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| | | | 104 | | |
| | |
Fiscal year ended
February 28(29), |
| |
For the nine months ended
November 30, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2019
|
| |
2020
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |
(in thousands, except percentages)
|
| ||||||||||||||||||
Adjusted Gross Profit
|
| | | $ | 34,498 | | | | | $ | 59,140 | | | | | $ | 36,579 | | | | | $ | 45,753 | | |
Adjusted Gross Margin
|
| | | | 36.4% | | | | | | 44.6% | | | | | | 41.5% | | | | | | 41.2% | | |
Adjusted EBITDA
|
| | | $ | (38,865) | | | | | $ | (33,119) | | | | | $ | (35,131) | | | | | $ | (29,618) | | |
| | |
For the fiscal year ended
February 28(29), |
| |
For the nine months ended
November 30, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2019
|
| |
2020
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |
(in thousands, except percentages)
|
| ||||||||||||||||||
Revenue
|
| | | $ | 94,811 | | | | | $ | 132,507 | | | | | $ | 88,066 | | | | | $ | 111,126 | | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue, excluding depreciation and amortization
|
| | | | (60,568) | | | | | | (73,685) | | | | | | (51,737) | | | | | | (66,052) | | |
Gross profit, excluding depreciation and amortization
|
| | | | 34,243 | | | | | | 58,822 | | | | | | 36,329 | | | | | | 45,074 | | |
Add: | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation, cost of revenue
|
| | | | 255 | | | | | | 318 | | | | | | 250 | | | | | | 679 | | |
Adjusted Gross Profit
|
| | | $ | 34,498 | | | | | $ | 59,140 | | | | | $ | 36,579 | | | | | $ | 45,753 | | |
Gross margin, excluding depreciation and amortization
|
| | | | 36.1% | | | | | | 44.4% | | | | | | 41.3% | | | | | | 40.6% | | |
Adjusted Gross Margin
|
| | | | 36.4% | | | | | | 44.6% | | | | | | 41.5% | | | | | | 41.2% | | |
| | |
For the fiscal year ended
February 28(29), |
| |
For the nine months ended
November 30, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2019
|
| |
2020
|
| ||||||||||||
| | |
(in thousands)
|
| |
(in thousands)
|
| ||||||||||||||||||
Net Loss
|
| | | $ | (56,496) | | | | | $ | (51,365) | | | | | $ | (49,226) | | | | | $ | (45,926) | | |
Adjusted for:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net
|
| | | | 2,374 | | | | | | 2,925 | | | | | | 2,071 | | | | | | 3,663 | | |
Income tax provision
|
| | | | 55 | | | | | | 129 | | | | | | 49 | | | | | | 85 | | |
Depreciation and amortization
|
| | | | 9,391 | | | | | | 8,516 | | | | | | 6,415 | | | | | | 6,090 | | |
Stock-based compensation
|
| | | | 5,721 | | | | | | 6,002 | | | | | | 4,895 | | | | | | 6,310 | | |
Acquisition and integration-related costs
|
| | | | — | | | | | | 567 | | | | | | 567 | | | | | | — | | |
Other expense
|
| | | | 90 | | | | | | 107 | | | | | | 98 | | | | | | 160 | | |
Adjusted EBITDA
|
| | | $ | (38,865) | | | | | $ | (33,119) | | | | | $ | (35,131) | | | | | $ | (29,618) | | |
| | |
For the fiscal year ended
February 28(29), |
| |
For the nine months ended
November 30, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2019
|
| |
2020
|
| ||||||||||||
| | |
(in thousands)
|
| |
(in thousands)
|
| ||||||||||||||||||
Revenue
|
| | | $ | 94,811 | | | | | $ | 132,507 | | | | | $ | 88,066 | | | | | $ | 111,126 | | |
Cost of revenue, excluding depreciation and amortization(1)
|
| | | | 60,568 | | | | | | 73,685 | | | | | | 51,737 | | | | | | 66,052 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Product and technology(1)
|
| | | | 35,708 | | | | | | 42,306 | | | | | | 33,595 | | | | | | 36,624 | | |
Sales and marketing(1)
|
| | | | 23,456 | | | | | | 30,050 | | | | | | 23,202 | | | | | | 23,841 | | |
General and administrative(1)
|
| | | | 19,665 | | | | | | 26,154 | | | | | | 20,125 | | | | | | 20,537 | | |
Depreciation and amortization
|
| | | | 9,391 | | | | | | 8,516 | | | | | | 6,415 | | | | | | 6,090 | | |
Total operating expenses
|
| | | | 88,220 | | | | | | 107,026 | | | | | | 83,337 | | | | | | 87,092 | | |
Loss from operations
|
| | | | (53,977) | | | | | | (48,204) | | | | | | (47,008) | | | | | | (42,018) | | |
Interest expense, net
|
| | | | (2,374) | | | | | | (2,925) | | | | | | (2,071) | | | | | | (3,663) | | |
Other expense
|
| | | | (90) | | | | | | (107) | | | | | | (98) | | | | | | (160) | | |
Loss before income taxes
|
| | | | (56,441) | | | | | | (51,236) | | | | | | (49,177) | | | | | | (45,841) | | |
Income tax expense
|
| | | | (55) | | | | | | (129) | | | | | | (49) | | | | | | (85) | | |
Net loss
|
| | | $ | (56,496) | | | | | $ | (51,365) | | | | | $ | (49,226) | | | | | $ | (45,926) | | |
| | |
For the fiscal year ended
February 28(29), |
| |
For the nine months ended
November 30, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2019
|
| |
2020
|
| ||||||||||||
| | |
(in thousands)
|
| |
(in thousands)
|
| ||||||||||||||||||
Cost of revenue
|
| | | $ | 255 | | | | | $ | 318 | | | | | $ | 250 | | | | | $ | 679 | | |
Product and technology
|
| | | | 1,108 | | | | | | 1,674 | | | | | | 1,312 | | | | | | 2,212 | | |
Sales and marketing
|
| | | | 1,199 | | | | | | 1,482 | | | | | | 1,162 | | | | | | 1,494 | | |
General and administrative
|
| | | | 3,159 | | | | | | 2,528 | | | | | | 2,171 | | | | | | 1,925 | | |
Total stock-based compensation
|
| | | $ | 5,721 | | | | | $ | 6,002 | | | | | $ | 4,895 | | | | | $ | 6,310 | | |
| | |
For the fiscal year ended
February 28(29), |
| |
For the nine months ended
November 30, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2019
|
| |
2020
|
| ||||||||||||
Revenue
|
| | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | |
Cost of revenue, excluding depreciation and amortization
|
| | | | 64% | | | | | | 56% | | | | | | 59% | | | | | | 59% | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Product and technology
|
| | | | 38% | | | | | | 32% | | | | | | 38% | | | | | | 33% | | |
Sales and marketing
|
| | | | 25% | | | | | | 23% | | | | | | 26% | | | | | | 21% | | |
General and administrative
|
| | | | 21% | | | | | | 20% | | | | | | 23% | | | | | | 18% | | |
Depreciation and amortization
|
| | | | 10% | | | | | | 6% | | | | | | 7% | | | | | | 5% | | |
Total operating expenses
|
| | | | 93% | | | | | | 81% | | | | | | 95% | | | | | | 78% | | |
Loss from operations
|
| | | | (57)% | | | | | | (36)% | | | | | | (53)% | | | | | | (38)% | | |
Interest expense, net
|
| | | | (3)% | | | | | | (2)% | | | | | | (2)% | | | | | | (3)% | | |
Other expense
|
| | | | (0)% | | | | | | (0)% | | | | | | (0)% | | | | | | (0)% | | |
Loss before income taxes
|
| | | | (60)% | | | | | | (39)% | | | | | | (56)% | | | | | | (41)% | | |
Income tax expense
|
| | | | (0)% | | | | | | (0)% | | | | | | (0)% | | | | | | (0)% | | |
Net loss
|
| | | | (60)% | | | | | | (39)% | | | | | | (56)% | | | | | | (41)% | | |
| | |
For the nine months ended
November 30, |
| |
Changes
|
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
Amount
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 88,066 | | | | | $ | 111,126 | | | | | $ | 23,060 | | | | | | 26% | | |
| | |
For the nine months ended
November 30, |
| |
Change
|
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
Amount
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Cost of revenue, excluding depreciation and amortization
|
| | | $ | 51,737 | | | | | $ | 66,052 | | | | | $ | 14,315 | | | | | | 28% | | |
| | |
For the nine months ended
November 30, |
| |
Changes
|
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
Amount
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Product and technology
|
| | | $ | 33,595 | | | | | $ | 36,624 | | | | | $ | 3,029 | | | | | | 9% | | |
Sales and marketing
|
| | | | 23,202 | | | | | | 23,841 | | | | | | 639 | | | | | | 3% | | |
General and administrative
|
| | | | 20,125 | | | | | | 20,537 | | | | | | 412 | | | | | | 2% | | |
Depreciation and amortization
|
| | | | 6,415 | | | | | | 6,090 | | | | | | (325) | | | | | | (5)% | | |
Total operating expenses
|
| | | $ | 83,337 | | | | | $ | 87,092 | | | | | $ | 3,755 | | | | | | 5% | | |
| | |
For the nine months ended
November 30, |
| |
Changes
|
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
Amount
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Interest expense, net
|
| | | $ | 2,071 | | | | | $ | 3,663 | | | | | $ | 1,592 | | | | | | 77% | | |
| | |
Fiscal Year Ended
February 28(9), |
| |
Changes
|
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
Amount
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 94,811 | | | | | $ | 132,507 | | | | | $ | 37,696 | | | | | | 40% | | |
| | |
Fiscal Year Ended
February 28(9), |
| |
Changes
|
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
Amount
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Cost of revenue, excluding depreciation and amortization
|
| | | $ | 60,568 | | | | | $ | 73,685 | | | | | $ | 13,117 | | | | | | 22% | | |
| | |
Fiscal Year Ended
February 28(9), |
| |
Changes
|
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
Amount
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Product and technology
|
| | | $ | 35,708 | | | | | $ | 42,306 | | | | | $ | 6,598 | | | | | | 18% | | |
Sales and marketing
|
| | | | 23,456 | | | | | | 30,050 | | | | | | 6,594 | | | | | | 28% | | |
General and administrative
|
| | | | 19,665 | | | | | | 26,154 | | | | | | 6,489 | | | | | | 33% | | |
Depreciation and amortization
|
| | | | 9,391 | | | | | | 8,516 | | | | | | (875) | | | | | | (9)% | | |
Total operating expenses
|
| | | $ | 88,220 | | | | | $ | 107,026 | | | | | $ | 18,806 | | | | | | 21% | | |
| | |
Fiscal Year Ended
February 28(9), |
| |
Changes
|
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
Amount
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Interest expense, net
|
| | | $ | (2,374) | | | | | $ | (2,925) | | | | | $ | 551 | | | | | | 23% | | |
| | |
For the nine months ended
November 30, |
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
| | |
(in thousands)
|
| |||||||||
Net cash used in operating activities
|
| | | $ | (23,983) | | | | | $ | (35,628) | | |
Net cash used in investing activities
|
| | | | (2,675) | | | | | | (1,932) | | |
Net cash provided by financing activities
|
| | | | 23,611 | | | | | | 423,343 | | |
| | |
Payments due by period
|
| |||||||||||||||||||||||||||
| | |
Less than
1 year |
| |
Years 2 – 3
|
| |
Years 4 – 5
|
| |
More than
5 years |
| |
Total
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Operating lease obligations(1)
|
| | | $ | 6,559 | | | | | $ | 13,155 | | | | | $ | 11,666 | | | | | $ | 17,190 | | | | | $ | 48,570 | | |
Fees on debt(2)
|
| | | | 118 | | | | | | — | | | | | | — | | | | | | — | | | | | | 118 | | |
Data license in connection with joint development agreement
|
| | | | 211 | | | | | | 468 | | | | | | 321 | | | | | | — | | | | | | 1,000 | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers | | | | | | | |
Rajeev Singh | | |
52
|
| | Chief Executive Officer and Director | |
Stephen Barnes | | |
50
|
| | Chief Financial Officer | |
Robert Cavanaugh | | |
51
|
| | President | |
Michael Hilton | | |
56
|
| | Chief Product Officer | |
Non-Employee Directors | | | | | | | |
J. Michael Cline(2) | | |
61
|
| | Chairman of the Board | |
Senator William H. Frist, M.D. | | |
68
|
| | Director | |
Jeffrey Jordan(2) | | |
62
|
| | Director | |
Cindy Kent(3) | | |
52
|
| | Director | |
Peter Klein(1) | | |
58
|
| | Director | |
Dawn Lepore(1)(3) | | |
66
|
| | Director | |
Thomas Neff(1)(2) | | |
83
|
| | Director | |
Patricia Wadors(3) | | |
56
|
| | Director | |
Name
|
| |
Fees Earned or
Paid in Cash ($) |
| |
Stock
Awards ($)(1) |
| |
Option
Awards ($)(2) |
| |
Total
($) |
| ||||||||||||
J. Michael Cline
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Senator William H. Frist, M.D.
|
| | | | — | | | | | | — | | | | | | 101,136 | | | | | | 101,136 | | |
Jeffrey Jordan
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cindy Kent(3)
|
| | | | — | | | | | | 75,000 | | | | | | — | | | | | | 75,000 | | |
Peter Klein
|
| | | | — | | | | | | — | | | | | | 101,136 | | | | | | 101,136 | | |
Dawn Lepore
|
| | | | — | | | | | | — | | | | | | 101,136 | | | | | | 101,136 | | |
James C. Madden, V(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Thomas Neff
|
| | | | — | | | | | | — | | | | | | 101,136 | | | | | | 101,136 | | |
Patricia Wadors
|
| | | | — | | | | | | — | | | | | | 192,400 | | | | | | 192,400 | | |
Michael T. Yang(5)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Board Committee
|
| |
Chairperson
Fee |
| |
Member
Fee |
| ||||||
Audit Committee
|
| | | $ | 20,000 | | | | | $ | 10,000 | | |
Compensation Committee
|
| | | | 10,000 | | | | | | 5,000 | | |
Nominating and Corporate Governance Committee
|
| | | | 10,000 | | | | | | 5,000 | | |
Name and Principal Position
|
| |
Fiscal
Year |
| |
Salary
($) |
| |
Option
Awards ($)(1) |
| |
Non-Equity
Incentive Plan ($)(1)(2) |
| |
All Other
Compensation ($)(3) |
| |
Total
($) |
| ||||||||||||||||||
Rajeev Singh
Chief Executive Officer |
| | | | 2021 | | | | | | 400,000 | | | | | | 1,764,000 | | | | | | 340,000 | | | | | | 3,000 | | | | | | 2,507,000 | | |
| | | 2020 | | | | | | 394,231 | | | | | | 2,553,600 | | | | | | 194,167 | | | | | | 3,000 | | | | | | 3,144,998 | | | ||
Robert Cavanaugh
President |
| | | | 2021 | | | | | | 375,000 | | | | | | 1,176,000 | | | | | | 262,500 | | | | | | 3,000 | | | | | | 1,816,500 | | |
| | | 2020 | | | | | | 372,115 | | | | | | 960,000 | | | | | | 152,010 | | | | | | 3,000 | | | | | | 1,487,125 | | | ||
Stephen H. Barnes
Chief Financial Officer |
| | | | 2021 | | | | | | 360,000 | | | | | | 1,176,000 | | | | | | 198,000 | | | | | | 3,000 | | | | | | 1,737,000 | | |
| | | 2020 | | | | | | 358,846 | | | | | | 648,000 | | | | | | 115,716 | | | | | | 3,000 | | | | | | 1,125,562 | | |
| | |
Option Awards(1)
|
| ||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options Exercisable |
| |
Number of
Securities Underlying Unexercised Options Unexercisable(2) |
| |
Option
Exercise Price Per Share(4) |
| |
Option
Expiration Date |
| |||||||||
Rajeev Singh
|
| | | | 1,600,000 | | | | | | —(a) | | | | | $ | 4.20 | | | |
10/30/2025
|
|
| | | | | 26,875 | | | | | | 3,125(b) | | | | | $ | 4.50 | | | |
7/26/2027
|
|
| | | | | 21,250 | | | | | | 8,750(c) | | | | | $ | 4.70 | | | |
5/2/2028
|
|
| | | | | 221,666 | | | | | | 310,334(e) | | | | | $ | 9.60 | | | |
6/24/2029
|
|
| | |
Option Awards(1)
|
| ||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options Exercisable |
| |
Number of
Securities Underlying Unexercised Options Unexercisable(2) |
| |
Option
Exercise Price Per Share(4) |
| |
Option
Expiration Date |
| |||||||||
| | | | | 17,846(3) | | | | | | — | | | | | $ | 17.50 | | | |
6/16/2030
|
|
| | | | | — | | | | | | 150,000(f) | | | | | $ | 17.50 | | | |
6/16/2030
|
|
Stephen H. Barnes
|
| | | | 156,000 | | | | | | —(g) | | | | | $ | 4.20 | | | |
2/1/2025
|
|
| | | | | 14,375 | | | | | | 625(d) | | | | | $ | 4.20 | | | |
4/26/2027
|
|
| | | | | 6,020 | | | | | | 2,480(c) | | | | | $ | 4.70 | | | |
5/2/2028
|
|
| | | | | 56,250 | | | | | | 78,750(e) | | | | | $ | 9.60 | | | |
6/24/2029
|
|
| | | | | 10,635(3) | | | | | | — | | | | | $ | 17.50 | | | |
6/16/2030
|
|
| | | | | — | | | | | | 100,000(f) | | | | | $ | 17.50 | | | |
6/16/2030
|
|
Robert Cavanaugh
|
| | | | 564,750 | | | | | | —(a) | | | | | $ | 4.20 | | | |
10/30/2025
|
|
| | | | | 14,375 | | | | | | 625(d) | | | | | $ | 4.20 | | | |
4/26/2027
|
|
| | | | | 6,020 | | | | | | 2,480(c) | | | | | $ | 4.70 | | | |
5/2/2028
|
|
| | | | | 83,333 | | | | | | 116,667(e) | | | | | $ | 9.60 | | | |
6/24/2029
|
|
| | | | | 13,971(3) | | | | | | — | | | | | $ | 17.50 | | | |
6/16/2030
|
|
| | | | | — | | | | | | 100,000(f) | | | | | $ | 17.50 | | | |
6/16/2030
|
|
Stockholder
|
| |
Shares of Series E
Preferred Stock |
| |
Warrants to
Purchase Common Stock |
| |
Total Purchase
Price |
| |||||||||
Entities affiliated with Andreessen Horowitz(1)
|
| | | | 209,538 | | | | | | 50,799 | | | | | $ | 5,000,000 | | |
Avanti Holdings, LLC(2)
|
| | | | 83,815 | | | | | | 24,703 | | | | | $ | 1,999,989 | | |
Stephen H. Barnes
|
| | | | 6,286 | | | | | | 1,523 | | | | | $ | 149,996 | | |
Entities affiliated with Carrick Capital(3)
|
| | | | 419,076 | | | | | | 101,600 | | | | | $ | 9,999,971 | | |
Robert Cavanaugh
|
| | | | 41,907 | | | | | | 10,160 | | | | | $ | 999,983 | | |
Michael Hilton and Hilton Family Trust(4)
|
| | | | 83,815 | | | | | | 21,179 | | | | | $ | 1,999,989 | | |
Name of beneficial owner
|
| |
Number of
shares beneficially owned |
| |
Percentage of
Shares Beneficially Owned |
| ||||||
5% and Greater Stockholders: | | | | | | | | | | | | | |
Entities affiliated with Andreessen Horowitz(1)
|
| | | | 5,398,708 | | | | | | 9.7% | | |
ARK Investment Management LLC(2)
|
| | | | 4,617,526 | | | | | | 8.3% | | |
Executive Officers and Directors: | | | | | | | | | | | | | |
Rajeev Singh(3)
|
| | | | 2,598,115 | | | | | | 4.5% | | |
Robert Cavanaugh(4)
|
| | | | 824,062 | | | | | | 1.5% | | |
Stephen Barnes(5)
|
| | | | 313,078 | | | | | | * | | |
J. Michael Cline(6)
|
| | | | 1,381,255 | | | | | | 2.5% | | |
Senator William H. Frist, M.D.(7)
|
| | | | 300,812 | | | | | | * | | |
Jeffrey Jordan
|
| | | | — | | | | | | * | | |
Cindy Kent
|
| | | | — | | | | | | * | | |
Peter Klein(8)
|
| | | | 7,500 | | | | | | * | | |
Dawn Lepore(9)
|
| | | | 8,750 | | | | | | * | | |
Thomas Neff(10)
|
| | | | 21,014 | | | | | | * | | |
Patricia Wadors(11)
|
| | | | 5,000 | | | | | | * | | |
All executive officers and directors as a group (12 persons)(12)
|
| | | | 6,381,625 | | | | | | 10.8% | | |
| | |
Shares of Common Stock
|
| |||||||||||||||||||||
Name
|
| |
Number
Beneficially Owned Prior to Offering |
| |
Number
Registered for Sale Hereby |
| |
Number
Beneficially Owned After Offering |
| |
Percent
Owned After Offering |
| ||||||||||||
Carlyle USA LLC
|
| | | | 1,016,015 | | | | | | 1,016,015 | | | | |
|
—
|
| | | | | — | | |
Clinton Phillips
|
| | | | 565,807 | | | | | | 565,807 | | | | |
|
—
|
| | | | | — | | |
NCF Corporation
|
| | | | 384,551 | | | | | | 384,551 | | | | |
|
—
|
| | | | | — | | |
Moody Sisters One, LLC
|
| | | | 134,576 | | | | | | 134,576 | | | | |
|
—
|
| | | | | — | | |
All Other Selling Stockholders(1)
|
| | | | 721,293 | | | | | | 394,492 | | | | | | 326,801 | | | | | | * | | |
| | |
Page
|
| |||
Audited financial statements | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Unaudited interim financial statements | | | | | | | |
| | | | F-34 | | | |
| | | | F-35 | | | |
| | | | F-36 | | | |
| | | | F-38 | | | |
| | | | F-39 | | |
| | |
February 28,
2019 |
| |
February 29,
2020 |
| |
Pro forma
February 29, 2020 |
| |||||||||
Assets
|
| | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 42,701 | | | | | $ | 33,155 | | | | | $ | 84,321 | | |
Accounts receivable
|
| | | | 371 | | | | | | 294 | | | | | | 294 | | |
Unbilled revenue
|
| | | | 65 | | | | | | 895 | | | | | | 895 | | |
Current portion of deferred contract acquisition costs
|
| | | | 908 | | | | | | 1,368 | | | | | | 1,368 | | |
Current portion of deferred financing fees
|
| | | | — | | | | | | 279 | | | | | | 279 | | |
Prepaid and other current assets
|
| | | | 2,840 | | | | | | 12,944 | | | | | | 12,944 | | |
Total current assets
|
| | | | 46,885 | | | | | | 48,935 | | | | | | 100,101 | | |
Property and equipment, net
|
| | | | 15,274 | | | | | | 13,625 | | | | | | 13,625 | | |
Goodwill
|
| | | | — | | | | | | 4,013 | | | | | | 4,013 | | |
Acquired technology, net
|
| | | | — | | | | | | 2,054 | | | | | | 2,054 | | |
Deferred contract acquisition costs
|
| | | | 2,922 | | | | | | 3,876 | | | | | | 3,876 | | |
Other assets
|
| | | | 681 | | | | | | 745 | | | | | | 745 | | |
Total assets
|
| | | $ | 65,762 | | | | | $ | 73,248 | | | | | $ | 124,414 | | |
Liabilities, convertible preferred stock and stockholders’ deficit
|
| | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 2,454 | | | | | $ | 5,273 | | | | | $ | 5,273 | | |
Accrued expenses
|
| | | | 3,140 | | | | | | 6,580 | | | | | | 6,580 | | |
Accrued compensation
|
| | | | 19,612 | | | | | | 23,838 | | | | | | 23,838 | | |
Deferred rent and other current liabilities
|
| | | | 541 | | | | | | 674 | | | | | | 674 | | |
Due to customers
|
| | | | 8,511 | | | | | | 4,674 | | | | | | 4,674 | | |
Current portion of deferred revenue
|
| | | | 22,407 | | | | | | 28,919 | | | | | | 28,919 | | |
Total current liabilities
|
| | | | 56,665 | | | | | | 69,958 | | | | | | 69,958 | | |
Loans payable, net of unamortized issuance costs
|
| | | | 19,200 | | | | | | 21,144 | | | | | | 72,310 | | |
Deferred rent and other noncurrent liabilities
|
| | | | 5,353 | | | | | | 5,523 | | | | | | 5,523 | | |
Deferred revenue
|
| | | | 501 | | | | | | 396 | | | | | | 396 | | |
Total liabilities
|
| | | | 81,719 | | | | | | 97,021 | | | | | | 148,187 | | |
Convertible preferred stock: | | | | | | | | | | | | | | | | | | | |
Preferred stock; 19,513,996 shares authorized; 18,640,901 and
19,513,939 issued and outstanding at February 28, 2019 and February 29, 2020, respectively (liquidation value of $239,244 at February 29, 2020); 25,000,000 shares authorized, no shares issued and outstanding, pro forma |
| | | | 214,664 | | | | | | 233,022 | | | | | | — | | |
Commitments (note 13) | | | | | | | | | | | | | | | | | | | |
Stockholders’ deficit | | | | | | | | | | | | | | | | | | | |
Common stock par value $0.0001; 65,000,000 shares authorized; 3,616,549 and 6,033,450 shares issued and outstanding at February 28, 2019 and February 29, 2020, respectively; 500,000,000 shares authorized, 36,914,769 shares issued and outstanding, pro forma
|
| | | | 1 | | | | | | 2 | | | | | | 4 | | |
Additional paid-in capital
|
| | | | 38,881 | | | | | | 64,071 | | | | | | 297,091 | | |
Accumulated deficit
|
| | | | (269,503) | | | | | | (320,868) | | | | | | (320,868) | | |
Total stockholders’ deficit
|
| | | | (230,621) | | | | | | (256,795) | | | | | | (23,773) | | |
Total liabilities, convertible preferred stock and stockholders’ deficit
|
| | | $ | 65,762 | | | | | $ | 73,248 | | | | | $ | 124,414 | | |
| | |
Fiscal Year
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Revenue
|
| | | $ | 94,811 | | | | | $ | 132,507 | | |
Cost of revenue, excluding depreciation and amortization
|
| | | | 60,568 | | | | | | 73,685 | | |
Operating expenses: | | | | | | | | | | | | | |
Product and technology
|
| | | | 35,708 | | | | | | 42,306 | | |
Sales and marketing
|
| | | | 23,456 | | | | | | 30,050 | | |
General and administrative
|
| | | | 19,665 | | | | | | 26,154 | | |
Depreciation and amortization
|
| | | | 9,391 | | | | | | 8,516 | | |
Total operating expenses
|
| | | | 88,220 | | | | | | 107,026 | | |
Loss from operations
|
| | | | (53,977) | | | | | | (48,204) | | |
Interest expense, net
|
| | | | (2,374) | | | | | | (2,925) | | |
Other expense
|
| | | | (90) | | | | | | (107) | | |
Loss before income taxes
|
| | | | (56,441) | | | | | | (51,236) | | |
Income tax expense
|
| | | | (55) | | | | | | (129) | | |
Net loss
|
| | | $ | (56,496) | | | | | $ | (51,365) | | |
Net loss per share, basic and diluted
|
| | | $ | (12.17) | | | | | $ | (9.13) | | |
Weighted-average common shares outstanding, basic and diluted
|
| | | | 4,641,256 | | | | | | 5,626,713 | | |
Pro forma net loss per common share, basis and diluted
|
| | | | | | | | | $ | (8.39) | | |
Pro forma weighted-average shares outstanding, basic and diluted
|
| | | | | | | | | | 34,633,452 | | |
| | | | | | | | | | | | | | | |
Stockholders’ Deficit
|
| |||||||||||||||||||||||||||
| | |
Convertible
Preferred Stock |
| | |
Common stock
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance, March 1, 2018
|
| | | | 16,545,536 | | | | | $ | 167,010 | | | | | | | 3,242,319 | | | | | $ | 1 | | | | | $ | 29,310 | | | | | $ | (213,007) | | | | | $ | (183,696) | | |
Sale of Series E preferred stock, net
|
| | | | 2,095,365 | | | | | | 47,654 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of common stock warrants in
connection with sale of Series E preferred stock |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 2,279 | | | | | | | | | | | | 2,279 | | |
Issuance of common stock in lieu of bonus
payment |
| | | | — | | | | | | — | | | | | | | 121,143 | | | | | | — | | | | | | 569 | | | | | | — | | | | | | 569 | | |
Exercise of stock options and common stock warrants
|
| | | | — | | | | | | — | | | | | | | 253,087 | | | | | | — | | | | | | 1,002 | | | | | | — | | | | | | 1,002 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 5,721 | | | | | | — | | | | | | 5,721 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (56,496) | | | | | | (56,496) | | |
Balance, February 28, 2019
|
| | | | 18,640,901 | | | | | $ | 214,664 | | | | | | | 3,616,549 | | | | | $ | 1 | | | | | $ | 38,881 | | | | | $ | (269,503) | | | | | $ | (230,621) | | |
Sale of Series F preferred stock, net
|
| | | | 873,038 | | | | | | 18,358 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of common stock warrants in
connection with sale of Series F preferred stock |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,585 | | | | | | — | | | | | | 1,585 | | |
Issuance of common stock in connection with acquisition
|
| | | | — | | | | | | — | | | | | | | 289,320 | | | | | | — | | | | | | 6,164 | | | | | | — | | | | | | 6,164 | | |
Issuance of common stock warrants in connection with July 2019 debt
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 779 | | | | | | — | | | | | | 779 | | |
Issuance of common stock in connection with joint development agreement
|
| | | | — | | | | | | — | | | | | | | 251,211 | | | | | | — | | | | | | 3,869 | | | | | | | | | | | | 3,869 | | |
Exercise of stock options and common stock warrants
|
| | | | — | | | | | | — | | | | | | | 1,876,370 | | | | | | 1 | | | | | | 6,791 | | | | | | — | | | | | | 6,792 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 6,002 | | | | | | — | | | | | | 6,002 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (51,365) | | | | | | (51,365) | | |
Balance, February 29, 2020
|
| | | | 19,513,939 | | | | | $ | 233,022 | | | | | | | 6,033,450 | | | | | $ | 2 | | | | | $ | 64,071 | | | | | $ | (320,868) | | | | | $ | (256,795) | | |
| | |
Fiscal Year
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (56,496) | | | | | $ | (51,365) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization expense
|
| | | | 9,391 | | | | | | 8,516 | | |
Amortization of deferred contract acquisition costs
|
| | | | 794 | | | | | | 985 | | |
Noncash interest expense
|
| | | | 425 | | | | | | 834 | | |
Noncash bonus
|
| | | | 569 | | | | | | 5,884 | | |
Loss on disposal of equipment
|
| | | | — | | | | | | 299 | | |
Stock-based compensation expense
|
| | | | 5,721 | | | | | | 6,002 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable and unbilled revenue
|
| | | | 6,522 | | | | | | (683) | | |
Accounts payable and accrued expenses
|
| | | | 1,515 | | | | | | 5,838 | | |
Deferred contract acquisition costs
|
| | | | (2,499) | | | | | | (2,399) | | |
Deferred revenue and due to customers
|
| | | | 16,192 | | | | | | 2,286 | | |
Accrued compensation
|
| | | | 2,381 | | | | | | (1,671) | | |
Deferred rent and other liabilities
|
| | | | (555) | | | | | | 220 | | |
Other assets
|
| | | | (508) | | | | | | (8,993) | | |
Net cash used in operating activities
|
| | | | (16,548) | | | | | | (34,247) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Capitalized software development costs
|
| | | | (1,943) | | | | | | — | | |
Purchases of property and equipment
|
| | | | (1,175) | | | | | | (3,315) | | |
Net cash paid in acquisition of MD Insider
|
| | | | — | | | | | | (206) | | |
Net cash used in investing activities
|
| | | | (3,118) | | | | | | (3,521) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from sale of preferred stock, net
|
| | | | 49,933 | | | | | | 19,943 | | |
Proceeds from stock option and warrant exercises
|
| | | | 1,002 | | | | | | 6,619 | | |
Proceeds from borrowings on debt
|
| | | | 3,000 | | | | | | 1,660 | | |
Repayment of debt principal
|
| | | | (5,000) | | | | | | — | | |
Principal payments under capital leases
|
| | | | (102) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 48,833 | | | | | | 28,222 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | 29,167 | | | | | | (9,546) | | |
Cash and cash equivalents, beginning of period
|
| | | | 13,534 | | | | | | 42,701 | | |
Cash and cash equivalents, end of period
|
| | | $ | 42,701 | | | | | $ | 33,155 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Interest paid
|
| | | $ | 2,609 | | | | | $ | 2,391 | | |
Issuance of common stock in lieu of cash bonus
|
| | | $ | 569 | | | | | $ | — | | |
Fixed assets included in accounts payable
|
| | | $ | 93 | | | | | $ | 45 | | |
Other receivable related to stock option exercises
|
| | | $ | — | | | | | $ | 173 | | |
Income taxes paid
|
| | | $ | — | | | | | $ | 55 | | |
Offering costs included in prepaid assets and accounts payable and accrued expenses
|
| | | $ | — | | | | | $ | 3,042 | | |
Common stock issued in connection with joint development agreement
|
| | | $ | — | | | | | $ | 3,869 | | |
Common stock issued in connection with acquisition
|
| | | $ | — | | | | | $ | 6,164 | | |
Common stock warrants issued in connection with debt
|
| | | $ | — | | | | | $ | 779 | | |
Property and Equipment
|
| |
Estimated Useful Life
|
|
Office equipment and furniture | | | 7 years | |
Computer equipment | | | 3 – 5 years | |
Computer software | | | 3 – 5 years | |
Leasehold improvements | | |
Lesser of estimated useful life or remaining lease term
|
|
Fiscal periods ending February 28(29),
|
| | | | | | |
2021
|
| | | $ | 111,741 | | |
2022
|
| | | | 42,461 | | |
2023
|
| | | | 8,390 | | |
2024
|
| | | | 1,960 | | |
Total
|
| | | $ | 164,552 | | |
| | |
Fiscal Year
Ended |
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Customer 1
|
| | | | 35% | | | | | | 24% | | |
Customer 2
|
| | | | 3% | | | | | | 13% | | |
Customer 3
|
| | | | 14% | | | | | | 12% | | |
Customer 4
|
| | | | 8% | | | | | | 10% | | |
Customer 5
|
| | | | 11% | | | | | | 9% | | |
Total
|
| | | | 71% | | | | | | 68% | | |
| Consideration Paid | | | | | | | |
|
Cash consideration
|
| | | $ | 324 | | |
|
Fair value of equity issued
|
| | | | 5,114 | | |
|
Fair value of contingent consideration
|
| | | | 1,050 | | |
|
Total consideration paid
|
| | | $ | 6,488 | | |
| Assets acquired: | | | | | | | |
|
Cash and cash equivalents
|
| | | $ | 118 | | |
|
Accounts receivable
|
| | | | 98 | | |
|
Prepaid expenses
|
| | | | 5 | | |
|
Goodwill
|
| | | | 4,013 | | |
|
Intangible assets
|
| | | | 2,900 | | |
|
Other assets
|
| | | | 17 | | |
|
Total assets acquired
|
| | | $ | 7,151 | | |
| Liabilities assumed: | | | | | | | |
|
Accounts payable
|
| | | $ | 321 | | |
|
Accrued expenses and other current liabilities
|
| | | | 342 | | |
|
Total liabilities assumed
|
| | | $ | 663 | | |
|
Net assets acquired
|
| | | $ | 6,488 | | |
| | |
February 28/29,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Capitalized software development costs
|
| | | $ | 32,862 | | | | | $ | 35,867 | | |
Computer software
|
| | | | 10,275 | | | | | | 8,829 | | |
Computer equipment
|
| | | | 7,828 | | | | | | 9,383 | | |
Office equipment, furniture, and leasehold improvements
|
| | | | 8,012 | | | | | | 8,903 | | |
Office equipment and furniture under capital leases
|
| | | | 1,252 | | | | | | 1,251 | | |
| | | | | 60,229 | | | | | | 64,233 | | |
Less accumulated depreciation
|
| | | | (44,955) | | | | | | (50,608) | | |
Total
|
| | | $ | 15,274 | | | | | $ | 13,625 | | |
| | |
February 28/29,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Accrued professional and consulting fees
|
| | | $ | 755 | | | | | $ | 3,375 | | |
Accrued software, hardware, and communication costs
|
| | | | 154 | | | | | | 228 | | |
Accrued litigation matter
|
| | | | 1,100 | | | | | | 1,100 | | |
Accrued taxes
|
| | | | 335 | | | | | | 512 | | |
Accrued other
|
| | | | 796 | | | | | | 1,365 | | |
Total
|
| | | $ | 3,140 | | | | | $ | 6,580 | | |
| | |
February 28, 2019
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Fair Value
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 28,661 | | | | | $ | — | | | | | $ | — | | | | | $ | 28,661 | | |
| | |
February 29, 2020
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Fair Value
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 21,332 | | | | | $ | — | | | | | $ | — | | | | | $ | 21,332 | | |
| | |
February 28,
2019 |
| |
February 29,
2020 |
| ||||||
Principal outstanding
|
| | | $ | 20,000 | | | | | $ | 22,000 | | |
Interest payable-in-kind
|
| | | | — | | | | | | 273 | | |
Unamortized issuance costs
|
| | | | (800) | | | | | | (1,129) | | |
| | | | $ | 19,200 | | | | | $ | 21,144 | | |
Series
|
| |
Par value
|
| |
Shares
authorized |
| |
Issued and
outstanding |
| |
Carrying
amount |
| |
Liquidation
value |
| |||||||||||||||
A-1
|
| | | $ | 0.0001 | | | | | | 3,560,000 | | | | | | 3,559,995 | | | | | $ | 10,000 | | | | | $ | 10,000 | | |
A-2
|
| | | | 0.0001 | | | | | | 2,579,999 | | | | | | 2,579,994 | | | | | | 10,000 | | | | | | 10,000 | | |
B
|
| | | | 0.0001 | | | | | | 4,058,736 | | | | | | 4,058,731 | | | | | | 16,944 | | | | | | 16,944 | | |
C
|
| | | | 0.0001 | | | | | | 601,160 | | | | | | 601,151 | | | | | | 7,000 | | | | | | 7,000 | | |
D
|
| | | | 0.0001 | | | | | | 1,751,874 | | | | | | 1,751,871 | | | | | | 30,000 | | | | | | 30,000 | | |
E
|
| | | | 0.0001 | | | | | | 6,089,189 | | | | | | 6,089,159 | | | | | | 140,720 | | | | | | 145,300 | | |
F
|
| | | | 0.0001 | | | | | | 873,038 | | | | | | 873,038 | | | | | | 18,358 | | | | | | 20,000 | | |
| | | | | | | | | | | 19,513,996 | | | | | | 19,513,939 | | | | | $ | 233,022 | | | | | $ | 239,244 | | |
| | |
Fiscal year
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Cost of revenue
|
| | | $ | 255 | | | | | $ | 318 | | |
Product and technology
|
| | | | 1,108 | | | | | | 1,674 | | |
Sales and marketing
|
| | | | 1,199 | | | | | | 1,482 | | |
General and administrative
|
| | | | 3,159 | | | | | | 2,528 | | |
Total stock-based compensation
|
| | | $ | 5,721 | | | | | $ | 6,002 | | |
| | |
Fiscal year
|
| |||
| | |
2019
|
| |
2020
|
|
Estimated fair value of common stock
|
| |
$2.40 – $3.35
|
| |
$4.80 – $9.55
|
|
Exercise price
|
| |
$4.70 – $6.75
|
| |
$9.60 – $18.70
|
|
Expected volatility
|
| |
46% – 50%
|
| |
50%
|
|
Expected term (in years)
|
| |
6.25
|
| |
6.25
|
|
Risk-free interest rate
|
| |
2.65% – 2.94%
|
| |
1.67% – 2.62%
|
|
Dividend yield
|
| |
—
|
| |
—
|
|
| | |
Stock Options
|
| |
Weighted-
Average Exercise Price |
| |
Weighted
Remaining Contractual Life In Years |
| |
Aggregate
Intrinsic Value |
| |||||||||
Balance, February 28, 2018
|
| | | | 6,970,591 | | | | | | | | | | | | | | | | | |
Granted
|
| | | | 1,635,115 | | | | | | | | | | | | | | | | | |
Exercised
|
| | | | (249,027) | | | | | | | | | | | | | | | | | |
Forfeited
|
| | | | (209,135) | | | | | | | | | | | | | | | | | |
Balance, February 28, 2019
|
| | | | 8,147,544 | | | | | | | | | | | | | | | | | |
Granted
|
| | | | 2,084,046 | | | | | $ | 10.80 | | | | | | | | | | | |
Exercised
|
| | | | (1,843,001) | | | | | $ | 3.70 | | | | | | | | | | | |
Forfeited
|
| | | | (392,533) | | | | | $ | 5.70 | | | | | | | | | | | |
Balance, February 29, 2020
|
| | | | 7,996,056 | | | | | $ | 6.19 | | | |
7.0 years
|
| | | $ | 73,631 | | |
Vested and expected to vest as of February 29, 2020
|
| | | | 7,996,056 | | | | | $ | 6.20 | | | |
7.0 years
|
| | | $ | 73,631 | | |
Exercisable as of February 29, 2020
|
| | | | 4,579,458 | | | | | $ | 4.35 | | | |
5.6 years
|
| | | $ | 50,573 | | |
| | |
Common Stock
Warrants |
| |
Exercisable
|
| |
Exercise
Price |
| |
Expiration
Date |
| ||||||
Balance, February 28, 2018
|
| | | | 928,945 | | | | | | | | | | | | | | |
Issued
|
| | | | 541,159 | | | | | | | | | | | | | | |
Exercised
|
| | | | (4,061) | | | | | | | | | | | | | | |
Balance, February 28, 2019
|
| | | | 1,466,043 | | | | | | | | | | | | | | |
Issued
|
| | | | 220,594 | | | | | | | | | | | | | | |
Exercised
|
| | | | (33,369) | | | | | | | | | | | | | | |
Balance, February 29, 2020
|
| | | | 1,653,268 | | | | | | 1,653,268 | | | |
$0.0005 – $23.75
|
| |
April 2020 – October 2029
|
|
| | |
Number of Warrants
Outstanding at February 28/29, |
| | | | | | | |||||||||
| | |
2019
|
| |
2020
|
| |
Exercise
Price |
| |
Expiration Date
|
| ||||||
Series E holders
|
| | | | 1,162,483 | | | | | | 1,129,114 | | | |
$0.0005
|
| |
July 2026 – March 2028
|
|
Series F holders
|
| | | | — | | | | | | 85,000 | | | |
$0.0005
|
| |
October 2029
|
|
Customer
|
| | | | 160,000 | | | | | | 160,000 | | | |
$13.75
|
| |
April 2020
|
|
Lenders
|
| | | | 143,560 | | | | | | 279,154 | | | |
$0.005 – $23.75
|
| |
Nov 2022 – July 2029
|
|
Total
|
| | | | 1,466,043 | | | | | | 1,653,268 | | | | | | | | |
| | |
Fiscal year
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Domestic
|
| | | $ | (56,586) | | | | | $ | (51,795) | | |
Foreign
|
| | | | 144 | | | | | | 558 | | |
Total
|
| | | $ | (56,442) | | | | | $ | (51,237) | | |
| | |
Fiscal year
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Currently payable: | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | |
State and Local
|
| | | | — | | | | | | — | | |
Foreign
|
| | | | 55 | | | | | | 129 | | |
Total currently payable
|
| | | | 55 | | | | | | 129 | | |
Deferred: | | | | | | | | | | | | | |
Federal
|
| | | | — | | | | | | — | | |
State and Local
|
| | | | — | | | | | | — | | |
Foreign
|
| | | | — | | | | | | — | | |
Total deferred
|
| | | | — | | | | | | — | | |
Provision (benefit) for income taxes
|
| | | $ | 55 | | | | | $ | 129 | | |
| | |
Fiscal year
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Federal income tax expense at statutory tax rate
|
| | | | 21.0% | | | | | | 21.0% | | |
State income taxes, net of federal tax benefit
|
| | | | 6.0 | | | | | | 7.5 | | |
Stock-based compensation
|
| | | | (2.1) | | | | | | 3.9 | | |
Transaction costs
|
| | | | 0.0 | | | | | | (0.2) | | |
Changes in valuation allowances
|
| | | | (24.8) | | | | | | (31.4) | | |
Other
|
| | | | (0.2) | | | | | | (1.0) | | |
Effective Income Tax Rate
|
| | | | (0.1)% | | | | | | (0.2)% | | |
| | |
Fiscal year
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss and tax credit carryforwards
|
| | | $ | 55,664 | | | | | $ | 76,508 | | |
Other accruals and reserves
|
| | | | 3,529 | | | | | | 3,413 | | |
Stock-based compensation
|
| | | | 491 | | | | | | 561 | | |
Deferred rent
|
| | | | 1,066 | | | | | | 1,280 | | |
Interest expense deduction limitation carryforward
|
| | | | 742 | | | | | | 1,549 | | |
Intangibles
|
| | | | 19 | | | | | | — | | |
Property, plant & equipment
|
| | | | 252 | | | | | | 526 | | |
Other
|
| | | | 139 | | | | | | 355 | | |
Valuation allowance
|
| | | | (61,902) | | | | | | (83,640) | | |
Deferred tax assets
|
| | | | — | | | | | | 552 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Intangibles
|
| | | | — | | | | | | (552) | | |
Deferred tax liabilities
|
| | | | — | | | | | | (552) | | |
Net deferred taxes
|
| | | $ | — | | | | | $ | — | | |
| | |
Fiscal year
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Balance at the beginning of the period
|
| | | $ | 47,908 | | | | | $ | 61,902 | | |
(Decrease) increase due to NOLs and temporary differences
|
| | | | 13,994 | | | | | | 16,100 | | |
(Decrease) increase due to acquisitions
|
| | | | — | | | | | | 5,638 | | |
Balance at the end of the period
|
| | | $ | 61,902 | | | | | $ | 83,640 | | |
| | |
Fiscal year
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Net loss
|
| | | $ | (56,496) | | | | | $ | (51,365) | | |
Net loss per common share, basic and diluted
|
| | | $ | (12.17) | | | | | $ | (9.13) | | |
Weighted-average shares used to compute net loss per common share, basic and diluted
|
| | | | 4,641,256 | | | | | | 5,626,713 | | |
| | |
Fiscal year
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Stock options
|
| | | | 8,147,544 | | | | | | 7,996,056 | | |
Common stock warrants
|
| | | | 182,288 | | | | | | 317,861 | | |
Total
|
| | | | 8,329,832 | | | | | | 8,313,917 | | |
| | |
Fiscal Year Ended
February 29, 2020 |
| |||
Numerator: | | | | | | | |
Net loss
|
| | | $ | (51,365) | | |
Deemed dividend attributable to preferred shareholders
|
| | | | (239,294) | | |
Net loss attributable to common stockholders
|
| | | $ | (290,609) | | |
Denominator: | | | | | | | |
Weighted-average shares used to compute net loss per common share, basic and diluted
|
| | | | 5,626,713 | | |
Pro forma adjustment to reflect conversion of convertible preferred stock
|
| | | | 28,964,247 | | |
Pro forma adjustment to reflect automatic cashless exercise of warrants
|
| | | | 42,492 | | |
Weighted-average shares used to compute pro forma net loss per common share, basic and diluted
|
| | | | 34,633,452 | | |
Pro forma net loss per common share, basic and diluted
|
| | | $ | (8.39) | | |
Fiscal years ending February 28(29),
|
| | | | | | |
2021
|
| | | $ | 6,104 | | |
2022
|
| | | | 6,580 | | |
2023
|
| | | | 6,577 | | |
2024
|
| | | | 6,625 | | |
2025
|
| | | | 5,664 | | |
Thereafter
|
| | | | 21,516 | | |
| | | | $ | 53,066 | | |
| | |
November 30,
2020 |
| |
February 29,
2020 |
| ||||||
Assets
|
| | | ||||||||||
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 418,938 | | | | | $ | 33,155 | | |
Accounts receivable, net
|
| | | | 15,432 | | | | | | 294 | | |
Unbilled revenue
|
| | | | 1,334 | | | | | | 895 | | |
Current portion of deferred contract acquisition costs
|
| | | | 2,048 | | | | | | 1,368 | | |
Current portion of deferred financing fees
|
| | | | 163 | | | | | | 279 | | |
Prepaid and other current assets
|
| | | | 6,598 | | | | | | 12,944 | | |
Total current assets
|
| | | | 444,513 | | | | | | 48,935 | | |
Property and equipment, net
|
| | | | 10,496 | | | | | | 13,625 | | |
Goodwill
|
| | | | 4,013 | | | | | | 4,013 | | |
Acquired technology, net
|
| | | | 967 | | | | | | 2,054 | | |
Deferred contract acquisition costs
|
| | | | 6,195 | | | | | | 3,876 | | |
Other assets
|
| | | | 1,311 | | | | | | 745 | | |
Total assets
|
| | | $ | 467,495 | | | | | $ | 73,248 | | |
Liabilities, convertible preferred stock and stockholders’ equity (deficit)
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 4,136 | | | | | $ | 5,273 | | |
Accrued expenses
|
| | | | 3,437 | | | | | | 6,580 | | |
Accrued compensation
|
| | | | 27,459 | | | | | | 23,838 | | |
Deferred rent and other current liabilities
|
| | | | 531 | | | | | | 674 | | |
Due to customers
|
| | | | 3,449 | | | | | | 4,674 | | |
Current portion of deferred revenue
|
| | | | 34,427 | | | | | | 28,919 | | |
Total current liabilities
|
| | | | 73,439 | | | | | | 69,958 | | |
Loans payable, net of unamortized issuance costs
|
| | | | — | | | | | | 21,144 | | |
Deferred rent and other noncurrent liabilities
|
| | | | 5,375 | | | | | | 5,523 | | |
Deferred revenue
|
| | | | 394 | | | | | | 396 | | |
Total liabilities
|
| | | | 79,208 | | | | | | 97,021 | | |
Convertible preferred stock: | | | | | | | | | | | | | |
Preferred stock par value $0.0001; 25,000,000 shares authorized; 0 and 19,513,939 issued and outstanding at November 30, 2020 and February 29, 2020, respectively
|
| | | | — | | | | | | 233,022 | | |
Commitments (note 11) | | | | | | | | | | | | | |
Stockholders’ equity (deficit) | | | | | | | | | | | | | |
Common stock par value $0.0001; 500,000,000 shares authorized; 55,171,467 and 6,033,450 shares issued and outstanding at November 30, 2020 and February 29, 2020, respectively
|
| | | | 5 | | | | | | 2 | | |
Additional paid-in capital
|
| | | | 755,076 | | | | | | 64,071 | | |
Accumulated deficit
|
| | | | (366,794) | | | | | | (320,868) | | |
Total stockholders’ equity (deficit)
|
| | | | 388,287 | | | | | | (256,795) | | |
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)
|
| | | $ | 467,495 | | | | | $ | 73,248 | | |
| | |
Three months ended November 30,
|
| |
Nine months ended November 30,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Revenue
|
| | | $ | 38,444 | | | | | $ | 29,652 | | | | | $ | 111,126 | | | | | $ | 88,066 | | |
Cost of revenue, excluding depreciation and amortization
|
| | | | 22,743 | | | | | | 17,538 | | | | | | 66,052 | | | | | | 51,737 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Product and technology
|
| | | | 13,018 | | | | | | 11,046 | | | | | | 36,624 | | | | | | 33,595 | | |
Sales and marketing
|
| | | | 8,644 | | | | | | 7,924 | | | | | | 23,841 | | | | | | 23,202 | | |
General and administrative
|
| | | | 8,414 | | | | | | 8,551 | | | | | | 20,537 | | | | | | 20,125 | | |
Depreciation and amortization
|
| | | | 2,114 | | | | | | 2,033 | | | | | | 6,090 | | | | | | 6,415 | | |
Total operating expenses
|
| | | | 32,190 | | | | | | 29,554 | | | | | | 87,092 | | | | | | 83,337 | | |
Loss from operations
|
| | | | (16,489) | | | | | | (17,440) | | | | | | (42,018) | | | | | | (47,008) | | |
Interest expense, net
|
| | | | (35) | | | | | | (827) | | | | | | (3,663) | | | | | | (2,071) | | |
Other expense
|
| | | | (42) | | | | | | (18) | | | | | | (160) | | | | | | (98) | | |
Loss before income taxes
|
| | | | (16,566) | | | | | | (18,285) | | | | | | (45,841) | | | | | | (49,177) | | |
Income tax expense
|
| | | | (29) | | | | | | (12) | | | | | | (85) | | | | | | (49) | | |
Net loss
|
| | | $ | (16,595) | | | | | $ | (18,297) | | | | | $ | (45,926) | | | | | $ | (49,226) | | |
Net loss per share, basic and diluted
|
| | | $ | (0.32) | | | | | $ | (3.17) | | | | | $ | (1.50) | | | | | $ | (9.20) | | |
Weighted-average common shares outstanding, basic and diluted
|
| | | | 51,578,863 | | | | | | 5,776,478 | | | | | | 30,635,348 | | | | | | 5,351,313 | | |
| | |
Convertible Preferred stock
|
| | |
Stockholders’ Deficit
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | |
Common stock
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| | ||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| |
Total
|
| |||||||||||||||||||||||||||
Balance February 28, 2019
|
| | | | 18,640,901 | | | | | $ | 214,664 | | | | | | | 3,616,549 | | | | | $ | 1 | | | | | $ | 38,881 | | | | | $ | (269,503) | | | | | $ | (230,621) | | |
Exercise of stock options and common stock warrants
|
| | | | — | | | | | | — | | | | | | | 90,322 | | | | | | — | | | | | | 356 | | | | | | — | | | | | | 356 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,436 | | | | | | — | | | | | | 1,436 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,903) | | | | | | (15,903) | | |
Balance, May 31, 2019
|
| | | | 18,640,901 | | | | | $ | 214,664 | | | | | | | 3,706,871 | | | | | $ | 1 | | | | | $ | 40,673 | | | | | $ | (285,406) | | | | | $ | (244,732) | | |
Issuance of common stock in connection with acquisition
|
| | | | — | | | | | | — | | | | | | | 279,436 | | | | | | — | | | | | | 6,164 | | | | | | — | | | | | | 6,164 | | |
Issuance of common stock warrants
in connection with July 2019 debt |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 779 | | | | | | — | | | | | | 779 | | |
Exercise of stock options and common stock warrants
|
| | | | — | | | | | | — | | | | | | | 415,420 | | | | | | — | | | | | | 1,428 | | | | | | — | | | | | | 1,428 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,895 | | | | | | — | | | | | | 1,895 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,026) | | | | | | (15,026) | | |
Balance, August 31, 2019
|
| | | | 18,640,901 | | | | | $ | 214,664 | | | | | | | 4,401,727 | | | | | $ | 1 | | | | | $ | 50,939 | | | | | $ | (300,432) | | | | | $ | (249,492) | | |
Issuance of common stock in connection with acquisition
|
| | | | — | | | | | | — | | | | | | | 9,884 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sale of Series F preferred stock, net
|
| | | | 873,038 | | | | | | 18,358 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of common stock warrants
in connection with sale of Series F Preferred Stock |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,585 | | | | | | — | | | | | | 1,585 | | |
Exercise of stock options and common stock warrants
|
| | | | — | | | | | | — | | | | | | | 213,453 | | | | | | — | | | | | | 728 | | | | | | — | | | | | | 728 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,564 | | | | | | — | | | | | | 1,564 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,297) | | | | | | (18,297) | | |
Balance, November 30, 2019
|
| | | | 19,513,939 | | | | | $ | 233,022 | | | | | | | 4,625,064 | | | | | $ | 1 | | | | | $ | 54,816 | | | | | $ | (318,729) | | | | | $ | (263,912) | | |
| | |
Convertible Preferred stock
|
| | |
Stockholders' Equity (Deficit)
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | |
Common stock
|
| |
Additional
|
| |
Accumulated
|
| | | | | | | |||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| |
paid-in capital
|
| |
deficit
|
| |
Total
|
| |||||||||||||||||||||
Balance February 29, 2020
|
| | | | 19,513,939 | | | | | $ | 233,022 | | | | | | | 6,033,450 | | | | | $ | 2 | | | | | $ | 64,071 | | | | | $ | (320,868) | | | | | $ | (256,795) | | |
Exercise of stock options and common stock warrants
|
| | | | — | | | | | | — | | | | | | | 347,807 | | | | | | — | | | | | | 2,999 | | | | | | — | | | | | | 2,999 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,259 | | | | | | — | | | | | | 1,259 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (13,960) | | | | | | (13,960) | | |
Balance, May 31, 2020
|
| | | | 19,513,939 | | | | | $ | 233,022 | | | | | | | 6,381,257 | | | | | $ | 2 | | | | | $ | 68,329 | | | | | $ | (334,828) | | | | | $ | (266,497) | | |
Exercise of stock options and common stock warrants
|
| | | | — | | | | | | — | | | | | | | 383,575 | | | | | | — | | | | | | 1,726 | | | | | | — | | | | | | 1,726 | | |
Issuance of common stock in initial public offering, net of issuance costs of $4,596
|
| | | | — | | | | | | — | | | | | | | 11,526,134 | | | | | | 1 | | | | | | 231,227 | | | | | | — | | | | | | 231,228 | | |
Conversion of preferred stock into
common stock |
| | | | (19,513,939) | | | | | | (233,022) | | | | | | | 29,479,521 | | | | | | 2 | | | | | | 233,020 | | | | | | — | | | | | | 233,022 | | |
Automatic exercise of warrants into common stock in connection with initial public offering
|
| | | | — | | | | | | — | | | | | | | 1,401,836 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of stock options to satisfy bonus obligation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 5,735 | | | | | | — | | | | | | 5,735 | | |
Issuance of common stock in connection with 2019 acquisition
|
| | | | — | | | | | | — | | | | | | | 97,019 | | | | | | — | | | | | | 156 | | | | | | — | | | | | | 156 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 2,105 | | | | | | — | | | | | | 2,105 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,371) | | | | | | (15,371) | | |
Balance, August 31, 2020
|
| | | | — | | | | | $ | — | | | | | | | 49,269,342 | | | | | $ | 5 | | | | | $ | 542,298 | | | | | $ | (350,199) | | | | | $ | 192,104 | | |
Exercise of stock options
|
| | | | — | | | | | | — | | | | | | | 84,627 | | | | | | — | | | | | | 527 | | | | | | — | | | | | | 527 | | |
Issuance of common stock in
follow-on public offering, net of issuance costs of $600 |
| | | | — | | | | | | — | | | | | | | 5,750,000 | | | | | | — | | | | | | 208,046 | | | | | | — | | | | | | 208,046 | | |
Issuance of common stock in connection with the employee stock purchase plan
|
| | | | — | | | | | | — | | | | | | | 67,498 | | | | | | — | | | | | | 1,259 | | | | | | — | | | | | | 1,259 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 2,946 | | | | | | — | | | | | | 2,946 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,595) | | | | | | (16,595) | | |
Balance, November 30, 2020
|
| | | | — | | | | | $ | — | | | | | | | 55,171,467 | | | | | $ | 5 | | | | | $ | 755,076 | | | | | $ | (366,794) | | | | | $ | 388,287 | | |
| | |
Nine months ended November 30,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (45,926) | | | | | $ | (49,226) | | |
Adjustments to reconcile net loss to net cash used in Operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization expense
|
| | | | 6,090 | | | | | | 6,415 | | |
Amortization of deferred contract acquisition costs
|
| | | | 1,187 | | | | | | 695 | | |
Noncash interest expense
|
| | | | 1,395 | | | | | | 533 | | |
Stock-based compensation expense
|
| | | | 6,310 | | | | | | 4,895 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable and unbilled revenue
|
| | | | (15,577) | | | | | | 123 | | |
Accounts payable and accrued expenses
|
| | | | 569 | | | | | | 4,408 | | |
Deferred contract acquisition costs
|
| | | | (4,187) | | | | | | (1,551) | | |
Deferred revenue and due to customers
|
| | | | 4,281 | | | | | | 10,832 | | |
Accrued compensation
|
| | | | 9,372 | | | | | | 187 | | |
Deferred rent and other liabilities
|
| | | | (324) | | | | | | 106 | | |
Other assets
|
| | | | 1,182 | | | | | | (1,400) | | |
Net cash used in operating activities
|
| | | | (35,628) | | | | | | (23,983) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Capitalized software development costs
|
| | | | (374) | | | | | | — | | |
Purchases of property and equipment
|
| | | | (1,500) | | | | | | (2,469) | | |
Net cash acquired in acquisition of MD Insider
|
| | | | — | | | | | | (206) | | |
Earnout payments to MD Insider
|
| | | | (58) | | | | | | — | | |
Net cash used in investing activities
|
| | | | (1,932) | | | | | | (2,675) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from public offerings, net of underwriters’ discounts and commissions and offering costs
|
| | | | 439,478 | | | | | | — | | |
Proceeds from stock option and warrant exercises
|
| | | | 5,176 | | | | | | 2,008 | | |
Proceeds from sale of Series F Preferred Stock, net.
|
| | | | — | | | | | | 19,943 | | |
Proceeds from stock purchases under employee stock purchase plan
|
| | | | 1,442 | | | | | | — | | |
Proceeds from borrowings on debt
|
| | | | 51,166 | | | | | | 1,660 | | |
Repayments of debt principal
|
| | | | (73,166) | | | | | | — | | |
Payments related to debt retirement
|
| | | | (753) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 423,343 | | | | | | 23,611 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | 385,783 | | | | | | (3,047) | | |
Cash and cash equivalents, beginning of period
|
| | | | 33,155 | | | | | | 42,701 | | |
Cash and cash equivalents, end of period
|
| | | $ | 418,938 | | | | | $ | 39,654 | | |
Supplemental cash flow information:
|
| | | | | | | | | | | | |
Interest paid
|
| | | $ | 2,246 | | | | | $ | 1,790 | | |
Income taxes paid
|
| | | $ | 149 | | | | | $ | 55 | | |
Fixed assets included in accounts payable
|
| | | $ | 185 | | | | | $ | 126 | | |
Other receivable related to stock option exercises
|
| | | $ | 249 | | | | | $ | 504 | | |
Offering costs included in accounts payable and accrued expenses
|
| | | $ | 68 | | | | | $ | — | | |
Bonus settled in the form of stock options
|
| | | $ | 5,735 | | | | | $ | — | | |
Common stock issued in connection with acquisition
|
| | | $ | — | | | | | $ | 6,164 | | |
Common stock warrants issued in connection with debt
|
| | | $ | — | | | | | $ | 779 | | |
| | |
For the three months ended November 30,
|
| |
For the nine months ended November 30,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Customer 1
|
| | | | 17% | | | | | | 27% | | | | | | 17% | | | | | | 27% | | |
Customer 2
|
| | | | 10% | | | | | | 12% | | | | | | 11% | | | | | | 12% | | |
Customer 3
|
| | | | 10% | | | | | | 11% | | | | | | 10% | | | | | | 11% | | |
Total | | | | | 37% | | | | | | 50% | | | | | | 38% | | | | | | 50% | | |
| | |
November 30,
2020 |
| |||
Customer 1
|
| | | $ | 1,642 | | |
Customer 2
|
| | | | 45 | | |
Customer 3
|
| | | | 8,196 | | |
Fiscal year ending February 28(29),
|
| | | | | | |
Remainder of 2021
|
| | | $ | 42,174 | | |
2022
|
| | | | 126,168 | | |
2023
|
| | | | 46,607 | | |
2024
|
| | | | 14,026 | | |
Total
|
| | | $ | 228,975 | | |
| | |
November 30, 2020
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Fair Value
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 208,286 | | | | | $ | — | | | | | $ | — | | | | | $ | 208,286 | | |
United States Treasury bills
|
| | | $ | 199,990 | | | | | $ | — | | | | | $ | — | | | | | $ | 199,990 | | |
| | |
February 29, 2020
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Fair Value
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 21,332 | | | | | $ | — | | | | | $ | — | | | | | $ | 21,332 | | |
Certificates of deposit
|
| | | $ | 5,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,000 | | |
| | |
Three months ended November 30,
|
| |
Nine months ended November 30,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Cost of revenue
|
| | | $ | 352 | | | | | $ | 75 | | | | | $ | 679 | | | | | $ | 250 | | |
Product and technology
|
| | | | 1,060 | | | | | | 460 | | | | | | 2,212 | | | | | | 1,312 | | |
Sales and marketing
|
| | | | 702 | | | | | | 340 | | | | | | 1,494 | | | | | | 1,162 | | |
General and administrative
|
| | | | 832 | | | | | | 689 | | | | | | 1,925 | | | | | | 2,171 | | |
Total stock-based compensation
|
| | | $ | 2,946 | | | | | $ | 1,564 | | | | | $ | 6,310 | | | | | $ | 4,895 | | |
| | |
Stock Option
|
| |
Weighted
average exercise price |
| |
Weighted
remaining contractual life in years |
| |
Aggregate
intrinsic value |
| ||||||||||||
Balance, February 29, 2020
|
| | | | 7,996,056 | | | | | $ | 6.19 | | | | | | | | | | | | | | |
Granted
|
| | | | 2,163,775 | | | | | | 17.41 | | | | | | | | | | | | | | |
Exercised
|
| | | | (656,009) | | | | | | 4.65 | | | | | | | | | | | | | | |
Forfeited
|
| | | | (200,012) | | | | | | 6.35 | | | | | | | | | | | | | | |
Balance, November 30, 2020
|
| | | | 9,303,810 | | | | | $ | 8.91 | | | | | | 7.2 years | | | | | $ | 400,103 | | |
Vested and expected to vest as of November 30, 2020
|
| | | | 9,303,810 | | | | | $ | 8.91 | | | | | | 7.2 years | | | | | $ | 400,103 | | |
Exercisable as of November 30, 2020
|
| | | | 5,673,184 | | | | | $ | 6.37 | | | | | | 6.2 years | | | | | $ | 258,347 | | |
| | |
Restricted
Stock Units |
| |||
Balance, February 29, 2020
|
| | | | — | | |
Granted
|
| | | | 85,310 | | |
Vested
|
| | | | — | | |
Forfeited
|
| | | | — | | |
Balance, November 30, 2020
|
| | | | 85,310 | | |
| | |
Three months ended
November 30, |
| |
Nine months ended
November 30, |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Net loss
|
| | | $ | (16,595) | | | | | $ | (18,297) | | | | | $ | (45,926) | | | | | $ | (49,226) | | |
Weighted-average shares used in computing net loss per share
|
| | | | 51,578,863 | | | | | | 5,776,478 | | | | | | 30,635,348 | | | | | | 5,351,313 | | |
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | (0.32) | | | | | $ | (3.17) | | | | | $ | (1.50) | | | | | $ | (9.20) | | |
| | |
November 30,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Stock options
|
| | | | 9,303,810 | | | | | | 9,069,217 | | |
Unvested restricted stock units
|
| | | | 85,310 | | | | | | — | | |
Common stock warrants
|
| | | | — | | | | | | 317,882 | | |
Total
|
| | | | 9,389,120 | | | | | | 9,387,099 | | |