v3.26.1
Fair Value of Financial Instruments
 3 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Note 5 – Fair Value of Financial Instruments
The Company classifies its financial instruments within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. Three levels of input may be used to measure fair value:
•Level 1 – Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 – Observable inputs are quoted for similar assets and liabilities in active markets or inputs other than quoted prices which are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.
•Level 3 – Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. These inputs will be based on the Company’s own assumptions and will require significant management judgment or estimation.
The Company did not have any level 3 investments as of April 30, 2026 and January 31, 2026. The following table summarizes the Company’s cash and available-for-sale marketable securities’ amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value by significant investment category reported as cash and cash equivalents or short-term investments (in thousands):
Reported as
April 30, 2026Amortized CostGross Unrealized GainsGross
Unrealized
Losses		Estimated Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash:$67,343 $— $— $67,343 $67,343 $— 
Level 1:
Money market funds359,989 — — 359,989 359,989 — 
U.S. Treasuries549,393 139 (1,457)548,075 2,065 546,010 
Subtotal909,382 139 (1,457)908,064 362,054 546,010 
Level 2:
Certificate of deposit8,216 5 (2)8,219 — 8,219 
Commercial paper32,627 3 (15)32,615 — 32,615 
Corporate bonds722,364 516 (613)722,267 — 722,267 
U.S. government agencies10,597 9 — 10,606 — 10,606 
Subtotal773,804 533 (630)773,707 — 773,707 
Total$1,750,529 $672 $(2,087)$1,749,114 $429,397 $1,319,717 
Reported as
January 31, 2026Amortized CostGross Unrealized GainsGross
Unrealized
Losses		Estimated Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash:$66,674 $— $— $66,674 $66,674 $— 
Level 1:
Money market funds294,365 — — 294,365 294,365 — 
U.S. Treasuries539,437 627 (101)539,963 6,054 533,909 
Subtotal833,802 627 (101)834,328 300,419 533,909 
Level 2:
Certificate of Deposit19,949 8 — 19,957 9,816 10,141 
Commercial paper39,994 16 — 40,010 3,287 36,723 
Corporate bonds702,250 1,958 (4)704,204 — 704,204 
U.S. government agencies10,585 17 — 10,602 — 10,602 
Subtotal772,778 1,999 (4)774,773 13,103 761,670 
Total$1,673,254 $2,626 $(105)$1,675,775 $380,196 $1,295,579 

The following table summarizes the estimated fair value of the Company’s investments by their remaining contractual maturity dates (in thousands):
April 30, 2026
Due within one year$708,224 
Due between one to two years611,493 
Total$1,319,717 
For available-for-sale debt securities that have unrealized losses, the Company evaluates whether (i) the Company has the intention to sell any of these investments, (ii) it is not more likely than not that the Company will be required to sell any of these available-for-sale debt securities before recovery of the entire amortized cost basis, and (iii) the decline in the fair value of the investment is due to credit or non-credit related factors. Based on this evaluation, the Company determined that for its short-term investments there were no material credit or non-credit related impairments as of April 30, 2026 and January 31, 2026.
Convertible Notes
As of April 30, 2026, the total estimated fair value of the Convertible Notes (as defined below) was $1.03 billion. The fair value was determined based on the quoted price of the Convertible Notes in an inactive market on the last trading day of the reporting period and is classified within Level 2 of the fair value hierarchy. See Note 7, Debt.