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Stockholders' Equity | 9 Months Ended
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Oct. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stockholders' Equity | Stockholders’ Equity Automatic Conversion On October 15, 2023, all of our outstanding shares of Class B common stock automatically converted into the same number of shares of Class A common stock pursuant to the terms of our then effective Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following the conversion. On October 16, 2023, we filed a certificate with the Secretary of State of the State of Delaware effecting the retirement and cancellation of our Class B common stock. This certificate of retirement had the additional effect of eliminating the authorized Class B shares, thereby reducing our total number of authorized shares of common stock from 1,000,000,000 to 810,000,000. On October 16, 2023, we also filed an Amended and Restated Certificate of Incorporation to reflect the conversion and remove references to Class B common stock. Accordingly, we refer to our Class A common stock as common stock. Holders of common stock are entitled to one vote per share on all matters submitted to a vote of stockholders. As of October 31, 2023, we had 160,965,687 shares of common stock outstanding. Stock Option Activity A summary of stock option activity for the nine months ended October 31, 2023 is as follows:
| Number of shares |  | Weighted average exercise price |  | Weighted average remaining contractual term (in years) |  | Aggregate intrinsic value (in millions)
Options outstanding at January 31, 2023 | 11,503,409 |  |  | $ | 128.62 |  |  | 5.9 |  | $ | 705 |
Options granted | 2,461,496 |  |  | 180.50 |  |  |  |  |
Options exercised | (2,170,451) |  |  | 24.04 |  |  |  |  |
Options forfeited/cancelled | (460,783) |  |  | 198.43 |  |  |  |  |
Options outstanding at October 31, 2023 | 11,333,671 |  |  | $ | 157.07 |  |  | 6.9 |  | $ | 527 |
Options vested and exercisable at October 31, 2023 | 4,805,463 |  |  | $ | 124.41 |  |  | 5.4 |  | $ | 375 |
Options vested and exercisable at October 31, 2023 and expected to vest thereafter | 11,333,671 |  |  | $ | 157.07 |  |  | 6.9 |  | $ | 527 |
The options granted during the nine months ended October 31, 2023 were predominantly made in connection with our annual performance review cycle. The weighted average grant-date fair value of options granted was $94.69 and $81.06 per option for the three and nine months ended October 31, 2023, respectively. As of October 31, 2023, there was $389 million in unrecognized compensation cost related to unvested stock options granted under the 2012 Equity Incentive Plan and 2013 Equity Incentive Plan. This cost is expected to be recognized over a weighted average period of 2.4 years. As of October 31, 2023, we had authorized and unissued shares of common stock sufficient to satisfy exercises of stock options. The total intrinsic value of options exercised was approximately $17 million and $343 million for the three and nine months ended October 31, 2023, respectively. Stock Option Valuation Assumptions The following table presents the weighted-average assumptions used to estimate the grant date fair value of options granted during the periods presented:
|  | Three months ended October 31, |  | Nine months ended October 31,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Volatility |  | 41% |  | 39% | - | 40% |  | 39% | - | 41% |  | 37% | - | 40%
Expected term (in years) |  | 6.25 |  | 6.25 |  | 6.25 | - | 7 |  | 6 | - | 7
Risk-free interest rate |  | 4.44% | - | 4.73% |  | 2.90% | - | 4.20% |  | 3.34 | % | - | 4.73 | % |  | 1.90 | % | - | 4.20 | %
Dividend yield |  | —% |  | —% |  | —% |  | —%
Restricted Stock Units A summary of restricted stock unit (RSU) activity for the nine months ended October 31, 2023 is as follows:
| Unreleased restricted stock units |  | Weighted average grant date fair value
Balance at January 31, 2023 | 1,103,679 |  |  | $ | 194.36 |
RSUs granted | 1,155,687 |  |  | 180.69 |
RSUs vested | (852,037) |  |  | 184.02 |
RSUs forfeited/cancelled | (106,600) |  |  | 183.68 |
Balance at October 31, 2023 | 1,300,729 |  |  | 189.86 |
As of October 31, 2023, there was a total of $181 million in unrecognized compensation cost related to unvested RSUs. This cost is expected to be recognized over a weighted-average period of approximately 1.5 years. The total intrinsic value of RSUs vested was $60 million and $166 million for the three and nine months ended October 31, 2023, respectively.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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