In January 2015, our board of directors adopted the 2015 Equity Incentive Plan (the “2015 Plan”), which became effective prior to the completion of our initial public offering (“IPO”). Awards granted under the 2015 Plan may be (i) incentive stock options, (ii) nonstatutory stock options, (iii) restricted stock units, (iv) restricted stock awards or (v) stock appreciation rights, as determined by our board of directors at the time of grant. Generally, our restricted stock units vest over four years and, (a) for employee new hire restricted stock unit grants, twenty-five percent vest one year from the vesting commencement date and continue to vest 1/16th per quarter thereafter; or (b) for employee refresh restricted stock unit grants, 1/16th per quarter vest from the vesting commencement date. As of April 30, 2022, 23,256,575 shares were reserved for future issuance under the 2015 Plan.

In January 2015, our board of directors adopted the 2015 Employee Stock Purchase Plan (the “2015 ESPP”), which became effective prior to the completion of our IPO. The 2015 ESPP allows eligible employees to purchase shares of our Class A common stock at a discount of up to 15% through payroll deductions of their eligible compensation, subject to any plan limitations. The 2015 ESPP provides for 24-month offering periods beginning March 16 and September 16 of each year, and each offering period consists of four six-month purchase periods.

On each purchase date, eligible employees may purchase our stock at a price per share equal to 85% of the lesser of (1) the fair market value of our stock on the offering date or (2) the fair market value of our stock on the purchase date. In the event the price is lower on the last day of any purchase price period, in addition to using that price as the basis for that purchase period, the offering period resets and the new lower price becomes the new offering price for a new 24 month offering period. As of April 30, 2022, 5,795,134 shares were reserved for future issuance under the 2015 ESPP.

The following table summarizes the stock option activity under the equity incentive plans and related information:


	Shares Subject to Options Outstanding					Weighted- Average
				Weighted-		Remaining
				Average Exercise		Contractual Life		Aggregate
	Shares			Price		(Years)		Intrinsic Value
								(in thousands)
Balance as of January 31, 2022		5,726,893		$	11.74		3.04	$	82,481
Options granted		—			—
Options exercised		(2,056,625	)		2.99
Options forfeited/cancelled		(650,000	)		20.28
Balance as of April 30, 2022		3,020,268		$	15.85		4.04	$	44,607
Vested and expected to vest as of April 30, 2022		3,014,014		$	15.84		4.04	$	44,538
Exercisable as of April 30, 2022		2,894,679		$	15.69		3.92	$	43,212

As of April 30, 2022, there was $0.2 million of unrecognized stock-based compensation expense related to outstanding stock options granted to employees that is expected to be recognized over a weighted-average period of less than one year.

The following table summarizes the restricted stock unit activity under the equity incentive plans and related information:


	Number of			Weighted-
	Restricted			Average
	Stock Units			Grant Date
	Outstanding			Fair Value
Unvested balance - January 31, 2022		14,840,913		$	21.35
Granted		6,648,364			29.16
Vested		(2,376,125	)		22.75
Forfeited/cancelled		(718,642	)		21.34
Unvested balance - October 31, 2021		18,394,510		$	23.99

As of April 30, 2022, there was $412.4 million of unrecognized stock-based compensation expense related to outstanding restricted stock units granted to employees that is expected to be recognized over a weighted-average period of 3.06 years.

We use performance-based incentives for certain employees, including our named executive officers, to achieve our annual financial and operational objectives, while making progress towards our longer-term strategic and growth goals. Based on a review of our actual achievement of pre-established corporate financial objectives and additional inputs from our Compensation Committee, the Fiscal 2022 Executive Bonus Plan was determined, settled and paid out in the first quarter of fiscal year 2023 in the form of fully vested restricted stock units. During the first quarter of fiscal year 2023, our Compensation Committee also adopted and approved the performance criteria and targets for the Fiscal 2023 Executive Bonus Plan, which is expected to be paid out in the form of cash and fully vested restricted stock units in the first quarter of fiscal year 2024.

During the three months ended April 30, 2022, we recognized stock-based compensation expense related to the Fiscal 2022 and Fiscal 2023 Executive Bonus Plans in the amount of $4.5 million and $2.4 million, respectively. The unrecognized compensation expense related to the ungranted and unvested Fiscal 2023 Executive Bonus Plan is $10.9 million, based on the expected performance against the pre-established corporate financial objectives as of April 30, 2022, which is expected to be recognized over a remaining weighted-average period of less than one year.

As of April 30, 2022, there was $16.6 million of unrecognized stock-based compensation expense related to the 2015 ESPP that is expected to be recognized over the remaining term of the respective offering periods.

The following table summarizes the components of stock-based compensation expense recognized in the condensed consolidated statements of operations (in thousands):


	Three Months Ended
	April 30,
	2022		2021
Cost of revenue	$	4,355	$	5,340
Research and development		17,726		15,453
Sales and marketing		15,289		11,551
General and administrative		9,740		9,446
Total stock-based compensation	$	47,110	$	41,790