We currently have two employee equity plans that have been adopted by our Board of Directors. These plans, the 2015 Equity Incentive Plan (as amended or otherwise modified, 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 year ended January 31, 2025. As of July 31, 2025, 3,692,406 shares and 2,059,623 shares were reserved for future issuance under the 2015 Plan and the 2015 ESPP, respectively.

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, 2025		1,012,385		$	17.90		2.80	$	15,679
Options exercised		(83,033	)		17.52
Balance as of July 31, 2025		929,352		$	17.94		2.53	$	13,163
Exercisable as of July 31, 2025		929,352		$	17.94		2.53	$	13,163

The following table summarizes the restricted stock unit activity, inclusive of performance-based and market-based restricted stock units, under the equity incentive plans and related information:


	Number of			Weighted-
	Restricted			Average
	Stock Units			Grant Date
	Outstanding			Fair Value
Unvested balance - January 31, 2025		14,676,374		$	28.04
Granted		7,256,188			30.74
Vested		(4,206,817	)		27.77
Forfeited/cancelled		(885,693	)		27.71
Unvested balance - July 31, 2025		16,840,052		$	29.29

As of July 31, 2025, there was $447.9 million of unrecognized stock-based compensation expense related to outstanding restricted stock units, inclusive of performance-based and market-based restricted stock units, granted to employees that is expected to be recognized over a weighted-average period of 2.75 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 (the “Executive Bonus Plan”). Based on a review of our actual achievement of the pre-established corporate financial objectives and additional inputs from our Compensation Committee, the Executive Bonus Plan for fiscal year 2025 was determined, settled and paid out in the first quarter of fiscal year 2026 in the form of fully vested restricted stock units and cash. During the first quarter of fiscal year 2026, our Compensation Committee also adopted and approved the performance criteria and targets for the Executive Bonus Plan for fiscal year 2026, which is expected to be paid out in the form of fully vested restricted stock units and cash in the first quarter of fiscal year 2027.

During the six months ended July 31, 2025, we recognized stock-based compensation expense related to Executive Bonus Plans in the amount of $7.9 million. The unrecognized compensation expense related to the ungranted and unvested Executive Bonus Plan for fiscal year 2026 is $10.4 million, based on the expected performance against the pre-established corporate financial objectives as of July 31, 2025, which is expected to be recognized over a remaining weighted-average period of less than one year.

As of July 31, 2025, there was $3.8 million of unrecognized stock-based compensation expense related to the 2015 ESPP that is expected to be recognized over a weighted-average period of 1.11 years.

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,
	2024		2024		2025		2024
Cost of revenue	$	5,666	$	4,731	$	10,498	$	9,352
Research and development		21,380		19,676		40,186		37,495
Sales and marketing		19,679		19,173		37,546		36,956
General and administrative		14,033		11,531		27,422		22,470
Total stock-based compensation	$	60,758	$	55,111	$	115,652	$	106,273