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Equity Incentive Plans (Tables)

9 Months Ended

Oct. 31, 2020

The Plan activity is as follows:


						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.

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 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

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	(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

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	3,924,623	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

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:


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