Property and Equipment, Net

9 Months Ended

Oct. 31, 2024

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following:


(in thousands)	October 31, 2024		January 31, 2024
Computer and network equipment	$	137,477	$	142,241
Software, including capitalized software development costs	255,047		168,584
Furniture and office equipment	19,231		18,196
Leasehold improvements	63,776		58,230
	475,531		387,251
Less: Accumulated depreciation	(293,152)		(244,270)
	182,379		142,981
Work in progress	96,244		102,192
Total	$	278,623	$	245,173

Depreciation and amortization expense associated with property and equipment was $20.7 million and $18.6 million for the three months ended October 31, 2024 and 2023, and $61.3 million and $56.8 million for the nine months ended October 31, 2024 and 2023. This included amortization expense related to capitalized internally developed software costs of $14.3 million and $9.5 million for the three months ended October 31, 2024 and 2023, and $39.4 million and $25.1 million for the nine months ended October 31, 2024 and 2023.

For the three months ended October 31, 2024 and 2023, we capitalized $29.8 million and $26.5 million of internally developed software, including $10.0 million and $8.8 million of capitalized stock-based compensation expense in the three months ended October 31, 2024 and 2023. For the nine months ended October 31, 2024 and 2023, we capitalized $81.3 million and $70.4 million of internally developed software, including $27.7 million and $22.5 million of capitalized stock-based compensation expense in the nine months ended October 31, 2024 and 2023.