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Financial Instruments and Fair Value | 3 Months Ended
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Apr. 30, 2025
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, fixed deposits and marketable debt securities that are denominated in United States dollars. The marketable debt security portfolio consists of 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 April 30, 2025 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Money market funds |  | $ | 189 |  |  | $ | — |  |  | $ | — |  |  | $ | 189 |
Fixed deposits |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Corporate bonds |  |  | 62,210 |  |  |  | 267 |  |  |  | (34 | ) |  |  | 62,443 |
Asset-backed securities |  |  | 21,288 |  |  |  | 50 |  |  |  | (50 | ) |  |  | 21,288 |
U.S. government securities |  |  | 34,278 |  |  |  | 127 |  |  |  | (34 | ) |  |  | 34,371 |
Total cash equivalents and marketable debt securities |  | $ | 117,965 |  |  | $ | 444 |  |  | $ | (118 | ) |  | $ | 118,291 |
|  | As of January 31, 2025 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Money market funds |  | $ | 849 |  |  | $ | — |  |  | $ | — |  |  | $ | 849 |
Fixed deposits |  |  | 3,000 |  |  |  | — |  |  |  | — |  |  |  | 3,000 |
Corporate bonds |  |  | 55,138 |  |  |  | 111 |  |  |  | (123 | ) |  |  | 55,126 |
Asset-backed securities |  |  | 20,412 |  |  |  | 20 |  |  |  | (67 | ) |  |  | 20,365 |
U.S. government securities |  |  | 30,326 |  |  |  | 8 |  |  |  | (182 | ) |  |  | 30,152 |
Total cash equivalents and marketable debt securities |  | $ | 109,725 |  |  | $ | 139 |  |  | $ | (372 | ) |  | $ | 109,492 |
The following table provides the breakdown of unrealized losses as of April 30, 2025 and January 31, 2025, respectively, aggregated by investment category and length of time that individual securities have been in a continuous loss position:
|  | As of April 30, 2025 |
|  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (in thousands) |
Corporate bonds |  | $ | 9,927 |  |  | $ | (31 | ) |  | $ | 1,901 |  |  | $ | (3 | ) |  | $ | 11,828 |  |  | $ | (34 | )
Asset-backed securities |  |  | 5,415 |  |  |  | (41 | ) |  |  | 3,535 |  |  |  | (9 | ) |  |  | 8,950 |  |  |  | (50 | )
U.S. government securities |  |  | 17,388 |  |  |  | (31 | ) |  |  | 1,816 |  |  |  | (3 | ) |  |  | 19,204 |  |  |  | (34 | )
Total marketable debt securities at loss position |  | $ | 32,730 |  |  | $ | (103 | ) |  | $ | 7,252 |  |  | $ | (15 | ) |  | $ | 39,982 |  |  | $ | (118 | )
|  | As of January 31, 2025 |
|  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (in thousands) |
Corporate bonds |  | $ | 23,200 |  |  | $ | (116 | ) |  | $ | 2,144 |  |  | $ | (7 | ) |  | $ | 25,344 |  |  | $ | (123 | )
Asset-backed securities |  |  | 8,052 |  |  |  | (51 | ) |  |  | 4,343 |  |  |  | (16 | ) |  |  | 12,395 |  |  |  | (67 | )
U.S. government securities |  |  | 20,380 |  |  |  | (169 | ) |  |  | 4,809 |  |  |  | (13 | ) |  |  | 25,189 |  |  |  | (182 | )
Total marketable debt securities at loss position |  | $ | 51,632 |  |  | $ | (336 | ) |  | $ | 11,296 |  |  | $ | (36 | ) |  | $ | 62,928 |  |  | $ | (372 | )
|  | As of |
|  | April 30, 2025 |  |  | January 31, 2025 |
|  | (in thousands) |
Included in cash equivalents |  | $ | 189 |  |  | $ | 3,849 |
Included in marketable debt securities |  |  | 118,102 |  |  |  | 105,643 |
Total cash equivalents and marketable debt securities |  | $ | 118,291 |  |  | $ | 109,492 |
The contractual maturities of the investments at April 30, 2025 and January 31, 2025 were as follows:
|  | As of |
|  | April 30, 2025 |  |  | January 31, 2025 |
|  | (in thousands) |
Due within one year |  | $ | 26,378 |  |  | $ | 35,405 |
Due in 1 - 5 years |  |  | 91,913 |  |  |  | 74,087 |
Total cash equivalents and marketable debt securities |  | $ | 118,291 |  |  | $ | 109,492 |
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. 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, 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 income (loss) in the condensed consolidated balance sheets. The credit-related losses were not material for the three months ended April 30, 2025 and 2024, 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 and fixed deposits 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 April 30, 2025 and January 31, 2025, respectively:
|  | As of April 30, 2025 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (in thousands) |
Money market funds |  | $ | 189 |  |  | $ | 189 |  |  | $ | — |  |  | $ | — |
Fixed deposits |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Corporate bonds |  |  | 62,443 |  |  |  | — |  |  |  | 62,443 |  |  |  | — |
Asset-backed securities |  |  | 21,288 |  |  |  | — |  |  |  | 21,288 |  |  |  | — |
U.S. government securities |  |  | 34,371 |  |  |  | — |  |  |  | 34,371 |  |  |  | — |
Total cash equivalents and marketable debt securities |  | $ | 118,291 |  |  | $ | 189 |  |  | $ | 118,102 |  |  | $ | — |
|  | As of January 31, 2025 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (in thousands) |
Money market funds |  | $ | 849 |  |  | $ | 849 |  |  | $ | — |  |  | $ | — |
Fixed deposits |  |  | 3,000 |  |  |  | 3,000 |  |  |  | — |  |  |  | — |
Corporate bonds |  |  | 55,126 |  |  |  | — |  |  |  | 55,126 |  |  |  | — |
Asset-backed securities |  |  | 20,365 |  |  |  | — |  |  |  | 20,365 |  |  |  | — |
U.S. government securities |  |  | 30,152 |  |  |  | — |  |  |  | 30,152 |  |  |  | — |
Total cash equivalents and marketable debt securities |  | $ | 109,492 |  |  | $ | 3,849 |  |  | $ | 105,643 |  |  | $ | — |

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- 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
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