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Deferred Revenue and Performance Obligations
12 Months Ended
Jan. 31, 2020
Revenue from Contract with Customer [Abstract]  
Deferred Revenue and Performance Obligations Deferred Revenue and Performance Obligations
Deferred Revenue
Deferred revenue, which is a contract liability, consists primarily of payments received and accounts receivable recorded in advance of revenue recognition under the Company’s contracts with customers and is recognized as the revenue recognition criteria are met.
Subscription revenue recognized during the years ended January 31, 2020 and 2019 that was included in the deferred revenue balances at the beginning of the respective periods was $241.1 million and $157.9 million, respectively. Professional services and other revenue recognized in the years ended January 31, 2020 and 2019 from deferred revenue balances at the beginning of the respective periods was not material.
Transaction Price Allocated to the Remaining Performance Obligations
Transaction price allocated to the remaining performance obligations represents all future, noncancelable contracted revenue that has not yet been recognized, inclusive of deferred revenue that has been invoiced and noncancelable amounts that will be invoiced and recognized as revenue in future periods.
As of January 31, 2020, total remaining noncancelable performance obligations under the Company’s subscription contracts with customers was approximately $1,209.7 million. Of this amount, the Company expects to recognize revenue of approximately $592.3 million, or 49%, over the next 12 months, with the balance to be recognized as revenue thereafter. Revenue from remaining performance obligations for professional services and other contracts as of January 31, 2020 was not material.
Unbilled Receivables
The Company receives payments from customers based on billing schedules as established in its contracts. Unbilled receivables and contract assets represent amounts for which the Company has recognized revenue in excess of billings pursuant to its revenue recognition policy. As of January 31, 2020 and January 31, 2019, contract assets and unbilled receivables were $1.0 million and $1.5 million, respectively, which are included in prepaid expenses and other current assets in the consolidated balance sheets.