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Stock-Based Compensation
 9 Months Ended
Jan. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based CompensationOn June 29, 2012, the Company adopted the 2012 Incentive Plan. The 2012 Incentive Plan provided for the grant of stock-based awards to employees, non-employee directors, and other service providers of the Company. The 2012 Incentive Plan was terminated in December 2020 in connection with the IPO but continues to govern the terms of outstanding awards that were
granted prior to the termination of the 2012 Incentive Plan. No further equity awards will be granted under the 2012 Incentive Plan. With the establishment of the 2020 Equity Incentive Plan (the “2020 Incentive Plan”) as further discussed below, upon the expiration, forfeiture, cancellation, or reacquisition of any shares of Class A common stock underlying outstanding stock-based awards granted under the 2012 Plan, an equal number of shares of Class A common stock will become available for grant under the 2020 Plan (the “Returning Shares”).
On November 27, 2020, the Company’s board of directors adopted, and its stockholders approved, the 2020 Incentive Plan, which became effective in connection with the IPO. The 2020 Incentive Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, RSU awards, performance awards and other equity awards. A total of 67,535,205 shares of the Company’s Class A common stock have been reserved for issuance under the 2020 Incentive Plan in addition to annual automatic evergreen increases in the number of shares of Class A common stock reserved for issuance under the 2020 Incentive Plan. As of January 31, 2021, there were no grants of stock appreciation rights, restricted stock awards, RSU awards, performance awards or other equity awards.
On November 27, 2020, the Company’s board of directors also adopted, and its stockholders also approved, the 2020 Employee Stock Purchase Plan (the “2020 ESPP”), which became effective immediately prior to the IPO. The 2020 ESPP authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. A total of 3,000,000 shares of the Company’s Class A common stock have been reserved for future issuance under the 2020 ESPP in addition to annual automatic evergreen increases in the number of shares of Class A common stock reserved for issuance under the 2020 ESPP. The 2020 ESPP permits participants to purchase shares of common stock of up to 15% of their earnings. The offering dates and purchase dates for the 2020 ESPP are determined at the discretion of the Company’s board of directors. As of January 31, 2021, the Company had not yet launched its 2020 ESPP.
Stock Options to Acquire Class A Common Stock
These stock options generally expire 10 years from the date of grant, or earlier if services are terminated. Generally, each stock option for common stock is subject to a vesting schedule that, one fifth of the award vests after the first-year anniversary, and one-sixtieth of the award vests each month thereafter over the remaining four years, subject to continuous service.
As of January 31, 2021, the remaining shares of Class A common available for issuance under the 2020 Incentive Plan was 67,535,205 shares.
A summary of the Company’s option activity during the periods indicated was as follows:
Options Outstanding
Number of
Stock Options
Outstanding		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
(in thousands)(in thousands)
Balance as of April 30, 202032,877 $3.48 8.03$116,962 
Options granted14,415 11.12 
Options exercised(4,563)3.06 
Options cancelled(2,559)5.55 
Balance as of January 31, 202140,170 $6.13 8.05$449,073 
Vested and exercisable as of January 31, 202112,799 $3.01 6.45$180,395 
Vested and expected to vest as of January 31, 202141,161 $6.12 8.07$460,444 
The weighted average grant date fair value of options granted during the nine months ended January 31, 2021 was $6.01. Aggregate intrinsic value represents the difference between the estimated fair value of the underlying common stock and the exercise price of outstanding in-the-money options. The total intrinsic value of options exercised during the nine months ended January 31, 2021 was $52.4 million. The total grant date fair value of options vested during the nine months ended January 31, 2021 was $10.6 million.
As of January 31, 2021, there was $104.0 million of unrecognized compensation cost related to stock options which are expected to be recognized over an estimated weighted-average period of 4.2 years.
The grant-date fair value of the options issued for the nine months ended January 31, 2021 is estimated on the date of grant using the Black-Scholes-Merton option pricing model. The weighted average assumptions underlying the fair value estimation are provided in the following table:
Nine Months Ended January 31, 2021
Valuation assumptions:
Expected dividend yield0.0 %
Expected volatility43.8 %
Expected term (years)6.3
Risk-free interest rate0.43 %

The following table summarizes the effects of stock-based compensation on the Company’s consolidated statements of operations (in thousands):
Three Months Ended January 31,Nine Months Ended January 31,
2021202020212020
Cost of subscription$214 $104 $557 $246 
Cost of professional services164 30 301 93 
Sales and marketing2,790 613 5,835 1,894 
Research and development846 308 1,952 910 
General and administrative2,575 1,006 5,625 2,281 
Total stock-based compensation expense$6,589 $2,061 $14,270 $5,424 
Shareholder Loan
In January 2018, in connection with the Series F preferred stock financing, the Company issued 1,251,921 shares of Series F preferred stock in exchange for a note receivable of $24.5 million from its chief executive officer (“CEO”). Prior to the automatic conversion of all Series F preferred stock outstanding into Class A common stock upon the completion of the IPO, the underlying shares of Series F preferred stock were legally outstanding though were not included in the carrying amounts of preferred stock as the note receivable is treated as an equity classified stock-based option grant. In September 2020, the Company’s CEO paid the outstanding full recourse promissory note and accrued interest in the amount of $26.0 million. No interest income was recorded for the note.