The Company adopted the 2008 Stock Incentive Plan (as amended, the “2008 Plan”) and the 2016 Equity Incentive Plan (as amended the “2016 Plan”), primarily for the purpose of granting stock-based awards to eligible employees, directors and consultants, including stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and other stock-based awards. With the establishment of the 2016 Plan in December 2016, all shares available for grant under the 2008 Plan were transferred to the 2016 Plan. The Company no longer grants any stock-based awards under the 2008 Plan and any shares underlying stock options canceled under the 2008 Plan will be automatically transferred to the 2016 Plan.


	Shares	Weighted-Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value
Balance - January 31, 2025	567,425	$	8.41	1.5	$	150,319
Stock options exercised	(77,519)	7.47
Stock options forfeited and expired	—	—
Balance - April 30, 2025	489,906	$	8.56	1.3	$	80,519
Vested and exercisable - January 31, 2025	567,425	$	8.41	1.5	$	150,319
Vested and exercisable - April 30, 2025	489,906	$	8.56	1.3	$	80,519


	Shares	Weighted-Average Grant Date Fair Value per RSU
Unvested - January 31, 2025	3,533,507	$	291.43
RSUs granted	2,129,111	193.53
RSUs vested	(381,937)	307.05
RSUs forfeited and canceled	(184,995)	281.09
Unvested - April 30, 2025	5,095,686	$	249.73

The Company has granted restricted common stock outside of the Plans. Restricted common stock is not deemed to be outstanding for accounting purposes until it vests. Refer to Note 4, Business Combinations, for further details on the issuance of restricted stock awards in connection with the acquisition of Voyage AI.


	Shares	Weighted-Average Grant Date Fair Value per RSA
Unvested - January 31, 2025	—	$	—
RSAs granted	213,023	292.05
RSAs vested	(17,993)	292.05
RSAs forfeited and canceled	—	—
Unvested - April 30, 2025	195,030	$	292.05


	Shares	Weighted-Average Grant Date Fair Value per PSU
Unvested - January 31, 2025	146,284	$	287.57
PSUs granted	115,708	192.99
PSUs vested	(91,319)	266.18
Adjustment for performance achievement	17,955	216.79
PSUs forfeited and canceled	(4,287)	352.71
Unvested - April 30, 2025	184,341	$	230.39

In October 2017, the Company’s Board of Directors adopted, and stockholders approved, the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). Subject to any plan limitations, the 2017 ESPP allows eligible employees to contribute, normally through payroll deductions, up to 15% of their earnings for the purchase of the Company’s common stock at a discounted price per share. The Company’s current offering period began on December 16, 2024 and is expected to end June 16, 2025.


	Three Months Ended April 30,
		2025		2024
Cost of revenue—subscription		$	8,395	$	6,163
Cost of revenue—services		3,894		3,255
Sales and marketing		39,102		39,613
Research and development		66,405		55,173
General and administrative		14,635		16,559
Total stock-based compensation expense		$	132,431	$	120,763

In February 2025, the Company’s Board of Directors authorized a program to repurchase up to $200.0 million of the Company’s common stock (the “Share Repurchase Program”). Repurchases under the Share Repurchase Program may be effected through open market purchases, privately-negotiated transactions, or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions and alternate uses of capital. The current authorization may be suspended or discontinued at any time and does not have a specified expiration date. There were no repurchases of shares of our common stock during the three months ended April 30, 2025. On June 3, 2025, the Company’s Board of Directors authorized an additional $800.0 million in repurchases under the Share Repurchase Program, bringing the aggregate authorized repurchase amount to $1.0 billion.