Stockholders' Equity

12 Months Ended

Jan. 31, 2017

Equity [Abstract]

Stockholders' Equity

9. STOCKHOLDERS’ EQUITY

Equity Award Plans

2015 Equity Incentive Plan

In June 2015, the Company amended and restated its 2005 Stock Plan (the “2005 Plan”) in the form of 2015 Equity Incentive Plan (the “2015 Plan”) which became effective immediately upon the effectiveness of the Company’s IPO. The terms of the 2005 Plan will continue to govern the terms and conditions of the outstanding awards previously granted thereunder.

The 2015 Plan provides for the grant of incentive stock options to its employees and any of its subsidiary corporations’ employees, and for the grant of non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares to its employees, directors and consultants and its subsidiary corporations’ employees and consultants. The maximum aggregate number of shares that may be issued under the 2015 Plan is 6,638,930. In addition, pursuant to the terms of the 2015 Plan, the number of shares available for issuance under the 2015 Plan will be annually increased on the first day of each of its fiscal years beginning with fiscal 2017, by an amount equal to the lessor of (i) 5% of the outstanding shares of its common stock as of the last day of its immediately preceding fiscal year; and (ii) such other amount as the Company’s Board may determine. In the first quarter of fiscal 2017, the Company’s Board approved an increase of 854,483 shares of common stocks for future issuance under the 2015 Plan.

As of January 31, 2017, the Company had 918,260 shares of common stock available for future issuance.

Employee Stock Purchase Plan

In conjunction with the completion of its IPO, the Company adopted the 2015 Employee Stock Purchase Plan (“ESPP”) and 441,165 shares of common stock were initially authorized for issuance. The number of authorized shares under the ESPP is subject to increase on an annual basis. In the first quarter of fiscal 2017, the Company’s Board approved an increase of 341,793 shares for future issuance pursuant to the terms of the ESPP. The ESPP allows eligible employees to purchase shares of common stock at a discount through payroll deductions of up to 15% of their eligible compensation subject to plan limitations. The ESPP provides for a 24-month offering period comprised of four purchase periods of approximately six months. Employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock (i) at the date of commencement of the offering period or (ii) at the last day of the purchase period. The offering periods are scheduled to start on the first trading day on or after March 15 and September 15 of each year, except for the first offering period, which commenced on the first trading day upon the completion of the Company’s IPO, or July 17, 2015, and ends on September 15, 2017. During fiscal 2017 and 2016, there were ESPP purchases that resulted in the issuance of 234,792 shares and 15,569 shares of common stock at a weighted purchase price of $5.01 and $7.12 per share, respectively.

The Company recorded stock-based compensation expense of $1.0 million and $0.4 million related to the ESPP during the years ended January 31, 2017 and 2016, respectively.

Stock Options

Options to purchase shares of common stock may be granted to employees, directors, and consultants. These options vest from date of grant to up to five years and expire ten years from the date of grant. Options may be exercised anytime during their term in accordance with the vesting/exercise schedule specified in the recipient’s stock option agreement and in accordance with the plan provisions. Shares issued upon exercise prior to vesting, are subject to a right of repurchase, which lapses according to the original option vesting schedule.

The following table summarizes the Company’s stock option activities:

				Weighted Average		Weighted Average		Aggregate
	Number of			Exercise Price		Contractual Term		Intrinsic Value
	Shares			Per Share		(in years)		(in thousands)
Balance as of January 31, 2016		2,087,584		$	5.59		7.9	$	4,843
Options exercised		(213,164	)		1.43
Options canceled		(97,055	)		12.06
Balance as of January 31, 2017		1,777,365		$	5.74		7.0	$	7,864
Vested and exercisable - January 31, 2017		1,069,258		$	4.63		6.4	$	5,776
Vested and expected to vest - January 31, 2017		1,777,365		$	5.74		7.0	$	7,864

The aggregate intrinsic value of vested options exercised during the years ended January 31, 2017, 2016 and 2015 was $1.3 million, $0.8 million and $0.5 million, respectively.

The weighted average grant date fair value of options granted during the years ended January 31, 2016 and 2015 was $6.92 and $5.20 per share, respectively. The Company did not grant any stock options during fiscal 2017.

Restricted Stock Units

Restricted Stock Units (“RSUs”) were granted to employees, non-employee board members and consultants. These RSUs vest ratably over a period of time which ranges from one to four years, and are subject to the participant’s continuing service to the Company over that period. Until vested, RSUs do not have the voting and dividend participation rights of common stock and the shares underlying the awards are not considered issued and outstanding.

The following table summarizes the Company’s RSUs activities:

	Number of Shares			Weighted Average Grant-Date Fair Value Per Share		Weighted Average Remaining Vesting Period (in years)		Aggregate Intrinsic Value (in thousands)
Balance as of January 31, 2016		1,056,905		$	9.60		1.4	$	7,176
RSUs granted		1,596,750			7.25
RSUs vested		(657,034	)		8.76
RSUs canceled		(137,425	)		8.01
Balance as of January 31, 2017		1,859,196		$	7.65		1.4	$	17,941

The Company did not grant any RSUs prior to fiscal 2016. The number of RSUs vested includes shares that the Company withheld on behalf of certain employees to satisfy the minimum statutory tax withholding requirements, as defined by the Company. During fiscal 2017, the Company withheld 170,281 shares of stock for an aggregate amount of $1.6 million and classified such amount as financing cash outflows in the consolidated statements of cash flows. The Company canceled and returned these shares to the 2015 Plan, which are available under the plan terms for future issuance.

Common Stock Warrants

As of January 31, 2017, the Company had warrants to purchase 97,931 shares of common stock outstanding with exercise prices ranging from $4.70 to $6.04 per share. These warrants have expiration dates through January 2025.