Stockholders’ Equity and Equity Incentive Plans

6 Months Ended

Jul. 31, 2021

Stockholders' Equity Note [Abstract]

Stockholders’ Equity and Equity Incentive Plans

Stockholders’ Equity and Equity Incentive Plans

Common Stock

In connection with our initial public offering (“IPO”) in April 2019, our amended and restated certificate of incorporation became effective, which authorized the issuance of 2,000,000,000 shares of Class A common stock, $0.001 par value per share, and 300,000,000 shares of Class B common stock, $0.001 par value per share. Class A and Class B common stock are referred to as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted.

Equity Incentive Plans

We have two equity incentive plans: the 2011 Global Share Plan (“2011 Plan”) and the 2019 Equity Incentive Plan (“2019 Plan”). All shares that remain available for future grants are under the 2019 Plan.

Stock Options

A summary of stock option activity under our equity incentive plan and related information is as follows:

	Stock Options
	Outstanding Stock Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
	(in thousands, except share, life, and per share data)
Balance as of January 31, 2021	9,239,504	$	7.17	7.0	$	3,371,457
Granted	—	$	—
Exercised	(1,593,193)	$	5.03
Canceled/forfeited/expired	(95,621)	$	10.63
Balance as of July 31, 2021	7,550,690	$	7.58	6.5	$	2,797,668
Vested and exercisable as of July 31, 2021	4,851,663	$	4.69	6.2	$	1,811,636

As of July 31, 2021, unrecognized stock-based compensation expense related to outstanding unvested stock options was $32.7 million, which is expected to be recognized over a weighted-average period of 1.1 years.

Restricted Stock Units

A summary of RSU activity under our equity incentive plan and related information is as follows:

	RSUs
	Unvested RSUs	Weighted- Average Grant Date Fair Value Per Share
Unvested as of January 31, 2021	4,510,730	$	194.57
Granted	893,277	$	347.05
Vested	(1,182,958)	$	180.43
Canceled/forfeited	(129,309)	$	245.34
Unvested as of July 31, 2021	4,091,740	$	230.34

As of July 31, 2021, unrecognized stock-based compensation expense related to outstanding unvested RSUs was $859.6 million, which is expected to be recognized over a weighted-average period of 2.6 years.

2019 Employee Stock Purchase Plan

In April 2019, we adopted the 2019 Employee Stock Purchase Plan (“ESPP”). As of July 31, 2021, unrecognized stock-based compensation expense related to the ESPP was $61.8 million, which is expected to be recognized over a weighted-average period of 1.9 years.

Stock-Based Compensation

The stock-based compensation expense by line item in the accompanying condensed consolidated statements of operations is summarized as follows:

	Three Months Ended July 31,				Six Months Ended July 31,
	2021		2020		2021		2020
	(in thousands)
Cost of revenue	$	14,778	$	7,727	$	28,844	$	10,976
Research and development	22,917		10,010		43,736		15,234
Sales and marketing	50,856		32,398		102,668		49,521
General and administrative	13,591		6,720		25,863		9,901
Total stock-based compensation expense	$	102,142	$	56,855	$	201,111	$	85,632