v3.25.2
Investments and Fair Value Measurements (Tables)
 6 Months Ended
Jul. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis
The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis are as follows (in thousands):
July 31, 2025January 31, 2025
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(1)
Money market funds$845,191 $— $— $845,191 $1,470,040 $— $— $1,470,040 
U.S. Treasury securities— 2,489,080 — 2,489,080 — 2,490,097 — 2,490,097 
Other assets
Deferred compensation investments8,598 — — 8,598 5,496 — — 5,496 
Total assets$853,789 $2,489,080 $— $3,342,869 $1,475,536 $2,490,097 $— $3,965,633 
(1)Cash equivalents exclude $707.0 million of time deposits, which are carried at cost and approximate fair value as of July 31, 2025.
Schedule of Changes in Strategic Investments
The Company’s investments of privately held securities as of July 31, 2025, consisted of the following (in thousands):
Privately held equity securitiesPrivately held debt and other securities Total
Initial total cost$70,657 $— $70,657 
Cumulative net gains1,825 — 1,825 
Carrying amount, end of period$72,482 $— $72,482 
The Company’s investments of privately held securities as of January 31, 2025, consisted of the following (in thousands):
Privately held equity securitiesPrivately held debt and other securities Total
Initial total cost$68,140 $1,000 $69,140 
Cumulative net gains3,404 — 3,404 
Carrying amount, end of period$71,544 $1,000 $72,544 
The components of gains and losses on strategic investments were as follows (in thousands):
Three Months Ended July 31,Six Months Ended July 31,
2025202420252024
Unrealized losses recognized on privately held equity securities, including impairment$— $— $(1,579)$— 
Unrealized losses, net$— $— $(1,579)$— 
Realized gains recognized on sales of privately held equity securities$— $— $— $6,881 
Realized losses recognized on sales of privately held equity securities— (655)— (655)
Realized gains (losses), net$— $(655)$— $6,226 
Gains (losses) on strategic investments, net$— $(655)$(1,579)$6,226 
Unrealized losses recognized during the reporting period on privately held equity securities still held at the reporting date$— $— $(1,579)$—