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Income Taxes (Tables) | 12 Months Ended
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Jan. 31, 2021
Income Tax Disclosure [Abstract] |
Components of Pre-Tax Loss | The domestic and foreign components of pre-tax loss were as follows:
| Year Ended January 31,
(in thousands) | 2021 |  | 2020 |  | 2019
U.S. | $ | (240,175) |  |  | $ | (228,476) |  |  | $ | (460,627) |
International | 10,683 |  |  | 24,920 |  |  | 32,419 |
Loss before income taxes | $ | (229,492) |  |  | $ | (203,556) |  |  | $ | (428,208) |
Income Tax Provision | The components of our income tax provision (benefit) were as follows:
| Year Ended January 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Current |  |  |  |  |
Federal | $ | (35) |  |  | $ | — |  |  | $ | — |
State | 269 |  |  | 239 |  |  | 413 |
Foreign | 15,951 |  |  | 3,277 |  |  | 2,838 |
Total current | 16,185 |  |  | 3,516 |  |  | 3,251 |
Deferred |  |  |  |  |
Federal | (243) |  |  | — |  |  | (7,083) |
State | 5 |  |  | (43) |  |  | (2) |
Foreign | (2,172) |  |  | 1,330 |  |  | 2,084 |
Total deferred | (2,410) |  |  | 1,287 |  |  | (5,001) |
Provision for (benefit from) income taxes | $ | 13,775 |  |  | $ | 4,803 |  |  | $ | (1,750) |
Reconciliation Federal Statutory Rate | The reconciliation of the statutory federal income tax rate to our effective tax rate was as follows:
| Year Ended January 31,
(in percentage) | 2021 |  | 2020 |  | 2019
U.S statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes | 2.7 |  |  | 3.5 |  |  | 3.1 |
Foreign tax rate differential | 0.1 |  |  | 0.5 |  |  | 0.3 |
Increase (decrease) unrecognized tax benefit | (5.6) |  |  | — |  |  | — |
Stock-based compensation | 87.1 |  |  | 47.2 |  |  | 17.5 |
Change in valuation allowance | (118.4) |  |  | (80.3) |  |  | (43.6) |
Research and development credits | 9.1 |  |  | 8.2 |  |  | 4.0 |
Other deferred adjustment | (1.1) |  |  | — |  |  | — |
Other | (0.9) |  |  | (2.4) |  |  | (1.9) |
Effective tax rate | (6.0) | % |  | (2.3) | % |  | 0.4 | %
Components of Net Deferred Tax Balances | The significant components of net deferred tax balances were as follows:
| January 31,
(in thousands) | 2021 |  | 2020
Deferred tax assets |  |  |
Net operating loss carryforwards | $ | 682,872 |  |  | $ | 423,379 |
Accruals and reserves | 14,744 |  |  | 5,668 |
Stock-based compensation | 30,377 |  |  | 33,405 |
Operating lease liability | 36,148 |  |  | 40,495 |
Research and development credits | 60,386 |  |  | 39,480 |
Other | 14,398 |  |  | 7,536 |
Total deferred tax assets | 838,925 |  |  | 549,963 |
Less: Valuation allowance | (723,767) |  |  | (445,746) |
Deferred tax assets, net of valuation allowance | 115,158 |  |  | 104,217 |
Deferred tax liabilities |  |  |
Operating lease right-of-use asset | (27,654) |  |  | (32,736) |
Deferred contract acquisition costs | (61,432) |  |  | (36,567) |
Convertible debt | (18,854) |  |  | (24,737) |
Acquired intangibles | (11,939) |  |  | (13,493) |
Other | (893) |  |  | (1,457) |
Total deferred tax liabilities | (120,772) |  |  | (108,990) |
Net deferred tax liabilities | $ | (5,614) |  |  | $ | (4,773) |
Total Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of total unrecognized tax benefits was as follows:
| January 31,
(in thousands) | 2021 |  | 2020
Unrecognized tax benefits balance at February 1 | $ | 12,885 |  |  | $ | 9,733 |
Gross increase for tax positions of prior years | 2,012 |  |  | 90 |
Gross decrease for tax positions of prior years | — |  |  | (94) |
Gross increase for tax positions of current year | 18,882 |  |  | 3,156 |
Unrecognized tax benefits balance at January 31 | $ | 33,779 |  |  | $ | 12,885 |
Summary of Valuation Allowance | The following table represents the rollforward of our valuation allowance:
| Year Ended January 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Beginning balance | $ | 445,746 |  |  | $ | 282,141 |  |  | $ | 119,153 |
Valuation allowance charged to income tax provision | 269,135 |  |  | 163,605 |  |  | 201,646 |
Valuation allowance from acquisitions | 9,354 |  |  | — |  |  | — |
Convertible senior notes settled | 14,985 |  |  | — |  |  | — |
Convertible senior notes issued | (15,453) |  |  | — |  |  | (31,594) |
Acquisition of SpringCM | — |  |  | — |  |  | (7,064) |
Ending balance | $ | 723,767 |  |  | $ | 445,746 |  |  | $ | 282,141 |

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