Equity Plans and Stock-based Compensation (Tables)

9 Months Ended

Oct. 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 October 31,				Nine Months Ended October 31,
	2022		2021		2022		2021
	(in thousands)
Cost of revenue	$	1,145	$	885	$	3,271	$	3,073
Research and development	10,200		5,840		27,598		20,198
Sales and marketing	4,962		2,251		12,793		7,018
General and administrative	9,391		7,046		23,982		21,604
Total stock-based compensation expense	$	25,698	$	16,022	$	67,644	$	51,893

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

	Three Months Ended October 31,				Nine Months Ended October 31,
	2022		2021		2022		2021
	(in thousands)
Stock Options	$	4,145	$	4,411	$	12,491	$	16,429
RSUs	17,074		11,290		45,287		35,143
PRSUs	2,696		—		4,649		—
ESPP	1,783		321		5,217		321
Total stock-based compensation expense	$	25,698	$	16,022	$	67,644	$	51,893

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

	October 31, 2022
	Unrecognized Stock-Based Compensation Expense		Weighted-Average Period
	(in thousands, except period in years)
Stock Options	$	19,882	1.13
RSUs	158,662		3.32
PRSUs	19,498		2.67
ESPP	8,896		1.86
Total unrecognized stock-based compensation expense	$	206,938

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

A summary of RSUs outstanding under the 2021 EIP as of October 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	11,860,870	$	12.82
RSU vested	(2,152,624)	$	19.80
RSU forfeited	(711,405)	$	18.02
Outstanding as of October 31, 2022	13,030,259	$	15.55

A summary of PRSUs outstanding under the 2021 EIP as of October 31, 2022 and changes during the fiscal year-to-date 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	—	$	—
PRSUs granted	2,266,754	$	10.81
Outstanding as of October 31, 2022	2,266,754	$	10.81

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 PRSUs 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 PRSUs granted were as follows:

	June 1, 2022		September 1, 2022
Expected volatility	74.02	%	72.09	%
Risk-free interest rate	2.78	%	3.26	%
Dividend rate	—	%	—	%
Expected term (in years)	0.71 - 1.73		0.34 - 4.75

Share-based Payment Arrangement, Option, Activity

A summary of options outstanding under the 2017 Plan and 2007 Plan as of October 31, 2022 and changes during the fiscal year-to-date period 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	(3,061,363)	$	0.59
Options cancelled	(353,790)	$	0.76
Outstanding as of October 31, 2022	18,785,716	$	0.69	6.0	$	249,585
Options vested and expected to vest as of October 31, 2022	18,743,799	$	0.69	6.0	$	249,031
Exercisable as of October 31, 2022	14,877,966	$	0.68	5.7	$	197,925