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Financial Instruments
12 Months Ended
Jan. 31, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments
Note 5 – Financial Instruments
The Company classifies its financial instruments within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. Three levels of input may be used to measure fair value:
Level 1 – Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 – Observable inputs are quoted for similar assets and liabilities in active markets or inputs other than quoted prices which are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.
Level 3 – Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. These inputs will be based on the Company’s own assumptions and will require significant management judgement or estimation.
The Company did not have any level 3 investments as of January 31, 2025 and 2024. The following table summarizes the Company’s cash and available-for-sale marketable securities’ amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value by significant investment category reported as cash and cash equivalents or short-term investments (in thousands):
Reported as
January 31, 2025Amortized CostGross Unrealized GainsGross
Unrealized
Losses
Estimated Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash:$75,541 $— $— $75,541 $75,541 $— 
Level 1:
Money market funds96,423 — — 96,423 96,423 — 
U.S. Treasuries259,327 345 (76)259,596 — 259,596 
Subtotal355,750 345 (76)356,019 96,423 259,596 
Level 2:
Commercial paper88,732 (3)88,737 14,367 74,370 
Corporate bonds184,742 195 (90)184,847 — 184,847 
Subtotal273,474 203 (93)273,584 14,367 259,217 
Total$704,765 $548 $(169)$705,144 $186,331 $518,813 
Reported as
January 31, 2024Amortized CostGross Unrealized GainsGross
Unrealized
Losses
Estimated Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash:$72,420 $— $— $72,420 $72,420 $— 
Level 1:
Money market funds47,696 — — 47,696 47,696 — 
U.S. Treasuries86,429 70 (13)86,486 — 86,486 
Subtotal134,125 70 (13)134,182 47,696 86,486 
Level 2:
Commercial paper33,019 (3)33,019 9,915 23,104 
Corporate bonds17,883 30 (3)17,910 — 17,910 
U.S. government agencies21,703 27 (10)21,720 — 21,720 
Subtotal72,605 60 (16)72,649 9,915 62,734 
Total$279,150 $130 $(29)$279,251 $130,031 $149,220 

The following table summarizes the estimated fair value of the Company’s investments by their remaining contractual maturity dates (in thousands):
January 31,
2025
Due within one year$448,397 
Due between one to two years70,416 
Total$518,813 
For available-for-sale debt securities that have unrealized losses, the Company evaluates whether (i) the Company has the intention to sell any of these investments, (ii) it is not more likely than not that the Company will be required to sell any of these available-for-sale debt securities before recovery of the entire amortized cost basis, and (iii) the decline in the fair value of the investment is due to credit or non-credit related factors. Based on this evaluation, the Company determined that for its short-term investments there were no material credit or non-credit related impairments as of January 31, 2025 and 2024.