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v3.25.1

Income Taxes (Tables) | 12 Months Ended
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Jan. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Pre-Tax Income (Loss) | The domestic and foreign components of pre-tax income (loss) were as follows:
| Year Ended January 31,
(in thousands) | 2025 |  | 2024 |  | 2023
U.S. | $ | 179,128 |  |  | $ | 54,551 |  |  | $ | 19,673 |
International | 68,813 |  |  | 39,128 |  |  | (109,554) |
Income (loss) before income taxes | $ | 247,941 |  |  | $ | 93,679 |  |  | $ | (89,881) |
Schedule of Income Tax Provision | The components of our income tax provision were as follows:
| Year Ended January 31,
(in thousands) | 2025 |  | 2024 |  | 2023
Current |  |  |  |  |
Federal | $ | 4,758 |  |  | $ | 6,390 |  |  | $ | (464) |
State | 7,936 |  |  | 2,018 |  |  | 1,666 |
Foreign | 6,105 |  |  | 4,974 |  |  | 4,674 |
Total current | 18,799 |  |  | 13,382 |  |  | 5,876 |
Deferred |  |  |  |  |
Federal | (747,082) |  |  | 21 |  |  | 21 |
State | (94,945) |  |  | 2 |  |  | (21) |
Foreign | 3,284 |  |  | 6,294 |  |  | 1,697 |
Total deferred | (838,743) |  |  | 6,317 |  |  | 1,697 |
Provision for income taxes | $ | (819,944) |  |  | $ | 19,699 |  |  | $ | 7,573 |
Schedule of 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) | 2025 |  | 2024 |  | 2023
U.S. statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes | 4.0 |  |  | 2.4 |  |  | (2.4) |
Foreign tax rate differential | 0.5 |  |  | 37.9 |  |  | 16.4 |
Foreign-derived intangible income deduction | (3.8) |  |  | (11.7) |  |  | — |
Stock-based compensation | 7.9 |  |  | 81.8 |  |  | (55.1) |
Change in valuation allowance | (331.7) |  |  | (102.5) |  |  | (35.5) |
Dual Jurisdiction Deferred Taxes | (2.9) |  |  | 36.0 |  |  | 39.2 |
Research and development credits | (17.3) |  |  | (46.0) |  |  | 20.1 |
Other deferred adjustment | (10.7) |  |  | (1.2) |  |  | (10.7) |
Other | 2.3 |  |  | 3.3 |  |  | (1.4) |
Effective tax rate | (330.7) | % |  | 21.0 | % |  | (8.4) | %
Schedule of Components of Net Deferred Tax Balances | The significant components of net deferred tax balances were as follows:
| January 31,
(in thousands) | 2025 |  | 2024
Deferred tax assets |  |  |
Net operating loss carryforwards | $ | 486,505 |  |  | $ | 570,152 |
Accruals and reserves | 16,772 |  |  | 14,895 |
Stock-based compensation | 42,949 |  |  | 39,320 |
Research and development credits | 179,275 |  |  | 147,959 |
Capitalized research and development expenses | 350,729 |  |  | 246,945 |
Other | 54,286 |  |  | 53,140 |
Total deferred tax assets | 1,130,516 |  |  | 1,072,411 |
Less: Valuation allowance | (112,847) |  |  | (934,816) |
Deferred tax assets, net of valuation allowance | 1,017,669 |  |  | 137,595 |
Deferred tax liabilities |  |  |
Deferred contract acquisition costs | (121,678) |  |  | (100,806) |
Fixed Assets and Intangible Assets | (54,137) |  |  | (26,258) |
Other | (21,980) |  |  | (25,242) |
Total deferred tax liabilities | (197,795) |  |  | (152,306) |
Net deferred tax assets / (liabilities) | $ | 819,874 |  |  | $ | (14,711) |
Schedule of Total Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of total unrecognized tax benefits was as follows:
| January 31,
(in thousands) | 2025 |  | 2024 |  | 2023
Unrecognized tax benefits balance at February 1 | $ | 60,744 |  |  | $ | 47,946 |  |  | $ | 46,729 |
Gross increase for tax positions of prior years | — |  |  | 4,368 |  |  | 333 |
Gross decrease for tax positions of prior years | (307) |  |  | (156) |  |  | (1,734) |
Settlements | — |  |  | — |  |  | (2,484) |
Gross increase for tax positions of current year | 15,109 |  |  | 8,586 |  |  | 5,102 |
Unrecognized tax benefits balance at January 31 | $ | 75,546 |  |  | $ | 60,744 |  |  | $ | 47,946 |
Schedule of Valuation Allowance | The following table represents the rollforward of our valuation allowance:
| Year Ended January 31,
(in thousands) | 2025 |  | 2024 |  | 2023
Beginning balance | $ | 934,816 |  |  | $ | 1,032,016 |  |  | $ | 999,191 |
Valuation allowance charged to income tax provision | (821,969) |  |  | (97,200) |  |  | 32,825 |
Ending balance | $ | 112,847 |  |  | $ | 934,816 |  |  | $ | 1,032,016 |

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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