v3.26.1
Stockholders’ Equity and Stock-Based Compensation
 3 Months Ended
Apr. 30, 2026
Equity [Abstract]  
Stockholders’ Equity and Stock-Based Compensation Stockholders’ Equity and Stock-Based Compensation
Stock Repurchase Programs
In March 2025, our Board of Directors authorized a stock repurchase program of up to $100.0 million of our outstanding common stock (the “March 2025 Stock Repurchase Program”) which was completed in the third quarter of fiscal 2026. In December 2025, our Board of Directors authorized another stock repurchase program of $100.0 million of our outstanding common stock (the “December 2025 Stock Repurchase Program”).
The Company may make repurchases, from time to time, through open market purchases, block trades, in privately negotiated transactions, accelerated stock repurchase transaction, or by other means. Open market repurchases will be structured to occur in accordance with applicable federal securities laws. The Company may also, from time to time, enter into
Rule 10b5-1 plans to facilitate repurchases under this authorization. The volume, price, timing, and manner of any repurchases will be determined at the Company’s discretion, subject to general market conditions, as well as the Company’s management of capital, general business conditions, other investment opportunities, regulatory requirements and other factors. The stock repurchase programs do not obligate the Company to repurchase any specific amount of common stock, has no time limit, and may be modified, suspended, or discontinued at any time without notice at the discretion of our Board of Directors.
On March 31, 2026, the Company entered into an Accelerated Share Repurchase (“ASR”) agreement with Wells Fargo Bank, N.A. authorized by our Board of Directors, for $100.0 million of our outstanding common stock (the “March 2026 Stock Repurchase Program”). Upon payment of the aggregate purchase price of $100.0 million, the Company received an initial delivery of 5,547,850 shares of its common stock at an initial price of $14.98 per share, representing approximately 80% of the aggregate purchase price. The Company funded the repurchase with available cash on hand and proceeds from its term loan. The March 2026 Stock Repurchase Program is accounted for as a treasury stock transaction and forward stock purchase agreement indexed to the Company's stock. The forward stock purchase agreement is classified as an equity instrument under ASC 815-40, Contracts in Entity's Own Equity (“ASC 815-40”) and deemed to have a fair value of zero at the effective date. Under the terms of the March 2026 Stock Repurchase Program, the ultimate number of shares of common stock that the Company will repurchase will be based on the average of the daily volume-weighted average price of the common stock during the term of the March 2026 Stock Repurchase Program, less a discount and subject to adjustments pursuant to the terms and conditions of the March 2026 Stock Repurchase Program. At final settlement, Wells Fargo Bank, N.A. may be required to deliver additional shares of common stock to the Company, or, under certain circumstances, the Company may be required to make a cash payment or deliver shares of common stock at its election to Wells Fargo Bank, N.A. The final settlement of the March 2026 Stock Repurchase Program is expected to occur in the second quarter of fiscal 2027.
The following table summarizes the stock repurchase activity under the Company’s stock repurchase programs (in thousands, except share and per share data):
Three Months Ended April 30,
20252026
Total number of shares repurchased1,829,113 6,124,046 
Average price per share(1)
$22.17 $15.20 
Aggregate purchase price(1)
$40,551 $93,107 
(1) Excludes transaction costs and excise tax associated with the repurchases.
Repurchases under the December 2025 Stock Repurchase Program were made in open market transactions and the Company is authorized to repurchase $65.0 million of its common stock remaining available under the December 2025 Stock Repurchase Program as of April 30, 2026.
Stock Options
Stock option activity for the three months ended April 30, 2026 was as follows:
Number of
Shares		Weighted
Average
Exercise Price
Outstanding, January 31, 2026480,641 $8.06 
Expired or forfeited(1,000)14.71 
Exercised(67,557)7.10 
Outstanding, April 30, 2026412,084 $8.20 
Exercisable, April 30, 2026412,084 $8.20 
Fully vested or expected to vest, April 30, 2026412,084 $8.20 
Restricted Stock Units
RSU activity during the three months ended April 30, 2026 was as follows:
Number of
Shares		Weighted Average
Grant Date Fair
Value
Nonvested, January 31, 20266,425,128 $28.01 
Granted351,006 20.58 
Vested(946,220)32.61 
Forfeited(250,711)28.72 
Nonvested, April 30, 20265,579,203 $26.55 
As of April 30, 2026, total unrecognized compensation expense related to non-vested RSUs was $115.9 million, adjusted for estimated forfeitures, based on the estimated fair value of the Company’s common stock at the time of grant. That cost is expected to be recognized over a weighted average period of 2.58 years.
Employee Stock Purchase Plan
The first offering period for the Employee Stock Purchase Plan (“ESPP”) began on July 1, 2021 and ended on December 31, 2021. Thereafter, offering periods begin each year on January 1 and July 1.
The fair value of ESPP shares during the three months ended April 30, 2025 and 2026 was estimated at the date of grant using the Black-Scholes option valuation model based on assumptions as follows for ESPP awards:
Three Months Ended April 30,
20252026
Expected life (in years)0.500.50
Expected volatility
40.74%
39.41%
Expected dividends0.00%0.00%
Risk-free interest rate
4.25%
3.58%
Stock-Based Compensation Expense
Total stock-based compensation expense included in our unaudited condensed consolidated statements of operations were as follows:
Three Months Ended April 30,
20252026
Cost of subscription revenues$664 $655 
Cost of professional services and other revenues2,754 2,624 
Sales and marketing2,928 3,161 
Research and development4,115 3,069 
General and administrative5,353 4,395 
Total stock-based compensation expense$15,814 $13,904