v3.25.1
Investments
3 Months Ended
Apr. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Marketable Securities
As of April 30, 2025 and January 31, 2025, our marketable securities consisted of the following:
As of April 30, 2025
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
(in thousands)
Commercial paper$2,930 $— $— $2,930 
Agency bonds996,220 1,691 (323)997,588 
Corporate and other debt securities745,550 2,606 (131)748,025 
U.S. government agency securities4,717,606 16,351 (1,043)4,732,914 
Treasury bills82,527 (9)82,519 
Marketable securities$6,544,833 $20,649 $(1,506)$6,563,976 
As of January 31, 2025
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
(in thousands)
Commercial paper$20,841 $— $— $20,841 
Agency bonds1,173,518 1,609 (643)1,174,484 
Corporate and other debt securities719,145 2,069 (419)720,795 
U.S. government agency securities4,412,730 8,449 (5,249)4,415,930 
Treasury bills110,237 43 (1)110,279 
Marketable securities$6,436,471 $12,170 $(6,312)$6,442,329 
Unrealized losses for securities that have been in an unrealized loss position for less than 12 months were $1.5 million and $6.2 million as of April 30, 2025 and January 31, 2025, respectively. Unrealized losses for securities that have been in an unrealized loss position for 12 months or longer were immaterial as of April 30, 2025 and January 31, 2025. We review the individual securities that have unrealized losses on a regular basis to evaluate whether or not any security has experienced, or is expected to experience, credit losses resulting in the decline in fair value. We evaluate, among other factors, whether we have the intention to sell any of these marketable securities and whether it is more likely than not that we will be required to sell any of them before recovery of the amortized cost basis. We have not recorded an allowance for credit losses, as we believe any such losses would be immaterial based on the high-grade credit rating for each of our marketable securities as of the end of each period. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive loss for the three months ended April 30, 2025 and 2024.
The following table presents the contractual maturities of our marketable securities as of April 30, 2025 and January 31, 2025:
As of
April 30, 2025January 31, 2025
(in thousands)
Less than one year$3,502,515 $3,534,014 
Due in one to five years3,061,461 2,908,315 
Total$6,563,976 $6,442,329 
Strategic Investments
Strategic investments by form and measurement category as of April 30, 2025 were as follows:
Measurement Category
Fair ValueMeasurement AlternativeEquity MethodTotal
(in thousands)
Equity securities$47,479 $425,065 $99,132 $571,676 
Debt securities4,463 — — 4,463 
Strategic investments$51,942 $425,065 $99,132 $576,139 
Strategic investments by form and measurement category as of January 31, 2025 were as follows:
Measurement Category
Fair ValueMeasurement AlternativeEquity MethodTotal
(in thousands)
Equity securities$35,280 $452,160 $99,591 $587,031 
Debt securities4,450 — — 4,450 
Strategic investments$39,730 $452,160 $99,591 $591,481