097 | ||||
Loss from operations | $ | (17,503 | ) | $ | 7,358 | $ | (10,145 | ) | |||
Net loss | $ | (16,998 | ) | $ | 7,358 | $ | (9,640 | ) | |||
Net loss margin | (35 | )% | 15 | % | (20 | )% |
Fiscal year ended January 31, 2019 | |||||||||||
GAAP | Stock-Based Compensation Expense | Non-GAAP | |||||||||
Cost and expenses: | |||||||||||
Cost of revenue | $ | 57,413 | $ | (2,915 | ) | $ | 54,498 | ||||
Gross profit | $ | 170,870 | $ | 2,915 | $ | 173,785 | |||||
Sales and marketing | $ | 158,845 | $ | (22,519 | ) | $ | 136,326 | ||||
Research and development | $ | 36,098 | $ | (8,475 | ) | $ | 27,623 | ||||
General and administrative | $ | 51,572 | $ | (10,324 | ) | $ | 41,248 | ||||
Loss from operations | $ | (75,645 | ) | $ | 44,233 | $ | (31,412 | ) | |||
Net loss | $ | (74,837 | ) | $ | 44,233 | $ | (30,604 | ) | |||
Net loss margin | (33 | )% | 20 | % | (13 | )% |
Fiscal year ended January 31, 2018 | |||||||||||
GAAP | Stock-Based Compensation Expense | Non-GAAP | |||||||||
Cost and expenses: | |||||||||||
Cost of revenue | $ | 44,095 | $ | (1,459 | ) | $ | 42,636 | ||||
Gross profit | $ | 126,106 | $ | 1,459 | $ | 127,565 | |||||
Sales and marketing | $ | 126,980 | $ | (11,121 | ) | $ | 115,859 | ||||
Research and development | $ | 25,687 | $ | (3,756 | ) | $ | 21,931 | ||||
General and administrative | $ | 40,079 | $ | (6,024 | ) | $ | 34,055 | ||||
Loss from operations | $ | (66,640 | ) | $ | 22,360 | $ | (44,280 | ) | |||
Net loss | $ | (66,565 | ) | $ | 22,360 | $ | (44,205 | ) | |||
Net loss margin | (39 | )% | 13 | % | (26 | )% |
Three months ended January 31, | |||||||
2019 | 2018 | ||||||
Net loss | $ | (15,460 | ) | $ | (16,998 | ) | |
Stock-based compensation expense | 12,290 | 7,358 | |||||
Non-GAAP net loss | $ | (3,170 | ) | $ | (9,640 | ) | |
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.15 | ) | $ | (0.18 | ) | |
Stock-based compensation expense per share | 0.12 | 0.08 | |||||
Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ | (0.03 | ) | $ | (0.10 | ) | |
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted | 101,354,229 | 92,400,382 |
Fiscal year ended January 31, | |||||||
2019 | 2018 | ||||||
Net loss | $ | (74,837 | ) | $ | (66,565 | ) | |
Stock-based compensation expense | 44,233 | 22,360 | |||||
Non-GAAP net loss | $ | (30,604 | ) | $ | (44,205 | ) | |
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.76 | ) | $ | (0.85 | ) | |
Stock-based compensation expense per share | 0.45 | 0.28 | |||||
Non-GAAP unweighted adjustment | — | 0.10 | |||||
Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ | (0.31 | ) | $ | (0.47 | ) | |
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted | 98,387,366 | 78,632,448 | |||||
Non-GAAP unweighted adjustment | — | 15,344,482 | |||||
Non-GAAP number of shares outstanding in computing non-GAAP net loss per share attributable to common stockholders, basic and diluted | 98,387,366 | 93,976,930 |
Three months ended January 31, | |||||||
2019 | 2018 | ||||||
Net cash provided by (used in): | |||||||
Net loss | $ | (15,460 | ) | $ | (16,998 | ) | |
Adjustments to net loss for non-cash items | 14,199 | 8,854 | |||||
Changes in operating assets and liabilities | 32,081 | 6,065 | |||||
Operating activities | 30,820 | (2,079 | ) | ||||
Investing activities | 26,951 | 7,238 | |||||
Financing activities | 5,552 | 7,950 | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 95 | 146 | |||||
Net increase in cash, cash equivalents and restricted cash | 63,418 | 13,255 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 28,337 | 21,112 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 91,755 | $ | 34,367 |
As reported (ASC 606) | |||||||||||||||
Three months ended | |||||||||||||||
Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | ||||||||||||
Revenue | $ | 63,759 | $ | 58,613 | $ | 54,923 | $ | 50,988 | |||||||
Cost of revenue | 15,641 | 14,886 | 14,086 | 12,800 | |||||||||||
Gross profit | 48,118 | 43,727 | 40,837 | 38,188 | |||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing | 41,006 | 43,714 | 38,298 | 35,827 | |||||||||||
Research and development | 9,228 | 9,158 | 9,983 | 7,729 | |||||||||||
General and administrative | 14,107 | 13,867 | 12,060 | 11,538 | |||||||||||
Total operating expenses | 64,341 | 66,739 | 60,341 | 55,094 | |||||||||||
Loss from operations | (16,223 | ) | (23,012 | ) | (19,504 | ) | (16,906 | ) | |||||||
Investment income | 372 | 350 | 376 | 387 | |||||||||||
Interest income (expense) | 74 | 74 | (9 | ) | (67 | ) | |||||||||
Other income (expense), net | 56 | (194 | ) | (219 | ) | (170 | ) | ||||||||
Loss from operations before income taxes | (15,721 | ) | (22,782 | ) | (19,356 | ) | (16,756 | ) | |||||||
(Provision for) benefit from income taxes | 261 | (158 | ) | (40 | ) | (285 | ) | ||||||||
Net loss | (15,460 | ) | (22,940 | ) | (19,396 | ) | (17,041 | ) | |||||||
Stock-based compensation expense | 12,290 | 12,922 | 11,028 | 7,993 | |||||||||||
Non-GAAP net loss | $ | (3,170 | ) | $ | (10,018 | ) | $ | (8,368 | ) | $ | (9,048 | ) | |||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.15 | ) | $ | (0.23 | ) | $ | (0.20 | ) | $ | (0.18 | ) | |||
Stock-based compensation expense per share | $ | 0.12 | $ | 0.13 | $ | 0.11 | $ | 0.08 | |||||||
Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ | (0.03 | ) | $ | (0.10 | ) | $ | (0.09 | ) | $ | (0.10 | ) | |||
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted | 101,354,229 | 99,628,479 | 97,511,660 | 94,942,773 |
As of January 31, 2019 | ||||||||||||
Without Adoption (ASC 605) | Impacts from Adoption | As Reported (ASC 606) | ||||||||||
Assets | ||||||||||||
Accounts receivable, net | $ | 56,222 | $ | (881 | ) | $ | 55,341 | |||||
Costs capitalized to obtain revenue contracts, current | 15,082 | 2,735 | 17,817 | |||||||||
Costs capitalized to obtain revenue contracts, non current | 4,699 | 13,667 | 18,366 | |||||||||
Liabilities | ||||||||||||
Accounts payable, accrued expenses and other current liabilities | 41,508 | 1,143 | 42,651 | |||||||||
Unearned revenue, current | 137,418 | (1,874 | ) | 135,544 | ||||||||
Stockholders' equity | ||||||||||||
Accumulated other comprehensive loss | (1,442 | ) | 14 | (1,428 | ) | |||||||
Accumulated deficit | $ | (317,347 | ) | $ | 16,238 | $ | (301,109 | ) |
Fiscal year ended January 31, 2019 | ||||||||||||
Without Adoption (ASC 605) | Impacts from Adoption | As Reported (ASC 606) | ||||||||||
Revenue | $ | 228,751 | $ | (468 | ) | $ | 228,283 | |||||
Cost of revenue | 57,413 | — | 57,413 | |||||||||
Gross profit | 171,338 | (468 | ) | 170,870 | ||||||||
Operating expenses: | ||||||||||||
Sales and marketing | 168,372 | (9,527 | ) | 158,845 | ||||||||
Research and development | 36,098 | — | 36,098 | |||||||||
General and administrative | 51,572 | — | 51,572 | |||||||||
Total operating expenses | 256,042 | (9,527 | ) | 246,515 | ||||||||
Loss from operations | (84,704 | ) | 9,059 | (75,645 | ) | |||||||
Investment income | 1,485 | — | 1,485 | |||||||||
Interest income | 72 | — | 72 | |||||||||
Other expense, net | (527 | ) | — | (527 | ) | |||||||
Loss from operations before income taxes | (83,674 | ) | 9,059 | (74,615 | ) | |||||||
(Provision for) benefit from income taxes | (222 | ) | — | (222 | ) | |||||||
Net loss | (83,896 | ) | 9,059 | (74,837 | ) | |||||||
Stock-based compensation expense | 44,233 | — | 44,233 | |||||||||
Non-GAAP net loss | $ | (39,663 | ) | $ | 9,059 | $ | (30,604 | ) | ||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.85 | ) | $ | 0.09 | $ | (0.76 | ) | ||||
Stock-based compensation expense per share | 0.45 | — | 0.45 | |||||||||
Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ | (0.40 | ) | $ | 0.09 | $ | (0.31 | ) | ||||
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted | 98,387,366 | 98,387,366 |
Three months ended January 31, 2019 | ||||||||||||
Without Adoption (ASC 605) | Impacts from Adoption | As Reported (ASC 606) | ||||||||||
Revenue | $ | 63,818 | $ | (59 | ) | $ | 63,759 | |||||
Cost of revenue | 15,641 | — | 15,641 | |||||||||
Gross profit | 48,177 | (59 | ) | 48,118 | ||||||||
Operating expenses: | ||||||||||||
Sales and marketing | 45,503 | (4,497 | ) | 41,006 | ||||||||
Research and development | 9,228 | — | 9,228 | |||||||||
General and administrative | 14,107 | — | 14,107 | |||||||||
Total operating expenses | 68,838 | (4,497 | ) | 64,341 | ||||||||
Loss from operations | (20,661 | ) | 4,438 | (16,223 | ) | |||||||
Investment income | 372 | — | 372 | |||||||||
Interest income | 74 | — | 74 | |||||||||
Other income, net | 56 | — | 56 | |||||||||
Loss from operations before income taxes | (20,159 | ) | 4,438 | (15,721 | ) | |||||||
(Provision for) benefit from income taxes | 261 | — | 261 | |||||||||
Net loss | (19,898 | ) | 4,438 | (15,460 | ) | |||||||
Stock-based compensation expense | 12,290 | — | 12,290 | |||||||||
Non-GAAP net loss | $ | (7,608 | ) | $ | 4,438 | $ | (3,170 | ) | ||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.20 | ) | $ | 0.05 | $ | (0.15 | ) | ||||
Stock-based compensation expense per share | 0.12 | — | 0.12 | |||||||||
Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ | (0.08 | ) | $ | 0.05 | $ | (0.03 | ) | ||||
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted | 101,354,229 | 101,354,229 |
Three months ended October 31, 2018 | ||||||||||||
Without Adoption (ASC 605) | Impacts from Adoption | As Reported (ASC 606) | ||||||||||
Revenue | $ | 58,742 | $ | (129 | ) | $ | 58,613 | |||||
Cost of revenue | 14,886 | — | 14,886 | |||||||||
Gross profit | 43,856 | (129 | ) | 43,727 | ||||||||
Operating expenses: | ||||||||||||
Sales and marketing | 45,669 | (1,955 | ) | 43,714 | ||||||||
Research and development | 9,158 | — | 9,158 | |||||||||
General and administrative | 13,867 | — | 13,867 | |||||||||
Total operating expenses | 68,694 | (1,955 | ) | 66,739 | ||||||||
Loss from operations | (24,838 | ) | 1,826 | (23,012 | ) | |||||||
Investment income | 350 | — | 350 | |||||||||
Interest income | 74 | — | 74 | |||||||||
Other expense, net | (194 | ) | — | (194 | ) | |||||||
Loss from operations before income taxes | (24,608 | ) | 1,826 | (22,782 | ) | |||||||
(Provision for) benefit from income taxes | (158 | ) | — | (158 | ) | |||||||
Net loss | (24,766 | ) | 1,826 | (22,940 | ) | |||||||
Stock-based compensation expense | 12,922 | — | 12,922 | |||||||||
Non-GAAP net loss | $ | (11,844 | ) | $ | 1,826 | $ | (10,018 | ) | ||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.25 | ) | $ | 0.02 | $ | (0.23 | ) | ||||
Stock-based compensation expense per share | 0.13 | — | 0.13 | |||||||||
Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ | (0.12 | ) | $ | 0.02 | $ | (0.10 | ) | ||||
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted | 99,628,479 | 99,628,479 |
Three months ended July 31, 2018 | ||||||||||||
Without Adoption (ASC 605) | Impacts from Adoption | As Reported (ASC 606) | ||||||||||
Revenue | $ | 55,096 | $ | (173 | ) | $ | 54,923 | |||||
Cost of revenue | 14,086 | — | 14,086 | |||||||||
Gross profit | 41,010 | (173 | ) | 40,837 | ||||||||
Operating expenses: | ||||||||||||
Sales and marketing | 40,171 | (1,873 | ) | 38,298 | ||||||||
Research and development | 9,983 | — | 9,983 | |||||||||
General and administrative | 12,060 | — | 12,060 | |||||||||
Total operating expenses | 62,214 | (1,873 | ) | 60,341 | ||||||||
Loss from operations | (21,204 | ) | 1,700 | (19,504 | ) | |||||||
Investment income | 376 | — | 376 | |||||||||
Interest expense | (9 | ) | — | (9 | ) | |||||||
Other expense, net | (219 | ) | — | (219 | ) | |||||||
Loss from operations before income taxes | (21,056 | ) | 1,700 | (19,356 | ) | |||||||
(Provision for) benefit from income taxes | (40 | ) | — | (40 | ) | |||||||
Net loss | (21,096 | ) | 1,700 | (19,396 | ) | |||||||
Stock-based compensation expense | 11,028 | — | 11,028 | |||||||||
Non-GAAP net loss | $ | (10,068 | ) | $ | 1,700 | $ | (8,368 | ) | ||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.22 | ) | $ | 0.02 | $ | (0.20 | ) | ||||
Stock-based compensation expense per share and rounding | 0.12 | (0.01 | ) | 0.11 | ||||||||
Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ | (0.10 | ) | $ | 0.01 | $ | (0.09 | ) | ||||
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted | 97,511,660 | 97,511,660 |
Three months ended April 30, 2018 | ||||||||||||
Without Adoption (ASC 605) | Impacts from Adoption | As Reported (ASC 606) | ||||||||||
Revenue | $ | 51,095 | $ | (107 | ) | $ | 50,988 | |||||
Cost of revenue | 12,800 | — | 12,800 | |||||||||
Gross profit | 38,295 | (107 | ) | 38,188 | ||||||||
Operating expenses: | ||||||||||||
Sales and marketing | 37,029 | (1,202 | ) | 35,827 | ||||||||
Research and development | 7,729 | — | 7,729 | |||||||||
General and administrative | 11,538 | — | 11,538 | |||||||||
Total operating expenses | 56,296 | (1,202 | ) | 55,094 | ||||||||
Loss from operations | (18,001 | ) | 1,095 | (16,906 | ) | |||||||
Investment income | 387 | — | 387 | |||||||||
Interest expense | (67 | ) | — | (67 | ) | |||||||
Other expense, net | (170 | ) | — | (170 | ) | |||||||
Loss from operations before income taxes | (17,851 | ) | 1,095 | (16,756 | ) | |||||||
(Provision for) benefit from income taxes | (285 | ) | — | (285 | ) | |||||||
Net loss | (18,136 | ) | 1,095 | (17,041 | ) | |||||||
Stock-based compensation expense | 7,993 | — | 7,993 | |||||||||
Non-GAAP net loss | $ | (10,143 | ) | $ | 1,095 | $ | (9,048 | ) | ||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.19 | ) | $ | 0.01 | $ | (0.18 | ) | ||||
Stock-based compensation expense per share | 0.08 | — | 0.08 | |||||||||
Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ | (0.11 | ) | $ | 0.01 | $ | (0.10 | ) | ||||
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted | 94,942,773 | 94,942,773 |