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Fair Value of Financial Instruments | 3 Months Ended
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Apr. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | Note 3. Fair Value of Financial Instruments Fair Value Measurements of Assets and Liabilities Measured at Fair Value on a Recurring Basis We measure our financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We define fair value as the exchange price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: • Level 1—Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs are quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices which are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments. • Level 3—Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. These inputs are based on our own assumptions used to measure assets and liabilities at fair value and require significant management judgment or estimation. Financial assets subject to the fair value disclosure requirements are included in the table below. All of our financial assets are classified as Level 1. The estimated fair value of cash equivalents and short-term investments were as follows (in thousands):
|  | April 30, |  |  | January 31, |
|  | 2024 |  |  | 2024 |
Cash equivalents: |  |  |  |  |  |
Money market funds |  | $ | 74,265 |  |  | $ | 189,268 |
U.S. treasury securities |  |  | — |  |  |  | — |
Total cash equivalents |  |  | 74,265 |  |  |  | 189,268 |
Short-term investments: |  |  |  |  |  |
U.S. treasury securities |  |  | 86,616 |  |  |  | 61,484 |
Non-U.S. government issued securities |  |  | — |  |  |  | 5,464 |
Total short-term investments (1) |  |  | 86,616 |  |  |  | 66,948 |
Total cash equivalents and short-term investments (1) |  | $ | 160,881 |  |  | $ | 256,216 |
(1) As of April 30, 2024 and January 31, 2024, we had a certificate of deposit for a total of $30.0 million with an original maturity of more than three months and less than twelve months that is classified as a short-term investment in our condensed consolidated balance sheet. This certificate of deposit is not included in the table above as it does not meet the definition of a security. There were no material differences between the estimated fair value and amortized cost of our cash equivalents and short-term investments. As of April 30, 2024, remaining contractual maturities of our short-term investments were all within one year. As of April 30, 2024, we do not consider any portion of the unrealized losses to be credit losses. Fair Value Measurements of Other Financial Instruments I n June 2023, we entered into an amended and restated secured credit agreement (the "June 2023 Facility") to provide for a $150.0 million revolving loan facility. As of April 30, 2024 and January 31, 2024, we had total debt outstanding relating to the June 2023 Facility with a gross carrying amount of $30.0 million. The estimated fair value of the June 2023 Facility, which we have classified as a Level 2 financial instrument, approximates its carrying value. In January 2021, we issued $345.0 million aggregate principal amount of 0.00% convertible senior notes due January 15, 2026 (the "Convertible Notes"). The fair value of the Convertible Notes is determined using observable market prices. The fair value of the Convertible Notes, which we have classified as a Level 2 instrument, was $398.1 million and $392.1 million as of April 30, 2024 and January 31, 2024, respectively. During the three months ended April 30, 2024, we entered into foreign currency forward contracts to hedge monetary assets and liabilities denominated in non-functional currencies. These foreign currency forward contracts are recorded at fair value and have maturities of 12 months or less. As of April 30, 2024, we had foreign currency forward contracts not designated as hedging instruments with a total notional value of $73.3 million. Our foreign currency forward contracts are classified within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments in active markets, such as currency spot and forward rates. The gross fair value of these foreign currency forward contracts was no t material as of April 30, 2024. The gains recognized for these foreign currency forward contracts were no t material for the three months ended April 30, 2024. As of January 31, 2024, we did no t have foreign currency forward contracts.

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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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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