Stock-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

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, 2022	36,338	$	12.44	7.34	$	165,436
Options granted	571	15.30
Options exercised	(1,332)	20.60
Options cancelled	(881)	15.36
Balance as of April 30, 2023	34,696	$	12.75	6.45	$	175,907
Options granted	829	30.11
Options exercised	(3,033)	33.84
Options cancelled	(1,164)	13.58
Balance as of April 30, 2024	31,328	$	13.97	5.68	$	268,167
Vested and exercisable as of April 30, 2024	23,991	$	10.66	5.27	$	284,778
Vested and expected to vest as of April 30, 2024(1)	31,371	$	13.97	5.68	$	268,537

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(1) The number of options vested and expected to vest as of April 30, 2024 includes early exercised, unvested Class A common stock. Refer to Note 8. Stockholders’ Equity for more information.

Schedule of Valuation Assumptions

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

	Fiscal Year Ended April 30,
	2024		2023		2022
Valuation assumptions:
Expected dividend yield	—	%	—	%	—	%
Expected volatility	63.2	%	46.3	%	44.1	%
Expected term (years)	6.1		6.5		6.4
Risk-free interest rate	4.1	%	3.9	%	1.1	%

Schedule of Restricted Stock Unit Activity

A summary of the Company’s RSU activities and related information is as follows:

	RSUs Outstanding
	Number of RSUs	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested Balance as of April 30, 2022	12,109	$	36.04
RSUs granted	19,254	16.63
RSUs vested	(6,535)	29.16
RSUs forfeited	(3,682)	31.27
Unvested Balance as of April 30, 2023	21,146	$	21.32
RSUs granted	8,422	33.40
RSUs vested	(6,248)	24.94
RSUs forfeited	(4,037)	26.85
Unvested Balance as of April 30, 2024	19,283	$	24.26

Schedule of Valuation Assumptions Under ESPP

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

	Fiscal Year Ended April 30,
	2024		2023
Valuation assumptions:
Expected dividend yield	—	%	—	%
Expected volatility	54.5 - 73.3%		47.8 - 61.4%
Expected term (years)	0.5 - 2.0		0.4 - 2.0
Risk-free interest rate	4.7 - 5.5%		4.1 - 4.9%

Summary of Effects of Stock-Based Compensation

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

	Fiscal Year Ended April 30,
	2024		2023		2022
Cost of subscription	$	34,032	$	21,417	$	8,638
Cost of professional services	1,288		2,220		2,710
Sales and marketing	71,751		71,389		40,344
Research and development	72,036		90,217		39,200
General and administrative	36,654		31,299		22,549
Total stock-based compensation expense	$	215,761	$	216,542	$	113,441