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Fair Value Measurements | 12 Months Ended
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Jan. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 4. Fair Value Measurements Investments Financial assets subject to the fair value disclosure requirements were as follows (in thousands):
|  | January 31, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 256,861 |  |  | $ | — |  |  | $ | — |  |  | $ | 256,861 |
Total cash equivalents |  | $ | 256,861 |  |  | $ | — |  |  | $ | — |  |  | $ | 256,861 |
|  | January 31, 2020 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 43,558 |  |  | $ | — |  |  | $ | — |  |  | $ | 43,558 |
Certificates of deposit |  |  | — |  |  |  | 20,000 |  |  |  | — |  |  |  | 20,000 |
Total cash equivalents |  | $ | 43,558 |  |  | $ | 20,000 |  |  | $ | — |  |  | $ | 63,558 |
Derivative Instruments and Hedging In association with our debt described in Note 8, we are required to make variable rate interest payments based on a contractually specified interest rate index (e.g., LIBOR). The variable rate interest payments create interest rate risk as interest payments will fluctuate based on changes in the contractually specified interest rate index over the life of the loan. To minimize our risk exposure due to the volatility of the interest rate index, we entered into an interest rate swap agreement with Wells Fargo Bank, National Association, effective as of September 5, 2019 (Swap Agreement). This agreement, which is designated as a cash flow hedge, has a maturity of five years. Under the Swap Agreement, we have hedged a portion of the variable interest payments by effectively fixing our interest payments over the term of the agreement. As of January 31, 2021, our interest rate swap had a notional value of $30.0 million. We classify the Swap Agreement within Level 2. As of January 31, 2021, the net unrealized loss of the interest rate swap, which is included in accrued expenses and other current liabilities and accumulated other comprehensive loss in our consolidated balance sheet, was $1.2 million. As of January 31, 2020, the net unrealized loss of the interest rate swap was not material. During the year ended January 31, 2021, the net derivative loss within accumulated other comprehensive loss reclassified into earnings was not material and we estimate that the amount to be reclassified from accumulated other comprehensive loss into earnings within the next 12 months will not be material. Fair Value Measurements of Other Financial Instruments In November 2017, we entered into a secured credit agreement (as amended or otherwise modified from time to time, the November 2017 Facility). As of January 31, 2021, we had total debt outstanding relating to the November 2017 Facility with a carrying amount of $30.0 million. The estimated fair value of the November 2017 Facility, which we have classified as a Level 2 financial instrument, approximates its carrying value. Our 0.00% convertible senior notes due 2026 are recorded on our consolidated balance sheets at the net carrying value. As of January 31, 2021, the net carrying value of the Notes was $267.6 million and the principal amount of the Notes was $345.0 million. The difference between the principal amount of the Notes and the net carrying value represents the unamortized debt discount and unamortized debt issuance costs. Refer to Note 8 for additional details. The fair value of the Notes, which we have classified as a Level 2 instrument, was $348.4 million as of January 31, 2021. The fair value of the Notes was determined based on the quoted bid price of the Notes in an over-the-counter market on the last trading day of the reporting period, which was $101.00. As of January 31, 2021, based on the closing price of our Class A common stock of $17.34 on the last trading day of the quarter, the if-converted value of the Notes was less than the principal amount by $113.1 million.

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- 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 http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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