v3.25.1
Stockholders' Equity
 3 Months Ended
Apr. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Equity Incentive Plans

We maintain two stock-based compensation plans: the 2018 Equity Incentive Plan (the “2018 Plan”) and the Amended and Restated 2011 Equity Incentive Plan.

As of April 30, 2025, 49.7 million shares of our common stock were available for issuance under the 2018 Plan.

Restricted Stock Units

RSU activity for the three months ended April 30, 2025 was as follows:
(in thousands, except per share data)Number of UnitsWeighted-Average Grant Date Fair Value
Unvested at January 31, 202527,268 $57.62 
Granted1,220 76.64 
Vested(2,196)64.64 
Canceled(626)60.70 
Unvested at April 30, 202525,666 $57.85 

As of April 30, 2025, our total unrecognized compensation cost related to RSUs was $1.1 billion. We expect to recognize this expense over the remaining weighted-average period of approximately 2.51 years.

As of April 30, 2025, the grant date fair value of unvested RSUs subject to market-based and performance-based vesting conditions (“PSU”) was $151.0 million. The number of RSUs granted or canceled included in the table above reflects shares that could be eligible to vest at 100% of target for PSUs and includes adjustments for over or under achievement for PSUs granted in prior periods.

Employee Stock Purchase Plan

The Employee Stock Purchase Plan (“ESPP”) allows eligible employees to purchase shares of our common stock at a discounted price, normally through payroll deductions, subject to the terms of the ESPP and applicable law. As of April 30, 2025, 13.4 million shares of our common stock were reserved for issuance under the ESPP.

Compensation expense related to the ESPP was $3.5 million and $3.0 million for the three months ended April 30, 2025 and 2024.

Stock Repurchase Program

In March 2022, our board of directors authorized a stock repurchase program of up to $200.0 million of our outstanding common stock. Subsequently, in September 2023 and May 2024, our board of directors authorized increases to our existing stock repurchase program for additional amounts of up to $300.0 million and $1.0 billion of our outstanding common stock.

The following table summarizes the share repurchase activity under our stock repurchase program:
Three Months Ended April 30,
(in thousands)
20252024
Number of shares repurchased2,265 2,536 
Aggregate purchase price1
$183,838 $149,062 
1Included in the repurchase amount is the 1% excise tax as a result of the Inflation Reduction Act (“IRA”).