v3.25.4
Income Taxes (Tables)
 12 Months Ended
Jan. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Geographical Breakdown of Income (Loss)
The Company’s geographical breakdown of its income (loss) before provision for income taxes is as follows (in thousands):
Year Ended January 31,
202620252024
Domestic$(151,441)$66,415 $82,095 
International24,452 (7,851)23,576 
Income (loss) before provision for income taxes$(126,989)$58,564 $105,671 
Schedule of provision For Income Taxes
The provision for income taxes consists of the following (in thousands):
Year Ended January 31,
202620252024
Current
Federal$177 $431 $272 
State1,340 2,493 4,462 
Foreign47,456 78,109 30,885 
Total current48,973 81,033 35,619 
Deferred
Federal59 323 (307)
State187 (204)(343)
Foreign(15,043)(10,022)(2,737)
Total deferred(14,797)(9,903)(3,387)
Provision for income taxes$34,176 $71,130 $32,232 
Schedule of Effective Income Tax Rate Reconciliation
Upon the adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 1, the reconciliation of taxes at the federal statutory rate to the Company’s provision for (benefit from) income taxes for the fiscal year ended January 31, 2026 is as follows (in thousands, except for percentages):
As of January 31, 2026
Amount Percent
U.S. federal statutory tax rate$(26,668)21.0 %
State and local income taxes, net of federal income tax effect(1)
(7,846)6.2 %
Foreign tax effects
Brazil
Withholding tax9,690 (7.6)%
Other498 (0.4)%
Denmark
Stock-based compensation(1,674)1.3 %
Other1,146 (0.9)%
United Kingdom
Stock-based compensation(12,609)9.9 %
Valuation allowance8,593 (6.8)%
Other884 (0.7)%
Israel
Non-deductible intercompany interest expense2,846 (2.2)%
Tax impact of intercompany transactions11,516 (9.1)%
Withholding tax 5,784 (4.6)%
Other1,965 (1.5)%
Spain
Valuation allowance2,993 (2.4)%
Other(202)0.2 %
Other foreign jurisdictions8,215 (6.5)%
Effect of cross-border tax laws
Branch income(68,126)53.6 %
Deductible foreign taxes (4,900)3.9 %
Tax credits
Research and development tax credits(61,175)48.2 %
Changes in valuation allowances236,543 (186.3)%
Nontaxable or nondeductible items
Stock-based compensation(96,077)75.7 %
Meals & entertainment3,669 (2.9)%
Transaction costs1,839 (1.4)%
Other 2,120 (1.7)%
Changes in unrecognized tax benefits15,520 (12.2)%
Other adjustments(368)0.3 %
Provision for income taxes$34,176 (26.9)%
(1)    State taxes in California made up a majority (greater than 50%) of the tax effect in this category.
A reconciliation of the U.S. federal statutory income tax rates to the Company’s effective tax rate for the fiscal years ended January 31, 2025 and January 31, 2024 is as follows (in thousands):
Year Ended January 31,
20252024
Provision for income taxes at statutory rate$12,298 $22,191 
State income taxes, net of federal benefits2,289 4,118 
Effects of foreign operations
10,236 22,425 
Research and other credits(36,669)(21,182)
Stock-based compensation(125,590)(31,852)
Non-deductible expenses6,904 4,604 
Change in valuation allowance151,762 32,146 
Tax impact of foreign transactions49,883 — 
Other 17 (218)
Provision for income taxes$71,130 $32,232 
Schedule of Cash Paid For Income Taxes, Net of Refunds Received
Cash paid for income taxes, net of refunds received, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the fiscal year ended January 31, 2026 is as follows (in thousands):
As of January 31, 2026
Federal$(2,834)
State467 
Foreign
Australia3,592 
Brazil10,915 
India7,925 
Israel15,512 
Other countries15,887 
Total cash paid for income taxes, net of refunds$51,464 
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s deferred tax assets and liabilities as of January 31, 2026 and January 31, 2025 are as follows (in thousands):
As of January 31,
20262025
Deferred tax assets
Net operating loss carryforwards$675,515 $400,277 
Research and other credit carryforwards210,753 144,068 
Intangible assets104,051 117,620 
Stock-based compensation85,705 71,140 
Deferred revenue271,640 209,357 
Accrued expenses39,562 29,833 
Operating lease liabilities26,460 17,418 
Capitalized research and development463,335 473,889 
Other, net12,176 13,898 
Gross deferred assets1,889,197 1,477,500 
Less: Valuation allowance(1,523,498)(1,203,216)
Total deferred tax assets365,699 274,284 
Deferred tax liabilities
Property and equipment, net(104,395)(64,576)
Capitalized commissions(201,954)(171,349)
Operating right-of-use assets(25,230)(16,853)
Intangible assets(4,963)(6,921)
Other, net(242)— 
Total deferred tax liabilities(336,784)(259,699)
Net deferred tax assets$28,915 $14,585 
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, 2026, January 31, 2025, and January 31, 2024 (in thousands):
Balance as of February 1, 2023$36,901 
Increases in prior period tax positions
4,757 
Decreases in prior period tax positions(1,321)
Increases in current period tax positions18,538 
Balance as of January 31, 202458,875 
Increases in current period tax positions66,354 
Increases in prior period tax positions890 
Decreases in prior period tax positions(5,285)
Settlements with taxing authorities(2,882)
Statute of limitations expirations(151)
Impact from currency fluctuations(261)
Balance as of January 31, 2025117,540 
Increases in current period tax positions31,538 
Increases in prior period tax positions4,317 
Decreases in prior period tax positions(21,359)
Settlements with taxing authorities(598)
Statute of limitations expirations(593)
Impact from currency fluctuations6,963 
Balance as of January 31, 2026$137,808