Revenue Recognition

9 Months Ended

Oct. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Disaggregation of Revenue

The following table summarizes revenue by region based on the billing address of customers:

	Three Months Ended October 31,								Nine Months Ended October 31,
	2020				2019				2020				2019
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue
	(in thousands, except percentages)
Americas	$	538,504	69	%	$	133,864	81	%	$	1,238,298	70	%	$	349,122	81	%
Asia Pacific (“APAC”)	103,458		13		13,661		8		215,099		12		36,189		8
Europe, Middle East, and Africa (“EMEA”)	135,234		18		19,068		11		315,486		18		49,096		11
Total	$	777,196	100	%	$	166,593	100	%	$	1,768,883	100	%	$	434,407	100	%

Contract Balances

We receive payments from customers based on billing schedules as established in our customer contracts. Accounts receivable are recorded when we contractually have the right to consideration. In some arrangements, a right to consideration for our performance under the customer contract may occur before invoicing to the customer, resulting in an unbilled accounts receivable. The amount of unbilled accounts receivable included within accounts receivable, net of allowances in the condensed consolidated balance sheets was $21.9 million and $12.5 million as of October 31, 2020 and January 31, 2020, respectively.

Contract liabilities consist of deferred revenue. Revenue is deferred when we have the right to invoice in advance of performance under a customer contract. The current portion of deferred revenue balances is recognized over the next 12 months. The amount of revenue recognized during the three months ended October 31, 2020 and 2019 that was included in deferred revenue at the beginning of each period was $312.0 million and $75.5 million, respectively, and $203.3 million and $109.2 million during the nine months ended October 31, 2020 and 2019, respectively.

Remaining Performance Obligation

The terms of our subscription agreements are monthly, annual, and multiyear, and we may bill for the full term in advance or on an annual, quarterly, or monthly basis, depending on the billing terms with customers. As of October 31, 2020, the aggregate amount of the transaction price allocated to our remaining performance obligations was $1,631.2 million, which consisted of both billed consideration in the amount of $854.7 million and unbilled consideration that we expect to recognize as revenue in the amount of $776.5 million. We expect to recognize 72% of our remaining performance obligations as revenue over the next 12 months and the remainder thereafter.