| Summary of Stock Option Activity |
A summary of the Company’s stock option activity for the year ended January 31, 2025 is as follows:
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Number of Stock Options |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Life |
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Aggregate Intrinsic Value |
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(in thousands) |
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(in years) |
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(in thousands) |
Outstanding as of January 31, 2024 |
23,267 |
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$ |
6.66 |
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5.9 |
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$ |
136,602 |
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| Exercised |
(3,545) |
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5.57 |
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Forfeited |
(1,150) |
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11.09 |
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| Expired |
— |
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0.59 |
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Outstanding as of January 31, 2025 |
18,572 |
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$ |
6.60 |
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4.7 |
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$ |
56,997 |
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Exercisable as of January 31, 2025 |
17,424 |
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$ |
6.25 |
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4.5 |
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$ |
56,800 |
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Vested and expected to vest as of January 31, 2025 |
18,540 |
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$ |
6.59 |
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4.7 |
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$ |
56,964 |
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Year Ended January 31, |
(in thousands) |
2025 |
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2024 |
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2023 |
| Intrinsic value of options exercised |
$ |
19,423 |
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$ |
58,565 |
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$ |
32,391 |
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| Estimated grant date fair value of options vested in the period |
$ |
12,601 |
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$ |
12,954 |
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$ |
32,085 |
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| Summary of Assumptions Used to Estimate Fair Value of Options Granted to Employees |
The following assumptions were used to estimate the fair value of options granted to employees:
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Year Ended January 31, |
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2025 |
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2024 |
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2023 |
| Expected term (in years) |
(a) |
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6.1 |
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(a) |
| Risk-free interest rate |
(a) |
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3.5% |
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(a) |
| Expected volatility |
(a) |
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60.1% |
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(a) |
| Expected dividend rate |
(a) |
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0% |
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(a) |
| Fair value of common stock |
(a) |
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$12.85 |
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(a) |
(a) In fiscal years ended January 31, 2025 and January 31, 2023, no stock options were granted.
The fair value of share purchase rights granted under the ESPP was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
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Year Ended January 31, |
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2025 |
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2024 |
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2023 |
| Expected term (in years) |
0.5 - 1.0 |
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0.5 - 1.0 |
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0.5 - 1.0 |
| Risk-free interest rate |
4.2% - 5.3% |
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4.9% - 5.3% |
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2.2% - 4.6% |
| Expected volatility |
39.5% - 54.3% |
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49.4% - 67.4% |
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66.2% - 81.9% |
| Expected dividend rate |
0% |
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0% |
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0% |
| Fair value of common stock |
$8.82 - $9.42 |
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$11.48 - $14.58 |
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$8.84 - $9.84 |
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| Summary of RSU Award Activity |
A summary of the Company’s RSU activity for the year ended January 31, 2025 is as follows:
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| (in thousands except per share data) |
Number of Restricted Stock Units |
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Weighted Average Grant Date Fair Value |
Outstanding as of January 31, 2024 |
9,259 |
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$ |
12.61 |
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| Granted |
13,832 |
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9.86 |
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| Released |
(3,317) |
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12.75 |
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| Cancelled/forfeited |
(5,024) |
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11.23 |
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Outstanding as of January 31, 2025 |
14,750 |
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$ |
10.46 |
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| Summary of Stock-based Compensation Expense |
Stock-based compensation expense included in operating results was allocated as follows:
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Year Ended January 31, |
| (in thousands) |
2025 |
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2024 |
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2023 |
| Cost of subscription |
$ |
1,323 |
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$ |
1,130 |
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$ |
1,528 |
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| Cost of professional |
1,387 |
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1,450 |
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2,249 |
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| Research and development |
11,404 |
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11,566 |
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10,678 |
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| Sales and marketing |
21,331 |
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24,477 |
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26,651 |
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General and administrative |
24,072 |
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17,134 |
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14,411 |
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| Stock-based compensation, net of amounts capitalized |
59,517 |
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55,757 |
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55,517 |
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| Capitalized stock-based compensation |
2,538 |
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2,473 |
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2,540 |
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| Total stock-based compensation |
$ |
62,055 |
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$ |
58,230 |
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$ |
58,057 |
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Year Ended January 31, |
| (in thousands) |
2025 |
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2024 |
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2023 |
Equity classified awards (1)
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$ |
61,055 |
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$ |
57,230 |
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$ |
57,057 |
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Other awards (2)
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1,000 |
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1,000 |
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1,000 |
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| Total stock-based compensation |
$ |
62,055 |
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$ |
58,230 |
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$ |
58,057 |
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Year Ended January 31, |
| (in thousands) |
2025 |
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2024 |
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2023 |
Stock options |
$ |
9,745 |
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$ |
15,125 |
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$ |
23,454 |
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Performance-based stock units (3)
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1,617 |
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(296) |
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(55) |
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Restricted stock units |
46,683 |
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38,684 |
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24,963 |
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| Employee stock purchase plan |
3,010 |
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3,717 |
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8,695 |
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| Total stock-based compensation |
$ |
61,055 |
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$ |
57,230 |
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$ |
57,057 |
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(1) Expense associated with equity-classified awards includes $3.0 million, $3.7 million and $8.6 million of ESPP expense recognized during the years ended January 31, 2025, 2024 and 2023, respectively.
(2) Non-employee grant recorded over five years, representing the same period and in the same manner as if the grantor had paid cash for the services instead of paying with or using the share-based payment award.
(3) The stock-based compensation for performance-based stock units during the year ended January 31, 2023 includes the impact of stock-based compensation modifications.
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| Summary of Unrecognized Compensation Cost Related to Unvested Awards Not Yet Recognized |
As of January 31, 2025, total unrecognized compensation cost related to unvested awards not yet recognized under all equity compensation plans, was as follows:
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January 31, 2025 |
| (in thousands) |
Unrecognized Expense |
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Weighted Average Expense Recognition Period (in years) |
| Stock options |
$ |
7,393 |
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1.8 |
| Performance share units |
$ |
22,080 |
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2.7 |
| Restricted stock units |
$ |
113,679 |
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2.7 |
| ESPP |
$ |
1,384 |
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0.9 |
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