Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements

v3.26.1
Fair Value Measurements
 3 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present information about the Company’s financial assets that have been measured at fair value on a recurring basis as of April 30, 2026 and January 31, 2026, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value:
April 30, 2026 January 31, 2026
(in thousands) Level 1 Level 2 Total Level 1 Level 2 Total
Financial assets:
Cash equivalents:
Money market funds $ 13,852  $ —  $ 13,852  $ 11,095  $ —  $ 11,095 
Corporate bonds —  669  669  —  —  — 
Commercial paper —  —  —  —  2,499  2,499 
Certificates of deposit —  —  —  —  520  520 
Marketable securities:
Corporate bonds —  86,920  86,920  —  129,974  129,974 
Municipal bonds —  17,861  17,861  —  17,855  17,855 
U.S. government and agency securities —  107,311  107,311  —  115,454  115,454 
Certificates of deposit —  23,909  23,909  —  29,409  29,409 
Commercial paper —  43,474  43,474  —  46,845  46,845 
Total financial assets $ 13,852  $ 280,144  $ 293,996  $ 11,095  $ 342,556  $ 353,651 
The Company classifies its highly liquid 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 commercial paper, corporate and municipal debt securities, U.S. government and agency securities, and certificates of deposit within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security, which may not be actively traded.
The Company’s primary objective when investing excess cash is preservation of capital, hence the Company’s marketable securities consist primarily of U.S. government and agency securities, high credit quality corporate debt securities, and commercial paper. The Company has classified and accounted for its marketable securities as available-for-sale securities, as it may sell these securities at any time for use in the Company’s current operations or for other purposes, even prior to maturity.
The Company regularly reviews changes in the credit ratings of its debt securities and monitors relevant economic conditions to assess the risk of expected credit losses. As discussed in Note 4, Marketable Securities, as of April 30, 2026 and January 31, 2026, the maturities of available-for-sale marketable securities did not exceed 12 months; therefore, there were no securities in an unrealized loss position for more than 12 months. The Company has not recorded any impairments in the periods presented.