Equity Plans and Stock-based Compensation (Tables)

6 Months Ended

Jul. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

The following sets forth the total stock-based compensation expense for employee equity plans included in the Company’s condensed consolidated statements of operations:

	Three Months Ended July 31,				Six Months Ended July 31,
	2022		2021		2022		2021
	(in thousands)
Cost of revenue	$	1,341	$	2,164	$	2,126	$	2,188
Research and development	11,420		13,682		17,398		14,357
Sales and marketing	5,285		4,169		7,831		4,767
General and administrative	8,373		8,278		14,591		14,558
Total stock-based compensation expense	$	26,419	$	28,293	$	41,946	$	35,870

The following sets forth the total stock-based compensation expense by award type:

	Three Months Ended July 31,				Six Months Ended July 31,
	2022		2021		2022		2021
	(in thousands)
Stock Options	$	4,210	$	4,440	$	8,346	$	12,017
RSU	18,587		23,853		28,213		23,853
PRSU	1,953		—		1,953		—
ESPP	1,669		—		3,434		—
Total stock-based compensation expense	$	26,419	$	28,293	$	41,946	$	35,870

The following sets forth the unrecognized stock-based compensation expense and the weighted average period they are expected to be recognized:

	July 31, 2022
	Unrecognized Stock-Based Compensation Expense		Weighted-Average Period
	(in thousands, except period in years)
Stock Options	$	24,007	1.31
RSU	164,193		3.49
PRSU	19,046		2.87
ESPP	9,028		1.61
Total unrecognized stock-based compensation expense	$	216,274

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

A summary of RSUs outstanding under the 2021 EIP as of July 31, 2022 and changes during the period then ended is presented in the following table:

	Number of Shares	Weighted Average Grant Date Fair Value per Share
Outstanding as of January 31, 2022	4,033,418	$	26.27
RSU granted	10,930,410	$	12.61
RSU vested	(1,176,506)	$	21.17
RSU forfeited	(409,603)	$	18.67
Outstanding as of July 31, 2022	13,377,719	$	15.79

A summary of PRSUs outstanding under the 2021 EIP as of July 31, 2022 and changes during the period then ended is presented in the following table:

	Number of Shares	Weighted Average Grant Date Fair Value per Share
Outstanding as of January 31, 2022	—	$	—
PRSU granted	2,005,726	$	10.47
Outstanding as of July 31, 2022	2,005,726	$	10.47

Share-based Payment Arrangement, Option, Activity

A summary of options outstanding under the 2017 Plan and 2007 Plan as of July 31, 2022 and changes during the periods then ended is presented in the following table:

	Number of Stock Option Awards	Weighted Average Exercise Price		Weighted Average Remaining Contractual term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of January 31, 2022	22,200,869	$	0.68	6.6	$	292,362
Options exercised	(2,602,432)	$	0.58
Options cancelled	(317,661)	$	0.75
Outstanding as of July 31, 2022	19,280,776	$	0.69	6.3	$	277,956
Options vested and expected to vest as of July 31, 2022	19,209,593	$	0.69	6.3	$	276,935
Exercisable as of July 31, 2022	14,592,828	$	0.67	5.9	$	210,669

Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions

The Company records stock-based compensation based on the fair value of the PRSU on grant date using the Monte-Carlo valuation. The weighted-average assumptions in the Monte-Carlo valuation used to determine the fair value of the PRSU granted were as follows:

	June 1, 2022
Expected volatility	74.02	%
Risk-free interest rate	2.78	%
Dividend rate	—	%
Expected term (in years)	0.71 - 1.73