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Stock-Based Compensation (Tables)
 12 Months Ended
Jan. 31, 2016
Summary of Stock Option Activity Under Equity Incentive Plans and Related Information

The following table summarizes the stock option activity under the equity incentive plans and related information:

 

 

 

Shares Subject to Options Outstanding

 

 

Weighted-Average

 

 

 

 

 

 

 

Shares Subject to

 

 

Weighted-

 

 

Remaining

 

 

 

 

 

 

 

Outstanding

 

 

Average Exercise

 

 

Contractual Life

 

 

Aggregate

 

 

 

Options

 

 

Price

 

 

(Years)

 

 

Intrinsic Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Balance as of January 31, 2014

 

 

18,427,075

 

 

$

3.65

 

 

 

8.45

 

 

$

191,809

 

Options granted

 

 

2,918,632

 

 

 

15.73

 

 

 

 

 

 

 

 

 

Option exercised

 

 

(2,306,816

)

 

 

2.61

 

 

 

 

 

 

 

 

 

Options forfeited/cancelled

 

 

(1,573,320

)

 

 

5.22

 

 

 

 

 

 

 

 

 

Balance as of January 31, 2015

 

 

17,465,571

 

 

$

5.67

 

 

 

7.80

 

 

$

229,713

 

Options granted

 

 

1,898,700

 

 

 

15.62

 

 

 

 

 

 

 

 

 

Option exercised

 

 

(2,196,516

)

 

 

3.26

 

 

 

 

 

 

 

 

 

Options forfeited/cancelled

 

 

(1,533,237

)

 

 

8.67

 

 

 

 

 

 

 

 

 

Balance as of January 31, 2016

 

 

15,634,518

 

 

$

6.92

 

 

 

7.12

 

 

$

82,541

 

Vested and expected to vest as of January 31,

   2016

 

 

15,398,572

 

 

$

6.84

 

 

 

7.10

 

 

$

82,076

 

Exercisable as of January 31, 2016

 

 

9,587,096

 

 

$

4.14

 

 

 

6.42

 

 

$

68,926

 

 
Summary of Restricted Stock Unit Activity Under Equity Incentive Plans and Related Information

The following table summarizes the restricted stock unit activity under the equity incentive plans and related information:

 

 

 

Number of

 

 

Weighted-

 

 

 

Restricted

 

 

Average

 

 

 

Stock Units

 

 

Grant Date

 

 

 

Outstanding

 

 

Fair Value

 

Unvested balance - January 31, 2014

 

 

225,300

 

 

$

14.06

 

Granted

 

 

5,091,479

 

 

 

15.77

 

Vested, net of shares withheld for employee

   payroll taxes

 

 

(37,991

)

 

 

14.53

 

Forfeited/cancelled, including shares withheld for

   employee payroll taxes

 

 

(339,079

)

 

 

16.42

 

Unvested balance - January 31, 2015

 

 

4,939,709

 

 

$

15.66

 

Granted

 

 

6,052,788

 

 

 

15.69

 

Vested, net of shares withheld for employee

   payroll taxes

 

 

(982,140

)

 

 

16.12

 

Forfeited/cancelled, including shares withheld for

   employee payroll taxes

 

 

(1,805,389

)

 

 

16.07

 

Unvested balance - January 31, 2016

 

 

8,204,968

 

 

$

15.54

 

 
Summary of Components of Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense recognized in the consolidated statements of operations (in thousands):

 

 

 

Year Ended

 

 

 

January 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Cost of revenue

 

$

4,664

 

 

$

1,492

 

 

$

450

 

Research and development

 

 

24,696

 

 

 

11,767

 

 

 

3,154

 

Sales and marketing

 

 

19,530

 

 

 

11,616

 

 

 

5,017

 

General and administrative

 

 

10,614

 

 

 

7,054

 

 

 

3,128

 

Total stock-based compensation

 

$

59,504

 

 

$

31,929

 

 

$

11,749

 

 
Summary of Estimated Fair Value of Employee Stock Options

We estimated the fair value of employee stock options and ESPP purchase rights using a Black-Scholes option pricing model with the following assumptions:

 

 

 

Year Ended

 

 

 

January 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Employee Stock Options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

5.5

 

–

 

6.1

 

 

 

5.7

 

–

 

6.2

 

 

 

4.9

 

–

 

6.3

 

Risk-free interest rate

 

 

1.5

%

–

 

1.9

%

 

 

1.8

%

–

 

2.1

%

 

 

0.8

%

–

 

1.9

%

Volatility

 

 

42

%

–

 

44

%

 

 

45

%

–

 

49

%

 

 

48

%

–

 

57

%

Dividend yield

 

 

 

 

 

 

0

%

 

 

 

 

 

 

0

%

 

 

 

 

 

 

0

%

Employee Stock Purchase Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

0.5

 

–

 

2.0

 

 

 

0.6

 

–

 

2.1

 

 

 

 

 

 

 

—

 

Risk-free interest rate

 

 

0.2

%

–

 

0.8

%

 

 

0.1

%

–

 

0.6

%

 

 

 

 

 

 

—

 

Volatility

 

 

33

%

–

 

41

%

 

 

37

%

–

 

41

%

 

 

 

 

 

 

—

 

Dividend yield

 

 

 

 

 

 

0

%

 

 

 

 

 

 

0

%

 

 

 

 

 

 

—

 

 

 

 
Restricted Stock Awards  
Summary of Restricted Stock Award Activity Under Equity Incentive Plans and Related Information

The following table summarizes the restricted stock awards activity under the equity incentive plans and related information:

 

 

 

Number of

 

 

Weighted-

 

 

 

Restricted

 

 

Average

 

 

 

Stock

 

 

Grant Date

 

 

 

Outstanding

 

 

Fair Value

 

Unvested balance - January 31, 2014

 

 

387,435

 

 

$

7.84

 

Granted

 

 

26,802

 

 

 

17.27

 

Vested, net of shares withheld for employee

   payroll taxes

 

 

(213,512

)

 

 

7.86

 

Forfeited/cancelled, including shares withheld for

   employee payroll taxes

 

 

(28,064

)

 

 

5.85

 

Unvested balance - January 31, 2015

 

 

172,661

 

 

$

9.60

 

Granted

 

 

28,864

 

 

 

17.54

 

Vested, net of shares withheld for employee

   payroll taxes

 

 

(102,619

)

 

 

11.79

 

Forfeited/cancelled, including shares withheld for

   employee payroll taxes

 

 

(68,299

)

 

 

8.87

 

Unvested balance - January 31, 2016

 

 

30,607

 

 

$

11.38