The components of stock-based compensation expense recognized in the condensed consolidated statements of operations consisted of the following (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2024		2023		2024		2023
Cost of revenue	$	5,564	$	4,068	$	10,433	$	8,241
Research and development	20,811		15,452		38,276		30,242
Sales and marketing	18,882		13,681		36,956		26,277
General and administrative	19,420		20,705		37,565		44,695
Restructuring	—		(1,060)		—		(1,060)
Total	$	64,677	$	52,846	$	123,230	$	108,395


	Number of RSUs	Weighted-Average Grant Date Fair Value
Outstanding as of January 31, 2024	26,079,887	$	20.29
Granted	10,747,191	23.35
Released	(4,570,788)	21.06
Forfeited	(2,708,604)	21.57
Outstanding as of July 31, 2024	29,547,686	$	21.17

As of July 31, 2024, we had unrecognized stock-based compensation expense related to unvested RSUs of $570.1 million that is expected to be recognized on a straight-line basis over a weighted-average period of 2.9 years.

In March 2024, we granted Performance Stock Units (PSUs) to certain executives subject to predetermined service-based and performance-based vesting conditions. These PSUs may vest from 0% to 225% of the number of target shares based on the achievement of certain financial performance metrics and will vest contingently over a period of one to four years, subject to continuous service with us. During the three and six months ended July 31, 2024, we have recorded $0.9 million and $1.6 million, respectively, of stock-based compensation expense related to these PSUs.


	Number of PSUs	Weighted-Average Grant Date Fair Value
Outstanding as of January 31, 2024	1,326,570	$	15.97
Granted	219,301	22.09
Released	—	—
Forfeited	(993,200)	15.46
Outstanding as of July 31, 2024	552,671	$	19.31

As of July 31, 2024, we had unrecognized stock-based compensation expense related to unvested PSUs of $4.6 million that is expected to be recognized on a straight-line basis over a weighted-average period of 1.2 years.


	Number of Options	Weighted-Average Exercise Price
Outstanding as of January 31, 2024	21,159,850	$	5.63
Assumed options from PingSafe acquisition	214,976	0.25
Exercised	(3,820,697)	3.35
Forfeited	(167,879)	7.93
Outstanding as of July 31, 2024	17,386,250	6.04
Vested and expected to vest as of July 31, 2024	17,386,250	6.04
Vested and exercisable as of July 31, 2024	13,338,705	$	5.13

As of July 31, 2024, we had unrecognized stock-based compensation expense related to unvested options of $38.8 million that is expected to be recognized on a straight-line basis over a weighted-average period of 1.7 years.

As of July 31, 2024, we had unvested milestone options to purchase 1,404,605 shares of Class B common stock subject to service-based, performance-based and market-based vesting conditions to our Chief Executive Officer and Chief Financial Officer under our 2013 Equity Incentive Plan.

During the three and six months ended July 31, 2024, we recorded $0.9 million and $1.8 million, respectively, of stock-based compensation expense related to these milestone options. During the three and six months ended July 31, 2023, we recorded $0.9 million and $1.8 million, respectively, of stock-based compensation expense. As of July 31, 2024, we had unrecognized stock-based compensation expense related to these milestone options of $7.4 million that is expected to be recognized over the remaining implied service period of 2.1 years.

In connection with the acquisition of PingSafe, we issued 1,497,212 shares of restricted Class A common stock. We recorded stock-based compensation expense related to these restricted shares of $3.4 million and $6.8 million, respectively, during the three and six months ended July 31, 2024. As of July 31, 2024, we had unrecognized stock-based compensation expense related to this unvested restricted common stock of $34.4 million that is expected to be recognized on a straight-line basis over a weighted-average period of 1.25 years.

We recognized stock-based compensation expense related to the Employee Stock Purchase Plan (ESPP) of $2.0 million and $3.7 million, respectively, during the three and six months ended July 31, 2024. We recognized stock-based compensation expense of $2.9 million and $5.9 million, respectively, during the three and six months ended July 31, 2023.

During fiscal 2025 and 2024, certain members of our management team converted to non-employee consultants or to positions that no longer provide substantive service to the Company (Management Transitions). These Management Transitions have been accounted for as modifications, under which, the exercise period of certain vested awards has been extended and a certain number of unvested awards will vest through the end of the agreements entered into in connection with the Management Transitions.

During the three and six months ended July 31, 2024, we recognized an incremental charge of $0.3 million and $0.3 million, respectively, related to the Management Transitions. During the three and six months ended July 31, 2023, we recognized an incremental charge of $2.0 million and $4.0 million, respectively.