Property and Equipment, Net

6 Months Ended

Jul. 31, 2025

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following:


(in thousands)	July 31, 2025		January 31, 2025
Computer and network equipment	$	133,010	$	133,486
Software, including capitalized software development costs	332,190		278,918
Furniture and office equipment	22,287		20,360
Leasehold improvements	65,831		64,012
	553,318		496,776
Less: Accumulated depreciation	(343,228)		(303,676)
	210,090		193,100
Work in progress	117,863		106,270
Total	$	327,953	$	299,370

Depreciation and amortization expense associated with property and equipment was $24.0 million and $20.8 million for the three months ended July 31, 2025 and 2024, and $47.4 million and $40.6 million for the six months ended July 31, 2025 and 2024. This included amortization expense related to capitalized internally developed software costs of $18.5 million and $13.4 million for the three months ended July 31, 2025 and 2024, and $35.9 million and $25.1 million for the six months ended July 31, 2025 and 2024.

For the three months ended July 31, 2025 and 2024, we capitalized $35.4 million and $26.8 million of internally developed software, including $12.9 million and $9.1 million of capitalized stock-based compensation expense in the three months ended July 31, 2025 and 2024. For the six months ended July 31, 2025 and 2024, we capitalized $65.1 million and $51.5 million of internally developed software, including $22.9 million and $17.7 million of capitalized stock-based compensation expense in the six months ended July 31, 2025 and 2024.