Equity Incentive Plans and Employee Stock Purchase Plan
 3 Months Ended
Apr. 30, 2019
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, 2019 (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, 2019
8,621,010

 
$
7.75

 
6.7
 
$
729,392

Stock options exercised
(831,901
)
 
7.71

 
 
 
 
Stock options forfeited and expired
(77,121
)
 
10.45

 
 
 
 
Balance - April 30, 2019
7,711,988

 
7.73

 
6.5
 
1,027,149

Vested and exercisable - January 31, 2019
5,342,183

 
6.95

 
6.0
 
456,275

Vested and exercisable - April 30, 2019
4,917,890

 
$
6.95

 
5.9
 
$
658,851


Restricted Stock Units
The 2016 Plan provides for the issuance of restricted stock units (“RSUs”) to employees, directors and consultants. RSUs granted to new employees generally vest over a period of four years with 25% vesting on the one-year anniversary of the vesting start date and the remainder vesting quarterly over the next 12 quarters, subject to the grantee’s continued service to the Company. RSUs granted to existing employees generally vest quarterly over a period of four years, subject to the grantee’s continued service to the Company.
The following table summarizes RSU activity for the three months ended April 30, 2019:
 
Shares
 
Weighted-Average Grant Date Fair Value per RSU
Unvested - January 31, 2019
1,988,774

 
$
54.22

RSUs granted
1,027,610

 
105.50

RSUs vested
(126,346
)
 
45.42

RSUs forfeited and canceled
(24,629
)
 
56.03

Unvested - April 30, 2019
2,865,409

 
$
72.98

Stock-Based Compensation Expense
Total stock-based compensation expense recognized in the Company’s unaudited condensed consolidated statements of operations is as follows (in thousands):
 
Three Months Ended April 30,
 
2019
 
2018
Cost of revenue—subscription
$
988

 
$
359

Cost of revenue—services
593

 
184

Sales and marketing
4,940

 
2,218

Research and development
4,520

 
2,206

General and administrative
2,968

 
2,610

Total stock-based compensation expense
$
14,009

 
$
7,577