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CASH AND CASH EQUIVALENTS, INVESTMENTS, AND FAIR VALUE MEASUREMENTS
 6 Months Ended
Jul. 31, 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 July 31, 2025 and January 31, 2025 (in thousands):

As of July 31, 2025
Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Assets
Cash and cash equivalents:
Cash$99,118 $— $— $99,118 
Money market fundsLevel 1178,887 — — 178,887 
Total cash and cash equivalents$278,005 $— $— $278,005 
Short-term investments:
U.S. treasury securitiesLevel 1$233,244 $513 $(44)$233,713 
Commercial paperLevel 24,972 — (1)4,971 
Corporate notes and bondsLevel 2269,726 514 (25)270,215 
U.S. agency securitiesLevel 223,907 12 — 23,919 
Total short-term investments$531,849 $1,039 $(70)$532,818 
Long-term investments:
U.S. treasury securitiesLevel 1$175,835 $208 $(145)$175,898 
Corporate notes and bondsLevel 2132,653 98 (204)132,547 
U.S. agency securitiesLevel 28,500 — (44)8,456 
Total long-term investments$316,988 $306 $(393)$316,901 
Total assets measured at fair value$1,126,842 $1,345 $(463)$1,127,724 
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 July 31, 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 and six months ended July 31, 2025 and 2024.
As of July 31, 2025, we determined that the declines in the market value of our investment portfolio were not driven by credit-related factors. During the three and six months ended July 31, 2025 and 2024, we did not recognize any losses on our investments due to credit-related factors. As of July 31, 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 $30.1 million and $23.2 million as of July 31, 2025 and January 31, 2025, respectively, and are presented as long-term investments in the condensed consolidated balance sheets.
For the three months ended July 31, 2025 and July 31, 2024, the Company recognized gains of $0.8 million and $0.3 million, respectively, on its non-marketable strategic investments. For the six months ended July 31, 2025 and July 31, 2024, the Company recognized gains of $0.8 million and $0.3 million, respectively. No impairment charges were recorded on these investments in each of the periods. Impairment charges and gains on strategic investments are recognized in other income (expense), net.