Equity Incentive Plans and Stock-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Incentive Plans and Stock-Based Compensation | Equity Incentive Plans and Stock-Based Compensation 2021 Stock Plan In April 2021, prior to and in connection with our initial public offering ("IPO"), we adopted our 2021 Equity Incentive Plan (the "2021 Plan"), which provides for grants of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards ("RSAs"), restricted stock units ("RSUs"), performance stock units ("PSUs"), and other forms of awards. As of April 30, 2026, we have reserved 256.7 million shares of our Class A common stock to be issued under the 2021 Plan. The number of shares of our Class A common stock reserved for issuance under the 2021 Plan will automatically increase on February 1 of each year for a period of ten years, which began on February 1, 2022 and continues through February 1, 2031, in an amount equal to (1) 5% of the total number of shares of our common stock (both Class A and Class B) outstanding on the preceding January 31, or (2) a lesser number of shares determined by our board of directors no later than the February 1 increase. 2021 Employee Stock Purchase Plan In April 2021, prior to and in connection with the IPO, we adopted our 2021 Employee Stock Purchase Plan (the “ESPP”). As of April 30, 2026, the ESPP authorizes the issuance of 38.1 million shares of our Class A common stock under purchase rights granted to our employees. The number of shares of our Class A common stock reserved for issuance will automatically increase on February 1 of each year for a period of ten years, which began on February 1, 2022 and continues through February 1, 2031, by the lesser of (1) 1% of the total number of shares of our common stock (both Class A and Class B) outstanding on the preceding January 31; and (2) 15.5 million shares, except that before the date of any such increase, our board of directors may determine that such increase will be less than the amount set forth by (1) and (2) above. The ESPP allows participants to purchase shares at the lesser of (a) 85% of the fair market value of our Class A common stock as of the commencement of the offering period, and (b) 85% of the fair market value of our Class A common stock on the corresponding purchase date. Stock Options Stock option activity during the three months ended April 30, 2026 was as follows:
The weighted-average grant date fair value of stock options granted during the three months ended April 30, 2026 was $12.16 per share. The intrinsic value of stock options exercised during the three months ended April 30, 2026 was $13.9 million. Unrecognized compensation expense associated with unvested stock options granted and outstanding as of April 30, 2026 was approximately $59.8 million, which is expected to be recognized over a weighted-average remaining period of 2.3 years. Restricted Stock Units RSU activity during the three months ended April 30, 2026 was as follows:
The intrinsic value of RSUs released during the three months ended April 30, 2026 was $36.4 million. As of April 30, 2026, total unrecognized compensation expense related to unvested RSUs was approximately $283.8 million, which is expected to be recognized over a weighted-average remaining period of 2.4 years. Performance Stock Units During the three months ended April 30, 2026, we granted 0.8 million PSUs with a weighted-average grant date fair value of $11.02 per share. These PSUs are subject to performance conditions related to the achievement of certain Company targets for fiscal year 2027, with a potential payout ranging from 0% to 150% of the base number of PSUs awarded. To the extent that they are earned, these PSUs will vest over three years from the grant date. The intrinsic value of 0.2 million PSUs released during the three months ended April 30, 2026 was $2.6 million. As of April 30, 2026, total unrecognized compensation expense related to 1.3 million unvested PSUs expected to vest was approximately $14.2 million, which is expected to be recognized over a weighted-average remaining period of 2.6 years. Employee Stock Purchase Plan Awards As of April 30, 2026, total unrecognized compensation expense related to the ESPP was approximately $0.8 million, which is expected to be recognized over a weighted-average remaining period of 0.1 years. Stock-Based Compensation Expense Stock-based compensation expense is classified in the condensed consolidated statements of operations as follows (in thousands):
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