In August 2022, the Company’s board of directors adopted and, in October 2022, the Company’s shareholders approved the 2022 Employee Stock Purchase Plan (“2022 ESPP”). During the year ended April 30, 2023, the Company reserved 6.0 million of the Company’s ordinary shares for future purchase and issuance under the 2022 ESPP. The 2022 ESPP allows eligible employees to acquire ordinary shares of the Company at a discount at periodic intervals through accumulated payroll deductions. Eligible employees purchase ordinary shares of the Company during a purchase period at 85% of the market value of the Company’s ordinary shares at either the beginning or end of an offering period, whichever is lower. Offering periods under the 2022 ESPP are approximately six months long and begin on each of March 16 or September 16 or the next trading day thereafter. The first offering period under the 2022 ESPP began on March 16, 2023 and will end on September 15, 2023.

The fair value of 2022 ESPP offering which began during the year ended April 30, 2023 was estimated on the offering date using the Black-Scholes option pricing model with the following assumptions:

In September 2012, the Company’s board of directors adopted and the Company’s shareholders approved the 2012 Stock Option Plan, which was amended and restated in September 2018 and further amended in December 2021 (as amended and restated, the “2012 Plan”). Under the 2012 Plan, the board of directors, the compensation committee, as administrator of the 2012 Plan, and any other duly authorized committee may grant stock options and other equity-based awards, such as Restricted Stock Awards (“RSA”) or Restricted Stock Units (“RSU”), to eligible employees, directors, and consultants to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to employees, directors and consultants, and to promote the success of the Company’s business.

The Company’s board of directors, compensation committee or other duly authorized committee determines the vesting schedule for all equity-based awards. Stock options and RSUs granted to employees generally vest over four years, subject to the employees’ continued service to the Company. The Company’s compensation committee may explicitly deviate from the general vesting schedules in its approval of an equity-based award, as it may deem appropriate. Stock options expire ten years after the date of grant. Stock options, RSAs and RSUs that are canceled under certain conditions become available for future grant or sale under the 2012 Plan unless the 2012 Plan is terminated.


	Year Ended April 30,
	2023	2022
Available at beginning of fiscal year	17,647,684	15,737,819
Awards authorized	4,708,746	4,526,699
Options granted	(94,105)	(495,460)
Options canceled	143,656	386,656
RSUs granted	(6,105,614)	(3,224,256)
RSUs canceled	1,263,099	715,870
Shares withheld for taxes	667	356
Available at end of period	17,564,133	17,647,684


	Stock Options Outstanding
	Number of Stock Options Outstanding	Weighted- Average Exercise Price		Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Balance as of April 30, 2021	7,611,016	$	20.34	6.66	$	768,517
Stock options granted	495,460	$	94.46
Stock options assumed in acquisitions	63,846	$	10.20
Stock options exercised	(2,563,287)	$	14.18
Stock options canceled	(386,656)	$	32.04
Stock options assumed in acquisition canceled	(1,255)	$	40.35
Balance as of April 30, 2022	5,219,124	$	29.41	6.22	$	266,021
Stock options granted	94,105	$	82.24
Stock options exercised	(1,127,036)	$	15.55
Stock options canceled	(143,656)	$	78.69
Stock options assumed in acquisition canceled	(4,299)	$	47.63
Balance as of April 30, 2023	4,038,238	$	32.74	5.35	$	134,778
Exercisable as of April 30, 2023	3,425,478	$	24.70	4.93	$	128,503

Aggregate intrinsic value represents the difference between the exercise price of the stock options to purchase the Company’s ordinary shares and the fair value of the Company’s ordinary shares. The weighted-average grant-date fair value per share of stock options granted was $48.56 and $52.43 for the years ended April 30, 2023 and 2022, respectively. The weighted-average grant-date fair value per share of stock options assumed related to the Cmd and build.security acquisitions was $122.13 for the year ended April 30, 2022.

As of April 30, 2023, the Company had unrecognized stock-based compensation expense of $28.1 million related to unvested stock options that the Company expects to recognize over a weighted-average period of 1.99 years.


	Number of Awards	Weighted-Average Grant Date Fair Value
Outstanding and unvested at April 30, 2021	3,301,283	$	98.74
RSUs granted	3,224,256	$	113.91
RSUs released	(1,092,121)	$	96.65
RSUs canceled	(715,870)	$	106.34
Outstanding and unvested at April 30, 2022	4,717,548	$	108.44
RSUs granted	6,105,614	$	60.08
RSUs released	(2,065,664)	$	94.01
RSUs canceled	(1,263,099)	$	99.51
Outstanding and unvested at April 30, 2023	7,494,399	$	74.52

As of April 30, 2023, the Company had unrecognized stock-based compensation expense of $514.9 million related to RSUs that the Company expects to recognize over a weighted-average period of 3.09 years.

The determination of the fair value of stock-based options on the date of grant using an option pricing model is affected by the fair value of the Company’s ordinary shares, as well as assumptions regarding a number of complex and subjective variables. The Company uses the Black-Scholes option pricing model to calculate the fair value of stock options, which requires the use of assumptions including actual and projected employee stock option exercise behaviors, expected price volatility of the Company’s ordinary shares, the risk-free interest rate and expected dividends.

Fair Value of Ordinary Shares: Subsequent to the IPO on October 8, 2018, the fair value of the underlying ordinary shares is determined by the closing price, on the date of the grant, of the Company’s ordinary shares, which are traded publicly on the New York Stock Exchange. Prior to the IPO, the fair value of ordinary shares underlying the stock awards had historically been determined by the board of directors, with input from the Company’s management. The board of directors previously determined the fair value of the ordinary shares at the time of grant of the awards by considering a number of objective and subjective factors, including valuations of comparable companies, sales of redeemable convertible preference shares, sales of ordinary shares to unrelated third parties, operating and financial performance, the lack of liquidity of the Company’s ordinary shares, and general and industry-specific economic outlook.

Expected Term: The expected term represents the period that options are expected to be outstanding. For option grants that are considered to be “plain vanilla,” the Company determines the expected term using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the options.

Expected Volatility: Since the Company has limited trading history of its ordinary shares, the expected volatility is derived from the average historical stock volatilities of several unrelated public companies within the Company’s industry that the Company considers to be comparable to its own business over a period equivalent to the option’s expected term.

Risk-Free Interest Rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the option’s expected term.

The Company’s expected volatility and expected term involve management’s best estimates, both of which impact the fair value of the option calculated under the Black-Scholes option pricing model and, ultimately, the expense that will be recognized over the life of the option.


	Year Ended April 30,
	2023	2022	2021
Expected term (in years)	6.02	5.52 - 6.08	6.02 - 6.08
Expected stock price volatility	60.7% - 62.0%	59.6% - 60.2%	62.6% - 63.9%
Risk-free interest rate	3.1% - 3.4%	1.4% - 1.8%	0.4% - 1.1%
Dividend yield	—%	—%	—%


	Year Ended April 30,
		2023		2022		2021
Cost of revenue
Subscription		$	8,308	$	8,368	$	7,105
Services		9,435		6,463		4,824
Research and development		80,170		59,911		35,267
Sales and marketing		68,943		45,798		31,581
General and administrative		37,183		20,654		14,903
Stock-based compensation expense, net of amounts capitalized		204,039		141,194		93,680
Capitalized stock-based compensation expense		—		188		10
Total stock-based compensation expense		$	204,039	$	141,382	$	93,690