
						Nine Months Ended October 31, 2020
Opening balance						23,050,732
Shares authorized(1)						6,617,320
Options and RSUs granted						(4,274,568)
Cancelled shares						1,270,877
Ending balance						26,664,361

(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.

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 October 31,				Nine Months Ended October 31,
	2020		2019		2020		2019
Cost of subscription revenue	$	870	$	948	$	2,725	$	2,104
Cost of professional services revenue	2,552		2,708		7,954		5,955
Research and development expense	4,610		6,292		20,829		11,533
Sales and marketing expense	10,350		8,948		28,431		18,916
General and administrative expense	6,633		18,259		21,514		41,788
Total stock-based compensation	$	25,015	$	37,155	$	81,453	$	80,296


	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	(12,710,980)	4.52			304,448
Options cancelled or expired	(722,413)	6.69
Balance as of October 31, 2020	28,501,780	$	5.86	6.96	$	643,884
Exercisable as of October 31, 2020	18,985,268	$	5.51	6.55	$	435,592

The weighted-average grant-date fair value of stock options granted during the nine months ended October 31, 2020 and 2019 was nil and $5.38 per share, respectively. The grant date fair value of stock options vested during the nine months ended October 31, 2020 and 2019 was $17.4 million and $28.1 million, respectively.

As of October 31, 2020 total unrecognized compensation expense related to stock options was $26.8 million and will be recognized over a weighted-average remaining period of 1.8 years.


	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	3,924,623	24.49		349,945	22.30
Stock units vested	(3,882,280)	15.84		—	—
Stock units cancelled and expired	(481,264)	20.83		(67,200)	13.41
Balance as of October 31, 2020	8,580,760	$	19.75	1,109,078	$	16.62

As of October 31, 2020 total unrecognized compensation expense related to the RSUs was $135.5 million and will be recognized over a weighted-average remaining period of 2.2 years. Certain RSUs, in addition to the satisfaction of the service-based performance vesting conditions, also require the fulfillment of performance vesting conditions which include subscription revenue growth targets and a combination of subscription revenue growth and operating margin targets.

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:


						October 31, 2020
Risk-free interest rate						0.1%
Expected volatility						67%
Expected term (in years)						0.5
Expected dividend rate						—

The fair value of stock purchase rights granted under the ESPP during the six-month period from September 16, 2020 was $9.25 per share. As of October 31, 2020 the Company had $2.6 million of unrecognized compensation expense related to ESPP subscriptions that will be recognized over 0.4 years.