We currently have two employee equity plans that have been adopted by our Board of Directors. These plans, the 2015 Equity Incentive Plan (the "2015 Plan") and the 2015 Employee Stock Purchase Plan (the "2015 ESPP"), are described in more detail in Item 8. Financial Statements and Supplementary Data in our Form 10-K for the year ended January 31, 2024. As of April 30, 2024, 27,494,360 shares and 3,298,894 shares were reserved for future issuance under the 2015 Plan and the 2015 ESPP, respectively.

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


	Shares Subject to Options Outstanding					Weighted- Average
				Weighted-		Remaining
				Average Exercise		Contractual Life		Aggregate
	Shares			Price		(Years)		Intrinsic Value
								(in thousands)
Balance as of January 31, 2024		2,283,543		$	17.69		2.93	$	18,975
Options exercised		(619,635	)		18.43
Balance as of April 30, 2024		1,663,908		$	17.42		3.08	$	14,363
Exercisable as of April 30, 2024		1,663,908		$	17.42		3.08	$	14,363

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, 2024		14,079,595		$	26.17
Granted		6,888,818			27.84
Vested		(2,059,537	)		25.33
Forfeited/cancelled		(345,119	)		26.67
Unvested balance - April 30, 2024		18,563,757		$	26.87

As of April 30, 2024, there was $468.8 million of unrecognized stock-based compensation expense related to outstanding restricted stock units granted to employees that is expected to be recognized over a weighted-average period of 2.85 years.

We use performance-based incentives for certain employees, including our named executive officers, to achieve our annual financial and operational objectives, while making progress towards our longer-term strategic and growth goals. Based on a review of our actual achievement of the pre-established corporate financial objectives and additional inputs from our Compensation Committee, the executive bonus plan for fiscal year 2024 was determined, settled and paid out in the first quarter of fiscal year 2025 in the form of cash and fully vested restricted stock units. During the first quarter of fiscal year 2025, our Compensation Committee also adopted and approved the performance criteria and targets for the executive bonus plan for fiscal year 2025, which is expected to be paid out in the form of cash and fully vested restricted stock units in the first quarter of fiscal year 2026.

During the three months ended April 30, 2024, we recognized stock-based compensation expense related to executive bonus plans in the amount of $4.0 million. The unrecognized compensation expense related to the ungranted and unvested executive bonus plan for fiscal year 2025 is $11.5 million, based on the expected performance against the pre-established corporate financial objectives as of April 30, 2024, which is expected to be recognized over a remaining weighted-average period of less than one year.

As of April 30, 2024, there was $12.4 million of unrecognized stock-based compensation expense related to the 2015 ESPP that is expected to be recognized over a weighted-average period of 1.28 years.

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


	Three Months Ended
	April 30,
	2024		2023
Cost of revenue	$	4,621	$	4,485
Research and development		17,819		17,002
Sales and marketing		17,783		15,318
General and administrative		10,939		10,472
Total stock-based compensation	$	51,162	$	47,277