Stock-Based Compensation

9 Months Ended

Oct. 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 the three and nine months ended October 31, 2022 is as follows:


	Number of stock options	Weighted average exercise price		Weighted average remaining contractual life
	(in thousands)			(in years)
Outstanding as of January 31, 2022	44,355	6.23		7.8

Exercised	(3,429)	4.66
Cancelled/forfeited	(4,881)	8.27
Expired	(12)	4.24
Outstanding as of October 31, 2022	36,033	6.10		6.9

Exercisable as of October 31, 2022	24,609	$	5.39	6.5
Vested and expected to vest as of October 31, 2022	33,439	$	5.87	6.8

Restricted Stock Units

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


	Number of restricted shares	Weighted Average Grant Date Fair Value
	(in thousands)
Outstanding as of January 31, 2022	1,730	$	14.67
Granted	8,770	12.47
Released	(296)	14.04
Cancelled/forfeited	(1,002)	13.94
Outstanding as of October 31, 2022	9,202	$	12.69

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,
	2022		2021		2022		2021
Costs of subscription	$	282	$	589	$	1,079	$	1,411
Costs of professional services	368		889		1,770		1,911
Research and development	2,204		2,186		7,700		4,915
Sales and marketing	5,071		4,997		18,736		13,963
General and administrative	3,284		3,760		10,635		15,753
Stock-based compensation, net of amounts capitalized	11,209		12,421		39,920		37,953
Capitalized stock-based compensation	1,023		232		1,898		465
Total stock-based compensation	$	12,232	$	12,653	$	41,818	$	38,418


	Three Months Ended October 31,				Nine Months Ended October 31,
	2022		2021		2022		2021
Equity classified awards	$	11,982	12,403		$	41,068	$	37,668

Other awards (1)	250		250		750		750
	$	12,232	$	12,653	$	41,818	$	38,418

(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.

Employee Stock Purchase Plan

During the second quarter of fiscal year 2023, the fair market value of the Company's stock on the purchase date, June 15, 2022, was lower than the fair market value of the Company's stock on the offering date. As a result, the offering period was reset and the new lower price became the new offering price for a new 12 months offering period. This reset was treated as a modification resulting in incremental charges totaling $3.7 million, which will be recognized over the remaining requisite service period.

As of October 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:


	October 31, 2022
	Unrecognized expense		Weighted average expense recognition period
	(in thousands)		(in years)
Stock options	$	24,174	2.2
Performance share units	1,526		2.3
Restricted stock units	54,660		3.4
ESPP	2,417		0.7