Common Stock (Tables)

6 Months Ended

Jul. 31, 2017

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Reserved Shares of Authorized but Unissued Common Stock

As of January 31, 2017 and July 31, 2017 the Company had reserved the following shares of authorized but unissued common stock:

	As of January 31,		As of July 31,
	2017		2017
	(in shares)
Convertible preferred stock		10,610,966		—
Options and RSUs outstanding and shares available for grant		5,814,388		12,083,108
Convertible preferred stock warrants		40,250		—
Common stock warrants		25,000		1,897,562
Total		16,490,604		13,980,670

Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted

The weighted-average assumptions used to estimate the fair value of stock options granted in the following periods was:

	Three Months Ended July 31,						Six Months Ended July 31,
	2016			2017			2016			2017
Risk-free interest rate		1.39	%		1.81	%		1.51	%		1.86	%
Expected term (in years)	6.02			5.31			6.06			5.45
Expected volatility		64.70	%		46.05	%		63.11	%		47.96	%
Dividend yield		-			-			-			-

Summary of Restricted Stock Unit Activity

A summary of the RSU activity during the six months ended July 31, 2017 is presented below:

	Shares			Weighted average grant date fair value per share
Outstanding January 31, 2017		285,835		$	30.60
Awarded		2,193,088		$	19.41
Released		-			-
Forfeited		(42,928	)	$	29.45
Outstanding July 31, 2017		2,435,995		$	20.55

Schedule of Total Stock-Based Compensation Expense Recognized

Total stock-based compensation expense recognized for stock award in the consolidated statements of operations is as follows (in thousands):

	Three Months Ended July 31,				Six Months Ended July 31,
	2016		2017		2016		2017
Stock-based compensation:
Cost of product revenue		67		690		129		761
Cost of support and maintenance revenue		96		538		172		653
Research and development		1,384		8,380		2,860		9,656
Sales and marketing		1,027		4,638		2,250		5,682
General and administrative		1,069		8,207		2,030		9,166
Total stock-based compensation expense		3,643		22,453		7,441		25,918

Total stock-based compensation expense recognized for stock awards in the consolidated statements of operations by type of awards is as follows (in thousands):

	Three Months Ended July 31,				Six Months Ended July 31,
	2016		2017		2016		2017
Stock-based compensation:
Stock options(1)		3,643		9,865		7,441		13,330
RSUs		-		12,398		-		12,398
ESPP		-		190		-		190
Total stock-based compensation expense		3,643		22,453		7,441		25,918

⁽¹⁾ In May 2017, the Company repriced each outstanding and unexercised stock option held by current service providers with an exercise price in excess of $13.68 per share (each, an "Eligible Option"), to a new exercise price of $13.68 per share, which is no less than the fair market value of the Company's common stock as determined by the Company's compensation committee on the date of repricing. Eligible Options covering 3,291,783 shares of the Company's common stock with a weighted average exercise price of $24.31 were repriced. Additional stock-based compensation expense related to this repricing is $7.3 million, of which $2.6 million was recognized immediately on the date of repricing for Eligible Options that have vested.

2017 Employee Stock Purchase Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Black-Scholes Option-pricing Model to Determine Fair Value of Shares Purchased under ESPP with Weighted Average Assumptions on Date of Grant

The Company uses the Black-Scholes option-pricing model to determine the fair value of shares purchased under the ESPP with the following weighted average assumptions on the date of the grant:

	Three Months Ended July 31,				Six Months Ended July 31,
	2016	2017			2016	2017
Risk-free interest rate	n/a		1.24	%	n/a		1.24	%
Expected term (in years)	n/a	1.44			n/a	1.44
Expected volatility	n/a		43.00	%	n/a		43.00	%
Dividend yield	n/a		-		n/a		-

2008 Stock Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Shares Available for Grant under Stock Plans

The following is a summary of shares available for grant under the Company’s stock plans for the year ended January 31, 2017 and the six months ended July 31, 2017:

Outstanding—January 31, 2016	156,417
Authorized	1,405,316
Options and RSUs granted	(1,240,032	)
Options and RSUs canceled	738,891
Outstanding—January 31, 2017	1,060,592
Authorized	7,024,194
Options and RSUs granted	(6,957,545	)
Options and RSUs canceled	3,462,345
Outstanding—July 31, 2017	4,589,586

Summary of Stock Option Activity

The following is a summary of stock option activity under the 2008 Plan for the year ended January 31, 2017 and for the six months ended July 31, 2017:

				Options Outstanding
	Number of shares underlying outstanding options			Weighted- average exercise price		Weighted- average remaining contractual term		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding—January 31, 2016		4,421,035		$	16.34		8.2	$	59,882
Options granted		920,147		$	30.25
Options exercised		(168,380	)	$	13.63
Options canceled		(704,841	)	$	19.35
Outstanding—January 31, 2017		4,467,961		$	18.83		7.5	$	60,756
Options granted		1,473,046		$	17.58
Options exercised		(720,985	)	$	9.53
Options canceled		(162,495	)	$	21.76
Outstanding—July 31, 2017		5,057,527		$	12.78		8.0	$	891
Vested and exercisable
January 31, 2017		2,380,167		$	13.55		6.8	$	44,719
July 31, 2017		2,737,763		$	12.03		7.4	$	891
Vested and Expected to Vest
January 31, 2017(1)		4,174,361		$	18.54		7.5	$	57,552
July 31, 2017		5,057,527		$	12.78		8.0	$	891

⁽¹⁾ The expected to vest options are a result of applying the forfeiture rate assumptions to unvested options outstanding.