Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1
Income Taxes (Tables)
 12 Months Ended
Jan. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Domestic and Foreign Component of Loss Before Provision for Income Taxes
The domestic and foreign component of the income (loss) before provision for income taxes was as follows:
Year Ended January 31,
(in thousands) 2024 2023 2022
Domestic $ 32,033  $ (70,072) $ (123,956)
Foreign 28,489  22,604  19,402 
Total $ 60,522  $ (47,468) $ (104,554)
Schedule of Components of Income Tax Expense (Benefit)
The provision for income taxes consisted of the following:
Year Ended January 31,
(in thousands) 2024 2023 2022
Current tax provision:
Federal $ —  $ —  $ — 
State 207  69  67 
Foreign 11,788  8,039  6,987
Total current tax provision
 $ 11,995  $ 8,108  $ 7,054 
Deferred tax expense (benefit):
Federal $ 94  $ 92  $ 88 
State 108  142  92 
Foreign (3,078) (68) (318)
Total deferred tax expense (benefit)
 (2,876) 166  (138)
Total provision for income taxes $ 9,119  $ 8,274  $ 6,916 
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:
Year Ended January 31,
2024 2023 2022
U.S. federal statutory rate 21.0  % 21.0  % 21.0  %
Effect of:
State taxes, net of U.S. federal benefit 2.4  2.2  2.8 
Foreign taxes in excess of the U.S. rate differential 1.6  (3.7) 1.4 
Foreign withholding taxes
 6.1  (1.8) (3.2)
Non-deductible expenses 16.6  (14.0) (8.7)
Changes in valuation allowance (31.3) (15.9) (23.9)
Excess tax benefits related to shared based compensation (3.6) 4.4  4.8 
Global Intangible Low Taxed Income (GILTI) inclusion 0.3  (12.7) — 
Other 2.0  3.1  (0.8)
Effective tax rate
 15.1  % (17.4) % (6.6) %
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities were as follows:
January 31,
(in thousands) 2024 2023
Deferred tax assets:
Net operating loss carryforward $ 112,671  $ 120,438 
Accrued compensation
 1,866  1,252 
Accrued commissions 1,406  976 
Depreciation and amortization 882  749 
Allowance for doubtful accounts 1,294  775 
Deferred revenue 337  1,308 
Stock-based compensation 4,962  11,340 
Lease liabilities
 1,731  2,190 
Other —  6 
Total deferred tax assets 125,149  139,034 
Less valuation allowance (86,203) (105,500)
Deferred tax assets, net of valuation allowance 38,946  33,534 
Deferred tax liabilities
  Depreciation and amortization (876) (3,239)
Capitalized commission costs (33,379) (27,873)
Lease right-of-use
 (1,525) (2,376)
Other (332) (101)
Total deferred tax liabilities (36,112) (33,589)
Net deferred tax assets (liabilities) $ 2,834  $ (55)
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, 2024:
Year Ended January 31,
(in thousands) 2024 2023 2022
Balance at beginning of period $ 1,728  $ 1,539  $ 568 
Tax positions taken during a prior year:
Gross increases —  —  1,229 
Gross decreases —  (288) (605)
Tax positions taken during the current year:
Gross increases 708  477  347 
Balance at end of period $ 2,436  $ 1,728  $ 1,539