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,
	2026		2025
Cost of revenue	$	5,895	$	4,665
Research and development	28,948		20,941
Sales and marketing	20,285		22,915
General and administrative	19,761		20,170
Restructuring	—		(36)
Total	$	74,889	$	68,655

Stock-based compensation expense for the three months ended April 30, 2026 includes $1.7 million and $5.7 million related to equity awards associated with the Prompt and Observo acquisitions, respectively.

A summary of our RSU activity is as follows:


	Number of RSUs	Weighted-Average Grant Date Fair Value
Outstanding as of January 31, 2026	31,653,685	$	18.99
Granted	22,154,882	13.35
Released	(3,012,489)	20.32
Forfeited	(1,285,814)	19.23
Outstanding as of April 30, 2026	49,510,264	$	16.38

As of April 30, 2026, we had unrecognized stock-based compensation expense related to unvested RSUs of $754.4 million that is expected to be recognized on a straight-line basis over a weighted-average period of 3.2 years.

During fiscal 2026, 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 months ended April 30, 2026 and 2025, we recorded $2.3 million and $1.2 million, respectively, of stock-based compensation expense related to these PSUs.

In connection with the acquisition of Observo, we granted 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 months ended April 30, 2026, we recorded a $0.3 million reversal of stock-based compensation expense related to these PSUs, reflecting a change in the estimated probability of achieving the performance conditions.

During fiscal 2026, in connection with the post-acquisition integration of Prompt and Observo, we granted PSUs to an executive subject to performance-based vesting conditions tied to the annual recurring revenue (ARR) of the acquired business. These PSUs may vest from 0% to 200% of the target number of shares based on the achievement of specific ARR milestones, subject to the executive's continued service through the performance period. During the three months ended April 30, 2026, we recorded $0.4 million of stock-based compensation expense related to these awards.


	Number of PSUs	Weighted-Average Grant Date Fair Value
Outstanding as of January 31, 2026	1,246,801	$	17.06
Granted	—	—
Released	(477,776)	17.39
Forfeited	(81,521)	17.26
Outstanding as of April 30, 2026	687,504	$	16.81

As of April 30, 2026, we had unrecognized stock-based compensation expense related to unvested PSUs of $4.4 million that is expected to be recognized on a straight-line basis over a weighted-average period of 1.1 years.

A summary of our stock option activity is as follows:


	Number of Options	Weighted-Average Exercise Price
Outstanding as of January 31, 2026	9,443,196	$	6.92

Exercised	(216,140)	4.08
Forfeited	(11,447)	2.03
Outstanding as of April 30, 2026	9,215,609	$	6.99
Vested and expected to vest as of April 30, 2026	9,215,609	$	6.99
Vested and exercisable as of April 30, 2026	7,596,812	$	6.77

As of April 30, 2026, we had unrecognized stock-based compensation expense related to unvested options of $5.1 million that is expected to be recognized on a straight-line basis over a weighted-average period of 0.7 years.

We recognized stock-based compensation expense related to the Employee Stock Purchase Plan (ESPP) of $1.4 million and $1.6 million, respectively, during the three months ended April 30, 2026 and April 30, 2025.

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, 2026	3,484,135	$	20.60
Granted	—	—
Vested	(372,906)	21.97
Unvested balance as of April 30, 2026	3,111,229	$	20.43

As of April 30, 2026, we had unrecognized stock-based compensation expense related to unvested restricted common stock of $57.3 million that is expected to be recognized on a straight-line basis over a weighted-average period of 1.2 years.

During the three months ended April 30, 2026, the compensation committee of our board of directors certified the fiscal 2026 executive PSU payout adjusted to exclude the impact of foreign exchange fluctuations and merger and acquisition activity from the performance metrics of our executive PSU awards. This adjustment has been accounted for as a modification.

During the three months ended April 30, 2025, 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 months ended April 30, 2026 and April 30, 2025, we recognized an incremental charge of $0.4 million and $3.4 million, respectively, regarding the modifications.