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Fair Value of Financial Instruments
 12 Months Ended
Jan. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 4. Fair Value of Financial Instruments

Fair Value Measurements of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and liabilities subject to the fair value disclosure requirements were as follows (in thousands):

 

 

 

January 31, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

68,169

 

 

$

—

 

 

$

68,169

 

Short-term investments:

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

102,932

 

 

—

 

 

 

102,932

 

Other current assets:

 

 

 

 

 

 

 

 

Forward contracts designated as cash flow hedges

 

—

 

 

 

6,150

 

 

 

6,150

 

Total current assets

 

 

171,101

 

 

 

6,150

 

 

 

177,251

 

Other assets, non-current:

 

 

 

 

 

 

 

 

 

Forward contracts designated as cash flow hedges

 

—

 

 

 

855

 

 

 

855

 

Total assets

 

$

171,101

 

 

$

7,005

 

 

$

178,106

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities:

 

 

 

 

 

 

 

 

 

Forward contracts designated as cash flow hedges

 

$

—

 

 

$

802

 

 

$

802

 

Forward contracts not designated as cash flow hedges

 

 

—

 

 

 

906

 

 

 

906

 

Total current liabilities

 

 

—

 

 

 

1,708

 

 

 

1,708

 

 Other liabilities, non-current:

 

 

 

 

 

 

 

 

 

Forward contracts designated as cash flow hedges

 

 

—

 

 

 

185

 

 

 

185

 

Total liabilities

 

$

—

 

 

$

1,893

 

 

$

1,893

 

 

 

 

 

January 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

188,307

 

 

$

—

 

 

$

188,307

 

Short-term investments:

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

98,241

 

 

 

—

 

 

 

98,241

 

Total cash equivalents and short-term investments

 

$

286,548

 

 

$

—

 

 

$

286,548

 

As of January 31, 2025, forward contracts 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 January 31, 2026, remaining contractual maturities of our cash equivalents and short-term investments were as follows (in thousands):

 

 

 

January 31, 2026

 

Due within one year

 

$

144,730

 

Due between one to five years

 

 

26,371

 

Total

 

$

171,101

 

As of January 31, 2026, we do not consider any portion of the unrealized losses to be credit losses.

Fair Value Measurements of Other Financial Instruments

The Convertible Notes are recorded at principal less unamortized issuance costs in the consolidated balance sheets but are measured at fair value on a quarterly basis for disclosure purposes. The estimated fair values of the Convertible Notes, which we have classified as Level 2 financial instruments, were determined using observable market prices. The net carrying amounts and estimated fair values of the Convertible Notes were as follows (in thousands):

 

 

 

January 31,

 

 

 

2026

 

 

2025

 

 

 

Net Carrying Amount

 

 

Estimated Fair Value

 

 

Net Carrying Amount

 

 

Estimated Fair Value

 

2026 Convertible Notes

 

$

—

 

 

$

—

 

 

$

203,907

 

 

$

260,248

 

2029 Convertible Notes

 

 

451,011

 

 

 

434,378

 

 

 

448,638

 

 

 

458,103

 

Total

 

$

451,011

 

 

$

434,378

 

 

$

652,545

 

 

$

718,351

 

Refer to Note 9 for detailed calculations of the net carrying amounts of the Convertible Notes. We settled the 2026 Convertible Notes in full at maturity.