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Employee Benefit Plan
12 Months Ended
Jan. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plan EMPLOYEE BENEFIT PLAN
Our US employees participate in a 401(k) defined contribution plan sponsored by us. Contributions to the plan are discretionary. We made $2.6 million and $2.8 million in matching contributions for fiscal 2024 and 2023, respectively. There were no matching contributions for fiscal 2022.
Israeli Severance Pay
Israeli labor law generally requires payment of severance pay upon dismissal of an employee or upon termination of employment in certain other circumstances. Pursuant to Section 14 of the Severance Compensation Act, 1963 (Section 14), all of our employees in Israel are entitled to monthly deposits made in their name with insurance companies, at a rate of 8.33% of their monthly salary.
These payments release us from any future severance payment obligation with respect to these employees; as such, any liability for severance pay due to these employees and the deposits under Section 14 are not recorded as an asset on our consolidated balance sheets. For fiscal 2024, 2023, and 2022, we recorded $3.5 million, $3.9 million, and $3.7 million, respectively, in severance expenses related to these employees.