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Stock-Based Compensation (Tables)

6 Months Ended

Oct. 31, 2023

Share-Based Payment Arrangement [Abstract]

A summary of the Company’s option activity during the six months ended October 31, 2023 is 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, 2023	34,696	$	12.75	6.45	$	175,907
Options granted	166	24.11
Options exercised	(2,251)	35.24
Options cancelled	(696)	11.47
Balance as of October 31, 2023	31,915	$	13.42	6.09	$	350,422
Vested and exercisable as of October 31, 2023	22,379	$	10.01	5.65	$	322,040
Vested and expected to vest as of October 31, 2023(1)	32,001	$	13.42	6.09	$	351,373

__________________

(1) The number of options vested and expected to vest as of October 31, 2023 includes early exercised, unvested Class A common stock. Refer to Note 7. Stockholders’ Equity for more information.

Schedule of Valuation Assumptions

The weighted average assumptions underlying the fair value estimation are provided in the following table:


	Six Months Ended October 31,
	2023		2022
Valuation assumptions:
Expected dividend yield	—	%	—	%
Expected volatility	62.3	%	46.4	%
Expected term (years)	6.5		6.5
Risk-free interest rate	4.7	%	3.8	%

Schedule of Restricted Stock Unit Activity

A summary of the Company’s RSU activity during the six months ended October 31, 2023 is as follows:


	RSUs Outstanding
	Number of RSUs	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested Balance as of April 30, 2023	21,146	$	21.32
RSUs granted	6,017	35.15
RSUs vested	(3,285)	25.92
RSUs forfeited	(1,418)	23.74
Unvested Balance as of October 31, 2023	22,460	$	24.59

Schedule of Valuation Assumptions, ESPP

The following assumptions were used to calculate the fair value of shares to be granted under the 2020 ESPP during the period:


	Six Months Ended October 31,
	2023		2022
Valuation assumptions:
Expected dividend yield	—	%	—	%
Expected volatility	64.0 - 70.1%		47.8 - 61.4%
Expected term (years)	0.5 - 2.0		0.4 - 1.9
Risk-free interest rate	5.0 - 5.5%		4.3 - 4.5%

Summary of Effects of Stock-Based Compensation

The following table summarizes the effects of stock-based compensation on the Company’s condensed consolidated statements of operations (in thousands):


	Three Months Ended October 31,				Six Months Ended October 31,
	2023		2022		2023		2022
Cost of subscription	$	8,514	$	5,486	$	16,570	$	9,758
Cost of professional services	479		479		939		1,550
Sales and marketing	18,226		19,080		35,005		35,859
Research and development	16,685		23,905		33,718		49,122
General and administrative	9,265		7,063		17,817		16,354
Total stock-based compensation expense	$	53,169	$	56,013	$	104,049	$	112,643