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Fair Value Measurements
 12 Months Ended
Jan. 31, 2025
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 information about our cash, cash equivalents, and investments by investment category for the periods presented (in thousands):
As of January 31, 2025
Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Assets
Cash and cash equivalents:
Cash$94,728 $— $— $94,728 
Money market fundsLevel 161,962 — — 61,962 
U.S. Treasury securities
Level 1
9,969 3 — 9,972 
Commercial paper
Level 219,914 — (2)19,912 
Total cash and cash equivalents$186,573 $3 $(2)$186,574 
Short-term investments:
U.S. Treasury securitiesLevel 1$208,918 $284 $(74)$209,128 
Commercial paperLevel 224,606 1 (2)24,605 
Corporate notes and bondsLevel 2238,610 586 (6)239,190 
U.S. agency securitiesLevel 262,257 151 — 62,408 
      Total short-term investments$534,391 $1,022 $(82)$535,331 
Long-term investments:
U.S. Treasury securitiesLevel 1$208,104 $787 $(203)$208,688 
Corporate notes and bondsLevel 2173,882 573 (331)174,124 
U.S. agency securitiesLevel 213,458 — (63)13,395 
      Total long-term investments$395,444 $1,360 $(597)$396,207 
Total assets measured at fair value$1,116,408 $2,385 $(681)$1,118,112 
As of January 31, 2024
Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Assets
Cash and cash equivalents:
Cash$43,925 $— $— $43,925 
Money market fundsLevel 1204,481 — — 204,481 
Certificates of depositLevel 28,245 — — 8,245 
Total cash and cash equivalents$256,651 $— $— $256,651 
Short-term investments:
U.S. Treasury securitiesLevel 1$234,776 $— $(1,053)$233,723 
Corporate notes and bondsLevel 2279,248 12 (1,068)278,192 
U.S. agency securitiesLevel 2157,873 18 (501)157,390 
      Total short-term investments$671,897 $30 $(2,622)$669,305 
Long-term investments:
U.S. Treasury securitiesLevel 1$27,175 $121 $— $27,296 
Corporate notes and bondsLevel 269,970 279 (67)70,182 
U.S. agency securitiesLevel 290,924 303 (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 
There were no transfers between the levels of the fair value hierarchy during fiscal 2025, 2024 and 2023. As of January 31, 2025, all of our investments will mature within two years.
As of January 31, 2025, we determined that the declines in the market value of our investment portfolio were not driven by credit related factors. During fiscal 2025, 2024 and 2023, we did not recognize any losses on our investments due to credit related factors. As of January 31, 2025, we had $1.2 million in continuous unrealized loss positions for more than twelve months on securities with a total fair value of $15.0 million.
The tables above do not include the Company’s strategic investments in non-marketable debt and equity securities, which are 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 January 31, 2025 and 2024, respectively.
During fiscal 2025 and 2023, the Company incurred no impairment charges on its non-marketable strategic investments. During fiscal 2024, the Company incurred impairment charges on its non-marketable strategic investments of $0.8 million. During fiscal 2025 and 2024, the Company recognized realized gains of $0.3 million and $3.5 million, respectively, and on its non-marketable strategic investments. No realized gains were recognized during fiscal 2023. Impairment charges and realized gains on strategic investments were recognized in other income (expense), net. The fair value was estimated on a non-recurring basis based on Level 3 inputs.