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Stock-Based Compensation | 9 Months Ended
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Oct. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Note 8. Stock-Based Compensation Employee Equity Plans We currently have two employee equity plans that have been adopted by our Board of Directors. These plans, the 2015 Equity Incentive Plan (as amended or otherwise modified, 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. On July 2, 2024, our stockholders approved the amended and restated 2015 Plan. Subject to the adjustment provisions, the maximum number of shares that may be issued under the 2015 Plan is (a) 9,000,000 shares of our Class A common stock, plus (b) any shares subject to awards granted under our 2011 Equity Incentive Plan, as amended, and the 2015 Plan that were outstanding on or prior to the approval of the amended and restated 2015 Plan, and that subsequently expire, are forfeited to or repurchased, or otherwise terminate without having been exercised or issued in full, up to a maximum of 20,228,040 shares. As of October 31, 2024, 8,609,988 shares and 2,823,385 shares were reserved for future issuance under the 2015 Plan and the 2015 ESPP, respectively. Stock Options 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 |  |  | (963,660 | ) |  |  | 18.63 |  |  |  |  |  |  |
Balance as of October 31, 2024 |  |  | 1,319,883 |  |  | $ | 17.01 |  |  |  | 2.38 |  |  | $ | 19,475 |
Exercisable as of October 31, 2024 |  |  | 1,319,883 |  |  | $ | 17.01 |  |  |  | 2.38 |  |  | $ | 19,475 |
Restricted Stock Units 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 |  |  | 8,825,009 |  |  |  | 28.63 |
Vested |  |  | (5,742,866 | ) |  |  | 26.02 |
Forfeited/cancelled |  |  | (1,275,966 | ) |  |  | 26.97 |
Unvested balance - October 31, 2024 |  |  | 15,885,772 |  |  | $ | 27.53 |
As of October 31, 2024, there was $403.3 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 2.63 years. Performance-Based Restricted Stock Units 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 nine months ended October 31, 2024, we recognized stock-based compensation expense related to executive bonus plans in the amount of $10.5 million. The unrecognized compensation expense related to the ungranted and unvested executive bonus plan for fiscal year 2025 is $6.1 million, based on the expected performance against the pre-established corporate financial objectives as of October 31, 2024, which is expected to be recognized over a remaining weighted-average period of less than one year. 2015 ESPP As of October 31, 2024, there was $8.5 million of unrecognized stock-based compensation expense related to the 2015 ESPP that is expected to be recognized over a weighted-average period of less than one year. Stock-Based Compensation The following table summarizes the components of stock-based compensation expense recognized in the condensed consolidated statements of operations (in thousands):
|  | Three Months Ended |  |  |  | Nine Months Ended |
|  | October 31, |  |  |  | October 31, |
|  | 2024 |  |  | 2023 |  |  |  | 2024 |  |  | 2023 |
Cost of revenue |  | $ | 4,640 |  |  | $ | 4,973 |  |  |  | $ | 13,992 |  |  | $ | 14,688 |
Research and development |  |  | 19,925 |  |  |  | 17,731 |  |  |  |  | 57,420 |  |  |  | 53,455 |
Sales and marketing |  |  | 19,635 |  |  |  | 16,810 |  |  |  |  | 56,591 |  |  |  | 49,674 |
General and administrative |  |  | 11,384 |  |  |  | 11,380 |  |  |  |  | 33,854 |  |  |  | 33,700 |
Total stock-based compensation |  | $ | 55,584 |  |  | $ | 50,894 |  |  |  | $ | 161,857 |  |  | $ | 151,517 |

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