v3.26.1
Revenue
 3 Months Ended
Apr. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue
NOTE 2 - REVENUE
Disaggregation of Revenue
Revenue consists of the following (in thousands):
Three Months Ended April 30,
20262025
Usage-based revenue$202,134 $143,149 
Subscription revenue18,097 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,
20262025
AmountPercentage of RevenueAmountPercentage of Revenue
United States$144,706 66 %$95,804 61 %
United Kingdom37,667 17 %34,641 22 %
Rest of World(1)
37,858 17 %27,016 17 %
Total revenue$220,231 100 %$157,461 100 %
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(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 $92.1 million and $72.3 million, respectively, as of April 30, 2026 and January 31, 2026. Unbilled accounts receivable is recorded within accounts receivable, net on the accompanying condensed 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, and is expected to be recognized within one year of the balance sheet date. During the three months ended April 30, 2026 and 2025, revenue recognized from the deferred revenue balance at the beginning of the respective period was $18.4 million and $16.5 million, respectively.
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 $67.1 million as of April 30, 2026 of which we expect to recognize approximately 54% as revenue over the next 12 months, 33% as revenue over the subsequent 13 to 24 months, and the remainder thereafter.
Accounts Receivable and Allowance for Expected Credit Losses
Accounts receivable are generally due within thirty days and are recorded net of an allowance for estimated uncollectible amounts.
The following table presents the allowance for expected credit losses for the three months ended April 30, 2026 and 2025 (in thousands):
Three Months Ended April 30,
20262025
Balance at beginning of period
$6,462 $5,135 
Provision for expected credit losses
1,471 1,264 
Amounts written off, recoveries and other adjustments(3,150)(194)
Balance at end of period
$4,783 $6,205 
Corporate Card Receivables and Allowance for Expected Credit Losses
We provide virtual and physical corporate credit cards to customers of our expense management offering through issuing bank partners. Under our payment partner arrangements, we are required to fund the dollar value of spend on these credit cards either by prefunding the spend, or funding the spend within one business day of the transaction settlement date. These transactions are accumulated on customer statements and are recognized as receivables, with payment generally due within ten days.
Corporate card receivables are recorded net of an allowance for expected credit losses, which includes an allowance for estimated uncollectible amounts and an estimate for charges our customers may dispute as invalid. The allowance for expected credit losses is based on our assessment of the collectability of these receivables.
The following table summarizes the corporate card receivables allowance for expected credit losses for the three months ended April 30, 2026 and 2025 (in thousands):
Three Months Ended April 30,
20262025
Balance at beginning of period
$2,499 $380 
Provision for expected credit losses
400 814 
Amounts written off, recoveries and other adjustments(264)(351)
Balance at end of period
$2,635 $843 
Contract Acquisition Costs
During the three months ended April 30, 2026 and 2025, we capitalized $6.4 million and $2.5 million, respectively, of contract acquisition costs and recognized related amortization expense of $2.4 million and $1.2 million, respectively. Amortization expense is included in sales and marketing expense in the condensed consolidated statements of operations.