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STOCKHOLDERS' EQUITY
 9 Months Ended
Oct. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Stock-Based Compensation Expense
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,
2025202420252024
Cost of revenue$5,644 $5,810 $15,708 $16,243 
Research and development24,952 22,816 70,182 61,092 
Sales and marketing22,483 18,612 66,736 55,568 
General and administrative22,809 22,950 65,837 60,515 
Restructuring(547)— (583)— 
Total$75,341 $70,188 $217,880 $193,418 
Restricted Stock Units
A summary of our RSU activity is as follows:

Number of RSUsWeighted-Average Grant Date Fair Value
Outstanding as of January 31, 2025
27,357,828 $21.60 
Granted
21,447,547 18.25 
Released(8,740,428)21.95 
Forfeited(5,543,589)20.29 
Outstanding as of October 31, 2025
34,521,358 $19.64 
As of October 31, 2025, we had unrecognized stock-based compensation expense related to unvested RSUs of $610.1 million that is expected to be recognized on a straight-line basis over a weighted-average period of 2.9 years.
Performance Stock Units
During the nine months ended October 31, 2025, we granted 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, 2025, we have recorded $1.4 million and $4.7 million, respectively, of stock-based compensation expense related to these PSUs.
In connection with the acquisition of Observo, we granted 722,784 shares of PSUs subject to service-based and performance-based vesting conditions. These PSUs will vest 100% upon the achievement of specified performance objectives, subject to the employees’ continued service to us from the grant date through the milestone events or target dates. During the three and nine months ended October 31, 2025, we have recorded $0.3 million of stock-based compensation expense related to these PSUs.
A summary of our PSU activity is as follows:
Number of PSUsWeighted-Average Grant Date Fair Value
Outstanding as of January 31, 2025
233,680 $22.27 
Granted1,464,871 17.19 
Released(224,323)22.26 
Forfeited
(98,529)17.85 
Outstanding as of October 31, 2025
1,375,699 $17.18 
As of October 31, 2025, we had unrecognized stock-based compensation expense related to unvested PSUs of $15.1 million that is expected to be recognized on a straight-line basis over a weighted-average period of 0.9 years.
Stock Options
A summary of our stock option activity is as follows:
Number of OptionsWeighted-Average Exercise Price
Outstanding as of January 31, 2025
13,164,743 $6.31 
Assumed options from Prompt acquisition415,109 0.21 
Exercised(3,537,247)4.70 
Forfeited(43,131)2.10 
Outstanding as of October 31, 2025
9,999,474 $6.64 
Vested and expected to vest as of October 31, 2025
9,999,474 $6.64 
Vested and exercisable as of October 31, 2025
7,794,591 $6.32 
As of October 31, 2025, we had unrecognized stock-based compensation expense related to unvested options of $13.7 million that is expected to be recognized on a straight-line basis over a weighted-average period of 1.1 years.
Employee Stock Purchase Plan
We recognized stock-based compensation expense related to the Employee Stock Purchase Plan (ESPP) of $2.3 million and $5.7 million, respectively, during the three and nine months ended October 31, 2025. We recognized stock-based compensation expenses of $2.6 million and $6.3 million, respectively, during the three and nine months ended October 31, 2024.
Restricted Common Stock
Restricted common stock is included in issued and outstanding shares as they are legally issued and outstanding, but are not deemed outstanding for accounting purposes until the shares vest. A summary of our restricted common stock activity is as follows:
Number of Shares
Weighted-Average Grant Date Fair Value
Outstanding as of January 31, 2025
1,497,212 $27.49 
Granted3,108,988 19.10 
Vested
(749,158)27.48 
Unvested balance as of October 31, 2025
3,857,042 $20.73 
As of October 31, 2025, we had unrecognized stock-based compensation expense related to unvested restricted common stock of $74.3 million that is expected to be recognized on a straight-line basis over a weighted-average period of 1.4 years.
Modifications
During the nine months ended October 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 was extended, or a certain number of unvested awards will continue to vest through the end of the agreements entered into in connection with the Management Transitions.
During the three and nine months ended October 31, 2025, we recognized an incremental charge of $0.4 million and $3.8 million, respectively. During the three and nine months ended October 31, 2024, we recognized an incremental charge of $3.8 million and $4.1 million, respectively.
Share Repurchase Program
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 nine months ended October 31, 2025, we repurchased 2.8 million and 5.7 million of shares of our Class A common stock under the 2025 Share Repurchase Program for an aggregate purchase price of $49.2 million and $101.9 million, including transaction costs, at an average price of $17.81 and $17.80 per share, respectively. 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 October 31, 2025, $98.1 million remained available for future share repurchases under the 2025 Share Repurchase Program.