XML 27 R18.htm IDEA: XBRL DOCUMENT v3.22.2.2
Stock-Based Compensation
 6 Months Ended
Jul. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

Note 11. Stock-Based Compensation

Employee Equity Plans

We currently have two employee equity plans that have been adopted by our board of directors. These plans, the 2015 Equity Incentive Plan (the "2015 Plan") and the 2015 Employee Stock Purchase Plan (the "2015 ESPP"), are described in more detail in Item 8. Financial Statements and Supplementary Data in our Form 10-K for the fiscal year ended January 31, 2022. As of July 31, 2022, 23,057,400 shares and 5,795,134 shares were reserved for future issuance under the 2015 Plan and the 2015 ESPP, respectively.

Stock Options

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

 

 

(2,083,277

)

 

 

3.09

 

 

 

 

 

 

 

Options forfeited/cancelled

 

 

(650,000

)

 

 

20.28

 

 

 

 

 

 

 

Balance as of July 31, 2022

 

 

2,993,616

 

 

$

15.90

 

 

 

3.82

 

 

$

37,546

 

Vested and expected to vest as of July 31, 2022

 

 

2,989,152

 

 

$

15.89

 

 

 

3.81

 

 

$

37,506

 

Exercisable as of July 31, 2022

 

 

2,903,245

 

 

$

15.79

 

 

 

3.72

 

 

$

36,740

 

Restricted Stock Units

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

 

 

8,247,887

 

 

 

28.14

 

Vested

 

 

(4,365,169

)

 

 

22.69

 

Forfeited/cancelled

 

 

(1,369,225

)

 

 

22.24

 

Unvested balance - July 31, 2022

 

 

17,354,406

 

 

$

24.17

 

 

As of July 31, 2022, there was $394.1 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 2.94 years.

Performance-Based Restricted Stock Units

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 six months ended July 31, 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 $6.0 million, respectively. The unrecognized compensation expense related to the ungranted and unvested Fiscal 2023 Executive Bonus Plan is $9.1 million, based on the expected performance against the pre-established corporate financial objectives as of July 31, 2022, which is expected to be recognized over a remaining weighted-average period of less than one year.

2015 ESPP

As of July 31, 2022, there was $13.2 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.

Stock-Based Compensation

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

July 31,

 

 

July 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Cost of revenue

 

$

4,787

 

 

$

4,883

 

 

$

9,142

 

 

$

10,223

 

Research and development

 

 

18,095

 

 

 

16,626

 

 

 

35,821

 

 

 

32,079

 

Sales and marketing

 

 

14,800

 

 

 

12,919

 

 

 

30,089

 

 

 

24,470

 

General and administrative

 

 

11,004

 

 

 

9,700

 

 

 

20,744

 

 

 

19,146

 

Total stock-based compensation

 

$

48,686

 

 

$

44,128

 

 

$

95,796

 

 

$

85,918