v3.26.1
Fair Value Measurements
 3 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company measures its financial assets and liabilities at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value, as follows:

Level 1—Valuations based on observable inputs that reflect quoted prices for identical assets or liabilities in active markets.
Level 2—Valuations based on inputs that are directly or indirectly observable in the marketplace.
Level 3—Valuations based on unobservable inputs that are supported by little or no market activity.

The following tables present information about the Company’s financial assets that are required to be measured or disclosed at fair value using the above input categories as of the dates indicated (in thousands):

As of April 30, 2026
Level 1Level 2Level 3Total
Money market funds$150,653 $— $— $150,653 
U.S. Treasury securities— 61,440 — 61,440 
Commercial paper— 6,178 — 6,178 
Corporate debt securities— 141,566 — 141,566 
U.S. Government agency securities— 26,889 — 26,889 
Total$150,653 $236,073 $— $386,726 
Included in cash equivalents$151,649 
Included in investments$235,077 
As of January 31, 2026
Level 1Level 2Level 3Total
Money market funds$185,205 $— $— $185,205 
U.S. Treasury securities— 60,429 — 60,429 
Commercial paper— 3,409 — 3,409 
Corporate debt securities— 143,490 — 143,490 
U.S. Government agency securities— 26,299 — 26,299 
Total$185,205 $233,627 $— $418,832 
Included in cash equivalents$186,396 
Included in investments$232,436 

The Company’s assets that are measured by management at fair value on a recurring basis are generally classified within Level 1 or Level 2 of the fair value hierarchy.
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of April 30, 2026 and January 31, 2026, the Company’s Level 2 securities are measured at fair value and classified within Level 2 in the fair value hierarchy because the Company uses quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data or alternative pricing sources and models using market observable inputs to determine fair value.

The carrying amounts of certain financial instruments, including cash held in banks, accounts receivable, and accounts payable approximate fair value due to their short-term maturities and are excluded from the fair value table above.

Convertible Senior Notes

As of April 30, 2026, the estimated fair value of the Company’s 1.50% Convertible Senior Notes due 2028 (the “2028 Notes”) was approximately $367.1 million. The fair value was determined based on the quoted price for the 2028 Notes in an inactive market on the last trading day of the reporting period and are considered as Level 2 in the fair value hierarchy.