Fair Value Measurements

6 Months Ended

Jul. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

We measure fair value based on a three-level hierarchy, maximizing the use of observable inputs, where available, and minimizing the use of unobservable inputs, as follows:

Level 1:Assets and liabilities whose values are based on observable inputs such as quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2:Assets and liabilities whose values are based on inputs from quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the asset or liability.

Level 3:Assets and liabilities whose values are based on unobservable inputs that are supported by little or no market activity and that are significant to the overall fair value measurement.

The following table summarizes the respective fair value and the classification by level within the fair value hierarchy (in thousands):

	As of July 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	40,520	$	—	$	—	$	40,520
Short-term investments:
Certificates of deposit	—		370		—		370
Total assets measured and recorded at fair value	$	40,520	$	370	$	—	$	40,890

	As of January 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	40,518	$	—	$	—	$	40,518
Short-term investments:
Certificates of deposit	—		364		—		364
Total assets measured and recorded at fair value	$	40,518	$	364	$	—	$	40,882

There were no transfers between the levels of the fair value hierarchy during the three and six months ended July 31, 2021 and 2020.

As of July 31, 2021 and January 31, 2021, the aggregate fair value of our cash equivalents and short-term investments approximated amortized cost and, as such, there were no unrealized gains or losses, either individually or in the aggregate. As of July 31, 2021 and January 31, 2021, our cash and cash equivalents had contractual maturities of three and six months or less and short-term investments had contractual maturities within one year of each respective date.