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Stockholders’ Equity and Equity Incentive Plans
 9 Months Ended
Oct. 31, 2024
Stockholders' Equity Note [Abstract]  
Stockholders’ Equity and Equity Incentive Plans Stockholders’ Equity and Equity Incentive Plans
Common Stock
Our amended and restated certificate of incorporation authorizes the issuance of 2,000,000,000 shares of Class A common stock, $0.001 par value per share, and 300,000,000 shares of Class B common stock, $0.001 par value per share. Class A and Class B common stock are referred to as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted.
Stock Repurchase Program
In February 2024, our Board of Directors authorized a stock repurchase program of up to $1.5 billion of our Class A common stock. In November 2024, our Board of Directors authorized the repurchase of an additional $1.2 billion of our outstanding Class A common stock. Repurchases of our Class A common stock may be effected from time to time, either on the open market (including preset trading plans), in privately negotiated transactions, and other transactions in accordance with applicable securities laws. The program does not obligate us to repurchase any specific number of shares and may be discontinued at any time.
During the three and nine months ended October 31, 2024, we repurchased and subsequently retired 4,377,296 and 11,606,691 shares of our Class A common stock, respectively, for an aggregate amount of $301.6 million and $739.3 million, respectively. As of October 31, 2024, $760.7 million of the February 2024 repurchase authorization remained available.
Equity Incentive Plans
We have two equity incentive plans: the 2011 Global Share Plan (“2011 Plan”) and the 2019 Equity Incentive Plan (“2019 Plan”). All shares that remain available for future grants are under the 2019 Plan.
Stock Options
A summary of stock option activity under our equity incentive plan and related information is as follows:
 Stock Options
Outstanding
Stock
Options		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
(in thousands, except share, life, and per share data)
Balance as of January 31, 20243,314,228 $8.21 3.9$189,921 
Exercised(485,133)$7.73 $28,025 
Canceled/forfeited/expired(6,188)$92.67 
Outstanding and exercisable as of October 31, 2024
2,822,907 $8.11 3.1$189,950 
As of October 31, 2024, all options have vested and there is no unrecognized stock-based compensation expense remaining.
Restricted Stock Units
A summary of RSU activity under our equity incentive plan and related information is as follows:
RSUs
RSUsWeighted-
Average
Grant Date Fair Value Per Share
Unvested as of January 31, 202426,040,557 $83.14 
Granted11,373,214 $64.22 
Vested(9,521,433)$86.00 
Canceled/forfeited(2,968,603)$78.52 
Unvested as of October 31, 202424,923,735 $73.97 
As of October 31, 2024, unrecognized stock-based compensation expense related to RSUs was $1,584.8 million, which is expected to be recognized over a weighted-average period of 2.5 years.
For the nine months ended October 31, 2024, we granted 1.7 million RSUs that contain both service and performance vesting criteria. The ultimate number of shares eligible to vest pursuant to these RSUs range from 0% to 100% of the target number of shares depending on achievement of the performance metrics. The number of RSUs with service and performance vesting conditions included in the granted amount in the table above reflects the shares that would be eligible to vest at 100% of the target amount.
2019 Employee Stock Purchase Plan
In April 2019, we adopted the 2019 ESPP. As of October 31, 2024, unrecognized stock-based compensation expense related to the ESPP was $38.6 million, which is expected to be recognized over a weighted-average period of 1.4 years.
Stock-Based Compensation
The stock-based compensation expense by line item in the accompanying condensed consolidated statements of operations is summarized as follows:
Three Months Ended October 31,Nine Months Ended October 31,
2024202320242023
(in thousands)
Cost of revenue$30,439 $35,514 $93,313 $111,138 
Research and development89,836 86,662 254,002 250,165 
Sales and marketing80,738 86,593 242,197 293,104 
General and administrative39,982 50,165 118,858 148,381 
Total stock-based compensation expense$240,995 $258,934 $708,370 $802,788 
Benefit from income taxes(44,279)(48,646)(131,495)(147,089)
Total stock-based compensation expense recorded to net income$196,716 $210,288 $576,875 $655,699