v3.26.1
REVENUE
 6 Months Ended
Jul. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE
NOTE 2 - REVENUE
Disaggregation of Revenue
Revenue consists of the following (in thousands):
Three Months Ended July 31,Six Months Ended July 31,
202620252026
2025
Usage-based revenue$211,393 $156,549 $413,527 $299,698 
Subscription revenue21,397 15,403 39,494 29,715 
Total revenue$232,790 $171,952 $453,021 $329,413 
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 July 31,Six Months Ended July 31,
2026202520262025
AmountPercentage of RevenueAmountPercentage of RevenueAmountPercentage of RevenueAmountPercentage of Revenue
United States$154,181 66 %$105,514 61 %$298,887 66 %$201,318 61 %
United Kingdom38,479 17 %36,908 22 %76,146 17 %71,549 22 %
Rest of World(1)
40,130 17 %29,530 17 %77,988 17 %56,546 17 %
Total revenue$232,790 100 %$171,952 100 %$453,021 100 %$329,413 100 %
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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 $93.3 million and $72.3 million, respectively, as of July 31, 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 six months ended July 31, 2026 and July 31, 2025, revenue recognized from the deferred revenue balance at the beginning of the period was $31.3 million and $27.8 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 $74.9 million as of July 31, 2026 of which we expect to recognize approximately 56% 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 six months ended July 31, 2026 and 2025 (in thousands):
Six Months Ended July 31,
20262025
Balance at beginning of period
$6,462 $5,135 
Provision for expected credit losses
5,005 2,488 
Amounts written off, recoveries and other adjustments(5,075)(1,739)
Balance at end of period
$6,392 $5,884 
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 six months ended July 31, 2026 and 2025 (in thousands):
Six Months Ended July 31,
20262025
Balance at beginning of period
$2,499 $380 
Provision for expected credit losses
900 1,675 
Amounts written off, recoveries and other adjustments(783)(1,045)
Balance at end of period
$2,616 $1,010 
Contract Acquisition Costs
During the three months ended July 31, 2026 and 2025, we capitalized $15.7 million and $6.7 million, respectively, of contract acquisition costs and recognized related amortization expense of $2.7 million and $1.3 million, respectively. During the six months ended July 31, 2026 and 2025, we capitalized $22.1 million and $9.2 million, respectively, of contract acquisition cost and recognized related amortization expense of $5.1 million and $2.5 million, respectively.
Amortization expense is included in sales and marketing expense in the condensed consolidated statements of operations.