Cash Equivalents and Investments

12 Months Ended

Jan. 31, 2025

Investments, Debt and Equity Securities [Abstract]

The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the consolidated balance sheets (in thousands):


	January 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Cash equivalents:
Money market funds	$	1,741,089	$	—	$	—	$	1,741,089
U.S. government securities	388,578		92		—		388,670
Time deposits	113,851		—		—		113,851
Corporate notes and bonds	4,466		—		—		4,466
Commercial paper	3,064		—		—		3,064
Total cash equivalents	2,251,048		92		—		2,251,140
Investments:
Corporate notes and bonds	1,559,893		2,177		(1,520)		1,560,550
U.S. government and agency securities	609,937		528		(727)		609,738
Commercial paper	307,752		142		(38)		307,856
Certificates of deposit	187,112		97		(4)		187,205
Total investments	2,664,694		2,944		(2,289)		2,665,349
Total cash equivalents and investments	$	4,915,742	$	3,036	$	(2,289)	$	4,916,489


	January 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Cash equivalents:
U.S. government securities	$	742,235	$	1	$	(2)	$	742,234

Money market funds	533,211		—		—		533,211
Time deposits	56,263		—		—		56,263
Total cash equivalents	1,331,709		1		(2)		1,331,708
Investments:
Corporate notes and bonds	1,549,151		1,959		(3,394)		1,547,716
U.S. government and agency securities	877,496		574		(4,653)		873,417
Commercial paper	353,525		154		(131)		353,548
Certificates of deposit	224,869		271		(15)		225,125

Total investments	3,005,041		2,958		(8,193)		2,999,806
Total cash equivalents and investments	$	4,336,750	$	2,959	$	(8,195)	$	4,331,514

The Company included $23.6 million and $24.2 million of interest receivable in prepaid expenses and other current assets on the consolidated balance sheets as of January 31, 2025 and 2024, respectively. The Company did not recognize an allowance for credit losses against interest receivable as of January 31, 2025 and 2024 because such potential losses were not material.

As of January 31, 2025, the contractual maturities of the Company’s available-for-sale marketable debt securities did not exceed 36 months. The estimated fair values of available-for-sale marketable debt securities, classified as short-term or long-term investments on the Company’s consolidated balance sheets, by remaining contractual maturity, are as follows (in thousands):


	January 31, 2025
	Estimated Fair Value

Due within 1 year	$	2,008,873
Due in 1 year to 3 years	656,476
Total	$	2,665,349

The following tables show the fair values of, and the gross unrealized losses on, the Company’s available-for-sale marketable debt securities, classified by the length of time that the securities have been in a continuous unrealized loss position and aggregated by investment type, on the consolidated balance sheet as of January 31, 2024 (in thousands):


	January 31, 2024
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses

Cash equivalents:
U.S. government securities	$	338,893	$	(2)	$	—	$	—	$	338,893	$	(2)
Total cash equivalents	338,893		(2)		—		—		338,893		(2)
Investments:
Corporate notes and bonds	625,766		(1,259)		321,952		(2,135)		947,718		(3,394)
U.S. government and agency securities	525,408		(1,323)		191,863		(3,330)		717,271		(4,653)
Commercial paper	172,422		(131)		—		—		172,422		(131)
Certificates of deposit	71,813		(15)		—		—		71,813		(15)

Total investments	1,395,409		(2,728)		513,815		(5,465)		1,909,224		(8,193)
Total cash equivalents and investments	$	1,734,302	$	(2,730)	$	513,815	$	(5,465)	$	2,248,117	$	(8,195)

Gross unrealized losses on the Company’s available-for-sale marketable debt securities were not material as of January 31, 2025.

For available-for-sale marketable debt securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. The decline in fair values of these securities due to credit related factors was not material as of January 31, 2025 and 2024.

See Note 5, “Fair Value Measurements,” for information regarding the Company’s strategic investments.