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,
	2025		2024		2025		2024
Cost of revenue	$	5,399	$	5,564	$	10,064	$	10,433
Research and development	24,289		20,811		45,230		38,276
Sales and marketing	21,338		18,882		44,253		36,956
General and administrative	22,858		19,420		43,028		37,565
Restructuring	—		—		(36)		—
Total	$	73,884	$	64,677	$	142,539	$	123,230


	Number of RSUs	Weighted-Average Grant Date Fair Value
Outstanding as of January 31, 2025	27,357,828	$	21.60
Granted	15,994,089	18.58
Released	(5,513,855)	22.12
Forfeited	(3,259,013)	20.40
Outstanding as of July 31, 2025	34,579,049	$	20.23

As of July 31, 2025, we had unrecognized stock-based compensation expense related to unvested RSUs of $631.7 million that is expected to be recognized on a straight-line basis over a weighted-average period of 2.9 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 and six months ended July 31, 2025, we have recorded $2.2 million and $3.4 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, 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 July 31, 2025	542,431	$	17.37

As of July 31, 2025, we had unrecognized stock-based compensation expense related to unvested PSUs of $6.5 million that is expected to be recognized on a straight-line basis over a weighted-average period of 0.8 years.


	Number of Options	Weighted-Average Exercise Price
Outstanding as of January 31, 2025	13,164,743	$	6.31
Exercised	(3,199,972)	4.76
Forfeited	(32,212)	2.18
Outstanding as of July 31, 2025	9,932,559	$	6.82
Vested and expected to vest as of July 31, 2025	9,932,559	$	6.82
Vested and exercisable as of July 31, 2025	7,814,249	$	6.14

As of July 31, 2025, we had unrecognized stock-based compensation expense related to unvested options of $12.7 million that is expected to be recognized on a straight-line basis over a weighted-average period of 0.9 years.

We recognized stock-based compensation expense related to the Employee Stock Purchase Plan (ESPP) of $1.9 million and $3.4 million, respectively, during the three and six months ended July 31, 2025. We recognized stock-based compensation expenses of $2.0 million and $3.7 million, respectively, during the three and six months ended July 31, 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 $6.9 million, respectively, during the three and six months ended July 31, 2025, and $3.4 million and $6.8 million, respectively, during the three and six months ended July 31, 2024. As of July 31, 2025, we had unrecognized stock-based compensation expense related to this unvested restricted common stock of $20.6 million that is expected to be recognized on a straight-line basis over a weighted-average period of 0.9 years.

During the six months ended July 31, 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 July 31, 2025, we did not recognize any incremental charge related to the Management Transitions. During the six months ended July 31, 2025, we recognized an incremental charge of $3.4 million. During the three and six months ended July 31, 2024, we recognized an incremental charge of $0.3 million and $0.3 million, respectively.

In May 2025, our board of directors authorized the 2025 Share Repurchase Program, under which we may purchase up to $200.0 million of our outstanding shares of Class A common stock. We may repurchase shares of Class A common stock from time to time through open market purchases, in privately negotiated transaction or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The timing and total amount of stock repurchases will be at the discretion of management and will depend upon business, economic, and market conditions, corporate and regulatory requirements, prevailing stock prices, and other

considerations. The 2025 Share Repurchase Program has no expiration date but may be modified, suspended or discontinued at any time, and does not obligate us to acquire any amount of Class A common stock. We expect to retire any repurchased shares of Class A common stock.

During the three and six months ended July 31, 2025, we repurchased 3.0 million shares of our Class A common stock under the 2025 Share Repurchase Program for an aggregate purchase price of $52.7 million, including transaction costs, at an average price of $17.78 per share. The total price of the shares repurchased and related transaction costs are reflected as a reduction to common stock and additional paid-in capital on our condensed consolidated balance sheets. As of July 31, 2025, $147.3 million remained available for future share repurchases under the 2025 Share Repurchase Program.