v3.24.3
Fair Value Measurements
 9 Months Ended
Oct. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes, for assets measured at fair value, the respective fair value and classification by level of input within the fair value hierarchy (in thousands):
October 31, 2024
Level 1Level 2Level 3Total
Current Assets
Cash equivalents
Money market funds$78,267 $— $— $78,267 
Total cash equivalents$78,267 $— $— $78,267 
Marketable securities
U.S. Treasury securities$132,492 $— $— $132,492 
Corporate bonds— 106,094 — 106,094 
U.S. agency bonds— 19,955 — 19,955 
Total marketable securities$132,492 $126,049 $— $258,541 
Total assets$210,759 $126,049 $— $336,808 
January 31, 2024
Level 1Level 2Level 3Total
Current Assets
Cash equivalents
Money market funds$89,561 $— $— $89,561 
Commercial paper— 4,991 — 4,991 
Total cash equivalents$89,561 $4,991 $— $94,552 
Marketable securities
U.S. Treasury securities$162,328 $— $— $162,328 
Commercial paper— 11,670 — 11,670 
Corporate bonds— 72,608 — 72,608 
U.S. agency bonds— 36,195 — 36,195 
Total marketable securities$162,328 $120,473 $— $282,801 
Total assets$251,889 $125,464 $— $377,353 

The following table summarizes the Company's investments in marketable securities on the condensed consolidated balance sheets (in thousands):
October 31, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized LossesEstimated
Fair Value
Current Assets
U.S. Treasury securities$132,375 $249 $(132)$132,492 
Corporate bonds105,520 605 (31)106,094 
U.S. agency bonds19,901 58 (4)19,955 
Total marketable securities$257,796 $912 $(167)$258,541 

January 31, 2024
Amortized
Cost
Gross
Unrealized
Gains
Gross Unrealized Losses
Estimated
Fair Value
Current Assets
U.S. Treasury securities$162,485 $85 $(242)$162,328 
Commercial paper11,645 25 — 11,670 
Corporate bonds71,930 695 (17)72,608 
U.S. agency bonds36,067 128 — 36,195 
Total marketable securities$282,127 $933 $(259)$282,801 
The following table presents the contractual maturities of the Company’s marketable securities as of October 31, 2024 (in thousands):
October 31, 2024
Amortized CostEstimated Fair Value
Due within one year$136,380 $136,666 
Due within one to three years121,416 121,875 
Total$257,796 $258,541 
The Company periodically evaluates its investments for expected credit losses. The Company had certain available-for-sale investment securities in a gross unrealized loss position, substantially all of which had been in such position for less than 12 months. The unrealized losses on the available-for-sale securities were primarily due to unfavorable changes in interest rates subsequent to the initial purchase of these securities. The Company expects to recover the full carrying value of its available-for-sale securities in an unrealized loss position as it does not intend or anticipate a need to sell these securities prior to recovering the associated unrealized losses. The Company also expects any credit losses would be immaterial based on the high-grade credit rating for each of such available-for-sale securities. As a result, the Company does not consider any portion of the unrealized losses as of October 31, 2024 or January 31, 2024 to represent credit losses.
In April 2020 and November 2022, the Company entered into credit agreements (the “April 2020 Senior Secured Term Loan” and “November 2022 Senior Secured Credit Facility” as defined in Note 6. Debt) with Silicon Valley Bank (“SVB”). The credit facilities are carried at amortized cost, which approximated their fair values as of October 31, 2024 and January 31, 2024. If the credit facilities were measured at fair value in the financial statements, they would be classified as Level 2 in the fair value hierarchy. The April 2020 Senior Secured Term Loan was repaid in full and terminated in November 2022. On March 27, 2023, First Citizens BancShares, Inc. announced that it entered into an agreement to purchase assets and liabilities of SVB, inclusive of the November 2022 Senior Secured Credit Facility.