Fair Value of Financial Instruments (Tables)

6 Months Ended

Jul. 31, 2025

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The Company's assets and liabilities measured at fair value on a recurring basis, by level, within the fair value hierarchy are as follows:


	July 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	47,350	$	—	$	—	$	47,350
Commercial paper	—		29,889		—		29,889
U.S. treasury securities	—		29,868		—		29,868
Total assets	$	47,350	$	59,757	$	—	$	107,107
Liabilities:
Contingent consideration(1)	$	—	$	—	$	23,700	$	23,700
Total liabilities	$	—	$	—	$	23,700	$	23,700
	January 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	36,371	$	—	$	—	$	36,371

Total assets	$	36,371	$	—	$	—	$	36,371
Liabilities:
Contingent consideration	$	—	$	—	$	45,000	$	45,000
Total liabilities	$	—	$	—	$	45,000	$	45,000

(1) As of July 31, 2025, contingent consideration includes $9.7 million classified as current and $14.0 million classified as non-current.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The key inputs as of the acquisition date are outlined below:



Volatility						15%
Revenue beta						0.35
Expected timing of payment						FY 2026 - FY 2027
Discount rate						5.90% - 6.20%

The key inputs as of July 31, 2025 are outlined below:



Volatility						13.5%
Revenue beta						0.28
Expected timing of payment						FY 2026 - FY 2027
Discount rate						9.31% - 9.34%

A rollforward of the fair value of the contingent consideration liability for the six months ended July 31, 2025 is as follows:


(in thousands)
Balance as of January 31, 2025	$	45,000
Measurement period adjustment	300
Change in fair value (1)	(21,600)
Balance as of July 31, 2025	$	23,700

(1) Changes in fair value during the six months ended July 31, 2025, were primarily driven by a decline in the estimated achievement of the defined milestones.