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Fair Value of Financial Instruments
 6 Months Ended
Jul. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Note 5 – Fair Value of 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 judgment or estimation.
The Company did not have any level 3 investments as of July 31, 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
July 31, 2025Amortized CostGross Unrealized GainsGross
Unrealized
Losses		Estimated Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash:$72,680 $— $— $72,680 $72,680 $— 
Level 1:
Money market funds174,327 — — 174,327 174,327 — 
U.S. Treasuries544,143 41 (361)543,823 59,797 484,026 
Subtotal718,470 41 (361)718,150 234,124 484,026 
Level 2:
Certificate of deposit7,631 12 — 7,643 — 7,643 
Commercial paper33,280 — (61)33,219 — 33,219 
Corporate bonds685,970 108 (640)685,438 15,898 669,540 
U.S. government agencies5,890 — (9)5,881 — 5,881 
Subtotal732,771 120 (710)732,181 15,898 716,283 
Total$1,523,921 $161 $(1,071)$1,523,011 $322,702 $1,200,309 
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 8 (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 

The following table summarizes the estimated fair value of the Company’s investments by their remaining contractual maturity dates (in thousands):
July 31, 2025
Due within one year$686,987 
Due between one to two years513,322 
Total$1,200,309 
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 July 31, 2025 and January 31, 2025.
Convertible Notes
As of July 31, 2025, the total estimated fair value of the Convertible Notes was $1,237.9 million. The fair value was determined based on the quoted price of the Convertible Notes in an inactive market on the last trading day of the reporting period and is classified within Level 2 of the fair value hierarchy. See Note 8 Debt.