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Equity Incentive Plans and Employee Stock Purchase Plan
 9 Months Ended
Oct. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plans and Employee Stock Purchase Plan Equity Incentive Plans and Employee Stock Purchase Plan
Equity Incentive Plan
The Company adopted the 2008 Stock Incentive Plan (as amended, the “2008 Plan”) and the 2016 Equity Incentive Plan (as amended the “2016 Plan”), primarily for the purpose of granting stock-based awards to eligible employees, directors and consultants, including stock options, restricted stock units (“RSUs”) and other stock-based awards. With the establishment of the 2016 Plan in December 2016, all shares available for grant under the 2008 Plan were transferred to the 2016 Plan. The Company no longer grants any stock-based awards under the 2008 Plan and any shares underlying stock options canceled under the 2008 Plan will be automatically transferred to the 2016 Plan.
Stock Options
The 2016 Plan provides for the issuance of incentive stock options to eligible employees and non-statutory stock options to eligible employees, directors or consultants. The Company’s Board of Directors, or a committee thereof, determines the vesting schedule for all equity awards. Stock option awards generally vest over a period of four years with 25% vesting on the one-year anniversary of the award and the remainder vesting monthly over the next 36 months of the grantee’s service to the Company. There were no stock options granted during the nine months ended October 31, 2024.
The following table summarizes stock option activity for the nine months ended October 31, 2024 (in thousands, except share and per share data and years):
Shares
Weighted-Average
Exercise
Price Per Share
Weighted- Average
Remaining
Contractual Term
(In Years)
Aggregate
Intrinsic
Value
Balance - January 31, 2024
835,623 $8.14 2.6$327,884 
Stock options exercised(215,243)7.53 
Stock options forfeited and expired
(267)13.35 
Balance - October 31, 2024
620,113 $8.35 1.9$162,503 
Vested and exercisable - January 31, 2024
835,623 $8.14 2.6$327,884 
Vested and exercisable - October 31, 2024
620,113 $8.35 1.9$162,503 
Restricted Stock Units
The 2016 Plan provides for the issuance of RSUs to eligible employees, directors and consultants. RSUs granted to new employees generally vest over a period of four years with 25% vesting on the one-year anniversary of the award and the remainder vesting quarterly over the next 12 quarters, subject to the grantee’s continued service to the Company. RSUs granted to existing employees generally vest quarterly over a period of four years, subject to the grantee’s continued service to the Company.
The following table summarizes RSU activity for the nine months ended October 31, 2024:
Shares
Weighted-Average Grant Date Fair Value per RSU
Unvested - January 31, 2024
3,566,406 $290.59 
RSUs granted1,552,130 319.34 
RSUs vested(1,159,468)298.24 
RSUs forfeited and canceled(381,690)297.60 
Unvested - October 31, 2024
3,577,378 $299.84 
2017 Employee Stock Purchase Plan
In October 2017, the Company’s Board of Directors adopted, and stockholders approved, the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). Subject to any plan limitations, the 2017 ESPP allows eligible employees to contribute, normally through payroll deductions, up to 15% of their earnings for the purchase of the Company’s common stock at a discounted price per share. In June 2024, the Company issued 96,603 shares of its common stock under the 2017 ESPP. The Company’s current offering period began on June 17, 2024 and is expected to end December 16, 2024.
Stock-Based Compensation Expense
Total stock-based compensation expense recognized in the Company’s interim condensed consolidated statements of operations is as follows (in thousands):
Three Months Ended October 31,Nine Months Ended October 31,
2024202320242023
Cost of revenue—subscription
$7,884 $6,018 $21,566 $17,607 
Cost of revenue—services
3,495 3,200 10,151 9,490 
Sales and marketing
40,540 40,585 121,193 118,567 
Research and development
57,850 50,759 168,211 143,238 
General and administrative
15,943 15,267 47,777 44,194 
Total stock-based compensation expense
$125,712 $115,829 $368,898 $333,096