CASH AND CASH EQUIVALENTS, INVESTMENTS, AND FAIR VALUE MEASUREMENTS

9 Months Ended

Oct. 31, 2024

Fair Value Disclosures [Abstract]

CASH AND CASH EQUIVALENTS, INVESTMENTS, AND FAIR VALUE MEASUREMENTS

CASH AND CASH EQUIVALENTS, INVESTMENTS, AND FAIR VALUE MEASUREMENTS

The following tables summarize information about our cash, cash equivalents, and investments by investment category as of October 31, 2024 and January 31, 2024 (in thousands):

	As of October 31, 2024
	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Assets
Cash and cash equivalents:
Cash		$	86,320	$	—	$	—	$	86,320
Money market funds	Level 1	149,422		—		—		149,422
Total cash and cash equivalents		$	235,742	$	—	$	—	$	235,742
Short-term investments:
U.S. Treasury securities	Level 1	$	102,526	$	146	$	(1)	$	102,671
Corporate notes and bonds	Level 2	207,437		441		(46)		207,832
U.S. agency securities	Level 2	113,831		196		(13)		114,014
Total short-term investments		$	423,794	$	783	$	(60)	$	424,517
Long-term investments:
U.S. Treasury securities	Level 1	$	208,798	$	1,107	$	(291)	$	209,614
Corporate notes and bonds	Level 2	216,716		1,045		(373)		217,388
U.S. agency securities	Level 2	13,457		4		(82)		13,379
Total long-term investments		$	438,971	$	2,156	$	(746)	$	440,381
Total assets measured at fair value		$	1,098,507	$	2,939	$	(806)	$	1,100,640

	As of January 31, 2024
	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Assets
Cash and cash equivalents:
Cash		$	43,925	$	—	$	—	$	43,925
Money market funds	Level 1	204,481		—		—		204,481
Certificates of deposit	Level 2	8,245		—		—		8,245
Total cash and cash equivalents		$	256,651	$	—	$	—	$	256,651
Short-term investments:
U.S. Treasury securities	Level 1	$	234,776	$	—	$	(1,053)	$	233,723
Corporate notes and bonds	Level 2	279,248		12		(1,068)		278,192
U.S. agency securities	Level 2	157,873		18		(501)		157,390
Total short-term investments		$	671,897	$	30	$	(2,622)	$	669,305
Long-term investments:
U.S. Treasury securities	Level 1	$	27,175	$	121	$	—	$	27,296
Corporate notes and bonds	Level 2	69,970		279		(67)		70,182
U.S. agency securities	Level 2	90,924		303		(48)		91,179
Total long-term investments		$	188,069	$	703	$	(115)	$	188,657
Total assets measured at fair value		$	1,116,617	$	733	$	(2,737)	$	1,114,613

We invest in highly rated securities with a weighted average maturity of 18 months or less. As of October 31, 2024, all of our investments will mature within two years.

There were no transfers between the levels of the fair value hierarchy during the three and nine months ended October 31, 2024 and 2023.

As of October 31, 2024, 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, 2024 and 2023, we did not recognize any losses on our investments due to credit-related factors. As of October 31, 2024, we had $0.1 million in continuous unrealized loss positions for more than twelve months on securities with a total fair value of $75.6 million.

The tables above do not include the Company’s strategic investments in non-marketable debt and equity securities, recorded at cost, less any impairment, plus or minus observable price changes in orderly transactions for identical or similar investments of the same issuer and were $23.2 million and $16.1 million as of October 31, 2024 and January 31, 2024, respectively. Receivables related to strategic investments are classified as prepaid expenses and other current assets and other assets on the condensed consolidated balance sheet. As of October 31, 2024 and January 31, 2024, the balance of such receivables were $1.4 million and $1.1 million, respectively.

During the three and nine months ended October 31, 2024, the Company incurred no impairment charges on its non-marketable strategic investments. During the three and nine months ended October 31, 2023, the Company recognized impairment charges on its non-marketable strategic investments of $0.8 million. During the three months ended October 31, 2024, the Company recognized no realized gains on its non-marketable strategic investments. During the nine months ended October 31, 2024, the Company recognized realized gains on its non-marketable strategic investments of $0.3 million. During the three and nine months ended October 31, 2023, the Company recognized realized gains on its non-marketable strategic investments of $1.5 million and $3.5 million, respectively. Impairment charges and realized gains on strategic investments are recognized in other income (expense), net.