v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jul. 31, 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 July 31, 2026 and January 31, 2026 (in thousands):

 

 

July 31, 2026

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

 

Cash
Equivalents

 

 

Marketable
Securities

 

Level 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Money market funds

 

$

27,028

 

 

$

-

 

 

$

-

 

 

$

27,028

 

 

$

27,028

 

 

$

-

 

Level 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Commercial paper

 

 

208,573

 

 

 

145

 

 

 

(130

)

 

 

208,588

 

 

 

82,692

 

 

 

125,896

 

   Corporate debt securities

 

 

358,356

 

 

 

18

 

 

 

(2,732

)

 

 

355,642

 

 

 

-

 

 

 

355,642

 

   Asset-backed securities

 

 

9,677

 

 

 

-

 

 

 

(344

)

 

 

9,333

 

 

 

-

 

 

 

9,333

 

   Government agency securities

 

 

357,793

 

 

 

885

 

 

 

(3,040

)

 

 

355,638

 

 

 

-

 

 

 

355,638

 

     Total

 

$

961,427

 

 

$

1,048

 

 

$

(6,246

)

 

$

956,229

 

 

$

109,720

 

 

$

846,509

 

 

 

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 and six months ended July 31, 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 July 31, 2026 and January 31, 2026:

 

 

 

July 31, 2026

 

 

January 31, 2026

 

Inputs

 

2028 Notes

 

 

2029 Notes

 

 

2028 Notes

 

 

2029 Notes

 

Price per share

 

$

12.59

 

 

$

12.59

 

 

$

14.85

 

 

$

14.85

 

Conversion premium

 

 

30.0

%

 

 

30.0

%

 

 

30.0

%

 

 

30.0

%

Risk-free rate

 

 

4.3

%

 

 

4.3

%

 

 

3.6

%

 

 

3.7

%

Selected credit spread

 

 

14.0

%

 

 

14.0

%

 

 

10.0

%

 

 

10.0

%

Coupon rate

 

 

3.8

%

 

 

3.0

%

 

 

3.8

%

 

 

3.0

%

Expected volatility

 

 

40.0

%

 

 

40.0

%

 

 

40.0

%

 

 

40.0

%