Fair Value Measurements

3 Months Ended

Apr. 26, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following fair value hierarchy is applied for disclosure of the inputs used to measure fair value and prioritizes the inputs into three levels as follows:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities in active markets or other inputs that are observable for the assets or liabilities, either directly or indirectly.

Level 3—Unobservable inputs based on the Company's own assumptions, requiring significant management judgment or estimation.

Instruments Measured at Fair Value on a Recurring Basis

The Company does not have any financial liabilities measured and recorded at fair value. The fair values of financial assets measured and recorded at fair value on a recurring basis were presented in the Balance Sheets as follows:

	April 26, 2026								January 25, 2026
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)		Total		(Level 1)		(Level 2)		(Level 3)
Financial assets:
Foreign currency forward contracts	$	138	$	—	$	138	$	—	$	474	$	—	$	474	$	—
Total financial assets	$	138	$	—	$	138	$	—	$	474	$	—	$	474	$	—

During the three months ended April 26, 2026, the Company had no transfers of financial assets between Level 1, Level 2 or Level 3. As of April 26, 2026 and January 25, 2026, the Company had not elected the fair value option for any financial assets for which such an election would have been permitted.

The foreign currency forward contracts are measured at fair value using readily available foreign currency forward and interest rate curves (Level 2 inputs). The fair value of each contract is determined by comparing the contract rate to the forward rate and discounting to the present value. Contracts in a gain position are recorded in "Other current assets" in the Balance Sheets and the value of contracts in a loss position are recorded in "Accrued liabilities" in the Balance Sheets.

See Note 16, Derivatives and Hedging Activities, for further discussion of the Company's derivative instruments.

Instruments Not Recorded at Fair Value

Some of the Company's financial instruments are not measured at fair value, but are recorded at amounts that approximate fair value due to their liquid or short-term nature. Such financial assets and financial liabilities include: cash and cash equivalents including money market deposits, net receivables, certain other assets, accounts payable, accrued expenses, accrued personnel costs, and other current liabilities. The Company's revolving loans are recorded at cost, which approximates fair value as the debt instruments bear interest at a floating rate. The 2027 Notes and 2030 Notes (as defined in Note 8, Long-Term Debt) are carried at face value less unamortized debt issuance costs, with interest expense reflecting the cash coupon plus the amortization of the capitalized issuance costs. The estimated fair values are determined based on the actual bid prices of the 2027 Notes and 2030 Notes as of the last business day of the period.

The following table displays the carrying values and fair values of the 2027 Notes and 2030 Notes:

		April 26, 2026				January 25, 2026
(in thousands)	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
1.625% convertible senior notes due 2027, net (1)	Level 2	$	99,370	$	298,336	$	99,176	$	221,095
0% convertible senior notes due 2030, net (2)	Level 2	392,612		544,624		392,058		441,537
Total long-term debt, net of debt issuance costs		$	491,982	$	842,960	$	491,234	$	662,632

(1) The 1.625% convertible senior notes due 2027, net, are reflected net of $1.1 million and $1.3 million of unamortized debt issuance costs as of April 26, 2026 and January 25, 2026, respectively.

(2) The 0% convertible senior notes due 2030, net, are reflected net of $9.9 million and $10.4 million of unamortized debt issuance costs as of April 26, 2026 and January 25, 2026, respectively.

Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis

The Company reduces the carrying amounts of its intangible assets, long-lived assets and non-marketable equity securities to fair value when it determines they are impaired.

Investment Impairments and Credit Loss Reserves

The total credit loss reserve for the Company's held-to-maturity debt securities and available-for-sale debt securities was $3.8 million and $4.5 million as of April 26, 2026 and January 25, 2026, respectively. During the three months ended April 26, 2026, the Company decreased its expected credit loss reserves by $0.7 million due to the sale of one of its available-for-sale debt securities. Credit loss reserves related to the Company's available-for-sale debt securities are included in "Other current assets" in the Balance Sheets.