The Company adopted the 2008 Stock Incentive Plan (as amended, the “2008 Plan”) and the 2016 Equity Incentive Plan (as amended the “2016 Plan”), primarily for the purpose of granting stock-based awards to eligible employees, directors and consultants, including stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and other stock-based awards. 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.


	Shares	Weighted-Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value
Balance as of January 31, 2026	163,909	$	9.66	1.2	$	59,284
Stock options exercised	(55,128)	8.34
Stock options forfeited and expired	(250)	24.00
Balance as of April 30, 2026	108,531	10.29		1.0	26,080
Vested and exercisable as of January 31, 2026	163,909	9.66		1.2	59,284
Vested and exercisable as of April 30, 2026	108,531	$	10.29	1.0	$	26,080

The Company funds withholding taxes in certain jurisdictions due upon the vesting of employee restricted stock units (“RSUs”) and executive performance stock units (“PSUs”) by net share settlement. The amount of withholding taxes related to net share settlement of employee RSUs and executive PSUs are reflected as (i) a reduction to additional paid-in-capital, and (ii) cash outflows for financing activities when the payments are made. The shares withheld by the Company as a result of the net share settlement of RSUs and executive PSUs are not considered issued and outstanding, and do not impact the calculation of basic and diluted net income (loss) per share attributable to common stockholders.


	Shares	Weighted-Average Grant Date Fair Value per RSU
Unvested as of January 31, 2026	4,233,699	$	256.82
RSUs granted	1,631,378	268.85
RSUs vested	(489,162)	250.28
RSUs forfeited and canceled	(313,160)	244.51
Unvested as of April 30, 2026	5,062,755	$	262.09

The Company has granted restricted common stock outside of the 2008 and 2016 Plans. Restricted common stock is not deemed to be outstanding for accounting purposes until it vests. Refer to Note 5, Business Combinations in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2026 Form 10-K, for further details on the issuance of restricted stock awards in connection with the acquisition of Voyage AI.


	Shares	Weighted-Average Grant Date Fair Value per RSA
Unvested as of January 31, 2026	112,153	$	292.05

RSAs vested	(16,045)	292.05
RSAs forfeited and canceled(1)	(54,584)	292.05
Unvested as of April 30, 2026	41,524	$	292.05

(1) Represents shares of common stock reacquired pursuant to the applicable restricted stock award agreements and included in repurchases of common stock on the Condensed Consolidated Statements of Stockholders’ Equity.


	Shares	Weighted-Average Grant Date Fair Value per PSU
Unvested as of January 31, 2026	209,670	$	256.62
PSUs granted	91,146	117.80
PSUs vested	(99,626)	218.53
Adjustment for performance achievement	29,634	199.97
PSUs forfeited and canceled	(20,155)	237.59
Unvested as of April 30, 2026	210,669	$	208.42

In January 2026, the Company granted PSUs with both service and market conditions, with an aggregate grant date fair value of $36.1 million under the 2016 Plan. The number of shares that may be earned under these PSUs with market conditions ranges from 0% to 200% of the target number of shares, based on the achievement of specified stock price targets over a five-year cumulative performance period beginning on the grant date. The market conditions are satisfied when the average closing price of the Company’s common stock over any 60 consecutive trading-day period during the performance period is equal to or exceeds stock price targets of $375.00, $400.00, $475.00 and $600.00. In addition, the PSUs with market conditions are subject to service-based vesting, under which up to 100%, 125%, 150% and 200% of the target number of shares may vest on January 31, 2027, January 31, 2028 and January 31, 2029, respectively, subject to the grantee’s continued service through each vesting date. On the date of grant, the Company assumes a performance factor of 100. As of April 30, 2026, the first stock price target has been achieved and there were approximately 51 thousand PSUs with market conditions outstanding.

In October 2017, the Company’s Board of Directors adopted, and stockholders approved, the 2017 Employee Stock Purchase Plan (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 common stock at a discounted price per share. The Company’s current offering period began on December 16, 2025 and is expected to end June 16, 2026.


	Three Months Ended April 30,
		2026		2025
Cost of revenue—subscription		$	8,888	$	8,395
Cost of revenue—services		2,792		3,894
Sales and marketing		32,681		39,102
Research and development		70,708		66,405
General and administrative		22,761		14,635
Total stock-based compensation expense		$	137,830	$	132,431

In February 2025, the Company’s Board of Directors authorized a program to repurchase up to $200.0 million of the Company’s common stock (the “Share Repurchase Program”). Repurchases under the Share Repurchase Program may be effected through open market purchases, privately-negotiated transactions, or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions and alternate uses of capital. The current authorization may be suspended or discontinued at any time and does not have a specified expiration date. In June 2025, the Company’s Board of Directors authorized an additional $800.0 million in repurchases under the Share Repurchase Program, bringing the aggregate authorized repurchase amount to $1.0 billion.