Cash Equivalents and Short-term Investments

3 Months Ended

Apr. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Short-term Investments

The amortized cost, unrealized gain (loss) and estimated fair value of the Company’s cash equivalents and short-term investments as of April 30, 2020 and January 31, 2020 were as follows (in thousands):



	As of April 30, 2020
	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
	(unaudited)
Cash equivalents:
Money market funds	$	497,208	$	—	$	—		$	497,208
Corporate debt securities	6,001		5		—			6,006
Total cash equivalents	503,209		5		—			503,214
Short-term investments:
U.S. treasury securities	575,143		4,935		(1		)	580,077
Corporate debt securities	246,587		1,029		(137		)	247,479
Total short-term investments	821,730		5,964		(138		)	827,556
Total	$	1,324,939	$	5,969	$	(138	)	$	1,330,770



	As of January 31, 2020
	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Cash equivalents:
Money market funds	$	416,584	$	—	$	—		$	416,584
U.S. treasury securities	19,996		—		—			19,996
Total cash equivalents	436,580		—		—			436,580
Short-term investments:
U.S. treasury securities	575,920		686		(8		)	576,598
Corporate debt securities	305,859		519		—			306,378
Total short-term investments	881,779		1,205		(8		)	882,976
Total	$	1,318,359	$	1,205	$	(8	)	$	1,319,556

All short-term investments were designated as available-for-sale securities as of April 30, 2020 and January 31, 2020.

The following table presents the contractual maturities of the Company’s short-term investments as of April 30, 2020 (in thousands):



	As of April 30, 2020
	Amortized Cost		Estimated Fair Value
	(unaudited)
Due within one year	$	634,510	$	638,854
Due between one to five years	187,220		188,702
Total	$	821,730	$	827,556

The Company had 12 and 7 short-term investments in unrealized loss positions as of April 30, 2020 and January 31, 2020, respectively. There were no material gross unrealized gains or losses from available-for-sale securities and no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income for the three months ended April 30, 2020 or 2019.

For available-for-sale debt securities that have unrealized losses, the Company evaluates whether (i) the Company has the intention to sell any of these investments, (ii) it is not more likely than not that the Company will be required to sell any of these available-for-sale debt securities before recovery of the entire amortized cost basis and (iii) the decline in the fair value of the investment is due to credit or non-credit related factors. Based on this evaluation, the Company determined that for short-term investments, there were no material credit or non-credit related impairments as of April 30, 2020 and January 31, 2020.