| Schedule of Stock-based Compensation Expense |
The stock-based compensation expense by line item in the unaudited condensed consolidated statements of operations is summarized as follows (in thousands):
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|
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Three Months Ended July 31, |
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|
|
2026 |
|
|
2025 |
|
|
|
Option and RSU
Grants |
|
|
Co-Founder RSUs |
|
|
Total |
|
|
Option and RSU
Grants |
|
|
Co-Founder RSUs |
|
|
Total |
|
Platform cost of revenue |
|
$ |
1,639 |
|
|
$ |
— |
|
|
$ |
1,639 |
|
|
$ |
1,309 |
|
|
$ |
— |
|
|
$ |
1,309 |
|
Professional services and other cost of revenue |
|
|
2,306 |
|
|
|
— |
|
|
|
2,306 |
|
|
|
1,199 |
|
|
|
— |
|
|
|
1,199 |
|
Sales and marketing |
|
|
7,729 |
|
|
|
— |
|
|
|
7,729 |
|
|
|
6,696 |
|
|
|
— |
|
|
|
6,696 |
|
Research and development |
|
|
23,847 |
|
|
|
— |
|
|
|
23,847 |
|
|
|
11,770 |
|
|
|
— |
|
|
|
11,770 |
|
General and administrative |
|
|
11,539 |
|
|
|
13,515 |
|
|
|
25,054 |
|
|
|
14,815 |
|
|
|
13,518 |
|
|
|
28,333 |
|
Total stock-based compensation expense |
|
$ |
47,060 |
|
|
$ |
13,515 |
|
|
$ |
60,575 |
|
|
$ |
35,789 |
|
|
$ |
13,518 |
|
|
$ |
49,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended July 31, |
|
|
|
2026 |
|
|
2025 |
|
|
|
Option and RSU
Grants |
|
|
Co-Founder RSUs |
|
|
Total |
|
|
Option and RSU
Grants |
|
|
Co-Founder RSUs |
|
|
Total |
|
Platform cost of revenue |
|
$ |
3,259 |
|
|
$ |
— |
|
|
$ |
3,259 |
|
|
$ |
2,533 |
|
|
$ |
— |
|
|
$ |
2,533 |
|
Professional services and other cost of revenue |
|
|
3,779 |
|
|
|
— |
|
|
|
3,779 |
|
|
|
2,417 |
|
|
|
— |
|
|
|
2,417 |
|
Sales and marketing |
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|
14,005 |
|
|
|
— |
|
|
|
14,005 |
|
|
|
11,848 |
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|
|
— |
|
|
|
11,848 |
|
Research and development |
|
|
43,220 |
|
|
|
— |
|
|
|
43,220 |
|
|
|
22,780 |
|
|
|
— |
|
|
|
22,780 |
|
General and administrative |
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|
24,297 |
|
|
|
26,589 |
|
|
|
50,886 |
|
|
|
26,889 |
|
|
|
26,589 |
|
|
|
53,478 |
|
Total stock-based compensation expense |
|
$ |
88,560 |
|
|
$ |
26,589 |
|
|
$ |
115,149 |
|
|
$ |
66,467 |
|
|
$ |
26,589 |
|
|
$ |
93,056 |
|
|
| Schedule of Restricted Stock Units Activity |
RSUs subject to service-only vesting condition requirements consisted of the following:
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|
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|
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|
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Restricted
Stock
Units |
|
|
Weighted
Average
Grant Date
Fair Value
Per Share |
|
Unvested as of January 31, 2026 |
|
|
4,766,271 |
|
|
$ |
93.98 |
|
Granted |
|
|
4,486,963 |
|
|
$ |
67.04 |
|
Released |
|
|
(950,967 |
) |
|
$ |
85.46 |
|
Forfeited |
|
|
(632,438 |
) |
|
$ |
89.61 |
|
Unvested as of July 31, 2026 |
|
|
7,669,829 |
|
|
$ |
79.63 |
|
|
| Schedule of Restricted Stock Units Activity with Performance or Market Vesting Conditions |
RSU activity for awards with performance or market vesting conditions consisted of the following:
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|
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|
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|
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|
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Restricted
Stock
Units |
|
|
Weighted
Average
Grant Date
Fair Value
Per Share |
|
Unvested as of January 31, 2026 |
|
|
7,143,762 |
|
|
$ |
42.56 |
|
Granted |
|
|
— |
|
|
$ |
— |
|
Released |
|
|
(226,861 |
) |
|
$ |
58.40 |
|
Forfeited |
|
|
(38,410 |
) |
|
$ |
62.53 |
|
Unvested as of July 31, 2026 |
|
|
6,878,491 |
|
|
$ |
41.92 |
|
|
| Schedule of Stock Option Activity or Market Vesting Conditions |
Activity for stock options that contain service-only vesting conditions was as follows:
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Weighted |
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
Weighted |
|
|
Remaining |
|
|
|
|
|
Average |
|
|
Contractual |
|
|
Number of |
|
|
Exercise |
|
|
Life |
|
|
Options |
|
|
Price |
|
|
(years) |
Outstanding as of January 31, 2026 |
|
|
3,764,038 |
|
|
$ |
15.29 |
|
|
4.49 |
Granted |
|
|
— |
|
|
$ |
— |
|
|
|
Exercised |
|
|
(486,296 |
) |
|
$ |
14.27 |
|
|
|
Cancelled/Forfeited |
|
|
(12,945 |
) |
|
$ |
34.08 |
|
|
|
Outstanding as of July 31, 2026 |
|
|
3,264,797 |
|
|
$ |
15.37 |
|
|
4.00 |
Exercisable as of July 31, 2026 |
|
|
3,264,797 |
|
|
$ |
15.37 |
|
|
4.00 |
|
| Schedule of Stock Option Activity or Market Vesting Conditions |
Stock option activity for awards with performance conditions consisted of the following:
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|
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|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
Weighted |
|
|
Remaining |
|
|
|
|
|
Average |
|
|
Contractual |
|
|
Number of |
|
|
Exercise |
|
|
Life |
|
|
Options |
|
|
Price |
|
|
(years) |
Outstanding as of January 31, 2026 |
|
|
687,797 |
|
|
$ |
13.53 |
|
|
4.97 |
Granted |
|
|
— |
|
|
$ |
— |
|
|
|
Exercised |
|
|
(196,945 |
) |
|
$ |
14.32 |
|
|
|
Cancelled/Forfeited |
|
|
(15,877 |
) |
|
$ |
14.32 |
|
|
|
Outstanding as of July 31, 2026 |
|
|
474,975 |
|
|
$ |
13.17 |
|
|
4.43 |
Exercisable as of July 31, 2026 |
|
|
231,222 |
|
|
$ |
13.39 |
|
|
4.46 |
|