Stock-based compensation expense related to stock options and Stock Awards is included in the Company’s condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended January 31,				Six Months Ended January 31,
	2022		2021		2022		2021
Stock-based compensation expense	$	38,147	$	30,209	$	70,680	$	58,603
Net impact of deferred stock-based compensation	(282)		(313)		(575)		(623)
Total stock-based compensation expense, net	$	37,865	$	29,896	$	70,105	$	57,980
Stock-based compensation expense is included in the following categories:
Cost of subscription and support revenue	$	3,773	$	2,954	$	7,121	$	5,556
Cost of license revenue	189		145		371		396
Cost of services revenue	6,081		5,578		11,718		11,121
Research and development	9,433		7,604		18,047		14,851
Sales and marketing	10,825		6,806		18,314		12,783
General and administrative	7,564		6,809		14,534		13,273
Total stock-based compensation expense	$	37,865	$	29,896	$	70,105	$	57,980

Total unrecognized stock-based compensation expense as of January 31, 2022 related to Stock Awards is $321.9 million, that will be recognized over a weighted average period of 2.7 years.


	Stock Awards Outstanding
	Number of Stock Awards Outstanding	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)(1)
Balance as of July 31, 2021	2,394,968	$	107.15	$	275,900
Granted	1,609,375	$	119.61
Released	(665,640)	$	104.90	$	76,912
Canceled	(203,385)	$	110.53
Balance as of January 31, 2022	3,135,318	$	113.80	$	316,165
Expected to vest as of January 31, 2022	3,135,318	$	113.80	$	316,165

(1) Aggregate intrinsic value at each period end represents the total market value of Stock Awards at the Company’s closing stock price of $100.84 and $115.20 on January 31, 2022 and July 31, 2021, respectively. Aggregate intrinsic value for released Stock Awards represents the total market value of released Stock Awards at date of release.

Certain executives and employees of the Company received PSUs and TSR PSUs in addition to RSUs. PSUs awarded in fiscal years 2021 and 2022 will vest over three years with 50% vesting annually over the three year period and the remaining 50% vesting at the end of the third year. The TSR PSUs are subject to total shareholder return rankings of the Company's common stock relative to the software companies in the S&P Index for a specified period or periods, and vest at the end of three years. The Company recognized stock-based compensation related to these performance-based and market-based stock awards of $3.5 million and $3.7 million for the three months ended January 31, 2022 and 2021, respectively, and $7.5 million and $7.0 million for the six months ended January 31, 2022 and 2021, respectively.


	Stock Options Outstanding
	Number of Stock Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value(1)
				(in years)	(in thousands)
Balance as of July 31, 2021	25,278	$	17.39	5.0	$	2,472
Granted	—
Exercised	(8,748)	$	11.12		$	900
Canceled	—
Balance at January 31, 2022	16,530	$	20.72	3.7	$	1,324
Vested and expected to vest as of January 31, 2022	16,530	$	20.72	3.7	$	1,324
Exercisable as of January 31, 2022	16,530	$	20.72	3.7	$	1,324

(1) Aggregate intrinsic value at each period end represents the difference between the Company’s closing stock price of $100.84 and $115.20 on January 31, 2022 and July 31, 2021, respectively, and the exercise price of outstanding options. Aggregate intrinsic value for exercised options represents the difference between the Company’s stock price at date of exercise and the exercise price.

As of January 31, 2022 and July 31, 2021, the Company was authorized to issue 500,000,000 shares of common stock with a par value of $0.0001 per share and, of these, 83,546,000 and 83,194,157 shares of common stock were issued and outstanding, respectively.


	January 31, 2022	July 31, 2021
Exercise of stock options to purchase common stock	16,530	25,278
Vesting of stock awards	3,135,318	2,394,968
Shares available under stock plans	3,608,079	5,014,069
Total common stock reserved for issuance	6,759,927	7,434,315

On December 15, 2020, the Company’s stockholders adopted the 2020 Stock Plan (“2020 Plan”) for the purpose of granting equity-based incentive awards. The Company initially reserved 5,000,000 shares of its common stock for the issuance of awards under the 2020 Plan. The shares available for issuance are subject to adjustment in the event of a stock split, stock dividend or other defined changes in the Company’s capitalization. The 2020 Plan replaced the Company’s 2011 Stock Plan; however, awards outstanding under the 2011 Stock Plan will continue to be governed by their existing terms.

The shares the Company issues under the 2020 Plan will be from the Company's pool of authorized but unissued shares. The shares of common stock underlying any awards under the 2011 Plan that are forfeited, canceled, held back upon exercise or settlement of an award to cover the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without any issuance of stock or are otherwise terminated (other than by exercise) are added back to the shares of stock available for issuance under the 2020 Plan.

In October 2020, the Company's board of directors authorized and approved a stock repurchase program of up to $200.0 million of the Company's outstanding common stock. Stock repurchases under the program may be made from time to time, in the open market, in privately negotiated transactions and otherwise, at the discretion of management of the Company and in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act, and other applicable legal requirements. Such repurchases may also be made in compliance with Rule 10b5-1 trading plans entered into by the Company.

During the three months ended January 31, 2022, the Company repurchased 96,373 shares of common stock at an average price of $116.09 per share, for an aggregate purchase price of $11.2 million. During the six months ended January 31, 2022, the Company repurchased 322,545 shares of common stock at an average price of $116.11 per share, for an aggregate purchase price of $37.5 million. As of January 31, 2022, the share repurchase program was completed.