Company Quick10K Filing
C2C Crowdfunding
Price53.46 EPS-1
Shares204 P/E-96
MCap10,911 P/FCF272
Net Debt-744 EBIT-111
TEV10,167 TEV/EBIT-91
TTM 2019-10-31, in MM, except price, ratios
10-Q 2020-10-31 Filed 2020-12-03
10-Q 2020-07-31 Filed 2020-09-03
10-Q 2020-04-30 Filed 2020-06-03
10-K 2020-01-31 Filed 2020-03-23
10-Q 2019-10-31 Filed 2019-12-06
10-Q 2019-07-31 Filed 2019-09-06
S-1 2019-05-14 Public Filing
10-Q 2019-04-30 Filed 2019-07-19
8-K 2021-02-18 Other Events
8-K 2021-01-20 Enter Agreement, Other Events, Exhibits
8-K 2021-01-04 Enter Agreement, Exhibits
8-K 2020-12-02 Earnings, Exhibits
8-K 2020-11-30 Officers
8-K 2020-09-23
8-K 2020-09-02
8-K 2020-07-06
8-K 2020-06-18
8-K 2020-06-02
8-K 2020-04-09
8-K 2020-03-19
8-K 2019-12-05
8-K 2019-09-05
8-K 2019-07-18
8-K 2019-06-14

CRWD 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Shares of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 crwd-20201031xexx311.htm
EX-31.2 crwd-20201031xexx312.htm
EX-32.1 crwd-20201031xexx321.htm

C2C Crowdfunding Earnings 2020-10-31

Balance SheetIncome StatementCash Flow
1.30.90.60.2-0.1-0.52018201820192020
Assets, Equity
0.20.10.10.0-0.0-0.12018201820192020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12018201820192020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________________________________________________________________________________
FORM 10-Q
___________________________________________________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-38933
___________________________________________________________________________________________________
CROWDSTRIKE HOLDINGS, INC.
(Exact Name of Registrant as Specified in Its Charter)
___________________________________________________________________________________________________
Delaware45-3788918
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
150 Mathilda Place, Suite 300, Sunnyvale, California 94086
(Address of principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class of securitiesTrading symbol(s)Name of each national exchange and
principal U.S. market for the securities
Class A common stock, par value $0.0005 per shareCRWDThe Nasdaq Stock Market LLC
(Nasdaq Global Select Market)

__________________________________________________________________________________________________
Registrant’s telephone number, including area code: (888512-8906
___________________________________________________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      ☑  No     
Indicate by check mark whether the registrant has submitted electronically every interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files) Yes        No    
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-accelerated FilerSmaller reporting company
(Do not check if a smaller reporting company)Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes       No    
As of November 30, 2020, the number of shares of the registrant’s Class A common stock outstanding was 188,279,983, and the number of shares of the registrant’s Class B common stock outstanding was 32,983,756.



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CROWDSTRIKE HOLDINGS, INC.
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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements.
These forward-looking statements include, but are not limited to, statements concerning the following:
the impact of the COVID-19 pandemic on our operations, financial results, and liquidity and capital resources, including on customers, sales, expenses, and employees;
our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin, operating expenses (including changes in sales and marketing, research and development, and general and administrative expenses), and our ability to achieve, and maintain, future profitability;
market acceptance of our cloud platform;
the effects of increased competition in our markets and our ability to compete effectively;
our ability to maintain the security and availability of our cloud platform;
our ability to maintain and expand our customer base, including by attracting new customers;
our ability to develop new solutions, or enhancements to our existing solutions, and bring them to market in a timely manner;
anticipated trends, growth rates and challenges in our business and in the markets in which we operate;
our business plan and our ability to effectively manage our growth and associated investments;
beliefs and objectives for future operations;
our relationships with third parties, including channel partners and technology alliance partners;
our ability to maintain, protect and enhance our intellectual property rights;
our ability to successfully defend litigation brought against us;
our ability to successfully expand in our existing markets and into new markets;
sufficiency of cash and cash equivalents to meet cash needs for at least the next 12 months;
our ability to expand internationally;
our ability to comply with laws and regulations that currently apply or become applicable to our business both in the United States and internationally;
our ability to develop, maintain, and improve our internal control over financial reporting;

our ability to successfully close and integrate acquisitions to contribute to our growth objectives; and
the attraction and retention of qualified employees and key personnel.
These statements are based on our current plans, estimates and projections in light of information currently available to us. These forward-looking statements may be affected by risks, uncertainties and other factors discussed elsewhere in this Quarterly Report on Form 10-Q, including under “Risk Factors.” Furthermore, new risks and uncertainties emerge from time to time, and it is impossible for us to predict all risks and uncertainties or how they may affect us. If any of these risks or uncertainties occurs, our business, revenue and financial results could be harmed, and the trading price of our Class A common stock could decline. Forward-looking statements made in this Quarterly Report on Form 10-Q speak only as of the date on which such statements are made, and we undertake no obligation to update them in light of new information or future events, except as required by law.
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We intend to announce material information to the public through the CrowdStrike Investor Relations website ir.crowdstrike.com, SEC filings, press releases, public conference calls, and public webcasts. We use these channels, as well as social media and our blog, to communicate with our investors, customers, and the public about our company, our offerings, and other issues. It is possible that the information we post on social media and our blog could be deemed to be material information. As such, we encourage investors, the media, and others to follow the channels listed above, including the social media channels listed on our investor relations website, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website.

SUMMARY OF RISK FACTORS

Our business is subject to numerous risks and uncertainties, any one of which could materially adversely affect our business, results of operations, financial condition and growth prospects. Below is a summary of some of these risks. This summary is not complete, and should be read together with the section titled “Risk Factors” in this Quarterly Report on Form
10-Q, as well as the other information in this Quarterly Report on Form 10-Q and the other filings that we make with the SEC.

The COVID-19 pandemic could adversely affect global economic conditions and our business, operating results and future revenue.

We have experienced rapid growth in recent periods, and if we do not manage our future growth, our business and results of operations will be adversely affected.

We have a history of losses and may not be able to achieve or sustain profitability in the future.

Our limited operating history makes it difficult to evaluate our current business and future prospects, and may increase the risk of your investment.

If organizations do not adopt cloud-based SaaS-delivered endpoint security solutions, our ability to grow our business and results of operations may be adversely affected.

If we are unable to attract new customers, our future results of operations could be harmed.

If our customers do not renew their subscriptions for our products and add additional cloud modules to their subscriptions, our future results of operations could be harmed.

We face intense competition and could lose market share to our competitors, which could adversely affect our business, financial condition, and results of operations.

If our solutions fail or are perceived to fail to detect or prevent incidents or have or are perceived to have defects, errors, or vulnerabilities, our brand and reputation would be harmed, which would adversely affect our business and results of operations.

As a cybersecurity provider, we have been, and expect to continue to be, a target of cyberattacks. If our internal networks, systems, or data are or are perceived to have been breached, our reputation may be damaged and our financial results may be negatively affected.

Our business is focused on cloud-based data analytics, and cybersecurity, privacy, and other regulations may affect how we collect and process certain types of data.

We rely on third-party data centers, such as Amazon Web Services, and our own colocation data centers, to host and operate our Falcon platform, and any disruption of or interference with our use of these facilities may negatively affect our ability to maintain the performance and reliability of our Falcon platform, which could cause our business to suffer.

If we do not effectively expand and train our direct sales force, we may be unable to add new customers or increase sales to our existing customers, and our business will be adversely affected.

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Our results of operations may fluctuate significantly, which could make our future results difficult to predict and could cause our results of operations to fall below expectations.

Claims by others that we infringe their proprietary technology or other intellectual property rights could result in significant costs and substantially harm our business, financial condition, results of operations, and prospects.



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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CrowdStrike Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
October 31,January 31,
20202020
Assets
Current assets:
Cash and cash equivalents$1,059,926 $264,798 
Marketable securities 647,266 
Accounts receivable, net of allowance for doubtful accounts of $1.1 million as of October 31, 2020 and January 31, 2020
172,775 164,987 
Deferred contract acquisition costs, current62,422 42,971 
Prepaid expenses and other current assets45,673 51,614 
Total current assets1,340,796 1,171,636 
Strategic investments2,500 1,000 
Property and equipment, net162,371 136,078 
Operating lease right-of-use assets38,376  
Deferred contract acquisition costs, noncurrent91,585 71,235 
Goodwill83,132 7,722 
Intangible assets, net16,356 527 
Other assets14,393 16,708 
Total assets$1,749,509 $1,404,906 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable7,494 1,345 
Accrued expenses39,975 30,355 
Accrued payroll and benefits56,468 36,810 
Operating lease liabilities, current8,646  
Deferred revenue579,671 412,985 
Other current liabilities9,785 11,601 
Total current liabilities702,039 493,096 
Deferred revenue, noncurrent183,003 158,183 
Operating lease liabilities, noncurrent34,006  
Other liabilities, noncurrent15,676 11,020 
Total liabilities934,724 662,299 
Commitments and contingencies (Note 11)
Stockholders’ Equity
Preferred stock, $0.0005 par value; 100,000 shares authorized as of October 31, 2020 and January 31, 2020; no shares issued and outstanding as of October 31, 2020 and January 31, 2020
  
Class A common stock, $0.0005 par value; 2,000,000 shares authorized as of October 31, 2020 and January 31, 2020, respectively; 187,701 shares and 107,666 shares issued and outstanding as of October 31, 2020 and January 31, 2020, respectively; Class B common stock, $0.0005 par value; 300,000 shares authorized as of October 31, 2020 and January 31, 2020, respectively; 33,253 shares and 105,282 shares issued and outstanding as of October 31, 2020 and January 31, 2020, respectively
111 106 
Additional paid-in capital1,523,873 1,378,479 
Accumulated deficit(711,114)(637,487)
Accumulated other comprehensive income 615 1,009 
Total CrowdStrike Holdings, Inc. stockholders’ equity 813,485 742,107 
Non-controlling interest1,300 500 
Total stockholders’ equity 814,785 742,607 
Total liabilities and stockholders’ equity $1,749,509 $1,404,906 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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CrowdStrike Holdings, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

Three Months Ended October 31,Nine Months Ended October 31,
2020201920202019
Revenue
Subscription$213,530 $114,221 $560,008 $297,787 
Professional services18,930 10,898 49,501 31,517 
Total revenue232,460 125,119 609,509 329,304 
Cost of revenue
Subscription49,583 29,221 130,864 77,858 
Professional services11,944 8,134 31,949 20,353 
Total cost of revenue61,527 37,355 162,813 98,211 
Gross profit170,933 87,764 446,696 231,093 
Operating expenses
Sales and marketing105,602 68,675 288,867 190,792 
Research and development57,539 35,992 148,600 91,497 
General and administrative31,951 21,615 85,955 63,737 
Total operating expenses195,092 126,282 523,422 346,026 
Loss from operations(24,159)(38,518)(76,726)(114,933)
Interest expense(193)(132)(510)(297)
Other income, net272 3,579 5,537 3,523 
Loss before provision for income taxes(24,080)(35,071)(71,699)(111,707)
Provision for income taxes(451)(434)(1,928)(1,664)
Net loss$(24,531)$(35,505)$(73,627)$(113,371)
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted$(0.11)$(0.17)$(0.34)$(0.89)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted219,401 204,096 216,432 128,009 
The accompanying notes are an integral part of these condensed consolidated financial statements.



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CrowdStrike Holdings, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(in thousands)
(unaudited)

Three Months Ended October 31,Nine Months Ended October 31,
2020201920202019
Net loss$(24,531)$(35,505)$(73,627)$(113,371)
Other comprehensive income (loss):
Foreign currency translation adjustments(500)410 926 (213)
Reversal of unrealized gain upon sale of debt securities  (1,320) 
Unrealized loss on available-for-sale securities, net of tax 22  17 
Other comprehensive income (loss)(500)432 (394)(196)
Total comprehensive loss$(25,031)$(35,073)$(74,021)$(113,567)
The accompanying notes are an integral part of these condensed consolidated financial statements.
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CrowdStrike Holdings, Inc.
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity
Three Months Ended October 31, 2020 and 2019
(in thousands)
(unaudited)

Redeemable Convertible Preferred StockCommon StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income
Non-controlling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmount
Balances at July 31, 2020 $ 219,194 $110 $1,476,323 $(686,583)$1,115 $1,050 $792,015 
Issuance of common stock upon exercise of options— — 1,277 1 4,920 — — — 4,921 
Issuance of common stock under RSU release— — 483  — — — —  
Vesting of early exercised options— — — — 799 — — — 799 
Stock-based compensation expense— — — — 40,532 — — — 40,532 
Capitalized stock-based compensation— — — — 986 — — — 986 
Fair value of replacement equity awards attributable to pre-acquisition service— — — — 313 — — — 313 
Net loss— — — — — (24,531)— — (24,531)
Non-controlling interest— — — — — — — 250 250 
Other comprehensive loss— — — — — — (500)— (500)
Balances at October 31, 2020 $ 220,954 $111 $1,523,873 $(711,114)$615 $1,300 $814,785 


Redeemable
Convertible
Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
SharesAmountSharesAmount
Balances at July 31, 2019 $ 205,193 $103 $1,302,098 $(573,574)$(530)$728,097 
Issuance of common stock upon exercise of options— — 286 — 824 — — 824 
Vesting of early exercised options— — — — 962 — — 962 
Stock-based compensation expense— — — — 21,966 — — 21,966 
Capitalized stock-based compensation — — — — 266 — — 266 
Net loss— — — — — (35,505)— (35,505)
Other comprehensive income— — — — — — 432 432 
Balances at October 31, 2019 $ 205,479 $103 $1,326,116 $(609,079)$(98)$717,042 

The accompanying notes are an integral part of these condensed consolidated financial statements.




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CrowdStrike Holdings, Inc.
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Nine Months Ended October 31, 2020 and 2019
(in thousands)
(unaudited)

Redeemable Convertible Preferred StockCommon StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeNon-controlling InterestTotal Stockholders’ Equity
SharesAmountSharesAmount
Balances at January 31, 2020 $ 212,948 $106 $1,378,479 $(637,487)$1,009 $500 $742,607 
Issuance of common stock upon exercise of options— — 5,966 5 21,517 — — — 21,522 
Issuance of common stock under RSU release— — 1,475  — — — —  
Issuance of common stock under employee stock purchase plan— — 565 — 17,284 — — — 17,284 
Vesting of early exercised options— — — — 2,521 — — — 2,521 
Stock-based compensation expense— — — — 101,883 — — — 101,883 
Capitalized stock-based compensation— — — — 1,876 — — — 1,876 
Fair value of replacement equity awards attributable to pre-acquisition service— — — — 313 — — 313 
Net loss— — — — — (73,627)— — (73,627)
Non-controlling interest— — — — — — 800 800 
Other comprehensive loss— — — — — — (394)— (394)
Balances at October 31, 2020 $ 220,954 $111 $1,523,873 $(711,114)$615 $1,300 $814,785 


Redeemable Convertible Preferred StockCommon StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Total Stockholders’ Equity (Deficit)
SharesAmountSharesAmount
Balances at January 31, 2019131,268 $557,912 47,421 $24 $31,211 $(519,126)$98 $(487,793)
Cumulative effect of accounting change— — — — — 23,418 — 23,418 
Issuance of common stock upon initial public offering, net of underwriting discounts and issuance costs— — 20,700 11 659,207 — — 659,218 
Conversion of redeemable convertible preferred stock to common stock upon initial public offering(131,268)(557,912)131,268 66 557,846 — — 557,912 
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital upon initial public offering— — — — 10,559 — — 10,559 
Net exercise of common stock warrants— — 322 — — — — — 
Issuance of common stock upon exercise of options— — 4,731 2 9,389 — — 9,391 
Issuance of common stock related to early exercise options— — 1,037 — — — — — 
Vesting of early exercised options— — — — 1,816 — — 1,816 
Stock-based compensation expense— — — — 55,577 — — 55,577 
Capitalized stock-based compensation— — — — 511 — — 511 
Net loss— — — — — (113,371)— (113,371)
Other comprehensive loss— — — — — — (196)(196)
Balances at October 31, 2019 $ 205,479 $103 $1,326,116 $(609,079)$(98)$717,042 


The accompanying notes are an integral part of these condensed consolidated financial statements.
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CrowdStrike Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended October 31,
20202019
Operating activities
Net loss$(73,627)$(113,371)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization27,728 16,023 
Amortization of intangible assets579 385 
Amortization of deferred contract acquisition costs44,940 24,125 
Non-cash operating lease cost7,666  
Change in fair value of redeemable convertible preferred stock warrant liability 6,022 
Provision for bad debts(448)413 
Stock-based compensation expense101,961 55,577 
Gain on sale of debt securities, net(1,347) 
Accretion (amortization) of marketable securities purchased at a discount578 (1,313)
Non-cash interest expense506 293 
Changes in operating assets and liabilities
Accounts receivable(6,155)(53,631)
Deferred contract acquisition costs(84,741)(55,238)
Prepaid expenses and other assets1,487 (19,883)
Accounts payable6,556 (3,773)
Accrued expenses and other current liabilities1,643 3,405 
Accrued payroll and benefits18,712 17,621 
Operating lease liabilities(1,434) 
Deferred revenue189,582 157,239 
Other liabilities7,917 (58)
Net cash provided by operating activities242,103 33,836 
Investing activities
Purchases of property and equipment(40,245)(66,848)
Capitalized internal-use software(6,345)(5,208)
Business acquisition, net of cash acquired(85,469) 
Purchase of strategic investments(1,500) 
Purchases of marketable securities(84,904)(187,697)
Proceeds from sales of marketable securities639,586 4,473 
Maturities of marketable securities91,605 197,764 
Net cash provided by (used in) investing activities512,728 (57,516)
Financing activities
Proceeds from the issuance of common stock upon initial public offering, net of underwriting discounts 665,092 
Payments of deferred offering costs (5,872)
Proceeds from issuance of common stock upon exercise of stock options21,522 9,350 
Proceeds from the issuance of common stock upon exercise of early exercisable stock options 10,264 
Proceeds from issuance of common stock under the employee stock purchase plan 17,284  
Capital contributions from non-controlling interest holders800  
Net cash provided by financing activities39,606 678,834 
Effect of foreign exchange rates on cash and cash equivalents691 43 
Net increase in cash and cash equivalents795,128 655,197 
Cash and cash equivalents, beginning of period264,798 88,408 
Cash and cash equivalents, end of period$1,059,926 $743,605 
Supplemental disclosure of cash flow information:
Interest paid$4 $3 
Income taxes paid, net of refunds received1,563 1,054 
Supplemental disclosure of non-cash investing and financing activities:
Conversion of redeemable convertible preferred stock to common stock 557,912 
Conversion of redeemable convertible preferred stock warrant liabilities reclassified to additional paid-in capital 10,559 
Net increase (decrease) in deferred offering costs, accrued but not paid (2,858)
Net increase (decrease) in property and equipment included in accounts payable and accrued expenses4,755 (715)
Vesting of early exercised stock options2,521 1,816 
Equity consideration for acquisitions3,842  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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CrowdStrike Holdings, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
1.    Description of Business and Basis of Presentation
Business
CrowdStrike Holdings, Inc. (the “Company”) was formed on November 7, 2011. The Company provides a leading cloud-delivered solution for next-generation endpoint and cloud workload protection that offers 16 cloud modules on its Falcon platform via a software as a service (“SaaS”) subscription-based model that spans multiple large security markets, including corporate workload security, security and vulnerability management, managed security services, IT operations management, and threat intelligence services. Additionally, with the recent acquisition of Preempt Security, the Company entered the identity protection market. The Company is headquartered in Sunnyvale, California. The Company conducts its business in the United States, as well as locations internationally, including in Australia, Germany, India, Romania, Israel and the United Kingdom.
Initial Public Offering
On June 14, 2019, the Company closed its initial public offering (“IPO”), in which it sold 20,700,000 shares of Class A common stock. The shares were sold at a public offering price of $34.00 per share for net proceeds of $659.2 million, after deducting underwriters’ discounts and commissions and offering expenses of $44.8 million. Immediately prior to the closing of the IPO, all outstanding shares of redeemable convertible preferred stock automatically converted into 131,267,586 shares of Class B common stock on a one-to-one basis. Additionally, in connection with the IPO, all of the Company’s outstanding common stock was reclassified into shares of Class B common stock on a one-for-one basis. Redeemable convertible preferred stock warrants also converted into 336,386 warrants to purchase Class B common stock on a one-to-one basis.
Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of January 31, 2020, and related disclosures, have been derived from the audited consolidated financial statements at that date but do not include all of the information required by U.S. GAAP for complete consolidated financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all normal recurring adjustments that are necessary for the fair statement of the Company’s condensed consolidated financial information. The results of operations for the three and nine months ended October 31, 2020 are not necessarily indicative of the results to be expected for the year ending January 31, 2021 or for any other interim period or for any other future year.
2.    Summary of Significant Accounting Policies
Principles of Consolidation
The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable required disclosures and regulations of the SEC. Therefore, the accompanying interim unaudited condensed consolidated financial statements and related financial information should be read in conjunction with Item 8, “Financial Statements and Supplementary Data” included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2020, filed with the SEC on March 23, 2020.
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JOBS Act Accounting Election
The Company will be an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) until January 31, 2021. An EGC may take advantage of specified reduced reporting requirements that are otherwise applicable generally to public companies, including, but not limited to, delayed adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”), reduced disclosure obligations regarding executive compensation in the Company’s periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. The Company may take advantage of these exemptions until it is no longer an EGC.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s condensed consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the condensed consolidated financial statements. On a regular basis, management evaluates these estimates and assumptions. Actual results may differ from these estimates and such difference could be material to the Company’s condensed consolidated financial statements.

Estimates and assumptions used by management include, but are not limited to, revenue recognition, the allowance for doubtful accounts, the carrying value and the useful lives of long-lived assets, the fair values of financial instruments and strategic investments, the period of benefit for deferred contract acquisition costs, the discount rate used for operating leases, the recognition and disclosure of contingent liabilities, income taxes, stock-based compensation, and the fair value of assets acquired and liabilities assumed for business combinations.

Due to the Coronavirus (“COVID-19”) pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require a material update to its estimates or judgments or an adjustment of the carrying value of its assets or liabilities as of October 31, 2020. While there was not a material impact to the Company’s condensed consolidated financial statements as of and for the three and nine months ended October 31, 2020, these estimates may change, as new events occur and additional information is obtained, as well as other factors related to COVID-19 that could result in material impacts to the Company’s condensed consolidated financial statements in future reporting periods.
Concentration of Credit Risk and Geographic Information
The Company generates revenue from the sale of subscriptions to access its cloud platform and professional services. The Company’s sales team, along with its channel partner network of system integrators and value-added resellers (collectively, “channel partners”), sells the Company’s services worldwide to organizations of all sizes.
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents, marketable securities, accounts receivable, and strategic investments. The Company’s cash is placed with high-credit-quality financial institutions and issuers, and at times exceed federally insured limits. The Company limits its concentration of risk in cash equivalents and marketable securities by diversifying its investments among a variety of industries and issuers. The Company has not experienced any credit loss relating to its cash equivalents, marketable securities, and strategic investments. The Company performs periodic credit evaluations of its customers and generally does not require collateral. As of October 31, 2020, the Company did not have any cash equivalents or marketable securities.
Channel partners or direct customers who represented 10% or more of the Company’s accounts receivable were as follows:
October 31,January 31,
20202020
Channel partner A7 %11 %
Channel partner B6 %10 %
Customer B8 %20 %
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