Stockholders' Equity

9 Months Ended

Oct. 31, 2024

Equity [Abstract]

Stockholders' Equity

Note 7: Stockholders’ Equity

The Company has a stock-based compensation plan, the 2015 Equity Incentive Plan, pursuant to which it has granted incentive and nonstatutory stock options and restricted stock units. Additionally, the Company's 2015 Employee Stock Purchase Plan (“ESPP”) allows eligible employees to purchase shares of common stock at a discounted price through payroll deductions.

Stock Options. Stock option activity for the nine months ended October 31, 2024 was as follows:

			Weighted-Average		Aggregate
	Shares		Exercise Price		Intrinsic Value
	(in thousands)		Per Share		(in thousands)
Balance as of January 31, 2024		1,161	$	10.14	$	2,522
Granted		—	$	—
Exercised		(242)	$	5.99
Canceled		(4)	$	11.24
Balance as of October 31, 2024		915	$	11.23	$	1,955
Vested and exercisable as of October 31, 2024		867	$	10.93	$	1,955

The aggregate intrinsic value of vested options exercised during the nine months ended October 31, 2024 and 2023 was $0.8 million and $0.5 million, respectively. There were no stock options granted during the nine months ended October 31, 2024 and 2023.

Restricted Stock Units. RSU activity for the nine months ended October 31, 2024 was as follows:

	Shares (in thousands)		Weighted-Average Grant Date Fair Value Per Share
Balance as of January 31, 2024		2,075	$	13.74
Granted		1,121	$	8.69
Vested		(995)	$	12.74
Canceled		(53)	$	12.77
Balance as of October 31, 2024		2,148	$	11.59

Vested RSUs included shares of common stock that the Company withheld on behalf of certain employees to satisfy the minimum statutory tax withholding requirements, as defined by the Company. The Company canceled and returned these shares to the 2015 Plan, which became available under the plan terms for future issuance.

Employee Stock Purchase Plan. During each of the nine months ended October 31, 2024 and 2023, employees purchased 0.3 million and 0.2 million shares at a weighted-average price of $7.35 and $10.60 per share, respectively.

Stock Repurchase Plan. In June 2024, the Company's Board of Directors authorized a stock repurchase plan of repurchasing up to $4.0 million of the Company's common stock. Repurchases of our common stock may be effected, from time to time, in open market, negotiated or block transactions, or other means, in accordance with applicable securities laws. The timing and the amount of any repurchased common stock will be determined by our management based on its evaluation of market conditions and other factors. The repurchase plan will be funded using our cash. Any repurchased shares of common stock will be retired. The plan does not obligate us to repurchase any specific dollar amount or to acquire any specific number of shares of our common stock. During the three and nine months ended October 31, 2024, we repurchased in the open market 105,994 shares and 204,209 shares of common stock for an aggregate amount of $1.2 million and $2.0 million, respectively. As of October 31, 2024, approximately $2.0 million remained authorized and available under the Company’s share repurchase plan for future share repurchases.

The purchase price for shares of common stock repurchased is reflected as a reduction to common stock and additional paid-in capital.