Equity incentive awards which may be granted to eligible participants under our Fiscal Year 2018 Equity Incentive Plan (the "Plan") include restricted stock units, restricted stock, stock options, nonstatutory stock options, stock appreciation rights, performance units and performance shares.


	Outstanding Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value

	(in thousands, except per share amounts)
Balance as of July 31, 2022	1,673	$	11.81	2.5	$	240,286

Exercised	(224)	9.20			29,977
Canceled, forfeited or expired	(5)	7.61
Balance as of January 31, 2023	1,444	$	12.24	2.1	$	161,644
Exercisable and expected to vest as of July 31, 2022	1,501	$	10.78	2.4	$	216,539
Exercisable and expected to vest as of January 31, 2023	1,375	$	11.60	2.1	$	154,769

The aggregate intrinsic value of the options exercised represents the difference between the fair value of our common stock on the date of exercise and their exercise price. The total intrinsic value of options exercised for the six months ended January 31, 2023 and 2022 was $30.0 million and $182.6 million, respectively. There were no stock options granted during the periods presented.


	Underlying Shares	Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value

	(in thousands, except per share data)
Balance as of July 31, 2022	7,388	$	157.17	$	1,145,526
Granted	2,365	157.94
Vested	(1,666)	150.83		254,957
Canceled or forfeited	(738)	168.08
Balance as of January 31, 2023	7,349	$	157.76	$	912,413

As of January 31, 2023, there were 0.1 million outstanding PSAs for which the performance metrics have not been defined as of such date. Accordingly, such awards are not considered granted for accounting purposes as of January 31, 2023 and have been excluded from the above table.

In fiscal 2018, we adopted the Fiscal Year 2018 Employee Stock Purchase Plan (the "ESPP"). During the three months ended January 31, 2023, employees purchased 0.1 million shares of our common stock under the ESPP at an average purchase price of $99.59 per share, resulting in total cash proceeds of $11.4 million. ESPP employee payroll contributions accrued as of January 31, 2023 and July 31, 2022, were $9.2 million and $4.7 million, respectively, and are included within accrued compensation in the condensed consolidated balance sheets. Payroll contributions accrued as of January 31, 2023 will be used to purchase shares at the end of the current ESPP purchase period ending on June 15, 2023. Payroll contributions ultimately used to purchase shares are reclassified to stockholders’ equity on the purchase date.

In December 2022, certain outstanding ESPP offering periods were reset and automatically rolled over into a new ESPP offering period that started on December 15, 2022. The reset was accounted for as a modification, which resulted in incremental stock-based compensation of $8.3 million that will be recognized over the remaining term of the modified ESPP offering periods, ranging from approximately six months to 18 months.


	Six Months Ended January 31,
	2023	2022


Expected term (in years)	0.5 -2.0	0.5 - 2.0
Expected stock price volatility	62.4% - 75.9%	44.1% - 57.4%
Risk-free interest rate	4.2% - 4.7%	0.1% - 0.7%
Dividend yield	0.0%	0.0%

In October 2022, our President, who led research and development activities, resigned from his position as President of the Company, but will continue serving as a member of our Board of Directors. In connection with his resignation as President of the Company, we recognized a reversal of stock-based compensation of $9.9 million associated with the cancellation of unvested incentive equity awards, which was recognized in research and development expenses in the condensed consolidated statement of operations for the six months ended January 31, 2023.

During the three months ended October 31, 2022, we modified the equity awards of certain employees. In accordance with the accounting for the modification, we recognized stock-based compensation expense of $5.6 million in research and development expenses in the condensed consolidated statement of operations for the six months ended January 31, 2023.


	Three Months Ended January 31,				Six Months Ended January 31,
	2023		2022		2023		2022

	(in thousands)
Cost of revenue	$	9,410	$	5,481	$	17,842	$	10,467
Sales and marketing	54,213		44,586		107,848		85,307
Research and development	29,005		28,626		53,536		55,885
General and administrative	17,110		20,295		35,685		37,232
Total	$	109,738	$	98,988	$	214,911	$	188,891

During the three months ended January 31, 2023 and 2022, we capitalized stock-based compensation associated with the development of software for internal-use of $4.3 million and $2.7 million, respectively. During the six months ended January 31, 2023 and 2022, the amount capitalized was $8.3 million and $5.2 million, respectively.