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Equity Incentive Plans and Stock-Based Compensation
 3 Months Ended
Apr. 30, 2024
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 our initial public offering ("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 April 30, 2024, we have reserved 202.2 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 April 30, 2024, the ESPP authorizes the issuance of 27.2 million shares of our Class A common stock under purchase rights granted to our employees. 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 the 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 three months ended April 30, 2024 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, 202411,080 $3.49 7.8$216,010 
Granted1,670 $0.10 
Exercised(1,428)$0.22 
Forfeited(40)$0.10 
Outstanding as of April 30, 202411,282 $3.41 8.0$175,549 
Vested and exercisable as of April 30, 20244,779 $5.09 6.8$66,332 
The weighted-average grant date fair value of stock options granted during the three months ended April 30, 2024 was $21.26 per share. The intrinsic value of stock options exercised during the three months ended April 30, 2024 was $31.4 million.
Unrecognized compensation expense associated with unvested stock options granted and outstanding as of April 30, 2024 was approximately $122.5 million, which is to be recognized over a weighted-average remaining period of 2.2 years.
Restricted Stock Units
RSU activity during the three months ended April 30, 2024 was as follows:
RSUs
(in thousands)		Weighted-Average Grant Date Fair Value Per Share
Unvested as of January 31, 202431,272 $19.89 
Granted9,479 $21.45 
Vested(3,843)$21.22 
Forfeited(1,497)$20.76 
Unvested as of April 30, 202435,411 $20.13 
The fair value of RSUs released during the three months ended April 30, 2024 was $87.4 million.
As of April 30, 2024, total unrecognized compensation expense related to unvested RSUs was approximately $661.6 million, which is to be recognized over a weighted-average remaining period of 2.4 years.
Employee Stock Purchase Plan Awards
As of April 30, 2024, total unrecognized compensation expense related to the ESPP was approximately $0.9 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 LTD 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
April 30, 2024, total unrecognized compensation expense related to these shares was $3.2 million, which is to be recognized over a weighted-average remaining period of 1.3 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 April 30,
20242023
Cost of subscription services revenue$4,276 $3,178 
Cost of professional services and other revenue2,470 2,699 
Sales and marketing36,216 33,123 
Research and development29,142 24,773 
General and administrative16,623 21,275 
Total$88,727 $85,048