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Stock-Based Compensation (Tables) | 6 Months Ended
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Oct. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | A summary of the Company’s option activity during the six months ended October 31, 2024 is as follows:
| Options Outstanding
| Number of Stock Options Outstanding |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value
| (in thousands) |  |  |  |  |  | (in thousands)
Balance as of April 30, 2024 | 31,328 |  |  | $ | 13.97 |  |  | 5.68 |  | $ | 268,167 |
Options granted | 1,187 |  |  | 23.43 |  |  |  |  |
Options exercised | (1,064) |  |  | 25.82 |  |  |  |  |
Options cancelled | (513) |  |  | 19.77 |  |  |  |  |
Balance as of October 31, 2024 | 30,938 |  |  | $ | 14.56 |  |  | 5.41 |  | $ | 311,547 |
Vested and exercisable as of October 31, 2024 | 24,887 |  |  | $ | 11.30 |  |  | 4.89 |  | $ | 331,739 |
Vested and expected to vest as of October 31, 2024 | 30,938 |  |  | $ | 14.56 |  |  | 5.41 |  | $ | 311,547 |
Schedule of Valuation Assumptions | The weighted average assumptions underlying the fair value estimation are provided in the following table:
|  | Six Months Ended October 31,
|  | 2024 |  | 2023
Valuation assumptions: |  |  |  |
Expected dividend yield |  | — | % |  | — | %
Expected volatility |  | 66.2 | % |  | 62.3 | %
Expected term (years) |  | 6.1 |  | 6.5
Risk-free interest rate |  | 3.6 | % |  | 4.7 | %
Schedule of Restricted Stock Unit Activity | A summary of the Company’s RSU activity during the six months ended October 31, 2024 is as follows:
| RSUs Outstanding
| Number of RSUs |  | Weighted Average Grant Date Fair Value Per Share
| (in thousands) |  |
Unvested Balance as of April 30, 2024 | 19,283 |  |  | $ | 24.26 |
RSUs granted | 7,569 |  |  | 27.21 |
RSUs vested | (3,858) |  |  | 26.50 |
RSUs forfeited | (2,515) |  |  | 27.35 |
Unvested Balance as of October 31, 2024 | 20,479 |  |  | $ | 25.11 |
Schedule of Fair Value of Shares to be Granted | The following assumptions were used to calculate the fair value of shares to be granted under the 2020 ESPP during the period:
| Six Months Ended October 31,
| 2024 |  | 2023
Valuation assumptions: |  |  |
Expected dividend yield | — | % |  | — | %
Expected volatility | 56.2 - 75.3% |  | 64.0 - 70.1%
Expected term (years) | 0.5 - 2.0 |  | 0.5 - 2.0
Risk-free interest rate | 3.6 - 4.6% |  | 5.0 - 5.5%
Summary of Effects of Stock-Based Compensation | The following table summarizes the effects of stock-based compensation on the Company’s condensed consolidated statements of operations (in thousands):
| Three Months Ended October 31, |  | Six Months Ended October 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of subscription | $ | 7,827 |  |  | $ | 8,514 |  |  | $ | 15,521 |  |  | $ | 16,570 |
Cost of professional services | 484 |  |  | 479 |  |  | 1,198 |  |  | 939 |
Sales and marketing | 20,802 |  |  | 18,226 |  |  | 39,635 |  |  | 35,005 |
Research and development | 17,999 |  |  | 16,685 |  |  | 36,430 |  |  | 33,718 |
General and administrative | 9,926 |  |  | 9,265 |  |  | 18,937 |  |  | 17,817 |
Total stock-based compensation expense | $ | 57,038 |  |  | $ | 53,169 |  |  | $ | 111,721 |  |  | $ | 104,049 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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