In August 2022, the Company’s board of directors adopted and, in October 2022, the Company’s shareholders approved the 2022 ESPP. The Company reserved 6.0 million of the Company’s ordinary shares for future purchase and issuance under the 2022 ESPP in January 2023. 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 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 Company issued 364,236 and 345,165 ordinary shares under the 2022 ESPP during the years ended April 30, 2025 and 2024, respectively. Stock-based compensation expense recognized related to the 2022 ESPP was $9.2 million, $7.1 million, and $0.9 million for the years ended April 30, 2025, 2024, and 2023, respectively.


	Year Ended April 30,
	2025	2024
Expected term (in years)	0.5	0.5
Expected stock price volatility	50.4% - 59.2%	47.3% - 63.3%
Risk-free interest rate	4.3% - 4.6%	5.4% - 5.5%
Dividend yield	—%	—%

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 RSUs (which include PSUs) to eligible employees, directors, and consultants to attract and retain talented 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 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,
	2025	2024
Available at beginning of fiscal year	20,252,732	17,564,133
Shares authorized	5,085,297	4,868,347

Options canceled	72,819	104,137
RSUs granted	(3,177,238)	(3,399,494)
RSUs canceled	1,058,155	1,115,609

Available at end of period	23,291,765	20,252,732

In connection with acquisitions completed in prior years, the Company assumed certain unvested stock options that were outstanding on the date of the respective acquisitions.

The assumed stock options will continue to be outstanding and will be governed by the provisions of their respective plans and are included in the stock option activity table below.


	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, 2023	4,038,238	$	32.74	5.35	$	134,778


Stock options exercised	(1,292,375)	$	16.19
Stock options canceled	(104,137)	$	98.35
Stock options assumed in acquisition canceled	(1,303)	$	76.12
Balance as of April 30, 2024	2,640,423	$	38.23	4.67	$	178,081

Stock options exercised	(791,874)	$	22.54
Stock options canceled	(72,819)	$	113.23
Stock options assumed in acquisition canceled	(7)	$	76.82
Balance as of April 30, 2025	1,775,723	$	42.16	3.88	$	88,617
Exercisable as of April 30, 2025	1,692,783	$	39.97	3.74	$	88,120

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. No stock options were granted during the years ended April 30, 2025 and 2024.

As of April 30, 2025, the Company had unrecognized stock-based compensation expense of $3.8 million related to unvested stock options that the Company expects to recognize over a weighted-average period of 0.89 years.


	Number of Awards	Weighted-Average Grant Date Fair Value
Outstanding and unvested at April 30, 2023	7,494,399	$	74.52
RSUs granted	3,399,494	$	102.23
RSUs released	(2,701,448)	$	80.51
RSUs canceled	(1,115,609)	$	75.60
Outstanding and unvested at April 30, 2024	7,076,836	$	85.38
RSUs granted	3,177,238	$	106.55
RSUs released	(2,672,842)	$	89.04
RSUs canceled	(1,058,155)	$	86.87
Outstanding and unvested at April 30, 2025	6,523,077	$	93.95

As of April 30, 2025, the Company had unrecognized stock-based compensation expense of $564.6 million related to RSUs that the Company expects to recognize over a weighted-average period of 2.54 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: The fair value of the underlying ordinary shares is determined by the closing price of the Company’s ordinary shares, which are traded publicly on the New York Stock Exchange, on the date of the grant.

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: Due to the fact that 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.

The fair value of stock options granted and assumed was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

Year Ended April 30,

2025

2024

2023

Expected term (in years)

N/A

6.02

Expected stock price volatility

N/A

60.7% - 62.0%

Risk-free interest rate

N/A

3.1% - 3.4%

Dividend yield

N/A

—%


	Year Ended April 30,
		2025		2024		2023
Cost of revenue
Subscription		$	9,443	$	8,774	$	8,308
Services		14,747		12,539		9,435
Research and development		97,412		93,588		80,170
Sales and marketing		86,743		78,069		68,943
General and administrative		49,437		46,167		37,183


Total stock-based compensation expense		$	257,782	$	239,137	$	204,039