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Fair Value of Financial Instruments | 6 Months Ended
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Jul. 31, 2025
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. There were no level 3 financial assets or liabilities for the periods presented. Financial assets and liabilities subject to the fair value disclosure requirements were as follows (in thousands):
|  | July 31, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Total |
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 166,420 |  |  | $ | — |  |  | $ | 166,420 |
Total cash equivalents |  |  | 166,420 |  |  |  | — |  |  |  | 166,420 |
Short-term investments: |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 100,032 |  |  |  | — |  |  |  | 100,032 |
Total short-term investments |  |  | 100,032 |  |  |  | — |  |  |  | 100,032 |
Other current assets: |  |  |  |  |  |  |  |  |
Forward contracts designated as cash flow hedges |  |  | — |  |  |  | 4,312 |  |  |  | 4,312 |
Forward contracts not designated as cash flow hedges |  |  | — |  |  |  | 2,869 |  |  |  | 2,869 |
Total other current assets |  |  | — |  |  |  | 7,181 |  |  |  | 7,181 |
Other non-current assets: |  |  |  |  |  |  |  |  |
Forward contracts designated as cash flow hedges |  |  | — |  |  |  | 48 |  |  |  | 48 |
Total non-current assets |  |  | — |  |  |  | 48 |  |  |  | 48 |
Total assets |  | $ | 266,452 |  |  | $ | 7,229 |  |  | $ | 273,681 |
Other current liabilities: |  |  |  |  |  |  |  |  |
Forward contracts designated as cash flow hedges |  | $ | — |  |  | $ | (382 | ) |  | $ | (382 | )
Forward contracts not designated as cash flow hedges |  |  | — |  |  |  | (122 | ) |  |  | (122 | )
Total current liabilities |  |  | — |  |  |  | (504 | ) |  |  | (504 | )
Other non-current liabilities: |  |  |  |  |  |  |  |  |
Forward contracts designated as cash flow hedges |  |  | — |  |  |  | (26 | ) |  |  | (26 | )
Total non-current liabilities |  |  | — |  |  |  | (26 | ) |  |  | (26 | )
Total liabilities |  | $ | — |  |  | $ | (530 | ) |  | $ | (530 | )
|  | January 31, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Total |
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 188,307 |  |  | $ | — |  |  | $ | 188,307 |
Total cash equivalents |  |  | 188,307 |  |  |  | — |  |  |  | 188,307 |
Short-term investments: |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 98,241 |  |  |  | — |  |  |  | 98,241 |
Total short-term investments |  |  | 98,241 |  |  |  | — |  |  |  | 98,241 |
Total cash equivalents and short-term investments |  | $ | 286,548 |  |  | $ | — |  |  | $ | 286,548 |
As of January 31, 2025, forward contracts in total assets and total liabilities were not material. There were no material differences between the estimated fair value and amortized cost of our cash equivalents and short-term investments. As of July 31, 2025, remaining contractual maturities of our cash equivalents and short-term investments were all within one year and we do not consider any portion of the unrealized losses to be credit losses. Fair Value Measurements of Other Financial Instruments In September 2024, we issued $460.0 million aggregate principal amount of 1.50% convertible senior notes due September 15, 2029 (the “2029 Convertible Notes”). In January 2021, we issued $345.0 million aggregate principal amount of 0.00% convertible senior notes due January 15, 2026 (the “2026 Convertible Notes” and together with the 2029 Convertible Notes, the “Convertible Notes”). Using the proceeds from the issuance of the 2029 Convertible Notes, we entered into separate and privately negotiated transactions with certain holders of the 2026 Convertible Notes to repurchase $140.0 million aggregate principal amount of the 2026 Convertible Notes, which were completed simultaneously with the new convertible debt offering. The estimated fair values of the Convertible Notes, which we have classified as Level 2 financial instruments, were determined using observable market prices. As of July 31, 2025, the estimated fair value of the 2029 Convertible Notes and 2026 Convertible Notes was $463.0 million and $263.2 million, respectively, and as of January 31, 2025, the estimated fair value of the 2029 Convertible Notes and 2026 Convertible Notes was $458.1 million and $260.2 million, respectively.

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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 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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