v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jul. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table is a summary of stock option activity for the six months ended July 31, 2025:
Number of
Shares		Weighted-Average
Exercise Price
Per Share
(in thousands)
Options outstanding at January 31, 20251,251 $10.23 
Exercised(265)$8.89 
Canceled(2)$20.59 
Options outstanding at July 31, 2025984 $10.56 
Options vested and expected to vest at July 31, 2025984 $10.56 
Options exercisable at July 31, 2025963 $10.33 
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 six months ended July 31, 2025:
Number of
Shares		Weighted-
Average Grant
Date Fair Value
Per Share
(in thousands)
RSUs and PSUs outstanding at January 31, 202511,024 $227.55 
Granted1,379 $398.86 
Released(2,402)$220.77 
Performance adjustment (1)
(55)$332.48 
Forfeited(571)$243.28 
RSUs and PSUs outstanding at July 31, 20259,375 $253.14 
RSUs and PSUs expected to vest at July 31, 2025 (2)
8,918 $249.89 
(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:
Six Months Ended July 31,
20252024
Expected term (in years)
0.5 – 2.0
0.5 – 2.0
Risk-free interest rate
3.9% – 5.3%
3.4% – 5.3%
Expected stock price volatility
44.5% – 59.8%
40.8% – 59.8%
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 July 31,Six Months Ended July 31,
2025202420252024
Subscription cost of revenue$24,828 $16,732 $48,919 $30,648 
Professional services cost of revenue10,438 7,344 20,072 13,617 
Sales and marketing72,234 57,405 137,419 109,663 
Research and development115,794 75,851 223,086 142,593 
General and administrative63,859 43,545 111,261 87,481 
Total stock-based compensation expense$287,153 $200,877 $540,757 $384,002