Income Taxes (Tables)

12 Months Ended

Jan. 31, 2023

Schedule of Components of Loss Before Income Taxes

The components of loss before income taxes were as follows (in thousands):


	Fiscal Year Ended January 31,
	2023		2022		2021

U.S.	$	(851,538)	$	(717,208)	$	(544,700)
Foreign	35,545		40,248		7,660
Loss before income taxes	$	(815,993)	$	(676,960)	$	(537,040)

Schedule of Provision for Income Taxes

The provision for (benefit from) income taxes consists of the following (in thousands):


	Fiscal Year Ended January 31,
	2023		2022		2021

Current provision:

State	$	626	$	288	$	704
Foreign	7,571		3,417		1,388
Deferred benefit:
Federal	(21,647)		—		(28)
State	(4,410)		—		(2)
Foreign	(607)		(717)		—
Provision for (benefit from) income taxes	$	(18,467)	$	2,988	$	2,062

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate differs from the federal statutory income tax rate applied to the loss before income taxes due to the following (in thousands):


	Fiscal Year Ended January 31,
	2023		2022		2021

Income tax benefit computed at federal statutory rate	$	(171,359)	$	(142,162)	$	(112,778)

State taxes, net of federal benefit	14,948		35,360		14,818
Research and development credits	(58,136)		(142,544)		(56,633)
Stock-based compensation	(71,295)		(898,234)		(246,363)
Change in valuation allowance	213,532		1,159,276		391,659


IRC Section 59A waived deductions	49,476		—		—
Other	4,367		(8,708)		11,359
Provision for (benefit from) income taxes	$	(18,467)	$	2,988	$	2,062

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and deferred tax liabilities are shown below (in thousands):


	January 31, 2023		January 31, 2022

Deferred tax assets:
Net operating losses carryforwards	$	1,567,135	$	1,522,969
Tax credit carryforwards	274,690		215,934
Capitalized research and development	147,328		—
Stock-based compensation	123,408		88,743
Operating lease liabilities	55,079		48,682
Net unrealized losses on strategic investments	5,669		—



Other	46,361		79,141
Total deferred tax assets	2,219,670		1,955,469
Less: valuation allowance	(2,100,594)		(1,858,730)
Net deferred tax assets	119,076		96,739
Deferred tax liabilities:

Deferred commissions	(31,940)		(28,368)
Intangible assets	(39,426)		(15,692)
Operating lease right-of-use assets	(53,829)		(48,307)
Net unrealized gains on strategic investments	—		(6,399)

Other	(2,358)		—
Total deferred tax liabilities	(127,553)		(98,766)
Net deferred tax liabilities	$	(8,477)	$	(2,027)

Schedule of Unrecognized Tax Benefits

The following table shows the changes in the gross amount of unrecognized tax benefits (in thousands):


	Fiscal Year Ended January 31,
	2023		2022		2021

Beginning balance	$	57,715	$	19,349	$	4,057
Increases based on tax positions during the prior period	1,816		20		35
Increases based on tax positions during the current period	15,649		38,346		15,257
Ending balance	$	75,180	$	57,715	$	19,349