Fair Value Measurements (Tables)

6 Months Ended

Jul. 31, 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 July 31, 2023 (in thousands):


	Level 1		Level 2		Total

Cash equivalents:
Money market funds	$	409,604	$	—	$	409,604
Corporate notes and bonds	—		22,228		22,228
U.S. government securities	—		15,992		15,992
Commercial paper	—		10,901		10,901

Short-term investments:
Corporate notes and bonds	—		1,070,871		1,070,871
U.S. government and agency securities	—		828,213		828,213
Commercial paper	—		792,065		792,065
Certificates of deposit	—		305,792		305,792


Long-term investments:
Corporate notes and bonds	—		674,774		674,774
U.S. government and agency securities	—		417,026		417,026
Certificates of deposit	—		8,948		8,948


Total	$	409,604	$	4,146,810	$	4,556,414

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):


	July 31, 2023		January 31, 2023

Equity securities:
Non-marketable equity securities under Measurement Alternative	$	192,046	$	174,248
Non-marketable equity securities under equity method	5,165		5,066
Marketable equity securities	27,119		22,122
Debt securities:
Non-marketable debt securities	1,500		1,500
Total strategic investments—included in other assets	$	225,830	$	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 July 31, 2023 (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2023		2022		2023		2022

Non-marketable equity securities under Measurement Alternative:

Impairments	$	(2,101)	$	(26,555)	$	(2,101)	$	(26,555)
Marketable equity securities:
Net unrealized gains (losses)	7,410		3,382		4,996		(5,477)
Total—included in other income (expense), net	$	5,309	$	(23,173)	$	2,895	$	(32,032)