Fair Value Measurements

12 Months Ended

Jan. 31, 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:

	January 31, 2026
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds	$	248,251	$	—	$	—	$	248,251
Level 2:
Available-for-sale securities
Commercial paper	32,611		7		(6)		32,612
Corporate notes and bonds	425,648		806		(77)		426,377
U.S. governmental securities	13,498		1		(11)		13,488
Level 2 total	471,757		814		(94)		472,477
Total	$	720,008	$	814	$	(94)	$	720,728

	January 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds	$	183,885	$	—	$	—	$	183,885
Level 2:
Available-for-sale securities
Commercial paper	31,367		12		(8)		31,371
Corporate notes and bonds	399,034		522		(378)		399,178
U.S. governmental securities	18,500		1		(21)		18,480
Level 2 total	448,901		535		(407)		449,029
Total	$	632,786	$	535	$	(407)	$	632,914

(1)Included in "cash and cash equivalents" in our consolidated balance sheets as of January 31, 2026 and 2025, in addition to cash of $354.1 million and $464.7 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 value of our available-for-sale securities as of January 31, 2026, by remaining contractual maturities, were as follows (in thousands):

Due in one year or less	$	264,084
Due in one to two years	208,393
	$	472,477

As of January 31, 2026 and 2025, 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 January 31, 2026 and 2025.

Strategic Investments

As of January 31, 2026 and 2025, we held equity investments in privately-held companies totaling $15.1 million and $14.7 million. The carrying value of strategic investments is adjusted to fair value on a non-recurring basis for observable transactions of identical or similar investments of the same issuer or for impairment. Strategic investments measured at fair value on a non-recurring basis are classified as Level 3 in the fair value hierarchy because nonrecurring fair value measurements may include observable and unobservable inputs.