Financial Analysis

Commitments and Contingencies Standby Letters of Credit As of October 31, 2025, the Company had several letters of credit outstanding related to its operating leases totaling $21.7 million . The letters of credit expire at various dates between fiscal 2028 and 2035. Purchase Commitments In November 2024, the Company entered into a 60-month contract with Amazon Web Services (AWS) for hosting-related services, which replaced the Companys prior agreement with AWS and terminated the remaining commitments under the prior agreement. Pursuant to the terms of the November 2024 contract with AWS, the Company is required to spend $255.0 million over the term of the contract between December 2024 to November 2029. The commitment may be offset by up to $4.2 million in credits, of which $3.7 million are subject to the Company meeting certain conditions of the agreement. As of October 31, 2025, the Company had purchase commitments remaining of $216.4 million under this contract, which are not reflected on the Companys condensed consolidated balance sheet as of October 31, 2025. Future commitments under this contract as of October 31, 2025, are as follows (in thousands): Fiscal year ending January 31, Purchase Commitments Remainder of fiscal year 2026 $ 3,359 2027 45,000 2028 54,000 2029 56,000 2030 and thereafter 58,000 Total remaining purchase commitments $ 216,359 During the nine months ended October 31, 2025, other than certain non-cancelable operating leases described in Note 8. Leases …

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Fair Value Measurements The following table summarizes, for assets measured at fair value, the respective fair value and classification by level of input within the fair value hierarchy (in thousands): As of October 31, 2025 Level 1 Level 2 Level 3 Total Current Assets Cash equivalents Money market funds $ 56,875 $ $ $ 56,875 U.S. Treasury securities 10,974 $ 10,974 Commercial paper 7,981 7,981 U.S. agency bonds 750 750 Total cash equivalents $ 67,849 $ 8,731 $ $ 76,580 Marketable securities U.S. Treasury securities $ 158,253 $ $ $ 158,253 Commercial paper 5,892 5,892 Corporate bonds 95,997 95,997 U.S. agency bonds 20,004 20,004 Total marketable securities $ 158,253 $ 121,893 $ $ 280,146 Total assets $ 226,102 $ 130,624 $ $ 356,726 As of January 31, 2025 Level 1 Level 2 Level 3 Total Current Assets Cash equivalents Money market funds $ 88,251 $ $ $ 88,251 Total cash equivalents $ 88,251 $ $ $ 88,251 Marketable securities U.S. Treasury securities $ 155,166 $ $ $ 155,166 Corporate bonds 106,009 106,009 U.S. agency bonds 20,981 20,981 Total marketable securities $ 155,166 $ 126,990 $ $ 282,156 Total assets $ 243,417 $ 126,990 $ $ 370,407 The following table summarizes the Company's investments in marketable securities on the condensed consolidated balance sheets (in thousands): As of October 31, 2025 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Current Assets U.S. Treasury securities $ 157,439 $ 855 $ (41) $ 158,253 Commercial paper 5,895 (3 …

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Income Taxes The Company's income tax expense was $1.3 million and $1.1 million for the three months ended October 31, 2025 and 2024, respectively, and $3.9 million and $3.3 million for nine months ended October 31, 2025 and 2024, respectively, primarily due to income taxes in foreign jurisdictions. On July 4, 2025, the United States enacted federal tax legislation commonly referred to as the One Big Beautiful Bill Act (the OBBB Act). The OBBB Act makes permanent certain elements of the Tax Cuts and Jobs Act, including immediate expensing of U.S. research and experimentation expenditures, various modifications to the international tax framework, and updates to executive compensation aggregation rules under Section 162(m) of the Internal Revenue Code. The Company evaluated the impact of the OBBB Act on its tax provision, valuation allowance, and uncertain tax positions. The OBBB Act did not have a material impact on the Company's financial statements. The Company maintains a full valuation allowance, and any change in net deferred tax assets from the OBBB Act would be accompanied by a corresponding adjustment to the valuation allowance. …

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Leases The Company leases real estate facilities under non-cancelable operating leases with various expiration dates through fiscal 2034. The Company has no lease agreements that are classified as finance leases. Future minimum lease payments under non-cancelable operating leases with initial lease terms in excess of one year included in the Companys total operating lease liabilities as of October 31, 2025 are as follows (in thousands): Fiscal year ending January 31, Operating Lease Payments (Net) Remainder of fiscal year 2026 $ 11,132 2027 42,614 2028 41,135 2029 37,826 2030 and thereafter 166,338 Total undiscounted operating lease payments $ 299,045 Less: imputed interest (84,657) Total operating lease liabilities $ 214,388 During the three months ended October 31, 2025, the Company executed a sublease for a portion of its corporate office space in San Francisco, California. The Company evaluated the associated asset group for impairment, which included the ROU assets and underlying property and equipment for the lease. The Company compared the expected future undiscounted cash flows to the carrying value and determined the respective asset group was not recoverable. The Company calculated the fair value based on the present value of the cash flows from the sublease for the remaining lease term and compared the estimated fair value to its carrying value, which resulted in a $30.7 million consolidated impairment charge. The fair value of the operating lease ROU assets and as …

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Debt In April 2020, the Company entered into a five-year $40.0 million term loan agreement with SVB (the April 2020 Senior Secured Term Loan) which provided for a senior secured term loan facility, in an aggregate principal amount of up to $40.0 million to be used for the construction of the Companys corporate headquarters. Interest accrued and was payable monthly based on a floating rate per annum equal to the prime rate (per the Wall Street Journal) plus an applicable margin ranging from 0% to (1.0)% based on the Companys unrestricted cash balance at the lender. The April 2020 Senior Secured Term Loan was repaid in full and terminated in November 2022 in connection with a refinance. In November 2022, the Company entered into an agreement for a four-year credit facility (as amended on April 13, 2023, June 18, 2024, November 18, 2024, and May 29, 2025, the November 2022 Senior Secured Credit Facility) with SVB, which refinanced the April 2020 Senior Secured Term Loan. The November 2022 Senior Secured Credit Facility provides for senior secured credit facilities in the aggregate principal amount of $150.0 million, including a senior secured term loan facility in an aggregate principal amount of $50.0 million and a revolving loan facility in an aggregate principal amount of up to $100.0 million, including a $30.0 million letter of credit sub-facility, maturing on November 7, 2026. On March 27, 2023, First Citizens BancShares, Inc. announced that it entered into an agreement to …

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"Recently Adopted Accounting Pronouncements In November 2023, the FASB issued 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company adopted the guidance in fiscal 2025 and has made the required disclosures on this Form 10-Q. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entitys effective tax rate reconciliation as well as information on income taxes paid. The guidance is effective for the Companys fiscal years beginning February 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of adoption of the standard on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which requires that public entities disclose, on an annual and interim basis, disaggregated information about specific expense categories (including employee compensation, depreciation, and amortiza …

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Related Party Transactions During the fiscal year ended January 31, 2020, the Company began leasing certain office facilities from a company affiliated with members of the Companys board of directors. Lease expenses under these leases totaled $0.4 million and $0.4 million during the three months ended October 31, 2025 and 2024, respectively, and $1.2 million and $1.3 million during the nine months ended October 31, 2025 and 2024, respectively. The Company has entered into an advertising agreement with a company affiliated with a member of the Companys board of directors. Advertising expenses under this agreement were not material for the three and nine months ended October 31, 2025. Advertising expenses under this agreement totaled $0.3 million and $1.3 million during the three and nine months ended October 31, 2024, respectively. …

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Restructuring In the fourth quarter of fiscal 2025, the Company approved a restructuring plan (the 2025 Restructuring Plan) intended to improve operational efficiencies and operating costs and better align the Companys workforce with its business needs, top strategic priorities, and key growth opportunities. The 2025 Restructuring Plan involved a reduction of the Companys workforce by approximately 5% globally. As of October 31, 2025, the Company has recorded total restructuring charges of $6.7 million related to the 2025 Restructuring Plan. As of January 31, 2025, the Company had $3.7 million restructuring charges reflected within accrued expenses and other current liabilities. During the nine months ended October 31, 2025, the Company recorded restructuring charges of $2.2 million and settled the restructuring liability. No restructuring charges were incurred during the three months ended October 31, 2025, and the Company does not expect to incur further material restructuring charges related to the 2025 Restructuring Plan in future periods. The restructuring costs related to the 2025 Restructuring Plan are recognized in the condensed consolidated statement of operations for the nine months ended October 31, 2025 as follows: Severance and Related Charges Stock-Based Compensation Expense (Benefit) Total Research and development $ 1,042 $ (94) $ 948 Sales and marketing 885 (54) 831 General and administrative 460 (22) 438 Total $ 2,387 $ (170) $ 2,217 …

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Revenues Deferred Revenue and Remaining Performance Obligations The Company recognized $57.2 million and $49.9 million of revenues during the three months ended October 31, 2025 and 2024, respectively, that were included in the deferred revenue balances at January 31, 2025 and 2024, respectively. The Company recognized $277.6 million and $244.0 million of revenues during the nine months ended October 31, 2025 and 2024, respectively, that were included in the deferred revenue balances at January 31, 2025 and 2024, respectively. Deferred revenue that will be recognized within the next 12 months is recorded as deferred revenue, current and the remaining portion is recorded as deferred revenue, noncurrent. As of October 31, 2025, the Company's remaining performance obligations from contracts with customers was $500.9 million, of which the Company expects to recognize approximately 77% as revenues over the next 12 months and the remainder thereafter. Deferred Contract Acquisition Costs Deferred contract acquisition costs are amortized over a period of benefit of three years. The period of benefit was estimated by considering factors such as historical customer attrition rates, the useful life of the Companys technology, and the impact of competition in the software-as-a-service industry. The following table summarizes the activity of deferred contract acquisition costs (in thousands): Nine Months Ended October 31, 2025 2024 Beginning balance $ 40,518 $ 39,381 Capitalization of con …

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Geographic Information The following tables set forth revenues and long-lived assets, which primarily consist of property and equipment, net and operating lease ROU assets, by geographic area for the periods presented below (in thousands): Revenues Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 United States $ 118,487 $ 110,320 $ 346,523 $ 322,978 International 82,546 73,562 238,713 212,564 Total Revenues $ 201,033 $ 183,882 $ 585,236 $ 535,542 Revenues by geography are based on the shipping address of the customer. Long-Lived Assets As of October 31, 2025 January 31, 2025 United States $ 207,210 $ 248,698 International 18,012 13,683 Total long-lived assets $ 225,222 $ 262,381

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"Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (GAAP) and include the accounts of the Companys wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated on consolidation. The unaudited condensed consolidated balance sheet as of January 31, 2025 included herein was derived from the audited financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management's opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to state fairly the balance sheet, statements of comprehensive loss, and stockholders' equity, and statements of cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Companys Annual Report on Form 10-K filed with the SEC on March 18, 2025. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumpti …

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