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Fair Value Measurements
 6 Months Ended
Jul. 31, 2023
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, 2023
Level 1Level 2Total
Cash Equivalents
Money market funds$12,667 $— $12,667 
Total cash equivalents12,667 — 12,667 
Short-Term Investments
U.S. government treasury securities— 95,780 95,780 
U.S. government agency securities— 11,882 11,882 
Commercial paper— 9,941 9,941 
Corporate debt securities— 3,953 3,953 
Asset-backed securities— 2,805 2,805 
Total short-term investments— 124,361 124,361 
Total$12,667 $124,361 $137,028 
As of January 31, 2023
Level 1Level 2Total
Cash Equivalents
Money market funds$29,239 $— $29,239 
Corporate debt securities$— 1,122 1,122 
Total cash equivalents29,239 1,122 30,361 
Short-Term Investments
U.S. government treasury securities— 71,253 71,253 
U.S. government agency securities— 7,841 7,841 
Commercial paper— 31,500 31,500 
Corporate debt securities— 11,902 11,902 
Asset-backed securities— 5,360 5,360 
Total short-term investments— 127,856 127,856 
Total$29,239 $128,978 $158,217 
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 U.S. government agency securities, asset-backed securities, commercial paper, U.S. government treasury 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.