v3.25.2
Equity (Tables)
 6 Months Ended
Jul. 31, 2025
Equity [Abstract]  
Share-based Payment Arrangement, Option, Activity
The following table summarizes options activity under the Plans, and related information:
Number of Stock Options Outstanding (in thousands)Weighted Average Exercise PriceWeighted Average Remaining YearsAggregate Intrinsic value (in millions)
Balances at January 31, 20255,896 $14.27 5.41$344.8 
Options exercised(642)11.36 
Options canceled(15)11.81 
Options forfeited(13)18.84 
Balances at July 31, 2025
5,226 $14.63 4.76$152.5 
Options vested at July 31, 2025
4,945 $14.43 4.70$145.3 
Options vested and expected to vest at July 31, 2025
5,226 $14.63 4.76$152.5 
Schedule of Restricted Stock Units Activity
The following table summarizes the Company’s RSU activity:
Number of Shares (in thousands)Weighted-
Average
grant date
fair value
Balances at January 31, 20258,259 $50.64 
Granted4,193 43.87 
Vested(1,752)49.65 
Canceled/forfeited(1,334)48.13 
Balances at July 31, 2025
9,366 $48.15 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The following table summarizes assumptions used in estimating the fair value of the ESPP for the new offering period in effect using the Black-Scholes option-pricing model:
Three Months Ended
July 31,
20252024
Risk-free interest rate
3.86% - 4.22%
4.70% - 5.25%
Volatility
56.41% - 58.43%
50.94% - 60.50%
Expected term (in years)
0.50 - 2.00
0.50 - 2.00
Dividend yield—%—%
Schedule of Share Based Compensation Expense
The Company recognized stock-based compensation expense as follows (in thousands):
Three Months Ended July 31,Six Months Ended July 31,
2025202420252024
Cost of revenue$2,261 $2,076 $4,190 $3,931 
Sales and marketing19,950 19,881 42,041 37,278 
Research and development19,197 16,114 33,469 28,450 
General and administrative12,876 10,898 30,411 21,562 
Total stock-based compensation expense (1)
$54,284 $48,969 $110,111 $91,221 
(1) The table above includes stock-based compensation of JiHu. Refer to “Note 10. Joint Venture” for further discussion.