Goodwill and Intangible Assets

12 Months Ended

Jan. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The following table summarizes the changes in the carrying amount of goodwill during the years:

	As of January 31,
	2024		2023
	(in thousands)
Balance, beginning of the year	$	122,641	$	27,607
Increase in goodwill related to business combinations	184,654		95,034
Balance, ending of the year	$	307,295	$	122,641

During the fiscal year ended January 31, 2024, we acquired Workvivo, and recorded goodwill of $184.7 million. During the fiscal year ended January 31, 2023, we acquired Solvvy, Inc., and recorded goodwill of $95.0 million. See Note 5 for additional information related to these acquisitions.

Intangibles

The following table summarizes intangible assets with a finite useful life included within other asset, noncurrent on the consolidated balance sheet:

	As of January 31,
	2024						2023
	Gross Carrying Amount		Accumulated Amortization		Net Value		Gross Carrying Amount		Accumulated Amortization		Net Value
	(in thousands)
Customer relationships	$	31,732	$	(7,684)	$	24,048	$	14,700	$	(2,078)	$	12,622
Technology	26,959		(8,676)		18,283		16,190		(3,752)		12,438
Assembled workforce	7,034		(2,430)		4,604		7,034		(674)		6,360
Total	$	65,725	$	(18,790)	$	46,935	$	37,924	$	(6,504)	$	31,420

Intangible asset amortization expense was $12.5 million and $5.3 million for the years ended January 31, 2024 and 2023, respectively, and less than $1.0 million for the year ended January 31, 2022.

Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows:

	As of January 31, 2024
	(in thousands)
Year Ending January 31,
2025	13,525
2026	13,000
2027	12,088
2028	7,105
2029	1,217
Thereafter	—
Total amortization expense	46,935

The following table summarizes intangible assets with an indefinite useful life included within other asset, noncurrent on the consolidated balance sheet:

	As of January 31,
	2024		2023
	(in thousands)
Domain and IP Addresses	$	20,232	$	20,232
Patents and Tradenames	5,007		5,007
Total	$	25,239	$	25,239

For the years ended January 31, 2024, 2023 and 2022, there were no intangible assets impairment losses.