Financial Analysis

BUSINESS COMBINATIONS Shorebird Technologies Private Limited On May 17, 2023, we acquired all of the outstanding stock of Shorebird Technologies Private Limited (Tripeur), an Indian-based travel management company for an aggregate purchase price of $7.2 million paid in cash. The acquisition was accounted for as a business combination and is expected to increase our market share as a provider of travel, corporate card and expense management solutions in India. Acquisition costs related to the Tripeur acquisition were approximately $0.3 million and were expensed as incurred. The purchase price was allocated to the following assets and liabilities: $6.3 million to goodwill, $0.5 million to intangible assets for acquired developed technology, $0.8 million to current assets, $0.4 million to other assets and $0.8 million to current liabilities. Goodwill was primarily attributed to the assembled workforce and expanded market opportunities from the Tripeur acquisition. None of the goodwill is deductible for U.S. federal income tax purposes. The acquired developed technology has an estimated useful life of two years. The financial results of Tripeur are included in our consolidated financial statements from the date of acquisition. Tripeurs financial results have not been material to date. Pro forma results of operations have not been presented because the effect of the acquisition was not material to the consolidated statements of operations. Regent International S.R.L On June 4, 202 …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Purchase Obligations In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties primarily related to the purchase of cloud hosting arrangements and software subscriptions. The table below presents the summarized purchase obligations as of January 31, 2026 (in thousands): Payments Due By Period as of January 31, 2026 Total Less than 1 Year 1 - 3 Years 3 - 5 Years More than 5 Years Purchase obligations $ 39,575 $ 18,922 $ 20,653 $ $ Litigation The Company is currently involved in, and may in the future be involved in, legal proceedings and administrative proceedings, disputes or claims. The Company records a liability when a loss is considered probable and the amount can be reasonably estimated. For legal proceedings for which there is a reasonable possibility of loss (meaning those losses for which the likelihood is more than remote but less than probable), the Company has determined it does not have material exposure on an aggregate basis. Securities and Derivative Litigation On February 23, 2026, a putative securities class action complaint was filed against the Company, its directors and certain of its current and former executive officers (collectively, the Defendants) in the U.S. District Court for the Northern District of California. The lawsuit alleges that the Defendants violated the Securities Act of 1933, as amended, by making materially false and misleading statements about our sal …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

EMPLOYEE BENEFIT PLANThe Company sponsors a 401(k) defined contribution retirement plan (the 401(k) Plan) covering certain U.S. employees. Participants may contribute a portion of their compensation to the 401(k) Plan, subject to limitations under the Internal Revenue Code. During the year ended January 31, 2024, the Company paused 401(k) Plan matching contributions for employees. The Company also maintains certain other defined contribution plans outside of the United States, for which it provides contributions for participating employees in the regions in which matching contributions is applicable. The Companys contributions for all defined contribution retirement plans was $8.2 million, $6.1 million, and $7.4 million for the years ended January31, 2026, 2025, and 2024, respectively. …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

DEBT The Company had the following debt outstanding (in thousands): As of January 31, 2026 2025 Convertible notes $ $ 125,000 Warehouse credit facility 118,174 214,238 Trade loan facility 45,000 ABL facility 6,000 Notes payable: 2022 promissory note 150,000 Other debt 621 968 Total notes payable 621 150,968 Total principal amount of debt and borrowings 124,795 535,206 Less: unamortized debt discount and issuance costs (11,324) Plus: accrued interest 94,056 Net carrying value of debt and borrowings $ 124,795 $ 617,938 Warehouse Credit Facility In November 2022, Liquid Labs SPV, LLC (Liquid Labs), a wholly-owned subsidiary of the Company, entered into a loan agreement with a group of lenders for a revolving warehouse credit facility (Warehouse Credit Facility). Under the original terms of the agreement, the Warehouse Credit Facility had a maturity date of February 18, 2025, or earlier pursuant to the loan agreement, and had a total commitment amount of $200.0 million, consisting of a Class A facility and a Class B facility for $171.1 million and $28.9 million, respectively. The original terms also included a minimum utilization of 50% of the committed amount. Any unused portion of the Warehouse Credit Facility will bear interest at 0.5% per annum. The Warehouse Credit Facility was established to finance the Companys corporate payments offering. Borrowings on the Warehouse Credit Facility bear interest at a floating rate based on SOFR plus an applicable margin, as defined by the …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Revenue consists of the following (in thousands): Year Ended January 31, 2026 2025 2024 Usage-based revenue $ 640,396 $ 490,356 $ 371,728 Subscription revenue 61,869 46,481 30,528 Total revenue $ 702,265 $ 536,837 $ 402,256

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EQUITY INCENTIVE PLANS 2015 Equity Incentive Plan and 2025 Equity Incentive Plan In September 2025, the Companys Board of Directors (the Board of Directors) adopted, and in October 2025, the stockholders approved, the 2025 Equity Incentive Plan (the 2025 Plan). The 2025 Plan became effective upon the effectiveness of the registration statement for the Companys IPO. No further grants will be made under the Companys 2015 Equity Incentive Plan (the 2015 Plan and together with the 2025 Plan, the Plans). The 2025 Plan provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary, and for the grant of non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to employees, directors, and consultants, including employees and consultants of our affiliates. The Companys default tax withholding method for RSUs is the sell-to-cover method, with the exception of RSUs settled in connection with the IPO for which the Company applied the net settlement method. In connection with the IPO, the Board of Directors and the Companys stockholders approved up to 82,887,502 shares of Class A common stock to be reserved for issuance under the 2025 Plan, consisting of 35,000,000 new shares plus up to 47,887,502 shares underlying outstanding awards granted under our 2015 Plan that may become available for issuance under the 2025 Plan from time to time that, …

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INVESTMENTS AND FAIR VALUE MEASUREMENTS The following is a summary of the Companys cash equivalents and investments on the consolidated balance sheets (in thousands): As of January 31, 2026 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimate Fair Value Cash equivalents: Money market funds $ 129,893 $ $ $ 129,893 Commercial paper 40,758 40,758 Total cash equivalents 170,651 170,651 Short-term investments: U.S. government and agency securities 103,458 38 103,496 Commercial paper 24,087 24,087 Corporate bonds 29,387 26 (2) 29,411 Total short-term investments 156,932 64 (2) 156,994 Total cash equivalents and investments $ 327,583 $ 64 $ (2) $ 327,645 The Company had no balances in investments as of January 31, 2025. The Companys investments consist of available-for-sale debt securities. The Company considers debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities as short-term investments on the consolidated balance sheets. The Company included $0.8 million of interest receivable within prepaid expenses and other current assets on the consolidated balance sheets as of January 31, 2026. Gross unrealized losses on the Companys available-for-sale debt securities were not material as of January 31, 2026. For investments with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these s …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The following table presents the changes in the carrying value of goodwill (in thousands): Carrying Amount Balance as of January 31, 2024 $ 220,541 Goodwill arising from acquisitions 4,006 Foreign currency translation impact (4,819) Balance as of January 31, 2025 $ 219,728 Foreign currency translation impact 21,581 Balance as of January 31, 2026 $ 241,309 There were no impairments of goodwill recognized during the years ended January 31, 2026, 2025 and 2024, respectively. Intangible Assets Intangible assets consisted of the following (in thousands, except years data): As of January 31, 2026 Weighted-Average Remaining Life (Years) Gross Carrying Amount Accumulated Amortization Net Amount Customer relationships 7.7 29,978 (11,167) 18,811 Domain names 11.8 587 (124) 463 Total intangible assets $ 30,565 $ (11,291) $ 19,274 As of January 31, 2025 Weighted-Average Remaining Life (Years) Gross Carrying Amount Accumulated Amortization Net Amount Trade names 15.2 $ 43,579 $ (8,601) $ 34,978 Customer relationships 8.6 27,989 (7,921) 20,068 Developed technology 0.3 507 (422) 85 Domain names 12.8 587 (85) 502 Total intangible assets $ 72,662 $ (17,029) $ 55,633 During the years ended January 31, 2026, 2025, and 2024, amortization expense related to intangible assets of $41.3 million, $5.0 million, and $4.8 million, respectively, was recorded in sales and marketing expense, and $0.1 million, $0.3 million, and $1.5 million, respectively was rec …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES Loss before income tax expense is as follows (in thousands): Year Ended January 31, 2026 2025 2024 United States $ (389,326) $ (206,209) $ (345,485) Foreign (6,596) 34,701 19,361 Loss before income tax expense $ (395,922) $ (171,508) $ (326,124) The components of income tax expense are as follows (in thousands): Year Ended January 31, 2026 2025 2024 Current: Federal $ $ (259) $ (135) State 259 128 36 Foreign 13,155 9,700 8,751 Total current tax expense 13,414 9,569 8,652 Deferred: Federal State 11 2 (52) Foreign (11,317) (1) (3,172) Total deferred tax expense (benefit) (11,306) 1 (3,224) Total income tax expense $ 2,108 $ 9,570 $ 5,428 During the years ended January 31, 2026 and 2025, certain non-US earnings that could be distributed tax efficiently have not been permanently reinvested where earned. As of January 31, 2026 and 2025, the Companys deferred tax liability for additional taxes that would be incurred upon repatriation of the earnings that are no longer permanently reinvested was not material. The income tax expense differs from the amount computed by applying the federal statutory income tax rate to income before taxes as follows (in thousands): Year Ended January 31, 2026 2025 2024 Loss before income tax expense $ (395,922) $ (171,508) $ (326,124) Expected tax benefit at Federal Rate of 21% (83,144) (36,017) (68,486) State taxes 273 130 (16) Taxes on foreign earnings 3,224 2,412 1,513 Stock-based compensation 2,833 4,943 4,811 Disallowed interest on de …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES Our operating leases primarily include leases for office space in various locations around the world under non-cancellable operating lease arrangements that expire at various dates through fiscal year 2033. Certain leases contain escalation clauses and renewal options. Generally, our leases have no purchase options, residual value guarantees or material covenants. Our leases require us to pay certain operating expenses, such as taxes, repairs and insurance. The components of lease cost include fixed payments on our operating leases, fixed payments on our short-term leases and variable lease payments. Variable lease payments consist of common area maintenance, utilities reimbursed to the landlord, taxes and other costs and are expensed as incurred. The components of lease cost were as follows (in thousands): Year Ended January 31, 2026 2025 2024 Operating lease costs $ 17,994 $ 15,047 $ 15,393 Short-term lease costs 2,006 3,234 6,467 Variable lease costs 2,020 2,139 1,853 Total lease costs $ 22,020 $ 20,420 $ 23,713 Supplemental cash flow information related to leases was as follows (in thousands): Year Ended January 31, 2026 2025 2024 Cash paid for amounts included in the measurement of operating lease liabilities $ 18,121 $ 12,864 $ 15,518 Operating lease right-of-use assets obtained in exchange for lease obligations $ 5,560 $ 9,773 $ 22,507 Increase (decrease) of lease liabilities due to lease modifications $ 812 $ 2,240 $ (2,745) Increase (decrease) of right-of-use …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ( FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which amends disclosure requirements relating to segment reporting, primarily through enhanced disclosure about significant segment expenses and by requiring disclosure of segment information on an annual and interim basis. The Company adopted ASU 2023-07 as of February 1, 2024 with no material impact on its consolidated financial statements. For further information, refer to Segment Information within Note 1 Description of Business and Significant Accounting Policies. In August 2020, the FASB issued ASU No. 2020-06, Debt Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entitys Own Equity (Subtopic 815-40) (ASU 2020-06). ASU 2020-06 is intended to simplify the accounting for convertible instruments by removing certain separation models and to simplify the accounting for contracts in an entitys own equity by eliminating the settlement criteria to qualify for a scope exception from derivative accounting. ASU 2020-06 also clarifies the diluted earnings per share calculation when convertible instruments and contracts in an entitys own equity are involved. The Company adopted ASU 2020-06 as of February 1, 2024 with no material impact to its consolidated financial statements. Recently Issued Accounting Pronouncemen …

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REVENUE Disaggregation of Revenue Revenue consists of the following (in thousands): Year Ended January 31, 2026 2025 2024 Usage-based revenue $ 640,396 $ 490,356 $ 371,728 Subscription revenue 61,869 46,481 30,528 Total revenue $ 702,265 $ 536,837 $ 402,256 Usage-based revenue primarily represents fees from our platform customers earned on a per-booking transaction basis and fees from our travel supply and payment partners, which are generally earned on a per-transaction basis. Under our arrangements with certain travel supply partners, we earn additional fees when cumulative actual booking or transaction dollar volume exceeds specified contractual thresholds. Subscription revenue primarily represents revenue earned from subscriptions to our expense management platform. The following table summarizes revenue by region based on the billing country of customers (in thousands, except percentages): Year Ended January 31, 2026 2025 2024 Amount Percentage of Revenue Amount Percentage of Revenue Amount Percentage of Revenue United States $ 435,828 62 % $ 315,807 59 % $ 217,427 54 % United Kingdom 145,936 21 % 129,412 24 % 115,234 29 % Rest of World (1) 120,501 17 % 91,618 17 % 69,595 17 % Total revenue $ 702,265 100 % $ 536,837 100 % $ 402,256 100 % ________________ (1) No individual country within Rest of World comprises more than 10% of total revenue. Unbilled Receivables We receive payments from customers based on a billing schedule as established in our customer contracts. Accou …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS EQUITY (DEFICIT) Redeemable Convertible Preferred Stock Immediately prior to the completion of the Companys IPO, all of the Companys then-outstanding shares of redeemable convertible preferred stock were automatically converted into 146,599,125 shares of voting common stock and, in connection with the IPO, all shares of voting common stock underlying the redeemable convertible preferred stock were reclassified into an equivalent number of shares of Class A common stock. In connection with the Companys IPO, the restated certificate became effective, which authorized the issuance of 20,000,000 shares of preferred stock with a par value of $0.00000625 per share with rights and preferences, including voting rights, designated from time to time by the Board of Directors. The following tables summarize the Companys outstanding redeemable convertible preferred stock (collectively, the Preferred Stock, as of January 31, 2025 and prior to the completion of the Companys IPO, (in thousands, except price per share amounts and share data): As of January 31, 2025 Shares Authorized Shares Issued and Outstanding Original Issuance Price Per Share Liquidation Amount Carrying Value Series Seed 16,934,856 16,934,839 $ 0.25 $ 4,181 $ 4,729 Series A 20,382,688 20,382,673 $ 0.50 10,125 10,288 Series A-1 21,353,147 21,353,143 $ 0.59 12,500 12,670 Series B 27,505,170 27,465,006 $ 1.87 51,225 51,153 Series C 21,158,278 19,770,427 $ 7.21 142,454 142,398 Series C-1 1,387,848 1,387,848 $ 7.2 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 10 - COMMITMENTS AND CONTINGENCIES Purchase Obligations In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties primarily related to the purchase of cloud hosting arrangements and software subscriptions. The following table presents the summarized purchase obligations as of April 30, 2026 (in thousands): Payments Due By Period as of April 30, 2026 Total Less than 1 Year 1 - 3 Years 3 - 5 Years More than 5 Years Purchase obligations 37,685 18,847 18,838 Litigation The Company is currently involved in, and may in the future be involved in, legal proceedings and administrative proceedings, disputes or claims. The Company records a liability when a loss is considered probable and the amount can be reasonably estimated. For legal proceedings for which there is a reasonable possibility of loss (meaning those losses for which the likelihood is more than remote but less than probable), the Company has determined it does not have material exposure on an aggregate basis. Securities and Derivative Litigation On February 23, 2026, a putative securities class action complaint was filed against the Company, its directors and certain of its current and former executive officers (collectively, the Defendants) in the U.S. District Court for the Northern District of California. The lawsuit alleges that the Defendants violated the Securities Act of 1933, as amended, by making materially false and misleading statements about the Com …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 6 - DEBT The Company had the following debt outstanding (in thousands): As of April 30, 2026 January 31, 2026 Warehouse credit facility $ 118,174 $ 118,174 ABL facility 6,000 6,000 Notes payable: Other debt 316 621 Total notes payable 316 621 Total principal amount of debt and borrowings 124,490 124,795 Less: unamortized debt discount and issuance costs Plus: accrued interest Net carrying value of debt and borrowings $ 124,490 $ 124,795 Warehouse Credit Facility In November 2022, Liquid Labs SPV, LLC (Liquid Labs), a wholly-owned subsidiary of the Company, entered into a loan agreement with a group of lenders for a revolving warehouse credit facility (Warehouse Credit Facility). Under the original terms of the agreement, the Warehouse Credit Facility had a maturity date of February 18, 2025, or earlier pursuant to the loan agreement, and had a total commitment amount of $200.0 million, consisting of a Class A facility and a Class B facility for $171.1 million and $28.9 million, respectively. The original terms also included a minimum utilization of 50% of the committed amount. Any unused portion of the Warehouse Credit Facility will bear interest at 0.5% per annum. The Warehouse Credit Facility was established to finance the Companys corporate payments offering. Borrowings on the Warehouse Credit Facility bear interest at a floating rate based on SOFR plus an applicable margin, as defined by the loan agreement. Borrowings under the Warehouse Credit Facility are secured b …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Revenue consists of the following (in thousands): Three Months Ended April 30, 2026 2025 Usage-based revenue $ 202,134 $ 143,149 Subscription revenue 18,097 14,312 Total revenue $ 220,231 $ 157,461

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NOTE 3 - INVESTMENTS AND FAIR VALUE MEASUREMENTS The following table presents the Companys cash equivalents and investments on the consolidated balance sheets (in thousands): As of April 30, 2026 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 27,600 $ $ $ 27,600 U.S. government and agency securities 5,478 5,478 Commercial paper 34,706 34,706 Total cash equivalents 67,784 67,784 Short-term investments: U.S. government and agency securities 98,772 4 (135) 98,641 Commercial paper 15,836 15,836 Corporate bonds 47,785 2 (65) 47,722 Total short-term investments 162,393 6 (200) 162,199 Total cash equivalents and investments $ 230,177 $ 6 $ (200) $ 229,983 As of January 31, 2026 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 129,893 $ $ $ 129,893 Commercial paper 40,758 40,758 Total cash equivalents 170,651 170,651 Short-term investments: U.S. government and agency securities 103,458 38 103,496 Commercial paper 24,087 24,087 Corporate bonds 29,387 26 (2) 29,411 Total short-term investments 156,932 64 (2) 156,994 Total cash equivalents and investments $ 327,583 $ 64 $ (2) $ 327,645 The Companys investments consist of available-for-sale debt securities. The Company considers debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities as short-te …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

NOTE 5 - GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The following table presents the changes in the carrying value of the goodwill balance (in thousands): Carrying Amount Balance as of January 31, 2026 $ 241,309 Foreign currency translation impact (3,775) Balance as of April 30, 2026 $ 237,534 There were no impairments of goodwill recognized during the three months ended April 30, 2026 and 2025. Intangible Assets Intangible assets consisted of the following (in thousands, except years data): As of April 30, 2026 Weighted-Average Remaining Life (Years) Gross Carrying Amount Accumulated Amortization Net Amount Customer relationships 7.5 $ 29,659 $ (11,714) $ 17,945 Domain names 11.6 587 (134) 453 Total intangible assets $ 30,246 $ (11,848) $ 18,398 As of January 31, 2026 Weighted-Average Remaining Life (Years) Gross Carrying Amount Accumulated Amortization Net Amount Customer relationships 7.7 $ 29,978 $ (11,167) $ 18,811 Domain names 11.8 587 (124) 463 Total intangible assets $ 30,565 $ (11,291) $ 19,274 During the three months ended April 30, 2026 and 2025, amortization expense related to intangible assets of $0.7 million and $1.2 million, respectively, was recorded in sales and marketing expense and during the three months ended April 30, 2025, amortization expense of $0.1 million was recorded in cost of revenue within the condensed consolidated statements of operations. No amortization expense related to intangible assets was recorded in cost of revenue within the conden …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"NOTE 9 - INCOME TAXES The Company's provision for income tax expense and the effective tax rates are as follows (in thousands, except percentages): Three Months Ended April 30, 2026 2025 Income Tax Provision $ 802 $ 4,482 Effective Tax Rate (4.1) % (7.9) % The Company's tax provision for interim periods is determined using an estimated annual effective tax rate (""ETR""), adjusted for discrete items arising in the relevant period. In each quarter, the Company updates their estimated annual ETR and makes a year-to-date calculation of the provision. The Companys provision for income taxes was $0.8 million and $4.5 million, for the three months ended April 30, 2026 and 2025, respectively. The effective tax rates for the three months ended April 30, 2026 and 2025 differed from the federal statutory tax rate primarily due to the Companys full valuation allowance on U.S. federal and certain state deferred tax assets, partially offset by foreign income taxed at rates higher than the U.S. statutory rate. The Company has evaluated all available evidence, both positive and negative, including historical levels of income and expectations and risks associated with estimates of future taxable income, and has determined that it is more likely than not that its net deferred tax assets will not be realized in the United States. As of April 30, 2026, the Company continues to maintain valuation allowances against its U.S. federal, certain states and certain foreign deferred tax assets. The Co …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets , which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, including those assets acquired in a business combination. The practical expedient permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. The Company adopted ASU 2025-05 as of February 1, 2026 on a prospective basis with no material impact to its consolidated financial statements. 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 entities to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate). This standard is effective for the Company for its fiscal year beginning February 1, 2026 on a prospective basis. Early adoptio …

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NOTE 2 - REVENUE Disaggregation of Revenue Revenue consists of the following (in thousands): Three Months Ended April 30, 2026 2025 Usage-based revenue $ 202,134 $ 143,149 Subscription revenue 18,097 14,312 Total revenue $ 220,231 $ 157,461 Usage-based revenue primarily represents fees from our platform customers earned on a per-booking transaction basis and fees from our travel supply and payment partners, which are generally earned on a per-transaction basis. Under our arrangements with certain travel supply partners, we earn additional fees when cumulative actual booking or transaction dollar volume exceeds specified contractual thresholds. Subscription revenue primarily represents revenue earned from subscriptions to our expense management platform. The following table presents revenue by region based on the billing country of the customer where the revenue generating transaction originates (in thousands, except percentages): Three Months Ended April 30, 2026 2025 Amount Percentage of Revenue Amount Percentage of Revenue United States $ 144,706 66 % $ 95,804 61 % United Kingdom 37,667 17 % 34,641 22 % Rest of World (1) 37,858 17 % 27,016 17 % Total revenue $ 220,231 100 % $ 157,461 100 % ________________ (1) No individual country within Rest of World comprises more than 10% of total revenue. Unbilled Receivables We receive payments from customers based on a billing schedule as established in our customer contracts. Accounts receivable are recorded when we have an uncondit …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"NOTE 8 - STOCKHOLDERS EQUITY Common Stock In connection with the IPO, the Company adopted an amended and restated certificate of incorporation and amended and restated bylaws, which became effective immediately prior to the completion of the IPO and authorized 2,070,000,000 shares of capital stock, consisting of: (a) 2,050,000,000 shares of Common Stock divided into two series with (i) 2,000,000,000 shares of the Common Stock being a series designated as Class A common stock and (ii) 50,000,000 shares of the Common Stock being a series designated as Class B common stock; and (b) 20,000,000 shares of undesignated preferred stock. In addition, all outstanding shares of the Companys redeemable convertible preferred stock automatically converted into 146,599,125 shares of Class A common stock. In connection with the IPO, all shares of the Companys common stock outstanding prior to completion of the IPO were exchanged into an equivalent number of shares of Class A common stock. In addition, pursuant to an exchange agreement with the Companys two co-founders (the Co-Founders) and certain of their affiliates, which became effective as of the completion of the IPO, 15,304,696 shares of the Companys Class A common stock beneficially owned by the Co-Founders and their respective affiliated entities were exchanged for an equivalent number of shares of our Class B common stock. Subject to separate equity exchange right agreements entered into with them in connection with the IPO, each C …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 12 - SUBSEQUENT EVENTS In May 2026, the Company entered into a lease agreement for a new office space in London, UK with a lease term of approximately 3 years. Total minimum lease payments are estimated to be approximately $12.3 million. The Company will recognize the related right-of-use asset and lease liability, which have not yet been determined, at the lease commencement date.

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