Equity Incentive Plans and Employee Stock Purchase Plan
 3 Months Ended
Apr. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Equity Incentive Plans and Employee Stock Purchase Plan
Equity Incentive Plans and Employee Stock Purchase Plan
Equity Incentive Plans
The Company adopted the 2008 Stock Incentive Plan (as amended, the “2008 Plan”) in 2008 and the 2016 Equity Incentive Plan (as amended, the “2016 Plan”) in 2016, primarily for the purpose of granting stock-based awards to employees, directors, and consultants. With the establishment of the 2016 Plan in December 2016, all shares available for grant under the 2008 Plan were transferred to the 2016 Plan. The Company no longer grants any stock-based awards under the 2008 Plan and any shares underlying stock options canceled under the 2008 Plan will be automatically transferred to the 2016 Plan.
Stock Options
The 2016 Plan provides for the issuance of incentive stock options to employees and nonstatutory stock options to employees, directors or consultants. The Board of Directors or a committee thereof determines the vesting schedule for all equity awards. Stock option awards generally vest over a period of four years with 25% vesting on the one year anniversary of the award and the remainder vesting monthly over the next 36 months of the grantee’s service to the Company.
The following table summarizes stock option activity for the three months ended April 30, 2018 (in thousands, except share and per share data and years):
 
Shares
 
Weighted-
Average
Exercise
Price Per
Share
 
Weighted-
Average
Remaining
Contractual
Term
(In Years)
 
Aggregate
Intrinsic
Value
Balance - January 31, 2018
12,637,435

 
$
7.63

 
7.72
 
$
246,227

Stock options granted
—

 
—

 
 
 
 
Stock options exercised
(40,723
)
 
6.36

 
 
 
 
Repurchase of early exercised shares
—

 
—

 
 
 
 
Stock options forfeited and expired
(123,781
)
 
9.22

 
 
 
 
Balance - April 30, 2018
12,472,931

 
7.61

 
7.44
 
353,927

Vested and exercisable - January 31, 2018
5,540,858

 
6.33

 
6.63
 
115,122

Vested and exercisable - April 30, 2018
6,236,117

 
$
6.46

 
6.51
 
$
184,152


Restricted Stock Units
The 2016 Plan provides for the issuance of restricted stock units (“RSUs”) to employees, directors and consultants. RSUs generally vest over a period of four years with 25% vesting on the one year anniversary of the award and the remainder vesting quarterly over the next 12 quarters of the grantee’s service to the Company.
The following table summarizes RSU activity for the three months ended April 30, 2018:
 
Shares
 
Weighted-Average Grant Date Fair Value per RSU
Unvested - January 31, 2018
245,746

 
$
26.20

RSUs granted
1,050,660

 
39.52

RSUs vested
(125
)
 
28.87

RSUs forfeited and canceled
—

 
—

Unvested - April 30, 2018
1,296,281

 
37.00

Employee Stock Purchase Plan
In October 2017, the Board of Directors adopted, and stockholders approved, the 2017 Employee Stock Purchase Plan (“ESPP”). A total of 1.5 million shares of the Company’s Class A common stock have been authorized for issuance under the 2017 ESPP. Subject to any plan limitations, the 2017 ESPP allows eligible employees to contribute, normally through payroll deductions, up to 15% of their earnings for the purchase of the Company’s Class A common stock at a discounted price per share. Except for the initial offering period, the ESPP provides for separate six-month offering periods. The initial offering period will run from October 18, 2017 through June 15, 2018.
Unless otherwise determined by the Board of Directors or a committee thereof, the Company’s Class A common stock will be purchased for the accounts of employees participating in the ESPP at a price per share that is the lesser of (1) 85% of the fair market value of the Company’s Class A common stock on the first trading day of the offering period, which for the initial offering period is the price at which shares of the Company’s Class A common stock were first sold to the public, or (2) 85% of the fair market value of the Company’s Class A common stock on the last trading day of the offering period.
During the three months ended April 30, 2018, no shares of Class A common stock were purchased under the 2017 ESPP.
Stock-Based Compensation Expense
Total stock-based compensation expense recognized in the Company’s interim unaudited condensed consolidated statements of operations is as follows (in thousands):
 
Three Months Ended April 30,
 
2018
 
2017
Cost of revenue—subscription
$
359

 
$
151

Cost of revenue—services
184

 
72

Sales and marketing
2,218

 
1,215

Research and development
2,206

 
1,245

General and administrative
2,610

 
1,771

Total stock-based compensation expense
$
7,577

 
$
4,454