Investments

3 Months Ended

Apr. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

As of April 30, 2024 and January 31, 2024, our marketable securities consisted of the following:


	As of April 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)





Commercial paper	$	19,737	$	—	$	—	$	19,737
Agency bonds	1,752,707		24		(6,482)		1,746,249
Corporate and other debt securities	652,318		104		(2,633)		649,789
U.S. government agency securities	3,032,764		4		(14,488)		3,018,280
Treasury bills	54,727		—		(45)		54,682
Marketable securities	$	5,512,253	$	132	$	(23,648)	$	5,488,737


	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

Unrealized losses for securities that have been in an unrealized loss position for less than 12 months were $21.8 million and $6.0 million as of April 30, 2024 and January 31, 2024, respectively. Unrealized losses for securities that have been in an unrealized loss position for 12 months or longer were $1.9 million and $4.8 million as of April 30, 2024 and January 31, 2024, 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 period. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive loss for the three months ended April 30, 2024 and 2023.

The following table presents the contractual maturities of our marketable securities as of April 30, 2024 and January 31, 2024:


	As of
	April 30, 2024		January 31, 2024

	(in thousands)
Less than one year	$	3,017,465	$	2,883,598
Due in one to five years	2,471,272		2,520,635
Total	$	5,488,737	$	5,404,233

Strategic Investments

Strategic investments by form and measurement category as of April 30, 2024 were as follows:


	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total

	(in thousands)
Equity securities	$	24,200	$	299,651	$	97,208	$	421,059
Debt securities	3,864		—		—		3,864
Strategic investments	$	28,064	$	299,651	$	97,208	$	424,923

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