Revenue Recognition

3 Months Ended

Apr. 30, 2022

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 April 30,
		2022				2021
		Amount		Percentage of Revenue		Amount		Percentage of Revenue
	(in thousands, except percentages)
Americas		$	728,381	68	%	$	635,784	66	%
Asia Pacific (“APAC”)		148,821		14		123,763		13
Europe, Middle East, and Africa (“EMEA”)		196,598		18		196,690		21
Total		$	1,073,800	100	%	$	956,237	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 on the condensed consolidated balance sheets was $68.6 million and $59.7 million as of April 30, 2022 and January 31, 2022, 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 that was included in deferred revenue at the beginning of each period was $541.6 million and $419.1 million during the three months ended April 30, 2022 and 2021, 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 April 30, 2022, the aggregate amount of the transaction price allocated to our remaining performance obligations was $2,990.0 million, which consists of both billed consideration in the amount of $1,331.0 million and unbilled consideration in the amount of $1,659.0 million that we expect to recognize as revenue. We expect to recognize 63% of our remaining performance obligations as revenue over the next 12 months and the remainder thereafter.