v3.25.1
Fair Value Measurements
 3 Months Ended
May 03, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company reports financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level 1—Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2—Observable inputs other than quoted prices in active markets for identical assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3—Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.
The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety.
The condensed consolidated financial statements as of May 3, 2025 and February 1, 2025 do not include any non-recurring fair value measurements relating to assets or liabilities.
The following tables present the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of the periods presented (in thousands):
As of May 3, 2025
Level 1Level 2Level 3Total
Cash equivalents and restricted cash
Cash equivalents:
Money market funds$121,771 $— $— $121,771 
Commercial paper— 44,035 — 44,035 
U.S. government and agency securities— 19,426 — 19,426 
Restricted cash—letters of credit17,552 — — 17,552 
Total cash equivalents and restricted cash$139,323 $63,461 $— $202,784 
Marketable debt securities
Commercial paper
$— $68,242 $— $68,242 
Corporate notes and bonds
— 460,999 — 460,999 
U.S. government and agency securities
— 234,940 — 234,940 
Total marketable debt securities$— $764,181 $— $764,181 
As of February 1, 2025
Level 1Level 2Level 3Total
Cash equivalents and restricted cash
Cash equivalents:
Money market funds$157,601 $— $— $157,601 
Commercial paper— 15,686 — 15,686 
Corporate notes and bonds— 2,496 — 2,496 
Restricted cash—letters of credit14,561 — — 14,561 
Total cash equivalents and restricted cash$172,162 $18,182 $— $190,344 
Marketable debt securities
Commercial paper
$— $62,590 $— $62,590 
Corporate notes and bonds
— 444,737 — 444,737 
U.S. government and agency securities
— 242,547 — 242,547 
Total marketable debt securities$— $749,874 $— $749,874 
The Company determines the fair value of its security holdings based on pricing from the Company’s service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs), such as yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures.
There were no transfers between Level 1 or Level 2, or transfers in or out of Level 3, of the fair value hierarchy during the three months ended May 3, 2025 and May 4, 2024.