Revenue

3 Months Ended

Apr. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue

NOTE 2 - REVENUE

Disaggregation of Revenue

Revenue consists of the following (in thousands):

	Three Months Ended April 30,
	2026		2025
Usage-based revenue	$	202,134	$	143,149
Subscription revenue	18,097		14,312
Total revenue	$	220,231	$	157,461

Usage-based revenue primarily represents fees from our platform customers earned on a per-booking transaction basis and fees from our travel supply and payment partners, which are generally earned on a per-transaction basis. Under our arrangements with certain travel supply partners, we earn additional fees when cumulative actual booking or transaction dollar volume exceeds specified contractual thresholds. Subscription revenue primarily represents revenue earned from subscriptions to our expense management platform.

The following table presents revenue by region based on the billing country of the customer where the revenue generating transaction originates (in thousands, except percentages):

	Three Months Ended April 30,
	2026				2025
	Amount		Percentage of Revenue		Amount		Percentage of Revenue
United States	$	144,706	66	%	$	95,804	61	%
United Kingdom	37,667		17	%	34,641		22	%
Rest of World(1)	37,858		17	%	27,016		17	%
Total revenue	$	220,231	100	%	$	157,461	100	%

________________

(1)No individual country within Rest of World comprises more than 10% of total revenue.

Unbilled Receivables

We receive payments from customers based on a billing schedule as established in our customer contracts. Accounts receivable are recorded when we have an unconditional right to consideration. In some arrangements, we have a right to consideration for our performance under the customer contract before invoicing the customer, resulting in an unbilled accounts receivable. We recognized unbilled accounts receivable of $92.1 million and $72.3 million, respectively, as of April 30, 2026 and January 31, 2026. Unbilled accounts receivable is recorded within accounts receivable, net on the accompanying condensed consolidated balance sheets.

Contract Liabilities

Revenue is deferred when we have the right to invoice in advance of performance under a customer contract. The deferred revenue balance primarily consists of annual subscription payments, and is expected to be recognized within one year of the balance sheet date. During the three months ended April 30, 2026 and 2025, revenue recognized from the deferred revenue balance at the beginning of the respective period was $18.4 million and $16.5 million, respectively.

Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized. We do not disclose the value of remaining performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which variable consideration is allocated to an unsatisfied performance obligation. Our remaining performance obligations related to

multi-year subscription contracts were $67.1 million as of April 30, 2026 of which we expect to recognize approximately 54% as revenue over the next 12 months, 33% as revenue over the subsequent 13 to 24 months, and the remainder thereafter.

Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable are generally due within thirty days and are recorded net of an allowance for estimated uncollectible amounts.

The following table presents the allowance for expected credit losses for the three months ended April 30, 2026 and 2025 (in thousands):

	Three Months Ended April 30,
	2026		2025
Balance at beginning of period	$	6,462	$	5,135
Provision for expected credit losses	1,471		1,264
Amounts written off, recoveries and other adjustments	(3,150)		(194)
Balance at end of period	$	4,783	$	6,205

Corporate Card Receivables and Allowance for Expected Credit Losses

We provide virtual and physical corporate credit cards to customers of our expense management offering through issuing bank partners. Under our payment partner arrangements, we are required to fund the dollar value of spend on these credit cards either by prefunding the spend, or funding the spend within one business day of the transaction settlement date. These transactions are accumulated on customer statements and are recognized as receivables, with payment generally due within ten days.

Corporate card receivables are recorded net of an allowance for expected credit losses, which includes an allowance for estimated uncollectible amounts and an estimate for charges our customers may dispute as invalid. The allowance for expected credit losses is based on our assessment of the collectability of these receivables.

The following table summarizes the corporate card receivables allowance for expected credit losses for the three months ended April 30, 2026 and 2025 (in thousands):

	Three Months Ended April 30,
	2026		2025
Balance at beginning of period	$	2,499	$	380
Provision for expected credit losses	400		814
Amounts written off, recoveries and other adjustments	(264)		(351)
Balance at end of period	$	2,635	$	843

Contract Acquisition Costs

During the three months ended April 30, 2026 and 2025, we capitalized $6.4 million and $2.5 million, respectively, of contract acquisition costs and recognized related amortization expense of $2.4 million and $1.2 million, respectively. Amortization expense is included in sales and marketing expense in the condensed consolidated statements of operations.