| Summary of Effects of Adopting Topic 606 on Consolidated Financial Statements |
The cumulative effect of the changes made to our consolidated balance sheet as of February 1, 2018 for the adoption of the new guidance under the modified retrospective method is as follows:
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As of
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January 31, 2018
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February 1, 2018
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Under ASC 605
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Adjustment
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Under ASC 606
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(Amounts in thousands)
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Assets
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Unbilled receivables
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$
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3,101
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$
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137
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$
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3,238
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Prepaid expenses and other current assets (1)
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3,557
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824
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4,381
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Liabilities
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Deferred revenue
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14,433
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(1,358
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)
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13,075
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Equity
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Accumulated deficit
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(148,620
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)
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2,319
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(146,301
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)
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(1)
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Contract assets, short-term are included in prepaid expenses and other current assets in our consolidated balance sheet.
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The following tables summarize the effects of adopting ASC 606 on our consolidated financial statements during the year ended January 31, 2019:
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January 31, 2019
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Balance Without
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As reported
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Adjustment
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Adoption of ASC 606
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(Amounts in thousands)
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Assets
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Unbilled receivables
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$
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5,448
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$
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1,557
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$
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7,005
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Prepaid expenses and other current assets (1)
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6,033
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(554
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)
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5,479
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Liabilities
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Deferred revenue
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10,746
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6,124
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16,870
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Equity
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Accumulated deficit
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(184,303
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)
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(5,120
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)
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(189,423
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)
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(1) Contract assets, short term are included in prepaid and other current assets in our consolidated balance sheet
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For the Year Ended January 31, 2019
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Balance Without
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As reported
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Adjustment
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Adoption of ASC 606
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(Amounts in thousands, except per share amounts)
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Revenue
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$
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62,402
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$
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(3,115
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)
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$
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59,287
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Cost of revenue
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25,072
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(653
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)
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24,419
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Operating expenses
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73,133
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383
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73,516
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Loss from operations
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(35,803
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)
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(2,845
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)
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(38,648
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)
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Loss before income taxes
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(40,020
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)
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(2,845
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)
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(42,865
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)
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Income tax (benefit) provision
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(2,018
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)
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—
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(2,018
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)
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Net loss
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(38,002
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)
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(2,845
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)
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(40,847
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)
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Net loss per share:
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Basic
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$
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(1.06
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)
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$
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(0.08
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)
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$
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(1.14
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)
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Diluted
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$
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(1.06
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)
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$
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(0.08
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)
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$
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(1.14
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)
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For the Year Ended January 31, 2019
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Balance Without
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As reported
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Adjustment
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Adoption of ASC 606
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(Amounts in thousands)
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Cash used in operating activities:
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Net loss
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$
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(38,002
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)
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$
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(2,802
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)
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$
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(40,804
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)
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Unbilled receivables
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(2,468
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)
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(1,557
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)
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(4,025
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)
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Prepaid expenses and other current assets
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(877
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)
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554
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(323
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)
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Deferred revenue
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(3,379
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)
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6,124
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2,745
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Other operating activities
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(173
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)
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(2,319
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)
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(2,492
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)
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Total cash used in operating activities
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(21,524
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)
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—
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(21,524
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)
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