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Stock-Based Compensation (Tables)
 6 Months Ended
Jul. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
A summary of the Company’s stock option activity for the Plan for all periods presented is as follows:
Number of stock options outstandingWeighted average exercise priceWeighted average remaining contractual lifeAggregate intrinsic value
(in thousands)(in years)(in thousands)
Balance as of January 31, 2021
46,455 4.37 7.7$218,450 
Granted10,645 11.43 
Exercised (8,546)1.95 
Cancelled/forfeited(1,743)8.46 
Balance as of July 31, 2021
46,811 6.26 8.3$612,148 
Exercisable as of July 31, 2021
14,012 $4.02 7.2$214,665 
Vested and expected to vest as of July 31, 2021
36,942 $5.69 8.0$504,410 
The weighted-average grant date fair value of options granted and the total intrinsic value of options exercised during the periods presented were as follows:
Six Months Ended July 31,
20212020
Weighted average grant date fair value of options granted$5.58 $2.05 
Total intrinsic value of options exercised (in thousands)$72,921 $6,199 
Summary of Assumptions Used to Estimate Fair Value of Options Granted to Employees The following assumptions were used to estimate the fair value of options granted to employees:
Six Months Ended July 31,
20212020
Expected term (in years)6.06.0
Risk-free interest rate
0.9% - 1.4%
0.4% - 0.8%
Expected volatility
50.9% - 52.1%
42.3% - 45.3%
Expected dividend rate0%0%
Fair value of common stock
$10.96 - $14.02
$4.93
Summary of RSU Award Activity
A summary of the Company’s RSU award activity was as follows:
Number of restricted shares outstandingWeighted Average Grant Date Fair Value
(in thousands)
Balance as of January 31, 2021
450 $7.26 
Granted56 17.60 
Balance as of July 31, 2021
506 $8.41 
Summary of Assumptions Used to Estimate Fair Value of Awards
The fair value of the share purchase rights granted under the ESPP during the six months ended July 31, 2021 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
Three Months Ended July 31,
2021
Expected term (in years)0.9
Risk-free interest rate
0.05% - 0.08%
Expected volatility
55.70% - 57.00%
Expected dividend rate0%
Fair value of common stock$22.37
Summary of Stock-based Compensation Expense
Stock-based compensation expense included in operating results was allocated as follows (in thousands):
Three Months Ended July 31, Six Months Ended July 31,
2021202020212020
Costs of subscription $443 $314 $822 $518 
Costs of professional services737 315 1,022 454 
Research and development1,501 607 2,729 1,087 
Sales and marketing4,766 2,756 8,966 4,105 
General and administrative9,179 1,853 11,993 3,243 
Stock-based compensation, net of amounts capitalized16,626 5,845 25,532 9,407 
Capitalized stock-based compensation233 — 233 — 
Total stock-based compensation$16,859 $5,845 $25,765 $9,407 
Three Months Ended July 31, Six Months Ended July 31,
2021202020212020
Equity classified awards $16,609 $5,595 $25,265 $8,990 
Other awards (1)
250 250 500 417 
$16,859 $5,845 $25,765 $9,407 
(1) Nonemployee grant recorded over five years, representing the same period and in the same manner as if the grantor had paid cash for the services instead of paying with or using the share-based payment award.
Summary of Unrecognized Compensation Cost Related to Unvested Awards Not Yet Recognized
As of July 31, 2021, total unrecognized compensation cost related to unvested awards not yet recognized under all equity compensation plans, adjusted for estimated forfeitures, was as follows:
July 31, 2021
Unrecognized expenseWeighted average expense recognition period
(in thousands)(in years)
Stock options $54,312 3.1
Performance share units3,190 3.6
Restricted stock units2,961 1.9
ESPP11,870 0.9