v3.26.1
REVENUE
 12 Months Ended
Jan. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Disaggregation of Revenue
Revenue consists of the following (in thousands):
Year Ended January 31,
202620252024
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. Accounts receivable are recorded when we have an unconditional right to consideration. In some arrangements, we have a right to consideration for our performance under the customer contract before invoicing the customer, resulting in an unbilled accounts receivable. We recognized unbilled accounts receivable of $72.3 million and $51.9 million, respectively, as of January 31, 2026 and 2025. Unbilled accounts receivable is recorded within accounts receivable, net on the accompanying consolidated balance sheets.
Contract Liabilities
Revenue is deferred when we have the right to invoice in advance of performance under a customer contract. The deferred revenue balance primarily consists of annual subscription payments. The current portion of deferred revenue represents the amounts that are expected to be recognized within one year of the balance sheet date. The non-current portion of deferred revenue represents amounts that are expected to be recognized more than one year from the balance sheet date. During the years ended
January 31, 2026 and 2025, revenue recognized from the deferred revenue balance at the beginning of the respective period was $31.4 million and $27.7 million.
Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized. We do not disclose the value of remaining performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which variable consideration is allocated to an unsatisfied performance obligation. Our remaining performance obligations related to multi-year subscription contracts were $62.7 million as of January 31, 2026 of which we expect to recognize approximately 54% as revenue over the next 12 months, 32% as revenue over the subsequent 13 to 24 months, and the remainder thereafter.
Accounts Receivable and Allowance for Expected Credit Losses
The following table summarizes the allowance for expected credit losses for the years ended January 31, 2026, 2025 and 2024 (in thousands):
Year Ended January 31,
202620252024
Balance at beginning of period
$5,135 $4,270 2,270 
Provision for expected credit losses
5,888 3,764 4,488 
Amounts written off, recoveries and other adjustments(4,561)(2,899)(2,488)
Balance at end of period
$6,462 $5,135 4,270 
Corporate Card Receivables and Allowance for Expected Credit Losses
The following table summarizes the corporate card receivables allowance for expected credit losses for the years ended January 31, 2026, 2025 and 2024 (in thousands):
Year Ended January 31,
202620252024
Balance at beginning of period
$380 $566 $595 
Provision for expected credit losses
3,196 2,296 3,332 
Amounts written off, recoveries and other adjustments(1,077)(2,482)(3,361)
Balance at end of period
$2,499 $380 $566 
Contract Acquisition Costs
During the years ended January 31, 2026 and 2025, we capitalized $24.0 million, and $23.7 million, respectively, of contract acquisition costs and recognized related amortization expense of $6.3 million and $5.6 million, respectively. During the year ended January 31, 2024, no contract acquisition costs were capitalized and we recognized amortization expense of $7.0 million. Amortization expense is included in sales and marketing expense in the consolidated statements of operations.