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Fair Value Measurements
 6 Months Ended
Jul. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company accounts for certain of its financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows:
Level 1: Observable inputs, such as quoted prices in active markets for identical assets or liabilities.
Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The carrying amounts reflected on the condensed consolidated balance sheets for cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to the short maturities of those instruments.
The following tables present the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis (in thousands):
As of July 31, 2022
Level 1Level 2Total
Cash Equivalents
Money market funds$42,090 $— $42,090 
Total cash equivalents42,090 — 42,090 
Short-Term Investments
U.S. government treasury securities— 91,826 91,826 
Corporate debt securities— 27,354 27,354 
Commercial paper— 23,647 23,647 
Asset-backed securities— 2,940 2,940 
Total short-term investments— 145,767 145,767 
Total$42,090 $145,767 $187,857 
As of January 31, 2022
Level 1Level 2Total
Cash Equivalents
Money market funds$86,505 $— $86,505 
Total cash equivalents86,505 — 86,505 
Short-Term Investments
U.S. government treasury securities— 39,211 39,211 
Corporate debt securities— 30,090 30,090 
Commercial paper— 40,965 40,965 
Total short-term investments— 110,266 110,266 
Total$86,505 $110,266 $196,771 
The Company classifies its money market funds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its asset-backed securities, commercial paper, U.S. government securities, and corporate debt securities within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded.