In March 2025, the Company’s Board of Directors authorized a share repurchase program to repurchase up to $150.0 million of the Company’s common stock (the “2025 Share Repurchase Program”), which was subsequently increased to $200.0 million in August 2025. During the six months ended July 31, 2026, the Company repurchased a total of 8,532,838 shares under the 2025 Share Repurchase Program and subsequently retired 8,896,106 shares, which includes 363,268 shares that remained in treasury stock as of January 31, 2026. No shares were repurchased or retired under the 2025 Share Repurchase program during the three months ended July 31, 2026. As of July 31, 2026, the 2025 Share Repurchase Program was complete and none of the total amount authorized to be repurchased remained available.

In May 2026, the Company’s Board of Directors authorized a share repurchase program for the repurchase of shares of the Company’s common stock, in an aggregate amount of up to $100 million (the “2026 Share Repurchase Program”). Share repurchases under the 2026 Share Repurchase Program may be made from time to time through open market purchases, privately negotiated transactions, or other legally permissible means, including pursuant to Rule 10b5-1 trading plans. The 2026 Share Repurchase Program expires in May 2028, unless extended or shortened by the Board of Directors, and does not obligate the Company to acquire a specified number of shares, and may be suspended, modified, or terminated at any time, without prior notice. The number of shares to be repurchased will depend on market conditions and other factors. During the three and six months ended July 31, 2026, the Company repurchased a total of 799,112 shares under the 2026 Share Repurchase Program. The cost of these shares is recorded as treasury stock in the condensed consolidated balance sheets. As of July 31, 2026, $92.4 million of the total amount authorized to be repurchased remained available.

In 2019, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan”). As of July 31, 2026 and January 31, 2026, the Company was authorized to grant up to 44,933,411 shares and 40,659,581 shares of common stock, respectively, under the 2019 Plan.

The Company currently uses authorized and unissued shares to satisfy stock award exercises and settlement of restricted stock units (“RSUs”) and performance stock units (“PSUs”). As of July 31, 2026 and January 31, 2026, there were 24,298,651 shares and 23,024,478 shares, respectively, available for future issuance under the 2019 Plan.


			July 31, 2026
Outstanding stock options and unvested RSUs and PSUs			11,987,608
Available for future stock option, RSU, and PSU grants			24,298,651
Available for Employee Stock Purchase Plan (“ESPP”)			4,511,606
Total common stock reserved for future issuance			40,797,865

The Company grants PSUs to certain employees of the Company, which, are to vest based on the level of achievement of certain targets related to the Company’s operating plan (the “Performance PSUs”) or the level of achievement of a Company target subject to a relative total shareholder return (“TSR”) market condition based on the Company’s TSR as compared to the constituents of the BVP Nasdaq Emerging Cloud Index (the “Market PSUs”), over an approximate one-year performance period. The Performance PSUs vest over a three-year period, while the Market PSUs vest over a period ending on April 2, 2027. Both are subject to continuous service with the Company. The number of shares of common stock that will vest based on the performance and market conditions ranges from 0% to 200% of target for the Performance PSUs and 50% to 200% of target for the Market PSUs. Compensation expense for the Performance PSUs is measured using the fair value at the date of grant, and may be adjusted over the vesting period based on interim estimates of performance against the performance condition. Compensation for the Market PSUs is measured using a Monte Carlo simulation approach. Expense is recorded over the vesting period under the graded-vesting attribution method.

During the six months ended July 31, 2026, the Compensation Committee of the Company’s Board of Directors certified the results of the Company’s operating plan for the fiscal year ended January 31, 2026. Based on the results, the PSUs granted in April 2025 (“2025 PSU Awards”) were cancelled, as the target attainment was not met.


	Number of PSUs	Weighted Average Grant Date Fair Value Per Share
Outstanding at January 31, 2026	858,096	$	19.09
Granted(1)	487,333	$	8.93
Vested	(72,159)	$	21.62
Forfeited or canceled	(37,055)	$	21.62
Performance adjustment for 2025 PSU Awards	(640,646)	$	18.23
Outstanding at July 31, 2026	595,569	$	11.23
(1) This amount represents awards granted at 100% attainment.

As of July 31, 2026, total unrecognized stock-based compensation cost related to PSUs was $3.8 million. This unrecognized stock-based compensation cost is expected to be recognized using the accelerated attribution method over a weighted average period of approximately 0.7 years.

The Company’s ESPP generally provides for 24-month offering periods beginning June 15 and December 15 of each year, with each offering period consisting of four six-month purchase periods. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of: (i) the fair market value of the Company’s stock as of the beginning of the offering period; or (ii) the fair market value of the Company’s stock on the purchase date, as defined in the ESPP.

During the three months ended July 31, 2026 and 2025, the Company recognized $0.7 million and $0.5 million, respectively, of stock-based compensation expense related to the ESPP. During the six months ended July 31, 2026 and 2025, the Company recognized $2.0 million and $1.5 million, respectively, of stock-based compensation expense related to the ESPP.

During the three months ended July 31, 2026 and 2025, the Company withheld $0.6 million and $1.2 million, respectively, in contributions from employees. During the six months ended July 31, 2026 and 2025, the Company withheld $2.7 million and $3.9 million, respectively, in contributions from employees.

During the three and six months ended July 31, 2026 456,298 shares of common stock were issued under the ESPP at a weighted average purchase price of $7.62 per share. During the three and six months ended July 31, 2025, 377,811 shares of common stock were issued under the ESPP at a weighted average purchase price of $12.22 per share.


	Three months ended July 31,				Six months ended July 31,
	2026		2025		2026		2025
Cost of revenue	$	665	$	1,213	$	1,514	$	2,310
Research and development	5,592		9,560		11,729		19,400
Sales and marketing	3,064		5,285		7,248		11,504
General and administrative	7,151		9,902		13,944		18,499
Total stock-based compensation expense	$	16,472	$	25,960	$	34,435	$	51,713