Income Taxes (Tables)

12 Months Ended

Jan. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income before Income Taxes

The components of income before income taxes by U.S. and foreign jurisdictions were as follows for the periods shown (in thousands):

	Fiscal year ended January 31,
	2024		2023		2022
United States	$	546,837	$	482,885	$	487,962
Foreign	41,186		26,211		24,349
Total	$	588,023	$	509,096	$	512,311

Schedule of Components of Provision for Income Taxes

Provision for income taxes consisted of the following for the periods shown (in thousands):

	Fiscal year ended January 31,
	2024		2023		2022
Current provision:
Federal	$	126,174	$	110,610	$	53,426
State	29,361		29,775		12,580
Foreign	12,157		8,507		7,837
Total current provision	167,692		148,892		73,843
Deferred (benefit) provision:
Federal	(87,651)		(98,923)		1,870
State	(15,739)		(20,755)		945
Foreign	(1,984)		(7,824)		8,264
Total deferred (benefit) provision	(105,374)		(127,502)		11,079
Provision for income taxes	$	62,318	$	21,390	$	84,921

Schedule of Reconciliation of Statutory Federal Income Tax to Effective Tax

Provision for income taxes differed from the amount computed by applying the federal statutory income tax rate of 21% for each of the fiscal years ended January 31, 2024, 2023, and 2022 to income before income taxes as a result of the following for the periods shown (in thousands):

	Fiscal year ended January 31,
	2024		2023		2022
Expected provision at statutory tax rate	$	123,485	$	106,910	$	107,585
State taxes, net of federal benefit	12,056		7,318		11,035
Tax credits	(36,333)		(33,463)		(25,968)
Stock-based compensation	(32,054)		(52,304)		(29,715)
Valuation allowance	13,572		5,654		19,402
Foreign derived intangible income deduction (FDII)	(15,489)		(15,811)		(3,406)
Release of income tax reserves(1)	(9,201)		(293)		(440)
Other(1)	6,282		3,379		6,428
Provision for income taxes	$	62,318	$	21,390	$	84,921
(1)Prior period balances were adjusted to conform with current period presentation.

Schedule of Components of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and liabilities related to the following (in thousands):

	January 31,
	2024		2023
Deferred tax assets:
Accruals and reserves	$	9,488	$	13,137
Capitalized expenditures	228,845		123,746
Stock-based compensation	49,710		32,536
Net operating loss carryforward	6,469		12,245
Tax credit carryforward	65,307		43,732
Lease liabilities	13,967		15,724
Other	2,403		7,890
Gross deferred tax assets	376,189		249,010
Valuation allowance	(79,056)		(51,685)
Total deferred tax assets	297,133		197,325
Deferred tax liabilities:
Intangible assets	(27,019)		(28,799)
Lease right-of-use assets	(11,410)		(14,192)
Deferred costs	(6,242)		(12,949)
Other	(21,051)		(6,180)
Total deferred tax liabilities	(65,722)		(62,120)
Net deferred tax assets	$	231,411	$	135,205

Schedule of Changes in Total Gross Amount of Unrecognized Tax Benefits

The aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows for the periods shown (in thousands):

	Fiscal year ended January 31,
	2024		2023		2022
Beginning balance	$	30,713	$	25,241	$	18,628
Increases related to tax positions taken during the prior period	7,385		971		3,218
Increases related to tax positions taken during the current period	10,131		4,934		4,122
Decreases related to tax positions taken during the prior period	(17)		(137)		—
Audit settlements	—		—		(195)
Lapse of statute of limitations	(8,475)		(296)		(532)
Ending balance	$	39,737	$	30,713	$	25,241