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Stock-Based Compensation
 6 Months Ended
Jul. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Equity Award Plans
The Company has two equity incentive plans, the Sprinklr, Inc. 2021 Equity Incentive Plan (the “2021 Plan”) and the Sprinklr, Inc. 2011 Equity Incentive Plan (the “2011 Plan”). The 2011 Plan was terminated as to future awards in June 2021 upon the adoption of the 2021 Plan, although it continues to govern the terms of any equity grants that remain outstanding under the 2011 Plan.
The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), performance-based stock units (“PSUs”), and other forms of awards to employees, directors and consultants, including employees and consultants of the Company’s affiliates, as permitted by law.
In June 2021, the Company also adopted its ESPP, under which employees can purchase common stock through payroll deductions at a price equal to 85% of the lower of the fair market value of the Class A common stock on (i) the first trading day of each offering period and (ii) the last trading day of each related offering period.
Summary of Stock Option Activity
A summary of the Company’s stock option activity for the six months ended July 31, 2024 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, 2024
23,267 $6.66 5.9
Exercised (3,000)5.70 
Forfeited
(576)11.20 
Outstanding as of July 31, 2024
19,691 $6.68 5.2
Exercisable as of July 31, 2024
17,676 $6.13 5.0
Vested and expected to vest as of July 31, 2024
19,562 $6.66 5.2
Summary of Restricted Stock Unit Activity
A summary of the Company’s RSU activity for the six months ended July 31, 2024 is as follows:
Number of Restricted Stock Units
Weighted Average Grant Date Fair Value
(in thousands)
Outstanding as of January 31, 2024
9,259 $12.61 
Granted8,225 11.35 
Released (2,106)12.74 
Forfeited
(1,767)12.15 
Outstanding as of July 31, 2024
13,611 $11.88 
Performance-Based Stock Units
As of July 31, 2024, the Company had 780,000 PSUs outstanding. These awards vest over a five-year period if certain performance and market conditions are met. The performance condition was met in June 2021 and the market conditions have not yet been met as of July 31, 2024. If the market conditions are not met on or prior to January 28, 2026, the associated awards will not vest and will be subsequently cancelled.
Stock-Based Compensation Expense
Stock-based compensation expense included in operating results was allocated as follows:
Three Months Ended July 31, Six Months Ended July 31,
(in thousands)2024202320242023
Costs of subscription $327 $290 $610 $590 
Costs of professional services364 405 681 808 
Research and development2,834 3,897 5,408 6,964 
Sales and marketing5,802 6,311 11,406 12,266 
General and administrative5,765 3,962 10,842 7,547 
Stock-based compensation, net of amounts capitalized15,092 14,865 28,947 28,175 
Capitalized stock-based compensation631 874 1,182 1,544 
Total stock-based compensation$15,723 $15,739 $30,129 $29,719