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Stock-Based Compensation (Tables)
 9 Months Ended
Oct. 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 the nine months ended October 31, 2021 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 
Granted10,641 11.43 
Exercised (8,882)2.02 
Cancelled/forfeited(2,447)8.34 
Balance as of October 31, 2021
45,767 6.25 8.0$597,167 
Exercisable as of October 31, 2021
16,433 $4.28 7.1$246,801 
Vested and expected to vest as of October 31, 2021
37,577 $5.76 7.8$508,972 
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:
Nine Months Ended October 31,
20212020
Weighted average grant date fair value of options granted$5.58 $2.51 
Total intrinsic value of options exercised (in thousands)$77,760 $43,201 
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:
Nine Months Ended October 31,
20212020
Expected term (in years)6.06.0
Risk-free interest rate
0.9% - 1.4%
0.3% - 0.8%
Expected volatility
50.9% - 52.1%
42.3% - 45.5%
Expected dividend rate0%0%
Fair value of common stock
$10.96 - $14.02
$4.93 - $7.38
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 
Granted465 17.74 
Released (150)3.64 
Balance as of October 31, 2021
765 $14.34 
Summary of Assumptions Used to Estimate Fair Value of Awards
The fair value of the share purchase rights granted under the ESPP during the nine months ended October 31, 2021 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
Nine Months Ended October 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 October 31,Nine Months Ended October 31,
2021202020212020
Costs of subscription $589 $338 $1,411 $856 
Costs of professional services889 422 1,911 876 
Research and development2,186 1,823 4,915 2,910 
Sales and marketing4,997 4,889 13,963 8,994 
General and administrative3,760 15,834 15,753 19,077 
Stock-based compensation, net of amounts capitalized12,421 23,306 37,953 32,713 
Capitalized stock-based compensation232 — 465 — 
Total stock-based compensation$12,653 $23,306 $38,418 $32,713 
Three Months Ended October 31,Nine Months Ended October 31,
2021202020212020
Equity classified awards $12,403 $23,056 $37,668 $32,047 
Other awards (1)
250 250 750 666 
$12,653 $23,306 $38,418 $32,713 
(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 October 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:
October 31, 2021
Unrecognized expenseWeighted average expense recognition period
(in thousands)(in years)
Stock options $49,577 2.9
Performance share units2,963 3.3
Restricted stock units5,975 3.1
ESPP8,447 0.6