XML 59 R39.htm IDEA: XBRL DOCUMENT v3.25.1
Stock-Based Compensation (Tables)
 12 Months Ended
Jan. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
A summary of the Company’s stock option activity for the year ended January 31, 2025 is as follows:
Number of Stock Options
Weighted Average Exercise PriceWeighted Average Remaining Contractual LifeAggregate Intrinsic Value
(in thousands)(in years)(in thousands)
Outstanding as of January 31, 2024
23,267 $6.66 5.9$136,602 
Exercised(3,545)5.57 
Forfeited
(1,150)11.09 
Expired— 0.59 
Outstanding as of January 31, 2025
18,572 $6.60 4.7$56,997 
Exercisable as of January 31, 2025
17,424 $6.25 4.5$56,800 
Vested and expected to vest as of January 31, 2025
18,540 $6.59 4.7$56,964 
Year Ended January 31,
(in thousands)
202520242023
Intrinsic value of options exercised$19,423 $58,565 $32,391 
Estimated grant date fair value of options vested in the period$12,601 $12,954 $32,085 
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,
202520242023
Expected term (in years)
(a)
6.1
(a)
Risk-free interest rate
(a)
3.5%
(a)
Expected volatility
(a)
60.1%
(a)
Expected dividend rate
(a)
0%
(a)
Fair value of common stock
(a)
$12.85
(a)
(a) In fiscal years ended January 31, 2025 and January 31, 2023, no stock options were granted.
The fair value of share purchase rights granted under the ESPP was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
Year Ended January 31,
202520242023
Expected term (in years)
0.5 - 1.0
0.5 - 1.0
0.5 - 1.0
Risk-free interest rate
4.2% - 5.3%
4.9% - 5.3%
2.2% - 4.6%
Expected volatility
39.5% - 54.3%
49.4% - 67.4%
66.2% - 81.9%
Expected dividend rate0%
0%
0%
Fair value of common stock
$8.82 - $9.42
$11.48 - $14.58
$8.84 - $9.84
Summary of RSU Award Activity
A summary of the Company’s RSU activity for the year ended January 31, 2025 is as follows:
(in thousands except per share data)
Number of Restricted Stock Units
Weighted Average Grant Date Fair Value
Outstanding as of January 31, 2024
9,259$12.61 
Granted13,8329.86 
Released(3,317)12.75 
Cancelled/forfeited(5,024)11.23 
Outstanding as of January 31, 2025
14,750$10.46 
Summary of Stock-based Compensation Expense
Stock-based compensation expense included in operating results was allocated as follows:
Year Ended January 31,
(in thousands)202520242023
Cost of subscription$1,323 $1,130 $1,528 
Cost of professional1,387 1,450 2,249 
Research and development11,404 11,566 10,678 
Sales and marketing21,331 24,477 26,651 
General and administrative
24,072 17,134 14,411 
Stock-based compensation, net of amounts capitalized59,517 55,757 55,517 
Capitalized stock-based compensation2,538 2,473 2,540 
Total stock-based compensation$62,055 $58,230 $58,057 
Year Ended January 31,
(in thousands)202520242023
Equity classified awards (1)
$61,055 $57,230 $57,057 
Other awards (2)
1,000 1,000 1,000 
Total stock-based compensation$62,055 $58,230 $58,057 
Year Ended January 31,
(in thousands)202520242023
Stock options
$9,745 $15,125 $23,454 
Performance-based stock units (3)
1,617 (296)(55)
Restricted stock units
46,683 38,684 24,963 
Employee stock purchase plan3,010 3,717 8,695 
Total stock-based compensation$61,055 $57,230 $57,057 
(1) Expense associated with equity-classified awards includes $3.0 million, $3.7 million and $8.6 million of ESPP expense recognized during the years ended January 31, 2025, 2024 and 2023, respectively.
(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.
(3) The stock-based compensation for performance-based stock units during the year ended January 31, 2023 includes the impact of stock-based compensation modifications.
Summary of Unrecognized Compensation Cost Related to Unvested Awards Not Yet Recognized
As of January 31, 2025, total unrecognized compensation cost related to unvested awards not yet recognized under all equity compensation plans, was as follows:
January 31, 2025
(in thousands)Unrecognized ExpenseWeighted Average Expense Recognition Period (in years)
Stock options$7,393 1.8
Performance share units$22,080 2.7
Restricted stock units$113,679 2.7
ESPP$1,384 0.9