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Equity Incentive Plans (Tables)

6 Months Ended

Jul. 31, 2020

The Plan activity is as follows:


						Six Months Ended July 31, 2020

Opening balance						23,050,732
Shares authorized⁽¹⁾						6,617,320
Options and RSUs granted						(3,491,910)
Cancelled shares						944,366
Ending balance						27,120,508

(1) Reflects an automatic increase to the number of shares of Common Stock reserved for issuance pursuant to future awards under the 2019 Plan, which annual increase is provided for in the 2019 Plan.

Stock-Based Compensation Expense

The stock-based compensation expense by line item in the unaudited condensed consolidated statements of operations is summarized as follows (in thousands):


	Three Months Ended July 31,						Six Months Ended July 31,
	2020		2019		2020		2019
Cost of subscription revenue	$	946	$	869	$	1,855	$	1,156
Cost of professional services revenue	2,719		2,690		5,402		3,247
Research and development expense	4,746		3,658		16,219		5,241
Sales and marketing expense	8,745		8,475		18,081		9,968
General and administrative expense	7,478		19,487		14,881		23,529
Total stock-based compensation	$	24,634	$	35,179	$	56,438	$	43,141

Stock Option Activity

The following table summarizes the stock option activity:


	Options Outstanding
	Number of Shares	Average Exercise Price per Share		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands)
Balance as of January 31, 2020	41,935,173	$	5.47	7.29	$	954,124

Options exercised	(9,853,483)	4.13			262,410
Options cancelled or expired	(569,330)	6.71
Balance as of July 31, 2020	31,512,360	$	5.87	7.20	$	783,580
Exercisable as of July 31, 2020	20,217,598	$	5.48	6.75	$	510,437

Restricted Stock Unit Activity

The following table summarizes restricted stock unit activities:


	Restricted Stock Units				Performance Based Restricted Stock Units
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Balance as of January 31, 2020	9,019,681	$	16.07	826,333	$	13.95
Stock units granted	3,141,965	22.84		349,945	22.30
Stock units vested	(2,762,734)	13.86		—	—
Stock units cancelled and expired	(307,836)	21.85		(67,200)	13.41
Balance as of July 31, 2020	9,091,076	$	18.88	1,109,078	$	16.62

ESPP Valuation Assumptions

The fair value of each Employee Stock Purchase Plan (ESPP) share is estimated on the enrollment date of the offering period using the Black-Scholes-Merton option-pricing model and the assumptions noted in the following table:


						July 31, 2020
Risk-free interest rate						0.3%
Expected volatility						45%
Expected term (in years)						0.5
Expected dividend rate						—