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Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations
 6 Months Ended
Jul. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations
Disaggregation of Revenue

Revenue consists of the following (in thousands):

Three Months Ended July 31,Six Months Ended July 31,
2024202320242023
Product revenue$829,250 $640,209 $1,618,837 $1,230,281 
Professional services and other revenue39,573 33,809 78,695 67,336 
Total$868,823 $674,018 $1,697,532 $1,297,617 

Revenue by geographic area, based on the location of the Company’s customers (or end-customers under reseller arrangements), was as follows (in thousands):

Three Months Ended July 31,Six Months Ended July 31,
2024202320242023
Americas:
United States$663,630 $516,367 $1,295,671 $999,356 
Other Americas(1)
22,777 17,842 46,512 34,698 
EMEA(1)(2)
137,872 106,284 269,529 201,174 
Asia-Pacific and Japan(1)
44,544 33,525 85,820 62,389 
Total$868,823 $674,018 $1,697,532 $1,297,617 
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(1)No individual country in these areas represented more than 10% of the Company’s revenue for all periods presented.
(2)Includes Europe, the Middle East, and Africa.

Accounts Receivable, Net

As of July 31, 2024 and January 31, 2024, allowance for credit losses of $4.6 million and $2.5 million, respectively, was included in the Company’s accounts receivable, net balance.

Significant Customers

For purposes of assessing the concentration of credit risk and significant customers, a group of customers under common control or customers that are affiliates of each other are regarded as a single customer. As of July 31, 2024 and January 31, 2024, there were no customers that represented 10% or more of the Company’s accounts receivable, net balance. Additionally, there were no customers that represented 10% or more of the Company’s revenue for each of the three and six months ended July 31, 2024 and 2023.

Deferred Revenue

The Company recognized $642.7 million and $524.0 million of revenue for the three months ended July 31, 2024 and 2023, respectively, from the deferred revenue balances as of April 30, 2024 and 2023, respectively.

The Company recognized $1.2 billion and $896.4 million of revenue for the six months ended July 31, 2024 and 2023, respectively, from the deferred revenue balances as of January 31, 2024 and 2023, respectively.

Remaining Performance Obligations

Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not yet been recognized, including (i) deferred revenue and (ii) non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. The Company’s RPO excludes performance obligations from on-demand arrangements as there are no minimum purchase commitments associated with these arrangements, and certain time and materials contracts that are billed in arrears. Portions of RPO that are not yet invoiced and are denominated in foreign currencies are revalued into U.S. dollars each period based on the applicable period-end exchange rates.
As of July 31, 2024, the Company’s RPO was $5.2 billion, of which the Company expects approximately 50% to be recognized as revenue in the twelve months ending July 31, 2025 based on historical customer consumption patterns. However, the amount and timing of revenue recognition are generally dependent upon customers’ future consumption, which is inherently variable at customers’ discretion and can extend beyond the original contract term in cases where customers are permitted to roll over unused capacity to future periods, generally on the purchase of additional capacity at renewal.