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


	Three Months Ended April 30,
	2025		2024
Cost of revenue	$	4,665	$	4,869
Research and development	20,941		17,465
Sales and marketing	22,915		18,074
General and administrative	20,170		18,145
Restructuring	(36)		—
Total	$	68,655	$	58,553


	Number of RSUs	Weighted-Average Grant Date Fair Value
Outstanding as of January 31, 2025	27,357,828	$	21.60
Granted	13,941,636	18.55
Released	(2,747,751)	22.34
Forfeited	(1,968,853)	20.29
Outstanding as of April 30, 2025	36,582,860	$	20.45

As of April 30, 2025, we had unrecognized stock-based compensation expense related to unvested RSUs of $683.5 million that is expected to be recognized on a straight-line basis over a weighted-average period of 3.1 years.

In April 2025, 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 months ended April 30, 2025, we have recorded $1.2 million stock-based compensation expense related to these PSUs.


	Number of PSUs	Weighted-Average Grant Date Fair Value
Outstanding as of January 31, 2025	233,680	$	22.27
Granted	542,431	17.37
Released	(224,323)	22.26
Forfeited or cancelled	(9,357)	22.38
Outstanding as of April 30, 2025	542,431	$	17.37

As of April 30, 2025, we had unrecognized stock-based compensation expense related to unvested PSUs of $9.1 million that is expected to be recognized on a straight-line basis over a weighted-average period of 1.0 year.


	Number of Options	Weighted-Average Exercise Price
Outstanding as of January 31, 2025	13,164,743	$	6.31
Exercised	(2,520,990)	4.87
Forfeited	(19,337)	1.26
Outstanding as of April 30, 2025	10,624,416	$	6.66
Vested and expected to vest as of April 30, 2025	10,624,416	$	6.66
Vested and exercisable as of April 30, 2025	8,208,612	$	5.88

As of April 30, 2025, we had unrecognized stock-based compensation expense related to unvested options of $17.4 million that is expected to be recognized on a straight-line basis over a weighted-average period of 1.2 years.

We recognized stock-based compensation expense related to the Employee Stock Purchase Plan (ESPP) of $1.6 million and $1.7 million, respectively, during the three months ended April 30, 2025 and 2024.

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 $3.4 million during the three months ended April 30, 2025 and 2024, respectively. As of April 30, 2025, we had unrecognized stock-based compensation expense related to this unvested restricted common stock of $24.0 million that is expected to be recognized on a straight-line basis over a weighted-average period of 1.0 year.

During the three months ended April 30, 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 unvested awards were accelerated, the exercise period of certain vested awards has been extended, or 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 months ended April 30, 2025 we recognized an incremental charge of $3.4 million related to the Management Transitions. No incremental charges related to the Management Transitions were recognized during the three months ended April 30, 2024.