Revenue Recognition

6 Months Ended

Jul. 31, 2021

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 July 31,								Six Months Ended July 31,
	2021				2020				2021				2020
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue
	(in thousands, except percentages)
Americas	$	681,414	67	%	$	454,160	69	%	$	1,317,199	67	%	$	699,793	71	%
Asia Pacific (“APAC”)	135,321		13		81,384		12		259,084		13		111,641		11
Europe, Middle East, and Africa (“EMEA”)	204,760		20		127,976		19		401,449		20		180,253		18
Total	$	1,021,495	100	%	$	663,520	100	%	$	1,977,732	100	%	$	991,687	100	%

Contract Balances

We receive payments from customers based on a billing schedule 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 $35.4 million and $24.6 million as of July 31, 2021 and January 31, 2021, 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 July 31, 2021 and 2020 that was included in deferred revenue at the beginning of each period was $480.5 million and $233.5 million, respectively, and $660.1 million and $166.4 million during the six months ended July 31, 2021 and 2020, respectively.

Remaining Performance Obligations

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 July 31, 2021, the aggregate amount of the transaction price allocated to our remaining performance obligations was $2,346.3 million, which consisted of both billed consideration in the amount of $1,178.0 million and unbilled consideration in the amount of $1,168.3 million that we expect to recognize as revenue. We expect to recognize 69% of our remaining performance obligations as revenue over the next 12 months and the remainder thereafter.