Fair Value Measurements (Tables)

6 Months Ended

Jul. 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 July 31, 2024 (in thousands):


	Level 1		Level 2		Total

Assets:
Cash equivalents:
Money market funds	$	636,041	$	—	$	636,041
U.S. government securities	—		276,145		276,145
Time deposits	—		65,287		65,287
Commercial paper	—		2,348		2,348


Short-term investments:
Corporate notes and bonds	—		770,287		770,287
U.S. government and agency securities	—		488,432		488,432
Commercial paper	—		443,159		443,159
Certificates of deposit	—		246,584		246,584


Long-term investments:
Corporate notes and bonds	—		503,793		503,793
U.S. government and agency securities	—		181,914		181,914
Certificates of deposit	—		11,699		11,699


Derivative assets:
Foreign currency forward contracts	—		1,075		1,075
Total assets	$	636,041	$	2,990,723	$	3,626,764
Liabilities:
Derivative liabilities:
Foreign currency forward contracts	$	—	$	(565)	$	(565)
Total liabilities	$	—	$	(565)	$	(565)

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)

Schedule of Fair Value Measurements

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


	July 31, 2024		January 31, 2024

Equity securities:
Non-marketable equity securities under Measurement Alternative	$	295,506	$	190,238
Non-marketable equity securities under equity method	5,436		5,307
Marketable equity securities	13,255		37,320
Debt securities:
Non-marketable debt securities	1,750		1,500
Total strategic investments—included in other assets	$	315,947	$	234,365

Unrealized Gain (Loss) on Investments

The following table summarizes the gains and losses associated with the Company’s strategic investments in equity securities (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2024		2023		2024		2023

Unrealized losses on non-marketable equity securities under Measurement Alternative:

Impairments	$	(7,158)	$	(2,101)	$	(25,911)	$	(2,101)
Net unrealized gains (losses) on marketable equity securities	650		7,410		(3,005)		4,996
Net unrealized gains (losses) on strategic investments in equity securities	(6,508)		5,309		(28,916)		2,895
Net realized gains on marketable equity securities sold(1)	—		—		1,713		—
Total—included in other income (expense), net	$	(6,508)	$	5,309	$	(27,203)	$	2,895

________________

(1)Represents the difference between the sale proceeds and the carrying value of the securities at the beginning of the period or the purchase date, if later.

Realized Gain (Loss) on Investments

The following table summarizes the gains and losses associated with the Company’s strategic investments in equity securities (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2024		2023		2024		2023

Unrealized losses on non-marketable equity securities under Measurement Alternative:

Impairments	$	(7,158)	$	(2,101)	$	(25,911)	$	(2,101)
Net unrealized gains (losses) on marketable equity securities	650		7,410		(3,005)		4,996
Net unrealized gains (losses) on strategic investments in equity securities	(6,508)		5,309		(28,916)		2,895
Net realized gains on marketable equity securities sold(1)	—		—		1,713		—
Total—included in other income (expense), net	$	(6,508)	$	5,309	$	(27,203)	$	2,895

________________

(1)Represents the difference between the sale proceeds and the carrying value of the securities at the beginning of the period or the purchase date, if later.