v3.26.1
Fair Value Measurement
 6 Months Ended
Jul. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
The following tables present the fair value hierarchy of our financial assets and liabilities measured at fair value on a recurring basis as of July 31, 2026 and January 31, 2026 (in thousands): 
As of July 31, 2026
Level 1Level 2Level 3Total
Financial assets:
Money market funds
$223,575 $— $— $223,575 
Treasury bills29,901 — — 29,901 
Commercial paper
— 9,956 — 9,956 
Total cash equivalents253,476 9,956 — 263,432 
Treasury bills and U.S. government securities579,403 — — 579,403 
Corporate bonds— 190,777 — 190,777 
Commercial paper— 24,518 — 24,518 
Yankee bonds— 2,913 — 2,913 
Total marketable securities579,403 218,208 — 797,611 
Other investments carried at fair value— — 14,112 14,112 
Total$832,879 $228,164 $14,112 $1,075,155 
Financial liabilities:
Contingent consideration$— $— $30,392 $30,392 
Total$— $— $30,392 $30,392 

As of January 31, 2026
Level 1Level 2Level 3Total
Financial assets:
Money market funds
$279,658 $— $— $279,658 
Treasury bills21,982 — — 21,982 
Total cash equivalents301,640 — — 301,640 
Treasury bills and U.S. government securities620,155 — — 620,155 
Corporate bonds— 160,877 — 160,877 
Commercial paper— 34,390 — 34,390 
Yankee bonds— 2,897 — 2,897 
Total marketable securities620,155 198,164 — 818,319 
Other investments carried at fair value— — 14,202 14,202 
Total$921,795 $198,164 $14,202 $1,134,161 
Financial liabilities:
Contingent consideration$— $— $1,532 $1,532 
Total$— $— $1,532 $1,532 
Our money market funds and treasury bills and U.S. government securities are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. We classify corporate bonds, commercial paper, and Yankee bonds as Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. With respect to Level 3 inputs, other investments carried at fair value consist of convertible bonds of a private company, the H Company, purchased during fiscal year 2025. Contingent consideration liabilities associated with business acquisitions are classified as Level 3 during the related contingency periods because their valuations rely on unobservable inputs such as likelihood of earn-out payment scenarios and discount rate.
During the six months ended July 31, 2026, changes in the fair value of Level 3 financial liabilities, which consist solely of contingent consideration liabilities associated with business acquisitions, were as follows (in thousands):
WorkFusion, Inc.Peak AI LimitedTotal
Balance as of January 31, 2026$— $1,532 $1,532 
Additions — Acquisition of WorkFusion, Inc.29,567 — 29,567 
Changes in fair value (recorded within general and administrative expenses)825 2,446 3,271 
Effect of foreign currency translation— (14)(14)
Transfers out of Level 3 — determination of earn-out for Peak AI Limited— (3,964)(3,964)
Balance as of July 31, 2026$30,392 $— $30,392