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CASH AND CASH EQUIVALENTS, INVESTMENTS, AND FAIR VALUE MEASUREMENTS
 3 Months Ended
Apr. 30, 2025
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 April 30, 2025 and January 31, 2025 (in thousands):

As of April 30, 2025
Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Assets
Cash and cash equivalents:
Cash$114,678 $— $— $114,678 
Money market fundsLevel 173,946 — — 73,946 
Total cash and cash equivalents$188,624 $— $— $188,624 
Short-term investments:
U.S. treasury securitiesLevel 1$239,096 $702 $(27)$239,771 
Commercial paperLevel 214,865 — (1)14,864 
Corporate notes and bondsLevel 2273,260 663 (5)273,918 
U.S. agency securitiesLevel 249,672 69 — 49,741 
Total short-term investments$576,893 $1,434 $(33)$578,294 
Long-term investments:
U.S. treasury securitiesLevel 1$211,592 $1,358 $— $212,950 
Corporate notes and bondsLevel 2190,372 969 (119)191,222 
U.S. agency securitiesLevel 28,500 — (10)8,490 
Total long-term investments$410,464 $2,327 $(129)$412,662 
Total assets measured at fair value$1,175,981 $3,761 $(162)$1,179,580 
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 securitiesLevel 19,969 3 — 9,972 
Commercial paperLevel 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 
We invest in highly rated securities with a weighted average maturity of 18 months or less. As of April 30, 2025, all of our investments will mature within two years.
There were no transfers between the levels of the fair value hierarchy during the three months ended April 30, 2025 and 2024.
As of April 30, 2025, we determined that the declines in the market value of our investment portfolio were not driven by credit-related factors. During the three months ended April 30, 2025 and 2024, we did not recognize any losses on our investments due to credit-related factors. As of April 30, 2025, there were no securities in continuous unrealized loss positions for more than twelve months.
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. These were $27.1 million and $23.2 million as of April 30, 2025 and January 31, 2025, respectively, and are presented as long-term investments in the condensed consolidated balance sheets.
During the three months ended April 30, 2025 and April 30, 2024, the Company recognized immaterial impairment charges and realized gains on its non-marketable strategic investments. Impairment charges and realized gains on strategic investments are recognized in other income (expense), net.