Equity (Tables)

9 Months Ended

Oct. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Shares Reserved For Future Issuance

The Company had reserved shares of common stock for future issuance as follows (in thousands):

	October 31, 2023	January 31, 2023
2012 Equity Incentive Plan:
Options outstanding	29,174	35,212
Restricted stock units outstanding	1,189	2,521
2020 Equity Incentive Plan:
Options outstanding	602	642
Restricted stock units outstanding	18,677	13,039
Shares available for future grants	61,584	52,989
2020 Employee Stock Purchase Plan:
Shares available for future grants	13,764	11,046
Total shares of common stock reserved for future issuance	124,990	115,449

Class of Treasury Stock

The following table summarizes the stock repurchase activity under the Company’s stock repurchase program (in thousands, except per share data):

	Three Months Ended October 31, 2023		Nine Months Ended October 31, 2023
Number of shares repurchased	2,607		4,012
Weighted-average price per share(1)	$	153.49	$	147.50
Aggregate purchase price(1)	$	400,038	$	591,732

________________

(1)Includes transaction costs associated with the repurchases.

Option Activity Rollforward

A summary of stock option activity and activity regarding shares available for grant under the Plans during the nine months ended October 31, 2023 is as follows:

	Shares Available for Grant (in thousands)	Number of Options Outstanding (in thousands)	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Balance—January 31, 2023	52,989	35,854	$	11.27	5.9	$	5,237,549
Shares authorized	16,165	—
Options exercised	—	(2,376)	$	6.45
Options canceled	50	(50)	$	5.38
RSUs granted	(7,318)	—
Shares withheld related to net share settlement of RSUs	638	—
RSUs forfeited	472	—
Balance—April 30, 2023	62,996	33,428	$	11.63	5.7	$	4,599,537
Options exercised	—	(2,480)	$	6.53
Options canceled	55	(55)	$	110.24
RSUs granted	(2,048)	—
Shares withheld related to net share settlement of RSUs	551	—
RSUs forfeited	458	—
Balance—July 31, 2023	62,012	30,893	$	11.86	5.5	$	5,141,902
Options exercised	—	(1,095)	$	6.66
Options canceled	22	(22)	$	122.25
RSUs granted	(1,504)	—
Shares withheld related to net share settlement of RSUs	551	—
RSUs forfeited	503	—
Balance—October 31, 2023	61,584	29,776	$	11.97	5.2	$	4,002,528
Vested and exercisable as of October 31, 2023		28,830	$	9.52	5.2	$	3,924,611

Option Rollforward Schedule

A summary of stock option activity and activity regarding shares available for grant under the Plans during the nine months ended October 31, 2023 is as follows:

	Shares Available for Grant (in thousands)	Number of Options Outstanding (in thousands)	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Balance—January 31, 2023	52,989	35,854	$	11.27	5.9	$	5,237,549
Shares authorized	16,165	—
Options exercised	—	(2,376)	$	6.45
Options canceled	50	(50)	$	5.38
RSUs granted	(7,318)	—
Shares withheld related to net share settlement of RSUs	638	—
RSUs forfeited	472	—
Balance—April 30, 2023	62,996	33,428	$	11.63	5.7	$	4,599,537
Options exercised	—	(2,480)	$	6.53
Options canceled	55	(55)	$	110.24
RSUs granted	(2,048)	—
Shares withheld related to net share settlement of RSUs	551	—
RSUs forfeited	458	—
Balance—July 31, 2023	62,012	30,893	$	11.86	5.5	$	5,141,902
Options exercised	—	(1,095)	$	6.66
Options canceled	22	(22)	$	122.25
RSUs granted	(1,504)	—
Shares withheld related to net share settlement of RSUs	551	—
RSUs forfeited	503	—
Balance—October 31, 2023	61,584	29,776	$	11.97	5.2	$	4,002,528
Vested and exercisable as of October 31, 2023		28,830	$	9.52	5.2	$	3,924,611

Schedule of Unvested RSU Rollforward

A summary of RSU activity, inclusive of PRSU activity, during the nine months ended October 31, 2023 is as follows:

	Number of Shares (in thousands)	Weighted-Average Grant Date Fair Value per Share
Unvested Balance—January 31, 2023	15,560	$	181.17
Granted(1)	7,318	$	143.56
Vested	(1,862)	$	188.47
Forfeited	(472)	$	179.39
Unvested Balance—April 30, 2023	20,544	$	167.15
Granted	2,048	$	187.08
Vested	(1,637)	$	169.81
Forfeited	(458)	$	176.59
Unvested Balance—July 31, 2023	20,497	$	168.72
Granted	1,504	$	157.62
Vested	(1,632)	$	168.13
Forfeited	(503)	$	173.42
Unvested Balance—October 31, 2023	19,866	$	167.81

________________

(1)Includes 0.5 million PRSUs granted at 120% of the target number of PRSUs, which represents the maximum number of PRSUs that may be earned and eligible to vest with respect to these awards over their full term.

Schedule of Unvested RSA Rollforward

A summary of restricted common stock activity during the nine months ended October 31, 2023 is as follows:

	Outside of the Plans
	Number of Shares (in thousands)	Weighted-Average Grant Date Fair Value per Share
Unvested Balance—January 31, 2023	428	$	219.26
Vested	(142)	$	199.28
Unvested Balance—April 30, 2023, July 31, 2023, and October 31, 2023	286	$	229.13

Valuation Assumptions Schedule

The following table summarizes the assumptions used in estimating the fair value of stock options granted to employees during the nine months ended October 31, 2022:

	Nine Months Ended October 31, 2022
Expected term (in years)	6.0
Expected volatility	50.0	%
Risk-free interest rate	1.8	%
Expected dividend yield	—	%

Valuation Assumptions Other Than Stock Options Schedule

The following table summarizes the assumptions used in estimating the fair value of employee stock purchase rights granted under the 2020 ESPP during the three and nine months ended October 31, 2023 and 2022:

	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2022		2023		2022
Expected term (in years)	0.5		0.5		0.5		0.5
Expected volatility	48.4	%	74.8	%	48.4% - 71.3%		58.9% - 74.8%
Risk-free interest rate	5.5	%	3.8	%	4.7% - 5.5%		0.9% - 3.8%
Expected dividend yield	—	%	—	%	—	%	—	%

Share-based Compensation Schedule

Stock-based compensation included in the condensed consolidated statements of operations was as follows (in thousands):

	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2022		2023		2022
Cost of revenue	$	30,530	$	27,794	$	93,294	$	76,499
Sales and marketing	75,708		65,010		226,841		177,641
Research and development	167,445		110,231		466,867		280,721
General and administrative	24,603		26,128		75,515		75,976
Stock-based compensation, net of amounts capitalized	298,286		229,163		862,517		610,837
Capitalized stock-based compensation	12,608		7,792		37,230		21,002
Total stock-based compensation	$	310,894	$	236,955	$	899,747	$	631,839