DOCUSIGN, INC., 10-K filed on 3/18/2025
Annual Report
v3.25.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Jan. 31, 2025
Feb. 28, 2025
Jul. 31, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Jan. 31, 2025    
Current Fiscal Year End Date --01-31    
Document Transition Report false    
Entity File Number 001-38465    
Entity Registrant Name DOCUSIGN, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 91-2183967    
Entity Address, Address Line One 221 Main St.    
Entity Address, Address Line Two Suite 1550    
Entity Address, City or Town San Francisco    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94105    
City Area Code 415    
Local Phone Number 489-4940    
Title of 12(b) Security Common Stock, par value $0.0001 per share    
Trading Symbol DOCU    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 11.1
Entity Common Stock, Shares Outstanding   202,489,720  
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the definitive proxy statement for our 2025 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K. We intend to file such proxy statement with the Securities and Exchange Commission (“the SEC”), within 120 days of the fiscal year ended January 31, 2025.
    
Entity Central Index Key 0001261333    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.1
Audit Information
 12 Months Ended
Jan. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location San Jose, California
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Current assets    
Cash and cash equivalents $ 648,623 $ 797,060
Investments—current 314,924 248,402
Accounts receivable, net of allowance for doubtful accounts of $8,828 and $5,499 as of January 31, 2025 and 2024 429,582 439,299
Contract assets—current 13,764 15,922
Prepaid expenses and other current assets 82,368 66,984
Total current assets 1,489,261 1,567,667
Investments—noncurrent 134,105 121,977
Property and equipment, net 299,370 245,173
Operating lease right-of-use assets 109,630 123,188
Goodwill 454,477 353,138
Intangible assets, net 76,388 50,905
Deferred contract acquisition costs—noncurrent 467,201 409,627
Deferred tax assets—noncurrent 840,470 2,031
Other assets—noncurrent 141,803 97,584
Total assets 4,012,705 2,971,290
Current liabilities    
Accounts payable 30,697 19,029
Accrued expenses and other current liabilities 99,579 104,037
Accrued compensation 227,115 195,266
Contract liabilities—current 1,455,442 1,320,059
Operating lease liabilities—current 19,077 22,230
Total current liabilities 1,831,910 1,660,621
Contract liabilities—noncurrent 21,523 21,980
Operating lease liabilities—noncurrent 105,350 120,823
Deferred tax liability—noncurrent 20,596 16,795
Other liabilities—noncurrent 30,634 21,332
Total liabilities 2,010,013 1,841,551
Commitments and contingencies (Note 10)
Stockholders’ equity    
Preferred stock, $0.0001 par value; 10,000 shares authorized, 0 shares issued and outstanding as of January 31, 2025 and 2024 0 0
Common stock, $0.0001 par value; 500,000 shares authorized, 202,477 shares outstanding as of January 31, 2025; 500,000 shares authorized, 205,326 shares outstanding as of January 31, 2024 20 21
Treasury stock, at cost: 30 shares as of January 31, 2025; 18 shares as of January 31, 2024 (2,871) (2,164)
Additional paid-in capital 3,321,242 2,821,461
Accumulated other comprehensive loss (28,376) (19,360)
Accumulated deficit (1,287,323) (1,670,219)
Total stockholders’ equity 2,002,692 1,129,739
Total liabilities and equity $ 4,012,705 $ 2,971,290
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Statement of Financial Position [Abstract]    
Accounts receivable, allowance for credit loss $ 8,828 $ 5,499
Preferred stock, par value (in usd per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 10,000 10,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 500,000 500,000
Common stock, shares outstanding (in shares) 202,477 205,326
Treasury stock, shares (in shares) 30 18
v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Revenue:      
Total revenue $ 2,976,739 $ 2,761,882 $ 2,515,915
Cost of revenue:      
Total cost of revenue 621,659 572,621 536,088
Gross profit 2,355,080 2,189,261 1,979,827
Operating expenses:      
Sales and marketing 1,160,993 1,168,137 1,242,711
Research and development 588,455 539,488 480,584
General and administrative 375,983 419,621 316,228
Restructuring and other related charges 29,721 30,381 28,335
Total operating expenses 2,155,152 2,157,627 2,067,858
Income (loss) from operations 199,928 31,634 (88,031)
Interest expense (1,550) (6,844) (6,389)
Interest income and other income, net 49,563 68,889 4,539
Income (loss) before provision for income taxes 247,941 93,679 (89,881)
Provision for (benefit from) income taxes (819,944) 19,699 7,573
Net income (loss) $ 1,067,885 $ 73,980 $ (97,454)
Net income (loss) per share attributable to common stockholders:      
Basic (in usd per share) $ 5.23 $ 0.36 $ (0.49)
Diluted (in usd per share) $ 5.08 $ 0.36 $ (0.49)
Weighted-average shares used in computing net income (loss) per share:      
Basic (in shares) 204,329 204,070 200,903
Diluted (in shares) 210,339 208,950 200,903
Other comprehensive income (loss):      
Foreign currency translation losses, net of tax $ (9,651) $ (254) $ (15,336)
Unrealized gains (losses) on investments, net of tax 635 3,890 (2,851)
Other comprehensive income (loss) (9,016) 3,636 (18,187)
Comprehensive income (loss) 1,058,869 77,616 (115,641)
Stock-based compensation expense included in costs and expenses:      
Stock-based compensation expense 610,335 616,847 538,726
Sales and marketing      
Stock-based compensation expense included in costs and expenses:      
Stock-based compensation expense 202,609 203,855 222,334
Research and development      
Stock-based compensation expense included in costs and expenses:      
Stock-based compensation expense 204,238 184,211 149,967
General and administrative      
Stock-based compensation expense included in costs and expenses:      
Stock-based compensation expense 121,665 143,773 88,125
Restructuring and other related charges      
Stock-based compensation expense included in costs and expenses:      
Stock-based compensation expense 4,836 5,012 5,626
Subscription      
Revenue:      
Total revenue 2,901,309 2,686,708 2,442,177
Cost of revenue:      
Total cost of revenue 532,445 459,905 426,077
Subscription | Cost of revenue      
Stock-based compensation expense included in costs and expenses:      
Stock-based compensation expense 58,348 51,660 46,916
Professional services and other      
Revenue:      
Total revenue 75,430 75,174 73,738
Cost of revenue:      
Total cost of revenue 89,214 112,716 110,011
Professional services and other | Cost of revenue      
Stock-based compensation expense included in costs and expenses:      
Stock-based compensation expense $ 18,639 $ 28,336 $ 25,758
v3.25.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Jan. 31, 2022   198,834        
Beginning balance at Jan. 31, 2022 $ 275,503 $ 20 $ 1,720,013 $ (1,532) $ (4,809) $ (1,438,189)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options (in shares)   868        
Exercise of stock options 12,678   12,678      
Settlement of restricted stock units (in shares)   4,230        
Tax withholding on net share settlement of restricted stock units and employee stock purchase plan (in shares)   (1,428)        
Tax withholding on net share settlement of restricted stock units and employee stock purchase plan (89,153)   (88,900) (253)    
Employee stock purchase plan (in shares)   535        
Employee stock purchase plan 36,526   36,526      
Repurchases of common stock (in shares)   (1,135)       (1,135)
Repurchases of common stock (63,041)         $ (63,041)
Employee stock-based compensation 560,415   560,415      
Net income (loss) (97,454)         (97,454)
Other comprehensive income (loss), net (18,187)       (18,187)  
Ending balance (in shares) at Jan. 31, 2023   201,904        
Ending balance at Jan. 31, 2023 617,287 $ 20 2,240,732 (1,785) (22,996) $ (1,598,684)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Settlement of convertible senior notes 104   104      
Exercise of stock options (in shares)   840        
Exercise of stock options 13,991   13,991      
Settlement of restricted stock units (in shares)   7,523        
Settlement of restricted stock units 1 $ 1        
Tax withholding on net share settlement of restricted stock units and employee stock purchase plan (in shares)   (2,722)        
Tax withholding on net share settlement of restricted stock units and employee stock purchase plan (142,373)   (141,994) (379)    
Employee stock purchase plan (in shares)   839        
Employee stock purchase plan 32,993   32,993      
Repurchases of common stock (in shares)   (3,058)       (3,058)
Repurchases of common stock (145,515)         $ (145,515)
Settlement of capped calls, net of related costs 23,688   23,688      
Employee stock-based compensation 651,947   651,947      
Net income (loss) 73,980         73,980
Other comprehensive income (loss), net $ 3,636       3,636  
Ending balance (in shares) at Jan. 31, 2024 205,326 205,326        
Ending balance at Jan. 31, 2024 $ 1,129,739 $ 21 2,821,461 (2,164) (19,360) $ (1,670,219)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options (in shares) 1,301 1,301        
Exercise of stock options $ 22,705   22,705      
Settlement of restricted stock units (in shares)   9,275        
Tax withholding on net share settlement of restricted stock units and employee stock purchase plan (in shares)   (3,333)        
Tax withholding on net share settlement of restricted stock units and employee stock purchase plan (215,819)   (215,112) (707)    
Employee stock purchase plan (in shares)   862        
Employee stock purchase plan 35,314   35,314      
Repurchases of common stock (in shares)   (10,954)       (10,954)
Repurchases of common stock (684,990) $ (1)       $ (684,989)
Employee stock-based compensation 656,874   656,874      
Net income (loss) 1,067,885         1,067,885
Other comprehensive income (loss), net $ (9,016)       (9,016)  
Ending balance (in shares) at Jan. 31, 2025 202,477 202,477        
Ending balance at Jan. 31, 2025 $ 2,002,692 $ 20 $ 3,321,242 $ (2,871) $ (28,376) $ (1,287,323)
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 1,067,885 $ 73,980 $ (97,454)
Adjustments to reconcile net income (loss) to net cash provided by operating activities      
Depreciation and amortization 107,804 95,062 86,255
Amortization of deferred contract acquisition and fulfillment costs 237,217 200,163 185,045
Amortization of debt discount and transaction costs 554 4,749 4,970
Non-cash operating lease costs 19,065 21,310 27,501
Stock-based compensation expense 610,335 616,847 538,726
Deferred income taxes (839,989) 6,292 1,697
Other 6,111 (1,904) 15,723
Changes in operating assets and liabilities      
Accounts receivable 2,075 71,681 (75,964)
Prepaid expenses and other current assets (17,634) (657) (5,038)
Deferred contract acquisition and fulfillment costs (302,166) (255,159) (232,315)
Other assets (22,002) (15,432) (22,319)
Accounts payable 7,638 (4,826) (26,440)
Accrued expenses and other liabilities 2,935 6,473 7,340
Accrued compensation 29,236 33,979 (1,781)
Contract liabilities 129,854 152,247 143,177
Operating lease liabilities (21,646) (25,279) (42,364)
Net cash provided by operating activities 1,017,272 979,526 506,759
Cash flows from investing activities:      
Cash paid for acquisition, net of acquired cash (143,611) 0 0
Purchases of marketable securities (411,236) (336,221) (533,710)
Maturities of marketable securities 340,334 473,869 423,917
Purchases of strategic and other investments (1,375) (645) (3,750)
Purchases of property and equipment (96,988) (92,391) (77,654)
Net cash provided by (used in) investing activities (312,876) 44,612 (191,197)
Cash flows from financing activities:      
Repayments of convertible senior notes 0 (726,979) (16)
Repurchases of common stock (683,528) (145,515) (63,041)
Settlement of capped calls, net of related costs 0 23,688 0
Payment of tax withholding obligation on net RSU settlement and ESPP purchase (213,282) (144,218) (84,403)
Proceeds from exercise of stock options 22,705 13,991 12,678
Proceeds from employee stock purchase plan 35,314 32,994 36,526
Net cash used in financing activities (838,791) (946,039) (98,256)
Effect of foreign exchange on cash, cash equivalents and restricted cash (7,550) 199 (3,784)
Net increase (decrease) in cash, cash equivalents and restricted cash (141,945) 78,298 213,522
Cash, cash equivalents and restricted cash at beginning of period 801,499 723,201 509,679
Cash, cash equivalents and restricted cash at end of period 659,554 801,499 723,201
Supplemental disclosure:      
Cash paid for interest 0 185 185
Cash paid for operating lease liabilities 26,500 34,845 38,873
Cash paid for income taxes 24,324 10,460 10,416
Non-cash investing and financing activities:      
Property and equipment in accounts payable and accrued expenses and other current liabilities 5,687 2,879 4,757
Operating lease right-of-use assets exchanged for lease obligations 5,586 3,149 63,086
Excise tax payable on net stock repurchase 1,461 0 0
Fair value of shares issued as part of the repayments of convertible senior notes $ 0 $ 0 $ 2
v3.25.1
Summary of Significant Accounting Policies
 12 Months Ended
Jan. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Organization and Description of Business

Docusign, Inc. (“we,” “our” or “us”) was incorporated in the State of Washington in April 2003. We merged with and into Docusign, Inc., a Delaware corporation, in March 2015.

Docusign solutions bring agreements to life, accelerating and simplifying the process of doing business. Docusign’s core offerings - our IAM platform, the world’s leading eSignature solution, and CLM solution - allow organizations to boost productivity, accelerate contract review cycles, and transform agreement data into insights and actions, while providing a better customer experience. For example, Docusign’s innovative IAM platform automates agreement workflows, uncovers actionable insights, and leverages AI capabilities, which enables organizations to create, commit to, and manage agreements, from virtually anywhere in the world, securely.

Basis of Presentation and Principles of Consolidation

Our consolidated financial statements include those of Docusign, Inc. and our subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Our fiscal year ends on January 31. References to fiscal 2025, for example, are to the fiscal year ended January 31, 2025.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in the consolidated financial statements and notes thereto.

Significant items subject to such estimates and assumptions made by management include, but are not limited to, the determination of:
•the fair value of intangible assets acquired in business combinations;
•the average period of benefit associated with deferred contract acquisition costs and fulfillment costs;
•the fair value of certain stock awards issued;
•the useful life and recoverability of long-lived assets;
•the discount rate used for operating leases;
•the recognition and measurement of loss contingencies; and
•the recognition, measurement and valuation of deferred income taxes.

Concentration of Credit Risk

Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and accounts receivable. Although we deposit our cash with multiple financial institutions, the deposits, at times, may exceed federally insured limits. We have not experienced any losses on our deposits of cash and cash equivalents. Cash equivalents consist of money market funds, which are invested through financial institutions in the U.S. Management believes that the institutions are financially stable and, accordingly, minimal credit risk exists.

No customer individually accounted for more than 10% of our revenues in the years ended January 31, 2025, 2024, and 2023 or for more than 10% of our accounts receivable as of January 31, 2025 and 2024. We perform ongoing credit evaluations of our customers, do not require collateral and maintain allowances for potential credit losses on customers’ accounts using the expected loss model.

Revenue Recognition

We recognize revenue when a customer obtains control of promised services. We apply significant judgment in identifying and evaluating any terms and conditions in contracts which may impact revenue recognition. The amount of revenue recognized reflects the consideration that we expect to be entitled to receive in exchange for these services. To achieve the core principle of this standard, we apply the following steps:
1. Identification of the contract, or contracts, with the customer

We consider the terms and conditions of the contract and our customary business practices in identifying our contracts. We determine we have a contract with a customer when the contract is approved, we can identify each party’s rights regarding the services to be transferred, we can identify the payment terms for the services, we have determined the customer has the ability and intent to pay and the contract has commercial substance. At contract inception we evaluate whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. We apply judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, credit and financial information pertaining to the customer.

2. Identification of the performance obligations in the contract

Performance obligations promised in a contract are identified based on the services and the products that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third parties or from us, and are distinct in the context of the contract, whereby the transfer of the services and the products is separately identifiable from other promises in the contract. Our performance obligations consist of (i) subscription services, (ii) professional services, (iii) on-premises solutions, and (iv) maintenance and support for on-premises solutions.

3. Determination of the transaction price

The transaction price is determined based on the consideration to which we expect to be entitled in exchange for transferring services to the customer. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. None of our contracts contain a significant financing component.

4. Allocation of the transaction price to the performance obligation in the contract

If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price ("SSP").

5. Recognition of the revenue when, or as, we satisfy a performance obligation

Revenue is recognized at the time the related performance obligation is satisfied by transferring the control of the promised service to a customer. Revenue is recognized as control of the service is transferred to the customer, in an amount that reflects the consideration that we expect to receive in exchange for those services. We generate all our revenue from contracts with customers.

Subscription Revenue

We generate revenue primarily from sales of subscriptions to access our software platform and related subscriptions of our customers. Our subscription revenue is driven by our go-to-market model, which includes a combination of direct sales, partner-assisted sales and web-based self-service purchasing. Subscription arrangements with customers do not provide the customer with the right to take possession of our software operating platform at any time. Instead, customers are granted continuous access to our software platform over the contractual period. A time-elapsed method is used to measure progress because we transfer control evenly over the contractual period. Accordingly, the fixed consideration related to subscription revenue is generally recognized on a straight-line basis over the contract term beginning on the date access to our software platform is provided.
Professional Services and Other Revenue

Professional services and other revenue consists of fees associated with consulting and training services from assisting customers in implementing and expanding the use of our software platform. These services are generally distinct from subscription services. Professional services do not result in significant customization of the subscription service. Revenue from professional services provided on a time and materials basis is recognized as the services are performed. Other revenue includes amounts derived from the sale of our on-premises solutions, which are recognized upon passage of control, which occurs upon shipment of the product. The maintenance and support on the on-premises solutions is a stand-ready obligation to perform this service over the term of the arrangement and, as a result, is accounted for ratably over the term of the arrangement.

Contracts with Multiple Performance Obligations

Most of our contracts with customers contain multiple performance obligations that are distinct and accounted for separately. The transaction price is allocated to the separate performance obligations on a relative SSP basis. We determine SSP for our performance obligations based on our observable inputs, such as standalone sales and historical contract pricing. SSP is consistent with our overall pricing objectives, taking into consideration the type of subscription services and professional and other services.

Variable Consideration

Revenue from sales is recorded at the net sales price, which is the transaction price, and includes estimates of variable consideration. The amount of variable consideration that is included in the transaction price is constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue will not occur when the uncertainty is resolved.

If our services do not meet certain service level commitments, our customers are entitled to receive service credits, and in certain cases, refunds, each representing a form of variable consideration. We have historically not experienced any significant incidents affecting the defined levels of reliability and performance as required by our subscription contracts. Accordingly, the amount of any estimated refunds related to these agreements in the consolidated financial statements is not material during the periods presented.

Deferred Contract Acquisition Costs

We capitalize sales commissions, certain parts of the company bonus and associated payroll taxes paid to internal sales personnel that are incremental to the acquisition of customer contracts as deferred contract acquisition costs in "Prepaid expenses and other current assets" and "Deferred contract acquisition costs—noncurrent" on our consolidated balance sheets. We determine whether costs should be deferred based on our sales compensation plans, if the commissions are in fact incremental and would not have occurred absent the customer contract.

These deferred commissions are amortized on a straight-line basis over the periods of benefit, commensurate with the pattern of revenue recognition. Commissions paid for renewal of a subscription contract are not considered commensurate with the commissions paid for the acquisition of the initial subscription contract given the substantive difference in commission rates between new and renewal contracts. The period of benefit for commissions paid for the acquisition of the initial subscription contract, of five years, is determined by taking into consideration our initial estimated customer life and the technological life of our software platform and related significant features. The period of benefit for renewal subscription contracts, of two years, is determined by the weighted average contractual term for renewal contracts.

Commissions paid on professional services contracts are amortized over the period of benefit, being the period the associated revenue is earned as the commissions paid on new and renewal professional services contracts are commensurate with each other.

Amortization of deferred contract acquisition costs is primarily included in the “Sales and marketing” expense in the consolidated statements of operations and comprehensive income (loss).

We periodically review these deferred costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred contract acquisition costs. There were no material impairment losses recorded during the periods presented.
Deferred Contract Fulfillment Costs

We capitalize third-party costs to fulfill contracts with a customer in “Prepaid expenses and other current assets” and “Other assets—noncurrent” on our consolidated balance sheets. We amortize these costs on a straight-line basis consistent with the ratable revenue recognition of the performance obligations in the associated contracts.

Cost of Revenue

“Subscription” cost of revenue primarily consists of personnel and related costs to support our software platform, amortization expense associated with capitalized internally-developed software and technology-related intangible assets, property and equipment depreciation, allocated overhead expenses, merchant processing fees and server hosting costs.

“Professional services and other” cost of revenue consists primarily of personnel costs for our professional services delivery team, travel-related costs and allocated overhead.

Advertising

Advertising costs are expensed as incurred and are included in “Sales and marketing” expense in our consolidated statements of operations and comprehensive income (loss). Advertising expense was $79.0 million, $95.0 million and $128.3 million in the years ended January 31, 2025, 2024 and 2023.

Research and Development

Research and development costs are expensed as incurred and consist primarily of personnel costs, including salaries, bonuses and benefits, and stock-based compensation.

Stock-Based Compensation

Compensation cost for stock-based awards issued to employees, including stock options, ESPP purchase rights and RSUs, is measured at fair value on the date of grant and recognized over the service period, generally on a straight-line basis.

The fair value of stock options and ESPP purchase rights is estimated on the date of grant using a Black-Scholes option-pricing model. From time to time, we grant RSUs that also include performance-based or market-based conditions. The fair value of RSUs, including those granted with a performance condition, is estimated on the date of grant based on the fair value of our underlying common stock. For RSUs granted with a market condition, we use a Monte Carlo option-pricing model to determine the fair value of the RSUs.

Compensation expense for RSUs granted with a market or a performance condition is recognized on a graded vesting basis over the requisite service period. The amount of compensation expense related to the RSUs granted with a performance condition is determined after assessing the probability of achieving requisite performance criteria.

We recognize compensation expense related to shares issued pursuant to our ESPP on a straight-line basis over the offering period of six months.

Compensation expense is recognized net of forfeitures that are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates.

We capitalize stock-based compensation costs incurred as a result of qualifying internally-developed software development activities.

We may elect to issue shares on the settlement dates net of the statutory tax withholding requirements to be paid by us on behalf of our employees. In these instances, we record the liability for withholding amounts to be paid by us as treasury stock or as a reduction to additional paid-in capital, and include these payments as a reduction of cash flows from financing activities.
Restructuring charges

Restructuring liabilities arise when management commits to a restructuring plan, the restructuring plan identifies all significant actions, the period of time to complete the restructuring plan indicates that significant changes to the plan are not likely and employees who are impacted have been notified of the pending involuntary termination. Restructuring charges are accrued in the period in which it is probable that the employees are entitled to the restructuring benefits and the amounts can be reasonably estimated.

Income Taxes

We use the asset and liability method of accounting for income taxes. Under this method, income tax expense is recognized for the amount of taxes payable or refundable for the current year. In addition, deferred tax assets and liabilities are recognized for expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and for operating losses and tax credit carryforwards.

We regularly assess the need for a valuation allowance against our deferred tax assets. In making this assessment, we weigh both positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and results of recent operations, to determine whether it is more likely than not that a deferred tax asset will be realized. In the event we change our determination as to the amount of deferred tax assets that can be realized, we will adjust our valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.

We recognize the tax benefit of an uncertain tax position only if it is more-likely-than-not that, based on the technical merits, the position is sustainable upon examination by the taxing authority. The tax benefit recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon settlement with the taxing authority. We recognize accrued interest and penalties related to unrecognized tax benefits in the provision for (benefit from) income taxes.

Foreign Currency

The functional currency of our foreign entities and branches is generally the local currency. Monetary assets and liabilities and transactions denominated in currencies other than an entity's functional currency are remeasured into its functional currency using current exchange rates at each balance sheet date. Nonmonetary assets and liabilities are not remeasured. We recognize gains and losses from such adjustments within “Interest income and other income, net” in the consolidated statements of operations and comprehensive income (loss) in the period of occurrence.

We present our financial statements in U.S. dollars. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are recorded as a separate component on our consolidated statements of comprehensive income (loss), net of tax. All assets and liabilities denominated in a foreign currency are translated at the exchange rate on the balance sheet date. Revenues and expenses are translated at the average exchange rate during the period. Equity transactions are translated using the historical exchange rate.

Net Income (Loss) Per Share Attributable to Common Stockholders

In periods when we have net income, we compute basic and diluted net income per share in conformity with the two-class method required for participating securities. The undistributed earnings are allocated between common stock and participating securities as if all earnings had been distributed during the period presented.

Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share attributable to common stockholders is computed by giving effect to all potential shares of common stock, including, as applicable, shares underlying our convertible senior notes, unvested stock awards, outstanding stock options, ESPP purchase rights, convertible preferred stock, and warrants to purchase common stock and convertible preferred stock, to the extent they are dilutive. The dilutive potential shares of common stock are computed using the treasury stock method or the as-if converted method, as applicable.

For periods presented in which we have reported net losses, dilutive common shares are not assumed to have been issued as their effect would have been antidilutive. Therefore, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders.
Cash and Cash Equivalents

Cash and cash equivalents consist of money market funds, highly liquid investments with original maturities of three months or less at the date of purchase and deposits with financial institutions and are carried at fair value.

Investments

Investments in marketable securities consist of commercial paper, corporate notes and bonds, municipal notes and bonds, as well as U.S. Treasury and government agency securities. Management determines the appropriate classification of investments at the time of purchase and reevaluates such determination at each balance sheet date. Marketable securities are classified as available-for-sale and are carried at fair value in the consolidated balance sheet and are classified as short-term or long-term based on their remaining contractual maturities.

We evaluate our investments with unrealized loss positions at the individual security level to determine whether the unrealized loss was related to credit or noncredit factors. We consider whether a credit loss exists based on the extent of the unrealized loss position, any adverse conditions specifically related to the security or the issuer's operating environment, pay structure of the security, the issuer's payment history and any changes in the issuer's credit rating. Estimated credit losses are determined using a discounted cash flow model and recorded as an allowance, with changes in expected credit losses on our investments recorded in “Interest income and other income, net” in the consolidated statements of operations and comprehensive loss. Unrealized gains and losses related to noncredit factors are reflected in “Accumulated other comprehensive loss” on the consolidated balance sheets.

Strategic Investments

Our strategic investments consist of non-marketable equity investments in privately-held companies and investment companies in which we do not have a controlling interest or significant influence. We have elected to apply the measurement alternative for equity investments in privately-held companies that do not have readily determinable fair values, measuring them at cost, less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. We have elected to measure our equity investments in investment companies that do not have readily determinable fair values based on the investment’s net asset value. An impairment loss is recorded when an event or circumstance indicates a decline in value has occurred.

As of January 31, 2025 and 2024, we held equity investments in privately-held companies totaling $14.7 million and $13.2 million that were classified in “Other assets—noncurrent” on our consolidated balance sheets.

Restricted Cash

Restricted cash consists primarily of certificates of deposits collateralizing our operating lease agreements for office space and cash withheld from employees to fund claims and program expenses related to the Voluntary Disability Plans in California.

The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows as of January 31, 2025, 2024, and 2023:
January 31,
(in thousands)202520242023
Cash and cash equivalents$648,623 $797,060 $721,895 
Restricted cash included in prepaid expense and other current assets952 1,332 37 
Restricted cash included in other assets - noncurrent9,979 3,107 1,269 
Total cash, cash equivalents, and restricted cash$659,554 $801,499 $723,201 

Fair Value of Financial Instruments

We measure assets and liabilities at fair value based on an expected exit price, which represents the amount that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value:
Level 1Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3
Unobservable inputs reflecting our own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities being measured within the fair value hierarchy.

The carrying values of cash, accounts receivable and accounts payable approximate their respective fair values due to the short period of time to maturity, receipt or payment.

Accounts Receivable and Credit Losses

Accounts receivable primarily consist of amounts billed currently due from customers. Our accounts receivable are subject to collection risk. Gross accounts receivable are reduced for this risk by an allowance for credit losses. This allowance is for estimated losses resulting from the inability of our customers to make required payments. Our allowance for credit losses includes balances that are specifically identified for adequacy based on a regular evaluation of such factors as age of the receivable balance, current economic conditions, credit quality of the customer, and past collection experience. We also include an allowance for credit losses, based on historical experience, which is recorded in the period in which we invoice our customers. We do not have any off-balance-sheet credit exposure related to our customers.

We do not typically offer right of refund in our contracts and do not require collateral from our customers. Changes in the allowance for credit losses were not material in all periods presented.

Property and Equipment

Property and equipment, including costs incurred to bring to the location and condition necessary for intended use, are recorded at cost and depreciated over their estimated useful lives using the straight-line method and the following estimated useful lives:
Estimated Useful Life
Computer and network equipment
3 years
Software, including capitalized software development costs
3 - 5 years
Furniture and office equipment
3 - 4 years
Leasehold improvements
Lesser of lease term and 10 years

Disposals are removed at cost less accumulated depreciation, and any gain or loss from disposition is reflected in the statement of operations and comprehensive income (loss) in the year of disposition. Additions and improvements that increase the value or extend the life of an asset are capitalized. Maintenance and repairs are expensed as incurred.

Leases

Leases arise from contractual obligations that convey the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. We determine whether an arrangement is or contains a lease at inception, based on whether there is an identified asset and whether we control the use of the identified asset throughout the period of use. At lease commencement date, we determine lease classification between finance and operating, allocate the consideration to the lease and nonlease components and recognize a right-of-use asset and corresponding lease liability for each lease component. A right-of-use asset represents our right to use an underlying asset and a lease liability represents our obligation to make payments during the lease term.

The lease liability is initially measured as the present value of the remaining lease payments over the lease term. The discount rate used to determine the present value is our incremental borrowing rate unless the interest rate implicit in
the lease is readily determinable. We estimate our incremental borrowing rate based on the information available at lease commencement date for borrowings with a similar term. The right-of-use asset is initially measured as the present value of the lease payments, adjusted for initial direct costs, prepaid lease payments to lessors and lease incentives.

We do not recognize right-of-use assets and liabilities for leases with a term of twelve months or less. Additionally, we do not separate nonlease components from the associated lease components for our office leases and certain other asset classes. The total consideration includes fixed payments and contractual escalation provisions. We are responsible for maintenance, insurance, property taxes and other variable payments, which are expensed as incurred. Our leases include options to renew or terminate. We include the option to renew or terminate in our determination of the lease term when the option is deemed to be reasonably certain to be exercised.

Operating leases are classified in “Operating lease right-of-use assets”, “Operating lease liabilities—current”, and “Operating lease liabilities—noncurrent” on our consolidated balance sheets. Operating lease expense is recognized on a straight-line basis over the expected lease term and included in “Income (loss) from operations” in our consolidated statements of operations and comprehensive income (loss). We did not have material finance leases for all periods presented.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations accounted for using the acquisition method of accounting and is not amortized. We test goodwill for impairment at least annually, on November 1, or as events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such events and changes may include: significant changes in performance relative to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in our business strategy.

Our test for goodwill impairment starts with a qualitative assessment to determine whether it is necessary to perform the quantitative goodwill impairment test. If qualitative factors indicate that the fair value of the reporting unit is more likely than not less than its carrying amount, then a quantitative goodwill impairment test is performed. For the purposes of impairment testing, we have determined that we have one operating segment and one reporting unit. We performed a qualitative assessment for the year ended January 31, 2025, and concluded that it is more likely than not that the fair value of the reporting unit significantly exceeds its carrying value. There was no impairment of goodwill recorded in the years ended January 31, 2024 and 2023.

Intangible Assets

Intangible assets with finite lives are amortized using the straight-line method over their estimated useful lives. The estimated useful lives of intangible assets, estimated based on our expected period of benefit, are as follows:
Estimated Useful Life
Existing technology
3 - 5 years
Customer contracts & related relationships
5 - 10 years
Other(1)
1 - 5 years
(1)Includes certifications as well as tradenames and trademarks

We evaluate the estimated remaining useful lives of intangible assets and other long-lived assets to assess whether a revision to the remaining periods of amortization is required.

Impairment of Long-Lived Assets

We review long-lived assets, including property and equipment and intangible assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the asset group may not be fully recoverable. An impairment loss is recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. There was no impairment of long-lived assets recognized in all periods presented.
Software Development and Cloud Computing Arrangement Implementation Costs

We capitalize qualifying internally-developed software development costs incurred during the application development stage, as long as it is probable the project will be completed and the software will be used to perform the function intended. Capitalization of such costs ceases once the project is substantially complete and ready for its intended use. Capitalized software development costs are included in “Property and equipment, net” on our consolidated balance sheets and are amortized on a straight-line basis over their expected useful lives of approximately three to five years.

We also capitalize qualifying implementation costs under cloud computing arrangements (“CCA”). Capitalization of such costs ceases once the software of the hosting arrangement is ready for its intended use. The CCA implementation costs balance was $83.6 million and $64.8 million as of January 31, 2025 and 2024, and is included in “Other assets—noncurrent” on our consolidated balance sheets and amortized on a straight-line basis over the term of the associated hosting arrangement.

Business Combinations

We account for our acquisitions using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill.

Management’s estimates of fair value are based upon assumptions, including, in the case of acquired intangible assets, the time and resources required to recreate the assets acquired. The assumptions are based in part on information obtained from the management of the acquired companies, our assessment of the information, and historical experience. Our estimates of fair value based upon such assumptions are believed to be reasonable, but are inherently uncertain. During the measurement period, not to exceed one year from the date of acquisition, we may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected in the consolidated statements of operations and comprehensive income (loss).

Acquisition costs, such as legal and consulting fees, are expensed as incurred.

Segments

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by our Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. Our Chief Executive Officer is our CODM. Our CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, we have determined that we operate in one operating and one reportable segment.

Convertible Debt

We account for our convertible debt instruments as a single liability measured at its amortized cost. At issuance, the carrying amount is calculated as the proceeds, net of initial purchasers’ discounts and transaction costs. The difference between the principal amount and carrying value is amortized to interest expense over the term of the convertible debt instruments using the effective interest rate method.

At settlement, the carrying amount of the liability is derecognized and the excess of the cash consideration, if any, over the carrying amount is recorded as a reduction to additional paid-in capital.

Capped calls entered into in connection with the offering of the convertible debt instruments are considered indexed to our own stock and are considered equity classified. They are recorded in stockholders’ equity and are not accounted for as derivatives. The cost incurred in connection with the capped calls was recorded as a reduction to additional paid-in capital. Subsequent unwinding of capped calls was recorded as an increase to cash and additional paid-in capital upon settlement.
Legal Contingencies

We evaluate contingent liabilities including threatened or pending litigation and make provisions for such liabilities when it is both probable that a loss has been incurred and its amount can be reasonably estimated. We periodically assess the likelihood of any adverse judgments or outcomes from potential claims or legal proceedings, as well as potential ranges of probable losses, when the outcomes of the claims or proceedings are probable and reasonably estimable. A determination of the amount of the liabilities required, if any, for these contingencies is made after the analysis of each separate matter.

Recently Adopted Accounting Pronouncements

We adopted Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which enhances disclosures required for operating segments. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. Refer to Note 16 in the Notes to the Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K.

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued Accounting Standards Update 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), amending existing income tax disclosure guidance, primarily requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retrospective basis. We are currently evaluating the effect of adopting ASU 2023-09 on our income tax disclosures.

In November 2024, the FASB issued Accounting Standards Update 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)" (“ASU 2024-03”), which requires more detailed information about the types of expenses included in certain expense captions presented on the consolidated statements of operations. Additionally, this amendment requires the disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and the disclosure of the total amount of selling expenses. ASU 2024-03 is effective for annual filings for our fiscal year beginning February 1, 2027, and interim filings for the fiscal year beginning February 1, 2028, and can be applied either prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the effect of adopting ASU 2024-03 on our financial statements.
v3.25.1
Revenue
 12 Months Ended
Jan. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Subscription revenue is recognized over time and accounted for approximately 97% of our revenue in each of the years ended January 31, 2025, 2024 and 2023.

Performance Obligations

As of January 31, 2025, the amount of the transaction price allocated to remaining performance obligations for contracts greater than one year was $2.4 billion. We expect to recognize 55% of the transaction price allocated to remaining performance obligations within the 12 months following January 31, 2025 in our consolidated statement of operations and comprehensive income (loss).

Contract Balances

Contract assets represent amounts for which we have recognized revenue, pursuant to our revenue recognition policy, for contracts that have not yet been invoiced to our customers where there is a remaining performance obligation, typically for multi-year arrangements. Total contract assets were $13.8 million and $15.9 million as of January 31, 2025 and 2024. The change in contract assets reflects the difference in timing between our satisfaction of remaining performance obligations and our contractual right to bill our customers.

Contract liabilities consist of deferred revenue and payments received in advance of performance under the contract. Such amounts are generally recognized as revenue over the contractual period. For the years ended January 31, 2025, 2024 and 2023, we recognized revenue of $1.3 billion, $1.2 billion and $1.0 billion that was included in the corresponding contract liability balance at the beginning of the periods presented.

We receive payments from customers based upon contractual billing schedules. We record accounts receivable when the right to consideration becomes unconditional. Payment terms on invoiced amounts are typically 30 days.
Deferred Contract Acquisition and Fulfillment Costs
The following table represents a rollforward of our deferred contract acquisition and fulfillment costs:
Year Ended January 31,
(in thousands)20252024
Deferred Contract Acquisition Costs
Beginning balance$409,658 $355,389 
Additions to deferred contract acquisition costs261,088 209,353 
Amortization of deferred contract acquisition costs(197,832)(155,807)
Cumulative translation adjustment(5,713)723 
Ending balance$467,201 $409,658 
Deferred Contract Fulfillment Costs
Beginning balance$22,525 $21,076 
Additions to deferred contract fulfillment costs41,078 45,806 
Amortization of deferred contract fulfillment costs(39,385)(44,356)
Cumulative translation adjustment(561)(1)
Ending balance$23,657 $22,525 
v3.25.1
Fair Value Measurements
 12 Months Ended
Jan. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes our financial assets that are measured at fair value on a recurring basis:
January 31, 2025
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds$183,885 $— $— $183,885 
Level 2:
Available-for-sale securities
Commercial paper31,367 12 (8)31,371 
Corporate notes and bonds399,034 522 (378)399,178 
U.S. governmental securities18,500 1 (21)18,480 
Level 2 total448,901 535 (407)449,029 
Total$632,786 $535 $(407)$632,914 


January 31, 2024
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds$298,517 $— $— $298,517 
Level 2:
Cash equivalents(1)
Commercial paper43,845 — (9)43,836 
U.S. government agency securities9,968 — (1)9,967 
Available-for-sale securities
Commercial paper42,958 2 (25)42,935 
Corporate notes and bonds299,166 262 (670)298,758 
U.S. governmental securities28,752 — (66)28,686 
Level 2 total424,689 264 (771)424,182 
Total$723,206 $264 $(771)$722,699 
(1)Included in "cash and cash equivalents" in our consolidated balance sheets as of January 31, 2025 and 2024, in addition to cash of $464.7 million and $444.8 million

We use quoted prices in active markets for identical assets to determine the fair value of our Level 1 investments. The fair value of our Level 2 investments is determined using pricing based on quoted market prices or alternative market observable inputs.

The fair value of our available-for-sale securities as of January 31, 2025, by remaining contractual maturities, were as follows (in thousands):
Due in one year or less$314,924 
Due in one to two years134,105 
$449,029 
As of January 31, 2025 and 2024, securities in an unrealized loss position were, individually and in aggregate, not material. An allowance for credit losses was deemed unnecessary for these securities, given the extent of the unrealized loss positions as well as the issuers' high credit ratings and consistent payment history.

We had no liabilities measured at fair value on a recurring basis as of January 31, 2025 and 2024.

Strategic Investments

As of January 31, 2025 and 2024, we held equity investments in privately-held companies totaling $14.7 million and $13.2 million. The carrying value of strategic investments is adjusted to fair value on a non-recurring basis for observable transactions of identical or similar investments of the same issuer or for impairment. Strategic investments measured at fair value on a non-recurring basis are classified as Level 3 in the fair value hierarchy because nonrecurring fair value measurements may include observable and unobservable inputs. During the year ended January 31, 2023, the value of these investments decreased $3.7 million, net.
v3.25.1
Property and Equipment, Net
 12 Months Ended
Jan. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net consisted of the following:
January 31,
(in thousands)20252024
Computer and network equipment$133,486 $142,241 
Software, including capitalized software development costs278,918 168,584 
Furniture and office equipment20,360 18,196 
Leasehold improvements64,012 58,230 
496,776 387,251 
Less: Accumulated depreciation(303,676)(244,270)
193,100 142,981 
Work in progress106,270 102,192 
$299,370 $245,173 

Depreciation and amortization expenses associated with property and equipment was $83.1 million, $75.7 million and $65.5 million in the years ended January 31, 2025, 2024 and 2023. This included amortization expense related to capitalized internally-developed software costs of $55.2 million, $35.1 million and $19.7 million in the respective years.
We capitalized $114.7 million, $95.3 million and $66.1 million of internally developed software costs, including $38.9 million, $30.8 million and $19.2 million of capitalized stock-based compensation in the years ended January 31, 2025, 2024 and 2023, respectively.
v3.25.1
Acquisitions
 12 Months Ended
Jan. 31, 2025
Business Combinations [Abstract]  
Acquisitions Acquisitions
Acquisition of DocuSmart, Inc. d/b/a Lexion

On May 31, 2024 (“Acquisition Date”), we acquired 100% of the outstanding equity interests of DocuSmart, Inc. (“Lexion”), an AI-powered contract management platform which features intelligent contract repository and agreement workflow automation and reporting. We are integrating Lexion’s technology and capabilities comprehensively across Docusign solutions, including advanced document understanding for contract reviews, negotiations, insights and analysis, to better enable organizations to create, commit to, and manage agreements. The results of Lexion’s operations have been included in the accompanying consolidated financial statements since the Acquisition Date.

The acquisition purchase consideration totaled $154.0 million and was paid in cash. We paid $17.4 million of the consideration to an escrow account held for 18 months by a third party for post-closing indemnification obligations.

We accounted for the transaction as a business combination using the acquisition method of accounting. We allocated the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values on the Acquisition Date. Fair values were determined using the replacement cost method. Excess purchase price consideration was recorded as goodwill and is primarily attributable to the assembled workforce and expanded market opportunities when integrating Lexion’s intelligent contract repository and agreement workflow automation capabilities within Docusign’s IAM platform. The values assigned to the assets acquired and liabilities assumed are based on preliminary estimates of fair value available as of the date of this Annual Report on Form 10-K. We continue to collect information with regards to our estimates and assumptions, including potential liabilities, contingencies, and the allocation of the purchase price. We will record adjustments to the fair value of the net assets acquired, liabilities assumed and goodwill within the measurement period, if necessary.

The following table summarizes preliminary allocation of purchase consideration to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition:
(in thousands)
As Adjusted
Cash and cash equivalents$10,409 
Accounts receivable, net1,741 
Goodwill102,152 
Intangible assets, net50,200 
Contract liabilities — current(5,071)
Deferred tax liability(4,661)
Accrued expenses and other current liabilities(750)
Total purchase consideration$154,020 

None of the goodwill recognized upon acquisition is deductible for U.S. federal income tax purposes.

The estimated useful lives of intangible assets, primarily based on the expected period of benefit to us, and fair values of the identifiable intangible assets at Acquisition Date were as follows:
(in thousands, except years)Estimated Fair ValueExpected Useful Life
Existing technology$29,900 5.0 years
Customer relationships—subscription20,300 7.0 years
Total intangible assets$50,200 5.8 years

Additionally, the purchase agreement provides for $19.1 million of deferred compensation for key employees for which post acquisition employment service is required. The deferred compensation was paid into an escrow account at closing and recorded as prepaid asset that will amortize into compensation expense on a straight-line basis over the three year term of the arrangement.

We granted certain continuing employees and founders of Lexion RSUs with an aggregate grant date fair value of $34.8 million that are being accounted for as a post-acquisition compensation expense over the vesting period.

During the year ended January 31, 2025, we incurred acquisition related expenses of $4.3 million which are recognized within general and administrative expenses in the consolidated statement of operations.
The following unaudited pro forma information has been prepared for illustrative purposes only and assumes the acquisition occurred on February 1, 2023. It includes pro forma adjustments related to the amortization of acquired intangible assets, share-based compensation expense, deferred compensation, and transaction related expenses. The impact of pro forma adjustments during the year ended January 31, 2025 is not material. For the purpose of computing the pro forma tax effects of the acquisition, we applied the historical annual effective tax rate for the year ended January 31, 2024 to the combined entity results. The unaudited pro forma results have been prepared based on estimates and assumptions, which we believe are reasonable, however, they are not necessarily indicative of the consolidated results of operations had the acquisition occurred on February 1, 2023, or of future results of operations:
Year Ended January 31,
(in thousands) (unaudited)2024
Net income$37,199 
v3.25.1
Goodwill and Intangible Assets, Net
 12 Months Ended
Jan. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
The changes in the carrying amount of goodwill were as follows (in thousands):
Balance at January 31, 2023$353,619 
Foreign currency translation(481)
Balance at January 31, 2024353,138 
Additions—Lexion102,152 
Foreign currency translation(813)
Balance at January 31, 2025$454,477 

Intangible assets consisted of the following:
As of January 31, 2025As of January 31, 2024
(in thousands, except years)Weighted-average Remaining Useful Life (Years)Acquisition-related Intangibles, GrossAccumulated AmortizationAcquisition-related Intangibles, NetAcquisition-related Intangibles, GrossAccumulated AmortizationAcquisition-related Intangibles, Net
Existing technology4.0$104,694 $(76,644)$28,050 $76,194 $(65,777)$10,417 
Customer contracts & related relationships4.9124,112 (67,127)56,985 110,082 (60,947)49,135 
Other0.07,516 (7,516)— 22,534 (22,534)— 
4.6$236,322 $(151,287)85,035 $208,810 $(149,258)59,552 
Cumulative translation adjustment(8,647)(8,647)
Total$76,388 $50,905 

Amortization of finite-lived intangible assets was as follows:
Year Ended January 31,
(in thousands)202520242023
Cost of subscription revenue$12,267 $8,857 $9,613 
Sales and marketing12,450 10,518 11,093 
Total$24,717 $19,375 $20,706 

As of January 31, 2025, future amortization of finite-lived intangible assets that will be recorded in cost of revenue and operating expenses is estimated as follows, excluding cumulative translation adjustment:
Fiscal PeriodAmount
(in thousands)
2026$21,535 
202719,398 
202816,938 
202913,191 
20309,063 
Thereafter4,910 
Total$85,035 
v3.25.1
Deferred Contract Acquisition and Fulfillment Costs
 12 Months Ended
Jan. 31, 2025
Revenue from Contract with Customer [Abstract]  
Deferred Contract Acquisition and Fulfillment Costs Revenue
Subscription revenue is recognized over time and accounted for approximately 97% of our revenue in each of the years ended January 31, 2025, 2024 and 2023.

Performance Obligations

As of January 31, 2025, the amount of the transaction price allocated to remaining performance obligations for contracts greater than one year was $2.4 billion. We expect to recognize 55% of the transaction price allocated to remaining performance obligations within the 12 months following January 31, 2025 in our consolidated statement of operations and comprehensive income (loss).

Contract Balances

Contract assets represent amounts for which we have recognized revenue, pursuant to our revenue recognition policy, for contracts that have not yet been invoiced to our customers where there is a remaining performance obligation, typically for multi-year arrangements. Total contract assets were $13.8 million and $15.9 million as of January 31, 2025 and 2024. The change in contract assets reflects the difference in timing between our satisfaction of remaining performance obligations and our contractual right to bill our customers.

Contract liabilities consist of deferred revenue and payments received in advance of performance under the contract. Such amounts are generally recognized as revenue over the contractual period. For the years ended January 31, 2025, 2024 and 2023, we recognized revenue of $1.3 billion, $1.2 billion and $1.0 billion that was included in the corresponding contract liability balance at the beginning of the periods presented.

We receive payments from customers based upon contractual billing schedules. We record accounts receivable when the right to consideration becomes unconditional. Payment terms on invoiced amounts are typically 30 days.
Deferred Contract Acquisition and Fulfillment Costs
The following table represents a rollforward of our deferred contract acquisition and fulfillment costs:
Year Ended January 31,
(in thousands)20252024
Deferred Contract Acquisition Costs
Beginning balance$409,658 $355,389 
Additions to deferred contract acquisition costs261,088 209,353 
Amortization of deferred contract acquisition costs(197,832)(155,807)
Cumulative translation adjustment(5,713)723 
Ending balance$467,201 $409,658 
Deferred Contract Fulfillment Costs
Beginning balance$22,525 $21,076 
Additions to deferred contract fulfillment costs41,078 45,806 
Amortization of deferred contract fulfillment costs(39,385)(44,356)
Cumulative translation adjustment(561)(1)
Ending balance$23,657 $22,525 
v3.25.1
Debt
 12 Months Ended
Jan. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Convertible Senior Notes

In September 2018, we issued $575.0 million in aggregate principal amount of the 0.5% Convertible Senior Notes due in 2023, which included the initial purchasers’ exercise in full of their option to purchase an additional $75.0 million aggregate principal amount of the 2023 Notes. The net proceeds from the issuance of the 2023 Notes were $560.8 million after deducting the initial purchasers’ discounts and transaction costs.

In January 2021, we issued $690.0 million in aggregate principal amount of the 0% Convertible Senior Notes due in 2024, which included the initial purchasers’ exercise in full of their option to purchase an additional $90.0 million aggregate principal amount of the 2024 Notes. The net proceeds from the issuance of the 2024 Notes were $677.3 million after deducting the initial purchasers’ discounts and transaction costs.

When outstanding, the Notes were senior unsecured obligations and ranked senior in right of payment to any of our indebtedness that was expressly subordinated in right of payment to the Notes; equal in right of payment to any of our unsecured indebtedness then existing and future liabilities that are not so subordinated; effectively junior in right of payment to any of our secured indebtedness, to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.

The 2023 Notes were governed by an indenture dated September 18, 2018 (the “2018 Indenture”). The 2024 Notes were governed by an indenture dated January 15, 2021 (the “2021 Indenture,” and together with the 2018 Indenture, the “Indentures”). The Indentures were between us, as the issuer, and U.S. Bank National Association, as trustee. The Indentures did not contain any financial covenants or restrictions on the payments of dividends, the incurrence of indebtedness, or the issuance or repurchase of securities by us or any of our subsidiaries. The 2023 Notes matured on September 15, 2023. Interest on the 2023 Notes was payable semi-annually in arrears on March 15 and September 15 of each year. The Notes were subject to additional interest in certain events of default. The 2024 Notes matured on January 15, 2024.

Extinguishment of the 2023 Notes and 2024 Notes

We repaid in cash $37.1 million and $689.9 million in aggregate principal amount of the 2023 Notes and 2024 Notes respectively during the year ended January 31, 2024.
The effective interest rate on the 2023 Notes was 5.9%. The effective interest rate on the 2024 Notes was 3.8%. Interest expense recognized related to the Notes was as follows:
Year Ended January 31,
(in thousands)202520242023
Contractual interest expense$— $425 $185 
Amortization of transaction costs— 4,197 4,415 
Total$— $4,622 $4,600 
Capped Calls

To minimize the potential economic dilution to our common stock upon conversion of the Notes, we entered into privately-negotiated capped call transactions ("Capped Calls") with certain counterparties. In the first quarter of fiscal 2024, we unwound $23.7 million of the Capped Calls in relation to our 2023 Notes and received cash from the counterparties. All remaining Capped Calls associated with the 2023 Notes and 2024 Notes expired during the year ended January 31, 2024.

Impact on Net Income (Loss) Per Share

In periods when we have net income, the shares of our common stock subject to the Notes outstanding during the period are included in our diluted earnings per share under the if-converted method.

Capped Calls are excluded from the calculation of diluted earnings per share, as they would be antidilutive. However, upon conversion, there will be no economic dilution from the Notes unless the market price of our common stock exceeds the initial $110.00 per share cap price associated with the 2023 Notes and $525.30 per share cap price associated with the 2024 Notes, as exercise of the Capped Calls offsets any dilution from the Notes from the conversion price up to the cap price.

As of January 31, 2024 and 2023, the market price of our common stock did not exceed the $110.00 per share cap price associated with the 2023 Notes or the $525.30 cap price associated with the 2024 Notes. Therefore, the Notes would not have caused economic dilution if converted as of January 31, 2024 and 2023.

Revolving Credit Facility

In January 2021, we entered into a credit agreement, as subsequently amended in May 2023, with a syndicate of banks. The credit agreement extended a senior secured revolving credit facility to us in an aggregate principal amount of $500.0 million, which amount may be increased by an additional $250.0 million subject to the terms of the credit agreement. We may use the proceeds of future borrowings under the credit facility to finance working capital, capital expenditures and for other general corporate purposes, including permitted acquisitions.

The facility matures in January 2026 and requires us to comply with customary affirmative and negative covenants. We were in compliance with all covenants as of January 31, 2025. As of January 31, 2025, there were no outstanding borrowings under the revolving credit facility. The facility is subject to customary fees for loan facilities of this type, including ongoing commitment fees at a rate between 0.25% and 0.30% per annum on the daily undrawn balance.
v3.25.1
Leases
 12 Months Ended
Jan. 31, 2025
Leases [Abstract]  
Leases Leases
We lease offices under noncancelable operating lease agreements that expire at various dates through the end of July 2034. Some of our operating leases contain escalation provisions for adjustments in the consumer price index and options to renew. We include a renewal option in the lease terms for calculating our lease liability when we are reasonably certain that we will exercise the renewal option.

Operating lease expense for the years ended January 31, 2025, 2024 and 2023 was $25.6 million, $28.5 million and $33.2 million.

Future lease payments under operating leases as of January 31, 2025, were as follows:
Fiscal Period:Amount (in thousands)
2026$24,480 
202722,357 
202818,010 
202915,494 
203014,968 
Thereafter54,223 
Total undiscounted cash flows$149,532 
Less: imputed interest(25,105)
Present value of lease liabilities$124,427 
The weighted average remaining lease terms as of January 31, 2025 and 2024 were 7.5 years and 8.1 years. The discount rates for operating leases as of January 31, 2025 and 2024 were 4.8% and 4.7%.
v3.25.1
Commitments and Contingencies
 12 Months Ended
Jan. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
We have entered into certain noncancelable contractual arrangements that require future purchases of goods and services. These arrangements primarily relate to cloud infrastructure support and sales and marketing activities. As of January 31, 2025, our future noncancelable minimum payments due under these contractual obligations with a remaining term of more than one year were as follows:
Fiscal Period:Amount (in thousands)
2026$38,504 
202723,732 
20289,448 
20291,838 
2030484 
Thereafter— 
Total$74,006 

We entered into agreements, which include minimum commitments, with public cloud computing service providers. As of January 31, 2025, our remaining minimum commitments under these agreements are $11.1 million through fiscal 2027 and $51.8 million through fiscal 2028, which are excluded from the table above.
Indemnification

We enter into indemnification provisions under our agreements with customers and other companies in the ordinary course of business, including business partners, contractors and parties performing our research and development. Pursuant to these arrangements, we agree to indemnify and defend the indemnified party for certain claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claims because of our activities. The duration of these indemnification agreements is generally perpetual. The maximum potential amount of future payments we could be required to make under these indemnification clauses or agreements is not determinable. Historically, we have not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, we believe the fair value of these indemnification agreements is not material as of January 31, 2025 and 2024. We maintain commercial general liability insurance and product liability insurance to offset certain of our potential liabilities under these indemnification agreements.

We have entered into indemnification agreements with each of our directors, executive officers and certain other officers. These agreements require us to indemnify such individuals, to the fullest extent permitted by Delaware law, for certain liabilities to which they may become subject as a result of their affiliation with us.

Claims and Litigation

From time to time, we may be subject to legal proceedings, claims, investigations or other contingencies in the ordinary course of business. If we are unsuccessful in defending, or if we determine to settle, any of these matters, we may be required to pay substantial sums, be subject to injunction and/or be required to change how we operate our business, which could have a material adverse impact on our financial position or results of operations.

Legal costs associated with litigation are expensed as incurred. Unless otherwise stated, we are unable to reasonably estimate the loss or a range of possible loss for the matters described below. In certain instances, we may be unable to determine that a loss is probable, or to reasonably estimate the amount of loss or a range of loss, for a claim because of the limited information available and the potential effects of future events and decisions by third parties, such as courts and regulators, that will determine the ultimate resolution of the claim. We review loss contingencies at least quarterly to determine whether the likelihood of loss has changed and whether we can make a reasonable estimate of the loss or range of loss. When we determine that a loss from a claim is probable and reasonably estimable, we record a liability for an estimated amount. We also provide disclosure when we determine it is reasonably possible that a loss may be incurred or when it is reasonably possible that the amount of a loss will exceed its recorded liability. Because these issues are often subject to substantial uncertainty, the probability of a loss (if any) and/or the estimated amount of a loss are difficult to ascertain. While it is not feasible to predict the outcome of all proceedings and exposures with certainty, we believe the final outcome of these matters, including the cases described below, will not have a material adverse effect on our business, consolidated financial position, results of operations or cash flows.

Docusign, Inc. Securities Litigation and Related Derivative Litigation

On February 8, 2022, a putative securities class action was filed in the U.S. District Court for the Northern District of California, captioned Weston v. Docusign, Inc., et al., Case No. 3:22-cv-00824, naming Docusign and certain of our then-current and former officers as defendants. An amended complaint was filed on July 8, 2022. As amended, the suit purports to allege claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder, based on allegedly false and misleading statements about our business and prospects during the course of the COVID-19 pandemic. As amended, the suit is purportedly brought on behalf of purchasers of our securities between June 4, 2020 and June 9, 2022. Our motion to dismiss was denied by the U.S. District Court on April 18, 2023 and we have continued to defend the case since that time.

Eight putative shareholder derivative cases have been filed containing allegations based on or similar to those in the securities class action. The cases were filed on May 17, 2022, in the U.S. District Court for the District of Delaware, captioned Pottetti v. Springer, et al., Case No. 1:22-cv-00652; on May 19, 2022 in the U.S. District Court for the Northern District of California, captioned Lapin v. Springer, et al., Case No. 3:22-cv-02980; on May 20, 2022, in the U.S. District Court for the Northern District of California, captioned Votto v. Springer, et al., Case No. 3:22-cv-02987; on September 20, 2022 in the U.S. District Court for the Northern District of California, captioned Fox v. Springer, et al., Case No. 3:22-cv-05343; on March 7, 2024 in the Delaware Court of Chancery, captioned Roy v. Alhadeff, et al., Case No. C.A. 2024-0223-PAF; on April 9, 2024, in the U.S. District Court for the Northern District of California, captioned Alexander v. Springer, et al., Case No. 3:24-cv-02139; on April 11, 2024, in the Delaware Court of Chancery, captioned Ingrao v. Beer, et al., Case No. C.A. 2024-0382-PAF; and on May 28, 2024, in the Delaware Court of Chancery, captioned Jordan v. Springer, et al., Case No. C.A. 2024-0564-PAF. Each case is allegedly brought on the Company’s behalf. The suits name the Company as a nominal defendant and, depending on the particular case, the members of our board of directors or, in certain instances, then-current or former officers, as defendants. While the complaints vary, they are based largely on the same underlying allegations as the securities class action suit described above, as well
as, in certain instances, alleged insider trading. Collectively, these lawsuits purport to assert claims for, among other things, breach of fiduciary duty, aiding and abetting such breach, corporate waste, gross mismanagement, unjust enrichment, and under Sections 10(b) and 21D of the Securities Exchange Act of 1934. The complaints seek to recover unspecified damages and other relief on the Company’s behalf. By court order dated July 19, 2022, the first two cases in the Northern District of California (Lapin and Votto) have been consolidated and stayed in light of the securities class action and no response to the complaints in the action will be due unless and until the stay is lifted. The third case in the Northern District of California (Fox) was related to the other derivative suits and assigned to the same judge, and was similarly stayed by order of the court on December 2, 2022. The most recent case in the Northern District of California (Alexander) was also related to the other derivative suits and assigned to the same judge, and subsequently consolidated with Lapin and Votto and stayed by order of the court on May 8, 2024. The Delaware suit (Pottetti) was voluntarily dismissed on September 1, 2022, and then re-filed in the Delaware Court of Chancery on September 22, 2022, under the caption Pottetti v. Springer, et al., Case No. C.A. 2022-0852-PAF. The Delaware Court of Chancery issued an order on September 30, 2022 staying the action in light of the securities class action. On May 28, 2024, plaintiff filed a notice seeking to voluntarily dismiss the Delaware Court of Chancery Pottetti action. On June 14, 2024, the plaintiff in Pottetti moved to voluntarily dismiss that action and the Court granted the dismissal on June 17, 2024. On September 30, 2024, the newly filed suits (Roy, Ingrao, and Jordan) were consolidated and stayed in light of the securities class action, such that no response to the complaints would be due unless and until the stay is lifted.

Docusign Civil Litigation

On January 26, 2023, Docusign’s former Chief Executive Officer, Daniel Springer, delivered a demand for arbitration before JAMS, a private alternative dispute resolution firm, captioned Daniel D. Springer v. Docusign, Inc. and Mary Agnes Wilderotter. The demand alleged that Mr. Springer was wrongfully terminated as CEO; asserted related claims against Docusign and Ms. Wilderotter, including defamation, withholding promised compensation and breach of contract. The arbitration hearing for this case took place in March 2024.

On August 28, 2024, the arbitrator issued a final, non-appealable order which decided against Mr. Springer on all of his claims, and did not award him any relief. Docusign considers the matter closed.
v3.25.1
Stockholders' Equity
 12 Months Ended
Jan. 31, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock Reserved for Future Issuance

We have reserved the following shares of common stock, on an as-if converted basis, for future issuance as follows:
January 31,
(in thousands)20252024
RSUs outstanding27,268 26,965 
Options issued and outstanding83 1,385 
Remaining shares available for future issuance under the Equity Incentive Plans39,387 35,663 
Remaining shares available for future issuance under the ESPP11,819 10,628 
Total shares of common stock reserved78,557 74,641 

Equity Incentive Plans

We maintain two stock-based compensation plans: the 2018 Equity Incentive Plan (the “2018 Plan”) and the Amended and Restated 2011 Equity Incentive Plan (the “2011 Plan”).

Our board of directors adopted, and our stockholders approved, the 2018 Plan during the year ended January 31, 2019. The 2018 Plan went into effect in April 2018, upon the effectiveness of our IPO Registration Statement. The 2018 Plan serves as a successor to the 2011 Plan and the Amended and Restated 2003 Stock Plan (the “2003 Plan”) and provides for the grant of stock-based awards to our employees, directors and consultants. Shares available for grant under the 2011 Plan that were reserved but not issued as of the effective date of the 2018 Plan were added to the reserves of the 2018 Plan. No additional awards under the 2011 Plan or 2003 Plan have been made since the effective date of the 2018 Plan. Outstanding awards under the 2011 plan continue to be subject to the terms and conditions of the respective plan. There are no outstanding awards under the 2003 plan.

Additionally, any shares subject to outstanding awards originally granted under the 2011 Plan that: (i) expire or terminate for any reason prior to exercise or settlement; (ii) are forfeited because of the failure to meet a contingency or condition required to vest such shares or otherwise returned to Docusign, Inc.; or (iii) are reacquired, withheld (or not issued) to satisfy a tax withholding obligation in connection with an award or to satisfy the purchase price or exercise price of a stock award are added to the reserves of the 2018 Plan.

The 2018 Plan permits the granting of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards, performance cash awards and other stock awards. RSUs granted under the 2018 Plan generally vest over a four-year period, either quarterly or with 25% vesting at the end of one year and the remainder quarterly thereafter. Additionally, we grant performance stock awards to our executives on an annual basis.

Shares available for grant under the 2018 Plan for the year ended January 31, 2025 was as follows:
(in thousands)Year Ended
January 31, 2025
Available at beginning of fiscal year35,663 
Awards authorized10,266 
Shares granted(13,892)
Shares canceled/expired4,029 
Shares withheld for taxes3,321 
Available at end of fiscal year39,387 

The 2018 Plan provides that the number of shares reserved will automatically increase on the first day of each fiscal year, beginning on February 1, 2019, and ending on February 1, 2028, by 5% of the total number of shares of our capital stock outstanding on the immediately preceding January 31st (or such lesser number of shares as our board of directors or a committee of our board of directors may approve). The most recent automatic increase of 10.1 million shares occurred on February 1, 2025.
RSUs

The majority of RSUs vest upon the satisfaction of a service-based vesting condition. From time to time, we may also grant RSUs that are subject to either a performance-based or market-based vesting conditions. The performance-based conditions will be satisfied upon satisfaction of certain financial performance targets. The market-based conditions will be satisfied if certain milestones based on our common stock price or relative total shareholder return are met. The weighted-average grant date fair value for RSUs granted during the years ended January 31, 2025, 2024 and 2023 was $60.89, $54.15 and $66.50 per share. The total grant date fair value of RSUs vested during the years ended January 31, 2025, 2024 and 2023 was $627.9 million, $631.8 million and $461.8 million.

RSU activity for the year ended January 31, 2025 was as follows:
(in thousands, except per share data)Number of UnitsWeighted-Average Grant Date Fair Value
Unvested at January 31, 202426,700 $60.70 
Granted13,892 60.89 
Vested(9,296)67.55 
Canceled(4,028)64.83 
Unvested at January 31, 202527,268 $57.62 

As of January 31, 2025, our total unrecognized compensation cost related to RSUs was $1.2 billion. We expect to recognize this expense over the remaining weighted-average period of approximately 2.7 years.

As of January 31, 2025, the grant date fair value of unvested RSUs subject to market-based and performance-based vesting conditions was $147.1 million. The number of RSUs granted or canceled included in the table above reflects shares that could be eligible to vest at 100% of target for PSUs and includes adjustments for over or under achievement for PSUs granted in prior periods.

We calculated the fair value of the RSU with market conditions using a Monte Carlo option-pricing model based on the following assumptions:
Year Ended January 31,
202520242023
Risk-free interest rate
3.85% - 4.41%
4.12 %
3.21% - 4.42%
Expected dividend yield— %— %— %
Expected life (in years)
2.8 - 3.0
3.0
1.0 - 6.7
Expected volatility
69% - 70%
71 %
54% - 66%

Stock Options

There were no options granted during the years ended January 31, 2025, 2024 and 2023.

Option activity for the year ended January 31, 2025 was as follows:
(in thousands, except per share data and years)Number of OptionsWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value
Outstanding at January 31, 2024, all vested and exercisable1,385 $17.39 2.63$60,117 
Exercised(1,301)17.43 
Canceled/expired(1)13.43 
Outstanding at January 31, 2025, all vested and exercisable83 $16.82 0.44$6,187 
As of January 31, 2025, there was no remaining unrecognized compensation cost related to stock option grants. The aggregate intrinsic value of options exercised during the years ended January 31, 2025, 2024 and 2023 was $73.6 million, $23.6 million and $48.1 million.

2018 Employee Stock Purchase Plan

During the year ended January 31, 2019, our board of directors adopted, and our stockholders approved the ESPP. In April 2018, the ESPP went into effect. The ESPP allows eligible employees to purchase shares of our common stock at a discounted price by accumulating funds, normally through payroll deductions, of up to 15% of their earnings. The purchase price for common stock under the ESPP is equal to 85% of the fair market value of our common stock on the first or last day of the offering period, whichever is lower. The ESPP provides for separate six-month offering periods that begin in the first and third quarter of each year.

We calculated the fair value of the ESPP purchase right using the Black-Scholes option-pricing model, based on the following assumptions:
Year Ended January 31,
202520242023
Risk-free interest rate
4.45% - 5.35%
4.93% - 5.59%
1.15%-4.04%
Expected dividend yield— %— %— %
Expected life of purchase right (in years)0.50.50.5
Expected volatility
32% - 41%
31% - 76%
83% - 102%

The expected term for the ESPP purchase rights is based on the duration of the offering period. Estimated volatility for ESPP purchase rights is based on the historical volatility of our common stock price. The interest rate is derived from government bonds with a similar term to the ESPP purchase right granted. We have not declared, nor do we expect to declare dividends. Compensation expense related to the ESPP was $13.4 million, $16.0 million and $22.2 million for the years ended January 31, 2025, 2024 and 2023.

The number of shares reserved under the ESPP will automatically increase on the first day of each fiscal year, starting on February 1, 2019 and continuing through February 1, 2028, in an amount equal to the lesser of (i) 1% of the total number of shares of our common stock outstanding on January 31 of the preceding fiscal year, (ii) 3.8 million shares, or (iii) a lesser number of shares determined by our board of directors. As of January 31, 2025, 11.8 million shares of common stock were reserved for issuance under the ESPP.

Stock Repurchase Program

In March 2022, our board of directors authorized a stock repurchase program of up to $200.0 million of our outstanding common stock. Subsequently, in September 2023, our board of directors authorized an increase to its existing stock repurchase program for an additional amount of up to $300.0 million of our outstanding common stock. Most recently, in May 2024, our board of directors authorized an increase to our existing stock repurchase program for an additional amount of up to $1.0 billion of our outstanding common stock.

The following table summarizes the share repurchase activity under our stock repurchase program:
Year Ended January 31,
(in thousands)
202520242023
Number of shares repurchased10,954 3,058 1,135 
Aggregate purchase price
$684,989 $145,515 $63,041 
v3.25.1
Restructuring and Other Related Charges
 12 Months Ended
Jan. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Other Related Charges Restructuring and Other Related Charges
2023 Restructuring Plan

During fiscal 2023, the board of directors authorized a restructuring plan (the “2023 Restructuring Plan”) in response to changing economic conditions and in an effort to reduce our operational costs and improve our organizational efficiency. As of the fourth quarter of fiscal 2023, the 2023 Restructuring Plan had been substantially completed.

2024 Restructuring Plan

During fiscal 2024, the board of directors authorized the 2024 Restructuring Plan designed to support our growth, scale and profitability objectives. As of the second quarter of fiscal 2024, the 2024 Restructuring Plan had been substantially completed.

2025 Restructuring Plan

During fiscal 2025, the board of directors authorized the 2025 Restructuring Plan designed to strengthen and support our financial and operational efficiency while continuing to invest in product and related initiatives. As of the second quarter of fiscal 2025, the 2025 Restructuring Plan had been substantially completed.

The amounts associated with our restructuring plans are recorded to the Restructuring and other related charges within our consolidated statements of operations and comprehensive income (loss) as they are incurred.

For the year ended January 31, 2025, restructuring and other related charges were $29.7 million for employee termination benefits, which included stock-based compensation expense of $4.8 million.

For the year ended January 31, 2024, restructuring and other related charges were $30.4 million, and primarily composed of $28.8 million for employee termination benefits, which included stock-based compensation expense of $5.0 million.

For the year ended January 31, 2023, restructuring and other related charges were $28.3 million, and primarily composed of $27.4 million for employee termination benefits, which included stock-based compensation expense of $5.6 million.

The following table summarizes our restructuring liabilities during the year ended January 31, 2025:

(in thousands)January 31, 2024AccrualsCash PaymentsJanuary 31, 2025
2024 Restructuring Plan
Other$122 $— $(122)$— 
Total$122 $— $(122)$— 
2025 Restructuring Plan
Employee termination benefits$— $24,874 $(24,796)$78 
Total$— $24,874 $(24,796)$78 
v3.25.1
Net Income (Loss) per Share Attributable to Common Stockholders
 12 Months Ended
Jan. 31, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) per Share Attributable to Common Stockholders Net Income (Loss) per Share Attributable to Common Stockholders
The following table presents the calculation of basic and diluted net income (loss) per share attributable to common stockholders for periods presented:
Year Ended January 31,
(in thousands, except per share data)202520242023
Numerator:
Net income (loss) attributable to common stockholders, basic$1,067,885 $73,980 $(97,454)
Add: Interest expense on convertible senior notes— 425 — 
Net income (loss) attributable to common stockholders, diluted$1,067,885 $74,405 $(97,454)
Denominator:
Weighted-average common shares outstanding, basic204,329 204,070 200,903 
Effect of dilutive securities6,010 4,880 — 
Weighted-average common shares outstanding, diluted210,339 208,950 200,903 
Net income (loss) per share attributable to common stockholders:
Basic$5.23 $0.36 $(0.49)
Diluted$5.08 $0.36 $(0.49)

Outstanding potentially dilutive securities that were excluded from the diluted per share calculations because they would have been antidilutive are as follows:
January 31,
(in thousands)202520242023
RSUs1,048 6,430 15,129 
Stock options— — 2,228 
ESPP— — 516 
Convertible senior notes— — 2,161 
Total antidilutive securities1,048 6,430 20,034 
v3.25.1
Employee Benefit Plan
 12 Months Ended
Jan. 31, 2025
Postemployment Benefits [Abstract]  
Employee Benefit Plan Employee Benefit PlanWe have a qualified defined contribution plan under Section 401(k) of the Internal Revenue Code (the “Plan”). This Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. In the fourth quarter of fiscal 2019, we began to match 50% of each participant’s contribution up to a maximum of 6% of the participant’s base salary and commissions paid during the period. During the year ended January 31, 2025, 2024 and 2023, we recognized expenses of $34.7 million, $33.2 million and $32.3 million related to matching contributions.
v3.25.1
Income Taxes
 12 Months Ended
Jan. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The domestic and foreign components of pre-tax income (loss) were as follows:
Year Ended January 31,
(in thousands)202520242023
U.S.$179,128 $54,551 $19,673 
International68,813 39,128 (109,554)
Income (loss) before income taxes$247,941 $93,679 $(89,881)

The components of our income tax provision were as follows:
Year Ended January 31,
(in thousands)202520242023
Current
Federal$4,758 $6,390 $(464)
State7,936 2,018 1,666 
Foreign6,105 4,974 4,674 
Total current18,799 13,382 5,876 
Deferred
Federal(747,082)21 21 
State(94,945)2 (21)
Foreign3,284 6,294 1,697 
Total deferred(838,743)6,317 1,697 
Provision for income taxes$(819,944)$19,699 $7,573 

The reconciliation of the statutory federal income tax rate to our effective tax rate was as follows:
Year Ended January 31,
(in percentage)202520242023
U.S. statutory rate21.0 %21.0 %21.0 %
State taxes4.0 2.4 (2.4)
Foreign tax rate differential0.5 37.9 16.4 
Foreign-derived intangible income deduction(3.8)(11.7)— 
Stock-based compensation7.9 81.8 (55.1)
Change in valuation allowance(331.7)(102.5)(35.5)
Dual Jurisdiction Deferred Taxes(2.9)36.0 39.2 
Research and development credits(17.3)(46.0)20.1 
Other deferred adjustment(10.7)(1.2)(10.7)
Other2.3 3.3 (1.4)
Effective tax rate(330.7)%21.0 %(8.4)%
The significant components of net deferred tax balances were as follows:
January 31,
(in thousands)20252024
Deferred tax assets
Net operating loss carryforwards$486,505 $570,152 
Accruals and reserves16,772 14,895 
Stock-based compensation42,949 39,320 
Research and development credits179,275 147,959 
Capitalized research and development expenses350,729 246,945 
Other54,286 53,140 
Total deferred tax assets1,130,516 1,072,411 
Less: Valuation allowance(112,847)(934,816)
Deferred tax assets, net of valuation allowance1,017,669 137,595 
Deferred tax liabilities
Deferred contract acquisition costs(121,678)(100,806)
Fixed Assets and Intangible Assets(54,137)(26,258)
Other(21,980)(25,242)
Total deferred tax liabilities(197,795)(152,306)
Net deferred tax assets / (liabilities)$819,874 $(14,711)


Our income tax benefit was $819.9 million for the year ended January 31, 2025. The benefit was primarily attributable to the release of valuation allowances related to U.S. federal and certain state deferred tax assets of $837.3 million. We regularly assess the need for a valuation allowance on our deferred tax assets. In making this assessment, we consider both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all the deferred tax assets will not be realized. As of January 31, 2025, based on all available positive and negative evidence, having demonstrated sustained U.S. profitability, which is objective and verifiable, and taking into account anticipated future earnings, we have concluded it is more likely than not that we will realize our U.S. federal and U.S. states deferred tax assets, with the exception of certain federal deferred tax assets subject to limitation on use and our California deferred tax assets. We continue to maintain a valuation allowance against these deferred tax assets as they have not met the “more likely than not” realization criterion.

We intend to invest substantially all of our foreign subsidiary earnings, as well as our capital in our foreign subsidiaries, indefinitely outside of the U.S. in those jurisdictions in which we would incur significant additional costs upon repatriation of such amounts.
Recognized tax benefits on total stock-based compensation expense, which are reflected in the "Provision for (benefit from) income taxes" in the consolidated statements of operations and comprehensive income (loss), were $143.0 million, $7.1 million and $3.3 million in the years ended January 31, 2025, 2024 and 2023, respectively. Our tax provision includes $16.0 million of excess tax benefits, $3.8 million tax shortfall and $2.2 million tax shortfall from stock-based compensation for the years ended January 31, 2025, 2024 and 2023, respectively.

As of January 31, 2025, we had accumulated net operating loss carryforwards of $1.8 billion for federal and $1.3 billion for state. Of the federal net operating losses, $1.8 billion is carried forward indefinitely, but utilization is limited to 80% of taxable income. The remaining federal and state net operating loss carryforwards will begin to expire in 2027 and 2029, respectively. As of January 31, 2025, we also had total foreign net operating loss carryforwards of $145.4 million, which do not expire under local law.

As of January 31, 2025, we had accumulated U.S. research tax credits of $190.5 million for federal and $61.5 million for California. The U.S. federal research tax credits will begin to expire in 2039. The California research tax credits do not expire.
A reconciliation of the beginning and ending balance of total unrecognized tax benefits was as follows:
January 31,
(in thousands)202520242023
Unrecognized tax benefits balance at February 1$60,744 $47,946 $46,729 
Gross increase for tax positions of prior years— 4,368 333 
Gross decrease for tax positions of prior years(307)(156)(1,734)
Settlements— — (2,484)
Gross increase for tax positions of current year15,109 8,586 5,102 
Unrecognized tax benefits balance at January 31$75,546 $60,744 $47,946 

As of January 31, 2025, we had $75.5 million of unrecognized tax benefits, of which $60.9 million could affect the Company’s effective tax rate, if recognized. We do not expect our gross unrecognized tax benefit to change significantly within the next 12 months. We recognize interest and penalties related to uncertain tax positions in provision for income taxes. As of January 31, 2025, accrued interest and penalties was $2.2 million.

We are subject to taxation in the U.S. and various foreign jurisdictions. Our tax years from inception in 2003 through January 31, 2025 remain subject to examination by U.S. and California taxing authorities, as well as taxing authorities in various other state and foreign jurisdictions. We are not under examination in any material jurisdictions.

The following table represents the rollforward of our valuation allowance:
Year Ended January 31,
(in thousands)202520242023
Beginning balance$934,816 $1,032,016 $999,191 
Valuation allowance charged to income tax provision(821,969)(97,200)32,825 
Ending balance$112,847 $934,816 $1,032,016 
v3.25.1
Segment and Geographic Information
 12 Months Ended
Jan. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
We operate in one operating segment and one reportable segment as we report financial information, including net income determined in accordance with U.S. GAAP among other measures, on a consolidated basis to our CODM, the Chief Executive Officer. The CODM uses consolidated financial information to make operating decisions, allocate resources, and evaluate financial performance, primarily by monitoring actual results compared to forecasted results as well as by reviewing year-over-year results and trending historical performance.

The CODM also reviews significant segment expenses for our single reportable segment. Significant segment expenses include cost of subscription revenue, cost of professional services and other revenue, sales and marketing expenses, research and development expenses, general and administrative expenses, and restructuring and other related charges, all of which are presented in our consolidated statements of operations and comprehensive income (loss). Other segment items include interest expense, interest and other income, and provision for (benefit from) income taxes, which are also presented in our consolidated statements of operations and comprehensive income (loss).

We generate revenue primarily from sales of subscriptions to access our software platform and related subscriptions of our customers. Professional services and other revenue consists of fees associated with consulting and training services from assisting customers in implementing and expanding the use of our software platform.

Segment assets are reported on the consolidated balance sheets as total assets.

Our reported measure of segment profit or loss is as follows:
Year Ended January 31,
(in thousands)202520242023
Net income (loss)$1,067,885 $73,980 $(97,454)

The following amounts are included in our reported measure of profit or loss:
Year Ended January 31,
(in thousands)202520242023
Revenues from external customers$2,976,739 $2,761,882 $2,515,915 
Depreciation and amortization$107,804 $95,062 $86,255 
Interest income$45,516 $58,584 $14,269 
Interest expense$(1,550)$(6,844)$(6,389)
Provision for (benefit from) income taxes$(819,944)$19,699 $7,573 

Revenue by geography is based on the address of the customer as specified in our master subscription agreement. Revenue by geographic area was as follows:
Year Ended January 31,
(in thousands)202520242023
U.S.$2,142,777 $2,032,950 $1,895,932 
International833,962 728,932 619,983 
Total revenue$2,976,739 $2,761,882 $2,515,915 

No single country other than the U.S. had revenue greater than 10% of total revenue in the years ended January 31, 2025, 2024 and 2023.
Our long-lived assets by geographic area, which consist of property and equipment, net and right-of-use assets were as follows:
January 31,
(in thousands)20252024
U.S.$335,472 $296,609 
Ireland37,294 39,899 
All other countries37,700 31,853 
Total long-lived assets$410,466 $368,361 
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Pay vs Performance Disclosure      
Net income (loss) $ 1,067,885 $ 73,980 $ (97,454)
v3.25.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Jan. 31, 2025
Jan. 31, 2025
Trading Arrangements, by Individual    
Rule 10b5-1 Arrangement Adopted false  
Non-Rule 10b5-1 Arrangement Adopted false  
Non-Rule 10b5-1 Arrangement Terminated false  
Daniel Springer [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On November 26, 2024, Daniel Springer, a member of our board of directors, terminated his 10b5-1 trading plan that had been adopted on April 8, 2024 and was scheduled to expire on April 9, 2025. The adoption of this 10b5-1 trading plan occurred during an open insider trading window. The adoption and subsequent termination of the plan complied with the Company’s policies on insider trading.
Name Daniel Springer  
Title member of our board of directors  
Rule 10b5-1 Arrangement Terminated true  
Termination Date November 26, 2024  
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Jan. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Jan. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.

Our cybersecurity risk management program is guided by industry standards developed by the NIST, the International Organization for Standardization (“ISO”), and other relevant organizations.

Our cybersecurity risk management program is integrated into our overall enterprise risk management program and utilizes common reporting channels and governance processes that apply across other risk areas. While everyone at our company plays a part in managing cybersecurity risks, as discussed in more detail under “Cybersecurity Governance” below, our board of directors, both directly and through delegation to our Audit Committee (the “Audit Committee”), and our senior management team are actively involved in the oversight of our cybersecurity risk management program. In general, we seek to address cybersecurity risks through a comprehensive, cross-functional approach by engaging teams across the business. We expect these teams to operate pursuant to our Standard Operating Procedures. Our approach is focused on preserving the confidentiality, integrity, and availability of the information that we collect and store by identifying, preventing, and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur through shared processes.

Our cybersecurity risk management and strategy includes:

•Our dedicated Security team, which performs periodic risk assessments to identify and assess cybersecurity threats, vulnerabilities, their severities, and potential mitigations. The team leverages both top-down and bottom-up risk processes and technologies to identify, manage and monitor cyber threats and vulnerabilities. The team also manages our response to cybersecurity incidents.
•Incident Response Playbooks and Standard Operating Procedures (“SOP”) outlining procedures for detecting, responding to, and mitigating cybersecurity incidents. Depending on the nature and severity of an incident, this process provides for escalating notification to our CEO and the board of directors.
•The use of external service providers, where appropriate, to assess, test or otherwise assist with certain aspects of our security controls and processes, as well as maturity assessments of our cybersecurity program.
•Implementation of new hire and annual data privacy and cybersecurity training of all employees, including senior management; annual role-based training of employees with specific access to systems, devices, or locations, and targeted cybersecurity simulation training held on a recurring basis.
•A third-party risk management process that identifies and mitigates cybersecurity threats associated with our use of third-party service providers. Such service providers are subject to risk tiering, security risk assessments, continuous monitoring including investigation of security incidents that have impacted our third-party service providers, as applicable.

We continue to invest in the cybersecurity and resiliency of our networks and to enhance our internal controls and processes, which are designed to help protect our systems and infrastructure, and the information they contain. While we have experienced cybersecurity incidents in the past, we believe our current processes, systems and oversight with respect to the management of risks associated with cybersecurity threats are effective. If we were to experience a material cybersecurity incident in the future, such incident may have a material effect, including on our business strategy, operating results, or financial condition. For more information regarding the risks we face from cybersecurity threats see “Risk Factors.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.

Our cybersecurity risk management program is guided by industry standards developed by the NIST, the International Organization for Standardization (“ISO”), and other relevant organizations.
Our cybersecurity risk management program is integrated into our overall enterprise risk management program and utilizes common reporting channels and governance processes that apply across other risk areas
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] While everyone at our company plays a part in managing these risks, oversight responsibility is shared by our board of directors, our Audit Committee, and management.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] We have recently also established a Security Governance Council (“Council”) that provides strategic guidance for the protection of our information, technology, and physical assets, including the definition of security risks and the prioritization of the implementation of associated controls.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] To facilitate coordinated supervision of cybersecurity matters, our management team provides regular cybersecurity updates to our board of directors and regular updates on cyber risk management, which include development regarding our cybersecurity program, broader cybersecurity trends, evolving industry standards, the threat environment and other topics, to the Audit Committee.
Cybersecurity Risk Role of Management [Text Block]
We have recently also established a Security Governance Council (“Council”) that provides strategic guidance for the protection of our information, technology, and physical assets, including the definition of security risks and the prioritization of the implementation of associated controls. The Council membership is led by the Chief Information Security Officer (“CISO”) and includes relevant senior executives and has begun to meet at least quarterly, and will reconvene on an emergency basis when necessary to respond to potentially material cybersecurity incidents. The CISO reports to the Chief Information Officer (“CIO”) and is responsible for management of cybersecurity risks and the protection and defense of our networks, systems and data. The CISO manages a team of cybersecurity professionals with broad experience and expertise, including in cybersecurity threat assessments and detection, mitigation technologies, cybersecurity training, incident response, cyber forensics, insider threats and regulatory compliance. Our CISO has over 20 years of experience in IT and Information Security across security architecture, incident response, and threat intelligence programs. Our CISO also holds a bachelor’s degree in computer science and maintains Certified Information Systems Security Professional certification.

Members of executive leadership are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described herein, including the operation of our incident response plan. Our program is regularly evaluated by internal and external experts with the results of those reviews reported to members of executive leadership, and the Audit Committee. We also actively engage with key vendors, industry participants, and intelligence and law enforcement communities as part of our continuing efforts to evaluate and enhance the effectiveness of our information security policies and procedures.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Council membership is led by the Chief Information Security Officer (“CISO”) and includes relevant senior executives and has begun to meet at least quarterly, and will reconvene on an emergency basis when necessary to respond to potentially material cybersecurity incidents. The CISO reports to the Chief Information Officer (“CIO”) and is responsible for management of cybersecurity risks and the protection and defense of our networks, systems and data.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO manages a team of cybersecurity professionals with broad experience and expertise, including in cybersecurity threat assessments and detection, mitigation technologies, cybersecurity training, incident response, cyber forensics, insider threats and regulatory compliance. Our CISO has over 20 years of experience in IT and Information Security across security architecture, incident response, and threat intelligence programs. Our CISO also holds a bachelor’s degree in computer science and maintains Certified Information Systems Security Professional certification.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Council membership is led by the Chief Information Security Officer (“CISO”) and includes relevant senior executives and has begun to meet at least quarterly, and will reconvene on an emergency basis when necessary to respond to potentially material cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Jan. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation and Principles of Consolidation
Our consolidated financial statements include those of Docusign, Inc. and our subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Our fiscal year ends on January 31. References to fiscal 2025, for example, are to the fiscal year ended January 31, 2025.
Principles of Consolidation
Basis of Presentation and Principles of Consolidation
Our consolidated financial statements include those of Docusign, Inc. and our subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Our fiscal year ends on January 31. References to fiscal 2025, for example, are to the fiscal year ended January 31, 2025.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in the consolidated financial statements and notes thereto.

Significant items subject to such estimates and assumptions made by management include, but are not limited to, the determination of:
•the fair value of intangible assets acquired in business combinations;
•the average period of benefit associated with deferred contract acquisition costs and fulfillment costs;
•the fair value of certain stock awards issued;
•the useful life and recoverability of long-lived assets;
•the discount rate used for operating leases;
•the recognition and measurement of loss contingencies; and
•the recognition, measurement and valuation of deferred income taxes.
Concentration of Credit Risk
Concentration of Credit Risk

Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and accounts receivable. Although we deposit our cash with multiple financial institutions, the deposits, at times, may exceed federally insured limits. We have not experienced any losses on our deposits of cash and cash equivalents. Cash equivalents consist of money market funds, which are invested through financial institutions in the U.S. Management believes that the institutions are financially stable and, accordingly, minimal credit risk exists.

No customer individually accounted for more than 10% of our revenues in the years ended January 31, 2025, 2024, and 2023 or for more than 10% of our accounts receivable as of January 31, 2025 and 2024. We perform ongoing credit evaluations of our customers, do not require collateral and maintain allowances for potential credit losses on customers’ accounts using the expected loss model.
Revenue Recognition
Revenue Recognition

We recognize revenue when a customer obtains control of promised services. We apply significant judgment in identifying and evaluating any terms and conditions in contracts which may impact revenue recognition. The amount of revenue recognized reflects the consideration that we expect to be entitled to receive in exchange for these services. To achieve the core principle of this standard, we apply the following steps:
1. Identification of the contract, or contracts, with the customer

We consider the terms and conditions of the contract and our customary business practices in identifying our contracts. We determine we have a contract with a customer when the contract is approved, we can identify each party’s rights regarding the services to be transferred, we can identify the payment terms for the services, we have determined the customer has the ability and intent to pay and the contract has commercial substance. At contract inception we evaluate whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. We apply judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, credit and financial information pertaining to the customer.

2. Identification of the performance obligations in the contract

Performance obligations promised in a contract are identified based on the services and the products that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third parties or from us, and are distinct in the context of the contract, whereby the transfer of the services and the products is separately identifiable from other promises in the contract. Our performance obligations consist of (i) subscription services, (ii) professional services, (iii) on-premises solutions, and (iv) maintenance and support for on-premises solutions.

3. Determination of the transaction price

The transaction price is determined based on the consideration to which we expect to be entitled in exchange for transferring services to the customer. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. None of our contracts contain a significant financing component.

4. Allocation of the transaction price to the performance obligation in the contract

If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price ("SSP").

5. Recognition of the revenue when, or as, we satisfy a performance obligation

Revenue is recognized at the time the related performance obligation is satisfied by transferring the control of the promised service to a customer. Revenue is recognized as control of the service is transferred to the customer, in an amount that reflects the consideration that we expect to receive in exchange for those services. We generate all our revenue from contracts with customers.

Subscription Revenue

We generate revenue primarily from sales of subscriptions to access our software platform and related subscriptions of our customers. Our subscription revenue is driven by our go-to-market model, which includes a combination of direct sales, partner-assisted sales and web-based self-service purchasing. Subscription arrangements with customers do not provide the customer with the right to take possession of our software operating platform at any time. Instead, customers are granted continuous access to our software platform over the contractual period. A time-elapsed method is used to measure progress because we transfer control evenly over the contractual period. Accordingly, the fixed consideration related to subscription revenue is generally recognized on a straight-line basis over the contract term beginning on the date access to our software platform is provided.
Professional Services and Other Revenue

Professional services and other revenue consists of fees associated with consulting and training services from assisting customers in implementing and expanding the use of our software platform. These services are generally distinct from subscription services. Professional services do not result in significant customization of the subscription service. Revenue from professional services provided on a time and materials basis is recognized as the services are performed. Other revenue includes amounts derived from the sale of our on-premises solutions, which are recognized upon passage of control, which occurs upon shipment of the product. The maintenance and support on the on-premises solutions is a stand-ready obligation to perform this service over the term of the arrangement and, as a result, is accounted for ratably over the term of the arrangement.

Contracts with Multiple Performance Obligations

Most of our contracts with customers contain multiple performance obligations that are distinct and accounted for separately. The transaction price is allocated to the separate performance obligations on a relative SSP basis. We determine SSP for our performance obligations based on our observable inputs, such as standalone sales and historical contract pricing. SSP is consistent with our overall pricing objectives, taking into consideration the type of subscription services and professional and other services.

Variable Consideration

Revenue from sales is recorded at the net sales price, which is the transaction price, and includes estimates of variable consideration. The amount of variable consideration that is included in the transaction price is constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue will not occur when the uncertainty is resolved.
If our services do not meet certain service level commitments, our customers are entitled to receive service credits, and in certain cases, refunds, each representing a form of variable consideration. We have historically not experienced any significant incidents affecting the defined levels of reliability and performance as required by our subscription contracts.
Deferred Contract Fulfillment Costs

We capitalize third-party costs to fulfill contracts with a customer in “Prepaid expenses and other current assets” and “Other assets—noncurrent” on our consolidated balance sheets. We amortize these costs on a straight-line basis consistent with the ratable revenue recognition of the performance obligations in the associated contracts.

Cost of Revenue

“Subscription” cost of revenue primarily consists of personnel and related costs to support our software platform, amortization expense associated with capitalized internally-developed software and technology-related intangible assets, property and equipment depreciation, allocated overhead expenses, merchant processing fees and server hosting costs.

“Professional services and other” cost of revenue consists primarily of personnel costs for our professional services delivery team, travel-related costs and allocated overhead.
Deferred Contract Acquisition Costs
Deferred Contract Acquisition Costs

We capitalize sales commissions, certain parts of the company bonus and associated payroll taxes paid to internal sales personnel that are incremental to the acquisition of customer contracts as deferred contract acquisition costs in "Prepaid expenses and other current assets" and "Deferred contract acquisition costs—noncurrent" on our consolidated balance sheets. We determine whether costs should be deferred based on our sales compensation plans, if the commissions are in fact incremental and would not have occurred absent the customer contract.

These deferred commissions are amortized on a straight-line basis over the periods of benefit, commensurate with the pattern of revenue recognition. Commissions paid for renewal of a subscription contract are not considered commensurate with the commissions paid for the acquisition of the initial subscription contract given the substantive difference in commission rates between new and renewal contracts. The period of benefit for commissions paid for the acquisition of the initial subscription contract, of five years, is determined by taking into consideration our initial estimated customer life and the technological life of our software platform and related significant features. The period of benefit for renewal subscription contracts, of two years, is determined by the weighted average contractual term for renewal contracts.

Commissions paid on professional services contracts are amortized over the period of benefit, being the period the associated revenue is earned as the commissions paid on new and renewal professional services contracts are commensurate with each other.

Amortization of deferred contract acquisition costs is primarily included in the “Sales and marketing” expense in the consolidated statements of operations and comprehensive income (loss).
We periodically review these deferred costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred contract acquisition costs.
Advertising
Advertising
Advertising costs are expensed as incurred and are included in “Sales and marketing” expense in our consolidated statements of operations and comprehensive income (loss).
Research and Development
Research and Development

Research and development costs are expensed as incurred and consist primarily of personnel costs, including salaries, bonuses and benefits, and stock-based compensation.
Stock-Based Compensation
Stock-Based Compensation

Compensation cost for stock-based awards issued to employees, including stock options, ESPP purchase rights and RSUs, is measured at fair value on the date of grant and recognized over the service period, generally on a straight-line basis.

The fair value of stock options and ESPP purchase rights is estimated on the date of grant using a Black-Scholes option-pricing model. From time to time, we grant RSUs that also include performance-based or market-based conditions. The fair value of RSUs, including those granted with a performance condition, is estimated on the date of grant based on the fair value of our underlying common stock. For RSUs granted with a market condition, we use a Monte Carlo option-pricing model to determine the fair value of the RSUs.

Compensation expense for RSUs granted with a market or a performance condition is recognized on a graded vesting basis over the requisite service period. The amount of compensation expense related to the RSUs granted with a performance condition is determined after assessing the probability of achieving requisite performance criteria.

We recognize compensation expense related to shares issued pursuant to our ESPP on a straight-line basis over the offering period of six months.

Compensation expense is recognized net of forfeitures that are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates.

We capitalize stock-based compensation costs incurred as a result of qualifying internally-developed software development activities.

We may elect to issue shares on the settlement dates net of the statutory tax withholding requirements to be paid by us on behalf of our employees. In these instances, we record the liability for withholding amounts to be paid by us as treasury stock or as a reduction to additional paid-in capital, and include these payments as a reduction of cash flows from financing activities.
Restructuring charges
Restructuring charges

Restructuring liabilities arise when management commits to a restructuring plan, the restructuring plan identifies all significant actions, the period of time to complete the restructuring plan indicates that significant changes to the plan are not likely and employees who are impacted have been notified of the pending involuntary termination. Restructuring charges are accrued in the period in which it is probable that the employees are entitled to the restructuring benefits and the amounts can be reasonably estimated.
Income Taxes
Income Taxes

We use the asset and liability method of accounting for income taxes. Under this method, income tax expense is recognized for the amount of taxes payable or refundable for the current year. In addition, deferred tax assets and liabilities are recognized for expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and for operating losses and tax credit carryforwards.

We regularly assess the need for a valuation allowance against our deferred tax assets. In making this assessment, we weigh both positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and results of recent operations, to determine whether it is more likely than not that a deferred tax asset will be realized. In the event we change our determination as to the amount of deferred tax assets that can be realized, we will adjust our valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.
We recognize the tax benefit of an uncertain tax position only if it is more-likely-than-not that, based on the technical merits, the position is sustainable upon examination by the taxing authority. The tax benefit recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon settlement with the taxing authority. We recognize accrued interest and penalties related to unrecognized tax benefits in the provision for (benefit from) income taxes.
Foreign Currency
Foreign Currency

The functional currency of our foreign entities and branches is generally the local currency. Monetary assets and liabilities and transactions denominated in currencies other than an entity's functional currency are remeasured into its functional currency using current exchange rates at each balance sheet date. Nonmonetary assets and liabilities are not remeasured. We recognize gains and losses from such adjustments within “Interest income and other income, net” in the consolidated statements of operations and comprehensive income (loss) in the period of occurrence.

We present our financial statements in U.S. dollars. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are recorded as a separate component on our consolidated statements of comprehensive income (loss), net of tax. All assets and liabilities denominated in a foreign currency are translated at the exchange rate on the balance sheet date. Revenues and expenses are translated at the average exchange rate during the period. Equity transactions are translated using the historical exchange rate.
Net Income (Loss) Per Share Attributable to Common Stockholders
Net Income (Loss) Per Share Attributable to Common Stockholders

In periods when we have net income, we compute basic and diluted net income per share in conformity with the two-class method required for participating securities. The undistributed earnings are allocated between common stock and participating securities as if all earnings had been distributed during the period presented.

Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share attributable to common stockholders is computed by giving effect to all potential shares of common stock, including, as applicable, shares underlying our convertible senior notes, unvested stock awards, outstanding stock options, ESPP purchase rights, convertible preferred stock, and warrants to purchase common stock and convertible preferred stock, to the extent they are dilutive. The dilutive potential shares of common stock are computed using the treasury stock method or the as-if converted method, as applicable.

For periods presented in which we have reported net losses, dilutive common shares are not assumed to have been issued as their effect would have been antidilutive. Therefore, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders.
Cash and Cash Equivalents
Cash and Cash Equivalents

Cash and cash equivalents consist of money market funds, highly liquid investments with original maturities of three months or less at the date of purchase and deposits with financial institutions and are carried at fair value.
Investments and Strategic Investments
Investments

Investments in marketable securities consist of commercial paper, corporate notes and bonds, municipal notes and bonds, as well as U.S. Treasury and government agency securities. Management determines the appropriate classification of investments at the time of purchase and reevaluates such determination at each balance sheet date. Marketable securities are classified as available-for-sale and are carried at fair value in the consolidated balance sheet and are classified as short-term or long-term based on their remaining contractual maturities.

We evaluate our investments with unrealized loss positions at the individual security level to determine whether the unrealized loss was related to credit or noncredit factors. We consider whether a credit loss exists based on the extent of the unrealized loss position, any adverse conditions specifically related to the security or the issuer's operating environment, pay structure of the security, the issuer's payment history and any changes in the issuer's credit rating. Estimated credit losses are determined using a discounted cash flow model and recorded as an allowance, with changes in expected credit losses on our investments recorded in “Interest income and other income, net” in the consolidated statements of operations and comprehensive loss. Unrealized gains and losses related to noncredit factors are reflected in “Accumulated other comprehensive loss” on the consolidated balance sheets.

Strategic Investments

Our strategic investments consist of non-marketable equity investments in privately-held companies and investment companies in which we do not have a controlling interest or significant influence. We have elected to apply the measurement alternative for equity investments in privately-held companies that do not have readily determinable fair values, measuring them at cost, less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. We have elected to measure our equity investments in investment companies that do not have readily determinable fair values based on the investment’s net asset value. An impairment loss is recorded when an event or circumstance indicates a decline in value has occurred.
Restricted Cash
Restricted Cash

Restricted cash consists primarily of certificates of deposits collateralizing our operating lease agreements for office space and cash withheld from employees to fund claims and program expenses related to the Voluntary Disability Plans in California.
Fair Value of Financial Instruments
Fair Value of Financial Instruments

We measure assets and liabilities at fair value based on an expected exit price, which represents the amount that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value:
Level 1Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3
Unobservable inputs reflecting our own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities being measured within the fair value hierarchy.

The carrying values of cash, accounts receivable and accounts payable approximate their respective fair values due to the short period of time to maturity, receipt or payment.
Accounts Receivable and Credit Losses
Accounts Receivable and Credit Losses

Accounts receivable primarily consist of amounts billed currently due from customers. Our accounts receivable are subject to collection risk. Gross accounts receivable are reduced for this risk by an allowance for credit losses. This allowance is for estimated losses resulting from the inability of our customers to make required payments. Our allowance for credit losses includes balances that are specifically identified for adequacy based on a regular evaluation of such factors as age of the receivable balance, current economic conditions, credit quality of the customer, and past collection experience. We also include an allowance for credit losses, based on historical experience, which is recorded in the period in which we invoice our customers. We do not have any off-balance-sheet credit exposure related to our customers.
We do not typically offer right of refund in our contracts and do not require collateral from our customers.
Property and Equipment
Property and Equipment

Property and equipment, including costs incurred to bring to the location and condition necessary for intended use, are recorded at cost and depreciated over their estimated useful lives using the straight-line method and the following estimated useful lives:
Estimated Useful Life
Computer and network equipment
3 years
Software, including capitalized software development costs
3 - 5 years
Furniture and office equipment
3 - 4 years
Leasehold improvements
Lesser of lease term and 10 years

Disposals are removed at cost less accumulated depreciation, and any gain or loss from disposition is reflected in the statement of operations and comprehensive income (loss) in the year of disposition. Additions and improvements that increase the value or extend the life of an asset are capitalized. Maintenance and repairs are expensed as incurred.
Leases
Leases

Leases arise from contractual obligations that convey the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. We determine whether an arrangement is or contains a lease at inception, based on whether there is an identified asset and whether we control the use of the identified asset throughout the period of use. At lease commencement date, we determine lease classification between finance and operating, allocate the consideration to the lease and nonlease components and recognize a right-of-use asset and corresponding lease liability for each lease component. A right-of-use asset represents our right to use an underlying asset and a lease liability represents our obligation to make payments during the lease term.

The lease liability is initially measured as the present value of the remaining lease payments over the lease term. The discount rate used to determine the present value is our incremental borrowing rate unless the interest rate implicit in
the lease is readily determinable. We estimate our incremental borrowing rate based on the information available at lease commencement date for borrowings with a similar term. The right-of-use asset is initially measured as the present value of the lease payments, adjusted for initial direct costs, prepaid lease payments to lessors and lease incentives.

We do not recognize right-of-use assets and liabilities for leases with a term of twelve months or less. Additionally, we do not separate nonlease components from the associated lease components for our office leases and certain other asset classes. The total consideration includes fixed payments and contractual escalation provisions. We are responsible for maintenance, insurance, property taxes and other variable payments, which are expensed as incurred. Our leases include options to renew or terminate. We include the option to renew or terminate in our determination of the lease term when the option is deemed to be reasonably certain to be exercised.

Operating leases are classified in “Operating lease right-of-use assets”, “Operating lease liabilities—current”, and “Operating lease liabilities—noncurrent” on our consolidated balance sheets. Operating lease expense is recognized on a straight-line basis over the expected lease term and included in “Income (loss) from operations” in our consolidated statements of operations and comprehensive income (loss). We did not have material finance leases for all periods presented.
Goodwill
Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations accounted for using the acquisition method of accounting and is not amortized. We test goodwill for impairment at least annually, on November 1, or as events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such events and changes may include: significant changes in performance relative to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in our business strategy.
Our test for goodwill impairment starts with a qualitative assessment to determine whether it is necessary to perform the quantitative goodwill impairment test. If qualitative factors indicate that the fair value of the reporting unit is more likely than not less than its carrying amount, then a quantitative goodwill impairment test is performed. For the purposes of impairment testing, we have determined that we have one operating segment and one reporting unit. We performed a qualitative assessment for the year ended January 31, 2025, and concluded that it is more likely than not that the fair value of the reporting unit significantly exceeds its carrying value.
Intangible Assets
Intangible Assets

Intangible assets with finite lives are amortized using the straight-line method over their estimated useful lives. The estimated useful lives of intangible assets, estimated based on our expected period of benefit, are as follows:
Estimated Useful Life
Existing technology
3 - 5 years
Customer contracts & related relationships
5 - 10 years
Other(1)
1 - 5 years
(1)Includes certifications as well as tradenames and trademarks
We evaluate the estimated remaining useful lives of intangible assets and other long-lived assets to assess whether a revision to the remaining periods of amortization is required.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
We review long-lived assets, including property and equipment and intangible assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the asset group may not be fully recoverable. An impairment loss is recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount.
Software Development and Cloud Computing Arrangement Implementation Costs
Software Development and Cloud Computing Arrangement Implementation Costs

We capitalize qualifying internally-developed software development costs incurred during the application development stage, as long as it is probable the project will be completed and the software will be used to perform the function intended. Capitalization of such costs ceases once the project is substantially complete and ready for its intended use. Capitalized software development costs are included in “Property and equipment, net” on our consolidated balance sheets and are amortized on a straight-line basis over their expected useful lives of approximately three to five years.

We also capitalize qualifying implementation costs under cloud computing arrangements (“CCA”). Capitalization of such costs ceases once the software of the hosting arrangement is ready for its intended use. The CCA implementation costs balance was $83.6 million and $64.8 million as of January 31, 2025 and 2024, and is included in “Other assets—noncurrent” on our consolidated balance sheets and amortized on a straight-line basis over the term of the associated hosting arrangement.
Business Combinations
Business Combinations

We account for our acquisitions using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill.

Management’s estimates of fair value are based upon assumptions, including, in the case of acquired intangible assets, the time and resources required to recreate the assets acquired. The assumptions are based in part on information obtained from the management of the acquired companies, our assessment of the information, and historical experience. Our estimates of fair value based upon such assumptions are believed to be reasonable, but are inherently uncertain. During the measurement period, not to exceed one year from the date of acquisition, we may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected in the consolidated statements of operations and comprehensive income (loss).

Acquisition costs, such as legal and consulting fees, are expensed as incurred.
Segments
Segments

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by our Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. Our Chief Executive Officer is our CODM. Our CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, we have determined that we operate in one operating and one reportable segment.
Convertible Debt
Convertible Debt

We account for our convertible debt instruments as a single liability measured at its amortized cost. At issuance, the carrying amount is calculated as the proceeds, net of initial purchasers’ discounts and transaction costs. The difference between the principal amount and carrying value is amortized to interest expense over the term of the convertible debt instruments using the effective interest rate method.

At settlement, the carrying amount of the liability is derecognized and the excess of the cash consideration, if any, over the carrying amount is recorded as a reduction to additional paid-in capital.

Capped calls entered into in connection with the offering of the convertible debt instruments are considered indexed to our own stock and are considered equity classified. They are recorded in stockholders’ equity and are not accounted for as derivatives. The cost incurred in connection with the capped calls was recorded as a reduction to additional paid-in capital. Subsequent unwinding of capped calls was recorded as an increase to cash and additional paid-in capital upon settlement.
Legal Contingencies
Legal Contingencies
We evaluate contingent liabilities including threatened or pending litigation and make provisions for such liabilities when it is both probable that a loss has been incurred and its amount can be reasonably estimated. We periodically assess the likelihood of any adverse judgments or outcomes from potential claims or legal proceedings, as well as potential ranges of probable losses, when the outcomes of the claims or proceedings are probable and reasonably estimable. A determination of the amount of the liabilities required, if any, for these contingencies is made after the analysis of each separate matter.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncements

We adopted Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which enhances disclosures required for operating segments. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. Refer to Note 16 in the Notes to the Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K.

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued Accounting Standards Update 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), amending existing income tax disclosure guidance, primarily requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retrospective basis. We are currently evaluating the effect of adopting ASU 2023-09 on our income tax disclosures.

In November 2024, the FASB issued Accounting Standards Update 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)" (“ASU 2024-03”), which requires more detailed information about the types of expenses included in certain expense captions presented on the consolidated statements of operations. Additionally, this amendment requires the disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and the disclosure of the total amount of selling expenses. ASU 2024-03 is effective for annual filings for our fiscal year beginning February 1, 2027, and interim filings for the fiscal year beginning February 1, 2028, and can be applied either prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the effect of adopting ASU 2024-03 on our financial statements.
v3.25.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jan. 31, 2025
Accounting Policies [Abstract]  
Schedule of Cash, Cash Equivalents
The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows as of January 31, 2025, 2024, and 2023:
January 31,
(in thousands)202520242023
Cash and cash equivalents$648,623 $797,060 $721,895 
Restricted cash included in prepaid expense and other current assets952 1,332 37 
Restricted cash included in other assets - noncurrent9,979 3,107 1,269 
Total cash, cash equivalents, and restricted cash$659,554 $801,499 $723,201 
Schedule of Restricted Cash
The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows as of January 31, 2025, 2024, and 2023:
January 31,
(in thousands)202520242023
Cash and cash equivalents$648,623 $797,060 $721,895 
Restricted cash included in prepaid expense and other current assets952 1,332 37 
Restricted cash included in other assets - noncurrent9,979 3,107 1,269 
Total cash, cash equivalents, and restricted cash$659,554 $801,499 $723,201 
Summary of Property, Plant and Equipment Useful Lives
Property and equipment, including costs incurred to bring to the location and condition necessary for intended use, are recorded at cost and depreciated over their estimated useful lives using the straight-line method and the following estimated useful lives:
Estimated Useful Life
Computer and network equipment
3 years
Software, including capitalized software development costs
3 - 5 years
Furniture and office equipment
3 - 4 years
Leasehold improvements
Lesser of lease term and 10 years
Summary of Finite-Lived Intangible Assets Estimated Useful Lives The estimated useful lives of intangible assets, estimated based on our expected period of benefit, are as follows:
Estimated Useful Life
Existing technology
3 - 5 years
Customer contracts & related relationships
5 - 10 years
Other(1)
1 - 5 years
(1)Includes certifications as well as tradenames and trademarks
v3.25.1
Fair Value Measurements (Tables)
 12 Months Ended
Jan. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes our financial assets that are measured at fair value on a recurring basis:
January 31, 2025
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds$183,885 $— $— $183,885 
Level 2:
Available-for-sale securities
Commercial paper31,367 12 (8)31,371 
Corporate notes and bonds399,034 522 (378)399,178 
U.S. governmental securities18,500 1 (21)18,480 
Level 2 total448,901 535 (407)449,029 
Total$632,786 $535 $(407)$632,914 


January 31, 2024
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds$298,517 $— $— $298,517 
Level 2:
Cash equivalents(1)
Commercial paper43,845 — (9)43,836 
U.S. government agency securities9,968 — (1)9,967 
Available-for-sale securities
Commercial paper42,958 2 (25)42,935 
Corporate notes and bonds299,166 262 (670)298,758 
U.S. governmental securities28,752 — (66)28,686 
Level 2 total424,689 264 (771)424,182 
Total$723,206 $264 $(771)$722,699 
(1)Included in "cash and cash equivalents" in our consolidated balance sheets as of January 31, 2025 and 2024, in addition to cash of $464.7 million and $444.8 million
Schedule of Fair Value of Available-for-sale Marketable Securities by Remaining Contractual Maturities
The fair value of our available-for-sale securities as of January 31, 2025, by remaining contractual maturities, were as follows (in thousands):
Due in one year or less$314,924 
Due in one to two years134,105 
$449,029 
v3.25.1
Property and Equipment, Net (Tables)
 12 Months Ended
Jan. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
Property and equipment, net consisted of the following:
January 31,
(in thousands)20252024
Computer and network equipment$133,486 $142,241 
Software, including capitalized software development costs278,918 168,584 
Furniture and office equipment20,360 18,196 
Leasehold improvements64,012 58,230 
496,776 387,251 
Less: Accumulated depreciation(303,676)(244,270)
193,100 142,981 
Work in progress106,270 102,192 
$299,370 $245,173 
v3.25.1
Acquisitions (Tables)
 12 Months Ended
Jan. 31, 2025
Business Combinations [Abstract]  
Schedule of Assets Acquired And Liabilities Assumed
The following table summarizes preliminary allocation of purchase consideration to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition:
(in thousands)
As Adjusted
Cash and cash equivalents$10,409 
Accounts receivable, net1,741 
Goodwill102,152 
Intangible assets, net50,200 
Contract liabilities — current(5,071)
Deferred tax liability(4,661)
Accrued expenses and other current liabilities(750)
Total purchase consideration$154,020 
Schedule of Identifiable Intangible Assets Estimated Useful Lives
The estimated useful lives of intangible assets, primarily based on the expected period of benefit to us, and fair values of the identifiable intangible assets at Acquisition Date were as follows:
(in thousands, except years)Estimated Fair ValueExpected Useful Life
Existing technology$29,900 5.0 years
Customer relationships—subscription20,300 7.0 years
Total intangible assets$50,200 5.8 years
Schedule of Unaudited Pro Forma Results The unaudited pro forma results have been prepared based on estimates and assumptions, which we believe are reasonable, however, they are not necessarily indicative of the consolidated results of operations had the acquisition occurred on February 1, 2023, or of future results of operations:
Year Ended January 31,
(in thousands) (unaudited)2024
Net income$37,199 
v3.25.1
Goodwill and Intangible Assets, Net (Tables)
 12 Months Ended
Jan. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Carrying Amount of Goodwill
The changes in the carrying amount of goodwill were as follows (in thousands):
Balance at January 31, 2023$353,619 
Foreign currency translation(481)
Balance at January 31, 2024353,138 
Additions—Lexion102,152 
Foreign currency translation(813)
Balance at January 31, 2025$454,477 
Schedule of Intangible Assets
Intangible assets consisted of the following:
As of January 31, 2025As of January 31, 2024
(in thousands, except years)Weighted-average Remaining Useful Life (Years)Acquisition-related Intangibles, GrossAccumulated AmortizationAcquisition-related Intangibles, NetAcquisition-related Intangibles, GrossAccumulated AmortizationAcquisition-related Intangibles, Net
Existing technology4.0$104,694 $(76,644)$28,050 $76,194 $(65,777)$10,417 
Customer contracts & related relationships4.9124,112 (67,127)56,985 110,082 (60,947)49,135 
Other0.07,516 (7,516)— 22,534 (22,534)— 
4.6$236,322 $(151,287)85,035 $208,810 $(149,258)59,552 
Cumulative translation adjustment(8,647)(8,647)
Total$76,388 $50,905 
Schedule of Amortization of Finite-Lived Intangible Assets
Amortization of finite-lived intangible assets was as follows:
Year Ended January 31,
(in thousands)202520242023
Cost of subscription revenue$12,267 $8,857 $9,613 
Sales and marketing12,450 10,518 11,093 
Total$24,717 $19,375 $20,706 
Schedule of Future Amortization of Finite-Lived Intangibles
As of January 31, 2025, future amortization of finite-lived intangible assets that will be recorded in cost of revenue and operating expenses is estimated as follows, excluding cumulative translation adjustment:
Fiscal PeriodAmount
(in thousands)
2026$21,535 
202719,398 
202816,938 
202913,191 
20309,063 
Thereafter4,910 
Total$85,035 
v3.25.1
Deferred Contract Acquisition and Fulfillment Costs (Tables)
 12 Months Ended
Jan. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Deferred Contract Acquisition and Fulfillment Costs
The following table represents a rollforward of our deferred contract acquisition and fulfillment costs:
Year Ended January 31,
(in thousands)20252024
Deferred Contract Acquisition Costs
Beginning balance$409,658 $355,389 
Additions to deferred contract acquisition costs261,088 209,353 
Amortization of deferred contract acquisition costs(197,832)(155,807)
Cumulative translation adjustment(5,713)723 
Ending balance$467,201 $409,658 
Deferred Contract Fulfillment Costs
Beginning balance$22,525 $21,076 
Additions to deferred contract fulfillment costs41,078 45,806 
Amortization of deferred contract fulfillment costs(39,385)(44,356)
Cumulative translation adjustment(561)(1)
Ending balance$23,657 $22,525 
v3.25.1
Debt (Tables)
 12 Months Ended
Jan. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Interest Expense Interest expense recognized related to the Notes was as follows:
Year Ended January 31,
(in thousands)202520242023
Contractual interest expense$— $425 $185 
Amortization of transaction costs— 4,197 4,415 
Total$— $4,622 $4,600 
v3.25.1
Leases (Tables)
 12 Months Ended
Jan. 31, 2025
Leases [Abstract]  
Schedule of Future Lease Payments
Future lease payments under operating leases as of January 31, 2025, were as follows:
Fiscal Period:Amount (in thousands)
2026$24,480 
202722,357 
202818,010 
202915,494 
203014,968 
Thereafter54,223 
Total undiscounted cash flows$149,532 
Less: imputed interest(25,105)
Present value of lease liabilities$124,427 
v3.25.1
Commitments and Contingencies (Tables)
 12 Months Ended
Jan. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Contractual Obligations As of January 31, 2025, our future noncancelable minimum payments due under these contractual obligations with a remaining term of more than one year were as follows:
Fiscal Period:Amount (in thousands)
2026$38,504 
202723,732 
20289,448 
20291,838 
2030484 
Thereafter— 
Total$74,006 
v3.25.1
Stockholders' Equity (Tables)
 12 Months Ended
Jan. 31, 2025
Equity [Abstract]  
Summary of Share of Common Stock Reserved for Future Issuance
We have reserved the following shares of common stock, on an as-if converted basis, for future issuance as follows:
January 31,
(in thousands)20252024
RSUs outstanding27,268 26,965 
Options issued and outstanding83 1,385 
Remaining shares available for future issuance under the Equity Incentive Plans39,387 35,663 
Remaining shares available for future issuance under the ESPP11,819 10,628 
Total shares of common stock reserved78,557 74,641 
Summary of Share-based Compensation, Activity
Shares available for grant under the 2018 Plan for the year ended January 31, 2025 was as follows:
(in thousands)Year Ended
January 31, 2025
Available at beginning of fiscal year35,663 
Awards authorized10,266 
Shares granted(13,892)
Shares canceled/expired4,029 
Shares withheld for taxes3,321 
Available at end of fiscal year39,387 
Summary of RSU Activity
RSU activity for the year ended January 31, 2025 was as follows:
(in thousands, except per share data)Number of UnitsWeighted-Average Grant Date Fair Value
Unvested at January 31, 202426,700 $60.70 
Granted13,892 60.89 
Vested(9,296)67.55 
Canceled(4,028)64.83 
Unvested at January 31, 202527,268 $57.62 
Summary of Valuation Assumptions
We calculated the fair value of the RSU with market conditions using a Monte Carlo option-pricing model based on the following assumptions:
Year Ended January 31,
202520242023
Risk-free interest rate
3.85% - 4.41%
4.12 %
3.21% - 4.42%
Expected dividend yield— %— %— %
Expected life (in years)
2.8 - 3.0
3.0
1.0 - 6.7
Expected volatility
69% - 70%
71 %
54% - 66%
Summary of Options Activity
Option activity for the year ended January 31, 2025 was as follows:
(in thousands, except per share data and years)Number of OptionsWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value
Outstanding at January 31, 2024, all vested and exercisable1,385 $17.39 2.63$60,117 
Exercised(1,301)17.43 
Canceled/expired(1)13.43 
Outstanding at January 31, 2025, all vested and exercisable83 $16.82 0.44$6,187 
Summary of ESPP Valuation Assumptions
We calculated the fair value of the ESPP purchase right using the Black-Scholes option-pricing model, based on the following assumptions:
Year Ended January 31,
202520242023
Risk-free interest rate
4.45% - 5.35%
4.93% - 5.59%
1.15%-4.04%
Expected dividend yield— %— %— %
Expected life of purchase right (in years)0.50.50.5
Expected volatility
32% - 41%
31% - 76%
83% - 102%
Summary of Share Repurchase Activity
The following table summarizes the share repurchase activity under our stock repurchase program:
Year Ended January 31,
(in thousands)
202520242023
Number of shares repurchased10,954 3,058 1,135 
Aggregate purchase price
$684,989 $145,515 $63,041 
v3.25.1
Restructuring and Other Related Charges (Tables)
 12 Months Ended
Jan. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Liabilities
The following table summarizes our restructuring liabilities during the year ended January 31, 2025:

(in thousands)January 31, 2024AccrualsCash PaymentsJanuary 31, 2025
2024 Restructuring Plan
Other$122 $— $(122)$— 
Total$122 $— $(122)$— 
2025 Restructuring Plan
Employee termination benefits$— $24,874 $(24,796)$78 
Total$— $24,874 $(24,796)$78 
v3.25.1
Net Income (Loss) per Share Attributable to Common Stockholders (Tables)
 12 Months Ended
Jan. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders
The following table presents the calculation of basic and diluted net income (loss) per share attributable to common stockholders for periods presented:
Year Ended January 31,
(in thousands, except per share data)202520242023
Numerator:
Net income (loss) attributable to common stockholders, basic$1,067,885 $73,980 $(97,454)
Add: Interest expense on convertible senior notes— 425 — 
Net income (loss) attributable to common stockholders, diluted$1,067,885 $74,405 $(97,454)
Denominator:
Weighted-average common shares outstanding, basic204,329 204,070 200,903 
Effect of dilutive securities6,010 4,880 — 
Weighted-average common shares outstanding, diluted210,339 208,950 200,903 
Net income (loss) per share attributable to common stockholders:
Basic$5.23 $0.36 $(0.49)
Diluted$5.08 $0.36 $(0.49)
Schedule of Antidilutive Securities
Outstanding potentially dilutive securities that were excluded from the diluted per share calculations because they would have been antidilutive are as follows:
January 31,
(in thousands)202520242023
RSUs1,048 6,430 15,129 
Stock options— — 2,228 
ESPP— — 516 
Convertible senior notes— — 2,161 
Total antidilutive securities1,048 6,430 20,034 
v3.25.1
Income Taxes (Tables)
 12 Months Ended
Jan. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Pre-Tax Income (Loss)
The domestic and foreign components of pre-tax income (loss) were as follows:
Year Ended January 31,
(in thousands)202520242023
U.S.$179,128 $54,551 $19,673 
International68,813 39,128 (109,554)
Income (loss) before income taxes$247,941 $93,679 $(89,881)
Schedule of Income Tax Provision
The components of our income tax provision were as follows:
Year Ended January 31,
(in thousands)202520242023
Current
Federal$4,758 $6,390 $(464)
State7,936 2,018 1,666 
Foreign6,105 4,974 4,674 
Total current18,799 13,382 5,876 
Deferred
Federal(747,082)21 21 
State(94,945)2 (21)
Foreign3,284 6,294 1,697 
Total deferred(838,743)6,317 1,697 
Provision for income taxes$(819,944)$19,699 $7,573 
Schedule of Reconciliation Federal Statutory Rate
The reconciliation of the statutory federal income tax rate to our effective tax rate was as follows:
Year Ended January 31,
(in percentage)202520242023
U.S. statutory rate21.0 %21.0 %21.0 %
State taxes4.0 2.4 (2.4)
Foreign tax rate differential0.5 37.9 16.4 
Foreign-derived intangible income deduction(3.8)(11.7)— 
Stock-based compensation7.9 81.8 (55.1)
Change in valuation allowance(331.7)(102.5)(35.5)
Dual Jurisdiction Deferred Taxes(2.9)36.0 39.2 
Research and development credits(17.3)(46.0)20.1 
Other deferred adjustment(10.7)(1.2)(10.7)
Other2.3 3.3 (1.4)
Effective tax rate(330.7)%21.0 %(8.4)%
Schedule of Components of Net Deferred Tax Balances
The significant components of net deferred tax balances were as follows:
January 31,
(in thousands)20252024
Deferred tax assets
Net operating loss carryforwards$486,505 $570,152 
Accruals and reserves16,772 14,895 
Stock-based compensation42,949 39,320 
Research and development credits179,275 147,959 
Capitalized research and development expenses350,729 246,945 
Other54,286 53,140 
Total deferred tax assets1,130,516 1,072,411 
Less: Valuation allowance(112,847)(934,816)
Deferred tax assets, net of valuation allowance1,017,669 137,595 
Deferred tax liabilities
Deferred contract acquisition costs(121,678)(100,806)
Fixed Assets and Intangible Assets(54,137)(26,258)
Other(21,980)(25,242)
Total deferred tax liabilities(197,795)(152,306)
Net deferred tax assets / (liabilities)$819,874 $(14,711)
Schedule of Total Unrecognized Tax Benefits
A reconciliation of the beginning and ending balance of total unrecognized tax benefits was as follows:
January 31,
(in thousands)202520242023
Unrecognized tax benefits balance at February 1$60,744 $47,946 $46,729 
Gross increase for tax positions of prior years— 4,368 333 
Gross decrease for tax positions of prior years(307)(156)(1,734)
Settlements— — (2,484)
Gross increase for tax positions of current year15,109 8,586 5,102 
Unrecognized tax benefits balance at January 31$75,546 $60,744 $47,946 
Schedule of Valuation Allowance
The following table represents the rollforward of our valuation allowance:
Year Ended January 31,
(in thousands)202520242023
Beginning balance$934,816 $1,032,016 $999,191 
Valuation allowance charged to income tax provision(821,969)(97,200)32,825 
Ending balance$112,847 $934,816 $1,032,016 
v3.25.1
Segment and Geographic Information (Tables)
 12 Months Ended
Jan. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Profit or Loss
Our reported measure of segment profit or loss is as follows:
Year Ended January 31,
(in thousands)202520242023
Net income (loss)$1,067,885 $73,980 $(97,454)

The following amounts are included in our reported measure of profit or loss:
Year Ended January 31,
(in thousands)202520242023
Revenues from external customers$2,976,739 $2,761,882 $2,515,915 
Depreciation and amortization$107,804 $95,062 $86,255 
Interest income$45,516 $58,584 $14,269 
Interest expense$(1,550)$(6,844)$(6,389)
Provision for (benefit from) income taxes$(819,944)$19,699 $7,573 
Schedule of Revenues by Geographic Area Revenue by geographic area was as follows:
Year Ended January 31,
(in thousands)202520242023
U.S.$2,142,777 $2,032,950 $1,895,932 
International833,962 728,932 619,983 
Total revenue$2,976,739 $2,761,882 $2,515,915 
Schedule of Property and Equipment by Geographic Area
Our long-lived assets by geographic area, which consist of property and equipment, net and right-of-use assets were as follows:
January 31,
(in thousands)20252024
U.S.$335,472 $296,609 
Ireland37,294 39,899 
All other countries37,700 31,853 
Total long-lived assets$410,466 $368,361 
v3.25.1
Summary of Significant Accounting Policies - Narrative (Details)
 12 Months Ended
Jan. 31, 2025
USD ($)
segment
reporting_unit
Jan. 31, 2024
USD ($)
Jan. 31, 2023
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Advertising expense $ 79,000,000.0 $ 95,000,000.0 $ 128,300,000
Equity investments in privately held companies $ 14,700,000 13,200,000  
Number of operating segments | segment 1    
Number of reporting units | reporting_unit 1    
Impairment of goodwill   0 0
Operating lease, impairment loss $ 0 0 $ 0
CCA implementation cost $ 83,600,000 $ 64,800,000  
Number of reportable segments | segment 1    
ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
ESPP offering period 6 months    
Software, including capitalized software development costs | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected useful life 3 years    
Software, including capitalized software development costs | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected useful life 5 years    
Initial Acquisition Of Contract      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Commissions paid, amortization period 5 years    
Renewal Contracts      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Commissions paid, amortization period 2 years    
v3.25.1
Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2022
Accounting Policies [Abstract]        
Cash and cash equivalents $ 648,623 $ 797,060 $ 721,895  
Restricted cash included in prepaid expense and other current assets 952 1,332 37  
Restricted cash included in other assets - noncurrent 9,979 3,107 1,269  
Total cash, cash equivalents, and restricted cash $ 659,554 $ 801,499 $ 723,201 $ 509,679
v3.25.1
Summary of Significant Accounting Policies - Property, plant and equipment useful life (Details)
Jan. 31, 2025
Computer and network equipment  
Property, Plant and Equipment [Line Items]  
Useful life 3 years
Software, including capitalized software development costs | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life 3 years
Software, including capitalized software development costs | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life 5 years
Furniture and office equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life 3 years
Furniture and office equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life 4 years
Leasehold improvements  
Property, Plant and Equipment [Line Items]  
Useful life 10 years
v3.25.1
Summary of Significant Accounting Policies - Useful lives of intangible assets (Details)
Jan. 31, 2025
Existing technology | Minimum  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, useful life 3 years
Existing technology | Maximum  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, useful life 5 years
Customer contracts & related relationships | Minimum  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, useful life 5 years
Customer contracts & related relationships | Maximum  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, useful life 10 years
Other | Minimum  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, useful life 1 year
Other | Maximum  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, useful life 5 years
v3.25.1
Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligations $ 2,400.0    
Contract assets 13.8 $ 15.9  
Revenue recognized that was included in contract liability balance at the beginning of the period $ 1,300.0 $ 1,200.0 $ 1,000.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-02-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation, percentage 55.00%    
Remaining performance obligations, period of recognition 12 months    
Subscription | Revenue | Product Concentration Risk      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Concentration risk percentage 97.00% 97.00% 97.00%
v3.25.1
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost $ 632,786 $ 723,206
Gross Unrealized Gains 535 264
Gross Unrealized Losses (407) (771)
Estimated Fair Value 632,914 722,699
Cash 464,700 444,800
Cash Equivalents | Level 1 | Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 183,885 298,517
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 183,885 298,517
Cash Equivalents | Level 2 | Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost   43,845
Gross Unrealized Gains   0
Gross Unrealized Losses   (9)
Estimated Fair Value   43,836
Cash Equivalents | Level 2 | U.S. governmental securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost   9,968
Gross Unrealized Gains   0
Gross Unrealized Losses   (1)
Estimated Fair Value   9,967
Short-term Investments | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 448,901 424,689
Gross Unrealized Gains 535 264
Gross Unrealized Losses (407) (771)
Estimated Fair Value 449,029 424,182
Short-term Investments | Level 2 | Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 31,367 42,958
Gross Unrealized Gains 12 2
Gross Unrealized Losses (8) (25)
Estimated Fair Value 31,371 42,935
Short-term Investments | Level 2 | Corporate notes and bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 399,034 299,166
Gross Unrealized Gains 522 262
Gross Unrealized Losses (378) (670)
Estimated Fair Value 399,178 298,758
Short-term Investments | Level 2 | U.S. governmental securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 18,500 28,752
Gross Unrealized Gains 1 0
Gross Unrealized Losses (21) (66)
Estimated Fair Value $ 18,480 $ 28,686
v3.25.1
Fair Value Measurements - Schedule of Fair Value of Available-for-sale Marketable Securities by Remaining Contractual Maturities (Details) - Short-term Investments
$ in Thousands
Jan. 31, 2025
USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Due in one year or less $ 314,924
Due in one to two years 134,105
Total available-for-sale securities $ 449,029
v3.25.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Fair Value Disclosures [Abstract]      
Equity investments in privately held companies   $ 14.7 $ 13.2
Decrease in value of equity investments $ 3.7    
v3.25.1
Property and Equipment, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Property, Plant and Equipment [Line Items]      
Property and equipment, net $ 299,370 $ 245,173  
Depreciation expense 83,100 75,700 $ 65,500
Capitalized computer software, amortization 55,200 35,100 19,700
Capitalized software costs 114,700 95,300 66,100
Capitalized stock-based compensation 38,900 30,800 $ 19,200
Property and equipment, excluding work in progress      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 496,776 387,251  
Less: Accumulated depreciation (303,676) (244,270)  
Property and equipment, net 193,100 142,981  
Computer and network equipment      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 133,486 142,241  
Software, including capitalized software development costs      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 278,918 168,584  
Furniture and office equipment      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 20,360 18,196  
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 64,012 58,230  
Work in progress      
Property, Plant and Equipment [Line Items]      
Property and equipment, net $ 106,270 $ 102,192  
v3.25.1
Acquisitions - Narrative (Details) - Lexion Inc. - USD ($)
 12 Months Ended
May 31, 2024
Jan. 31, 2025
Business Acquisition [Line Items]    
Business acquisition, percentage of voting interests acquired 100.00%  
Payments to acquire business, gross $ 154,000,000.0  
Business combination consideration transferred cash contributed to escrow accounts $ 17,400,000  
Escrow account, holding period 18 months  
Goodwill, expected tax deductible amount $ 0  
Business combination, consideration transferred, deferred compensation $ 19,100,000  
Business combination, consideration transferred, amortization period 3 years  
Fair value of shares issued as consideration for acquisition $ 34,800,000  
Acquisition costs   $ 4,300,000
v3.25.1
Acquisitions - Schedule of Assets Acquired And Liabilities Assumed (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
May 31, 2024
Jan. 31, 2024
Jan. 31, 2023
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]        
Goodwill $ 454,477   $ 353,138 $ 353,619
Lexion Inc.        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]        
Cash and cash equivalents   $ 10,409    
Accounts receivable, net   1,741    
Goodwill   102,152    
Intangible assets, net   50,200    
Contract liabilities — current   (5,071)    
Deferred tax liability   (4,661)    
Accrued expenses and other current liabilities   (750)    
Total purchase consideration   $ 154,020    
v3.25.1
Acquisitions - Schedule of Identifiable Intangible Assets Estimated Useful Lives (Details) - Lexion Inc.
$ in Thousands
May 31, 2024
USD ($)
Business Acquisition [Line Items]  
Estimated Fair Value $ 50,200
Expected Useful Life 5 years 9 months 18 days
Existing technology  
Business Acquisition [Line Items]  
Estimated Fair Value $ 29,900
Expected Useful Life 5 years
Customer relationships—subscription  
Business Acquisition [Line Items]  
Estimated Fair Value $ 20,300
Expected Useful Life 7 years
v3.25.1
Acquisitions - Schedule of Unaudited Pro Forma Results (Details)
$ in Thousands
 12 Months Ended
Jan. 31, 2024
USD ($)
Lexion Inc.  
Business Acquisition [Line Items]  
Net income $ 37,199
v3.25.1
Goodwill and Intangible Assets, Net - Schedule of Carrying Amount of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Goodwill [Roll Forward]    
Beginning balance $ 353,138 $ 353,619
Foreign currency translation (813) (481)
Ending balance 454,477 $ 353,138
Lexion Inc.    
Goodwill [Roll Forward]    
Additions—Lexion $ 102,152  
v3.25.1
Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]    
Weighted-average Remaining Useful Life (Years) 4 years 7 months 6 days  
Acquisition-related Intangibles, Gross $ 236,322 $ 208,810
Accumulated Amortization (151,287) (149,258)
Total 85,035 59,552
Cumulative translation adjustment (8,647) (8,647)
Acquisition-related Intangibles, Net $ 76,388 50,905
Existing technology    
Finite-Lived Intangible Assets, Net [Abstract]    
Weighted-average Remaining Useful Life (Years) 4 years  
Acquisition-related Intangibles, Gross $ 104,694 76,194
Accumulated Amortization (76,644) (65,777)
Total $ 28,050 10,417
Customer contracts & related relationships    
Finite-Lived Intangible Assets, Net [Abstract]    
Weighted-average Remaining Useful Life (Years) 4 years 10 months 24 days  
Acquisition-related Intangibles, Gross $ 124,112 110,082
Accumulated Amortization (67,127) (60,947)
Total $ 56,985 49,135
Other    
Finite-Lived Intangible Assets, Net [Abstract]    
Weighted-average Remaining Useful Life (Years) 0 years  
Acquisition-related Intangibles, Gross $ 7,516 22,534
Accumulated Amortization (7,516) (22,534)
Total $ 0 $ 0
v3.25.1
Goodwill and Intangible Assets, Net - Schedule of Amortization of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Amortization of finite-lived intangible assets $ 24,717 $ 19,375 $ 20,706
Cost of subscription revenue      
Finite-Lived Intangible Assets [Line Items]      
Amortization of finite-lived intangible assets 12,267 8,857 9,613
Sales and marketing      
Finite-Lived Intangible Assets [Line Items]      
Amortization of finite-lived intangible assets $ 12,450 $ 10,518 $ 11,093
v3.25.1
Goodwill and Intangible Assets, Net - Schedule of Future Amortization of Finite-Lived Intangibles (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]    
2026 $ 21,535  
2027 19,398  
2028 16,938  
2029 13,191  
2030 9,063  
Thereafter 4,910  
Total $ 85,035 $ 59,552
v3.25.1
Deferred Contract Acquisition and Fulfillment Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Capitalized Contract Cost, Net [Roll Forward]      
Amortization of deferred contract acquisition costs $ (237,217) $ (200,163) $ (185,045)
Deferred Contract Acquisition Costs      
Capitalized Contract Cost, Net [Roll Forward]      
Beginning balance 409,658 355,389  
Additions to deferred contract acquisition costs 261,088 209,353  
Amortization of deferred contract acquisition costs (197,832) (155,807)  
Cumulative translation adjustment (5,713) 723  
Ending balance 467,201 409,658 355,389
Deferred Contract Fulfillment Costs      
Capitalized Contract Cost, Net [Roll Forward]      
Beginning balance 22,525 21,076  
Additions to deferred contract acquisition costs 41,078 45,806  
Amortization of deferred contract acquisition costs (39,385) (44,356)  
Cumulative translation adjustment (561) (1)  
Ending balance $ 23,657 $ 22,525 $ 21,076
v3.25.1
Debt - Narrative (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jan. 31, 2021
Sep. 30, 2018
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
May 31, 2023
Apr. 30, 2023
Debt Conversion [Line Items]              
Repayments of convertible senior notes     $ 0 $ 726,979,000 $ 16,000    
Convertible Senior Notes Due 2023 | Capped Calls              
Debt Conversion [Line Items]              
Initial cap price (in usd per share)     $ 110.00 $ 110.00 $ 110.00    
Convertible Senior Notes Due 2023 | Convertible Debt              
Debt Conversion [Line Items]              
Principal on face amount of debt   $ 575,000,000.0          
Debt interest rate percentage   0.50%          
Additional principal amount purchased   $ 75,000,000.0          
Proceeds from issuance of convertible senior notes, net of initial purchasers' discounts and transaction costs   $ 560,800,000          
Repayments of convertible senior notes       $ 37,100,000      
Debt instrument, effective interest rate     5.90%        
Convertible Senior Notes Due 2023 | Convertible Debt | Capped Calls              
Debt Conversion [Line Items]              
Settlement of capped calls, net of related costs             $ 23,700,000
Convertible Senior Notes Due 2024 | Capped Calls              
Debt Conversion [Line Items]              
Initial cap price (in usd per share)     $ 525.30 $ 525.30 $ 525.30    
Convertible Senior Notes Due 2024 | Convertible Debt              
Debt Conversion [Line Items]              
Principal on face amount of debt $ 690,000,000.0            
Debt interest rate percentage 0.00%            
Additional principal amount purchased $ 90,000,000.0            
Proceeds from issuance of convertible senior notes, net of initial purchasers' discounts and transaction costs $ 677,300,000            
Repayments of convertible senior notes       $ 689,900,000      
Debt instrument, effective interest rate     3.80%        
Credit Facility | Revolving Credit Facility              
Debt Conversion [Line Items]              
Line of credit, maximum borrowing capacity           $ 500,000,000.0  
Line of credit, additional borrowing amount           $ 250,000,000.0  
Carrying value of debt     $ 0        
Credit Facility | Revolving Credit Facility | Minimum              
Debt Conversion [Line Items]              
Line of credit, commitment fee percentage on undrawn balance     0.25%        
Credit Facility | Revolving Credit Facility | Maximum              
Debt Conversion [Line Items]              
Line of credit, commitment fee percentage on undrawn balance     0.30%        
v3.25.1
Debt - Schedule of Interest Expense (Details) - Convertible Debt - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Debt Instrument [Line Items]      
Contractual interest expense $ 0 $ 425 $ 185
Amortization of transaction costs 0 4,197 4,415
Total $ 0 $ 4,622 $ 4,600
v3.25.1
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Leases [Abstract]      
Operating lease cost $ 25.6 $ 28.5 $ 33.2
Operating lease, weighted average remaining lease term (in years) 7 years 6 months 8 years 1 month 6 days  
Weighted average discount rate 4.80% 4.70%  
v3.25.1
Leases - Future Lease Payments - Topic 842 (Details)
$ in Thousands
Jan. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 24,480
2027 22,357
2028 18,010
2029 15,494
2030 14,968
Thereafter 54,223
Total undiscounted cash flows 149,532
Less: imputed interest (25,105)
Present value of lease liabilities $ 124,427
v3.25.1
Commitments and Contingencies - Narrative (Details)
$ in Millions
Jan. 31, 2025
USD ($)
putative_case
Jul. 19, 2022
stayed_case
Other Commitments [Line Items]    
Number of putative shareholder derivative cases filed | putative_case 8  
Number of cases stayed by court order | stayed_case   2
Cloud Computing Service Provider, Agreement Through Fiscal 2027    
Other Commitments [Line Items]    
Minimum commitment $ 11.1  
Cloud Computing Service Provider, Agreement Through Fiscal 2028    
Other Commitments [Line Items]    
Minimum commitment $ 51.8  
v3.25.1
Commitments and Contingencies - Schedule of Contractual Obligations (Details)
$ in Thousands
Jan. 31, 2025
USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]  
2026 $ 38,504
2027 23,732
2028 9,448
2029 1,838
2030 484
Thereafter 0
Total $ 74,006
v3.25.1
Stockholders' Equity - Common Stock Reserved For Future Issuance (Details) - shares
shares in Thousands
Jan. 31, 2025
Jan. 31, 2024
Class of Stock [Line Items]    
Reserved for future issuance (in shares) 78,557 74,641
Equity Incentive Plans    
Class of Stock [Line Items]    
Reserved for future issuance (in shares) 39,387 35,663
RSUs    
Class of Stock [Line Items]    
Reserved for future issuance (in shares) 27,268 26,965
Stock options    
Class of Stock [Line Items]    
Reserved for future issuance (in shares) 83 1,385
ESPP    
Class of Stock [Line Items]    
Reserved for future issuance (in shares) 11,819 10,628
v3.25.1
Stockholders' Equity - Narrative (Details)
 12 Months Ended
Jan. 31, 2025
USD ($)
plan
$ / shares
shares
Jan. 31, 2024
USD ($)
$ / shares
shares
Jan. 31, 2023
USD ($)
$ / shares
shares
Feb. 01, 2025
shares
May 31, 2024
USD ($)
Sep. 30, 2023
USD ($)
Mar. 31, 2022
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of stock-based compensation plans | plan 2            
Shares granted in period (in shares) | shares 0 0 0        
Unrecognized compensation cost, options $ 0            
Intrinsic value of options exercised 73,600,000 $ 23,600,000 $ 48,100,000        
Employee stock purchase plan, compensation expense $ 610,335,000 $ 616,847,000 $ 538,726,000        
Reserved for future issuance (in shares) | shares 78,557,000 74,641,000          
Stock repurchase program, authorized amount             $ 200,000,000.0
Stock repurchase program, additional authorized amount         $ 1,000,000,000.0 $ 300,000,000.0  
2003 Stock Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Awards outstanding (in shares) | shares 0            
2018 Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Annual increase in shares reserved, percentage of total shares 5.00%            
2018 Plan | Subsequent Event              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Increase in shares reserved for issuance (in shares) | shares       10,100,000      
RSUs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Awards outstanding (in shares) | shares 27,268,000 26,700,000          
Weighted average grant date fair value of RSUs (in usd per share) | $ / shares $ 60.89 $ 54.15 $ 66.50        
Grant date fair value $ 627,900,000 $ 631,800,000 $ 461,800,000        
Unrecognized compensation cost, RSUs $ 1,200,000,000            
Unrecognized compensation cost, remaining weighted-average period for recognition 2 years 8 months 12 days            
Reserved for future issuance (in shares) | shares 27,268,000 26,965,000          
RSUs | Market Based and Performance Based Vesting Conditions              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Grant date fair value $ 147,100,000            
Performance vesting percentage 100.00%            
RSUs | 2018 Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period 4 years            
RSUs | 2018 Plan | Alternate vesting option              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period 1 year            
Annual vesting percentage 25.00%            
ESPP              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Annual increase in shares reserved, percentage of total shares 1.00%            
Increase in shares reserved for issuance (in shares) | shares 3,800,000            
Employee contribution, maximum percentage of earnings 15.00%            
Percent of purchase price of fair value of common stock 85.00%            
ESPP offering period 6 months            
Employee stock purchase plan, compensation expense $ 13,400,000 $ 16,000,000.0 $ 22,200,000        
Reserved for future issuance (in shares) | shares 11,819,000 10,628,000          
v3.25.1
Stockholders' Equity - Equity Awards Available For Grants (Details)
shares in Thousands
 12 Months Ended
Jan. 31, 2025
shares
Number Of Shares Available For Grant [Roll Forward]  
Available at beginning of fiscal year (in shares) 35,663
Awards authorized (in shares) 10,266
Shares granted (in shares) (13,892)
Shares canceled/expired (in shares) 1
Available at end of fiscal year (in shares) 39,387
RSUs  
Number Of Shares Available For Grant [Roll Forward]  
Shares granted (in shares) (13,892)
Shares canceled/expired (in shares) 4,029
Shares withheld for taxes (in shares) 3,321
v3.25.1
Stockholders' Equity - RSU Activity (Details) - $ / shares
shares in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Number of Units      
Granted (in shares) 13,892    
RSUs      
Number of Units      
Unvested at beginning of period (in shares) 26,700    
Granted (in shares) 13,892    
Vested (in shares) (9,296)    
Canceled (in shares) (4,028)    
Unvested at end of period (in shares) 27,268 26,700  
Weighted-Average Grant Date Fair Value      
Unvested at beginning of period (in usd per share) $ 60.70    
Granted (in usd per share) 60.89 $ 54.15 $ 66.50
Vested (in usd per share) 67.55    
Canceled (in usd per share) 64.83    
Unvested at end of period (in usd per share) $ 57.62 $ 60.70  
v3.25.1
Stockholders' Equity - Summary of Valuation Assumptions (RSUs) (Details) - RSUs
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate, minimum 3.85%   3.21%
Risk-free interest rate, maximum 4.41%   4.42%
Risk-free interest rate   4.12%  
Expected dividend yield 0.00% 0.00% 0.00%
Expected life (in years)   3 years  
Expected volatility, minimum 69.00%   54.00%
Expected volatility, maximum 70.00%   66.00%
Expected volatility   71.00%  
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected life (in years) 2 years 9 months 18 days   1 year
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected life (in years) 3 years   6 years 8 months 12 days
v3.25.1
Stockholders' Equity - Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Number of Options    
Beginning balance (in shares) 1,385  
Exercised (in shares) (1,301)  
Canceled/expired (in shares) (1)  
Ending balance (in shares) 83 1,385
Weighted-Average Exercise Price Per Share    
Beginning balance (in usd per share) $ 17.39  
Exercised (in usd per share) 17.43  
Canceled/expired (in usd per share) 13.43  
Ending balance (in usd per share) $ 16.82 $ 17.39
Weighted-Average Remaining Contractual Term (Years)    
Outstanding balance 5 months 8 days 2 years 7 months 17 days
Aggregate Intrinsic Value    
Outstanding balance $ 6,187 $ 60,117
v3.25.1
Stockholders' Equity - Valuation Assumptions (Details) - ESPP
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Class of Stock [Line Items]      
Risk-free interest rate, minimum 4.45% 4.93% 1.15%
Risk-free interest rate, maximum 5.35% 5.59% 4.04%
Expected dividend yield 0.00% 0.00% 0.00%
Expected life (in years) 6 months 6 months 6 months
Expected volatility, minimum 32.00% 31.00% 83.00%
Expected volatility, maximum 41.00% 76.00% 102.00%
v3.25.1
Stockholders' Equity - Share Repurchase Activity (Details) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Repurchases of common stock $ 684,990 $ 145,515 $ 63,041
Accumulated Deficit      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares repurchased 10,954 3,058 1,135
Repurchases of common stock $ 684,989 $ 145,515 $ 63,041
v3.25.1
Restructuring and Other Related Charges - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Restructuring and other related charges $ 29,721 $ 30,381 $ 28,335
Stock-based compensation expense 610,335 616,847 538,726
Employee termination benefits      
Restructuring Cost and Reserve [Line Items]      
Restructuring and other related charges   28,800 27,400
Stock-based compensation expense $ 4,800 $ 5,000 $ 5,600
v3.25.1
Restructuring and Other Related Charges - Schedule of Restructuring Liabilities (Details)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
USD ($)
2024 Restructuring Plan  
Restructuring Reserve [Roll Forward]  
Restructuring, beginning balance $ 122
Accruals 0
Cash Payments (122)
Restructuring, ending balance 0
2025 Restructuring Plan  
Restructuring Reserve [Roll Forward]  
Restructuring, beginning balance 0
Accruals 24,874
Cash Payments (24,796)
Restructuring, ending balance 78
Other | 2024 Restructuring Plan  
Restructuring Reserve [Roll Forward]  
Restructuring, beginning balance 122
Accruals 0
Cash Payments (122)
Restructuring, ending balance 0
Employee termination benefits | 2025 Restructuring Plan  
Restructuring Reserve [Roll Forward]  
Restructuring, beginning balance 0
Accruals 24,874
Cash Payments (24,796)
Restructuring, ending balance $ 78
v3.25.1
Net Income (Loss) per Share Attributable to Common Stockholders - Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Numerator:      
Net income (loss) attributable to common stockholders, basic $ 1,067,885 $ 73,980 $ (97,454)
Add: Interest expense on convertible senior notes 0 425 0
Net income (loss) attributable to common stockholders, diluted $ 1,067,885 $ 74,405 $ (97,454)
Denominator:      
Weighted-average common shares outstanding, basic (in shares) 204,329 204,070 200,903
Effect of dilutive securities (in shares) 6,010 4,880 0
Weighted-average common shares outstanding, diluted (in shares) 210,339 208,950 200,903
Net income (loss) per share attributable to common stockholders:      
Basic (in usd per share) $ 5.23 $ 0.36 $ (0.49)
Diluted (in usd per share) $ 5.08 $ 0.36 $ (0.49)
v3.25.1
Net Income (Loss) per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares
shares in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 1,048 6,430 20,034
RSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 1,048 6,430 15,129
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 0 0 2,228
ESPP      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 0 0 516
Convertible senior notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 0 0 2,161
v3.25.1
Employee Benefit Plan (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jan. 31, 2019
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Postemployment Benefits [Abstract]        
Percentage of participant's contribution matched by employer 50.00%      
Employer matching contribution, maximum percentage of participant's base salary 6.00%      
Defined contribution plan expense   $ 34.7 $ 33.2 $ 32.3
v3.25.1
Income Taxes - Components of Pre-Tax Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. $ 179,128 $ 54,551 $ 19,673
International 68,813 39,128 (109,554)
Income (loss) before provision for income taxes $ 247,941 $ 93,679 $ (89,881)
v3.25.1
Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Current      
Federal $ 4,758 $ 6,390 $ (464)
State 7,936 2,018 1,666
Foreign 6,105 4,974 4,674
Total current 18,799 13,382 5,876
Deferred      
Federal (747,082) 21 21
State (94,945) 2 (21)
Foreign 3,284 6,294 1,697
Total deferred (838,743) 6,317 1,697
Provision for income taxes $ (819,944) $ 19,699 $ 7,573
v3.25.1
Income Taxes - Effective Income Tax Rate Reconciliation (Details)
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
U.S. statutory rate 21.00% 21.00% 21.00%
State taxes 4.00% 2.40% (2.40%)
Foreign tax rate differential 0.50% 37.90% 16.40%
Foreign-derived intangible income deduction (3.80%) (11.70%) 0.00%
Stock-based compensation 7.90% 81.80% (55.10%)
Change in valuation allowance (331.70%) (102.50%) (35.50%)
Dual Jurisdiction Deferred Taxes (2.90%) 36.00% 39.20%
Research and development credits (17.30%) (46.00%) 20.10%
Other deferred adjustment (10.70%) (1.20%) (10.70%)
Other 2.30% 3.30% (1.40%)
Effective tax rate (330.70%) 21.00% (8.40%)
v3.25.1
Income Taxes - Components of Net Deferred Tax Balances (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2022
Deferred tax assets        
Net operating loss carryforwards $ 486,505 $ 570,152    
Accruals and reserves 16,772 14,895    
Stock-based compensation 42,949 39,320    
Research and development credits 179,275 147,959    
Capitalized research and development expenses 350,729 246,945    
Other 54,286 53,140    
Total deferred tax assets 1,130,516 1,072,411    
Less: Valuation allowance (112,847) (934,816) $ (1,032,016) $ (999,191)
Deferred tax assets, net of valuation allowance 1,017,669 137,595    
Deferred tax liabilities        
Deferred contract acquisition costs (121,678) (100,806)    
Fixed Assets and Intangible Assets (54,137) (26,258)    
Other (21,980) (25,242)    
Total deferred tax liabilities (197,795) (152,306)    
Net deferred tax assets / (liabilities) $ 819,874      
Net deferred tax assets / (liabilities)   $ (14,711)    
v3.25.1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2022
Operating Loss Carryforwards [Line Items]        
Income tax benefit $ 819,944 $ (19,699) $ (7,573)  
Valuation allowance, deferred tax asset, amount 837,300      
Tax benefit from compensation expense 143,000 7,100 3,300  
Increase (decrease) in tax benefit 16,000 (3,800) (2,200)  
Unrecognized tax benefits 75,546 $ 60,744 $ 47,946 $ 46,729
Unrecognized tax benefits that would affect tax rate, if recognized 60,900      
Accrued interest and penalties 2,200      
Domestic Tax Jurisdiction        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards 1,800,000      
Operating loss carryforwards not limited to 80% of taxable income 1,800,000      
Research tax credit carryforwards 190,500      
Domestic Tax Jurisdiction | California        
Operating Loss Carryforwards [Line Items]        
Research tax credit carryforwards 61,500      
State and Local Jurisdiction        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards 1,300,000      
Foreign Tax Jurisdiction        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards $ 145,400      
v3.25.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefits balance at February 1 $ 60,744 $ 47,946 $ 46,729
Gross increase for tax positions of prior years 0 4,368 333
Gross decrease for tax positions of prior years (307) (156) (1,734)
Settlements 0 0 (2,484)
Gross increase for tax positions of current year 15,109 8,586 5,102
Unrecognized tax benefits balance at January 31 $ 75,546 $ 60,744 $ 47,946
v3.25.1
Income Taxes - Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Deferred Tax Assets, Valuation Allowance [Roll Forward]      
Beginning balance $ 934,816 $ 1,032,016 $ 999,191
Valuation allowance charged to income tax provision (821,969) (97,200) 32,825
Ending balance $ 112,847 $ 934,816 $ 1,032,016
v3.25.1
Segment and Geographic Information - Narrative (Details)
 12 Months Ended
Jan. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.1
Segment and Geographic Information - Schedule of Segment Profit or Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Segment Reporting Information [Line Items]      
Net income (loss) $ 1,067,885 $ 73,980 $ (97,454)
Revenues from external customers 2,976,739 2,761,882 2,515,915
Depreciation and amortization 107,804 95,062 86,255
Interest expense (1,550) (6,844) (6,389)
Provision for (benefit from) income taxes (819,944) 19,699 7,573
Reportable Segment      
Segment Reporting Information [Line Items]      
Net income (loss) 1,067,885 73,980 (97,454)
Revenues from external customers 2,976,739 2,761,882 2,515,915
Depreciation and amortization 107,804 95,062 86,255
Interest income 45,516 58,584 14,269
Interest expense (1,550) (6,844) (6,389)
Provision for (benefit from) income taxes $ (819,944) $ 19,699 $ 7,573
v3.25.1
Segment and Geographic Information - Schedule of Revenues by Geographic Area (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 2,976,739 $ 2,761,882 $ 2,515,915
U.S.      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 2,142,777 2,032,950 1,895,932
International      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 833,962 $ 728,932 $ 619,983
v3.25.1
Segment and Geographic Information - Schedule of Property and Equipment by Geographic Area (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 410,466 $ 368,361
U.S.    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 335,472 296,609
Ireland    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 37,294 39,899
All other countries    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 37,700 $ 31,853