Fair Value Measurements (Tables)

9 Months Ended

Oct. 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 October 31, 2023 (in thousands):


	Level 1		Level 2		Total

Cash equivalents:
Money market funds	$	579,719	$	—	$	579,719
Time deposits	—		5,285		5,285
Commercial paper	—		4,996		4,996



Short-term investments:
Corporate notes and bonds	—		937,328		937,328
U.S. government and agency securities	—		756,460		756,460
Commercial paper	—		571,672		571,672
Certificates of deposit	—		300,897		300,897


Long-term investments:
Corporate notes and bonds	—		580,413		580,413
U.S. government and agency securities	—		367,416		367,416



Total	$	579,719	$	3,524,467	$	4,104,186

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):


	October 31, 2023		January 31, 2023

Equity securities:
Non-marketable equity securities under Measurement Alternative	$	192,038	$	174,248
Non-marketable equity securities under equity method	5,206		5,066
Marketable equity securities	26,329		22,122
Debt securities:
Non-marketable debt securities	1,500		1,500
Total strategic investments—included in other assets	$	225,073	$	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 October 31, 2023 (in thousands):


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2022		2023		2022

Non-marketable equity securities under Measurement Alternative:
Upward adjustments	$	—	$	1,124	$	—	$	1,124
Impairments	(1,000)		(7,482)		(3,101)		(34,037)
Marketable equity securities:
Net unrealized gains (losses)	(790)		(6,706)		4,206		(12,183)
Total—included in other expense, net	$	(1,790)	$	(13,064)	$	1,105	$	(45,096)