Income Taxes (Tables)

12 Months Ended

Jan. 31, 2024

Schedule of Income (Loss) before Income Tax, Domestic and Foreign

The Company’s geographical breakdown of its income (loss) before provision for income taxes for the fiscal years ended January 31, 2024, January 31, 2023, and January 31, 2022 is as follows (in thousands):


	Year Ended January 31,
	2024		2023		2022

Domestic	$	99,241	$	(195,042)	$	(179,334)
International	23,576		35,159		19,311
Income (loss) before provision for income taxes	$	122,817	$	(159,883)	$	(160,023)

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision for income taxes during the fiscal years ended January 31, 2024, January 31, 2023, and January 31, 2022 are as follows (in thousands):


	Year Ended January 31,
	2024		2023		2022

Current
Federal	$	272	$	—	$	—
State	4,462		855		611
Foreign	30,885		20,241		85,700
Total current	35,619		21,096		86,311
Deferred
Federal	(307)		135		(363)
State	(343)		89		(63)
Foreign	(2,737)		1,082		(13,530)
Total deferred	(3,387)		1,306		(13,956)
Provision for income taxes	$	32,232	$	22,402	$	72,355

Schedule of Effective Income Tax Rate Reconciliation

The following table provides a reconciliation between income taxes computed at the federal statutory rate and the provision for income taxes during the fiscal years ended January 31, 2024, January 31, 2023, and January 31, 2022 (in thousands):


	As of January 31,
	2024		2023		2022

Provision for income taxes at statutory rate	$	25,527	$	(33,777)	$	(33,605)
State income taxes, net of federal benefits	4,118		944		673
Foreign tax rate differential	22,425		11,003		574
Research and other credits	(21,182)		(19,465)		(19,113)
Stock-based compensation	(31,852)		(47,335)		(145,964)
Non-deductible expenses	4,604		2,800		2,783

Change in valuation allowance	28,810		102,892		210,680
Tax impact of restructuring	—		5,340		57,236
Other	(218)		—		(909)
Provision for income taxes	$	32,232	$	22,402	$	72,355

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of January 31, 2024 and January 31, 2023 are as follows (in thousands):


	As of January 31,
	2024		2023

Deferred tax assets
Net operating loss carryforwards	$	420,803	$	441,352
Research and other credit carryforwards	100,002		75,712
Intangible assets	81,551		62,650
Stock-based compensation	33,885		44,861
Deferred revenue	169,777		109,919
Accrued expenses	23,956		17,890
Operating lease liabilities	20,613		13,013
Capitalized research and development	320,708		286,124

Gross deferred assets	1,171,295		1,051,521
Less: Valuation allowance	(957,710)		(910,070)
Total deferred tax assets	213,585		141,451
Deferred tax liabilities
Property and equipment, net	(51,335)		(24,096)
Capitalized commissions	(128,302)		(99,397)
Intangible assets	(6,489)		—
Operating right-of-use assets	(19,956)		(12,285)

Other, net	(277)		(1,220)
Total deferred tax liabilities	(206,359)		(136,998)
Net deferred tax assets	$	7,226	$	4,453

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a rollforward of the total gross unrecognized tax benefits for the fiscal years ended January 31, 2024, January 31, 2023, and January 31, 2022 (in thousands):



Balance as of February 1, 2021	$	24,447
Increases in prior period tax positions	186
Decreases in prior period tax positions	(9,772)
Increases in current period tax positions	11,463
Balance as of January 31, 2022	26,324
Decreases in prior period tax positions	(2,122)
Increases in current period tax positions	12,699
Balance as of January 31, 2023	36,901
Increases in prior period tax positions	4,757
Decreases in prior period tax positions	(1,321)
Increases in current period tax positions	18,538
Balance as of January 31, 2024	$	58,875