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Equity Incentive Plans and Stock-Based Compensation
 9 Months Ended
Oct. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plans and Stock-Based Compensation Equity Incentive Plans and Stock-Based Compensation
2021 Stock Plan
In April 2021, prior to and in connection with the IPO, we adopted our 2021 Equity Incentive Plan (the "2021 Plan"), which provides for grants of incentive stock options, nonstatutory stock options, stock appreciation rights, RSAs, RSUs, PSUs, and other forms of awards. As of October 31, 2023, we have reserved 173.7 million shares of our Class A common stock to be issued under the 2021 Plan. The number of shares of our Class A common stock reserved for issuance under the 2021 Plan will automatically increase on February 1 of each year for a period of ten years, which began on February 1, 2022 and continues through February 1, 2031, in an amount equal to (1) 5% of the total number of shares of our common stock (both Class A and Class B) outstanding on the preceding January 31, or (2) a lesser number of shares determined by our board of directors no later than the February 1 increase.
2021 Employee Stock Purchase Plan
In April 2021, prior to and in connection with the IPO, we adopted our 2021 Employee Stock Purchase Plan (the “ESPP”). As of October 31, 2023, the ESPP authorizes the issuance of 21.5 million shares of our Class A common stock under purchase rights granted to our employees or to employees of any of our designated affiliates. The number of shares of our Class A common stock reserved for issuance will automatically increase on February 1 of each year for a period of ten years, which began on February 1, 2022 and continues through February 1, 2031, by the lesser of (1) 1% of the total number of shares of our common stock (both Class A and Class B) outstanding on the preceding January 31; and (2) 15.5 million shares, except before the date of any such increase, our board of directors may determine that such increase will be less than the amount set forth by (1) and (2) above. The ESPP allows participants to purchase shares at the lesser of (a) 85% of the fair market value of our Class A common stock as of the commencement of each offering period, and (b) 85% of the fair market value of our Class A common stock on the corresponding purchase date.
Stock Options
Stock option activity during the nine months ended October 31, 2023 was as follows:
Stock Options
(in thousands)		Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Life (years)Aggregate Intrinsic Value
(in thousands)
Outstanding as of January 31, 202313,898 $3.32 7.7$169,324 
Granted2,763 $0.10 
Exercised(3,559)$1.52 
Forfeited(361)$0.51 
Outstanding as of October 31, 202312,741 $3.20 7.6$158,811 
Vested and exercisable as of October 31, 20236,252 $3.68 6.4$74,680 
The weighted-average grant date fair value of stock options granted during the nine months ended October 31, 2023 was $16.56 per share. The intrinsic value of stock options exercised during the nine months ended October 31, 2023 was $55.4 million.
Unrecognized compensation expense associated with unvested stock options granted and outstanding as of October 31, 2023, was approximately $113.0 million, which is to be recognized over a weighted-average remaining period of 2.3 years.
Restricted Stock Units
RSU activity during the nine months ended October 31, 2023 was as follows:
RSUs
(in thousands)		Weighted-Average Grant Date Fair Value Per Share
Unvested as of January 31, 202336,785 $22.48 
Granted17,615 $16.54 
Vested(13,773)$20.47 
Forfeited(6,569)$23.46 
Unvested as of October 31, 202334,058 $20.03 
The vesting date fair value of RSUs that vested during the nine months ended October 31, 2023 was $236.2 million.
As of October 31, 2023, total unrecognized compensation expense related to unvested RSUs was approximately $612.6 million, which is to be recognized over a weighted-average remaining period of 2.4 years.
Restricted Stock Awards
In September 2020, we issued approximately 0.1 million RSAs to a member of our board of directors at a grant date fair value of $33.22 per share, totaling $4.0 million. Such RSAs vest monthly over four years from the grant date. The unvested shares are subject to a repurchase right held by us. As of October 31, 2023, total unrecognized compensation expense related to unvested RSAs was $0.9 million and will be recognized over the remaining vesting period of 0.9 years.
Performance Stock Units
In July 2023, we granted approximately 0.1 million PSUs at a grant date fair value of $18.08 per share. The PSUs are subject to performance conditions related to the achievement of certain individual and Company targets
for fiscal year 2024, and the number of shares earned will ultimately be 0%, 100%, or 200% of the base number of PSUs awarded. To the extent that they are earned, these PSUs will vest on April 1, 2024.
Employee Stock Purchase Plan Awards
During the nine months ended October 31, 2023, 0.8 million shares were purchased under the ESPP at $11.19 per share. As of October 31, 2023, total unrecognized compensation expense related to the ESPP was approximately $0.7 million, which is to be recognized over a weighted-average remaining period of 0.1 years.
Stock-Based Compensation Associated with Business Acquisition
At the closing of the acquisition of Re:infer on July 29, 2022, we issued 0.4 million shares of Class A common stock (outside of the 2021 Plan) to be released to certain employee sellers in equal installments on the first, second, and third anniversaries of the closing date, subject to employment-related clawback provisions. As of October 31, 2023, total unrecognized compensation expense related to these shares was $4.5 million, which is to be recognized over a weighted-average remaining period of 1.8 years.
Stock-Based Compensation Expense
Stock-based compensation expense is classified in the condensed consolidated statements of operations as follows (in thousands):
Three Months Ended October 31,Nine Months Ended October 31,
2023202220232022
Cost of subscription services revenue$3,791 $2,844 $10,778 $8,901 
Cost of professional services and other revenue2,764 2,557 8,546 8,959 
Sales and marketing37,760 30,763 109,890 117,410 
Research and development30,604 23,435 88,448 73,559 
General and administrative20,961 21,492 65,363 61,968 
Total$95,880 $81,091 $283,025 $270,797