v3.24.3
Stock-Based Compensation (Tables)
 9 Months Ended
Oct. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table is a summary of stock option activity for the nine months ended October 31, 2024:
Number of
Shares		Weighted-Average
Exercise Price
Per Share
(in thousands)
Options outstanding at January 31, 20241,754 $9.37 
Granted14 $3.25 
Exercised(416)$7.95 
Canceled(18)$12.43 
Options outstanding at October 31, 20241,334 $9.74 
Options vested and expected to vest at October 31, 20241,334 $9.74 
Options exercisable at October 31, 20241,309 $9.66 
Schedule of RSU, PSU and Special PSU Awards Activity
The following table is a summary of RSUs, PSUs and the Special PSU Awards activities for the nine months ended October 31, 2024:
Number of
Shares		Weighted-
Average Grant
Date Fair Value
Per Share
(in thousands)
RSUs and PSUs outstanding at January 31, 202410,968 $167.84 
Granted4,719 $302.18 
Released(3,502)$161.19 
Performance adjustment (1)
241 $132.83 
Forfeited(579)$197.03 
RSUs and PSUs outstanding at October 31, 202411,847 $221.18 
RSUs and PSUs expected to vest at October 31, 2024 (2)
11,057 $220.13 
(1)The performance adjustment represents adjustments in shares outstanding due to the actual achievement of performance-based awards, the achievement of which was based upon pre-defined financial performance targets.
(2)Excludes in progress PSUs and Special PSUs where pre-defined targets have not yet been achieved.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The following table summarizes the assumptions used in the Black-Scholes option-pricing model to determine the fair value of employee stock purchase rights granted under the Company’s ESPP:
Nine Months Ended October 31,
20242023
Expected term (in years)
0.5 – 2.0
0.5 – 2.0
Risk-free interest rate
3.4% – 5.3%
0.2% – 5.2%
Expected stock price volatility
40.8% – 59.8%
46.3% – 61.2%
Dividend yield— %— %
Schedule of Stock-based Compensation Expense
Stock-based compensation expense included in the condensed consolidated statements of operations is as follows (in thousands):
Three Months Ended October 31,Nine Months Ended October 31,
2024202320242023
Subscription cost of revenue$18,613 $11,477 $49,261 $30,575 
Professional services cost of revenue7,498 5,645 21,115 16,020 
Sales and marketing56,251 42,544 165,914 129,725 
Research and development81,874 52,388 224,467 143,754 
General and administrative44,652 47,560 132,133 135,173 
Total stock-based compensation expense$208,888 $159,614 $592,890 $455,247