Equity (Tables)

12 Months Ended

Jan. 31, 2024

Schedule of Stock Reserved For Future Issuance

The Company had shares of common stock reserved for future issuance as follows (in thousands):



	January 31, 2024	January 31, 2023
Class A and Class B common stock

Options issued and outstanding	8,503	12,686
Shares available for issuance under Equity Incentive Plans	24,868	21,483
RSUs and PSUs issued and outstanding	10,930	8,336
Shares reserved for issuance to charitable organizations	1,404	1,636
ESPP	5,398	4,303
Total	51,103	48,444

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The awards available for grant under the above Plans for the periods presented were as follows (in thousands):



	January 31, 2024	January 31, 2023
Available at beginning of period	21,483	18,248
Awards authorized	7,557	7,673

RSUs and PSUs granted	(6,258)	(6,651)
RSUs and PSUs canceled and forfeited	1,292	657
Options canceled and forfeited	777	1,496
Options repurchased	17	60
Available at end of period	24,868	21,483

Share-based Payment Arrangement, Option, Activity

The following table summarizes options activity under the Plans, and related information:


	Number of Stock Options Outstanding (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Years	Aggregate Intrinsic value (in millions)










Balances at January 31, 2021	16,043	$	6.33	8.39	$	166.6
Options granted	7,936	18.68		8.50
Options exercised	(4,789)	5.40		5.07
Options canceled	(81)	6.20		—
Options forfeited	(1,963)	10.47		—
Balances at January 31, 2022	17,146	$	11.83	8.24	$	894.8
Options granted	—	—		—
Options exercised	(2,964)	8.49		—
Options canceled	(33)	9.46		—
Options forfeited	(1,463)	14.52		—
Balances at January 31, 2023	12,686	$	12.30	7.00	$	470.8
Options granted	—	—		—
Options exercised	(3,406)	9.53		—
Options canceled	(126)	11.23		—
Options forfeited	(651)	17.24		—
Balances at January 31, 2024	8,503	$	13.03	5.85	$	499.2

Options vested at January 31, 2024	6,323	$	11.42	5.52	$	377.4
Options vested and expected to vest at January 31, 2024	8,503	$	13.03	5.85	$	499.2

Schedule of Restricted Stock Units Activity

The following table summarizes the Company’s RSU activity (in thousands):


	Number of Shares (1)	Weighted- Average grant date fair value
Balances at January 31, 2021	—	$	—


Granted	272		82.11
Vested	—		—

Canceled/forfeited	—		—
Balances at January 31, 2022	$	0.3	$	82.11
Granted	6,286		52.52
Vested	(930)		55.01

Canceled/forfeited	(610)		54.56
Balances at January 31, 2023	5,046		$	53.33
Granted	6,258		43.42
Vested	(2,372)		48.47

Canceled/forfeited	(1,203)		50.47
Balances at January 31, 2024	7,729		$	47.20

(1) The table above does not include 3 million RSUs granted to the Company’s founder and the Chief Executive Officer (“CEO”) described below.

Schedule of Estimating the Fair Value of the ESPP

The following table summarizes assumptions used in estimating the fair value of the ESPP for the offering period in effect using the Black-Scholes option-pricing model:


	Fiscal Year Ended January 31,
	2024	2023	2022
Risk-free interest rate	4.22% - 5.30%	1.62% - 4.55%	0.07% - 0.17%
Volatility	40.95% - 65.56%	44.95% - 55.19%	38.47% - 41.75%
Expected term (in years)	0.50 - 2.00	0.50 - 2.00	0.57 - 1.07
Dividend yield	—%	—%	—%

Schedule of Share Based Compensation Expense

The Company recognized stock-based compensation expense as follows (in thousands):


	Fiscal Year Ended January 31,
		2024		2023		2022
Cost of revenue		$	6,400	$	5,078	$	1,300
Sales and marketing		68,766		48,001		10,550
Research and development		50,804		36,325		8,305
General and administrative		37,079		33,163		9,854
Total stock-based compensation expense (1)		$	163,049	$	122,567	$	30,009

(1) The table above includes stock-based compensation of JiHu. Refer to “Note 12. Joint Venture and Equity Method Investment” for further discussion.