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Common Stock and Stockholders' Equity | 3 Months Ended
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Apr. 30, 2026
Equity [Abstract] |
Common Stock and Stockholders' Equity | Common Stock and Stockholders’ Equity Common Stock Repurchases In March 2025, the Company’s Board of Directors authorized a share repurchase program to repurchase up to $150.0 million of the Company’s common stock (the “2025 Share Repurchase Program”), which was subsequently increased to $200.0 million in August 2025. During the three months ended April 30, 2026, the Company repurchased a total of 8,532,838 shares under the 2025 Share Repurchase Program and subsequently retired 8,896,106 shares. As of April 30, 2026, the 2025 Share Repurchase Program was complete and none of the total amount authorized to be repurchased remained available. Equity Incentive Plan In 2019, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan”). As of April 30, 2026 and January 31, 2026, the Company was authorized to grant up to 44,909,055 shares and 40,659,581 shares of common stock, respectively, under the 2019 Plan. The Company currently uses authorized and unissued shares to satisfy stock award exercises and settlement of restricted stock units (“RSUs”) and performance stock units (“PSUs”). As of April 30, 2026 and January 31, 2026, there were 26,008,878 shares and 23,024,478 shares, respectively, available for future issuance under the 2019 Plan. Shares of common stock reserved for future issuance as of the end of the period noted are as follows:
| April 30, 2026
Outstanding stock options and unvested RSUs and PSUs | 11,437,165 |
Available for future stock option, RSU, and PSU grants | 26,008,878 |
Available for Employee Stock Purchase Plan (“ESPP”) | 4,967,904 |
Total common stock reserved for future issuance | 42,413,947 |
Stock Options As of April 30, 2026, total unrecognized compensation cost related to unvested stock options granted under the 2019 Plan was immaterial. Such costs will be recognized over a weighted average period of 0.2 years. Restricted Stock Units A summary of the Company’s RSU activity and related information is as follows:
| Number of RSUs |  | Weighted Average Grant Date Fair Value Per Share
Outstanding at January 31, 2026 | 6,164,141 |  |  | $ | 19.01 |
Granted | 2,897,871 |  |  | $ | 6.43 |
Vested | (874,380) |  |  | $ | 23.02 |
Forfeited or canceled | (695,192) |  |  | $ | 19.67 |
Outstanding at April 30, 2026 | 7,492,440 |  |  | $ | 13.61 |
The fair value of the Company’s RSUs is expensed ratably over the vesting period, and is based on the fair value of the underlying shares on the date of grant. The Company accounts for forfeitures as they occur. As of April 30, 2026, there was $96.6 million of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted average period of 2.2 years based on vesting under the award service conditions. Performance Stock Units The Company grants PSUs to certain employees of the Company, which, in the current fiscal year, are to vest based on the level of achievement of certain targets related to the Company’s operating plan over the one-year performance period. In prior periods, PSUs vested based on both the level of achievement of certain targets related to the Company’s operating plan and the relative growth of the per share price of the Company’s common stock as compared to the S&P Software & Services Select Index over the one-year performance period. The PSUs vest over a three-year period, subject to continuous service with the Company. The number of shares of the Company’s common stock that will vest based on the performance and market conditions can range from 0% to 200% of the target amount. Compensation expense for PSUs with performance conditions is measured using the fair value at the date of grant, and may be adjusted over the vesting period based on interim estimates of performance against the performance condition. Compensation expense for PSUs with market conditions is measured using a Monte Carlo simulation approach. Expense is recorded over the vesting period under the graded-vesting attribution method. During the three months ended April 30, 2026, the Compensation Committee of the Company’s Board of Directors certified the results of the Company’s operating plan for the fiscal year ended January 31, 2026. Based on the results, the PSUs granted in April 2025 (“2025 PSU Awards”) were earned at an attainment of 0%. A summary of the Company’s PSU activity and related information is as follows:
| Number of PSUs |  | Weighted Average Grant Date Fair Value Per Share
Outstanding at January 31, 2026 | 858,096 |  |  | $ | 19.09 |
Granted(1) | 112,500 |  |  | $ | 6.40 |
Vested | (36,081) |  |  | $ | 21.62 |
Forfeited or canceled | (37,055) |  |  | $ | 21.62 |
Performance adjustment for 2025 PSU Awards | (640,646) |  |  | $ | 18.23 |
Outstanding at April 30, 2026 | 256,814 |  |  | $ | 14.95 |
(1) This amount represents awards granted at 100% attainment.
During the three months ended April 30, 2026, the Company recorded stock-based compensation expense for the number of PSUs considered probable of vesting based on the attainment of the performance targets. As of April 30, 2026, total unrecognized stock-based compensation cost related to PSUs was $1.3 million. This unrecognized stock-based compensation cost is expected to be recognized using the accelerated attribution method over a weighted-average period of approximately 1.2 years. Employee Stock Purchase Plan The Company’s ESPP generally provides for 24-month offering periods beginning June 15 and December 15 of each year, with each offering period consisting of four six-month purchase periods. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of: (i) the fair market value of the Company’s stock as of the beginning of the offering period; or (ii) the fair market value of the Company’s stock on the purchase date, as defined in the ESPP. During the three months ended April 30, 2026 and 2025, the Company recognized $1.3 million and $1.0 million, respectively, of stock-based compensation expense related to the ESPP. During the three months ended April 30, 2026 and 2025, the Company withheld $2.1 million and $2.7 million, respectively, in contributions from employees. During the three months ended April 30, 2026 and 2025, there were no purchases related to ESPP. Stock-Based Compensation Stock-based compensation expense included in the Company’s condensed consolidated statements of operations was as follows for the periods indicated (in thousands):
| Three months ended April 30, |  |
| 2026 |  | 2025 |  |  |  |
Cost of revenue | $ | 849 |  |  | $ | 1,097 |  |  |  |  |
Research and development | 6,137 |  |  | 9,840 |  |  |  |  |
Sales and marketing | 4,184 |  |  | 6,219 |  |  |  |  |
General and administrative | 6,793 |  |  | 8,597 |  |  |  |  |
Total stock-based compensation expense | $ | 17,963 |  |  | $ | 25,753 |  |  |  |  |

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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