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Equity (Tables)
 6 Months Ended
Jul. 31, 2024
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):
July 31, 2024January 31, 2024
2012 Equity Incentive Plan:
Options outstanding23,480 26,767 
Restricted stock units outstanding123 789 
2020 Equity Incentive Plan:
Options outstanding1,617 602 
Restricted stock units outstanding22,309 20,168 
Shares available for future grants70,086 59,371 
2020 Employee Stock Purchase Plan:
Shares available for future grants16,759 13,764 
Total shares of common stock reserved for future issuance134,374 121,461 
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 July 31,Six Months Ended July 31,
2024202320242023
Number of shares repurchased2,957 — 5,939 1,405 
Weighted-average price per share(1)
$135.29 $— $154.30 $136.39 
Aggregate purchase price(1)
$400,000 $— $916,329 $191,694 
________________
(1)Includes transaction costs associated with the repurchases.
Option Activity Rollforward
A summary of stock option activity during the six months ended July 31, 2024 is as follows:

Number of Shares
(in thousands)		Weighted-
Average
Exercise Price		Weighted-Average Remaining Contractual Life
(in years)		Aggregate
Intrinsic Value
(in thousands)
Balance—January 31, 2024
27,369 $12.35 5.0$5,023,664 
Granted960 $163.04 
Exercised(1,379)$7.69 
Canceled(92)$3.75 
Balance—April 30, 2024
26,858 $18.01 4.8$3,723,873 
Granted77 $164.78 
Exercised(1,816)$7.14 
Canceled(22)$207.56 
Balance—July 31, 2024
25,097 $19.07 4.6$2,872,192 
Vested and exercisable as of July 31, 2024
23,914 $11.52 4.5$2,872,130 
Schedule of Unvested RSU Rollforward
A summary of equity-classified RSUs activity during the six months ended July 31, 2024 is as follows:

Number of Shares
(in thousands)		Weighted-Average Grant Date
Fair Value
per Share
Unvested Balance—January 31, 2024
19,575 $169.82 
Granted
5,869 $167.74 
Vested(3,202)$162.47 
Forfeited(533)$168.85 
Performance adjustment(1)
(50)$139.58 
Unvested Balance—April 30, 2024
21,659 $170.44 
Granted
2,408 $141.61 
Vested(2,272)$172.52 
Forfeited
(748)$167.94 
Unvested Balance—July 31, 2024
21,047 $167.01 
________________
(1)Represents an adjustment in the number of shares outstanding, with regards to Leadership PRSUs granted during the six months ended July 31, 2023, based on the actual achievement of the associated Company annual performance targets for fiscal 2024.
A summary of liability-classified RSUs activity during the six months ended July 31, 2024 is as follows:

Number of Shares
(in thousands)
Unvested Balance—January 31, 2024 and April 30, 2024
1,382 
Granted(1)
3 
Unvested Balance—July 31, 2024
1,385 
________________
(1)Represents the maximum number of Acquisition PRSUs that may be 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 six months ended July 31, 2024 is as follows:

Outside of the Plans
Number of Shares
(in thousands)		Weighted-Average Grant Date
Fair Value
per Share
Unvested Balance—January 31, 2024
671 $209.15 
Vested(146)$223.42 
Unvested Balance—April 30, 2024
525 $205.15 
Vested(25)$194.28 
Unvested Balance—July 31, 2024
500 $205.68 
Valuation Assumptions Schedule The following table summarizes the assumptions used in estimating the fair values of stock options granted to employees during the three and six months ended July 31, 2024:
Three Months Ended July 31, 2024Six Months Ended July 31, 2024
Expected term (in years)6.0
4.8 - 6.0
Expected volatility56.6 %
56.6% - 56.7%
Risk-free interest rate4.4 %
4.2% - 4.4%
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 six months ended July 31, 2024 and 2023:

Six Months Ended July 31,
20242023
Expected term (in years)0.50.5
Expected volatility49.6 %71.3 %
Risk-free interest rate5.4 %4.7 %
Expected dividend yield— %— %
Schedule of Valuation Assumptions, Liability-Classified Performance Shares
The following table summarizes the assumptions used in estimating the fair value of liability-classified Acquisition PRSUs as of July 31, 2024 and January 31, 2024:

July 31, 2024January 31, 2024
Expected volatility58.0 %60.0 %
Risk-free interest rate4.2 %4.0 %
Share-based Compensation Schedule
Stock-based compensation included in the condensed consolidated statements of operations was as follows (in thousands):
Three Months Ended July 31,Six Months Ended July 31,
2024202320242023
Cost of revenue$34,815 $32,302 $67,223 $62,764 
Sales and marketing80,676 78,838 154,083 151,133 
Research and development204,917 163,005 399,589 299,422 
General and administrative35,592 25,577 67,041 50,912 
Stock-based compensation, net of amounts capitalized356,000 299,722 687,936 564,231 
Capitalized stock-based compensation7,846 12,903 17,141 24,622 
Total stock-based compensation$363,846 $312,625 $705,077 $588,853