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Stock-Based Compensation | 9 Months Ended
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Oct. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Equity Award Plans The Company has two equity incentive plans, the Sprinklr, Inc. 2021 Equity Incentive Plan (the “2021 Plan”) and the Sprinklr, Inc. 2011 Equity Incentive Plan (the “2011 Plan”). The 2011 Plan was terminated as to future awards in June 2021 upon the adoption of the 2021 Plan, although it continues to govern the terms of any equity grants that remain outstanding under the 2011 Plan. The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), performance-based stock units (“PSUs”), and other forms of awards to employees, directors and consultants, including employees and consultants of the Company’s affiliates, as permitted by law. In June 2021, the Company also adopted its ESPP, under which employees can purchase common stock through payroll deductions at a price equal to 85% of the lower of the fair market value of the Class A common stock on (i) the first trading day of each offering period and (ii) the last trading day of each related offering period. Summary of Stock Option Activity A summary of the Company’s stock option activity for the nine months ended October 31, 2023 is as follows:
| Number of stock options |  | Weighted average exercise price |  | Weighted average remaining contractual life
| (in thousands) |  |  |  | (in years)
Outstanding as of January 31, 2023 | 33,049 |  |  | $ | 6.11 |  |  | 6.6
Granted | 1,512 |  |  | 12.85 |  |  |
Exercised | (5,505) |  |  | 5.86 |  |  |
Cancelled/forfeited(1) | (3,602) |  |  | 5.81 |  |  |
Expired | (5) |  |  | 0.25 |  |  |
Outstanding as of October 31, 2023 | 25,449 |  |  | $ | 6.61 |  |  | 5.9
Exercisable as of October 31, 2023 | 20,864 |  |  | $ | 5.69 |  |  | 5.4
Vested and expected to vest as of October 31, 2023 | 24,844 |  |  | $ | 6.52 |  |  | 5.8
(1) 2,318,632 options tied to market conditions were cancelled during the second quarter as the applicable market conditions were not met by May 1, 2023. Summary of Restricted Stock Unit Activity A summary of the Company’s RSU activity for the nine months ended October 31, 2023 is as follows:
| Number of restricted shares |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |
Outstanding as of January 31, 2023 | 9,400 |  |  | $ | 12.23 |
Granted | 6,056 |  |  | 13.02 |
Released | (2,800) |  |  | 12.63 |
Cancelled/forfeited | (2,152) |  |  | 12.44 |
Outstanding as of October 31, 2023 | 10,504 |  |  | $ | 12.54 |
Performance-Based Stock Units As of October 31, 2023, the Company had 780,000 PSUs outstanding. These awards vest over a five-year period if certain performance and market conditions are met. The performance condition was met in June 2021 and the market conditions have not yet been met as of October 31, 2023. If the market conditions are not met on or prior to January 28, 2026, the associated awards will not vest and will be subsequently cancelled. Stock-Based Compensation Expense Stock-based compensation expense included in operating results was allocated as follows:
| Three Months Ended October 31, |  | Nine Months Ended October 31,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Costs of subscription | $ | 268 |  |  | $ | 282 |  |  | $ | 858 |  |  | $ | 1,079 |
Costs of professional services | 331 |  |  | 368 |  |  | 1,139 |  |  | 1,770 |
Research and development | 2,128 |  |  | 2,204 |  |  | 9,092 |  |  | 7,700 |
Sales and marketing | 6,132 |  |  | 5,071 |  |  | 18,398 |  |  | 18,736 |
General and administrative | 5,071 |  |  | 3,284 |  |  | 12,618 |  |  | 10,635 |
Stock-based compensation, net of amounts capitalized | 13,930 |  |  | 11,209 |  |  | 42,105 |  |  | 39,920 |
Capitalized stock-based compensation | 412 |  |  | 1,023 |  |  | 1,956 |  |  | 1,898 |
Total stock-based compensation | $ | 14,342 |  |  | $ | 12,232 |  |  | $ | 44,061 |  |  | $ | 41,818 |

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