Revenue and Contract Balances

6 Months Ended

Jul. 31, 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 July 31, 2024				Three Months Ended July 31, 2023
	Amount		% of Revenue		Amount		% of Revenue
United States	$	126,260	63	%	$	95,785	64	%
International	72,677		37		53,636		36
Total	$	198,937	100	%	$	149,421	100	%

	Six Months Ended July 31, 2024				Six Months Ended July 31, 2023
	Amount		% of Revenue		Amount		% of Revenue
United States	$	244,502	63	%	$	181,456	64	%
International	140,790		37		101,358		36
Total	$	385,292	100	%	$	282,814	100	%

No single country other than the United States represented 10% or more of our revenue during the three and six months ended July 31, 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 $5.9 million and $3.8 million as of July 31, 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 $502.6 million and $514.5 million as of July 31, 2024 and January 31, 2024, respectively. We recognized revenue of $155.5 million and $92.3 million during the three months ended July 31, 2024 and 2023, respectively, and $262.2 million and $192.6 million during the six months ended July 31, 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 July 31, 2024, our remaining performance obligations were $944.3 million, of which we expect to recognize 87% as revenue over the next 24 months, with the remainder to be recognized thereafter.