Stock-based compensation (Tables)

6 Months Ended

Jul. 31, 2019

Share-based Payment Arrangement [Abstract]

Summary of share based compensation recognized

The following table shows a summary of stock-based compensation in the Company's condensed consolidated statements of operations and comprehensive income during the periods presented:

	Three months ended July 31,				Six months ended July 31,
(in thousands)	2019		2018		2019		2018
Cost of revenue	$	1,010	$	807	$	1,869	$	1,220
Sales and marketing	1,158		891		2,166		1,596
Technology and development	1,930		1,300		3,429		2,291
General and administrative	3,492		2,490		6,154		4,620
Total stock-based compensation expense	$	7,590	$	5,488	$	13,618	$	9,727

Summary of stock-based compensation expense by award type

The following table shows stock-based compensation by award type:

	Three months ended July 31,				Six months ended July 31,
(in thousands)	2019		2018		2019		2018
Stock options	$	1,727	$	1,983	$	3,510	$	3,747
Performance stock options	—		172		—		325
Restricted stock units	3,694		2,045		6,619		3,587
Performance restricted stock units	1,393		536		2,044		1,050
Restricted stock awards	164		171		327		226
Performance restricted stock awards	612		581		1,118		792
Total stock-based compensation expense	$	7,590	$	5,488	$	13,618	$	9,727

Summary of assumptions

The key input assumptions that were utilized in the valuation of the stock options granted during the periods presented:

	Three months ended July 31,		Six months ended July 31,
	2019	2018	2019		2018
Expected dividend yield	*	*	—	%	—	%
Expected stock price volatility	*	*	35.98% - 36.53%		37.84	%
Risk-free interest rate	*	*	2.21% - 2.43%		2.52% - 2.68%
Expected life of options	*	*	4.95 - 5.09 years		5.17 - 6.25 years

* No stock options were granted during the three months ended July 31, 2019 and 2018.

Summary of stock option activity

A summary of stock option activity is as follows:

	Outstanding stock options
(in thousands, except for exercise prices and term)	Number of options		Range of exercise prices	Weighted- average exercise price		Weighted- average contractual term (in years)	Aggregate intrinsic value
Outstanding as of January 31, 2019	2,444		$0.10 - 82.39	$	27.37	6.74	$	85,971
Granted	108		$63.64 - 73.61	$	73.27
Exercised	(283	)	$0.10 - 44.53	$	23.49
Forfeited	(31	)	$24.36 - 44.53	$	30.96
Outstanding as of July 31, 2019	2,238		$0.10 - 82.39	$	30.03	6.45	$	116,288
Vested and expected to vest as of July 31, 2019	2,238			$	30.03	6.45	$	116,288
Exercisable as of July 31, 2019	1,429			$	22.14	5.75	$	85,503

Summary of restricted stock unit activity

A summary of the RSU and RSA activity is as follows:

	RSUs and PRSUs				RSAs and PRSAs
(in thousands, except weighted-average grant date fair value)	Shares		Weighted-average grant date fair value		Shares		Weighted-average grant date fair value
Outstanding as of January 31, 2019	647		$	55.18	256		$	61.93
Granted	527		70.84		—		—
Released	(122	)	54.49		(11	)	62.75
Forfeited	(42	)	55.77		(10	)	61.72
Outstanding as of July 31, 2019	1,010		$	63.41	235		$	61.91