The Company’s equity incentive plans provide for granting stock options, restricted stock units (RSUs) and restricted stock awards to employees, consultants, officers and directors. In addition, the Company offers an Employee Stock Purchase Plan (ESPP) to eligible employees.

Stock-based compensation expense was recorded in the following cost and expense categories in the Company’s condensed consolidated statements of operations (in thousands):


	Three Months Ended October 31,				Nine Months Ended October 31,
	2020		2019		2020		2019
	(unaudited)
Cost of revenue
Subscription	$	6,090	$	3,604	$	15,229	$	9,137
Professional services and other	2,113		1,900		5,924		5,292
Research and development	17,546		10,894		44,434		26,322
Sales and marketing	14,368		10,937		38,693		26,959
General and administrative	13,535		8,400		35,494		21,984
Total	$	53,652	$	35,735	$	139,774	$	89,694

Stock-based compensation expense recorded to research and development in the condensed consolidated statements of operations excludes amounts that were capitalized related to internal-use software for the three and nine months ended October 31, 2020 and 2019.

The Company has two equity incentive plans: the 2009 Stock Plan (2009 Plan) and the 2017 Equity Incentive Plan (2017 Plan). All shares that remain available for future grants are under the 2017 Plan. As of October 31, 2020, options to purchase 1,176,642 shares of Class A common stock and 8,065,566 shares of Class B common stock remained outstanding.


			As of
			October 31, 2020
			(unaudited)
Stock options and unvested RSUs outstanding			14,069,326
Available for future stock option and RSU grants			20,720,051
Available for ESPP			4,752,501
			39,541,878


	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of January 31, 2020	12,359,302	$	11.82	6.2	$	1,436,487
Granted	402,891	145.08
Exercised	(3,383,144)	9.92
Canceled	(136,841)	19.62
Outstanding as of October 31, 2020 (unaudited)	9,242,208	$	18.21	5.8	$	1,770,981
As of October 31, 2020

Vested and exercisable (unaudited)	7,429,026	$	9.87	5.4	$	1,485,523

As of October 31, 2020, there was a total of $36.2 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 1.5 years.


	Number of RSUs	Weighted- Average Grant Date Fair Value Per Share
Outstanding as of January 31, 2020	4,893,241	$	77.99
Granted	1,960,358	164.64
Vested	(1,667,917)	79.28
Forfeited	(358,564)	84.64
Outstanding as of October 31, 2020 (unaudited)	4,827,118	$	112.24

As of October 31, 2020, there was $501.8 million of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of 2.6 years based on vesting under the award service conditions.

The ESPP provides for 12-month offering periods beginning June 21 and December 21 of each year, and each offering period consists of up to two six-month purchase periods.

The Company estimated the fair value of ESPP purchase rights using a Black-Scholes option pricing model with the following assumptions:


	Three Months Ended October 31,		Nine Months Ended October 31,
	2020	2019	2020	2019

	(unaudited)
Expected volatility	—%	—%	50% - 54%	43% - 59%
Expected term (in years)	—	—	0.5 - 1.0	0.5 - 1.0
Risk-free interest rate	—%	—%	0.17% - 0.18%	1.95% - 2.05%
Expected dividend yield	—	—	—	—

During the nine months ended October 31, 2020, the Company’s employees purchased 127,734 shares of its Class A common stock under the ESPP. The shares were purchased at a weighted-average purchase price of $100.38 per share, with total proceeds of $12.8 million.

As of October 31, 2020, there was $2.0 million of unrecognized stock-based compensation expense related to the ESPP that is expected to be recognized over an average vesting period of 0.5 years.