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Item 5. Market for Registrant’s Common Equity

2021-03-31 compared with 2020-03-27 · 0 added, 64 removed, 20 unchanged (76% of the section changed)

18 unchanged sentences

Use of Proceeds

On May 1, 2018, we completed our IPO, in which we issued and sold 19.3 million shares of common stock at a price to the public of $29.00 per share, including 3.3 million shares of common stock purchased by the underwriters upon the full exercise of their over-allotment option and excluding shares of common stock sold in our IPO by certain of our existing stockholders.

The offer and sale of all of the shares in our IPO were registered under the Securities Act pursuant to a registration statement on Form S-1 (File No.

333-223990) ("IPO Registration Statement"), which was declared effective by the SEC on April 26, 2018.

There has been no material change in the planned use of our net IPO proceeds as described in our Prospectus.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

SELECTED FINANCIAL DATA

The following tables present selected historical consolidated financial data for the periods indicated.

The selected consolidated statement of operations data for the years ended January 31, 2020, 2019 and 2018, and the selected consolidated

balance sheet data as of January 31, 2020 and 2019, have been derived from our audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K.

The selected consolidated statement of operations data for the year ended January 31, 2017, and the selected consolidated balance sheet data as of January 31, 2018 and 2017, have been derived from our audited consolidated financial statements that are not included in this Annual Report on Form 10-K.

You should read the following selected consolidated financial data in conjunction with our consolidated financial statements and the accompanying notes and the information in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained elsewhere in this Annual Report on Form 10-K.

Our historical results are not necessarily indicative of the results that may be expected for any other period in the future.

Consolidated Statements of Operations Data:

Year Ended January 31,

(in thousands, except per share data) 2020 2019 2018 2017 2016

Subscription $ 918,463 $ 663,657 $ 484,581 $ 348,563 $ 229,127

Professional services and other 55,508 37,312 33,923 32,896 21,354

Total revenue 973,971 700,969 518,504 381,459 250,481

Cost of revenue:

Subscription (1)

163,931 117,764 83,834 73,363 48,656

Professional services and other (1)

79,303 74,657 34,439 29,114 25,199

Total cost of revenue 243,234 192,421 118,273 102,477 73,855

Gross profit 730,737 508,548 400,231 278,982 176,626

Operating expenses:

Sales and marketing (1)

591,379 539,606 277,930 240,787 170,006

Research and development (1)

185,552 185,968 92,428 89,652 62,255

General and administrative (1)

147,315 209,297 81,526 64,360 63,669

Total operating expenses 924,246 934,871 451,884 394,799 295,930

Loss from operations (193,509) (426,323) (51,653) (115,817) (119,304)

Interest expense (29,254) (10,844) (624) (611) (780)

Interest income and other income (expense), net 19,207 8,959 3,135 1,372 (3,508)

Loss before provision for (benefit from) income taxes (203,556) (428,208) (49,142) (115,056) (123,592)

Provision for (benefit from) income taxes 4,803 (1,750) 3,134 356 (1,033)

Net loss $ (208,359) $ (426,458) $ (52,276) $ (115,412) $ (122,559)

Net loss per share attributable to common stockholders, basic and diluted $ (1.18) $ (3.16) $ (1.66) $ (4.17) $ (4.76)

Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted 176,704 135,163 32,294 28,020 26,052

(1) Includes stock-based compensation and amortization of intangibles as follows:

Year Ended January 31,

(in thousands, except per share data) 2020 2019 2018 2017 2016

Stock-based compensation:

Cost of revenue—subscription $ 12,882 $ 16,182 $ 911 $ 1,190 $ 1,074

Cost of revenue—professional services and other 15,703 25,858 976 1,021 1,297

Sales and marketing 94,863 172,115 9,386 11,187 10,617

Research and development 43,211 74,108 4,896 10,161 8,221

General and administrative 39,745 122,715 13,578 11,884 11,455

Amortization of intangibles:

Cost of revenue—subscription 5,704 6,081 6,793 6,940 4,030

Sales and marketing 12,013 7,021 3,250 3,385 1,965

In the year ended January 31, 2019, we recognized $262.8 million of stock-based compensation expense related to RSUs, for which the performance-based condition was satisfied on April 26, 2018, the effective date of our IPO Registration Statement.

Consolidated Balance Sheet Data

(in thousands) 2020 2019 2018 2017 2016

Cash, cash equivalents and investments $ 895,871 $ 933,234 $ 256,867 $ 190,556 $ 228,523

Working capital 249,925 468,208 44,976 44,250 132,486

Total assets 1,891,138 1,615,417 619,973 499,638 486,487

Contract liabilities, current and non-current 519,038 388,772 277,924 190,151 130,713

Convertible senior notes, net 465,321 438,932 — — —

Redeemable convertible preferred stock — — 547,501 546,040 544,584

Accumulated deficit (1,137,185) (928,778) (502,320) (450,044) (334,632)

Total stockholders’ equity (deficit) 546,327 614,362 (338,648) (347,355) (276,145)

Year ended January 31, 2019 reflects the acquisition of SpringCM for $218.8 million.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity