v3.25.1
Stockholders' Equity
 3 Months Ended
Apr. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Share Repurchase Program
In March 2025, our Board of Directors authorized a stock repurchase program of up to $100.0 million of our outstanding common stock. The Company may make repurchases, from time to time, through open market purchases, block trades, in privately negotiated transactions, accelerated stock repurchase transaction, or by other means. Open market repurchases will be structured to occur in accordance with applicable federal securities laws. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases under this authorization. The volume, price, timing, and manner of any repurchases will be determined at the Company's discretion, subject to general market conditions, as well as the Company's management of capital, general business conditions, other investment opportunities, regulatory requirements and other factors. The repurchase program does not obligate the Company to repurchase any specific amount of common stock, has no time limit, and may be modified, suspended, or discontinued at any time without notice at the discretion of our Board of Directors.
The following table summarizes the share repurchase activity under the Company's share repurchase program (in thousands, except share and per share data):
Three Months Ended April 30,
20242025
Total number of shares repurchased— 1,829,113 
Average price per share(1)
$— $22.17 
Aggregate purchase price(1)
$— $40,551 
(1) Excludes transaction costs and excise tax associated with the repurchases, if any.
All repurchases were made in open market transactions.
As of April 30, 2025, the Company is authorized to repurchase a remaining $59.4 million of its common stock under the share repurchase program.
Stock Options
Stock option activity for the three months ended April 30, 2025 was as follows:
Number of
Shares		Weighted
Average
Exercise Price
Outstanding, January 31, 2025811,602 $7.22 
Granted— — 
Expired or forfeited(1,627)14.70 
Exercised(172,446)4.26 
Outstanding, April 30, 2025637,529 $8.00 
Exercisable, April 30, 2025637,529 $8.00 
Fully vested or expected to vest, April 30, 2025637,529 $8.00 
Restricted Stock Units
RSU activity during the three months ended April 30, 2025 was as follows:
Number of
Shares		Weighted Average
Grant Date Fair
Value
Nonvested, January 31, 20256,105,459 $32.78 
Granted538,338 32.63 
Vested(900,433)41.82 
Forfeited(345,761)31.85 
Nonvested, April 30, 20255,397,603 $31.31 
As of April 30, 2025, total unrecognized compensation expense related to non-vested RSUs was $136.1 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 2.67 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 three months ended April 30, 2024 and 2025 was estimated at the date of grant using the Black-Scholes option valuation model based on assumptions as follows for ESPP awards:
Three Months Ended April 30,
20242025
Expected life (in years)0.500.50
Expected volatility
38.70%
40.74%
Expected dividends0.00%0.00%
Risk-free interest rate
5.24%
4.25%
Stock-Based Compensation Expense
Total stock-based compensation expense included in our unaudited condensed consolidated statements of operations were as follows:
Three Months Ended April 30,
20242025
Cost of subscription revenues$562 $664 
Cost of professional services and other revenues2,779 2,754 
Sales and marketing3,956 2,928 
Research and development4,226 4,115 
General and administrative4,682 5,353 
Total stock-based compensation expense$16,205 $15,814