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Fair Value Measurements
 9 Months Ended
Oct. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present information about the Company’s financial assets that have been measured at fair value on a recurring basis as of October 31, 2023 and January 31, 2023 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):
Fair Value Measurement as of October 31, 2023
Level 1
Level 2
Level 3
Total
Financial Assets:
Cash and cash equivalents:
Money market funds $244,707 $— $— $244,707 
Short-term investments:
U.S. government treasury securities
1,447,036 — — 1,447,036 
Total financial assets
$1,691,743 $— $— $1,691,743 

Fair Value Measurement as of January 31, 2023
Level 1
Level 2
Level 3
Total
Financial Assets:
Cash and cash equivalents:
Money market funds $268,985 $— $— $268,985 
Short-term investments:
U.S. government treasury securities
1,380,804 — — 1,380,804 
Total financial assets
$1,649,789 $— $— $1,649,789 
The Company utilized the market approach and Level 1 valuation inputs to value its money market mutual funds and U.S. government treasury securities because published net asset values were readily available.
The following table summarizes the amortized cost and fair value of the Company’s short-term investments by remaining contractual maturity as of October 31, 2023 and January 31, 2023 (in thousands):
October 31, 2023January 31, 2023
Amortized
Cost		Unrealized
Losses		Fair ValueAmortized
Cost		Unrealized
Losses		Fair Value
Due within one year$638,309 $(1,553)$636,756 $1,383,226 $(2,422)$1,380,804 
Due after one year and within three years818,757 (8,478)810,279 — — — 
Total short-term investments$1,457,066 $(10,031)$1,447,035 $1,383,226 $(2,422)$1,380,804 
As of October 31, 2023 and January 31, 2023, unrealized losses on the Company’s U.S. government treasury securities were approximately $10.0 million and $2.4 million, respectively. These unrealized losses were caused by interest rate increases, which resulted in the decrease in market value of these securities. Because the decline in fair value is due to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity, the Company concluded that an allowance for credit losses was unnecessary for short-term investments as of October 31, 2023. Gross realized gains and losses were not material for each of the three and nine months ended October 31, 2023 and 2022. There were no short-term investments in a continuous loss position for greater than twelve months.
Convertible Senior Notes
The Company measures the fair value of its outstanding convertible senior notes on a quarterly basis for disclosure purposes. The Company considers the fair value of its convertible senior notes at October 31, 2023 to be a Level 2 measurement due to limited trading activity of the convertible senior notes. Refer to Note 5, Convertible Senior Notes, for further details.
Non-marketable Securities
As of October 31, 2023 and January 31, 2023, the total amount of non-marketable equity and debt securities included in other assets on the Company’s condensed consolidated balance sheets were $13.1 million and $9.8 million, respectively. During the nine months ended October 31, 2023 and 2022, the Company invested an additional $2.1 million and $2.7 million, respectively, of its cash in non-marketable equity securities. The Company recognized net unrealized gains on certain of these non-marketable securities of $1.3 million and $1.7 million during the nine months ended October 31, 2023 and 2022, respectively. No unrealized gain or loss was recognized during the three months ended October 31, 2023 and 2022. Refer to Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2023 Form 10-K for further information. The Company considers these assets as Level 3 within the fair value hierarchy. The estimation of fair value for these investments is inherently complex due to the lack of readily available market data and inherent lack of liquidity and requires the Company’s judgment and the use of significant unobservable inputs in an inactive market. In addition, the determination of whether an orderly transaction is for the identical or a similar investment requires significant management judgment, including understanding the differences in the rights and obligations of the investments, the extent to which those differences would affect the fair values of those investments and the stage of operational development of the entities.