Fair Value Measurement

12 Months Ended

Jan. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement

5 Fair Value Measurement

The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of January 31, 2022 and 2021 (in thousands):

	As of January 31, 2022
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market	$	1,056,555	$	—	$	—	$	1,056,555
Total cash equivalents	1,056,555		—		—		1,056,555
Commercial paper	—		15,343		—		15,343
Corporate bonds	—		91,432		—		91,432
Municipal bonds	—		9,165		—		9,165
Total marketable securities	—		115,940		—		115,940
Total	$	1,056,555	$	115,940	$	—	$	1,172,495

	As of January 31, 2021
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market	$	198,523	$	—	$	—	$	198,523
Commercial paper	—		19,999		—		19,999
Corporate bonds	—		1,477		—		1,477
Total cash equivalents	198,523		21,476		—		219,999
Commercial paper	—		23,171		—		23,171
Corporate bonds	—		79,657		—		79,657
Total marketable securities	—		102,828		—		102,828
Total	$	198,523	$	124,304	$	—	$	322,827
Financial Liabilities:
Foreign currency derivative	$	—	$	571	$	—	$	571
Total	$	—	$	571	$	—	$	571

Our cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. We classify commercial paper, corporate bonds, and municipal bonds within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. Our derivative financial instruments consist of foreign currency forward contracts and are carried at fair value based on significant observable inputs. As such, they are classified within Level 2 of the fair value hierarchy. None of our financial instruments were classified as Level 3 as of January 31, 2022 and 2021.