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Equity Incentive Plans and Employee Stock Purchase Plan | 9 Months Ended
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Oct. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Equity Incentive Plans and Employee Stock Purchase Plan | Equity Incentive Plan and Employee Stock Purchase Plan Equity Incentive Plan The Company adopted the 2008 Stock Incentive Plan (as amended, the “2008 Plan”) and the 2016 Equity Incentive Plan (as amended the “2016 Plan”), primarily for the purpose of granting stock-based awards to eligible employees, directors and consultants, including stock options, restricted stock units (“RSUs”) and other stock-based awards. With the establishment of the 2016 Plan in December 2016, all shares available for grant under the 2008 Plan were transferred to the 2016 Plan. The Company no longer grants any stock-based awards under the 2008 Plan and any shares underlying stock options canceled under the 2008 Plan will be automatically transferred to the 2016 Plan. Stock Options The 2016 Plan provides for the issuance of incentive stock options to eligible employees and non-statutory stock options to eligible employees, directors or consultants. The Company’s Board of Directors, or a committee thereof, determines the vesting schedule for all equity awards. Stock option awards generally vest over a period of four years with 25% vesting on the one-year anniversary of the award and the remainder vesting monthly over the next 36 months of the grantee’s service to the Company. There were no stock options granted during the nine months ended October 31, 2023. The following table summarizes stock option activity for the nine months ended October 31, 2023 (in thousands, except share and per share data and years):
| Shares |  | Weighted-Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Term (In Years) |  | Aggregate Intrinsic Value
Balance - January 31, 2023 | 1,789,813 |  |  | $ | 7.60 |  |  | 3.3 |  | $ | 313,980 |
Stock options exercised | (659,091) |  |  | 7.31 |  |  |  |  |
Stock options forfeited and expired | (547) |  |  | 5.81 |  |  |  |  |
Balance - October 31, 2023 | 1,130,175 |  |  | $ | 7.78 |  |  | 2.7 |  | $ | 380,657 |
Vested and exercisable - January 31, 2023 | 1,789,813 |  |  | $ | 7.60 |  |  | 3.3 |  | $ | 313,980 |
Vested and exercisable - October 31, 2023 | 1,130,175 |  |  | $ | 7.78 |  |  | 2.7 |  | $ | 380,657 |
Restricted Stock Units The 2016 Plan provides for the issuance of RSUs to eligible employees, directors and consultants. RSUs granted to new employees generally vest over a period of four years with 25% vesting on the one-year anniversary of the vesting start date and the remainder vesting quarterly over the next 12 quarters, subject to the grantee’s continued service to the Company. RSUs granted to existing employees generally vest quarterly over a period of four years, subject to the grantee’s continued service to the Company. The following table summarizes RSU activity for the nine months ended October 31, 2023:
| Shares |  | Weighted-Average Grant Date Fair Value per RSU
Unvested - January 31, 2023 | 3,480,206 |  |  | $ | 288.58 |
RSUs granted | 1,922,364 |  |  | 240.62 |
RSUs vested | (1,256,300) |  |  | 254.88 |
RSUs forfeited and canceled | (410,853) |  |  | 294.93 |
Unvested - October 31, 2023 | 3,735,417 |  |  | $ | 286.22 |
2017 Employee Stock Purchase Plan In October 2017, the Company’s Board of Directors adopted, and stockholders approved, the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). Subject to any plan limitations, the 2017 ESPP allows eligible employees to contribute, normally through payroll deductions, up to 15% of their earnings for the purchase of the Company’s common stock at a discounted price per share. In June 2023, the Company issued 114,508 shares of its common stock under the 2017 ESPP. The Company’s current offering period began on June 16, 2023 and is expected to end December 15, 2023. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the Company’s unaudited condensed consolidated statements of operations is as follows (in thousands):
| Three Months Ended October 31, |  | Nine Months Ended October 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of revenue—subscription | $ | 6,018 |  |  | $ | 5,016 |  |  | $ | 17,607 |  |  | $ | 14,492 |
Cost of revenue—services | 3,200 |  |  | 2,827 |  |  | 9,490 |  |  | 7,599 |
Sales and marketing | 40,585 |  |  | 38,352 |  |  | 118,567 |  |  | 104,539 |
Research and development | 50,759 |  |  | 41,458 |  |  | 143,238 |  |  | 117,583 |
General and administrative | 15,267 |  |  | 11,545 |  |  | 44,194 |  |  | 35,105 |
Total stock-based compensation expense | $ | 115,829 |  |  | $ | 99,198 |  |  | $ | 333,096 |  |  | $ | 279,318 |

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