Stock-Based Compensation (Tables)

12 Months Ended

Jan. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the Plan for year ended January 31, 2022 is as follows:

	Number of stock options outstanding	Weighted average exercise price		Weighted average remaining contractual life	Aggregate intrinsic value
	(in thousands)			(in years)	(in thousands)
Balance as of January 31, 2021	46,455	4.37		7.7	$	218,450
Granted	10,641	11.43
Exercised	(9,421)	2.14
Cancelled/forfeited	(3,317)	8.44
Expired	(3)	4.93
Balance as of January 31, 2022	44,355	$	6.23	7.8	$	226,504
Exercisable as of January 31, 2022	21,037	$	4.52	7.1	$	141,591
Vested and expected to vest as of January 31, 2022	37,772	$	5.81	7.6	$	207,795

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:

	Year Ended January 31,
	2022		2021		2020
Weighted average grant date fair value of options granted	$	5.58	$	2.96	$	2.09
Total intrinsic value of options exercised (in thousands)	$	83,387	$	51,952	$	3,660

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:

	Year Ended January 31,
	2022	2021	2020
Expected term (in years)	6.0	6.1	6.0
Risk-free interest rate	0.9% - 1.4%	0.3% - 0.8%	1.3% - 2.5%
Expected volatility	50.9% - 52.1%	42.3% - 45.5%	41.9% - 42.8%
Expected dividend rate	0%	0%	0%
Fair value of common stock	$10.96 - $14.02	$4.93 - $9.07	$4.25 - $4.45

The fair value of the share purchase rights granted under the ESPP during the year ended January 31, 2022 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

	Year Ended January 31,
	2022
Expected term (in years)	0.5 - 1.0
Risk-free interest rate	0.1% - 0.3%
Expected volatility	49.3% - 57.0%
Expected dividend rate	0%
Fair value of common stock	$14.27 - $22.37

Summary of RSU Award Activity

A summary of the Company’s RSU award activity was as follows:

	Number of restricted shares outstanding	Weighted average grant date fair value
	(in thousands)
Balance as of January 31, 2021	450	$	7.26
Granted	1,443	15.86
Released	(150)	3.64
Cancelled/forfeited	(13)	17.28
Balance as of January 31, 2022	1,730	$	14.67

Summary of Stock-based Compensation Expense

Stock-based compensation expense included in operating results was allocated as follows (in thousands):

	Year Ended January 31,
	2022		2021		2020
Cost of subscription	$	1,794	$	2,012	$	156
Cost of professional	2,448		1,658		357
Research and development	6,417		4,804		1,430
Sales and marketing	19,929		14,976		4,173
General and administrative	19,543		21,619		4,050
Stock-based compensation, net of amounts capitalized	50,131		45,069		10,166
Capitalized stock-based compensation	696		—		—
Total stock-based compensation	$	50,827	$	45,069	$	10,166

	Year Ended January 31,
	2022		2021		2020
Equity classified awards (1)	$	49,827	$	44,159	$	10,166
Other awards (2)	1,000		910		—
Total stock-based compensation	$	50,827	$	45,069	$	10,166

(1) Expense associated with equity-classified awards includes $6.1 million of ESPP expense recognized during the year ended January 31, 2022. For the year ended January 31, 2021, it includes $16.3 million recognized in connection with the secondary stock sale and $5.2 million recognized in connection with the tender offer transaction.

(2) Non-employee 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 January 31, 2022, total unrecognized compensation cost related to unvested awards not yet recognized under all equity compensation plans, adjusted for estimated forfeitures, was as follows:

	January 31, 2022
	Unrecognized expense		Weighted average expense recognition period
	(in thousands)		(in years)
Stock options	$	44,126	2.8
Performance share units	2,736		3.1
Restricted stock units	12,303		3.5
ESPP	9,235		0.9