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Stock-Based Compensation
9 Months Ended
Oct. 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 October 31, 2022, 23,074,744 shares and 5,292,010 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

 

 

(2,128,440

)

 

 

3.30

 

 

 

 

 

 

 

Options forfeited/cancelled

 

 

(650,000

)

 

 

20.28

 

 

 

 

 

 

 

Balance as of October 31, 2022

 

 

2,948,453

 

 

$

15.94

 

 

 

3.56

 

 

$

38,641

 

Vested and expected to vest as of October 31, 2022

 

 

2,945,697

 

 

$

15.94

 

 

 

3.56

 

 

$

38,615

 

Exercisable as of October 31, 2022

 

 

2,891,970

 

 

$

15.87

 

 

 

3.50

 

 

$

38,103

 

 

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

 

 

9,148,076

 

 

 

27.83

 

Vested

 

 

(6,128,956

)

 

 

22.63

 

Forfeited/cancelled

 

 

(1,716,408

)

 

 

22.65

 

Unvested balance - October 31, 2022

 

 

16,143,625

 

 

$

24.40

 

 

As of October 31, 2022, there was $366.3 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 2.79 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 nine months ended October 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 $8.1 million, respectively. The unrecognized compensation expense related to the ungranted and unvested Fiscal 2023 Executive Bonus Plan is $3.3 million, based on the expected performance against the pre-established corporate financial objectives as of October 31, 2022, which is expected to be recognized over a remaining weighted-average period of less than one year.

2015 ESPP

As of October 31, 2022, there was $15.0 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

 

 

Nine Months Ended

 

 

 

October 31,

 

 

October 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Cost of revenue

 

$

4,331

 

 

$

4,786

 

 

$

13,473

 

 

$

15,009

 

Research and development

 

 

16,556

 

 

 

17,712

 

 

 

52,377

 

 

 

49,791

 

Sales and marketing

 

 

14,158

 

 

 

13,872

 

 

 

44,247

 

 

 

38,342

 

General and administrative

 

 

9,807

 

 

 

9,219

 

 

 

30,551

 

 

 

28,365

 

Total stock-based compensation

 

$

44,852

 

 

$

45,589

 

 

$

140,648

 

 

$

131,507