In April 2011, the Company established the 2011 Equity Incentive Plan (2011 Plan), which was amended in September 2011 to provide for the issuance of stock options and other stock-based awards. In June 2018, the Company adopted the 2018 Equity Incentive Plan (2018 Plan). The 2018 Plan provides for the grant of incentive and nonstatutory stock options, restricted stock, RSUs, stock appreciation rights, performance units, and performance shares to employees, consultants, and members of the Company's board of directors.

The number of shares available for issuance under the 2018 Plan includes an annual increase on the first day of each fiscal year equal to the least of: (1) 3,500,000 shares; (2) 5% of the outstanding shares of Class A and Class B common stock as of the last day of the immediately preceding fiscal year; and (3) such other amount as the Company's board of directors may determine no later than the last day of the immediately preceding year. During the year ended January 31, 2026, the number of shares available for grant under the 2018 Plan was increased by 1,972,705 shares. As of January 31, 2026, there were 1,338,314 shares available for grant under the 2018 Plan.

In connection with the IPO, the 2011 Plan was terminated. With the establishment of the 2018 Plan, the Company no longer grants equity-based awards under the 2011 Plan and any shares that expire, terminate, are forfeited or repurchased by the Company, or are withheld by the Company to cover tax withholding obligations, under the 2011 Plan, will become available for future grant under the 2018 Plan.

The Company recognized stock-based compensation expense related to its equity incentive plans as follows (in thousands):


	Year Ended January 31,
	2024		2025		2026
Cost of revenue:
Subscription	$	2,810	$	3,190	$	3,305
Professional services and other	1,735		1,223		1,190
Sales and marketing	25,015		19,995		14,250
Research and development	19,520		18,245		16,822
General and administrative	14,565		15,892		20,270
Other expense, net	703		821		218
Total	$	64,348	$	59,366	$	56,055

Stock options typically vest over a four-year period and have a term of ten years from the date of grant. There were no stock options granted during the years ended January 31, 2024, 2025, and 2026.

The following table sets forth the outstanding common stock options and related activity for the years ended January 31, 2024, 2025 and 2026:


	Shares Subject to Outstanding Options	Weighted- Average Exercise Price per Share		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of January 31, 2023	876,284	$	26.40	1.9	$	59


Exercised	(7,638)	8.40

Expired	(75,332)	26.95
Outstanding as of January 31, 2024	793,314	26.52		1.0	$	—
Exercised	—	—

Expired	(722,461)	25.59
Outstanding as of January 31, 2025	70,853	36.06		1.7	$	—
Exercised	—	—

Expired	(35,568)	44.37
Outstanding as of January 31, 2026	35,285	$	27.68	0.7	$	—

The aggregate intrinsic value of options exercised was $0.0 million for the years ended January 31, 2024, 2025 and 2026. No options were exercised during the years ended January 31, 2025 and 2026. The intrinsic value represents the excess of the market closing price of the Company's common stock on the date of exercise over the exercise price of each option. The intrinsic value of options is based on the market closing price of the Company's Class B common stock on that date.

Restricted stock units (RSUs) granted under the Plan primarily vest and settle upon the satisfaction of a service-based condition. The service-based condition for these awards is generally satisfied over three or four years with a cliff vesting period of one or two years and quarterly vesting thereafter. RSUs include performance-based restricted stock units (PSUs),

During the year ended January 31, 2026, the Company granted its chief executive officer 450,000 PSUs that contain both a market and service-based condition. The PSUs are separated into four tranches, which are all eligible to vest on the one-year anniversary of the grant date and upon the Company's Class B common stock achieving various stock price hurdles based on a 30-trading day average closing price. The grant date fair values, and in part, the requisite service periods, were determined by a Monte Carlo simulation model. Stock-based compensation related to these PSUs will be recognized over the requisite service period and expire on the four-year anniversary of the grant date. In the event that the stock price hurdle is not met for any given tranche within four years of the grant date, those respective awards are forfeited entirely.


	Minimum Time Vest	Number of Shares	Stock Price Hurdle		Grant Date Fair Value		Requisite Service (in years)
Tranche 1	One-year anniversary of grant date	150,000	$	20.00	$	13.13	1.00
Tranche 2	One-year anniversary of grant date	150,000	25.00		12.31		1.00
Tranche 3	One-year anniversary of grant date	75,000	35.00		10.90		1.47
Tranche 4	One-year anniversary of grant date	75,000	45.00		9.73		1.97

The following table sets forth the outstanding RSUs and related activity for the years ended January 31, 2024, 2025 and 2026:


	Number of Shares	Weighted- Average Grant Date Fair Value
Outstanding as of January 31, 2023	3,894,094	$	48.27
Granted	3,523,844	14.38
Vested	(1,742,989)	46.69
Canceled	(948,659)	38.85
Outstanding as of January 31, 2024	4,726,290	25.61
Granted	3,367,104	7.96
Vested	(2,378,046)	27.46
Canceled	(645,187)	26.56
Outstanding as of January 31, 2025	5,070,161	13.91
Granted	4,343,176	11.35
Vested	(3,041,911)	15.56
Canceled	(328,997)	14.07
Outstanding as of January 31, 2026	6,042,429	$	11.22

As of January 31, 2026, there was $55.5 million of unrecognized stock-based compensation expense related to outstanding RSUs which is expected to be recognized over a weighted-average period of 2.6 years.

In January 2026, the Company modified and accelerated the vesting of certain employee RSUs, resulting in $1.0 million of incremental stock-based compensation during the year ended January 31, 2026. Additionally, the Company accelerated the recognition of stock-based compensation expense for certain employee RSUs, resulting in $1.9 million of stock-based compensation recognized during the year ended January 31, 2026.

Subsequent to year end, on March 2, 2026, the Company's board of directors approved paying out certain fiscal 2026 commissions in the form of fully-vested restricted stock units (RSUs) instead of cash. These RSUs were granted on March

In June 2018, the Company's board of directors adopted the ESPP. The number of shares of Class B common stock available for issuance under the ESPP increases on the first day of each fiscal year equal to the least of: (1) 1,050,000 shares of Class B common stock, (2) 1.5% of the outstanding shares of Class A and Class B common stock of the Company on the last day of the immediately preceding fiscal year, and (3) such other amount as the administrator of the ESPP may determine on or before the last day of the immediately preceding year. During the year ended January 31, 2026, the number of shares available under the ESPP was increased by 591,811 shares. As of January 31, 2026, there were 844,128 shares available under the ESPP.

The ESPP generally provides for consecutive overlapping 12-month offering periods comprising two six-month purchase periods. The offering periods are scheduled to start on the first trading day on or after April 1 and October 1 of each year. The ESPP is intended to qualify as a tax-qualified plan under Section 423 of the Internal Revenue Code and permits participants to elect to purchase shares of Class B common stock through payroll deductions of up to 25% of their eligible compensation. Under the ESPP, a participant may purchase a maximum of 300 shares during each purchase period.

Amounts deducted and accumulated by the participant will be used to purchase shares of Class B common stock at the end of each purchase period. The purchase price of the shares will be 85% of the lower of the fair market value of Class B common stock on the first trading day of each offering period or the fair market value of Class B common stock on the applicable exercise date. If the fair market value of a share of Class B common stock on the exercise date of an offering period is less than it was on the first trading day of that offering period, participants automatically will be withdrawn from that offering period following their purchase of shares on the exercise date and will be re-enrolled in a new offering period. Participants may end their participation at any time during an offering period and will be paid their accrued contributions that have not yet been used to purchase shares of Class B common stock. Participation ends automatically upon termination of employment.

As of January 31, 2026, a total of approximately 175,203 shares were issuable to employees based on estimated shares available and contribution elections made under the ESPP. Estimated shares available were estimated assuming that the plan will be increased by an amount approximating 1.5% of shares outstanding as of January 31, 2023. As of January 31, 2026, total unrecognized stock-based compensation related to the ESPP was $0.7 million, which is expected to be recognized over a weighted-average period of 0.7 years.

The fair value of the purchase rights for the ESPP are estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:


	Year Ended January 31,
	2024	2025	2026
Expected stock price volatility	74% - 93%	45% - 65%	51% - 80%
Expected term	0.5 - 1.0 year	0.5 - 1.0 year	0.5 - 1.0 year
Risk-free interest rate	4.60% - 5.58%	3.96% - 5.36%	3.62% - 4.23%
Expected dividend yield	–	–	–