HashiCorp (HCP) 10-Q 30 May 24 2025 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Apr. 30, 2024	May 24, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2024
Document Transition Report	false
Entity File Number	001-41121
Entity Registrant Name	HashiCorp, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0410665
Entity Address, Address Line One	101 Second Street
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94105
City Area Code	(415)
Local Phone Number	301-3250
Title of 12(b) Security	Class A Common Stock, par value $0.000015 per share
Trading Symbol	HCP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001720671
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2025
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		152,446,678
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		48,596,759

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Current assets:
Cash and cash equivalents	$ 594,738	$ 763,414
Short-term investments	713,099	515,163
Accounts receivable, net of allowance	106,071	182,614
Deferred contract acquisition costs	48,988	50,285
Prepaid expenses and other current assets	39,619	30,075
Total current assets	1,502,515	1,541,551
Deferred contract acquisition costs, non-current	75,263	80,055
Acquisition-related intangible assets, net	10,903	11,611
Goodwill	12,197	12,197
Other assets, non-current	47,695	46,533
Total assets	1,648,573	1,691,947
Current liabilities:
Accounts payable	17,404	9,081
Accrued expenses and other current liabilities	17,087	15,143
Accrued compensation and benefits	48,049	56,007
Deferred revenue	297,302	334,894
Customer deposits	22,402	25,627
Total current liabilities	402,244	440,752
Deferred revenue, non-current	24,383	26,659
Other liabilities, non-current	10,367	11,543
Total liabilities	436,994	478,954
Commitments and contingencies (Note 6)
Stockholders’ equity:
Additional paid-in capital	2,235,808	2,184,451
Accumulated other comprehensive loss	(2,036)	(393)
Accumulated deficit	(1,022,196)	(971,068)
Total stockholders’ equity	1,211,579	1,212,993
Total liabilities and stockholders’ equity	1,648,573	1,691,947
Common Class A
Stockholders’ equity:
Common stock	2	1
Common Class B
Stockholders’ equity:
Common stock	$ 1	$ 2

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 30, 2024	Jan. 31, 2024
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.000015	$ 0.000015
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	139,601,000	125,333,000
Common stock, shares outstanding (in shares)	139,601,000	125,333,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.000015	$ 0.000015
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	61,369,000	73,921,000
Common stock, shares outstanding (in shares)	61,369,000	73,921,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Revenue:
Total revenue	$ 160,579	$ 137,983
Cost of revenue:
Total cost of revenue	30,312	26,788
Gross profit	130,267	111,195
Operating expenses:
Sales and marketing	93,142	90,564
Research and development	58,835	54,193
General and administrative	46,002	34,248
Total operating expenses	197,979	179,005
Loss from operations	(67,712)	(67,810)
Interest income	17,207	14,980
Other income (expense), net	38	(120)
Loss before income taxes	(50,467)	(52,950)
Provision for income taxes	661	308
Net loss	$ (51,128)	$ (53,258)
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share)	$ (0.26)	$ (0.28)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share)	$ (0.26)	$ (0.28)
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	200,073	190,806
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	200,073	190,806
Subscription revenue
Revenue:
Total revenue	$ 154,571	$ 133,615
Cost of revenue:
Total cost of revenue	24,634	22,456
Subscription revenue | License
Revenue:
Total revenue	16,349	15,158
Cost of revenue:
Total cost of revenue	537	585
Subscription revenue | Support
Revenue:
Total revenue	113,632	101,913
Cost of revenue:
Total cost of revenue	15,199	14,843
Subscription revenue | Cloud-hosted services
Revenue:
Total revenue	24,590	16,544
Cost of revenue:
Total cost of revenue	8,898	7,028
Professional services and other
Revenue:
Total revenue	6,008	4,368
Cost of revenue:
Total cost of revenue	$ 5,678	$ 4,332

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (51,128)	$ (53,258)
Available-for-sale investments:
Net unrealized losses on available-for-sale investments	(1,303)	(66)
Foreign currency forward contracts:
Unrealized losses on foreign currency forward contracts	(340)	0
Other comprehensive loss, net of tax	(1,643)	(66)
Total comprehensive loss	$ (52,771)	$ (53,324)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Class A and Class B Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Jan. 31, 2023		189,968
Beginning balance at Jan. 31, 2023	$ 1,205,350	$ 3	$ 1,985,747	$ 0	$ (780,400)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		513
Issuance of common stock upon exercise of stock options	1,013		1,013
Issuance of common stock upon settlement of restricted stock units (in shares)		1,071
Tax withholdings on settlement of restricted stock units	(9)		(9)
Stock-based compensation	41,266		41,266
Other comprehensive loss	(66)			(66)
Net loss	(53,258)				(53,258)
Ending balance (in shares) at Apr. 30, 2023		191,552
Ending balance at Apr. 30, 2023	1,194,296	$ 3	2,028,017	(66)	(833,658)
Beginning balance (in shares) at Jan. 31, 2024		199,254
Beginning balance at Jan. 31, 2024	1,212,993	$ 3	2,184,451	(393)	(971,068)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		464
Issuance of common stock upon exercise of stock options	1,681		1,681
Issuance of common stock upon settlement of restricted stock units (in shares)		1,253
Tax withholdings on settlement of restricted stock units (in shares)		(1)
Tax withholdings on settlement of restricted stock units	(31)		(31)
Stock-based compensation	49,707		49,707
Other comprehensive loss	(1,643)			(1,643)
Net loss	(51,128)				(51,128)
Ending balance (in shares) at Apr. 30, 2024		200,970
Ending balance at Apr. 30, 2024	$ 1,211,579	$ 3	$ 2,235,808	$ (2,036)	$ (1,022,196)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Cash flows from operating activities
Net loss	$ (51,128)	$ (53,258)
Adjustments to reconcile net loss to cash from operating activities:
Stock-based compensation expense, net of amounts capitalized	48,817	40,163
Depreciation and amortization expense	3,117	1,583
Non-cash operating lease cost	909	733
Accretion of discounts on marketable securities	(3,550)	(1,345)
Other	11	(28)
Changes in operating assets and liabilities:
Accounts receivable	76,507	59,433
Deferred contract acquisition costs	6,088	876
Prepaid expenses and other assets	(9,601)	(10,346)
Accounts payable	8,187	1,020
Accrued expenses and other liabilities	(158)	(2,243)
Accrued compensation and benefits	(7,958)	(5,075)
Deferred revenue	(39,868)	(25,830)
Customer deposits	(3,225)	(1,809)
Net cash provided by operating activities	28,148	3,874
Cash flows from investing activities
Purchases of property and equipment	(232)	(391)
Capitalized internal-use software	(2,523)	(2,739)
Purchases of short-term investments	(439,213)	(342,330)
Proceeds from sales of short-term investments	49,071	21,239
Proceeds from maturities of short-term investments	194,477	0
Net cash used in investing activities	(198,420)	(324,221)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards	(31)	(9)
Payments related to acquisition holdback	(54)	0
Proceeds from issuance of common stock upon exercise of stock options	1,681	1,013
Net cash provided by financing activities	1,596	1,004
Net decrease in cash, cash equivalents, and restricted cash	(168,676)	(319,343)
Cash, cash equivalents, and restricted cash beginning of period	763,414	1,286,134
Cash, cash equivalents, and restricted cash end of period	594,738	966,791
Supplemental disclosure of cash flow information
Cash paid for income taxes, net of refunds received	554	444
Cash paid for operating lease liabilities	1,220	963
Supplemental disclosure of noncash investing and financing activities
Capitalized stock-based compensation expense	890	1,103
Unpaid acquisition holdback	4,046	0
Operating lease right-of-use assets obtained in exchange for new lease obligations	608	0
Purchase of property and equipment included in accounts payable	$ 137	$ 0

Organization and Description of

Organization and Description of Business	3 Months Ended
	Apr. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business Description of Business HashiCorp, Inc., (“HashiCorp” or the “Company”) was incorporated in Delaware in May 2013. The Company is headquartered in San Francisco, California and has wholly owned subsidiaries around the world. The Company’s foundational technologies solve the core infrastructure challenges of cloud adoption by enabling an operating model that unlocks the full potential of modern public and private clouds. The Company’s cloud operating model provides consistent workflows and a standardized approach to automating the critical processes involved in delivering applications in the cloud: infrastructure provisioning, security, networking, and application deployment. The Company’s primary commercial products are HashiCorp Terraform, Vault, Consul, and Nomad. The Company’s software is predominantly self-managed by users and customers who deploy it across public, private, and hybrid cloud environments. The Company also offers a fully-managed cloud platform for multiple products that further accelerates enterprise cloud migration by addressing resource and skills gaps, improving operational efficiency, and speeding up deployment time for customers. Additionally, the Company provides premium support and services. Proposed Transaction with IBM On April 24, 2024, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with International Business Machines Corporation ("IBM") and McCloud Merger Sub, Inc., a wholly owned subsidiary of IBM (“Merger Sub”). The Merger Agreement provides that, subject to the terms and conditions of the Merger Agreement, Merger Sub will merge with and into HashiCorp (the “Merger”), with HashiCorp continuing as the surviving corporation of the Merger and as a wholly owned subsidiary of IBM. The Merger is expected to be completed by the end of 2024, subject to the satisfaction or waiver of the closing conditions in the Merger Agreement. Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of the Company's Class A common stock and Class B common stock issued and outstanding immediately prior to the Effective Time (subject to certain customary exceptions specified in the Merger Agreement) will automatically be cancelled and converted into the right to receive $35.00 in cash, without interest and subject to applicable withholding taxes. Completion of the Merger is subject to customary conditions, including the adoption of the Merger Agreement by HashiCorp’s stockholders; the satisfaction of certain domestic and foreign regulatory approvals; the absence of an order or law preventing or materially restraining the consummation of the Merger; and performance by the parties in all material respects of all their obligations under the Merger Agreement. The Merger Agreement includes certain customary termination rights for the Company and IBM. Upon termination of the Merger Agreement in certain circumstances, we will be required to pay IBM a termination fee of $264.2 million. The foregoing summary of the Merger Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Merger Agreement, which is filed as Exhibit 2.1 of the Company’s Current Report on Form 8-K filed on April 25, 2024. Other than transaction expenses associated with the proposed Merger of $12.8 million recorded in general and administrative expense in the accompanying condensed consolidated statements of operations for the quarter ended April 30, 2024, the terms of the Merger Agreement did not impact the Company’s condensed consolidated financial statements for the quarter ended April 30, 2024.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Apr. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP" or "GAAP") . Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (the "SEC"). The unaudited condensed balance sheet data as of January 31, 2024 was derived from the Company’s audited financial statements included in its Annual Report on Form 10-K for the fiscal year ended January 31, 2024 (the fiscal “ 2024 Form 10-K”), but does not include all disclosures required by U.S. GAAP. Therefore, these interim unaudited condensed consolidated financial statements and accom panying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in the fiscal 2024 Form 10-K. The accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, that are, in the opinion of management, necessary for the fair presentation of the Company’s results for the interim periods presented. The results of operations for the three months ended April 30, 2024 shown in this report are not necessarily indicative of the results to be expected for the full year ending January 31, 2025 or any other period. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expense during the reporting period. Such management estimates include, but are not limited to, the determination of standalone selling prices of the Company’s performance obligations, the estimated period of benefit of deferred contract acquisition costs, the fair value of share-based awards, software development costs, discount rates used for operating leases, goodwill and acquisition-related intangible assets, and the valuation allowance on deferred tax assets and uncertain tax positions. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates. Significant Accounting Policies

Revenue and Performance Obligat

Revenue and Performance Obligations	3 Months Ended
	Apr. 30, 2024
Disaggregation of Revenue [Abstract]
Revenue and Performance Obligations	3. Revenue and Performance Obligations Disaggregation of Revenue The following table presents revenue by category (in thousands, except percentages): Three Months Ended April 30, 2024 2023 Amount % of Total Amount % of Total License $ 16,349 10 % $ 15,158 11 % Support 113,632 71 101,913 74 Cloud-hosted services 24,590 15 16,544 12 Total subscription revenue 154,571 96 133,615 97 Professional services and other 6,008 4 4,368 3 Total revenue $ 160,579 100 % $ 137,983 100 % The following table summarizes the revenue by region based on the billing address of customers who have contracted to use the Company's products and services (in thousands, except percentages): Three Months Ended April 30, 2024 2023 Amount % of Total Amount % of Total United States $ 110,540 69 % $ 98,557 71 % Rest of the world 50,039 31 % 39,426 29 % Total $ 160,579 100 % $ 137,983 100 % No other country, outside of the United States, exceeded 10% of total revenue during the periods presented. Contract Balances Changes in deferred revenue and unbilled accounts receivable were as follows (in thousands): Three Months Ended April 30, 2024 2023 Balance, beginning of period $ 361,553 $ 302,244 Deferred revenue billings including reclassification to deferred revenue from customer deposits 118,245 113,046 Recognition of revenue, net of change in unbilled accounts receivable* (158,113) (138,876) Balance, end of period $ 321,685 $ 276,414 * Reconciliation to revenue reported per consolidated statements of operations: Revenue billed as of the end of the period $ 158,113 $ 138,876 Increase (decrease) in total unbilled accounts receivable 2,466 (893) Revenue reported per consolidated statements of operations $ 160,579 $ 137,983 Unbilled accounts receivable represents revenue recognized on contracts for which billings have not yet been presented to customers because the amounts were earned but not contractually billable as of the balance sheet date. The unbilled accounts receivable balance is due within one year. As of April 30, 2024 and January 31, 2024, unbilled accounts receivable of approximately $6.3 million and $3.8 million, respectively, were included in accounts receivable on the Company’s condensed consolidated balance sheets. Remaining Performance Obligations (RPOs) The typical stated customer contract term is one year but can range up to three years. RPOs include both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. As of April 30, 2024 and January 31, 2024, the Company had $748.5 million and $775.8 million, respectively, of remaining performance obligations, which is comprised of product and services revenue not yet delivered. As of April 30, 2024 and January 31, 2024, the Company expected to recognize approximately 61% and 59%, respectively, of its remaining performance obligations as revenue over the next 12 months and the remainder thereafter. RPOs exclude customer deposits, which are refundable pre-paid amounts that are expected to be recognized as revenue in future periods. These balances are included in customer deposits in the condensed consolidated balance sheets and are classified as current because contractually customers can cancel these obligations with 30 days written notice. The customer deposit balance is amortized to revenue over the term of the underlying contract as the customer’s right to cancel expires. If no contracts with customers are cancelled, the existing customer deposit balance will be recognized to revenue over the remaining stated term of the underlying contract which may be over the next 12 months or longer as follows (in thousands): As of April 30, 2024 January 31, 2024 Within the next 12 months $ 19,522 $ 22,882 After the next 12 months 2,880 2,745 Total $ 22,402 $ 25,627

Investments and Fair Value Meas

Investments and Fair Value Measurements	3 Months Ended
	Apr. 30, 2024
Fair Value Disclosures [Abstract]
Investments and Fair Value Measurements	4. Investments and Fair Value Measurements The following table sets forth the financial assets, measured at fair value, by level within the fair value hierarchy on a recurring basis and indicates the fair value hierarchy of the valuation inputs used to determine such fair value (in thousands): Fair Value Measurement as of April 30, 2024 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Assets: Cash and cash equivalents: Money market funds Level 1 $ 46,939 $ — $ — $ 46,939 U.S. treasury securities Level 2 3,991 — — 3,991 Total assets measured at fair value included in cash and cash equivalents $ 50,930 $ — $ — $ 50,930 Short-term Investments: U.S. treasury securities Level 2 230,555 2 (580) 229,977 U.S. agency obligations Level 2 55,160 — (77) 55,083 Corporate notes and bonds Level 2 169,442 25 (566) 168,901 Commercial paper Level 2 43,784 — — 43,784 Certificates of deposit Level 2 215,354 — — 215,354 Total short-term investments $ 714,295 $ 27 $ (1,223) $ 713,099 Derivative instruments: Foreign currency forward contracts Level 2 — 49 — 49 Total assets measured at fair value $ 765,225 $ 76 $ (1,223) $ 764,078 Liabilities: Derivative instruments: Foreign currency forward contracts Level 2 $ — $ — $ (890) $ (890) Total derivative instruments — — (890) (890) Total liabilities measured at fair value $ — $ — $ (890) $ (890) The following table summarizes the respective fair value and the classification by level within the fair value hierarchy (in thousands): Fair Value Measurement as of January 31, 2024 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Assets: Cash and cash equivalents: Money market funds Level 1 $ 63,137 $ — $ — $ 63,137 U.S. treasury securities Level 2 9,495 — — 9,495 Commercial paper Level 2 10,981 — — 10,981 Total assets measured at fair value included in cash and cash equivalents $ 83,613 $ — $ — $ 83,613 Short-term Investments: U.S. treasury securities Level 2 $ 244,778 $ 150 $ (141) $ 244,787 U.S. agency obligations Level 2 79,693 50 (23) 79,720 Corporate notes and bonds Level 2 103,552 141 (70) 103,623 Commercial paper Level 2 46,523 — — 46,523 Certificates of deposit Level 2 40,510 — — 40,510 Total short-term investments $ 515,056 $ 341 $ (234) $ 515,163 Derivative instruments: Foreign currency forward contracts Level 2 — — 18 18 Total assets measured at fair value $ 598,669 $ 341 $ (216) $ 598,794 Liabilities: Derivative instruments: Foreign currency forward contracts Level 2 $ — $ — $ 518 $ 518 Total derivative instruments — — 518 518 Total liabilities measured at fair value $ — $ — $ 518 $ 518 The Company classifies its highly liquid money market funds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its corporate notes and bonds, U.S. treasury securities, U.S. agency obligations, commercial paper, certificate of deposits and foreign currency forward contracts within Level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security that may not be actively traded. There were no transfers between fair value measurement levels during the three months ended April 30, 2024 and 2023. The Company does not hold any marketable securities that have been in a continuous unrealized loss position for over 12 months. As of April 30, 2024, the declines in the market value of the Company's short-term investment portfolio were not driven by credit related factors. As of April 30, 2024, the Company determined that it does not intend to sell any securities with a decline in market value, and it is more likely than not that the Company will be able to hold these securities until maturity or a recovery of the cost basis. Therefore no allowance for expected credit losses was recorded as of April 30, 2024. Realized gains (losses) were not material for the three months ended April 30, 2024. The following table summarizes the contractual maturities of the Company’s short-term investments (in thousands): As of April 30, 2024 Amortized Cost Fair Value Due within one year $ 561,377 $ 560,935 Due after one year through five years 152,918 152,164 Total $ 714,295 $ 713,099 As of January 31, 2024 Amortized Cost Fair Value Due within one year $ 447,001 446,902 Due after one year through five years 68,055 68,261 Total $ 515,056 $ 515,163

Derivative Instruments and Hedg

Derivative Instruments and Hedging	3 Months Ended
	Apr. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging	5. Derivative Instruments and Hedging As of April 30, 2024 and January 31, 2024, the Company’s foreign currency forward contracts had an aggregate notional amount of $60.2 million and $49.3 million, respectively. The Company enters into collateral arrangements with its counterparty that require the parties to post cash collateral when certain contractual thresholds are met to reduce credit risk. As of April 30, 2024, the Company posted $0.5 million cash collateral and included it in cash and cash equivalents in the condensed consolidated balance sheets. The following table summarizes the fair value of the Company’s derivative instruments in the condensed consolidated balance sheets (in thousands): Balance Sheet Location Fair Value as of April 30, 2024 Fair Value as of January 31, 2024 Derivative Assets: Foreign currency forward contracts designated as hedging instruments Prepaid expenses and other current assets $ 49 $ 18 Total derivative assets $ 49 $ 18 Derivative Liabilities: Foreign currency forward contracts designated as hedging instruments Accrued expenses and other liabilities $ 890 $ 518 Total derivative liabilities $ 890 $ 518 The following table presents the activity of foreign currency forward contracts designated as hedging instruments and the impact of these derivatives on AOCI (in thousands): Three Months Ended April 30, 2024 Beginning balance $ (500) Net gains (losses) recognized in other comprehensive income (767) Net (gains) losses reclassified from AOCI to earnings 426 Ending balance $ (841) As of April 30, 2024, net unrealized loss included in the balance of accumulated other comprehensive loss related to foreign currency forward contracts designated as hedging instruments was $0.8 million, all of which the Company expects to reclassify from accumulated other comprehensive loss into earnings over the next 12 months. The effect of foreign currency forward contracts were not material to the condensed consolidated financials for the three months ended April 30, 2024.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies Letter of credit The Company has a total of $1.8 million in letters of credit outstanding as security deposits for the Company’s leased office spaces as of April 30, 2024. Purchase Commitments In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties to purchase products and services such as software subscriptions and corporate events. In February 2024, the Company signed an agreement with a cloud service provider. Under that agreement the Company has minimum spend commitments of $18.5 million in the 12 months ending February 2025, and $20.0 million in the 12 months ending February 2026, $22.5 million in the 12 months ending February 2027, $24.0 million in the 12 months ending February 2028, and $25.0 million in the 12 months ending February 2029. IBM Merger Contingencies In connection with the proposed Merger with IBM, the Company expects to incur an additional liability of approximately $90 million, which primarily represents transaction fees that are contingent upon the consummation of the Merger. Litigation From time to time, the Company may become involved in various legal proceedings in the ordinary course of its business and may be subject to third-party infringement claims. In the normal course of business, the Company may agree to indemnify third parties with whom it enters into contractual relationships, including customers, lessors, and parties to other transactions with the Company, with respect to certain matters. The Company has agreed, under certain conditions, to hold these third parties harmless against specified losses, such as those arising from a breach of representations or covenants, other third-party claims that the Company’s products when used for their intended purposes infringe the intellectual property rights of such other third parties, or other claims made against certain parties. It is not possible to determine the maximum potential amount of liability under these indemnification obligations due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim.

Common Stock and Stockholders'

Common Stock and Stockholders' Equity	3 Months Ended
	Apr. 30, 2024
Equity [Abstract]
Common Stock and Stockholders' Equity	7. Common Stock and Stockholders' Equity Stock Repurchase Program In February 2024, the Company authorized the repurchase of Class A shares of common stock, in an aggregate amount of up to $250.0 million. Due to the pending Merger with IBM, the Company suspended the stock repurchase program and has not executed any repurchases to date. Restricted Stock Units The Company’s summary of restricted stock units ("RSUs") activity under the 2021 Plan is as follows (in thousands): Number of Awards Weighted-Average Grant Date Fair Value Outstanding and unvested at January 31, 2024 12,067 $ 35.48 RSUs granted 2,071 $ 24.23 RSUs released (1,253) $ 37.42 RSUs cancelled (1,090) $ 33.49 Outstanding and unvested at April 30, 2024 11,795 $ 33.50 Employee Stock Purchase Plan ("ESPP") Pursuant to the terms of the Merger Agreement with IBM, the Company is not providing any new offering periods under the ESPP subsequent to June 15, 2024 and will be cancelling all future purchase periods of any existing offering periods. As a result of the cancellation of the future purchase periods, the Company accelerated $13.8 million of expense in addition to the quarters $2.4 million of expense related to the ESPP during the three months ended April 30, 2024. As of April 30, 2024, unrecognized stock-based compensation expense related to the ESPP was approximately $1.1 million, which is expected to be recognized in the second quarter of fiscal 2025. Performance Stock Units ("PSUs") In February 2024, the Company granted 335,159 shares of Class A common stock as PSUs, with a grant date fair value of approximately $8.7 million, or $26.03 per share to the executive team. The number of shares of the Company’s common stock that will vest based on the performance conditions can range from 0% to 200% of the target amount. The amount of PSUs that will ultimately vest is based on the level of achievement of certain financial performance metrics related to the Company's fiscal 2025 operating plan, and vest over a three-year period, with the first vest at the anniversary of the grant, after results have been finalized, and the remainder quarterly thereafter, subject to continuous service. Compensation expense for PSUs with performance conditions is measured using the fair value at the date of grant, and may be adjusted over the vesting period based on interim estimates of performance against the performance condition. Expense is recorded over the vesting period under the graded-vesting attribution method. As of April 30, 2024, total unrecognized stock-based compensation cost related to PSUs was $4.2 million. This unrecognized stock-based compensation cost is expected to be recognized using the accelerated attribution method over a weighted-average period of approximately 2.9 years. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations is as follows (in thousands): Three Months Ended April 30, 2024 2023 Cost of support $ 3,341 $ 2,256 Cost of cloud-hosted services 719 609 Cost of professional services and other 1,010 566 Sales and marketing 17,247 11,959 Research and development 14,813 11,731 General and administrative 11,687 13,042 Stock-based compensation expense, net of amounts capitalized $ 48,817 $ 40,163 Capitalized stock-based compensation 890 1,103 Total stock-based compensation expense $ 49,707 $ 41,266

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	3 Months Ended
	Apr. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	8. Net Loss Per Share Attributable to Common Stockholders For periods in which there were Class A and Class B shares outstanding, the rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock were identical, except with respect to voting, converting, and transfer rights. Class B common stock has ten votes per share, and Class A common stock has one vote per share. As the liquidation and dividend rights were identical for Class A and Class B common stock, the undistributed earnings would be allocated on a proportionate basis and the resulting net loss per share would, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Three Months Ended April 30, 2024 2023 Numerator: Net loss $ (51,128) $ (53,258) Denominator: Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted 200,073 190,806 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (0.26) $ (0.28) The following outstanding potentially dilutive shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because the impact of including them would have been antidilutive (in thousands): Three Months Ended April 30, 2024 2023 Outstanding stock options and restricted stock units 17,876 20,868 Share purchase rights under the ESPP 501 1,999 Total 18,377 22,867

Income Taxes

Income Taxes	3 Months Ended
	Apr. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes The Company determines its income tax provision for interim periods using an estimate of its annual effective tax rate adjusted for discrete items occurring during the periods presented. The primary difference between the effective tax rate and the federal statutory rate is related to nonrecognition of tax benefits due to valuation allowance established for U.S. federal and state deferred tax assets. The Company recorded income tax expenses of $0.7 million and $0.3 million for the three months ended April 30, 2024 and 2023, respectively. The Company continues to maintain a valuation allowance for its U.S. Federal and state net deferred tax assets. The tax expense for the three months ended April 30, 2024 was primarily due to foreign and US state income tax expense. The Company is subject to income tax in the United States, certain states, and various foreign countries. Due to the history of net operating losses, the Company is subject to United States federal, state, and local examinations by tax authorities for all years since incorporation.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (51,128)	$ (53,258)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Apr. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP" or "GAAP") . Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (the "SEC"). The unaudited condensed balance sheet data as of January 31, 2024 was derived from the Company’s audited financial statements included in its Annual Report on Form 10-K for the fiscal year ended January 31, 2024 (the fiscal “ 2024 Form 10-K”), but does not include all disclosures required by U.S. GAAP. Therefore, these interim unaudited condensed consolidated financial statements and accom panying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in the fiscal 2024 Form 10-K. The accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, that are, in the opinion of management, necessary for the fair presentation of the Company’s results for the interim periods presented. The results of operations for the three months ended April 30, 2024 shown in this report are not necessarily indicative of the results to be expected for the full year ending January 31, 2025 or any other period.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expense during the reporting period. Such management estimates include, but are not limited to, the determination of standalone selling prices of the Company’s performance obligations, the estimated period of benefit of deferred contract acquisition costs, the fair value of share-based awards, software development costs, discount rates used for operating leases, goodwill and acquisition-related intangible assets, and the valuation allowance on deferred tax assets and uncertain tax positions. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates.
Significant Accounting Policies	Significant Accounting Policies

Revenue and Performance Oblig_2

Revenue and Performance Obligations (Tables)	3 Months Ended
	Apr. 30, 2024
Disaggregation of Revenue [Abstract]
Summary of Revenue Disaggregated by Category	The following table presents revenue by category (in thousands, except percentages): Three Months Ended April 30, 2024 2023 Amount % of Total Amount % of Total License $ 16,349 10 % $ 15,158 11 % Support 113,632 71 101,913 74 Cloud-hosted services 24,590 15 16,544 12 Total subscription revenue 154,571 96 133,615 97 Professional services and other 6,008 4 4,368 3 Total revenue $ 160,579 100 % $ 137,983 100 %
Summary of Revenue by Region Based on the Billing Address of Customers	The following table summarizes the revenue by region based on the billing address of customers who have contracted to use the Company's products and services (in thousands, except percentages): Three Months Ended April 30, 2024 2023 Amount % of Total Amount % of Total United States $ 110,540 69 % $ 98,557 71 % Rest of the world 50,039 31 % 39,426 29 % Total $ 160,579 100 % $ 137,983 100 %
Summary of Changes in Deferred Revenue and Unbilled Accounts Receivable	Changes in deferred revenue and unbilled accounts receivable were as follows (in thousands): Three Months Ended April 30, 2024 2023 Balance, beginning of period $ 361,553 $ 302,244 Deferred revenue billings including reclassification to deferred revenue from customer deposits 118,245 113,046 Recognition of revenue, net of change in unbilled accounts receivable* (158,113) (138,876) Balance, end of period $ 321,685 $ 276,414 * Reconciliation to revenue reported per consolidated statements of operations: Revenue billed as of the end of the period $ 158,113 $ 138,876 Increase (decrease) in total unbilled accounts receivable 2,466 (893) Revenue reported per consolidated statements of operations $ 160,579 $ 137,983
Summary of Revenue Recognized Related to Customer Deposit Balance	If no contracts with customers are cancelled, the existing customer deposit balance will be recognized to revenue over the remaining stated term of the underlying contract which may be over the next 12 months or longer as follows (in thousands): As of April 30, 2024 January 31, 2024 Within the next 12 months $ 19,522 $ 22,882 After the next 12 months 2,880 2,745 Total $ 22,402 $ 25,627

Investments and Fair Value Me_2

Investments and Fair Value Measurements (Tables)	3 Months Ended
	Apr. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis	The following table sets forth the financial assets, measured at fair value, by level within the fair value hierarchy on a recurring basis and indicates the fair value hierarchy of the valuation inputs used to determine such fair value (in thousands): Fair Value Measurement as of April 30, 2024 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Assets: Cash and cash equivalents: Money market funds Level 1 $ 46,939 $ — $ — $ 46,939 U.S. treasury securities Level 2 3,991 — — 3,991 Total assets measured at fair value included in cash and cash equivalents $ 50,930 $ — $ — $ 50,930 Short-term Investments: U.S. treasury securities Level 2 230,555 2 (580) 229,977 U.S. agency obligations Level 2 55,160 — (77) 55,083 Corporate notes and bonds Level 2 169,442 25 (566) 168,901 Commercial paper Level 2 43,784 — — 43,784 Certificates of deposit Level 2 215,354 — — 215,354 Total short-term investments $ 714,295 $ 27 $ (1,223) $ 713,099 Derivative instruments: Foreign currency forward contracts Level 2 — 49 — 49 Total assets measured at fair value $ 765,225 $ 76 $ (1,223) $ 764,078 Liabilities: Derivative instruments: Foreign currency forward contracts Level 2 $ — $ — $ (890) $ (890) Total derivative instruments — — (890) (890) Total liabilities measured at fair value $ — $ — $ (890) $ (890) The following table summarizes the respective fair value and the classification by level within the fair value hierarchy (in thousands): Fair Value Measurement as of January 31, 2024 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Assets: Cash and cash equivalents: Money market funds Level 1 $ 63,137 $ — $ — $ 63,137 U.S. treasury securities Level 2 9,495 — — 9,495 Commercial paper Level 2 10,981 — — 10,981 Total assets measured at fair value included in cash and cash equivalents $ 83,613 $ — $ — $ 83,613 Short-term Investments: U.S. treasury securities Level 2 $ 244,778 $ 150 $ (141) $ 244,787 U.S. agency obligations Level 2 79,693 50 (23) 79,720 Corporate notes and bonds Level 2 103,552 141 (70) 103,623 Commercial paper Level 2 46,523 — — 46,523 Certificates of deposit Level 2 40,510 — — 40,510 Total short-term investments $ 515,056 $ 341 $ (234) $ 515,163 Derivative instruments: Foreign currency forward contracts Level 2 — — 18 18 Total assets measured at fair value $ 598,669 $ 341 $ (216) $ 598,794 Liabilities: Derivative instruments: Foreign currency forward contracts Level 2 $ — $ — $ 518 $ 518 Total derivative instruments — — 518 518 Total liabilities measured at fair value $ — $ — $ 518 $ 518
Summary of Contractual Maturities	The following table summarizes the contractual maturities of the Company’s short-term investments (in thousands): As of April 30, 2024 Amortized Cost Fair Value Due within one year $ 561,377 $ 560,935 Due after one year through five years 152,918 152,164 Total $ 714,295 $ 713,099 As of January 31, 2024 Amortized Cost Fair Value Due within one year $ 447,001 446,902 Due after one year through five years 68,055 68,261 Total $ 515,056 $ 515,163

Derivative Instruments and He_2

Derivative Instruments and Hedging (Tables)	3 Months Ended
	Apr. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the Fair Value of Derivative Instruments	The following table summarizes the fair value of the Company’s derivative instruments in the condensed consolidated balance sheets (in thousands): Balance Sheet Location Fair Value as of April 30, 2024 Fair Value as of January 31, 2024 Derivative Assets: Foreign currency forward contracts designated as hedging instruments Prepaid expenses and other current assets $ 49 $ 18 Total derivative assets $ 49 $ 18 Derivative Liabilities: Foreign currency forward contracts designated as hedging instruments Accrued expenses and other liabilities $ 890 $ 518 Total derivative liabilities $ 890 $ 518
Schedule of Derivatives and the Impact on AOCI	The following table presents the activity of foreign currency forward contracts designated as hedging instruments and the impact of these derivatives on AOCI (in thousands): Three Months Ended April 30, 2024 Beginning balance $ (500) Net gains (losses) recognized in other comprehensive income (767) Net (gains) losses reclassified from AOCI to earnings 426 Ending balance $ (841)

Common Stock and Stockholders_2

Common Stock and Stockholders' Equity (Tables)	3 Months Ended
	Apr. 30, 2024
Equity [Abstract]
Schedule of Restricted Stock Units (RSUs") Activity	The Company’s summary of restricted stock units ("RSUs") activity under the 2021 Plan is as follows (in thousands): Number of Awards Weighted-Average Grant Date Fair Value Outstanding and unvested at January 31, 2024 12,067 $ 35.48 RSUs granted 2,071 $ 24.23 RSUs released (1,253) $ 37.42 RSUs cancelled (1,090) $ 33.49 Outstanding and unvested at April 30, 2024 11,795 $ 33.50
Summary of Stock-Based Compensation Expense	Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations is as follows (in thousands): Three Months Ended April 30, 2024 2023 Cost of support $ 3,341 $ 2,256 Cost of cloud-hosted services 719 609 Cost of professional services and other 1,010 566 Sales and marketing 17,247 11,959 Research and development 14,813 11,731 General and administrative 11,687 13,042 Stock-based compensation expense, net of amounts capitalized $ 48,817 $ 40,163 Capitalized stock-based compensation 890 1,103 Total stock-based compensation expense $ 49,707 $ 41,266

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Apr. 30, 2024
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders	The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Three Months Ended April 30, 2024 2023 Numerator: Net loss $ (51,128) $ (53,258) Denominator: Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted 200,073 190,806 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (0.26) $ (0.28)
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The following outstanding potentially dilutive shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because the impact of including them would have been antidilutive (in thousands): Three Months Ended April 30, 2024 2023 Outstanding stock options and restricted stock units 17,876 20,868 Share purchase rights under the ESPP 501 1,999 Total 18,377 22,867

Organization and Description _2

Organization and Description of Business (Details) - International Business Machines Corporation ("IBM") and McCloud Merger Sub, Inc. - USD ($) $ / shares in Units, $ in Millions	Apr. 24, 2024	Apr. 30, 2024
Business Acquisition, Contingent Consideration [Line Items]
Business combination, consideration transferred, equity interests issued and issuable, cash paid per acquiree share (in dollars per share)	$ 35
Business acquisition, transaction costs		$ 12.8
Contract Termination
Business Acquisition, Contingent Consideration [Line Items]
Restructuring charges	$ 264.2

Revenue and Performance Oblig_3

Revenue and Performance Obligations - Summary of Revenue Disaggregated by Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Disaggregation Of Revenue [Line Items]
Amount	$ 160,579	$ 137,983
% of Total Revenue | Product
Disaggregation Of Revenue [Line Items]
% of Total Revenue	100%	100%
Subscription revenue
Disaggregation Of Revenue [Line Items]
Amount	$ 154,571	$ 133,615
Subscription revenue | % of Total Revenue | Product
Disaggregation Of Revenue [Line Items]
% of Total Revenue	96%	97%
Subscription revenue | License
Disaggregation Of Revenue [Line Items]
Amount	$ 16,349	$ 15,158
Subscription revenue | License | % of Total Revenue | Product
Disaggregation Of Revenue [Line Items]
% of Total Revenue	10%	11%
Subscription revenue | Support
Disaggregation Of Revenue [Line Items]
Amount	$ 113,632	$ 101,913
Subscription revenue | Support | % of Total Revenue | Product
Disaggregation Of Revenue [Line Items]
% of Total Revenue	71%	74%
Subscription revenue | Cloud-hosted services
Disaggregation Of Revenue [Line Items]
Amount	$ 24,590	$ 16,544
Subscription revenue | Cloud-hosted services | % of Total Revenue | Product
Disaggregation Of Revenue [Line Items]
% of Total Revenue	15%	12%
Professional services and other
Disaggregation Of Revenue [Line Items]
Amount	$ 6,008	$ 4,368
Professional services and other | % of Total Revenue | Product
Disaggregation Of Revenue [Line Items]
% of Total Revenue	4%	3%

Revenue and Performance Oblig_4

Revenue and Performance Obligations - Summary of Revenue by Region Based on the Billing Address of Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Revenues From External Customers And Long Lived Assets [Line Items]
Amount	$ 160,579	$ 137,983
% of Total Revenue | Region
Revenues From External Customers And Long Lived Assets [Line Items]
% of Total Revenue	100%	100%
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Amount	$ 110,540	$ 98,557
United States | % of Total Revenue | Region
Revenues From External Customers And Long Lived Assets [Line Items]
% of Total Revenue	69%	71%
Rest of the world
Revenues From External Customers And Long Lived Assets [Line Items]
Amount	$ 50,039	$ 39,426
Rest of the world | % of Total Revenue | Region
Revenues From External Customers And Long Lived Assets [Line Items]
% of Total Revenue	31%	29%

Revenue and Performance Oblig_5

Revenue and Performance Obligations - Changes in Deferred Revenue and Unbilled Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Contract With Customer, Change In Contract With Customer, Asset, And Liability [Roll Forward]
Balance, beginning of period	$ 361,553	$ 302,244
Deferred revenue billings including reclassification to deferred revenue from customer deposits	118,245	113,046
Recognition of revenue, net of change in unbilled accounts receivable	(158,113)	(138,876)
Balance, end of period	321,685	276,414
* Reconciliation to revenue reported per consolidated statements of operations:
Revenue billed as of the end of the period	158,113	138,876
Increase (decrease) in total unbilled accounts receivable	2,466	(893)
Revenue reported per consolidated statements of operations	$ 160,579	$ 137,983

Revenue and Performance Oblig_6

Revenue and Performance Obligations - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2024	Jan. 31, 2024
Disaggregation Of Revenue [Line Items]
Unbilled accounts receivable balance in due	1 year
Unbilled accounts receivable	$ 6.3	$ 3.8
Remaining performance obligations	$ 748.5	$ 775.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-02-01
Disaggregation Of Revenue [Line Items]
Remaining performance obligations, percentage		59%
Revenue remaining performance obligation, expected timing of satisfaction, period		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-05-01
Disaggregation Of Revenue [Line Items]
Remaining performance obligations, percentage	61%
Revenue remaining performance obligation, expected timing of satisfaction, period	12 months
Minimum
Disaggregation Of Revenue [Line Items]
Revenue, performance obligation, contract term	1 year
Maximum
Disaggregation Of Revenue [Line Items]
Revenue, performance obligation, contract term	3 years

Revenue and Performance Oblig_7

Revenue and Performance Obligations - Summary of Revenue Recognized Related to Customer Deposit Balance (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Disaggregation of Revenue [Abstract]
Within the next 12 months	$ 19,522	$ 22,882
After the next 12 months	2,880	2,745
Total	$ 22,402	$ 25,627

Investments and Fair Value Me_3

Investments and Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value, by Level Within the Fair Value Hierarchy on a Recurring Basis (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Short-term Investments:
Amortized Cost	$ 714,295	$ 515,056
Estimated Fair Value	713,099	515,163
Derivative instruments:
Estimated Fair Value	$ 49	$ 18
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Fair Value, Recurring
Cash and cash equivalents:
Amortized Cost	$ 50,930	$ 83,613
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	50,930	83,613
Short-term Investments:
Amortized Cost	714,295	515,056
Gross Unrealized Gains	27	341
Gross Unrealized Losses	(1,223)	(234)
Estimated Fair Value	713,099	515,163
Derivative instruments:
Total asset measured at fair value, amortized cost	765,225	598,669
Total assets measured at fair value, gross unrealized gains	76	341
Total asset measured at fair value, gross unrealized losses	(1,223)	(216)
Total Assets	764,078	598,794
Derivative instruments:
Derivative instruments	(890)	518
Level 1 | Fair Value, Recurring | Money market funds
Cash and cash equivalents:
Amortized Cost	46,939	63,137
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	46,939	63,137
Level 2 | Fair Value, Recurring
Derivative instruments:
Derivative instruments	(890)
Level 2 | Fair Value, Recurring | Foreign currency forward contracts
Derivative instruments:
Amortized Cost	0	0
Gross Unrealized Gains	49	0
Gross Unrealized Losses	0	18
Estimated Fair Value	49	18
Derivative instruments:
Derivative instruments	(890)	518
Level 2 | Fair Value, Recurring | U.S. treasury securities
Cash and cash equivalents:
Amortized Cost	3,991	9,495
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	3,991	9,495
Level 2 | Fair Value, Recurring | Commercial paper
Cash and cash equivalents:
Amortized Cost		10,981
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Estimated Fair Value		10,981
Level 2 | Fair Value, Recurring | U.S. treasury securities
Short-term Investments:
Amortized Cost	230,555	244,778
Gross Unrealized Gains	2	150
Gross Unrealized Losses	(580)	(141)
Estimated Fair Value	229,977	244,787
Level 2 | Fair Value, Recurring | U.S. agency obligations
Short-term Investments:
Amortized Cost	55,160	79,693
Gross Unrealized Gains	0	50
Gross Unrealized Losses	(77)	(23)
Estimated Fair Value	55,083	79,720
Level 2 | Fair Value, Recurring | Corporate notes and bonds
Short-term Investments:
Amortized Cost	169,442	103,552
Gross Unrealized Gains	25	141
Gross Unrealized Losses	(566)	(70)
Estimated Fair Value	168,901	103,623
Level 2 | Fair Value, Recurring | Commercial paper
Short-term Investments:
Amortized Cost	43,784	46,523
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	43,784	46,523
Level 2 | Fair Value, Recurring | Certificates of deposit
Short-term Investments:
Amortized Cost	215,354	40,510
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 215,354	$ 40,510

Investments and Fair Value Me_4

Investments and Fair Value Measurements - Additional Information (Details) - USD ($)	Apr. 30, 2024	Apr. 30, 2023
Fair Value Disclosures [Abstract]
Fair value measurement, transfers level 1 to level 2	$ 0	$ 0

Investments and Fair Value Me_5

Investments and Fair Value Measurements - Summary of Contractual Maturities (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Amortized Cost
Due within one year	$ 561,377	$ 447,001
Due after one year through five years	152,918	68,055
Amortized Cost	714,295	515,056
Fair Value
Due within one year	560,935	446,902
Due after one year through five years	152,164	68,261
Estimated Fair Value	$ 713,099	$ 515,163

Derivative Instruments and He_3

Derivative Instruments and Hedging - Additional Information (Details) - USD ($) $ in Millions	Apr. 30, 2024	Jan. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash collateral for borrowed securities	$ 0.5
Accumulated other comprehensive loss related to foreign currency forwards	(0.8)
Foreign Exchange Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 60.2	$ 49.3

Derivative Instruments and He_4

Derivative Instruments and Hedging - Summary of the Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total derivative assets	$ 49	$ 18
Total derivative liabilities	890	518
Foreign Exchange Forward | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total derivative assets	49	18
Total derivative liabilities	$ 890	$ 518

Derivative Instruments and He_5

Derivative Instruments and Hedging - Schedule of Derivatives and the Impact on AOCI (Details) $ in Thousands	3 Months Ended
	Apr. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities [Roll Forward]
Beginning balance	$ 1,212,993
Ending balance	1,211,579
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Derivative Instruments and Hedging Activities [Roll Forward]
Beginning balance	(500)
Net gains (losses) recognized in other comprehensive income	(767)
Net (gains) losses reclassified from AOCI to earnings	426
Ending balance	$ (841)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Apr. 30, 2024	Feb. 29, 2024
Other Commitments [Line Items]
Letters of credit outstanding amount	$ 1.8
IBM
Other Commitments [Line Items]
Business combination, contingent consideration, liability	$ 90
Cloud Service Provider
Other Commitments [Line Items]
Other commitment, to be paid, year one		$ 18.5
Other commitment, to be paid, year two		20
Other commitment, to be paid, year three		22.5
Other commitment, to be paid, year four		24
Other commitment, to be paid, year five		$ 25

Common Stock and Stockholders_3

Common Stock and Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2024	Jul. 31, 2025	Apr. 30, 2024	Apr. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock repurchase program, authorized amount	$ 250,000
Stock-based compensation expense, net of amounts capitalized			$ 48,817	$ 40,163
Employee Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment arrangement, accelerated cost			13,800
Stock-based compensation expense, net of amounts capitalized			2,400
Employee Stock | Forecast
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense, net of amounts capitalized		$ 1,100
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
granted (in shares)	335,159
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, fair value	$ 8,700
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share)	$ 26.03
Share-based compensation arrangement by share-based payment award, award vesting period	3 years
Unrecognized stock-based compensation expense			$ 4,200
Unrecognized stock-based compensation expense, weighted-average period			2 years 10 months 24 days
Performance Shares | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	0%
Performance Shares | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	200%

Common Stock and Stockholders_4

Common Stock and Stockholders' Equity - Schedule of Restricted Stock Units ("RSUs") Activity (Details) - 2021 Equity Incentive Plan - Restricted Stock Units shares in Thousands	3 Months Ended
	Apr. 30, 2024 $ / shares shares
Number of Awards
Beginning balance (in shares) | shares	12,067
RSUs granted (in shares) | shares	2,071
RSUs released (in shares) | shares	(1,253)
RSUs cancelled (in shares) | shares	(1,090)
Ending balance (in shares) | shares	11,795
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 35.48
RSUs granted (in dollars per share) | $ / shares	24.23
RSUs released (in dollars per share) | $ / shares	37.42
RSUs cancelled (in dollars per share) | $ / shares	33.49
Ending balance (in dollars per share) | $ / shares	$ 33.50

Common Stock and Stockholders_5

Common Stock and Stockholders' Equity - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Stock-based compensation expense:
Stock-based compensation expense, net of amounts capitalized	$ 48,817	$ 40,163
Capitalized stock-based compensation	890	1,103
Total stock-based compensation expense	49,707	41,266
Employee Stock
Stock-based compensation expense:
Stock-based compensation expense, net of amounts capitalized	2,400
Cost of revenue | Support
Stock-based compensation expense:
Stock-based compensation expense, net of amounts capitalized	3,341	2,256
Cost of revenue | Cloud-hosted services
Stock-based compensation expense:
Stock-based compensation expense, net of amounts capitalized	719	609
Cost of revenue | Professional services and other
Stock-based compensation expense:
Stock-based compensation expense, net of amounts capitalized	1,010	566
Sales and marketing
Stock-based compensation expense:
Stock-based compensation expense, net of amounts capitalized	17,247	11,959
Research and development
Stock-based compensation expense:
Stock-based compensation expense, net of amounts capitalized	14,813	11,731
General and administrative
Stock-based compensation expense:
Stock-based compensation expense, net of amounts capitalized	$ 11,687	$ 13,042

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Additional Information (Details)	3 Months Ended
	Apr. 30, 2024 vote
Class B Common Stock
Class Of Stock [Line Items]
Common stock, voting rights	10
Class A Common Stock
Class Of Stock [Line Items]
Common stock, voting rights	1

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Summary of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Numerator:
Net loss	$ (51,128)	$ (53,258)
Denominator:
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	200,073	190,806
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	200,073	190,806
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share)	$ (0.26)	$ (0.28)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share)	$ (0.26)	$ (0.28)

Net Loss Per Share Attributab_5

Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	18,377	22,867
Outstanding stock options and restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	17,876	20,868
Share purchase rights under the ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	501	1,999

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 661	$ 308