The Company reserved 6.0 million of its ordinary shares for purchase and issuance under the ESPP. The ESPP allows eligible employees to acquire ordinary shares of the Company at a discount at periodic intervals through accumulated payroll deductions. Eligible employees purchase ordinary shares of the Company during a purchase period at 85% of the market value of the ordinary shares at either the beginning or end of an offering period, whichever is lower. Offering periods under the ESPP are approximately six months long and begin on each of March 16 or September 16 or the next trading day thereafter.

The Company issued 462,103 and 364,236 ordinary shares under the ESPP during the years ended April 30, 2026 and 2025, respectively. As of April 30, 2026, there were 4,828,496 shares available for issuance under the ESPP. Stock-based compensation expense recognized related to the ESPP was $9.0 million, $9.2 million, and $7.1 million for the years ended April 30, 2026, 2025, and 2024, respectively.


	Year Ended April 30,
	2026	2025
Expected term (in years)	0.5	0.5
Expected stock price volatility	49.7% - 54.9%	50.4% - 59.2%
Risk-free interest rate	3.7% - 3.8%	4.3% - 4.6%
Dividend yield	—%	—%

Under the Company’s 2012 Stock Option Plan (as amended and restated, the “2012 Plan”), the board of directors, the compensation committee, as administrator of the 2012 Plan, and any other duly authorized committee may grant stock options and other equity-based awards, such as RSUs (including those with performance or market conditions) to eligible employees, directors, and consultants to attract and retain talented personnel for positions of substantial responsibility, to provide additional incentive to employees, directors, and consultants, and to promote the success of the Company’s business.

The Company’s board of directors, compensation committee, or other duly authorized committee determines the vesting schedule for all equity-based awards. Stock options and RSUs granted to employees generally vest over four years, subject to the employees’ continued service to the Company. The Company’s compensation committee may explicitly deviate from the general vesting schedules in its approval of an equity-based award as it may deem appropriate. Stock options expire ten years after the date of grant. Shares subject to stock options and RSUs that are canceled under certain conditions become available for future grant of awards under the 2012 Plan unless the 2012 Plan is terminated. As of April 30, 2026, there were 28,438,422 shares available for grant under the 2012 Plan.

In connection with acquisitions completed in prior years, the Company assumed certain unvested stock options that were outstanding on the date of the respective acquisitions.

The assumed stock options will continue to be outstanding and will be governed by the provisions of their respective plans and are included in the stock option activity table below.


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






Balance as of April 30, 2025	1,775,723	$	42.16	3.88	$	88,617

Stock options exercised	(218,707)	$	12.83
Stock options canceled	(9,250)	$	49.51
Stock options assumed in acquisition canceled	(656)	$	74.36
Balance as of April 30, 2026	1,547,110	$	46.25	3.10	$	30,020
Exercisable as of April 30, 2026	1,539,658	$	46.07	3.09	$	30,020

Aggregate intrinsic value represents the difference between the exercise price of the stock options to purchase the Company’s ordinary shares and the fair value of the Company’s ordinary shares. The intrinsic value of options exercised for the years ended April 30, 2026, 2025, and 2024 was $12.1 million, $65.6 million, and $95.0 million, respectively. No stock options were granted during the years ended April 30, 2026, 2025, and 2024.

As of April 30, 2026, the Company had unrecognized stock-based compensation expense of $0.3 million related to unvested stock options that the Company expects to recognize over a weighted-average period of 0.31 years.


	Number of Awards	Weighted-Average Grant Date Fair Value




Outstanding and unvested at April 30, 2025	6,523,077	$	93.95
RSUs granted	5,508,638	$	76.67
RSUs released	(2,956,439)	$	88.49
RSUs canceled	(912,698)	$	91.08
Outstanding and unvested at April 30, 2026	8,162,578	$	84.58


	Year Ended April 30,
		2026		2025		2024
Cost of revenue
Subscription		$	10,056	$	9,443	$	8,774
Services		15,918		14,747		12,539
Research and development		112,638		97,412		93,588
Sales and marketing		94,961		86,743		78,069
General and administrative		64,862		49,437		46,167


Total stock-based compensation expense		$	298,435	$	257,782	$	239,137