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Stock-based Compensation | 6 Months Ended
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Jul. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | 11. Stock-based Compensation The following table presents the classification of stock-based compensation for the periods indicated:
|  | Three Months Ended July 31, |  |  | Six Months Ended July 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
Stock-based compensation: |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  | $ | 833 |  |  | $ | 885 |  |  | $ | 1,440 |  |  | $ | 1,826 |
Research and development |  |  | 18,395 |  |  |  | 18,550 |  |  |  | 36,016 |  |  |  | 36,911 |
Selling, general and administrative |  |  | 8,384 |  |  |  | 8,687 |  |  |  | 16,192 |  |  |  | 16,650 |
Total stock-based compensation |  | $ | 27,612 |  |  | $ | 28,122 |  |  | $ | 53,648 |  |  | $ | 55,387 |
As of July 31, 2024, approximately $3.2 million of stock-based compensation expense was accrued in accrued and other current liabilities in the condensed consolidated balance sheets. Total unrecognized compensation cost related to unvested stock options at July 31, 2024 was $4.1 million and is expected to be recognized over a weighted-average period of 0.81 years. Total unrecognized compensation cost related to unvested restricted stock units at July 31, 2024 was approximately $157.7 million and is expected to be recognized over a weighted-average period of 2.26 years. The following table sets forth the weighted-average assumptions used to estimate the fair value of employee stock purchase plan awards for the periods indicated:
|  | Three Months Ended July 31, |  |  | Six Months Ended July 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Employee stock purchase plan awards: |  |  |  |  |  |  |  |  |  |  |  |
Volatility |  |  | — |  |  |  | — |  |  |  | 39 | % |  |  | 59 | %
Risk-free interest rate |  |  | — |  |  |  | — |  |  |  | 5.38 | % |  |  | 4.73 | %
Expected term (years) |  |  | — |  |  |  | — |  |  | 0.5 |  |  | 0.5 |
Dividend yield |  |  | — |  |  |  | — |  |  |  | 0 | % |  |  | 0 | %
The following table summarizes stock option activities for the period indicated:
|  | Options Outstanding |
|  |  |  |  |  |  |  |  |  |  |  |  | Weighted- |  |  |  |
|  |  |  |  |  |  |  |  |  | Total Intrinsic |  |  | Average |  |  |  |
|  |  |  |  |  |  |  | Weighted- |  | Value Of |  |  | Remaining |  |  | Aggregate |
|  |  |  |  | Weighted- |  |  | Average |  | Options |  |  | Contractual |  |  | Intrinsic |
|  |  |  |  | Average |  |  | Grant-date |  | Exercised |  |  | Term |  |  | Value |
|  | Shares |  |  | Exercise Price |  |  | Fair Value |  | (in thousands) |  |  | (in years) |  |  | (in thousands) |
Outstanding at January 31, 2024 |  |  | 373,318 |  |  | $ | 46.39 |  |  |  |  |  |  |  |  |  |  |  |
Exercised |  |  | (60,129 | ) |  |  | 36.98 |  |  |  |  | $ | 960 |  |  |  |  |  |  |
Expired |  |  | (1,258 | ) |  |  | 49.81 |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at July 31, 2024 |  |  | 311,931 |  |  |  | 48.19 |  |  |  |  |  |  |  |  | 3.40 |  |  | $ | 2,947 |
Exercisable at July 31, 2024 |  |  | 283,954 |  |  | $ | 49.56 |  |  |  |  |  |  |  |  | 3.12 |  |  | $ | 2,343 |
The intrinsic value of options outstanding and exercisable is calculated based on the difference between the fair market value of the Company’s ordinary shares on the reporting date and the exercise price. The closing price of the Company’s ordinary shares on July 31, 2024 was $52.64, as reported by The Nasdaq Global Select Market. The intrinsic value of exercised options is calculated based on the difference between the fair market value of the Company’s ordinary shares on the exercise date and the exercise price. The following table summarizes restricted stock unit activities for the period indicated:
|  |  |  |  | Weighted- |
|  |  |  |  | Average |
|  |  |  |  | Grant-Date |
|  | Shares |  |  | Fair Value |
Unvested at January 31, 2024 |  |  | 2,432,640 |  |  | $ | 82.54 |
Granted |  |  | 639,240 |  |  |  | 65.63 |
Vested |  |  | (594,910 | ) |  |  | 75.11 |
Forfeited |  |  | (114,308 | ) |  |  | 131.26 |
Unvested at July 31, 2024 |  |  | 2,362,662 |  |  | $ | 77.48 |
As of July 31, 2024, the aggregate intrinsic value of unvested restricted stock units was $124.4 million.

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