Cash and Cash Equivalents, Investments and Fair Value Measurements

9 Months Ended

Oct. 31, 2022

Fair Value Disclosures [Abstract]

Cash and Cash Equivalents, Investments and Fair Value Measurements

CASH AND CASH EQUIVALENTS, INVESTMENTS, AND FAIR VALUE MEASUREMENTS

The following table summarizes information about our cash, cash equivalents, and investments by investment category (in thousands):

	As of October 31, 2022
	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Assets
Cash and cash equivalents:
Cash		$	37,776	$	—	$	—	$	37,776
Money market funds	Level 1	142,486		—		—		142,486
Corporate notes and bonds	Level 2	7,729		—		—		7,729
U.S. agency securities	Level 2	22,485		—		(4)		22,481
Total cash and cash equivalents		$	210,476	$	—	$	(4)	$	210,472
Short-term investments:								—
U.S. Treasury securities	Level 1	$	150,245	$	—	$	(1,043)	$	149,202
Commercial paper	Level 2	233,773		—		(1,753)		232,020
Corporate notes and bonds	Level 2	38,155		—		(252)		37,903
U.S. agency securities	Level 2	72,287		—		(600)		71,687
Total short-term investments		$	494,460	$	—	$	(3,648)	$	490,812
Long-term investments:
U.S. Treasury securities	Level 1	$	185,892	$	—	$	(3,012)	$	182,880
Commercial paper	Level 2	18,887		—		(302)		18,585
Corporate notes and bonds	Level 2	175,947		—		(2,951)		172,996
U.S. agency securities	Level 2	74,247		—		(986)		73,261
Total long-term investments		$	454,973	$	—	$	(7,251)	$	447,722
Total assets measured at fair value		$	1,159,909	$	—	$	(10,903)	$	1,149,006

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

	As of January 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	1,641,642	$	—	$	—	$	1,641,642
Short-term investments:
Certificates of deposit	—		374		—		374
Total assets measured and recorded at fair value	$	1,641,642	$	374	$	—	$	1,642,016

There were no transfers between the levels of the fair value hierarchy during the three and nine months ended October 31, 2022 and 2021.

As of October 31, 2022, we determined that the declines in the market value of our investment portfolio were not driven by credit related factors. During the three and nine months ended October 31, 2022 and 2021, we did not recognize any losses on our investments due to credit related factors. As of October 31, 2022, no unrealized losses were in a continuous unrealized loss position for more than twelve months.