Cash and Cash Equivalents, Investments and Fair Value Measurements |
CASH AND CASH EQUIVALENTS, INVESTMENTS, AND FAIR VALUE MEASUREMENTSThe following tables summarizes information about our cash, cash equivalents, and investments by investment category as of April 30, 2023 and January 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of April 30, 2023 | | Fair Value Level | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Assets | | | | | | | | | | Cash and cash equivalents: | | | | | | | | | | Cash | Level 1 | | $ | 70,297 | | | $ | — | | | $ | — | | | $ | 70,297 | | Money market funds | Level 1 | | 74,816 | | | — | | | — | | | 74,816 | | | | | | | | | | | | U.S. agency securities | Level 2 | | 4,985 | | | 1 | | | — | | | 4,986 | | Total cash and cash equivalents | | | $ | 150,098 | | | $ | 1 | | | $ | — | | | $ | 150,099 | | Short-term investments: | | | | | | | | | — | | U.S. Treasury securities | Level 1 | | $ | 168,185 | | | $ | 13 | | | $ | (689) | | | $ | 167,509 | | Commercial paper | Level 2 | | 168,335 | | | — | | | (281) | | | 168,054 | | Corporate notes and bonds | Level 2 | | 121,689 | | | — | | | (1,280) | | | 120,409 | | U.S. agency securities | Level 2 | | 112,626 | | | 25 | | | (495) | | | 112,156 | | Total short-term investments | | | $ | 570,835 | | | $ | 38 | | | $ | (2,745) | | | $ | 568,128 | | Long-term investments: | | | | | | | | | | U.S. Treasury securities | Level 1 | | $ | 153,329 | | | $ | — | | | $ | (1,755) | | | $ | 151,574 | | | | | | | | | | | | Corporate notes and bonds | Level 2 | | 178,792 | | | 139 | | | (1,100) | | | 177,831 | | U.S. agency securities | Level 2 | | 82,622 | | | 3 | | | (646) | | | 81,979 | | Total long-term investments | | | $ | 414,743 | | | $ | 142 | | | $ | (3,501) | | | $ | 411,384 | | | | | | | | | | | | Total assets measured at fair value | | | $ | 1,135,676 | | | $ | 181 | | | $ | (6,246) | | | $ | 1,129,611 | |
The following table summarizes the respective fair value and the classification by level within the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of January 31, 2023 | | Fair Value Level | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Assets | | | | | | | | | | Cash and cash equivalents: | | | | | | | | | | Cash | Level 1 | | $ | 35,055 | | | $ | — | | | $ | — | | | $ | 35,055 | | Money market funds | Level 1 | | 102,886 | | | — | | | — | | | 102,886 | | Total cash and cash equivalents | | | $ | 137,941 | | | $ | — | | | $ | — | | | $ | 137,941 | | Short-term investments: | | | | | | | | | | U.S. Treasury securities | Level 1 | | $ | 144,392 | | | $ | 1 | | | $ | (501) | | | $ | 143,892 | | Commercial paper | Level 2 | | 230,305 | | | 30 | | | (667) | | | 229,668 | | Corporate notes and bonds | Level 2 | | 38,443 | | | 15 | | | (148) | | | 38,310 | | U.S. agency securities | Level 2 | | 74,060 | | | 3 | | | (349) | | | 73,714 | | Total short-term investments | | | $ | 487,200 | | | $ | 49 | | | $ | (1,665) | | | $ | 485,584 | | Long-term investments: | | | | | | | | | | U.S. Treasury securities | Level 1 | | $ | 192,337 | | | $ | — | | | $ | (2,460) | | | $ | 189,877 | | Corporate notes and bonds | Level 2 | | 233,946 | | | 178 | | | (2,029) | | | 232,095 | | U.S. agency securities | Level 2 | | 101,844 | | | 27 | | | (921) | | | 100,950 | | Total long-term investments | | | $ | 528,127 | | | $ | 205 | | | $ | (5,410) | | | $ | 522,922 | | | | | | | | | | | | Total assets measured at fair value | | | $ | 1,153,268 | | | $ | 254 | | | $ | (7,075) | | | $ | 1,146,447 | |
We invest in highly rated securities with a weighted average maturity of 18 months or less. As of April 30, 2023, all of our investments will mature within 2 years. There were no transfers between the levels of the fair value hierarchy during the three months ended April 30, 2023 and 2022. As of April 30, 2023, we determined that the declines in the market value of our investment portfolio were not driven by credit related factors. During the three months ended April 30, 2023 and 2022, we did not recognize any losses on our investments due to credit related factors. As of April 30, 2023, no unrealized losses were in a continuous unrealized loss position for more than twelve months. The tables above do not include the Company’s strategic investments in non-marketable debt and equity securities, which are classified as level 3 investments and were $12.5 million as of April 30, 2023 and January 31, 2023.
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