Fair Value Measurements

12 Months Ended

Jan. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables present information about our financial instruments that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value:

	As of January 31, 2020
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Financial Assets:
Money market funds	$	96,486	$	96,486	$	—	$	—
Commercial paper	4,994		—		4,994		—
Agency bonds	9,999		—		9,999		—
Cash equivalents	111,479		96,486		14,993		—
Commercial paper	37,894		—		37,894		—
Agency bonds	141,163		—		141,163		—
Corporate and other debt securities	321,166		—		321,166		—
U.S. government agency securities	71,837		—		71,837		—
Marketable securities	572,060		—		572,060		—
Certificate of deposit included in prepaid expenses and other current assets	100		—		100		—
Certificates of deposit included in other assets, noncurrent	2,301		—		2,301		—
Total financial assets	$	685,940	$	96,486	$	589,454	$	—

	As of January 31, 2019
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Financial Assets:
Money market funds	$	78	$	78	$	—	$	—
Cash equivalents	78		78		—		—
Commercial paper	1,243		—		1,243		—
Corporate bonds	53,214		—		53,214		—
Agency bonds	32,604		—		32,604		—
U.S. government agency securities	24,017		—		24,017		—
Treasury bills	1,699		—		1,699		—
Marketable securities	112,777		—		112,777		—
Certificate of deposit included in prepaid expenses and other current assets	200		—		200		—
Certificates of deposit included in other assets, noncurrent	2,144		—		2,144		—
Total financial assets	$	115,199	$	78	$	115,121	$	—
Financial Liabilities:
Convertible promissory notes – derivative liabilities included in other liabilities, noncurrent	$	163	$	—	$	—	$	163
Total financial liabilities	$	163	$	—	$	—	$	163

We classify our highly liquid money market funds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. We classify our commercial paper, corporate bonds, agency bonds, corporate debt securities, U.S. government agency securities, treasury bills, and certificates of deposit within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded. We classify the derivative liabilities as Level 3 due to the lack of relevant observable market data over fair value inputs, such as the probability weighting of the various scenarios that can impact settlement of the arrangement.