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Stock-Based Compensation (Tables)
12 Months Ended
Jan. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock Option Activity Under Equity Incentive Plans and Related Information

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, 2017

 

 

12,318,800

 

 

$

7.44

 

 

 

6.42

 

 

$

119,606

 

Options granted

 

 

1,533,056

 

 

 

17.46

 

 

 

 

 

 

 

 

 

Option exercised

 

 

(2,098,726

)

 

 

6.94

 

 

 

 

 

 

 

 

 

Options forfeited/cancelled

 

 

(910,010

)

 

 

15.03

 

 

 

 

 

 

 

 

 

Balance as of January 31, 2018

 

 

10,843,120

 

 

$

8.32

 

 

 

5.74

 

 

$

150,922

 

Options granted

 

 

717,658

 

 

 

20.78

 

 

 

 

 

 

 

 

 

Option exercised

 

 

(1,980,070

)

 

 

8.24

 

 

 

 

 

 

 

 

 

Options forfeited/cancelled

 

 

(483,747

)

 

 

14.23

 

 

 

 

 

 

 

 

 

Balance as of January 31, 2019

 

 

9,096,961

 

 

$

9.01

 

 

 

4.97

 

 

$

108,731

 

Vested and expected to vest as of January 31, 2019

 

 

9,033,624

 

 

$

8.94

 

 

 

4.94

 

 

$

108,591

 

Exercisable as of January 31, 2019

 

 

7,706,805

 

 

$

7.21

 

 

 

4.31

 

 

$

105,673

 

Summary of Restricted Stock Unit Activity Under Equity Incentive Plans and Related Information

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, 2017

 

 

11,822,316

 

 

$

14.67

 

Granted

 

 

7,807,240

 

 

 

18.11

 

Vested, net of shares withheld for employee payroll taxes

 

 

(3,007,876

)

 

 

14.68

 

Forfeited/cancelled

 

 

(2,002,428

)

 

 

15.24

 

Unvested balance - January 31, 2018

 

 

14,619,252

 

 

$

16.42

 

Granted

 

 

10,349,570

 

 

 

22.12

 

Vested, net of shares withheld for employee payroll taxes

 

 

(3,344,632

)

 

 

16.84

 

Forfeited/cancelled

 

 

(3,525,483

)

 

 

17.72

 

Unvested balance - January 31, 2019

 

 

18,098,707

 

 

$

19.35

 

Summary of Components of Stock-Based Compensation Expense

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

 

 

 

Year Ended January 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Cost of revenue

 

$

14,065

 

 

$

10,742

 

 

$

7,882

 

Research and development

 

 

45,189

 

 

 

37,733

 

 

 

30,796

 

Sales and marketing

 

 

36,864

 

 

 

31,742

 

 

 

26,142

 

General and administrative

 

 

23,178

 

 

 

17,268

 

 

 

13,552

 

Total stock-based compensation

 

$

119,296

 

 

$

97,485

 

 

$

78,372

 

Summary of Estimated Fair Value of Employee Stock Options

We estimated the fair value of employee stock options and 2015 ESPP purchase rights using a Black-Scholes option pricing model with the following assumptions:

 

 

Year Ended January 31,

 

 

2019

 

 

2018

 

 

2017

 

Employee Stock Options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

5.5

 

 

5.8

 

 

 

5.5

 

 

6.1

 

 

 

5.5

 

 

6.0

 

Risk-free interest rate

2.8%

 

3.1%

 

 

1.8%

 

2.1%

 

 

1.3%

 

2.0%

 

Volatility

 

 

 

 

45%

 

 

38%

 

40%

 

 

40%

 

43%

 

Dividend yield

 

 

 

 

0%

 

 

 

 

 

 

0%

 

 

 

 

 

 

0%

 

Employee Stock Purchase Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

0.5

 

 

2.0

 

 

 

0.5

 

 

2.0

 

 

0.5

 

 

2.0

 

Risk-free interest rate

2.0%

 

2.8%

 

 

0.9%

 

1.4%

 

 

0.5%

 

0.9%

 

Volatility

37%

 

50%

 

 

28%

 

43%

 

 

39%

 

60%

 

Dividend yield

 

 

 

 

0%

 

 

 

 

 

 

0%

 

 

 

 

 

 

0%