Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement

v3.21.1
Fair Value Measurement
3 Months Ended
Apr. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurement

5.  Fair Value Measurement

The following tables present the fair value hierarchy of our financial assets and liabilities measured at fair value on a recurring basis as of April 30, 2021 and January 31, 2021 (in thousands):

 

 

 

As of April 30, 2021

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market

 

$

161,409

 

 

$

 

 

$

161,409

 

Commercial paper

 

 

 

 

 

4,999

 

 

 

4,999

 

Total cash equivalents

 

$

161,409

 

 

$

4,999

 

 

$

166,408

 

Commercial paper

 

 

 

 

 

27,774

 

 

 

27,774

 

Corporate bonds

 

 

 

 

 

55,489

 

 

 

55,489

 

Total marketable securities

 

 

 

 

 

83,263

 

 

 

83,263

 

Total

 

$

161,409

 

 

$

88,262

 

 

$

249,671

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency derivative liabilities included in

   accrued expenses and other current liabilities

 

$

 

 

$

190

 

 

$

190

 

Total

 

$

 

 

$

190

 

 

$

190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of January 31, 2021

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market

 

$

198,523

 

 

$

 

 

$

198,523

 

Commercial paper

 

 

 

 

 

19,999

 

 

 

19,999

 

Corporate bonds

 

 

 

 

 

1,477

 

 

 

1,477

 

Total cash equivalents

 

$

198,523

 

 

$

21,476

 

 

$

219,999

 

Commercial paper

 

 

 

 

 

23,171

 

 

 

23,171

 

Corporate bonds

 

 

 

 

 

79,657

 

 

 

79,657

 

Total marketable securities

 

 

 

 

 

102,828

 

 

 

102,828

 

Total

 

$

198,523

 

 

$

124,304

 

 

$

322,827

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency derivative liabilities included in

   accrued expenses and other current liabilities

 

$

 

 

$

571

 

 

$

571

 

Total

 

$

 

 

$

571

 

 

$

571

 

 

Our money market funds are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. We classify commercial paper, corporate bonds, and derivative financial instruments 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. Our derivative financial instruments consist principally of foreign currency forward contracts and are carried at fair value based on significant observable inputs. As such, they are classified within Level 2 of the fair value hierarchy. None of our financial instruments were classified in the Level 3 category as of April 30, 2021 or January 31, 2021.