Financial Analysis

6. Acquisitions In March 2024, the Company acquired Oxeye Security Limited for $20.3 million. The acquisition includes a $3.2 million founder holdback payable over three years, recognized as compensation expense. During the three months ended April 30, 2026 , the milestone attached to the second payment tranche was achieved and $1.1 million was paid out to the two co-founders. The Company recorded founder holdback compensation expense of $0.3 million and $0.1 million for the three months ended April 30, 2026 and 2025, respectively, in general and administrative expenses in the condensed consolidated statements of operations.

BusinessCombinationDisclosureTextBlock

13. Commitments and Contingencies Contractual Obligations and Commitments The Companys purchase obligations represent third-party non-cancelable hosting infrastructure agreements, subscription arrangements and other commitments used in the ordinary course of business to meet operational requirements. There were no material changes to the Company's non-cancelable purchase obligations disclosed in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026 , other than a new $10.0 million, one-year agreement with a third-party cloud services provider entered into during the three months ended April 30, 2026. Loss Contingencies In accordance with ASC 450, Loss Contingencies, the Company accrues for contingencies when losses become probable and reasonably estimable. Accordingly, the Company has recorded an estimated liability related to certain labor matters regarding its use of contractors in certain foreign countries. As of April 30, 2026 and January 31, 2026, the estimated liability relating to these matters was $0.9 million, recorded in other non-current liabilities on the condensed consolidated balance sheets, respectively. Warranties and Indemnifications The Company enters into service level agreements with customers which warrant defined levels of uptime and support response times and permit those customers to receive credits for prepaid amounts in the event that those performance and response levels are not met. To date, the Company has not experienced any s …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following table shows the components of revenues and their respective percentages of total revenue for the periods indicated (in thousands, except percentages): Three Months Ended April 30, 2026 2025 Subscriptionself-managed and SaaS $ 239,306 90 % $ 194,481 91 % Subscriptionself-managed 151,082 57 130,296 61 SaaS 88,224 33 64,185 30 Licenseself-managed and other $ 24,852 10 % $ 20,028 9 % Licenseself-managed 18,190 7 15,028 7 Professional services and other 6,662 3 5,000 2 Total revenue $ 264,158 100 % $ 214,509 100 % …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

7. Goodwill and Intangible Assets, Net Goodwill The carrying amount of goodwill was as follows (in thousands): Carrying Amount Balance as of January 31, 2026 $ 17,379 Foreign currency translation adjustments 419 Balance as of April 30, 2026 $ 17,798 There was no goodwill impairment for any periods presented. Intangible Assets Intangible assets, net consisted of the following (in thousands): April 30, 2026 Gross Carrying Amount Accumulated Amortization Net Book Value Weighted average remaining amortization period (years) Developed technology from business combination $ 16,713 $ (11,666) $ 5,047 0.9 Developed technology from asset acquisitions 7,660 (4,948) 2,712 1.1 Total $ 24,373 $ (16,614) $ 7,759 January 31, 2026 Gross Carrying Amount Accumulated Amortization Net Book Value Weighted average remaining amortization period (years) Developed technology from business combination $ 16,713 $ (10,289) $ 6,424 1.2 Developed technology from asset acquisitions 7,660 (4,310) 3,350 1.3 Total $ 24,373 $ (14,599) $ 9,774 Amortization expense was $2.0 million for each of the three months ended April 30, 2026 and 2025 , respectively. As of April 30, 2026, future a mortization expense related to the intangibles assets is expected to be as follows (in thousands): Fiscal Years Remainder of 2027 $ 6,045 2028 1,714 Total future amortization $ 7,759

GoodwillAndIntangibleAssetsDisclosureTextBlock

11. Income Taxes On July 4, 2025, the United States enacted the One Big Beautiful Bill Act (OBBBA) which extended or modified certain corporate tax provisions under the 2017 Tax Cuts and Jobs Act (TCJA). The OBBBA modified certain business deductions, including allowing for immediate expensing of U.S. research & development (R&D) expenditures, effective in the Companys current fiscal year. The OBBBA also modified various international tax provisions which were set to change or expire after 2025 under the TCJA. Such modifications, including U.S. taxation of profits derived from foreign operations and associated foreign tax credit limitations, are effective in this fiscal year. The immediate expensing of U.S. R&D expenditures had a favorable impact on the Companys domestic tax liability. The Company will continue to evaluate the impact of the OBBBA on the Companys condensed consolidated financial statements. For the three months ended April 30, 2026 and 2025 , the Company recorded income tax expense of $2.0 million and $2.5 million on pretax loss of $3.5 million and $33.7 million, respectively . The income tax expense for the three months ended April 30, 2026 and 2025 was primarily related to the Companys foreign operations. The Company's provision for income taxes is based on its worldwide estimated annualized effective tax rate, except for jurisdictions for which a loss is expected for the year and no benefit can be realized for those losses, jurisdictions for whi …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

3. Revenues Disaggregation of Revenue The following table shows the components of revenues and their respective percentages of total revenue for the periods indicated (in thousands, except percentages): Three Months Ended April 30, 2026 2025 Subscriptionself-managed and SaaS $ 239,306 90 % $ 194,481 91 % Subscriptionself-managed 151,082 57 130,296 61 SaaS 88,224 33 64,185 30 Licenseself-managed and other $ 24,852 10 % $ 20,028 9 % Licenseself-managed 18,190 7 15,028 7 Professional services and other 6,662 3 5,000 2 Total revenue $ 264,158 100 % $ 214,509 100 % Total Revenue by Geographic Location The following table summarizes the Companys total revenue by geographic location based on the region of the Companys contracting entity, which may be different than the region of the customer (in thousands): Three Months Ended April 30, 2026 2025 United States $ 217,645 $ 176,886 Europe 39,924 33,078 Asia Pacific 6,589 4,545 Total revenue $ 264,158 $ 214,509 Deferred Revenue and Contract Assets During the three months ended April 30, 2026 and 2025 , $213.2 million and $161.7 million, respectively, of revenue was recognized, which was included in the corresponding deferred revenue balance at the beginning of the reporting periods presented. Contract assets were $3.3 million and $4.5 million as of April 30, 2026 and January 31, 2026 , respectively, and are included in prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. Remaining Performance Obligatio …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"9. Equity Equity Incentive Plans In September 2021, the Company adopted the 2021 Equity Incentive Plan (the 2021 Plan) as a successor of the Companys 2015 Equity Incentive Plan (together the Plans). Effective February 1, 2026, the number of shares available under the 2021 Plan was automatically increased by 8,503,382 shares pursuant to the terms of the 2021 Plan. In the event that shares previously issued u nder the above Plans are reacquire d by the Company, such shares shall be added to the number of shares then available for issuance under the 2021 Plan. In the event that an outstanding stock option for any reason expires or is canceled, the shares allocable to the unexercised portion of su ch stock option will be added to the number of shares then available for issuance under the 2021 Plan. Both Plans allow the grantees to early exercise stock options. Share Repurchase Program In March 2026, the Company's Board of Directors authorized the repurchase of up to $400.0 million of the Company's Class A common stock (the ""2026 Repurchase Program""). The 2026 Repurchase Program may be modified, suspended, or terminated at any time and does not require the Company to repurchase any specific number or dollar amount of shares. Repurchases may be made from time to time in the open market, through privately negotiated transactions, through Rule 10b5-1 trading plans, or by other means, subject to market conditions, applicable legal requirements, and the Company's capital allocation …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

14. Subsequent Events On June 1, 2026 , the board of directors of the Company approved a restructuring plan (the Plan). The Company anticipates approximately 14% of its global workforce as of January 31, 2026 may be impacted by the Plan. The Plan is intended to help position the Company for long-term success by realigning its operating structure to optimize execution against its strategic priorities. The Company also expects to exit 22 countries to reduce its team member geographic footprint by approximately 37%. As a result of the Plan, the Company expects to incur approximately $30 million to $35 million in pre-tax restructuring charges, consisting primarily of one-time severance, employee termination benefit costs, and retention costs associated with the execution of the Plan, of which approximately $19 million is expected to be incurred in the second quarter of fiscal year 2027, with the majority of the remainder expected to be recognized over the following three quarters. The Company expects the Plan to be substantially complete by the end of fiscal 2027. Additional costs associated with the Plan may be identified and will be disclosed when reasonably estimable. The charges that the Company expects to incur are subject to a number of assumptions, including legal requirements in various jurisdictions. On May 14, 2026, the Companys Executive Chair Sytse Sijbrandij converted 15,134,451 shares of Class B common stock into 15,134,451 shares of Class A common stock. Each share …

SubsequentEventsTextBlock · excerpt; the full note is in the filing