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Equity Plans and Stock-based Compensation | 9 Months Ended
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Oct. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Equity Plans and Stock-based Compensation | Equity Plans and Stock-based Compensation The following sets forth the total stock-based compensation expense for employee equity plans included in the Company’s condensed consolidated statements of operations:
| Three Months Ended October 31, |  | Nine Months Ended October 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in thousands)
Cost of revenue | $ | 1,847 |  |  | $ | 1,145 |  |  | $ | 4,780 |  |  | $ | 3,271 |
Research and development | 14,451 |  |  | 10,200 |  |  | 39,804 |  |  | 27,598 |
Sales and marketing | 6,467 |  |  | 4,962 |  |  | 17,393 |  |  | 12,793 |
General and administrative | 10,118 |  |  | 9,391 |  |  | 29,969 |  |  | 23,982 |
Total stock-based compensation expense | $ | 32,883 |  |  | $ | 25,698 |  |  | $ | 91,946 |  |  | $ | 67,644 |
As of October 31, 2023, the Company had unrecognized stock-based compensation expense related to stock options, RSUs and PRSUs (as defined below), and 2021 ESPP (as defined below) of $212.3 million, which is expected to be recognized over a weighted-average period of 2.80 years. 2021 Employee Stock Purchase Plan The 2021 Employee Stock Purchase Plan (“2021 ESPP”) permits participants to purchase shares of the Company’s Common Stock at a discounted price through payroll deductions. As of October 31, 2023, 13,139,772 shares of Common Stock were available under the 2021 ESPP. 2021 Equity Incentive Plan The 2021 Equity Incentive Plan (“2021 EIP”) allows the Company to grant stock options, stock appreciation rights, restricted stock units (“RSUs”), performance restricted stock units (“PRSUs”), and certain other awards. As of October 31, 2023, 43,151,925 shares of Common Stock were available under the 2021 EIP. There were no options granted for the three and nine months ended October 31, 2023. Restricted Stock Units A summary of RSUs outstanding under the 2021 EIP as of October 31, 2023 and changes during the fiscal year-to-date period then ended is presented in the following table:
| Number of Shares |  | Weighted Average Grant Date Fair Value per Share
Outstanding as of January 31, 2023 | 12,935,413 |  |  | $ | 15.02 |
RSU granted | 15,171,450 |  |  | $ | 8.55 |
RSU vested | (4,648,207) |  |  | $ | 13.82 |
RSU forfeited | (1,849,229) |  |  | $ | 12.53 |
Outstanding as of October 31, 2023 | 21,609,427 |  |  | $ | 10.95 |
Performance Restricted Stock Units A summary of PRSUs outstanding under the 2021 EIP as of October 31, 2023 and changes during the fiscal year-to-date period then ended is presented in the following table:
| Number of Shares |  | Weighted Average Grant Date Fair Value per Share
Outstanding as of January 31, 2023 | 2,147,366 |  |  | $ | 10.83 |
PRSUs granted | 661,236 |  |  | $ | 4.92 |
PRSU forfeited | (143,266) |  |  | $ | 10.47 |
Outstanding as of October 31, 2023 | 2,665,336 |  |  | $ | 9.38 |
2017 Plan and 2007 Plan In fiscal year 2022, the Company terminated its 2017 Stock Option Plan (the “2017 Plan”) and 2007 Stock Option Plan (the “2007 Plan”). A summary of options outstanding under the 2017 Plan and 2007 Plan as of October 31, 2023 and changes during the fiscal year-to-date period then ended is presented in the following table:
| Number of Stock Option Awards |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding as of January 31, 2023 | 17,600,524 |  |  | $ | 0.70 |  |  | 5.6 |  | $ | 201,352 |
Options exercised | (4,399,544) |  |  | $ | 0.61 |  |  |  |  |
Options cancelled | (158,540) |  |  | $ | 0.77 |  |  |  |  |
Outstanding as of October 31, 2023 | 13,042,440 |  |  | $ | 0.73 |  |  | 4.8 |  | $ | 23,598 |
Options vested and expected to vest as of October 31, 2023 | 13,041,914 |  |  | $ | 0.73 |  |  | 4.8 |  | $ | 23,597 |
Exercisable as of October 31, 2023 | 11,172,410 |  |  | $ | 0.73 |  |  | 4.6 |  | $ | 20,269 |

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