Stock-Based Compensation (Tables)
|
12 Months Ended |
Jan. 31, 2022 |
|---|
| Share-based Payment Arrangement [Abstract] |
|
| Summary of Stock Option Activity |
A summary of the Company’s stock option activity for the Plan for year ended January 31, 2022 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock options outstanding |
|
Weighted average exercise price |
|
Weighted average remaining contractual life |
|
Aggregate intrinsic value |
|
(in thousands) |
|
|
|
(in years) |
|
(in thousands) |
Balance as of January 31, 2021 |
46,455 |
|
|
4.37 |
|
|
7.7 |
|
$ |
218,450 |
|
| Granted |
10,641 |
|
|
11.43 |
|
|
|
|
|
| Exercised |
(9,421) |
|
|
2.14 |
|
|
|
|
|
| Cancelled/forfeited |
(3,317) |
|
|
8.44 |
|
|
|
|
|
| Expired |
(3) |
|
|
4.93 |
|
|
|
|
|
Balance as of January 31, 2022 |
44,355 |
|
|
$ |
6.23 |
|
|
7.8 |
|
$ |
226,504 |
|
|
|
|
|
|
|
|
|
Exercisable as of January 31, 2022 |
21,037 |
|
|
$ |
4.52 |
|
|
7.1 |
|
$ |
141,591 |
|
Vested and expected to vest as of January 31, 2022 |
37,772 |
|
|
$ |
5.81 |
|
|
7.6 |
|
$ |
207,795 |
|
The weighted-average grant date fair value of options granted and the total intrinsic value of options exercised during the periods presented were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31, |
|
2022 |
|
2021 |
|
2020 |
| Weighted average grant date fair value of options granted |
$ |
5.58 |
|
|
$ |
2.96 |
|
|
$ |
2.09 |
|
| Total intrinsic value of options exercised (in thousands) |
$ |
83,387 |
|
|
$ |
51,952 |
|
|
$ |
3,660 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31, |
|
2022 |
|
2021 |
|
2020 |
| Expected term (in years) |
6.0 |
|
6.1 |
|
6.0 |
| Risk-free interest rate |
0.9% - 1.4% |
|
0.3% - 0.8% |
|
1.3% - 2.5% |
| Expected volatility |
50.9% - 52.1% |
|
42.3% - 45.5% |
|
41.9% - 42.8% |
| Expected dividend rate |
0% |
|
0% |
|
0% |
| Fair value of common stock |
$10.96 - $14.02 |
|
$4.93 - $9.07 |
|
$4.25 - $4.45 |
The fair value of the share purchase rights granted under the ESPP during the year ended January 31, 2022 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
|
|
|
|
|
|
|
Year Ended January 31, |
|
2022 |
| Expected term (in years) |
0.5 - 1.0 |
| Risk-free interest rate |
0.1% - 0.3% |
| Expected volatility |
49.3% - 57.0% |
| Expected dividend rate |
0% |
| Fair value of common stock |
$14.27 - $22.37 |
|
| Summary of RSU Award Activity |
A summary of the Company’s RSU award activity was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of restricted shares outstanding |
|
Weighted average grant date fair value |
|
(in thousands) |
|
|
|
|
|
|
Balance as of January 31, 2021 |
450 |
|
|
$ |
7.26 |
|
| Granted |
1,443 |
|
|
15.86 |
|
| Released |
(150) |
|
|
3.64 |
|
| Cancelled/forfeited |
(13) |
|
|
17.28 |
|
Balance as of January 31, 2022 |
1,730 |
|
|
$ |
14.67 |
|
|
| Summary of Stock-based Compensation Expense |
Stock-based compensation expense included in operating results was allocated as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31, |
|
2022 |
|
2021 |
|
2020 |
| Cost of subscription |
$ |
1,794 |
|
|
$ |
2,012 |
|
|
$ |
156 |
|
| Cost of professional |
2,448 |
|
|
1,658 |
|
|
357 |
|
| Research and development |
6,417 |
|
|
4,804 |
|
|
1,430 |
|
| Sales and marketing |
19,929 |
|
|
14,976 |
|
|
4,173 |
|
| General and administrative |
19,543 |
|
|
21,619 |
|
|
4,050 |
|
| Stock-based compensation, net of amounts capitalized |
50,131 |
|
|
45,069 |
|
|
10,166 |
|
| Capitalized stock-based compensation |
696 |
|
|
— |
|
|
— |
|
| Total stock-based compensation |
$ |
50,827 |
|
|
$ |
45,069 |
|
|
$ |
10,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31, |
|
2022 |
|
2021 |
|
2020 |
Equity classified awards (1)
|
$ |
49,827 |
|
|
$ |
44,159 |
|
|
$ |
10,166 |
|
Other awards (2)
|
1,000 |
|
|
910 |
|
|
— |
|
| Total stock-based compensation |
$ |
50,827 |
|
|
$ |
45,069 |
|
|
$ |
10,166 |
|
(1) Expense associated with equity-classified awards includes $6.1 million of ESPP expense recognized during the year ended January 31, 2022. For the year ended January 31, 2021, it includes $16.3 million recognized in connection with the secondary stock sale and $5.2 million recognized in connection with the tender offer transaction.
(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.
|
| Summary of Unrecognized Compensation Cost Related to Unvested Awards Not Yet Recognized |
As of January 31, 2022, total unrecognized compensation cost related to unvested awards not yet recognized under all equity compensation plans, adjusted for estimated forfeitures, was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31, 2022 |
|
Unrecognized expense |
|
Weighted average expense recognition period |
|
(in thousands) |
|
(in years) |
| Stock options |
$ |
44,126 |
|
|
2.8 |
| Performance share units |
2,736 |
|
|
3.1 |
| Restricted stock units |
12,303 |
|
|
3.5 |
| ESPP |
9,235 |
|
|
0.9 |
|