2021 Q1 Form 10-K Financial Statement

#000164014721000073 Filed on March 31, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2021 2020 Q1
Revenue $190.5M $592.0M $87.70M
YoY Change 117.22% 123.63% 138.96%
Cost Of Revenue $82.90M $242.6M $34.50M
YoY Change 140.29% 108.13% 69.12%
Gross Profit $107.6M $349.5M $53.20M
YoY Change 102.26% 135.82% 226.38%
Gross Profit Margin 56.48% 59.03% 60.66%
Selling, General & Admin $214.0M $655.5M $108.6M
YoY Change 97.05% 63.41% 79.5%
% of Gross Profit 198.88% 187.56% 204.14%
Research & Development $94.00M $237.9M $29.70M
YoY Change 216.5% 126.27% 7.61%
% of Gross Profit 87.36% 68.09% 55.83%
Depreciation & Amortization $3.220M $9.826M $2.160M
YoY Change 49.07% 178.99%
% of Gross Profit 2.99% 2.81% 4.06%
Operating Expenses $308.0M $893.4M $138.3M
YoY Change 122.7% 76.46% 57.16%
Operating Profit -$200.4M -$543.9M -$85.10M
YoY Change 135.49% 51.9% 18.69%
Interest Expense $1.900M $7.507M $2.300M
YoY Change -17.39% -35.01% -45.24%
% of Operating Profit
Other Income/Expense, Net $1.000M -$610.0K -$200.0K
YoY Change -600.0% -39.3%
Pretax Income -$197.6M -$537.0M -$83.00M
YoY Change 138.07% 54.53% 22.78%
Income Tax $1.300M $2.062M $300.0K
% Of Pretax Income
Net Earnings -$198.9M -$539.1M -$83.30M
YoY Change 138.78% 54.68% 22.68%
Net Earnings / Revenue -104.41% -91.06% -94.98%
Basic Earnings Per Share -$3.81
Diluted Earnings Per Share -$697.4K -$3.81 -$301.0K
COMMON SHARES
Basic Shares Outstanding 288.7M shares 141.6M shares
Diluted Shares Outstanding 141.6M shares

Balance Sheet

Concept 2021 Q1 2021 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.908B $3.908B $434.1M
YoY Change 800.37% 800.28%
Cash & Equivalents $820.2M $820.2M $127.2M
Short-Term Investments $3.088B $3.088B $306.8M
Other Short-Term Assets $98.60M $98.60M
YoY Change 90.72%
Inventory
Prepaid Expenses
Receivables $294.0M $294.0M $179.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.301B $4.301B $665.2M
YoY Change 546.53% 546.53%
LONG-TERM ASSETS
Property, Plant & Equipment $68.97M $255.8M $27.14M
YoY Change 154.16% 14.66%
Goodwill $8.449M $7.049M
YoY Change 19.86%
Intangibles $16.09M $4.795M
YoY Change 235.58%
Long-Term Investments $1.165B $1.165B
YoY Change 4858.72%
Other Assets $89.32M $175.5M $19.52M
YoY Change 357.55% 97.19%
Total Long-Term Assets $1.621B $1.621B $347.5M
YoY Change 366.46% 366.47%
TOTAL ASSETS
Total Short-Term Assets $4.301B $4.301B $665.2M
Total Long-Term Assets $1.621B $1.621B $347.5M
Total Assets $5.922B $5.922B $1.013B
YoY Change 484.74% 484.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.647M $5.600M $8.488M
YoY Change -33.47% -34.12%
Accrued Expenses $125.3M $110.8M $62.82M
YoY Change 99.49% 51.78%
Deferred Revenue $638.7M $327.1M
YoY Change 95.27%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $789.3M $789.3M $416.5M
YoY Change 89.52% 89.51%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.923M $196.0M $8.466M
YoY Change -18.23% -4.16%
Total Long-Term Liabilities $6.923M $196.0M $8.466M
YoY Change -18.23% -4.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $789.3M $789.3M $416.5M
Total Long-Term Liabilities $6.923M $196.0M $8.466M
Total Liabilities $985.3M $985.3M $621.0M
YoY Change 58.66% 58.66%
SHAREHOLDERS EQUITY
Retained Earnings -$1.239B -$700.3M
YoY Change 76.98%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.936B $4.937B -$544.8M
YoY Change
Total Liabilities & Shareholders Equity $5.922B $5.922B $1.013B
YoY Change 484.74% 484.74%

Cashflow Statement

Concept 2021 Q1 2021 2020 Q1
OPERATING ACTIVITIES
Net Income -$198.9M -$539.1M -$83.30M
YoY Change 138.78% 54.68% 22.68%
Depreciation, Depletion And Amortization $3.220M $9.826M $2.160M
YoY Change 49.07% 178.99%
Cash From Operating Activities $19.61M -$45.42M -$66.54M
YoY Change -129.47% -74.28%
INVESTING ACTIVITIES
Capital Expenditures -$14.48M $35.04M -$9.880M
YoY Change 46.56% 88.54%
Acquisitions $6.035M
YoY Change -4.42%
Other Investing Activities -$3.147B -$3.988B $13.42M
YoY Change -23550.97% -2571.76%
Cash From Investing Activities -$3.162B -$4.037B $3.550M
YoY Change -89159.44% -3014.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$4.242B
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.28M $4.775B 41.58M
YoY Change -46.42% 8209.33%
NET CHANGE
Cash From Operating Activities 19.61M -$45.42M -66.54M
Cash From Investing Activities -3.162B -$4.037B 3.550M
Cash From Financing Activities 22.28M $4.775B 41.58M
Net Change In Cash -3.120B $693.2M -21.41M
YoY Change 14471.32% 3472.18%
FREE CASH FLOW
Cash From Operating Activities $19.61M -$45.42M -$66.54M
Capital Expenditures -$14.48M $35.04M -$9.880M
Free Cash Flow $34.09M -$80.45M -$56.66M
YoY Change -160.17% -58.77%

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CY2020 us-gaap Net Income Loss
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CY2021 us-gaap Net Income Loss
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CY2021 us-gaap Depreciation Depletion And Amortization
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CY2020 us-gaap Share Based Compensation
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CY2021 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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CY2019 us-gaap Other Operating Activities Cash Flow Statement
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CY2020 snow Increase Decrease In Capitalized Contract Cost
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CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2019 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2019 us-gaap Increase Decrease In Accounts Payable
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CY2020 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2019 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2021 snow Increase Decrease In Operating Lease Liabilities
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CY2020 snow Increase Decrease In Operating Lease Liabilities
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CY2019 snow Increase Decrease In Operating Lease Liabilities
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CY2021 us-gaap Increase Decrease In Contract With Customer Liability
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CY2019 us-gaap Increase Decrease In Contract With Customer Liability
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
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CY2019 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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CY2020 us-gaap Payments To Acquire Property Plant And Equipment
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CY2019 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 us-gaap Payments To Develop Software
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CY2021 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2020 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2019 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2021 us-gaap Payments To Acquire Intangible Assets
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CY2021 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2019 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
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CY2020 us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
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CY2021 us-gaap Proceeds From Issuance Of Common Stock
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CY2020 us-gaap Proceeds From Issuance Of Common Stock
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CY2019 us-gaap Proceeds From Issuance Of Common Stock
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CY2021 snow Proceeds From Stock Options Exercised Early
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CY2020 snow Proceeds From Stock Options Exercised Early
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CY2019 snow Proceeds From Stock Options Exercised Early
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CY2021 us-gaap Proceeds From Stock Options Exercised
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CY2020 us-gaap Proceeds From Stock Options Exercised
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CY2019 us-gaap Proceeds From Stock Options Exercised
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CY2021 us-gaap Proceeds From Repayment Of Loans To Purchase Common Stock
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CY2020 us-gaap Proceeds From Repayment Of Loans To Purchase Common Stock
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CY2019 us-gaap Proceeds From Repayment Of Loans To Purchase Common Stock
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CY2021 us-gaap Payments For Repurchase Of Common Stock
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CY2020 us-gaap Payments For Repurchase Of Common Stock
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CY2019 us-gaap Payments For Repurchase Of Common Stock
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CY2020 snow Payments For Repurchase Of Early Exercised Stock Options And Restricted Common Stock
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CY2019 snow Payments For Repurchase Of Early Exercised Stock Options And Restricted Common Stock
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CY2019 us-gaap Payment For Contingent Consideration Liability Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Income Taxes Paid Net
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CY2019 us-gaap Income Taxes Paid Net
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235000 USD
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
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589000 USD
CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2021 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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2072000 USD
CY2020 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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1080000 USD
CY2019 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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577000 USD
CY2021 snow Share Based Payment Arrangement Vesting Of Early Exercised Stock Options And Restricted Common Stock
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3502000 USD
CY2020 snow Share Based Payment Arrangement Vesting Of Early Exercised Stock Options And Restricted Common Stock
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CY2019 snow Share Based Payment Arrangement Vesting Of Early Exercised Stock Options And Restricted Common Stock
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CY2021 snow Deferred Purchase Consideration For Acquisitions
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CY2019 snow Deferred Purchase Consideration For Acquisitions
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CY2021 us-gaap Stock Issued1
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CY2020 us-gaap Stock Issued1
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CY2019 us-gaap Stock Issued1
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CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q1 us-gaap Restricted Cash
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CY2020Q1 us-gaap Restricted Cash
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CY2019Q1 us-gaap Restricted Cash
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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141976000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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122570000 USD
CY2021 us-gaap Fiscal Period
FiscalPeriod
<div style="margin-bottom:10pt;margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fiscal Year</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s fiscal year ends on January 31. For example, references to fiscal 2021 refer to the fiscal year ended January 31, 2021</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">.</span></div>
CY2018Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2
CY2018Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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2
CY2021 us-gaap Use Of Estimates
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<div style="margin-bottom:10pt;margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such estimates include, but are not limited to, stand-alone selling prices (SSP) for each distinct performance obligation, internal-use software development costs, expected period of benefit for deferred commissions, the useful lives of long-lived assets, the carrying value of operating lease right-of-use assets, valuation of the Company’s common stock prior to the IPO, stock-based compensation, and accounting for income taxes.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company bases its estimates on historical experience and also on assumptions that management considers reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The World Health Organization declared in March 2020 that the outbreak of the coronavirus disease (COVID-19) constituted a pandemic. The COVID-19 pandemic has caused general business disruption worldwide beginning in January 2020. While the Company has experienced, and may continue to experience an adverse impact on certain parts of its business as a result of governmental restrictions and other measures to mitigate the spread of COVID-19, including a lengthening in the sales cycle for some prospective customers and delays in the delivery of professional services and trainings to customers, the Company’s results of operations, cash flows, and financial condition have not been adversely impacted in the fiscal year ended January 31, 2021. However, if the Company’s customers or partners experience downturns or uncertainty in their own business operations or revenue resulting from the spread or resurgence of COVID-19, they may decrease or delay their spending, request pricing discounts, or seek renegotiations of their contracts, any of which may result in decreased revenue and cash receipts for the Company in future periods. In addition, the Company may experience customer losses, including due to bankruptcy or customers ceasing operations, which may result in an inability to collect accounts receivable from these customers. The full extent to which the COVID-19 pandemic, including any new strains or mutations, will directly or indirectly impact the Company’s business, results of operations, cash flows, and financial condition will depend on future developments that are highly uncertain and cannot be accurately predicted. In addition, in response to the spread of COVID-19, the Company has required virtually all of its employees to work remotely to minimize the risk of the virus to the employees and the communities in which it operates, and may take further actions as may be required by government authorities or that it determines are in the best interests of its employees, customers, and business partners. </span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Given the uncertainty regarding the length, severity, and ability to combat the COVID-19 pandemic, the Company cannot reasonably estimate the impact on its future results of operations, cash flows, or financial condition. As of the date of issuance of the consolidated financial statements, the Company is not aware of any specific event or circumstance that would require it to update its estimates, its judgments, or the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained, and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s consolidated financial statements.</span></div>
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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592049000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
264748000 USD
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
96666000 USD
CY2021 us-gaap Advertising Expense
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41000000.0 USD
CY2020 us-gaap Advertising Expense
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29700000 USD
CY2019 us-gaap Advertising Expense
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10900000 USD
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:10pt;margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents, investments, restricted cash, and accounts receivable. The Company maintains its cash, cash equivalents, investments, and restricted cash with high-quality financial institutions with investment-grade ratings. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded on the consolidated balance sheets.</span></div>For purposes of assessing concentration of credit risk and significant customers, a group of customers under common control or customers that are affiliates of each other are regarded as a single customer.
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
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snow-20210131.htm Edgar Link pending
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