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Equity (Tables)
 9 Months Ended
Oct. 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):
October 31, 2024January 31, 2024
2012 Equity Incentive Plan:
Options outstanding21,468 26,767 
Restricted stock units outstanding1 789 
2020 Equity Incentive Plan:
Options outstanding1,586 602 
Restricted stock units outstanding26,702 20,168 
Shares available for future grants64,432 59,371 
2020 Employee Stock Purchase Plan:
Shares available for future grants16,446 13,764 
Total shares of common stock reserved for future issuance130,635 121,461 
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 October 31,Nine Months Ended October 31,
2024202320242023
Number of shares repurchased8,826 2,607 14,765 4,012 
Weighted-average price per share(1)
$115.11 $153.48 $130.87 $147.49 
Aggregate purchase price(1)
$1,015,925 $400,000 $1,932,164 $591,673 
________________
(1)Excludes transaction costs and excise tax associated with the repurchases.
Option Activity Rollforward
A summary of stock option activity during the nine months ended October 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 
Exercised(2,012)$5.75 
Canceled(31)$207.56 
Balance—October 31, 2024
23,054 $19.98 4.5$2,287,372 
Vested and exercisable as of October 31, 2024
21,958 $12.45 4.4$2,287,350 
Schedule of Unvested RSU Rollforward
A summary of equity-classified RSUs activity during the nine months ended October 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 
Granted
7,254 $120.12 
Vested(2,126)$174.28 
Forfeited
(895)$166.39 
Unvested Balance—October 31, 2024
25,280 $152.96 
________________
(1)Represents an adjustment in the number of shares outstanding, with regards to Leadership PRSUs granted during the nine months ended October 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 nine months ended October 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 
Granted(1)
54 
Forfeited
(16)
Unvested Balance—October 31, 2024
1,423 
________________
(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 nine months ended October 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 
Granted
68 $110.78 
Vested(23)$194.28 
Forfeited
(71)$229.13 
Unvested Balance—October 31, 2024
474$189.12 
Valuation Assumptions Schedule The following table summarizes the assumptions used in estimating the fair values of stock options granted to employees during the nine months ended October 31, 2024:
Nine Months Ended October 31, 2024
Expected term (in years)
4.8 - 6.0
Expected volatility
56.6% - 56.7%
Risk-free interest rate
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 values of employee stock purchase rights granted under the 2020 ESPP (ESPP Rights) during each of the three and nine months ended October 31, 2024 and 2023:

Three Months Ended October 31,Nine Months Ended October 31,
2024202320242023
Expected term (in years)0.50.50.50.5
Expected volatility46.3 %48.4 %
46.3% - 49.6%
48.4% - 71.3%
Risk-free interest rate4.5 %5.5 %
4.5% - 5.4%
4.7% - 5.5%
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 October 31, 2024 and January 31, 2024:

October 31, 2024January 31, 2024
Expected volatility53.0 %60.0 %
Risk-free interest rate4.1 %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 October 31,Nine Months Ended October 31,
2024202320242023
Cost of revenue$36,358 $30,530 $103,581 $93,294 
Sales and marketing86,035 75,708 240,118 226,841 
Research and development199,980 167,445 599,569 466,867 
General and administrative40,886 24,603 107,927 75,515 
Stock-based compensation, net of amounts capitalized363,259 298,286 1,051,195 862,517 
Capitalized stock-based compensation11,940 12,608 29,081 37,230 
Total stock-based compensation$375,199 $310,894 $1,080,276 $899,747