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Cash and Cash Equivalents, Investments, and Fair Value Measurements
 6 Months Ended
Jul. 31, 2024
Fair Value Disclosures [Abstract]  
Cash and Cash Equivalents, Investments, and Fair Value Measurements CASH AND CASH EQUIVALENTS, INVESTMENTS, AND FAIR VALUE MEASUREMENTS
The following tables summarize information about our cash, cash equivalents, and investments by investment category as of July 31, 2024 and January 31, 2024 (in thousands):

As of July 31, 2024
Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Assets
Cash and cash equivalents:
CashLevel 1$86,970 $— $— $86,970 
Money market fundsLevel 1118,928 — — 118,928 
Total cash and cash equivalents$205,898 $— $— $205,898 
Short-term investments:
U.S. Treasury securitiesLevel 1$134,506 $16 $(105)$134,417 
Corporate notes and bondsLevel 2199,574 20 (370)199,224 
U.S. agency securitiesLevel 2168,870 23 (260)168,633 
Total short-term investments$502,950 $59 $(735)$502,274 
Long-term investments:
U.S. Treasury securitiesLevel 1$141,343 $791 $— $142,134 
Corporate notes and bondsLevel 2214,371 565 (32)214,904 
U.S. agency securitiesLevel 237,419 63 (18)37,464 
Total long-term investments$393,133 $1,419 $(50)$394,502 
Total assets measured at fair value$1,101,981 $1,478 $(785)$1,102,674 
As of January 31, 2024
Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Assets
Cash and cash equivalents:
CashLevel 1$43,925 $— $— $43,925 
Money market fundsLevel 1204,481 — — 204,481 
Certificates of depositLevel 28,245 — — 8,245 
Total cash and cash equivalents$256,651 $— $— $256,651 
Short-term investments:
U.S. Treasury securitiesLevel 1$234,776 $— $(1,053)$233,723 
Corporate notes and bondsLevel 2279,248 12 (1,068)278,192 
U.S. agency securitiesLevel 2157,873 18 (501)157,390 
Total short-term investments$671,897 $30 $(2,622)$669,305 
Long-term investments:
U.S. Treasury securitiesLevel 1$27,175 $121 $— $27,296 
Corporate notes and bondsLevel 269,970 279 (67)70,182 
U.S. agency securitiesLevel 290,924 303 (48)91,179 
Total long-term investments$188,069 $703 $(115)$188,657 
Total assets measured at fair value$1,116,617 $733 $(2,737)$1,114,613 
We invest in highly rated securities with a weighted average maturity of 18 months or less. As of July 31, 2024, all of our investments will mature within two years.
There were no transfers between the levels of the fair value hierarchy during the three and six months ended July 31, 2024 and 2023.
As of July 31, 2024, we determined that the declines in the market value of our investment portfolio were not driven by credit related factors. During the three and six months ended July 31, 2024 and 2023, we did not recognize any losses on our investments due to credit-related factors. As of July 31, 2024, we had $0.6 million in continuous unrealized loss positions for more than twelve months on securities with a total fair value of $294.5 million.
The tables above do not include the Company’s strategic investments in non-marketable debt and equity securities, recorded at cost, less any impairment, plus or minus observable price changes in orderly transactions for identical or similar investments of the same issuer (the Measurement Alternative) and were $22.7 million and $16.1 million as of July 31, 2024 and January 31, 2024, respectively. Receivables related to strategic investments are classified as prepaid expenses and other current assets and other assets on the condensed consolidated balance sheet. As of July 31, 2024 and January 31, 2024, the balance of such receivables were $1.4 million and $1.1 million, respectively.
During the three and six months ended July 31, 2024 and July 31, 2023, the Company incurred no impairment charges on its non-marketable strategic investments. During the three and six months ended July 31, 2024 and July 31, 2023, the Company recognized realized gains on its non-marketable strategic investments of $0.3 million and $2.0 million, respectively.