Cash Equivalents and Investments

9 Months Ended

Oct. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Short-term Investments

The following tables present the amortized cost, unrealized gain (loss) and estimated fair value of cash equivalents and short-term investments:


	As of October 31, 2022
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
	(dollars in thousands)
Cash equivalents:
Money market funds	$	91,598	$	—	$	—	$	91,598



Total cash equivalents	91,598		—		—		91,598
Short-term investments:


U.S. treasury securities	2,032,380		—		(34,840)		1,997,540
Corporate debt securities	229,491		—		(3,493)		225,998
Total short-term investments	2,261,871		—		(38,333)		2,223,538
Total	$	2,353,469	$	—	$	(38,333)	$	2,315,136


	As of January 31, 2022
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
	(dollars in thousands)
Cash equivalents:
Money market funds	$	152,223	$	—	$	—	$	152,223



Total cash equivalents	152,223		—		—		152,223
Short-term investments:


U.S. treasury securities	1,922,344		10		(10,166)		1,912,188
Corporate debt securities	331,050		—		(1,581)		329,469
Total short-term investments	2,253,394		10		(11,747)		2,241,657
Total	$	2,405,617	$	10	$	(11,747)	$	2,393,880

All short-term investments were designated as available-for-sale securities as of October 31, 2022 and January 31, 2022.

The following table presents the contractual maturities of the Company’s short-term investments:


	As of October 31, 2022
	Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due within one year	$	1,925,930	$	1,896,477
Due between one to five years	335,941		327,061
Total	$	2,261,871	$	2,223,538

Interest receivable of $8.9 million and $6.0 million is included in Prepaid expenses and other current assets on the condensed consolidated balance sheets as of October 31, 2022 and January 31, 2022, respectively.

The following table presents the fair values and unrealized losses related to the Company’s investments in available-for-sale debt securities classified by length of time that the securities have been in a continuous unrealized loss position as of October 31, 2022:


	Less Than 12 Months				More Than 12 Months				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
	(dollars in thousands)
U.S. treasury securities	$	1,129,711	$	(19,305)	$	867,829	$	(15,535)	$	1,997,540	$	(34,840)
Corporate debt securities	66,040		(1,035)		159,958		(2,458)		225,998		(3,493)
Total	$	1,195,751	$	(20,340)	$	1,027,787	$	(17,993)	$	2,223,538	$	(38,333)

The Company had 189 and 193 short-term investments in unrealized loss positions as of October 31, 2022 and January 31, 2022, respectively.

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 October 31, 2022 and January 31, 2022.

Strategic Investments

The Company's strategic investments primarily include equity investments in privately-held companies, which do not have a readily determinable fair value. As of October 31, 2022 and January 31, 2022, the balance of strategic investments was $23.6 million and $15.3 million, respectively.