XML 20 R11.htm IDEA: XBRL DOCUMENT
v3.23.2

Financial Instruments and Fair Value | 6 Months Ended
--- | ---
Jul. 31, 2023
Investments, All Other Investments [Abstract] |
Financial Instruments and Fair Value | 2. Financial Instruments and Fair Value The Company invests a portion of its cash in money market funds and debt securities that are denominated in United States dollars. The debt security investment portfolio consists of commercial paper, corporate bonds, asset-backed securities and U.S. government securities. All of the investments are classified as available-for-sale securities and reported at fair value in the condensed consolidated balance sheets as follows:
|  | As of July 31, 2023 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Money market funds |  | $ | 3,492 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,492 |
Commercial paper |  |  | 9,382 |  |  |  | — |  |  |  | — |  |  |  | 9,382 |
Corporate bonds |  |  | 42,870 |  |  |  | 41 |  |  |  | (398 | ) |  |  | 42,513 |
Asset-backed securities |  |  | 19,609 |  |  |  | — |  |  |  | (217 | ) |  |  | 19,392 |
U.S. government securities |  |  | 28,452 |  |  |  | — |  |  |  | (356 | ) |  |  | 28,096 |
Total cash equivalents and marketable debt securities |  | $ | 103,805 |  |  | $ | 41 |  |  | $ | (971 | ) |  | $ | 102,875 |
|  | As of January 31, 2023 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Money market funds |  | $ | 7,872 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,872 |
Commercial paper |  |  | 18,333 |  |  |  | — |  |  |  | — |  |  |  | 18,333 |
Corporate bonds |  |  | 23,472 |  |  |  | 50 |  |  |  | (224 | ) |  |  | 23,298 |
Asset-backed securities |  |  | 18,753 |  |  |  | 44 |  |  |  | (149 | ) |  |  | 18,648 |
U.S. government securities |  |  | 33,256 |  |  |  | 22 |  |  |  | (235 | ) |  |  | 33,043 |
Total cash equivalents and marketable debt securities |  | $ | 101,686 |  |  | $ | 116 |  |  | $ | (608 | ) |  | $ | 101,194 |
As of July 31, 2023, there were no debt securities with unrealized losses for more than twelve months.
|  | As of |
|  | July 31, 2023 |  |  | January 31, 2023 |
|  | (in thousands) |
Included in cash equivalents |  | $ | 8,878 |  |  | $ | 7,872 |
Included in marketable debt securities |  |  | 93,997 |  |  |  | 93,322 |
Total cash equivalents and marketable debt securities |  | $ | 102,875 |  |  | $ | 101,194 |
The contractual maturities of the investments at July 31, 2023 and January 31, 2023 were as follows:
|  | As of |
|  | July 31, 2023 |  |  | January 31, 2023 |
|  | (in thousands) |
Due within one year |  | $ | 28,953 |  |  | $ | 48,016 |
Due in 1 - 5 years |  |  | 73,922 |  |  |  | 52,414 |
Due in 5 - 7 years |  |  | — |  |  |  | 764 |
Total cash equivalents and marketable debt securities |  | $ | 102,875 |  |  | $ | 101,194 |
The unrealized gains and losses on the available-for-sale securities were primarily caused by fluctuations in market value and interest rates as a result of the economic environment. In accordance with ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, the Company estimates the expected losses at an individual security level whenever a security’s fair value is below its amortized cost basis using the discounted cash flow method. The credit-related portion of the loss is recognized in other income (expense), net in the condensed consolidated statements of operations but is limited to the difference between the fair value and the amortized cost basis of the security, adjusted for accrued interest. The non-credit-related portion of the loss is recognized in accumulated other comprehensive loss in the condensed consolidated balance sheets. The credit-related losses were not material for the three and six months ended July 31, 2023 and 2022, respectively. Interest income, including amortization of premiums and accretion of discounts related to the investments, as well as realized gains and losses from sales of the investments are recorded in other income (expense), net, in the condensed consolidated statements of operations. For the three and six months ended July 31, 2023, interest income and realized gains and losses, net, were approximately $1.1 million and $2.2 million, respectively. The interest income and realized gains and losses, net, were immaterial for the three and six months ended July 31, 2022, respectively. The following fair value hierarchy is applied for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or inputs that 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 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 Company measures the fair value of money market funds using quoted prices in active markets for identical assets and classifies them within Level 1. The fair value of the Company’s investments in other debt securities are obtained based on quoted prices for similar assets in active markets and are classified within Level 2. The following tables present the fair value of the financial instruments measured on a recurring basis as of July 31, 2023 and January 31, 2023, respectively:
|  | As of July 31, 2023 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (in thousands) |
Money market funds |  | $ | 3,492 |  |  | $ | 3,492 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 9,382 |  |  |  | — |  |  |  | 9,382 |  |  |  | — |
Corporate bonds |  |  | 42,513 |  |  |  | — |  |  |  | 42,513 |  |  |  | — |
Asset-backed securities |  |  | 19,392 |  |  |  | — |  |  |  | 19,392 |  |  |  | — |
U.S. government securities |  |  | 28,096 |  |  |  | — |  |  |  | 28,096 |  |  |  | — |
Total cash equivalents and marketable debt securities |  | $ | 102,875 |  |  | $ | 3,492 |  |  | $ | 99,383 |  |  | $ | — |
|  | As of January 31, 2023 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (in thousands) |
Money market funds |  | $ | 7,872 |  |  | $ | 7,872 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 18,333 |  |  |  | — |  |  |  | 18,333 |  |  |  | — |
Corporate bonds |  |  | 23,298 |  |  |  | — |  |  |  | 23,298 |  |  |  | — |
Asset-backed securities |  |  | 18,648 |  |  |  | — |  |  |  | 18,648 |  |  |  | — |
U.S. government securities |  |  | 33,043 |  |  |  | — |  |  |  | 33,043 |  |  |  | — |
Total cash equivalents and marketable debt securities |  | $ | 101,194 |  |  | $ | 7,872 |  |  | $ | 93,322 |  |  | $ | — |

X
- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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