Property and Equipment, Net

9 Months Ended

Oct. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

	October 31, 2025		January 31, 2025
Leasehold improvements	$	125,781	$	97,324
Computers, equipment, and software	68,069		49,575
Furniture and fixtures	31,396		25,473
Capitalized software development costs	228,715		209,684
Construction in progress—capitalized software development costs	7,851		28,672
Construction in progress—other	14,430		39,106
Total property and equipment, gross	476,242		449,834
Less: accumulated depreciation and amortization(1)	(210,398)		(153,441)
Total property and equipment, net	$	265,844	$	296,393

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(1)Includes $135.2 million and $84.8 million of accumulated amortization related to capitalized software development costs as of October 31, 2025 and January 31, 2025, respectively.

Depreciation and amortization expense was $29.1 million and $80.8 million for the three and nine months ended October 31, 2025, respectively. Included in these amounts were the amortization of capitalized software development costs of $18.4 million and $52.2 million for the three and nine months ended October 31, 2025, respectively.

Depreciation and amortization expense was $23.0 million and $61.0 million for the three and nine months ended October 31, 2024, respectively. Included in these amounts were the amortization of capitalized software development costs of $15.2 million and $39.4 million for the three and nine months ended October 31, 2024, respectively.

During the nine months ended October 31, 2025, the Company recognized impairment charges of $20.8 million, mainly for leasehold improvements and furniture and fixtures, primarily relating to the cease-use of its San Mateo office facility. Such impairment charges were recorded as general and administrative expenses on the condensed consolidated statement of operations. See Note 11, “Commitments and Contingencies,” for further details. Impairment charges were not material for the nine months ended October 31, 2024.