Income Taxes (Tables)

12 Months Ended

Jan. 31, 2024

The U.S. and foreign components of loss before income taxes are as follows for the periods presented (in thousands):

The components of the provision for income taxes are as follows for the periods presented (in thousands):


	Year Ended January 31,
	2024		2023		2022
Current expense (benefit)
Federal	$	(106)	$	213	$	—
State	(166)		493		80
Foreign	13,786		9,224		20,455
Total current expense	13,514		9,930		20,535
Deferred expense (benefit)
Federal	—		—		—
State	—		—		—
Foreign	554		861		(5,832)
Total deferred expense (benefit)	$	554	$	861	$	(5,832)
Total provision for income taxes	$	14,068	$	10,791	$	14,703

The following is a reconciliation of the statutory federal income tax rate to our effective tax rate for the periods presented:


	Year Ended January 31,
	2024		2023		2022
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Foreign taxes	(2.0)		(2.2)		(3.7)
Non-deductible expenses	(17.9)		(2.1)		(2.7)
Stock-based compensation	(4.6)		(10.8)		27.1
Valuation allowance	(5.7)		(12.3)		(48.2)
Research and development credits	18.9		3.3		3.8
Cross border tax law	(27.4)		—		—
Other, net	(0.9)		(0.3)		(0.2)
Effective income tax rate	(18.6)	%	(3.4)	%	(2.9)	%

Significant components of DTAs and DTLs are as follows as of the periods presented (in thousands):


	As of January 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	344,067	$	387,822
Accruals and reserves	15,823		15,072
Stock-based compensation	11,888		25,665
Deferred revenue	25,942		9,477
Research and development	103,263		67,103

Depreciation and amortization	587		587
Excessive borrowing	—		1,668
Lease liabilities(1)	11,563		—
Other(1)	5,602		7,406
Total deferred tax assets, gross	518,735		514,800
Less: valuation allowance	(470,040)		(476,589)
Total deferred tax assets, net of valuation allowance	48,695		38,211
Deferred tax liabilities:

Intangible assets	(2,409)		(3,312)
Foreign exchange	(37)		(97)
Right-of-use assets(1)	(8,957)		—
Commissions	(32,747)		(29,245)

Total deferred tax liabilities	(44,150)		(32,654)
Net deferred tax assets	$	4,545	$	5,557

Net deferred tax assets	$	4,678	$	5,895
Net deferred tax liabilities (included in other liabilities, non-current)	(133)		(338)
Net deferred tax assets	$	4,545	$	5,557
(1) As of January 31, 2023, immaterial amounts related to lease liabilities and right-of-use assets and were presented as part of "Other."

The table below details the changes in DTA valuation allowances for the periods presented (in thousands):


	Beginning Balance		Additions During the Period		Reductions During the Period		Ending Balance
Year ended January 31, 2024	$	476,589	$	5,474	$	(12,023)	$	470,040

Year ended January 31, 2023	$	422,262	$	54,327	$	—	$	476,589