Income Taxes (Tables)
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12 Months Ended |
Jan. 31, 2023 |
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| Income Tax Disclosure [Abstract] |
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| Schedule of Domestic and Foreign Component of Loss Before Provision for Income Taxes |
The domestic and foreign component of the loss before provision for income taxes was as follows:
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Year Ended January 31, |
| (in thousands) |
2023 |
|
2022 |
|
2021 |
| Domestic |
$ |
(70,072) |
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|
$ |
(123,956) |
|
|
$ |
(39,957) |
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| Foreign |
22,604 |
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|
19,402 |
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|
5,764 |
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| Total |
$ |
(47,468) |
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|
$ |
(104,554) |
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|
$ |
(34,193) |
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| Schedule of Components of Income Tax Expense (Benefit) |
The provision for income taxes consisted of the following:
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Year Ended January 31, |
| (in thousands) |
2023 |
|
2022 |
|
2021 |
| Current tax provision |
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| Federal |
$ |
— |
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|
$ |
— |
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|
$ |
— |
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| State |
69 |
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|
67 |
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|
102 |
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| Foreign |
8,039 |
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|
6,987 |
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|
3,785 |
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$ |
8,108 |
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|
$ |
7,054 |
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$ |
3,887 |
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| Deferred tax expense (benefit): |
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| Federal |
$ |
92 |
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$ |
88 |
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$ |
85 |
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| State |
142 |
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|
92 |
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|
99 |
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| Foreign |
(68) |
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(318) |
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(294) |
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|
166 |
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|
(138) |
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|
(110) |
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| Total provision for income taxes |
$ |
8,274 |
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|
$ |
6,916 |
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|
$ |
3,777 |
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| Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate was as follows:
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Year Ended January 31, |
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2023 |
|
2022 |
|
2021 |
| U.S. federal statutory rate |
21.0 |
% |
|
21.0 |
% |
|
21.0 |
% |
| Effect of: |
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| State taxes, net of U.S. federal benefit |
2.2 |
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|
2.8 |
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|
0.2 |
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| Foreign taxes in excess of the U.S. rate differential |
(5.5) |
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|
(1.8) |
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(1.1) |
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| Non-deductible expenses |
(14.0) |
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|
(8.7) |
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|
(23.0) |
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| Changes in valuation allowance |
(15.9) |
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(23.9) |
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|
(16.1) |
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| Excess tax benefits related to shared based compensation |
4.4 |
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4.8 |
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10.9 |
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| Global Intangible Low Taxed Income (GILTI) inclusion |
(12.7) |
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— |
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— |
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| Other |
3.1 |
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|
(0.8) |
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(3.0) |
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(17.4) |
% |
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(6.6) |
% |
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(11.1) |
% |
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| Schedule of Deferred Tax Assets and Liabilities |
The components of deferred tax assets and liabilities were as follows:
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January 31, |
| (in thousands) |
2023 |
|
2022 |
| Deferred tax assets: |
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| Net operating loss carryforward |
$ |
120,438 |
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|
$ |
105,753 |
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| Accrued expenses |
1,252 |
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|
2,003 |
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| Accrued commissions |
976 |
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|
718 |
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| Depreciation and amortization |
749 |
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|
613 |
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| Allowance for doubtful accounts |
775 |
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|
656 |
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| Deferred revenue |
1,308 |
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|
4,821 |
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| Stock-based compensation |
11,340 |
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|
7,068 |
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| Lease right-of-use |
2,190 |
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— |
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| Other |
6 |
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|
686 |
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| Total deferred tax assets |
$ |
139,034 |
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$ |
122,318 |
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| Less valuation allowance |
(105,500) |
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|
(98,093) |
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| Deferred tax assets, net of valuation allowance |
$ |
33,534 |
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|
$ |
24,225 |
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| Deferred tax liabilities |
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| Depreciation and amortization |
(3,239) |
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|
(3,566) |
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| Capitalized commission costs |
(27,873) |
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(20,182) |
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| Lease liabilities |
(2,376) |
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— |
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| Other |
(101) |
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|
(287) |
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| Total deferred tax liabilities |
$ |
(33,589) |
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|
$ |
(24,035) |
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| Net deferred tax assets (liabilities) |
$ |
(55) |
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|
$ |
190 |
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| Schedule of Unrecognized Tax Benefits Roll Forward |
A reconciliation of the beginning and ending balance of total gross unrecognized tax benefits for the year ended January 31, 2023:
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Year Ended January 31, |
| (in thousands) |
2023 |
| Balance at beginning of period |
$ |
1,539 |
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| Tax positions taken during a prior year: |
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| Gross increases |
— |
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| Gross decreases |
(288) |
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| Tax positions taken during the current year: |
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| Gross increases |
477 |
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| Balance at end of period |
$ |
1,728 |
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