Stock-Based Compensation (Tables)
|
6 Months Ended |
Jul. 31, 2021 |
|---|
| Share-based Payment Arrangement [Abstract] |
|
| Summary of Stock Option Activity |
A summary of the Company’s stock option activity for the Plan for all periods presented 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 |
10,645 |
|
|
11.43 |
|
|
|
|
|
| Exercised |
(8,546) |
|
|
1.95 |
|
|
|
|
|
| Cancelled/forfeited |
(1,743) |
|
|
8.46 |
|
|
|
|
|
Balance as of July 31, 2021 |
46,811 |
|
|
6.26 |
|
|
8.3 |
|
$ |
612,148 |
|
|
|
|
|
|
|
|
|
Exercisable as of July 31, 2021 |
14,012 |
|
|
$ |
4.02 |
|
|
7.2 |
|
$ |
214,665 |
|
Vested and expected to vest as of July 31, 2021 |
36,942 |
|
|
$ |
5.69 |
|
|
8.0 |
|
$ |
504,410 |
|
|
|
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended July 31, |
|
2021 |
|
2020 |
|
|
|
|
| Weighted average grant date fair value of options granted |
$ |
5.58 |
|
|
$ |
2.05 |
|
| Total intrinsic value of options exercised (in thousands) |
$ |
72,921 |
|
|
$ |
6,199 |
|
|
|
|
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended July 31, |
|
2021 |
|
2020 |
| Expected term (in years) |
6.0 |
|
6.0 |
| Risk-free interest rate |
0.9% - 1.4% |
|
0.4% - 0.8% |
| Expected volatility |
50.9% - 52.1% |
|
42.3% - 45.3% |
| Expected dividend rate |
0% |
|
0% |
| Fair value of common stock |
$10.96 - $14.02 |
|
$4.93 |
|
| 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 |
56 |
|
|
17.60 |
|
|
|
|
|
Balance as of July 31, 2021 |
506 |
|
|
$ |
8.41 |
|
|
| Summary of Assumptions Used to Estimate Fair Value of Awards |
The fair value of the share purchase rights granted under the ESPP during the six months ended July 31, 2021 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
|
|
|
|
|
|
|
Three Months Ended July 31, |
|
2021 |
| Expected term (in years) |
0.9 |
| Risk-free interest rate |
0.05% - 0.08% |
| Expected volatility |
55.70% - 57.00% |
| Expected dividend rate |
0% |
| Fair value of common stock |
$22.37 |
|
| Summary of Stock-based Compensation Expense |
Stock-based compensation expense included in operating results was allocated as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
|
2021 |
2020 |
|
2021 |
2020 |
| Costs of subscription |
$ |
443 |
|
$ |
314 |
|
|
$ |
822 |
|
$ |
518 |
|
| Costs of professional services |
737 |
|
315 |
|
|
1,022 |
|
454 |
|
| Research and development |
1,501 |
|
607 |
|
|
2,729 |
|
1,087 |
|
| Sales and marketing |
4,766 |
|
2,756 |
|
|
8,966 |
|
4,105 |
|
| General and administrative |
9,179 |
|
1,853 |
|
|
11,993 |
|
3,243 |
|
| Stock-based compensation, net of amounts capitalized |
16,626 |
|
5,845 |
|
|
25,532 |
|
9,407 |
|
| Capitalized stock-based compensation |
233 |
|
— |
|
|
233 |
|
— |
|
| Total stock-based compensation |
$ |
16,859 |
|
$ |
5,845 |
|
|
$ |
25,765 |
|
$ |
9,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
| Equity classified awards |
$ |
16,609 |
|
|
$ |
5,595 |
|
|
$ |
25,265 |
|
|
$ |
8,990 |
|
|
|
|
|
|
|
|
|
Other awards (1)
|
250 |
|
|
250 |
|
|
500 |
|
|
417 |
|
|
$ |
16,859 |
|
|
$ |
5,845 |
|
|
$ |
25,765 |
|
|
$ |
9,407 |
|
(1) Nonemployee 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 July 31, 2021, total unrecognized compensation cost related to unvested awards not yet recognized under all equity compensation plans, adjusted for estimated forfeitures, was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
July 31, 2021 |
|
Unrecognized expense |
|
Weighted average expense recognition period |
|
(in thousands) |
|
(in years) |
| Stock options |
$ |
54,312 |
|
|
3.1 |
| Performance share units |
3,190 |
|
|
3.6 |
| Restricted stock units |
2,961 |
|
|
1.9 |
| ESPP |
11,870 |
|
|
0.9 |
|
|
|
|
|