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Stock-Based Compensation | 6 Months Ended
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Jul. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Note 9. 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, 2025. As of July 31, 2025, 3,692,406 shares and 2,059,623 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, 2025 |  |  | 1,012,385 |  |  | $ | 17.90 |  |  |  | 2.80 |  |  | $ | 15,679 |
Options exercised |  |  | (83,033 | ) |  |  | 17.52 |  |  |  |  |  |  |
Balance as of July 31, 2025 |  |  | 929,352 |  |  | $ | 17.94 |  |  |  | 2.53 |  |  | $ | 13,163 |
Exercisable as of July 31, 2025 |  |  | 929,352 |  |  | $ | 17.94 |  |  |  | 2.53 |  |  | $ | 13,163 |
Restricted Stock Units The following table summarizes the restricted stock unit activity, inclusive of performance-based and market-based restricted stock units, under the equity incentive plans and related information:
|  | Number of |  |  | Weighted- |
|  | Restricted |  |  | Average |
|  | Stock Units |  |  | Grant Date |
|  | Outstanding |  |  | Fair Value |
Unvested balance - January 31, 2025 |  |  | 14,676,374 |  |  | $ | 28.04 |
Granted |  |  | 7,256,188 |  |  |  | 30.74 |
Vested |  |  | (4,206,817 | ) |  |  | 27.77 |
Forfeited/cancelled |  |  | (885,693 | ) |  |  | 27.71 |
Unvested balance - July 31, 2025 |  |  | 16,840,052 |  |  | $ | 29.29 |
As of July 31, 2025, there was $447.9 million of unrecognized stock-based compensation expense related to outstanding restricted stock units, inclusive of performance-based and market-based restricted stock units, granted to employees that is expected to be recognized over a weighted-average period of 2.75 years. Executive Bonus Plan 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 (the “Executive Bonus Plan”). 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 2025 was determined, settled and paid out in the first quarter of fiscal year 2026 in the form of fully vested restricted stock units and cash. During the first quarter of fiscal year 2026, our Compensation Committee also adopted and approved the performance criteria and targets for the Executive Bonus Plan for fiscal year 2026, which is expected to be paid out in the form of fully vested restricted stock units and cash in the first quarter of fiscal year 2027. During the six months ended July 31, 2025, we recognized stock-based compensation expense related to Executive Bonus Plans in the amount of $7.9 million. The unrecognized compensation expense related to the ungranted and unvested Executive Bonus Plan for fiscal year 2026 is $10.4 million, based on the expected performance against the pre-established corporate financial objectives as of July 31, 2025, which is expected to be recognized over a remaining weighted-average period of less than one year. 2015 ESPP As of July 31, 2025, there was $3.8 million of unrecognized stock-based compensation expense related to the 2015 ESPP that is expected to be recognized over a weighted-average period of 1.11 years. 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 |  |  | Six Months Ended |
|  | July 31, |  |  | July 31, |
|  | 2024 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Cost of revenue |  | $ | 5,666 |  |  | $ | 4,731 |  |  | $ | 10,498 |  |  | $ | 9,352 |
Research and development |  |  | 21,380 |  |  |  | 19,676 |  |  |  | 40,186 |  |  |  | 37,495 |
Sales and marketing |  |  | 19,679 |  |  |  | 19,173 |  |  |  | 37,546 |  |  |  | 36,956 |
General and administrative |  |  | 14,033 |  |  |  | 11,531 |  |  |  | 27,422 |  |  |  | 22,470 |
Total stock-based compensation |  | $ | 60,758 |  |  | $ | 55,111 |  |  | $ | 115,652 |  |  | $ | 106,273 |

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