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Stockholders' Equity
 9 Months Ended
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, 202311,503,409 $128.62 5.9$705 
Options granted2,461,496 180.50 
Options exercised(2,170,451)24.04 
Options forfeited/cancelled(460,783)198.43 
Options outstanding at October 31, 202311,333,671 $157.07 6.9$527 
Options vested and exercisable at October 31, 20234,805,463 $124.41 5.4$375 
Options vested and exercisable at October 31, 2023 and expected to vest thereafter11,333,671 $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,
2023202220232022
Volatility41%39%-40%39%-41%37%-40%
Expected term (in years)6.256.256.25-76-7
Risk-free interest rate4.44%-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, 20231,103,679 $194.36 
RSUs granted1,155,687 180.69 
RSUs vested(852,037)184.02 
RSUs forfeited/cancelled(106,600)183.68 
Balance at October 31, 20231,300,729 189.86 
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.