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


	Three Months Ended October 31,				Nine Months Ended October 31,
	2024		2023		2024		2023
Cost of revenue	$	5,810	$	4,329	$	16,243	$	12,570
Research and development	22,816		15,634		61,092		45,876
Sales and marketing	18,612		14,085		55,568		40,362
General and administrative	22,950		20,865		60,515		65,560
Restructuring	—		—		—		(1,060)
Total	$	70,188	$	54,913	$	193,418	$	163,308


	Number of RSUs	Weighted-Average Grant Date Fair Value
Outstanding as of January 31, 2024	26,079,887	$	20.29
Granted	14,045,749	23.43
Released	(6,901,621)	21.29
Forfeited	(4,107,934)	20.86
Outstanding as of October 31, 2024	29,116,081	$	21.49

As of October 31, 2024, we had unrecognized stock-based compensation expense related to unvested RSUs of $563.8 million that is expected to be recognized on a straight-line basis over a weighted-average period of 2.8 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 nine months ended October 31, 2024, we have recorded $1.3 million and $2.9 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	256,675	22.25
Released	(5,144)	23.07
Forfeited or cancelled	(1,322,029)	15.94
Outstanding as of October 31, 2024	256,072	$	22.27

As of October 31, 2024, we had unrecognized stock-based compensation expense related to unvested PSUs of $1.9 million that is expected to be recognized on a straight-line basis over a weighted-average period of 0.4 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	(5,671,299)	4.04
Forfeited	(321,832)	8.25
Outstanding as of October 31, 2024	15,381,695	6.09
Vested and expected to vest as of October 31, 2024	15,381,695	6.09
Vested and exercisable as of October 31, 2024	12,091,725	$	5.22

As of October 31, 2024, we had unrecognized stock-based compensation expense related to unvested options of $30.5 million that is expected to be recognized on a straight-line basis over a weighted-average period of 1.5 years.

As of October 31, 2024, we had unvested milestone options to purchase 1,304,605 shares of Class B common stock subject to service-based, performance-based and market-based vesting conditions to our Chief Executive Officer under our 2013 Equity Incentive Plan.

During the three months ended October 31, 2024, no stock-based compensation expense was recognized related to milestone options due to the cancellation of certain milestone options. During the nine months ended October 31, 2024, $1.8 million of stock-based compensation expense was recognized related to milestone options. During the three and nine months ended October 31, 2023, we recorded $0.9 million and $2.7 million, respectively, of stock-based compensation expense. As of October 31, 2024, we had unrecognized stock-based compensation expense related to the milestone options of $6.0 million that is expected to be recognized over the remaining implied service period of 1.8 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 $10.2 million, respectively, during the three and nine months ended October 31, 2024. As of October 31, 2024, we had unrecognized stock-based compensation expense related to this unvested restricted common stock of $30.9 million that is expected to be recognized on a straight-line basis over a weighted-average period of 1.0 year.

We recognized stock-based compensation expense related to the Employee Stock Purchase Plan (ESPP) of $2.6 million and $6.3 million, respectively, during the three and nine months ended October 31, 2024. We recognized stock-based compensation expense of $3.2 million and $9.1 million, respectively, during the three and nine months ended October 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 nine months ended October 31, 2024, we recognized an incremental charge of $3.8 million and $4.1 million, respectively, related to the Management Transitions. During the three and nine months ended October 31, 2023, we recognized an incremental charge of $2.4 million and $6.4 million, respectively.