v3.26.1
Investments and Fair Value Measurements
 3 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements Investments and Fair Value Measurements
The Company follows ASC 820, Fair Value Measurements, with respect to cash equivalents and deferred compensation investments that are measured at fair value on a recurring basis. Under the standard, fair value is defined as the exit price, or the amount that would be received to sell an asset or a liability in an orderly transaction between market participants as of the measurement date. The standard also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability based upon the best information available in the circumstances.
The hierarchy is broken down into three levels as follows:
Level 1    Assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in active markets
Level 2    Assets and liabilities whose values are based on quoted prices in markets that are not active or inputs that are observable for substantially the full term of the asset or liability
Level 3    Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement
Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
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):
April 30, 2026January 31, 2026
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(1)
Money market funds$910,070 $— $— $910,070 $1,407,062 $— $— $1,407,062 
U.S. Treasury securities— 795,315 — 795,315 — 598,398 — 598,398 
Other assets
Deferred compensation investments15,529 — — 15,529 12,710 — — 12,710 
Total assets$925,599 $795,315 $— $1,720,914 $1,419,772 $598,398 $— $2,018,170 
(1)Cash equivalents exclude $1.4 billion of time deposits, which are carried at cost and approximate fair value as of April 30, 2026.
There were no transfers between the levels of the fair value hierarchy during the periods presented.
As of April 30, 2026 and January 31, 2026, the Company’s U.S. Treasury securities are carried at fair value and there were no material realized or unrealized gains or losses, either individually or in aggregate.
The total estimated fair value of the Company’s financing receivables approximates their carrying amounts as of April 30, 2026 and January 31, 2026. The fair value of the Company’s financing receivables is considered to be a Level 3 measurement as unobservable inputs are used in determining discounted cash flows to estimate fair value.
Strategic Investments
The Company’s investments of privately held securities as of April 30, 2026, consisted of the following (in thousands):
Privately held equity securities
Initial total cost$64,438 
Cumulative net gains1,825 
Carrying amount, end of period$66,263 
The Company’s investments of privately held securities as of January 31, 2026, consisted of the following (in thousands):
Privately held equity securities
Initial total cost$75,007 
Cumulative net gains1,825 
Carrying amount, end of period$76,832 
As of April 30, 2026 and January 31, 2026, the cumulative net gains of $1.8 million are comprised of upward adjustments of $7.3 million, less downward adjustments and impairment of $5.5 million.
Gains and Losses on Strategic Investments
The components of gains and losses on strategic investments were as follows (in thousands):
Three Months Ended April 30,
20262025
Unrealized losses recognized on privately held equity securities, including impairment$— $(1,579)
Unrealized losses$— $(1,579)
Realized gains recognized on sales of privately held equity securities$36,362 $— 
Realized gains$36,362 $— 
Gains (losses) on strategic investments, net$36,362 $(1,579)
Unrealized losses recognized during the reporting period on privately held equity securities still held at the reporting date$— $(1,579)
Unrealized gains recognized on privately held equity securities include upward adjustments from equity securities accounted for under the measurement alternative while unrealized losses recognized on privately held equity securities include downward adjustments and impairment.
Realized gains and losses recognized on sales of privately held equity securities reflect the difference between the sale proceeds and the carrying value of the security at the beginning of the period or the purchase date, if later.