Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

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Fair Value Measurements
 9 Months Ended
Oct. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value on a recurring basis as of October 31, 2021, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):
Level 1 Level 2 Level 3 Total
Financial Assets:
Cash Equivalents:
Money market funds $ 483,130  $ —  $ —  $ 483,130 
Marketable Securities:
Corporate bonds —  5,112  —  5,112 
U.S. government and agency securities —  13,999  —  13,999 
Total financial assets $ 483,130  $ 19,111  $ —  $ 502,241 
The following table represents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of January 31, 2021 (in thousands):
Level 1 Level 2 Level 3 Total
Financial Assets:
Cash Equivalents:
Money market funds $ 37,451  $ —  $ —  $ 37,451 
Marketable Securities:
Corporate bonds —  26,892  —  26,892 
U.S. government and agency securities —  125,824  —  125,824 
Commercial paper —  59,936  —  59,936 
Total financial assets $ 37,451  $ 212,652  $ —  $ 250,103 
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 debt securities, U.S. government agencies, certificates of deposit, and U.S. government treasury securities 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. Treasury 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. As of October 31, 2021 and January 31, 2021, for fixed income securities that were in unrealized loss positions, the Company has determined that (i) it does not have the intent to sell any of these investments and (ii) it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. In addition, as of October 31, 2021 and January 31, 2021, the Company anticipates that it will recover the entire amortized cost basis of such fixed income securities before maturity.
The Company regularly reviews the changes to the rating of its debt securities by rating agencies as well as reasonably monitors the surrounding economic conditions to assess the risk of expected credit losses. As of October 31, 2021 and January 31, 2021, there were no securities that were in an unrealized loss position for more than 12 months. The Company has not recorded any impairments, as it believes that any such losses would be immaterial based on the high-grade credit rating for each of its marketable securities as of the end of each period.