Stockholders' Equity

3 Months Ended

Apr. 30, 2017

Equity [Abstract]

Stockholders' Equity

6. 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 (“RSUs”), 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, the number of shares available for issuance under the 2015 Plan is subject to an annual increase 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. The Company’s Board approved an increase of 902,436 shares and 854,483 shares of common stock for future issuance under the 2015 Plan in the first quarter of fiscal 2018 and 2017, respectively.

As of April 30, 2017, the Company had 799,082 shares available for future issuance.

Employee Stock Purchase Plan

The Company’s 2015 Employee Stock Purchase Plan (“ESPP”) was adopted and approved by the Company’s Board in July 2015 and 441,165 shares of common stock were initially authorized for future issuance. The number of authorized shares under the ESPP is subject to an annual increase. The Company’s Board approved an increase of 360,974 shares of common stock and 341,793 shares of common stock in the first quarter of fiscal 2018 and 2017, respectively. 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. During the three months ended April 30, 2017, there was one purchase that resulted in the issuance of 150,633 shares of common stock at a weighted average purchase price of $5.34 per share.

The Company recorded stock-based compensation related to the ESPP of $0.3 million for each of the quarters ended April 30, 2017 and 2016, respectively.

Stock Options

The following table summarizes the Company’s stock option activities for the three months ended April 30, 2017:

	Options Outstanding
	Number of					Weighted
	Shares			Weighted		Average		Aggregate
	Underlying			Average		Remaining		Intrinsic
	Outstanding			Exercise		Contractual Term		Value
	Options			Price		(Years)		(in thousands)
Balance as of January 31, 2017		1,777,365		$	5.74		7.0	$	7,864
Options granted		119,250			10.20
Options exercised		(14,135	)		4.10
Balance as of April 30, 2017		1,882,480		$	6.03		7.0	$	11,596
Vested and exercisable, April 30, 2017		1,186,834		$	4.88		6.3	$	8,630
Vested and expected to vest, April 30, 2017		1,882,480		$	6.03		7.0	$	11,596

The aggregate intrinsic value of options exercised for the three months ended April 30, 2017 and 2016 was $0.1 million and $0.4 million, respectively.

Restricted Stock Units

The following table summarizes the Company’s RSUs activities for the three months ended April 30, 2017:

	Number of Shares			Weighted-Average Grant-Date Fair Value Per Share		Weighted-Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Balance as of January 31, 2017		1,859,196		$	7.65		1.4	$	17,941
RSUs granted		953,525			10.20
RSUs vested		(109,737	)		7.00
RSUs canceled		(18,883	)		8.98
Balance as of April 30, 2017		2,684,101		$	8.57		1.5	$	32,075

         The number of RSUs vested includes 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. During the three months ended April 30, 2017, the Company withheld 32,278 shares of common stock for an aggregate amount of $0.3 million and classified such amount as financing cash outflows in the condensed 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. No RSUs vested during the three months ended April 30, 2016.

Common Stock Warrants

As of April 30, 2017, the Company had warrants to purchase 97,931 shares of common stock with exercise prices ranging from $4.70 to $6.04 per share. These common warrants have expiration dates through January 2025.