Fair Value Measurements (Tables)

12 Months Ended

Jan. 31, 2024

Fair Value, Assets Measured on Recurring Basis

The following table presents the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis as of January 31, 2024 (in thousands):


	Level 1		Level 2		Total

Assets:
Cash equivalents:
U.S. government securities	$	—	$	742,234	$	742,234
Money market funds	533,211		—		533,211
Time deposits	—		56,263		56,263


Short-term investments:
Corporate notes and bonds	—		939,727		939,727
U.S. government and agency securities	—		573,780		573,780
Commercial paper	—		353,548		353,548
Certificates of deposit	—		216,444		216,444

Long-term investments:
Corporate notes and bonds	—		607,989		607,989
U.S. government and agency securities	—		299,637		299,637
Certificates of deposit	—		8,681		8,681


Derivative assets:
Foreign currency forward contracts	—		60		60
Total assets	$	533,211	$	3,798,363	$	4,331,574
Liabilities:
Derivative liabilities:
Foreign currency forward contracts	$	—	$	(745)	$	(745)
Total liabilities	$	—	$	(745)	$	(745)

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

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(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):


	January 31, 2024		January 31, 2023

Equity securities:
Non-marketable equity securities under Measurement Alternative	$	190,238	$	174,248
Non-marketable equity securities under equity method	5,307		5,066
Marketable equity securities	37,320		22,122
Debt securities:
Non-marketable debt securities	1,500		1,500
Total strategic investments—included in other assets	$	234,365	$	202,936

Realized and Unrealized Gain (Loss) on Investments

The following table summarizes the realized and unrealized gains and losses included in the carrying value of the Company’s strategic investments in equity securities held as of January 31, 2024 (in thousands):


	Fiscal Year Ended January 31,
	2024		2023		2022

Unrealized gains (losses) on non-marketable equity securities under Measurement Alternative:
Upward adjustments	$	—	$	4,125	$	32,975
Impairments	(3,101)		(38,036)		—

Net unrealized gains (losses) on marketable equity securities	15,197		(12,524)		(5,354)
Net unrealized gains (losses) on strategic investments in equity securities	12,096		(46,435)		27,621
Realized gains on non-marketable equity securities under Measurement Alternative(1)	34,713		—		—
Total—included in other income (expense), net	$	46,809	$	(46,435)	$	27,621

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(1)Includes primarily a remeasurement gain of $34.0 million recognized on a previously held equity interest as a result of a business combination completed during the fiscal year ended January 31, 2024. See Note 7, “Business Combinations,” for further details.