v3.25.1

Supplemental financial statement information | 12 Months Ended
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Jan. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supplemental financial statement information | Supplemental financial statement information Selected consolidated balance sheet and consolidated statement of operations and comprehensive income (loss) components consisted of the following: Allowance for doubtful accounts As of January 31, 2025 and 2024, the Company had an allowance for doubtful accounts of $2.1 million and $3.9 million, respectively. During the fiscal years ended January 31, 2025, 2024, and 2023, the Company recorded credit losses from trade receivables of $0.2 million, $1.7 million, and $2.1 million, respectively. Prepaid expenses As of January 31, 2025 and 2024, the Company had prepaid expenses of $32.5 million and $31.2 million, respectively, which are included within other current assets on the Company's consolidated balance sheets. Costs to obtain a contract As of January 31, 2025 and 2024, the net amount capitalized as contract costs was $60.3 million and $52.1 million, respectively, which is included in other current assets and other assets. Amortization of capitalized contract costs during the fiscal years ended January 31, 2025, 2024, and 2023 was $6.7 million, $5.4 million, and $4.4 million, respectively. Property and equipment Property and equipment consisted of the following as of January 31, 2025 and 2024:
(in thousands) | January 31, 2025 |  | January 31, 2024
Leasehold improvements | $ | 13,966 |  |  | $ | 14,455 |
Furniture and fixtures | 6,708 |  |  | 7,087 |
Computer equipment | 19,218 |  |  | 25,489 |
Property and equipment, gross | 39,892 |  |  | 47,031 |
Accumulated depreciation | (36,653) |  |  | (41,018) |
Property and equipment, net | $ | 3,239 |  |  | $ | 6,013 |
Depreciation expense for the fiscal years ended January 31, 2025, 2024 and 2023 was $4.6 million, $8.8 million and $12.3 million, respectively. Contract balances As of January 31, 2025 and 2024, the balance of deferred revenue was $17.1 million and $6.2 million, respectively. The balance as of January 31, 2025 relates primarily to a contract with a depository partner, which the Company assumed in conjunction with the BenefitWallet HSA portfolio acquisition, as described in Note 5—Intangible assets and goodwill. The remainder of the balances as of January 31, 2025 and 2024 relates to cash received in advance for interchange and custodial revenue arrangements, other up-front fees and other commuter deferred revenue. The Company expects to recognize approximately 70% of its balance of deferred revenue as revenue over the next 12 months and the remainder thereafter. Amounts expected to be recognized as revenue within a period of twelve months or less are classified as accrued liabilities in the Company's consolidated balance sheets, with the remainder included within other long-term liabilities. Revenue recognized during the fiscal year that was included in the beginning balance of deferred revenue was $4.8 million. The Company expects to satisfy its remaining obligations for these arrangements. Other income, net Other income, net, consisted of the following:
| Year ended January 31,
(in thousands) | 2025 |  | 2024 |  | 2023
Interest income | $ | 13,914 |  |  | $ | 12,138 |  |  | $ | 1,763 |
Acquisition costs | — |  |  | — |  |  | (53) |
Other miscellaneous income (expense) | 420 |  |  | 658 |  |  | (439) |
Total other income, net | $ | 14,334 |  |  | $ | 12,796 |  |  | $ | 1,271 |
Interest expense Based on the application of ASC 470-50, Debt - Modifications and Extinguishments, the Company recorded debt extinguishment losses of $1.6 million and $1.2 million during the fiscal years ended January 31, 2025 and 2024, respectively, which are included within interest expense in the consolidated statements of operations and comprehensive income (loss).

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