v3.26.1
Fair Value Measurements
 3 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
4.
Fair Value Measurements

Fair Value Measurements

Financial assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following (in thousands):

 

 

 

As of April 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

307,284

 

$

—

 

 

$

—

 

 

$

307,284

 

Total in cash and cash equivalents

 

$

307,284

 

 

$

—

 

 

$

—

 

 

$

307,284

 

 

 

 

As of January 31, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

411,590

 

 

$

—

 

 

$

—

 

 

$

411,590

 

Total in cash and cash equivalents

 

$

411,590

 

 

$

—

 

 

$

—

 

 

$

411,590

 

 

The money market funds are considered Level 1 as fair value is based on market prices for identical assets.

As of April 30, 2026 and January 31, 2026 the fair value of the Company’s financial instruments included in current assets and current liabilities (including restricted cash, accounts receivable, accounts payable, and accrued expenses) approximated carrying value due to the short-term nature of such items.

There were no changes to the Company’s valuation techniques used to measure the fair value of assets and liabilities on a recurring basis during the three months ended April 30, 2026. There were no transfers of assets from Level 2 to Level 3 during the three months ended April 30, 2026 and 2025.

 

Certain assets, including goodwill, intangible assets and other long-lived assets are also subject to measurement at fair value on a nonrecurring basis using Level 3 measurements, but only when they are deemed to be impaired as a result of an impairment review. There was no impairment of long-lived assets during the three months ended April 30, 2026. For the three months ended April 30, 2025, the Company recorded an impairment of long-lived assets of $8.0 million to reduce the carrying value to estimated fair value (see Note 5).