In October 2023, the Company repurchased a total of 2,331,002 shares of the Company’s common stock through open market purchases at an average per share price of $21.45 for a total repurchase price of $50.0 million. During the three months ended July 31, 2024, these shares were retired.

In May 2024, the Company’s Board of Directors authorized a share repurchase program to repurchase up to $100.0 million of the Company’s common stock (the “2024 Share Repurchase Program”). The 2024 Share Repurchase Program does not obligate the Company to acquire a specified number of shares, and may be suspended, modified, or terminated at any time, without prior notice. The repurchases are expected to be executed from time to time through May 2026, subject to general business and market conditions and other investment opportunities, through open market purchases or other legally permissible means, including through Rule 10b5-1 plans. As of July 31, 2024, the Company had repurchased a total of 1,313,248 shares, and subsequently retired 1,234,484 of those shares. The cost of the remaining 78,764 shares is recorded as treasury stock in the condensed consolidated balance sheets. As of July 31, 2024, $72.0 million of the total amount authorized to be repurchased remained available.

In 2019, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan”). As of July 31, 2024 and January 31, 2024, the Company was authorized to grant up to 36,093,524 shares and 31,519,553 shares of common stock, respectively, under the 2019 Plan.

The Company currently uses authorized and unissued shares to satisfy stock award exercises and settlement of restricted stock units (“RSUs”) and performance stock units (“PSUs”). As of July 31, 2024 and January 31, 2024, there were 19,919,771 shares and 17,178,454 shares, respectively, available for future issuance under the 2019 Plan.


			July 31, 2024
Outstanding stock options and unvested RSUs and PSUs			14,835,965
Available for future stock option, RSU, and PSU grants			19,919,771
Available for Employee Stock Purchase Plan (“ESPP”)			3,984,879
Total common stock reserved for future issuance as of July 31, 2024			38,740,615


	Number of RSUs	Weighted Average Grant Date Fair Value Per Share
Outstanding at January 31, 2024	7,412,056	$	31.08
Granted	3,546,546	$	21.70
Vested	(1,721,813)	$	29.89
Forfeited or canceled	(687,893)	$	31.20
Outstanding at July 31, 2024	8,548,896	$	27.43

As of July 31, 2024, there was $213.0 million of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted average period of 2.3 years based on vesting under the award service conditions.

The Company grants PSUs to certain employees of the Company, which, in the current period, are to vest based on the level of achievement of certain targets related to the Company’s operating plan over the one-year performance period. In prior periods, PSUs vested based on both the level of achievement of certain targets related to the Company’s operating plan and the relative growth of the per share price of the Company’s common stock as compared to the S&P Software & Services Select Index over the one-year performance period. The PSUs vest over a three-year period, subject to continuous service with the Company. The number of shares of the Company’s common stock that will vest based on the performance and market conditions can range from 0% to 200% of the target amount. Compensation expense for PSUs with performance conditions is measured using the fair value at the date of grant, and may be adjusted over the vesting period based on interim estimates of performance against the performance condition. Compensation expense for PSUs with market conditions is measured using a Monte Carlo simulation approach. Expense is recorded over the vesting period under the graded-vesting attribution method.

In the six months ended July 31, 2024, the Compensation Committee of the Company’s Board of Directors certified the results of the Company’s operating plan and relative growth of the per share price of the Company’s common stock as compared to the S&P Software & Services Select Index for the fiscal year ended January 31, 2024. Based on the results, the PSUs granted in April 2023 (“2023 PSU Awards”) were cancelled as the target was not met.


	Number of PSUs	Weighted Average Grant Date Fair Value Per Share
Outstanding at January 31, 2024	541,992	$	35.08
Granted(1)	781,813	$	21.62
Vested	(9,050)	$	41.17
Forfeited or canceled	(45,108)	$	39.02
Performance adjustment for 2023 PSU Awards	(487,834)	$	34.98
Outstanding at July 31, 2024	781,813	$	27.73
(1) This amount represents awards granted at 100% attainment.

As of July 31, 2024, total unrecognized stock-based compensation cost related to PSUs was $12.0 million. This unrecognized stock-based compensation cost is expected to be recognized using the accelerated attribution method over a weighted-average period of approximately 1.4 years.

The Company’s ESPP generally provides for 24-month offering periods beginning June 15 and December 15 of each year, with each offering period consisting of four six-month purchase periods. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of: (i) the fair market value of the Company’s stock as of the beginning of the offering period; or (ii) the fair market value of the Company’s stock on the purchase date, as defined in the ESPP.

During the three months ended July 31, 2024 and 2023, the Company recognized $0.9 million and $1.6 million, respectively, of stock-based compensation expense related to the ESPP. During the six months ended July 31, 2024 and 2023, the Company recognized $2.6 million and $3.4 million, respectively, of stock-based compensation expense related to the ESPP.

During the three months ended July 31, 2024 and 2023, the Company withheld $2.1 million and $2.1 million, respectively, in contributions from employees. During the six months ended July 31, 2024 and 2023, the Company withheld $5.2 million and $5.8 million, respectively, in contributions from employees.

During the three and six months ended July 31, 2024, 312,660 shares of common stock were issued under the ESPP at a weighted average purchase price of $18.34 per share. During the three and six months ended July 31, 2023, 325,983 shares of common stock were issued under the ESPP at a weighted average purchase price of $19.30 per share.


	Three months ended July 31,				Six months ended July 31,
	2024		2023		2024		2023
Cost of revenue	$	1,508	$	2,164	$	3,264	$	4,040
Research and development	11,842		12,773		23,064		22,874
Sales and marketing	8,116		8,317		16,063		14,268
General and administrative	10,900		12,283		22,915		21,900
Total stock-based compensation expense	$	32,366	$	35,537	$	65,306	$	63,082