v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Cash Equivalents and Marketable Securities

The following tables summarize cash equivalents and marketable securities within significant investment categories by level of input within the fair value hierarchy as of April 30, 2026 and January 31, 2026 (in thousands):

 

 

April 30, 2026

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

 

Cash
Equivalents

 

 

Marketable
Securities

 

Level 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Money market funds

 

$

39,630

 

 

$

21

 

 

$

-

 

 

$

39,651

 

 

$

39,651

 

 

$

-

 

Level 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Commercial paper

 

 

359,382

 

 

 

742

 

 

 

(131

)

 

 

359,993

 

 

 

58,077

 

 

 

301,916

 

   Corporate debt securities

 

 

296,335

 

 

 

35

 

 

 

(1,204

)

 

 

295,166

 

 

 

-

 

 

 

295,166

 

   Asset-backed securities

 

 

18,449

 

 

 

-

 

 

 

(336

)

 

 

18,113

 

 

 

-

 

 

 

18,113

 

   Government agency securities

 

 

283,110

 

 

 

422

 

 

 

(1,389

)

 

 

282,143

 

 

 

-

 

 

 

282,143

 

     Total

 

$

996,906

 

 

$

1,220

 

 

$

(3,060

)

 

$

995,066

 

 

$

97,728

 

 

$

897,338

 

 

 

January 31, 2026

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

 

Cash
Equivalents

 

 

Marketable
Securities

 

Level 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Money market funds

 

$

81,237

 

 

$

-

 

 

$

-

 

 

$

81,237

 

 

$

79,103

 

 

$

2,134

 

Level 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Commercial paper

 

 

437,817

 

 

 

307

 

 

 

(2

)

 

 

438,122

 

 

 

93,817

 

 

 

344,305

 

   Corporate debt securities

 

 

228,455

 

 

 

165

 

 

 

(31

)

 

 

228,589

 

 

 

-

 

 

 

228,588

 

   Asset-backed securities

 

 

23,306

 

 

 

336

 

 

 

-

 

 

 

23,642

 

 

 

-

 

 

 

23,642

 

   Government agency securities

 

 

248,751

 

 

 

96

 

 

 

(94

)

 

 

248,753

 

 

 

121,820

 

 

 

126,934

 

     Total

 

$

1,019,566

 

 

$

904

 

 

$

(127

)

 

$

1,020,343

 

 

$

294,740

 

 

$

725,603

 

There were no impairment charges due to credit losses during the three months ended April 30, 2026 and 2025.

Summary of Quantitative Inputs Considered in the Valuation of Convertible Notes

The following tables summarize the significant quantitative inputs considered in the valuation of Convertible Notes as of April 30, 2026 and January 31, 2026:

 

 

 

April 30, 2026

 

 

January 31, 2026

 

Inputs

 

2028 Notes

 

 

2029 Notes

 

 

2028 Notes

 

 

2029 Notes

 

Price per share

 

$

9.96

 

 

$

9.96

 

 

$

14.85

 

 

$

14.85

 

Conversion premium

 

 

30.0

%

 

 

30.0

%

 

 

30.0

%

 

 

30.0

%

Risk-free rate

 

 

3.9

%

 

 

3.9

%

 

 

3.6

%

 

 

3.7

%

Selected credit spread

 

 

11.0

%

 

 

11.0

%

 

 

10.0

%

 

 

10.0

%

Coupon rate

 

 

3.8

%

 

 

3.0

%

 

 

3.8

%

 

 

3.0

%

Expected volatility

 

 

40.0

%

 

 

40.0

%

 

 

40.0

%

 

 

40.0

%