Financial Analysis

6. Business Combinations Conduit Tech In October 2025, the Company acquired 100 % of the outstanding equity of Conduit Tech, Inc. (Conduit) for a total purchase consideration of $ 19.8 million, net of cash acquired of $ 6.3 million . The Company anticipates that the acquisition of Conduit will allow the Company to integrate Conduits HVAC design and sales proposal platform and enablement tools within its suite of solutions. In connection with the acquisition, the Company granted equity awards to certain acquired employees and founders. These awards vest based solely on future service and the Company will recognize the related stock-based compensation expense over the requisite service periods. The following table summarizes the preliminary purchase price allocation, as well as the estimated useful lives of the acquired intangible assets (in thousands, except years): Estimated Useful Lives in Years Current assets $ 27 Identifiable intangible assets Trade name 70 1.5 Customer relationship 3,500 7 Developed technology 3,400 5 Total intangible assets subject to amortization 6,970 Accrued and other liabilities ( 102 ) Deferred revenue ( 197 ) Deferred tax liability ( 1,331 ) Total identifiable net assets 5,367 Goodwill 14,414 Total purchase consideration, net of cash acquired $ 19,781 Goodwill, which primarily relates to expected synergies and expanded market opportunities that are expected to be achieved from the integration of Conduit with the Companys offerings and assembled wor …

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9. Commitments and Contingencies Noncancellable Commitments The Companys long-term noncancellable agreements relate primarily to its cloud hosting arrangements and software subscriptions. Estimated future minimum payments under the Companys non-cancelable purchase commitments were $ 83.7 million and $ 97.8 million, as of April 30, 2026 and January 31, 2026, respectively. There were no material changes to the Companys noncancellable commitments from those disclosed in the Companys Annual Report on Form 10-K for the year ended January 31, 2026. Litigation During the ordinary course of business, the Company may become subject to legal proceedings, claims and litigation. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. If the Company determines that it is probable that a loss has been incurred and the amount is reasonably estimable, the Company will record a liability. As of April 30, 2026, the Company was not subject to any currently pending legal matters or claims that could have a material adverse effect on its financial position, results of operations, or cash flows should such litigation be resolved unfavorably. Indemnifications In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, investors, directors, officers, employees and other parties with respect to certain matters, including, but not limited to, losses arising out of the Companys breach of …

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8. Debt Arrangements Credit Agreement In January 2023, we entered into a secured credit agreement (the Original Credit Agreement) with Wells Fargo Bank N.A., as administrative agent and collateral agent, and certain lenders. In September 2024, we amended the Original Credit Agreement (the First Amendment) to, among other things, convert our existing term loan to a new term loan balance and a revolving credit facility. On January 30, 2026, we entered into a second amendment (the Second Amendment) to the Original Credit Agreement (as amended by the First Amendment and the Second Amendment, the Amended Credit Agreement) that increased the total borrowing capacity of the revolving credit facility made available under the Amended Credit Agreement from $ 140.0 million to $ 250.0 million (the Amended Revolver) and extended the term of the Amended Credit Agreement through January 30, 2031. In addition, the Second Amendment (i) modified pricing and unused commitment fees payable under the Amended Credit Agreement to be based on total net leverage rather than recurring revenue, (ii) replaced the recurring revenue and liquidity financial covenants in the Original Credit Agreement with a total net leverage financial covenant, and (iii) modified certain customary negative covenants from the Original Credit Agreement, including liens, indebtedness, investments, dispositions, restricted payments and restricted debt payments, to provide us with more flexibility thereunder. Prior to entering …

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Disaggregated revenue were as follows (in thousands): Three Months Ended April 30, 2026 2025 Subscription $ 202,038 $ 162,717 Usage 58,526 45,265 Platform revenue 260,564 207,982 Professional services and other 8,260 7,710 Total revenue $ 268,824 $ 215,692

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10. Equity Incentive Plans The Company has granted stock-based awards under its 2015 Stock Plan and 2024 Incentive Award Plan. The Company stopped granting new stock-based awards under its 2015 Stock Plan on the date of its IPO. Pursuant to the terms of the 2024 Incentive Award Plan, additional shares of Class A common stock may roll over to the 2024 Incentive Award Plan in the event of the termination or lapse of stock options outstanding pursuant to the 2015 Stock Plan. As of April 30, 2026, there were 12,795,710 and 24,040,689 shares of common stock authorized and reserved for issuance under the 2015 Stock Plan and 2024 Incentive Award Plan, respectively. As of April 30, 2026 , there were 20,471,929 shares of common stock available for future issuance under the 2024 Incentive Award Plan. Additionally, the Company adopted an employee stock purchase program in fiscal 2025 (the 2024 ESPP) that would allow eligible employees to purchase shares of the Companys Class A common stock at periodic intervals using accumulated payroll deductions. As of April 30, 2026 , there were 4,367,264 shares authorized under the 2024 ESPP. As of April 30, 2026, the first offering period under the 2024 ESPP had not commenced. In connection with the Conduit acquisition, the Company assumed the Conduit Tech, Inc. 2022 Stock Plan (the Conduit Plan) and each RSU outstanding under the Conduit Plan that was held by an employee of Conduit immediately following the acquisition of Conduit (each, a Conduit …

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4. Fair Value Measurements Fair Value Measurements Financial assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following (in thousands): As of April 30, 2026 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 307,284 $ $ $ 307,284 Total in cash and cash equivalents $ 307,284 $ $ $ 307,284 As of January 31, 2026 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 411,590 $ $ $ 411,590 Total in cash and cash equivalents $ 411,590 $ $ $ 411,590 The money market funds are considered Level 1 as fair value is based on market prices for identical assets. As of April 30, 2026 and January 31, 2026 the fair value of the Companys financial instruments included in current assets and current liabilities (including restricted cash, accounts receivable, accounts payable, and accrued expenses) approximated carrying value due to the short-term nature of such items. There were no changes to the Companys valuation techniques used to measure the fair value of assets and liabilities on a recurring basis during the three months ended April 30, 2026. There were no transfers of assets from Level 2 to Level 3 during the three months ended April 30, 2026 and 2025. Certain assets, including goodwill, intangible assets and other long-liv ed assets are also subject to measurement at fair value on a nonrecurring basis using Level 3 measurements, but only when they are deemed to be impaired as a result of an impairment review. There was no impai …

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7. Intangible Assets and Goodwill Intangible Assets The net book values of intangible assets were as follows (in thousands, except years): As of April 30, 2026 Gross Fair Value Accumulated Amortization Net Book Value Weighted Average Remaining Useful Life (years) Customer relationships $ 208,733 $ ( 98,428 ) $ 110,305 6.7 Developed technology 162,401 ( 105,916 ) 56,485 2.8 Trade names 6,753 ( 6,654 ) 99 0.5 Total $ 377,887 $ ( 210,998 ) $ 166,889 As of January 31, 2026 Gross Fair Value Accumulated Amortization Net Book Value Weighted Average Remaining Useful Life (years) Customer relationships $ 208,733 $ ( 93,910 ) $ 114,823 7.0 Developed technology 162,401 ( 100,649 ) 61,752 3.1 Trade names 6,753 ( 6,585 ) 168 0.7 Total $ 377,887 $ ( 201,144 ) $ 176,743 Amortization expense for intangible assets was as follows for the three months ended April 30, 2026 and 2025 (in thousands): Three Months Ended April 30, 2026 2025 Platform cost of revenue $ 4,933 $ 5,533 Professional services and other cost of revenue 334 334 Sales and marketing 4,587 5,515 Total $ 9,854 $ 11,382 As of April 30, 2026, estimated future amortization expense related to the intangible assets is as follows (in thousands): Fiscal 2027 (remainder) $ 29,063 2028 37,610 2029 35,101 2030 18,605 2031 15,870 Thereafter 30,640 Total $ 166,889 Goodwill Goodwill was $ 860.3 million as of January 31, 2026 and remained unchanged as of April 30, 2026. There was no impairment of goodwill during the three months ended April 30 …

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11. Income Taxes The Company calculates income tax expense (benefit) in interim periods by applying an estimated annual effective tax rate to income (loss) before income taxes and by calculating the tax effect of discrete items recognized during the period. The provision for income taxes differed from applying the U.S. federal statutory rate to the Companys loss before income taxes primarily due to the effects of valuation allowances, foreign taxes, state taxes, and the deferred tax expense from the amortization of indefinite-lived tax amortizable goodwill. …

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Recently Adopted Accounting Pronouncements Measurement of Credit Losses for Accounts Receivable and Contract Assets In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets , which amends ASC 326-20 to provide a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The practical expedient permits all entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The Company adopted ASU 2025-05 on February 1, 2026 , on a prospective basis. The adoption did no t have a material impact on the Companys condensed consolidated financial statements. Upon adoption, the Company elected the practical expedient for current accounts receivable and current contract assets. No other changes were made to the Companys credit-loss estimation methodologies. Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The Company adopted ASU 2023-09 for the year ended January 31, 2026 and applied the new disclosure requirements on a …

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3. Revenue Recognition Remaining Performance Obligations The transaction price allocated to remaining performance obligations represents the contracted transaction price that has not yet been recognized as revenue, which includes deferred revenue and amounts under non-cancellable contracts greater than one year that will be recognized as revenue in future periods. In nearly all cases, the Companys subscription agreements (monthly, annual, or multi-year) renew automatically unless cancelled in advance, and the majority of auto-renewing contracts renew for one-year terms rather than multi-year com mitments. As of April 30, 2026 , the aggregate amount of the transaction price allocated to remaining performance obligations was $ 470.2 million , of which the Company expects to recognize approximately 52 % as revenue in the next 12 months and substantially all of the remainder by April 30, 2029. Remaining performance obligations exclude marketing automation usage-based fees, and payment and financing solution fees for which the Company applies the right to invoice practical expedient. Disaggregated Revenue and Revenue by Geography Disaggregated revenue were as follows (in thousands): Three Months Ended April 30, 2026 2025 Subscription $ 202,038 $ 162,717 Usage 58,526 45,265 Platform revenue 260,564 207,982 Professional services and other 8,260 7,710 Total revenue $ 268,824 $ 215,692 Substantially all of the Companys revenue is concentrated in the United States. Revenue from custome …

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2. Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and regulations of the Securities and Exchange Commission (the SEC) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Companys audited consolidated financial statements for the year ended January 31, 2026. The January 31, 2026 condensed consolidated balance sheet was derived from the Companys audited consolidated financial statements as of that date. The unaudited condensed consolidated financial statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of the condensed consolidated financial statements. There have been no significant changes in accounting policies during the three months ended April 30, 2026 from those disclosed in the annual consolidated financial statements for the year ended January 31, 2026 and the related notes. The unaudited condensed consolidated financial statements include the operations of the Company and its wholly owned subsidiaries. All intercompany tra …

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