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Equity (Tables)
 3 Months Ended
Apr. 30, 2025
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):
April 30, 2025January 31, 2025
2012 Equity Incentive Plan:
Options outstanding19,220 20,067 
2020 Equity Incentive Plan:
Options outstanding1,586 1,586 
Restricted stock units outstanding26,633 24,790 
Shares available for future grants78,098 64,834 
2020 Employee Stock Purchase Plan:
Shares available for future grants19,230 16,446 
Total shares of common stock reserved for future issuance144,767 127,723 
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 April 30,
20252024
Number of shares repurchased3,214 2,982 
Weighted-average price per share(1)
$152.63 $173.13 
Aggregate purchase price(1)
$490,590 $516,284 
________________
(1)Excludes transaction costs and excise tax associated with the repurchases.
Option Activity Rollforward
A summary of stock option activity during the three months ended April 30, 2025 is as follows:

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, 2025
21,653 $20.83 4.2$3,493,648 
Exercised(847)$7.34 
Canceled0 $12.85 
Balance—April 30, 2025
20,806 $21.37 4.0$2,903,841 
Vested and expected to vest as of April 30, 2025
20,806 $21.37 4.0$2,903,841 
Exercisable as of April 30, 2025
19,885 $14.53 3.9$2,903,841 
Schedule of Unvested RSU Rollforward
A summary of equity-classified RSUs activity during the three months ended April 30, 2025 is as follows:

Number of Shares
(in thousands)		Weighted-Average Grant Date
Fair Value
per Share
Unvested Balance—January 31, 2025
23,354 $151.30 
Granted
5,459 $147.06 
Vested(2,425)$158.50 
Forfeited(1,013)$156.70 
Performance adjustment(1)
(176)$163.04 
Unvested Balance—April 30, 2025
25,199 $149.39 
________________
(1)Represents an adjustment in the number of shares outstanding, with regards to Leadership PRSUs granted during the three months ended April 30, 2024, based on the actual achievement of the associated Company annual performance targets for fiscal 2025.
A summary of liability-classified RSUs activity during the three months ended April 30, 2025 is as follows:

Number of Shares
(in thousands)
Unvested Balance—January 31, 2025
1,436 
Forfeited(2)
Unvested Balance—April 30, 2025
1,434 
Schedule of Unvested RSA Rollforward
A summary of restricted common stock activity during the three months ended April 30, 2025 is as follows:

Outside of the Plans
Number of Shares
(in thousands)		Weighted-Average Grant Date
Fair Value
per Share
Unvested Balance—January 31, 2025
821 $180.82 
Vested(116)$222.05 
Unvested Balance—April 30, 2025
705 $174.01 
Valuation Assumptions Schedule The following table summarizes the assumptions used in estimating the fair values of a stock option granted to an employee during the three months ended April 30, 2024:
Three Months Ended April 30, 2024
Expected term (in years)4.8
Expected volatility56.7 %
Risk-free interest rate4.2 %
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 months ended April 30, 2025 and 2024:

Three Months Ended April 30,
20252024
Expected term (in years)0.50.5
Expected volatility54.1 %49.6 %
Risk-free interest rate4.3 %5.4 %
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 April 30, 2025 and January 31, 2025:

April 30, 2025January 31, 2025
Expected volatility51.0 %50.0 %
Risk-free interest rate3.6 %4.2 %
Share-based Compensation Schedule
Stock-based compensation included in the condensed consolidated statements of operations was as follows (in thousands):

Three Months Ended April 30,
20252024
Cost of revenue$33,815 $32,408 
Sales and marketing87,516 73,407 
Research and development220,913 194,672 
General and administrative37,216 31,449 
Stock-based compensation, net of amounts capitalized379,460 331,936 
Capitalized stock-based compensation— 9,295 
Total stock-based compensation$379,460 $341,231