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Stock-Based Compensation
 6 Months Ended
Jul. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock Options
Stock option activity for the six months ended July 31, 2024 was as follows:
Number of
Shares		Weighted
Average
Exercise Price
Outstanding, January 31, 20241,212,704 $7.14 
Granted— — 
Expired or forfeited(1,375)12.06 
Exercised(212,711)8.16 
Outstanding, July 31, 2024998,618 $6.92 
Exercisable, July 31, 2024998,618 $6.92 
Fully vested or expected to vest, July 31, 2024998,618 $6.92 
Restricted Stock Units
RSU activity during the six months ended July 31, 2024 was as follows:
Number of
Shares		Weighted Average
Grant Date Fair
Value
Nonvested, January 31, 20245,626,125 $33.19 
Granted2,558,830 33.73 
Vested(1,396,317)33.58 
Forfeited(426,301)35.97 
Nonvested, July 31, 20246,362,337 $33.19 
As of July 31, 2024, total unrecognized compensation expense related to non-vested RSUs was $178.6 million, adjusted for estimated forfeitures, based on the estimated fair value of the Company’s common stock at the time of grant. That cost is expected to be recognized over a weighted average period of 2.93 years.
Employee Stock Purchase Plan
The first offering period for the Employee Stock Purchase Plan ("ESPP") began on July 1, 2021 and ended on December 31, 2021. Thereafter, offering periods begin each year on January 1 and July 1.
The fair value of ESPP shares during the six months ended July 31, 2023 and 2024 was estimated at the date of grant using the Black-Scholes option valuation model based on assumptions as follows for ESPP awards:
Six Months Ended July 31,
20232024
Expected life (in years)0.500.50
Expected volatility
61.66% - 61.86%
38.70% - 38.91%
Expected dividends0.00%0.00%
Risk-free interest rate
4.77% - 5.53%
5.24% - 5.37%
Stock-Based Compensation Expense
Total stock-based compensation expense included in our unaudited condensed consolidated statements of operations were as follows:
Three Months Ended July 31,Six Months Ended July 31,
2023202420232024
Cost of subscription revenues$485 $793 $799 $1,355 
Cost of professional services and other revenues2,460 2,980 4,089 5,759 
Sales and marketing3,830 4,184 7,041 8,140 
Research and development4,279 5,286 7,279 9,512 
General and administrative4,227 5,596 6,938 10,278 
Total stock-based compensation expense$15,281 $18,839 $26,146 $35,044