The Company reserved shares of common stock for future issuance as follows:


	As of
	July 31, 2022		January 31, 2022
Options outstanding		10,583,909		12,381,134
Restricted stock units outstanding		11,985,438		10,406,294
Remaining shares available for future issuance under the 2021 Plan		23,084,726		17,560,879
2021 Employee Stock Purchase Plan		3,370,329		1,900,000
Total		49,024,402		42,248,307

A total of 23,084,726 shares of the Company’s Class A common stock have been reserved for future issuance under the 2021 Plan.

The following table summarizes stock option activity for the 2021 Plans (aggregate intrinsic value in thousands):


	Options Outstanding
	Number of Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value
Balance as of January 31, 2022		12,381,134		$	1.93		5.7	$	798,374
Stock options exercised		(1,624,772	)	$	1.31			$	59,482
Stock options cancelled/forfeited/expired		(172,453	)	$	3.49
Balance as of July 31, 2022		10,583,909		$	2.00		5.3	$	362,442
Exercisable as of July 31, 2022		9,750,840		$	1.63		5.1	$	337,518

Exercisable shares consist of 9,750,090 shares that are vested and 750 shares with an early exercise provision that are unvested as of July 31, 2022.

The total grant-date fair value of stock options vested was $2.8 million and $3.4 million during the six months ended July 31, 2022 and 2021, respectively.

The total intrinsic value of options exercised during the six months ended July 31, 2022 and 2021 were $59.5 million and $35.2 million, respectively.

The Company’s summary of restricted stock units ("RSUs"), activity under the 2014 Plan and the 2021 Plan is as follows:


	Number of Awards			Weighted-Average Grant Date Fair Value
Outstanding and unvested at January 31, 2022		10,406,294		$	37.46
RSUs granted		4,639,945		$	46.14
RSUs released		(2,187,527	)	$	29.68
RSUs cancelled		(873,274	)	$	34.01
Outstanding and unvested at July 31, 2022		11,985,438		$	42.49

The total grant-date fair value of RSUs vested was $64.9 million during the six months ended July 31, 2022. There were no RSUs released during the six months ended July 31, 2021 as the Company was private and the performance condition for these RSUs was not met during the six months ended July 31, 2021.

In December 2021, the Company adopted the 2021 Employee Stock Purchase Plan (“ESPP”), which became effective upon completion of its initial public offering (the "IPO"). A total of 3,370,329 shares of Class A common stock are available for sale under the ESPP. For the six months ended July 31, 2022, the Company recognized $7.3 million of stock-based compensation expense related to the ESPP. As of July 31, 2022, unrecognized stock-based compensation expense related to the ESPP was approximately $22.6 million, which is expected to be recognized over a weighted-average period of approximately 1.9 years. The Company’s current offering period began June 16, 2022 and is expected to end June 15, 2024.

During the six months ended July 31, 2022, employees purchased 351,284 shares of our common stock under the ESPP at a purchase price of $24.20 per share, resulting in total cash proceeds of $8.5 million. ESPP employee payroll contributions accrued as of July 31, 2022 and 2021 were $4.1 million and zero, respectively, and are reported within accrued compensation and benefits in the condensed consolidated balance sheets. Payroll contributions accrued as of July 31, 2022 will be used to purchase shares at the end of the current purchase period ending on December 15, 2022. Payroll contributions ultimately used to purchase shares will be reclassified to stockholders’ equity on the purchase date.

The ESPP offers a two-year look-back feature as well as a rollover feature that provides for an offering period to be rolled over to a new lower-priced offering if the offering price of the new offering period is less than that of the current offering period. An ESPP rollover occurred when the Company’s closing stock price on June 15, 2022 was below the closing stock price on December 8, 2021, which triggered a new 24-month offering period through June 15, 2024. This rollover was accounted for as a modification to the original offering and resulted in incremental compensation cost of $4.9 million. The unrecognized compensation cost from the original offering plus the incremental compensation cost as a result of the modification are recognized over the requisite service period of the new 24-month offering through June 15, 2024.

Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations is as follows (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2022		2021		2022		2021
Cost of support	$	2,221	$	79	$	4,180	$	185
Cost of cloud-hosted services		686		2		1,326		5
Cost of professional services and other		652		12		1,380		24
Sales and marketing		14,421		531		28,814		1,223
Research and development		10,507		413		25,245		836
General and administrative		13,916		461		27,717		951
Stock-based compensation expense, net of amounts capitalized	$	42,403	$	1,498	$	88,662	$	3,224
Capitalized stock-based compensation		906		-		1,788		-
Total stock-based compensation expense	$	43,309	$	1,498	$	90,450	$	3,224

As of July 31, 2022, total unrecognized stock-based compensation expense related to unvested stock options and RSUs was approximately $2.9 million and $390.6 million, respectively. This unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 1.4 and 2.4 years, respectively.