Equity (Tables)

6 Months Ended

Jul. 31, 2024

Equity [Abstract]

Schedule of Stock Reserved For Future Issuance

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

	July 31, 2024	January 31, 2024
Class A and Class B common stock
Options issued and outstanding	7,481	8,503
Shares available for issuance under Equity Incentive Plans	29,797	24,868
RSUs and PSUs issued and outstanding	12,405	10,930
Shares reserved for issuance to charitable organizations	1,284	1,404
ESPP	6,722	5,398
Total	57,689	51,103

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):

	July 31, 2024	January 31, 2024
Available at beginning of period	24,868	21,483
Awards authorized	7,878	7,557
RSUs and PSUs granted	(4,238)	(6,258)
RSUs and PSUs canceled and forfeited	1,198	1,292
Options canceled and forfeited	91	777
Options repurchased	—	17
Available at end of period	29,797	24,868

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, 2024	8,503	$	13.03	5.85	$	499.2
Options granted	—	—		—
Options exercised	(931)	10.82		—
Options canceled	(11)	13.75		—
Options forfeited	(80)	18.30		—
Balances at July 31, 2024	7,481	$	13.18	5.39	$	284.7
Options vested at July 31, 2024	6,252	$	12.18	5.13	$	244.2
Options vested and expected to vest at July 31, 2024	7,481	$	13.18	5.39	$	284.7

Schedule of Restricted Stock Units Activity

The following table summarizes the Company’s RSU activity:

	Number of Shares (in thousands) (1)	Weighted- Average grant date fair value
Balances at January 31, 2024	7,701	$	47.20
Granted	4,238	53.15
Vested	(1,565)	48.70
Canceled/forfeited	(1,198)	48.44
Balances at July 31, 2024	9,176	$	49.48

(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 new offering period in effect using the Black-Scholes option-pricing model:

	Three Months Ended July 31,
	2024	2023
Risk-free interest rate	4.70% - 5.25%	4.22% - 5.30%
Volatility	50.94% - 60.50%	40.95% - 51.00%
Expected term (in years)	0.50 - 2.00	0.50 - 2.00
Dividend yield	—%	—%

Schedule of Share Based Compensation Expense

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

	Three Months Ended July 31,				Six Months Ended July 31,
	2024		2023		2024		2023
Cost of revenue	$	2,076	$	1,698	$	3,931	$	3,112
Sales and marketing	19,881		21,295		37,278		35,059
Research and development	16,114		12,477		28,450		24,179
General and administrative	10,898		10,898		21,562		16,348
Total stock-based compensation expense (1)	$	48,969	$	46,368	$	91,221	$	78,698

(1) The table above includes stock-based compensation of JiHu. Refer to “Note 11. Joint Venture and Equity Method Investment” for further discussion.