v3.26.1
Fair Value Measurements
 3 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes our financial assets that are measured at fair value on a recurring basis:
April 30, 2026
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds$266,585 $— $— $266,585 
Level 2:
Available-for-sale securities
Commercial paper32,384 1 (30)32,355 
Corporate notes and bonds435,284 189 (761)434,712 
U.S. governmental securities8,998 — (16)8,982 
Level 2 total476,666 190 (807)476,049 
Total$743,251 $190 $(807)$742,634 
January 31, 2026
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds$248,251 $— $— $248,251 
Level 2:
Available-for-sale securities
Commercial paper32,611 7 (6)32,612 
Corporate notes and bonds425,648 806 (77)426,377 
U.S. governmental securities13,498 1 (11)13,488 
Level 2 total471,757 814 (94)472,477 
Total$720,008 $814 $(94)$720,728 
(1) Included in “cash and cash equivalents” in our consolidated balance sheets as of April 30, 2026 and January 31, 2026, in addition to cash of $281.4 million and $354.1 million.

We use quoted prices in active markets for identical assets to determine the fair value of our Level 1 investments. The fair value of our Level 2 investments is determined using pricing based on quoted market prices or alternative market observable inputs.

The fair values of our available-for-sale securities as of April 30, 2026, by remaining contractual maturities, were as follows (in thousands):
Due in one year or less$266,152 
Due in one to two years209,897 
$476,049 

As of April 30, 2026 and January 31, 2026, securities in an unrealized loss position were, individually and in aggregate, not material. An allowance for credit losses was deemed unnecessary for these securities, given the extent of the unrealized loss positions as well as the issuers' high credit ratings and consistent payment history.

We had no liabilities measured at fair value on a recurring basis as of April 30, 2026 and January 31, 2026.