Stockholders' Equity

3 Months Ended

Apr. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

As of April 30, 2024, we had 161,624,611 shares of common stock outstanding.

Stock Option Activity

A summary of stock option activity for the three months ended April 30, 2024 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, 2024	11,147,810	$	157.20	6.7	$	626
Options granted	1,914,837	214.82
Options exercised	(178,777)	159.05
Options forfeited/cancelled	(132,323)	208.61
Options outstanding at April 30, 2024	12,751,547	$	165.33	6.9	$	551
Options vested and exercisable at April 30, 2024	6,180,088	$	136.47	5.4	$	441
Options vested and exercisable at April 30, 2024 and expected to vest thereafter	12,751,547	$	165.33	6.9	$	551

The options granted during the three months ended April 30, 2024 were predominantly made in connection with our annual performance review cycle. The weighted average grant-date fair value of options granted was $101.26 per option for the three months ended April 30, 2024.

As of April 30, 2024, there was $485 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 2.6 years.

As of April 30, 2024, 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 $12 million for the three months ended April 30, 2024.

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 April 30,
	2024			2023
Volatility	40%	-	41%	39%	-	40%
Expected term (in years)	6.25	-	7.00	6.25	-	7.00
Risk-free interest rate	4.12%	-	4.65%	3.34%	-	3.99%
Dividend yield	—%			—%

Restricted Stock Units

A summary of restricted stock unit (RSU) activity for the three months ended April 30, 2024 is as follows:


	Unreleased restricted stock units	Weighted average grant date fair value
Balance at January 31, 2024	1,011,731	$	192.77
RSUs granted	882,706	214.83
RSUs vested	(295,043)	179.19
RSUs forfeited/cancelled	(15,610)	202.48
Balance at April 30, 2024	1,583,784	207.50

As of April 30, 2024, there was a total of $252 million in unrecognized compensation cost related to unvested RSUs. This cost is expected to be recognized over a weighted-average period of approximately 1.4 years. The total grant date fair value of RSUs vested was $67 million for the three months ended April 30, 2024.