Stock-Based Compensation (Tables)
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12 Months Ended |
Jan. 31, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Performance-Based Stock Unit Activity |
A summary of the Company’s PSU activity for the year ended January 31, 2026 is as follows:
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Number
of PSUs |
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Weighted Average Grant Date Fair Value |
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(in thousands) |
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Outstanding as of January 31, 2025 |
2,918 |
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$ |
8.31 |
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| Granted |
1,391 |
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|
11.65 |
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Cancelled/forfeited(1)
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(1,262) |
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|
5.24 |
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Outstanding as of January 31, 2026 |
3,047 |
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$ |
11.11 |
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(1) Includes 660,000 PSUs that were forfeited as the associated market conditions (discussed below) were not achieved.
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| Schedule of Fair Value of PSUs Granted |
To determine the grant date fair value of Market Condition PSUs, the Company utilizes a Monte Carlo simulation. The inputs included in the valuations were as follows:
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Year Ended January 31, |
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2026 |
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2025 |
| Volatility |
47.8% - 50.8% |
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53.7% |
| Risk-free rate |
3.59% - 4.22% |
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4.13% |
| Fair value of common stock at grant date |
$7.28 - $9.14 |
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$8.21 |
| Dividend yield |
—% |
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—% |
| Expected term |
2.21 - 2.88 years |
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2.94 years |
| Fair value valuation |
$10.36 - $14.84 |
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$11.82 |
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| Summary of Stock Option Activity |
A summary of the Company’s stock option activity for the year ended January 31, 2026 was as follows:
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Number of Stock Options |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Life |
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Aggregate Intrinsic Value |
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(in thousands) |
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(in years) |
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(in thousands) |
Outstanding as of January 31, 2025 |
18,572 |
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$ |
6.60 |
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|
4.7 |
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$ |
56,997 |
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| Exercised |
(3,340) |
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$ |
4.58 |
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Forfeited |
(1,308) |
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$ |
10.85 |
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| Expired |
(6) |
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$ |
1.79 |
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Outstanding as of January 31, 2026 |
13,918 |
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$ |
6.68 |
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4.1 |
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$ |
18,069 |
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Exercisable as of January 31, 2026 |
13,477 |
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$ |
6.48 |
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4.0 |
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$ |
18,069 |
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Vested and expected to vest as of January 31, 2026 |
13,918 |
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$ |
6.68 |
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4.1 |
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$ |
18,069 |
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Year Ended January 31, |
(in thousands) |
2026 |
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2025 |
|
2024 |
| Intrinsic value of options exercised |
$ |
12,544 |
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$ |
19,423 |
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$ |
58,565 |
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| Estimated grant date fair value of options vested in the period |
$ |
4,325 |
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$ |
12,601 |
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$ |
12,954 |
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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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2026 |
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2025 |
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2024 |
| Expected term (in years) |
(a) |
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(a) |
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6.1 |
| Risk-free interest rate |
(a) |
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(a) |
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3.5% |
| Expected volatility |
(a) |
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(a) |
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60% |
| Expected dividend yield |
(a) |
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(a) |
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—% |
| Fair value of common stock |
(a) |
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(a) |
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$12.85 |
(a) In fiscal years ended January 31, 2026 and 2025, no stock options were granted.
The fair value of ESPP Rights was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions:
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Year Ended January 31, |
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2026 |
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2025 |
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2024 |
| 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 |
3.5% - 4.3% |
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4.2% - 5.3% |
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4.9% - 5.3% |
| Expected volatility |
34.4% - 46.4% |
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39.5% - 54.3% |
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49.4% - 67.4% |
| Expected dividend yield |
—% |
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—% |
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—% |
| Fair value of common stock |
$7.85 - $8.21 |
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$8.82 - $9.42 |
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$11.48 - $14.58 |
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| Summary of RSU Award Activity |
A summary of the Company’s RSU activity for the year ended January 31, 2026 is as follows:
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| (in thousands, except per share data) |
Number
of RSUs |
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Weighted Average Grant Date Fair Value |
Outstanding as of January 31, 2025 |
14,750 |
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$ |
10.46 |
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| Granted |
15,076 |
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$ |
8.60 |
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| Released |
(6,788) |
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$ |
10.40 |
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| Cancelled/forfeited |
(6,419) |
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$ |
10.03 |
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Outstanding as of January 31, 2026 |
16,619 |
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$ |
8.97 |
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Year Ended January 31, |
(in thousands) |
2026 |
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2025 |
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2024 |
| Fair value of RSUs released |
$ |
54,283 |
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$ |
34,949 |
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$ |
41,987 |
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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) |
2026 |
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2025 |
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2024 |
| Costs of subscription |
$ |
1,127 |
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$ |
1,323 |
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$ |
1,130 |
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| Costs of professional services |
2,936 |
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|
1,387 |
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|
1,450 |
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| Research and development |
16,843 |
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|
11,404 |
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|
11,566 |
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| Sales and marketing |
24,536 |
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21,331 |
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24,477 |
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General and administrative |
38,126 |
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24,072 |
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|
17,134 |
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| Restructuring |
866 |
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— |
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— |
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| Stock-based compensation, net of amounts capitalized |
84,434 |
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|
59,517 |
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55,757 |
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| Capitalized stock-based compensation |
2,800 |
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|
2,538 |
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|
2,473 |
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| Total stock-based compensation |
$ |
87,234 |
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$ |
62,055 |
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$ |
58,230 |
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Year Ended January 31, |
| (in thousands) |
2026 |
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2025 |
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2024 |
| Equity classified awards |
$ |
87,151 |
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$ |
61,055 |
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$ |
57,230 |
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Other awards(1)
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83 |
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|
1,000 |
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|
1,000 |
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| Total stock-based compensation |
$ |
87,234 |
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$ |
62,055 |
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$ |
58,230 |
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Year Ended January 31, |
| (in thousands) |
2026 |
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2025 |
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2024 |
Stock options |
$ |
3,922 |
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$ |
9,745 |
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$ |
15,125 |
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| PSUs |
10,567 |
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|
1,617 |
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(296) |
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| RSUs |
70,621 |
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|
46,683 |
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38,684 |
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| ESPP Rights |
2,041 |
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|
3,010 |
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|
3,717 |
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| Total stock-based compensation |
$ |
87,151 |
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$ |
61,055 |
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$ |
57,230 |
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(1) 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.
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| Summary of Unrecognized Compensation Cost Related to Unvested Awards Not Yet Recognized |
As of January 31, 2026, 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, 2026 |
| (in thousands) |
Unrecognized Expense |
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Weighted Average Expense Recognition Period (in years) |
| Stock options |
$ |
3,204 |
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|
1.1 |
| PSUs |
$ |
22,012 |
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2.0 |
| RSUs |
$ |
91,883 |
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2.4 |
| ESPP Rights |
$ |
1,649 |
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0.5 |
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