Income Taxes

3 Months Ended

Apr. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 12 – Income Taxes

For the three months ended April 30, 2025 and 2024, the Company recorded a tax expense (benefit) of $1.3 million and $(1.1) million, respectively.

For the three months ended April 30, 2025, the income tax provision consisted of taxes on the income of the Company's foreign subsidiaries, foreign withholding taxes, and U.S. state taxes, partially offset by tax benefits from stock-based compensation deductions in the UK. For the three months ended April 30, 2024, the income tax provision consisted of a U.S. federal & state tax benefit as a result of several of the Company's foreign subsidiaries making an election to be treated as U.S. branches for federal income tax purposes effective in fiscal year ended January 31, 2024, partially offset by taxes on the income of the Company’s foreign subsidiaries, foreign withholding taxes, and U.S. state taxes.

As of April 30, 2025, the Company maintained a full valuation allowance on its U.S. federal and state net deferred tax assets as it was more likely than not that those deferred tax assets will not be realized.