FAIR VALUE MEASUREMENTS

12 Months Ended

Jan. 31, 2026

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, 2026
	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Assets
Cash and cash equivalents:
Cash		$	124,873	$	—	$	—	$	124,873
Money market funds	Level 1	44,754		—		—		44,754
Total cash and cash equivalents		$	169,627	$	—	$	—	$	169,627
Short-term investments:
U.S. Treasury securities	Level 1	$	271,254	$	786	$	—	$	272,040
Corporate notes and bonds	Level 2	177,892		610		—		178,502
U.S. agency securities	Level 2	8,500		—		(1)		8,499
Total short-term investments		$	457,646	$	1,396	$	(1)	$	459,041
Long-term investments:
U.S. Treasury securities	Level 1	$	45,754	$	227	$	—	$	45,981
Corporate notes and bonds	Level 2	58,473		238		—		58,711
Total long-term investments		$	104,227	$	465	$	—	$	104,692
Total assets measured at fair value		$	731,500	$	1,861	$	(1)	$	733,360

	As of January 31, 2025
	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Assets
Cash and cash equivalents:
Cash		$	94,728	$	—	$	—	$	94,728
Money market funds	Level 1	61,962		—		—		61,962
U.S. Treasury securities	Level 1	9,969		3		—		9,972
Commercial paper	Level 2	19,914		—		(2)		19,912
Total cash and cash equivalents		$	186,573	$	3	$	(2)	$	186,574
Short-term investments:
U.S. Treasury securities	Level 1	$	208,918	$	284	$	(74)	$	209,128
Commercial paper	Level 2	24,606		1		(2)		24,605
Corporate notes and bonds	Level 2	238,610		586		(6)		239,190
U.S. agency securities	Level 2	62,257		151		—		62,408
Total short-term investments		$	534,391	$	1,022	$	(82)	$	535,331
Long-term investments:
U.S. Treasury securities	Level 1	$	208,104	$	787	$	(203)	$	208,688
Corporate notes and bonds	Level 2	173,882		573		(331)		174,124
U.S. agency securities	Level 2	13,458		—		(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

There were no transfers between the levels of the fair value hierarchy during fiscal 2026, 2025 and 2024. As of January 31, 2026, all of our investments will mature within two years.

As of January 31, 2026, we determined that the declines in the market value of our investment portfolio were not driven by credit related factors. During fiscal 2026, 2025 and 2024, we did not recognize any losses on our investments due to credit related factors. As of January 31, 2026, there were no securities in continuous unrealized loss positions for more than twelve months.

The tables above do not include our strategic investments in non-marketable 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 $36.2 million and $23.2 million as of January 31, 2026 and 2025, respectively.

During fiscal 2026 and 2024, we incurred impairment charges on our non-marketable strategic investments of $1.0 million and $0.8 million. During fiscal 2025, we incurred no impairment charges on our non-marketable strategic investments. During fiscal 2026, 2025 and 2024, we recognized realized gains of $1.3 million, $0.3 million and $3.5 million respectively, on our non-marketable strategic investments. 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.

Derivative Financial Instruments

To mitigate our exposure to foreign currency fluctuations resulting from a recognized income tax liability denominated in the Israeli New Shekel (ILS), we enter into foreign currency forward contracts. As of January 31, 2026, the notional value of outstanding forward contracts was $154.4 million.

The following table summarizes the fair value of our derivative instruments on the consolidated balance sheets (in thousands):

	Classification	Fair Value Level	As of January 31,
			2026		2025
Derivative Liabilities:
Foreign currency forward contracts not designated as hedging instruments	Accrued expenses and other current liabilities	Level 2	$	574	$	—

Changes in the fair value of these derivative instruments are recognized in other income (expense), net on the consolidated statements of operations. These gains or losses are intended to economically offset the foreign currency transaction gains or losses generated by the remeasurement of the underlying ILS-denominated liability. For fiscal 2026, we recorded $0.8 million in losses specifically related to our foreign currency forward contracts. Cash flows from these contracts are classified within net cash provided by (used in) operating activities in the consolidated statements of cash flows.