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Equity Incentive Plans (Tables)
12 Months Ended
Jan. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock Option Activity Under Equity Incentive Plans and Related Information

A summary of activity under our equity incentive plans and related information is as follows:

 

 

 

Options Outstanding

 

 

 

Number of

Shares

 

 

Weighted-

Average

Exercise Price

 

 

Weighted-

Average

Remaining

Contractual

Life (Years)

 

 

Aggregate

Intrinsic

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Balance as of January 31, 2015

 

 

54,284,474

 

 

$

3.02

 

 

 

8.3

 

 

$

523,654

 

Options granted

 

 

19,269,524

 

 

 

15.76

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(2,313,598

)

 

 

2.58

 

 

 

 

 

 

 

 

 

Options cancelled

 

 

(2,361,313

)

 

 

7.96

 

 

 

 

 

 

 

 

 

Balance as of January 31, 2016

 

 

68,879,087

 

 

$

6.43

 

 

 

7.9

 

 

$

505,131

 

Vested and exercisable as of January 31, 2016

 

 

24,297,716

 

 

$

2.04

 

 

 

6.7

 

 

$

267,213

 

Vested and expected to vest as of January 31, 2016

 

 

66,945,857

 

 

$

6.37

 

 

 

7.9

 

 

$

494,544

 

 

Summary of Estimate Fair Value of Employee Stock Options and Employee Purchase Plan

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

 

 

 

Fiscal Year Ended January 31,

 

 

 

2014

 

 

2015

 

 

2016

 

Employee Stock Options

 

 

 

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

5.3 - 7.3

 

 

5.0 - 6.9

 

 

6.0 - 7.4

 

Expected volatility

 

65% - 69%

 

 

55% - 68%

 

 

48%-52%

 

Risk-free interest rate

 

0.8% - 2.1%

 

 

1.3% - 2.2%

 

 

1.5%-1.9%

 

Dividend rate

 

 

 

 

 

 

 

 

 

Fair value of common stock

 

$1.46 - $2.98

 

 

$4.81 - $12.65

 

 

$13.94-$19.68

 

Employee Stock Purchase Plan

 

 

 

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

 

 

 

 

 

0.4 - 1.9

 

Expected volatility

 

 

 

 

 

 

 

49%

 

Risk-free interest rate

 

 

 

 

 

 

 

0.1% - 0.7%

 

Dividend rate

 

 

 

 

 

 

 

 

 

 

Summary of Estimate Fair Value of Non-employee Stock

We estimate the fair value of non-employee stock options on the date of grant using a Black-Scholes option pricing model with the following assumptions:

 

 

 

Fiscal Year Ended January 31,

 

 

 

2014

 

 

2015

 

 

2016

 

Expected term (in years)

 

 

10.0

 

 

 

10.0

 

 

 

10.0

 

Expected volatility

 

62% - 65%

 

 

62% - 63%

 

 

49%

 

Risk-free interest rate

 

1.1% - 2.6%

 

 

1.6% - 2.6%

 

 

1.5%

 

Dividend rate

 

 

 

 

 

 

 

 

 

Fair value of common stock

 

$1.79 - $2.98

 

 

$9.40 - $12.40

 

 

$

17.00

 

 

Summarizes the Components of Stock-Based Compensation

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

 

 

 

Fiscal Year Ended January 31,

 

 

 

2014

 

 

2015

 

 

2016

 

Cost of revenue—product

 

$

253

 

 

$

303

 

 

$

276

 

Cost of revenue—support

 

 

316

 

 

 

1,273

 

 

 

2,388

 

Research and development

 

 

11,477

 

 

 

22,512

 

 

 

31,135

 

Sales and marketing

 

 

9,014

 

 

 

22,466

 

 

 

16,966

 

General and administrative

 

 

506

 

 

 

6,479

 

 

 

7,460

 

Total stock-based compensation

 

$

21,566

 

 

$

53,033

 

 

$

58,225