XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.23.1

Fair Value Measurements | 3 Months Ended
--- | ---
Apr. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 5. Fair Value Measurements The Company determines fair value based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Inputs are unobservable based on the Company’s own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation. The fair value of the Company’s Level 1 financial instruments, such as money market funds which are traded in active markets, is based on quoted market prices for identical instruments. The fair value of the Company’s Level 2 financial instrumen ts such as commercial paper, corporate debt and U.S. government securities are obtained from an independent pricing service, which may use inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security that may not be actively traded. The Company’s marketable securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models. Financial assets measured at fair value on a recurring basis are summarized below (in thousands):
|  |  |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value |  |
April 30, 2023 (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  |  |  | $ | 86,665 |  |  | $ | — |  |  | $ | — |  |  | $ | 86,665 |  |  |
Commercial paper |  |  |  |  | — |  |  | 3,474 |  |  | — |  |  | 3,474 |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  |  |  | — |  |  | 107,138 |  |  | — |  |  | 107,138 |  |  |
Corporate debt securities |  |  |  |  | — |  |  | 122,412 |  |  | — |  |  | 122,412 |  |  |
Municipal bonds |  |  |  |  | — |  |  | 1,986 |  |  | — |  |  | 1,986 |  |  |
Foreign government bonds |  |  |  |  | — |  |  | 2,192 |  |  | — |  |  | 2,192 |  |  |
U.S. Agency securities |  |  |  |  | — |  |  | 72,469 |  |  | — |  |  | 72,469 |  |  |
U.S. Treasury securities |  |  |  |  | — |  |  | 315,509 |  |  | — |  |  | 315,509 |  |  |
Total |  |  |  |  | $ | 86,665 |  |  | $ | 625,180 |  |  | $ | — |  |  | $ | 711,845 |  |  |
(1) Excludes $225.8 million in cash on the condensed consolidated balance sheet as of April 30, 2023.
|  |  |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value |  |
January 31, 2023 (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  |  |  | $ | 60,073 |  |  | $ | — |  |  | $ | — |  |  | $ | 60,073 |  |  |
U.S. Agency securities |  |  |  |  | — |  |  | 2,997 |  |  | — |  |  | 2,997 |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  |  |  | — |  |  | 88,609 |  |  | — |  |  | 88,609 |  |  |
Corporate debt securities |  |  |  |  | — |  |  | 95,266 |  |  | — |  |  | 95,266 |  |  |
Municipal bonds |  |  |  |  | — |  |  | 1,970 |  |  | — |  |  | 1,970 |  |  |
Foreign government bonds |  |  |  |  | — |  |  | 2,170 |  |  | — |  |  | 2,170 |  |  |
U.S. Agency securities |  |  |  |  | — |  |  | 73,725 |  |  | — |  |  | 73,725 |  |  |
U.S. Treasury securities |  |  |  |  | — |  |  | 379,509 |  |  | — |  |  | 379,509 |  |  |
Total |  |  |  |  | $ | 60,073 |  |  | $ | 644,246 |  |  | $ | — |  |  | $ | 704,319 |  |  |
(1) Exclu des $232.3 million in cash on the condensed consolidated balance sheet as of January 31, 2023. The Company had $3.5 million and $3.4 million of Level 3 contingent consideration as of April 30, 2023 and January 31, 2023, respectively. Refer to “Note 6. Supplemental Financial Statement Information” for further details.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration