XML 60 R37.htm IDEA: XBRL DOCUMENT
v3.24.1

Stock-Based Compensation (Tables) | 12 Months Ended
--- | ---
Jan. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | A summary of the Company’s stock option activity for the year ended January 31, 2024 is as follows:
| Number of Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Aggregate Intrinsic Value
| (in thousands) |  |  |  | (in years) |  | (in thousands)
Outstanding as of January 31, 2023 | 33,049 |  |  | $ | 6.11 |  |  | 6.6 |  | $ | 135,831 |
Granted | 1,512 |  |  | 12.85 |  |  |  |  |
Exercised | (7,503) |  |  | 5.79 |  |  |  |  |
Cancelled/forfeited(1) | (3,786) |  |  | 6.04 |  |  |  |  |
Expired | (5) |  |  | 0.25 |  |  |  |  |
Outstanding as of January 31, 2024 | 23,267 |  |  | $ | 6.66 |  |  | 5.9 |  | $ | 136,602 |
Exercisable as of January 31, 2024 | 19,504 |  |  | $ | 5.80 |  |  | 5.6 |  | $ | 130,755 |
Vested and expected to vest as of January 31, 2024 | 22,875 |  |  | $ | 6.60 |  |  | 5.9 |  | $ | 135,629 |
(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.
| Year Ended January 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Intrinsic value of options exercised | $ | 58,565 |  |  | $ | 32,391 |  |  | $ | 83,387 |
Estimated grant date fair value of options vested in the period | $ | 12,954 |  |  | $ | 32,085 |  |  | $ | 29,256 |
Summary of Assumptions Used to Estimate Fair Value of Options Granted to Employees | The following assumptions were used to estimate the fair value of options granted to employees:
| Year Ended January 31,
| 2024 |  | 2023 |  | 2022
Expected term (in years) | 6.1 |  | (a) |  | 6.0
Risk-free interest rate | 3.5% |  | (a) |  | 0.9% - 1.4%
Expected volatility | 60.1% |  | (a) |  | 50.9% - 52.1%
Expected dividend rate | 0% |  | (a) |  | 0%
Fair value of common stock | $12.85 |  | (a) |  | $10.96 - $14.02
(a) In fiscal year ended January 31, 2023, no stock options were granted. The fair value of share purchase rights granted under the ESPP was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
| Year Ended January 31,
| 2024 |  | 2023 |  | 2022
Expected term (in years) | 0.5 - 1.0 |  | 0.5 - 1.0 |  | 0.5 - 1.0
Risk-free interest rate | 4.9% - 5.3% |  | 2.2% - 4.6% |  | 0.1% - 0.3%
Expected volatility | 49.4% - 67.4% |  | 66.2% - 81.9% |  | 49.3% - 57.0%
Expected dividend rate | 0% |  | 0% |  | 0%
Fair value of common stock | $11.48 - $14.58 |  | $8.84 - $9.84 |  | $14.27 - $22.37
Summary of RSU Award Activity | A summary of the Company’s RSU activity for the year ended January 31, 2024 is as follows:
(in thousands except per share data) | Number of Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Outstanding as of January 31, 2023 | 9,400 |  | $ | 12.23 |
Granted | 6,319 |  | 13.00 |
Released | (3,445) |  | 12.41 |
Cancelled/forfeited | (3,015) |  | 12.49 |
Outstanding as of January 31, 2024 | 9,259 |  | $ | 12.61 |
Summary of Stock-based Compensation Expense | Stock-based compensation expense included in operating results was allocated as follows:
| Year Ended January 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Cost of subscription | $ | 1,130 |  |  | $ | 1,528 |  |  | $ | 1,794 |
Cost of professional | 1,450 |  |  | 2,249 |  |  | 2,448 |
Research and development | 11,566 |  |  | 10,678 |  |  | 6,417 |
Sales and marketing | 24,477 |  |  | 26,651 |  |  | 19,929 |
General and administrative | 17,134 |  |  | 14,411 |  |  | 19,543 |
Stock-based compensation, net of amounts capitalized | 55,757 |  |  | 55,517 |  |  | 50,131 |
Capitalized stock-based compensation | 2,473 |  |  | 2,540 |  |  | 696 |
Total stock-based compensation | $ | 58,230 |  |  | $ | 58,057 |  |  | $ | 50,827 |
| Year Ended January 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Equity classified awards (1) | $ | 57,230 |  |  | $ | 57,057 |  |  | $ | 49,827 |
Other awards (2) | 1,000 |  |  | 1,000 |  |  | 1,000 |
Total stock-based compensation | $ | 58,230 |  |  | $ | 58,057 |  |  | $ | 50,827 |
| Year Ended January 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Stock options (3) | $ | 15,125 |  |  | $ | 23,454 |  |  | $ | 36,385 |
Performance-based stock units (4) | (296) |  |  | (55) |  |  | 897 |
Restricted stock units (3) | 38,684 |  |  | 24,963 |  |  | 3,196 |
Employee stock purchase plan | 3,717 |  |  | 8,695 |  |  | 6,142 |
Deferred stock compensation plan | — |  |  | — |  |  | 3,206 |
Total stock-based compensation | $ | 57,230 |  |  | $ | 57,057 |  |  | $ | 49,827 |
(1) Expense associated with equity-classified awards includes $3.7 million, $8.6 million and $6.1 million of ESPP expense recognized during the years ended January 31, 2024, 2023 and 2022, respectively. (2) Non-employee grant recorded over five years, representing the same period and in the same manner as if the grantor had paid cash for the services instead of paying with or using the share-based payment award. (3) Stock-based compensation for the year ended January 31, 2022 includes the acceleration of the expense recognized upon the effectiveness of the Company’s registration statement for the Chief Executive Officer’s performance-based stock options. Similarly, the acceleration of the expense for performance-based RSUs upon the effectiveness of the Company’s registration statement is captured within the stock-based compensation for RSUs for the year ended January 31, 2022. (4) The stock-based compensation for performance-based stock units during the year ended January 31, 2023 includes the impact of stock-based compensation modifications.
Summary of Unrecognized Compensation Cost Related to Unvested Awards Not Yet Recognized | As of January 31, 2024, total unrecognized compensation cost related to unvested awards not yet recognized under all equity compensation plans, was as follows:
| January 31, 2024
(in thousands) | Unrecognized Expense |  | Weighted Average Expense Recognition Period (in years)
Stock options | $ | 15,701 |  |  | 1.9
Performance share units | $ | 361 |  |  | 2.0
Restricted stock units | $ | 81,560 |  |  | 2.7
ESPP | $ | 2,875 |  |  | 0.9

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (i) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration