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Financial Instruments (Tables)

3 Months Ended

Apr. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Cash and Cash Equivalents

The following table includes a summary of financial instruments measured at fair value as of April 30, 2023 (in thousands):

						Level 1						Level 2						Level 3
Cash						$	225,837					$	—					$	—
Money market funds						163,040						—						—
Commercial paper						19,808						—						—
Cash and cash equivalents						408,685						—						—
U.S. Treasury securities						394,461						—						—
Equity investments						26						—						—
Marketable securities						394,487						—						—
Equity warrants						—						—						22,688
Total financial instruments						$	803,172					$	—					$	22,688

The following table includes a summary of financial instruments measured at fair value as of January 29, 2023 (in thousands):

						Level 1						Level 2						Level 3
Cash						$	300,441					$	—					$	—
Money market funds						30,000						—						—
Cash and cash equivalents						330,441						—						—
U.S. Treasury securities						346,926						—						—
Equity investments						18						—						—
Marketable securities						346,944						—						—
Equity warrants						—						—						31,622
Total financial instruments						$	677,385					$	—					$	31,622

Summary of Changes in Fair Value for Financial Instruments Using Unobservable Level 3 Inputs

The following table summarizes the change in fair value for financial instruments using unobservable Level 3 inputs (in thousands):

			13 Weeks Ended
			April 30, 2023						May 1, 2022
Beginning balance			$	31,622					$	—
Change in fair value of equity warrants			(8,934)						—
Ending balance			$	22,688					$	—

Summary of Level 3 Significant Unobservable Inputs

The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the equity warrants as of April 30, 2023 (in thousands):

Range

Fair Value

Valuation Techniques

Unobservable Input

Min

Max

Weighted Average

Equity warrants

$22,688

Black-Scholes and Monte Carlo

Probability of vesting

30%

99%

87%

Equity volatility

35%

80%

76%

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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Tabular disclosure of the components of cash and cash equivalents.

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