Investments

12 Months Ended

Jan. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

As of January 31, 2024 and 2023, our marketable securities consisted of the following:


	As of January 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)





Commercial paper	$	41,564	$	—	$	—	$	41,564
Agency bonds	1,667,601		2,426		(3,344)		1,666,683
Corporate and other debt securities	663,122		1,161		(1,124)		663,159
U.S. government agency securities	3,003,224		7,859		(6,241)		3,004,842
Treasury bills	27,992		—		(7)		27,985
Marketable securities	$	5,403,503	$	11,446	$	(10,716)	$	5,404,233


	As of January 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)


Commercial paper	$	77,701	$	—	$	—	$	77,701
Agency bonds	823,027		63		(12,440)		810,650
Corporate and other debt securities	555,354		385		(4,845)		550,894
U.S. government agency securities	2,910,572		150		(49,507)		2,861,215
Treasury bills	25,404		1		(29)		25,376
Marketable securities	$	4,392,058	$	599	$	(66,821)	$	4,325,836

Unrealized losses for securities that have been in an unrealized loss position for less than 12 months were $6.0 million and $24.8 million as of January 31, 2024 and 2023, respectively. Unrealized losses for securities that have been in an unrealized loss position for 12 months or longer were $4.8 million and $42.0 million as of January 31, 2024 and 2023, respectively. We review the individual securities that have unrealized losses on a regular basis to evaluate whether or not any security has experienced, or is expected to experience, credit losses resulting in the decline in fair value. We evaluate, among other factors, whether we have the intention to sell any of these marketable securities and whether it is more likely than not that we will be required to sell any of them before recovery of the amortized cost basis. We have not recorded an allowance for credit losses, as we believe any such losses would be immaterial based on the high-grade credit rating for each of our marketable securities as of the end of each fiscal year. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive (loss) income for the fiscal years ended January 31, 2024, 2023, and 2022.

The following table presents the contractual maturities of our marketable securities as of January 31, 2024 and 2023:


	As of January 31,
	2024		2023

	(in thousands)
Less than one year	$	2,883,598	$	2,743,677
Due in one to five years	2,520,635		1,582,159
Total	$	5,404,233	$	4,325,836

Strategic Investments

Strategic investments by form and measurement category as of January 31, 2024 were as follows:


	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total

	(in thousands)
Equity securities	$	23,160	$	285,509	$	96,725	$	405,394
Debt securities	3,828		—		—		3,828
Strategic investments	$	26,988	$	285,509	$	96,725	$	409,222

Strategic investments by form and measurement category as of January 31, 2023 were as follows:


	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total

	(in thousands)
Equity securities	$	171,975	$	118,763	$	93,854	$	384,592
Debt securities	14,400		—		—		14,400
Strategic investments	$	186,375	$	118,763	$	93,854	$	398,992

During the fiscal year ended January 31, 2024, we made a total of $70.5 million of strategic investments in equity securities of private companies. Based on the terms of these privately-held securities, we determined that we do not have a controlling interest nor the ability to exercise significant influence over the operating and financial policies of the investees. Therefore these investments are currently accounted for under the measurement alternative method. In addition, during the fiscal year ended January 31, 2024, we recorded a $85.6 million net unrealized gain on our investments accounted for under the measurement alternative method, mainly driven by changes in the fair value of these investments.

During the fiscal year ended January 31, 2024, we sold a total of $169.9 million of strategic investments in equity securities of public companies. The net gains on sale, which were not material, were recorded through gains (losses) on strategic investments, net in the consolidated statements of operations.