Stock-based compensation represents the cost related to stock-based awards granted in lieu of monetary payment. The Company measures stock-based compensation associated with stock-based awards issued to employees at the grant date, based on the estimated fair value of the award, and recognizes expense, net of estimated forfeitures, over the requisite service period of the applicable award generally using the straight-line method or accelerated attribution method.


	Three months ended July 31,				Six months ended July 31,
(in thousands)	2025		2024		2025		2024
Equity classified awards:
Cost of revenue	$	729	$	698	$	1,400	$	1,386
Sales and marketing	704		3,155		3,115		5,906
Research and development	3,818		2,607		6,952		5,390
General and administrative	7,711		5,873		14,154		11,716
Total stock-based compensation expense	$	12,962	$	12,333	$	25,621	$	24,398

In addition, certain liability classified awards were granted in connection with the Hearsay acquisition and relate to portions of the incentive pool and earnout that generally vest over one year from the Hearsay acquisition date. These awards may be settled in cash or shares at the Company's election, and are measured at fair value at each reporting date based on their expected value, with compensation cost being recognized over the related service period. The corresponding liabilities associated with these awards are included within accounts payable, accrued expenses and other current liabilities, and other long term liabilities on the Company's condensed consolidated balance sheet depending on the estimated settlement date of the award. The following table summarizes the Company's compensation expense for liability classified awards for the periods presented:


	Three months ended July 31,				Six months ended July 31,
(in thousands)	2025		2024		2025		2024
Liability classified awards:
Cost of revenue	$	225	$	—	$	716	$	—
Sales and marketing	100		—		573		—
Research and development	514		—		1,201		—
General and administrative	54		—		235		—
Total compensation expense	$	893	$	—	$	2,725	$	—

The following table summarizes the activity related to the Company's stock options:


	Options Outstanding
	Outstanding Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Balance, January 31, 2025	1,566,134	$	6.78	1.48	$	450
Granted	—	$	—
Exercised	(87,325)	$	5.03
Forfeited or canceled	(45,600)	$	10.83
Balance, July 31, 2025	1,433,209	$	6.75	0.97	$	2,044
Vested and expected to vest	1,433,209	$	6.75	0.97	$	2,044
Exercisable, July 31, 2025	1,433,209	$	6.75	0.97	$	2,044

The following table summarizes the activity related to the Company's restricted stock and restricted stock units ("RSUs"):


	Outstanding	Weighted-Average Grant Date Fair Value
Balance, January 31, 2025	10,315,199	$	6.37
Granted	5,428,891	$	7.59
Vested and converted to shares	(3,958,322)	$	6.12
Forfeited or canceled	(1,495,080)	$	6.53
Balance, July 31, 2025	10,290,688	$	7.09

During the six months ended July 31, 2025, the Company granted 995,000 PSUs to certain executives which vest over approximately a two-year period based upon continued service and the achievement of pre-determined ARR and Adjusted EBITDA margin growth metrics. The total number of shares that are eligible to vest ranges from 0% to 250% of the target PSUs.

The Company measures the fair value of PSUs on the grant date of the award, and stock-based compensation expense is recognized using the accelerated attribution method over the requisite service period. For PSUs with performance conditions, stock-based compensation is recognized when it becomes probable that the underlying performance targets will be achieved.


	Number of PSUs	Weighted-Average Grant Date Fair Value
Balance, January 31, 2025	3,495,000	$	5.97
Granted	995,000	$	7.13
Vested	(391,875)	$	5.69
Forfeited or canceled	(303,125)	$	6.11
Balance, July 31, 2025	3,795,000	$	6.29