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Fair Value Measurements
 6 Months Ended
Jul. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes our financial assets that are measured at fair value on a recurring basis:
July 31, 2025
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds$271,366 $— $— $271,366 
Level 2:
Cash equivalents(1)
Commercial paper8,243 — (1)8,242 
Available-for-sale securities
Commercial paper25,077 — (22)25,055 
Corporate notes and bonds390,516 213 (399)390,330 
U.S. governmental securities38,000 1 (53)37,948 
Level 2 total461,836 214 (475)461,575 
Total$733,202 $214 $(475)$732,941 
January 31, 2025
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds$183,885 $— $— $183,885 
Level 2:
Available-for-sale securities
Commercial paper31,367 12 (8)31,371 
Corporate notes and bonds399,034 522 (378)399,178 
U.S. governmental securities18,500 1 (21)18,480 
Level 2 total448,901 535 (407)449,029 
Total$632,786 $535 $(407)$632,914 
(1) Included in “cash and cash equivalents” in our consolidated balance sheets as of July 31, 2025 and January 31, 2025, in addition to cash of $320.4 million and $464.7 million.

We use quoted prices in active markets for identical assets to determine the fair value of our Level 1 investments. The fair value of our Level 2 investments is determined using pricing based on quoted market prices or alternative market observable inputs.

The fair values of our available-for-sale securities as of July 31, 2025, by remaining contractual maturities, were as follows (in thousands):
Due in one year or less$244,469 
Due in one to two years208,864 
$453,333 

As of July 31, 2025 and January 31, 2025, securities in an unrealized loss position were, individually and in aggregate, not material. An allowance for credit losses was deemed unnecessary for these securities, given the extent of the unrealized loss positions as well as the issuers' high credit ratings and consistent payment history.

We had no liabilities measured at fair value on a recurring basis as of July 31, 2025 and January 31, 2025.