Common Stock and Stockholders' Equity (Tables)

3 Months Ended

Apr. 30, 2021

Equity [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity under the Company’s 2006 Stock Plan and the 2016 Plan during the three months ended April 30, 2021 (aggregate intrinsic value in thousands):

	Options Outstanding
	Outstanding Stock Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value
Balance at January 31, 2021	2,608,640	$	20.65	5.61	$	754,478
Option grants	—	$	—	—	—
Options exercised	(202,912)	$	11.08	—	—
Options forfeited	—	$	—	—	—
Balance at April 30, 2021	2,405,728	$	21.45	5.40	$	595,623
Exercisable at April 30, 2021	2,208,482	$	17.77	5.24	$	554,929

(1)The above table includes 878,869 stock options with market and service based conditions.

Summary of Activity Related to RSUs

The following table summarizes the activity related to the Company’s RSUs during the three months ended April 30, 2021:

	Number of RSUs Outstanding	Weighted- Average Grant Date Fair Value
Awarded and unvested at January 31, 2021	2,530,280	$	123.56
Awards granted	657,140	$	254.93
Awards vested	(346,450)	$	75.59
Awards forfeited	(55,970)	$	184.75
Awarded and unvested at April 30, 2021	2,785,000	$	159.29

(1)The above table includes 209,427 restricted share units with market and service based conditions.

Total Stock-Based Compensation Expense

The Company’s total stock-based compensation expense was as follows (in thousands):

	Three Months Ended April 30,
	2021		2020
Cost of revenue:
Subscription	$	3,305	$	2,158
Professional services and other	3,898		2,412
Research and development	10,663		6,124
Sales and marketing	11,221		7,513
General and administrative	18,205		5,990
Total	$	47,292	$	24,197

Assumptions used to Estimate Fair Values of Stock Options Granted

The fair values of the Company’s stock options, ESPP and market-based awards granted during the three months ended April 30, 2021 and 2020 were estimated using the following assumptions:

	Three Months Ended April 30,
	2021				2020
Employee Stock Purchase Plan:
Expected term (in years)	0.5		-	2.0	0.5		-	2.0
Volatility	53.9	%	-	61.2 %	48.6	%	-	54.8 %
Risk-free interest rate	0.1	%	-	0.2 %	0.3	%	-	0.4 %
Dividend yield	—				—
Market-based Award
Expected term (in years)	3.0				3.0
Volatility	54.6%				48.4%
Risk-free interest rate	0.3%				0.4%
Dividend yield	—				—