Revenue and Contract Balances

3 Months Ended

Apr. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue and Contract Balances

REVENUE AND CONTRACT BALANCES

Disaggregation of Revenue

The following table summarizes revenue by geography based on the shipping address of end customers who have contracted to use our platform for the periods presented (in thousands, except percentages):

	Three Months Ended April 30, 2024				Three Months Ended April 30, 2023
	Amount		% of Revenue		Amount		% of Revenue
United States	$	118,242	63	%	$	86,113	65	%
International	68,113		37		47,280		35
Total	$	186,355	100	%	$	133,393	100	%

No single country other than the United States represented 10% or more of our revenue during the three months ended April 30, 2024 and 2023.

Substantially all of our sales are fulfilled through our channel partners, including distributors, resellers, managed security service providers, and others.

Contract Balances

Contract assets consist of unbilled accounts receivable, which arise when a right to consideration for our performance under the customer contract occurs before invoicing the customer. The amount of unbilled accounts receivable included within accounts receivable, net on the condensed consolidated balance sheets was $4.5 million and $3.8 million as of April 30, 2024 and January 31, 2024, respectively.

Contract liabilities consist of deferred revenue, which represents invoices billed in advance of performance under a contract. Deferred revenue is recognized as revenue over the contractual period. The deferred revenue balance was $493.1 million and $514.5 million as of April 30, 2024 and January 31, 2024, respectively. We recognized revenue of $148.0 million and $100.3 million during the three months ended April 30, 2024 and 2023, respectively, that was included in the corresponding contract liability balance at the beginning of the period.

Remaining Performance Obligations

Our contracts with customers typically range from one to three years. Revenue allocated to remaining performance obligations represents non-cancelable contract revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced in future periods.

For consumption and usage-based agreements with non-cancelable commitments, remaining performance obligations are determined based on the ratable recognition of the remaining commitment over the remaining contract term. The amount and timing of revenue recognition are generally dependent on customers’ future consumption, which is inherently variable at the customers’ discretion.

As of April 30, 2024, our remaining performance obligations were $874.9 million, of which we expect to recognize 89% as revenue over the next 24 months, with the remainder to be recognized thereafter.