Fair Value Measurements (Tables)

3 Months Ended

Apr. 30, 2023

Fair Value, Assets Measured on Recurring Basis

The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of April 30, 2023 (in thousands):


	Level 1		Level 2		Total

Cash equivalents:
Money market funds	$	217,323	$	—	$	217,323
Commercial paper	—		5,951		5,951



Short-term investments:
Corporate notes and bonds	—		1,232,949		1,232,949
Commercial paper	—		937,783		937,783
U.S. government and agency securities	—		686,462		686,462
Certificates of deposit	—		435,320		435,320


Long-term investments:
Corporate notes and bonds	—		654,691		654,691
U.S. government and agency securities	—		436,024		436,024



Total	$	217,323	$	4,389,180	$	4,606,503

The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of January 31, 2023 (in thousands):


	Level 1		Level 2		Total

Cash equivalents:
Money market funds(1)	$	520,138	$	—	$	520,138
Commercial paper	—		9,304		9,304

Corporate notes and bonds	—		6,903		6,903
Certificates of deposit	—		3,044		3,044
Short-term investments:
Corporate notes and bonds	—		1,301,296		1,301,296
Commercial paper	—		881,348		881,348
Certificates of deposit	—		445,194		445,194
U.S. government and agency securities	—		440,128		440,128
Long-term investments:
Corporate notes and bonds	—		801,784		801,784
U.S. government and agency securities	—		263,708		263,708
Certificates of deposit	—		7,531		7,531
Total(1)	$	520,138	$	4,160,240	$	4,680,378

________________

(1)Includes a reclassification of $141.0 million from cash to cash equivalents for the money market funds balance as of January 31, 2023, as presented in the Annual Report on Form 10-K filed with the SEC on March 29, 2023. Such reclassification did not impact the Company’s consolidated balance sheet as of January 31, 2023 or its consolidated statement of cash flows for the fiscal year ended January 31, 2023.

Schedule of Fair Value Measurements

The following table presents the Company’s strategic investments by type (in thousands):


	April 30, 2023		January 31, 2023

Equity securities:
Non-marketable equity securities under Measurement Alternative	$	176,498	$	174,248
Non-marketable equity securities under equity method	5,104		5,066
Marketable equity securities	19,708		22,122
Debt securities:
Non-marketable debt securities	1,500		1,500
Total strategic investments—included in other assets	$	202,810	$	202,936

Unrealized Gain (Loss) on Investments

The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s strategic investments in equity securities held as of April 30, 2023 (in thousands):


	Three Months Ended April 30,
	2023		2022




Marketable equity securities:
Net unrealized losses	$	(2,414)	$	(8,859)
Total—included in other expense, net	$	(2,414)	$	(8,859)