Financial Instruments

3 Months Ended

Apr. 30, 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 April 30, 2025 and January 31, 2025. 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
April 30, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and Cash Equivalents		Short-Term Investments
Cash:	$	60,469	$	—	$	—	$	60,469	$	60,469	$	—
Level 1:
Money market funds	214,174		—		—		214,174		214,174		—
U.S. Treasuries	266,825		433		(14)		267,244		5,319		261,925
Subtotal	480,999		433		(14)		481,418		219,493		261,925
Level 2:
Certificate of deposit	7,631		2		—		7,633		—		7,633
Commercial paper	44,930		2		(65)		44,867		—		44,867
Corporate bonds	167,608		124		(62)		167,670		4,036		163,634
Subtotal	220,169		128		(127)		220,170		4,036		216,134
Total	$	761,637	$	561	$	(141)	$	762,057	$	283,998	$	478,059

									Reported as
January 31, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and Cash Equivalents		Short-Term Investments
Cash:	$	75,541	$	—	$	—	$	75,541	$	75,541	$	—
Level 1:
Money market funds	96,423		—		—		96,423		96,423		—
U.S. Treasuries	259,327		345		(76)		259,596		—		259,596
Subtotal	355,750		345		(76)		356,019		96,423		259,596
Level 2:
Commercial paper	88,732		8		(3)		88,737		14,367		74,370
Corporate bonds	184,742		195		(90)		184,847		—		184,847
Subtotal	273,474		203		(93)		273,584		14,367		259,217
Total	$	704,765	$	548	$	(169)	$	705,144	$	186,331	$	518,813

The following table summarizes the estimated fair value of the Company’s investments by their remaining contractual maturity dates (in thousands):

	April 30, 2025
Due within one year	$	406,336
Due between one to two years	71,723
Total	$	478,059

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 April 30, 2025 and January 31, 2025.