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Cash Equivalents and Short-Term Investments | 9 Months Ended
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Oct. 31, 2025
Cash and Cash Equivalents [Abstract] |
Cash Equivalents and Short-Term Investments | 4. Cash Equivalents and Short-Term Investments The following table summarizes the Company’s cash equivalents and short-term investments by category (in thousands):
|  |  |  |  | As of October 31, 2025 |  |
|  |  |  |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  |  |  | $ | 139,742 |  |  | $ | — |  |  | $ | — |  |  | $ | 139,742 |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  |  |  | 9,976 |  |  | 3 |  |  | — |  |  | 9,979 |  |  |
Total cash equivalents (1) |  |  |  |  | 149,718 |  |  | 3 |  |  | — |  |  | 149,721 |  |  |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  |  |  | 17,031 |  |  | 3 |  |  | (2) |  |  | 17,032 |  |  |
Corporate debt securities |  |  |  |  | 286,065 |  |  | 568 |  |  | (50) |  |  | 286,583 |  |  |
U.S. Agency securities |  |  |  |  | 72,482 |  |  | 80 |  |  | (9) |  |  | 72,553 |  |  |
U.S. Treasury securities |  |  |  |  | 603,372 |  |  | 630 |  |  | (93) |  |  | 603,909 |  |  |
Total short-term investments |  |  |  |  | 978,950 |  |  | 1,281 |  |  | (154) |  |  | 980,077 |  |  |
Level 2 total |  |  |  |  | 988,926 |  |  | 1,284 |  |  | (154) |  |  | 990,056 |  |  |
Total cash equivalents and short-term investments |  |  |  |  | $ | 1,128,668 |  |  | $ | 1,284 |  |  | $ | (154) |  |  | $ | 1,129,798 |  |  |
(1) Included in “cash and cash equivalents” in our condensed consolidated balance sheet as of October 31, 2025, in addition to cash of $74.5 million.
|  |  |  |  | As of January 31, 2025 |  |
|  |  |  |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  |  |  | $ | 97,093 |  |  | $ | — |  |  | $ | — |  |  | $ | 97,093 |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  |  |  | 36,429 |  |  | 8 |  |  | — |  |  | 36,437 |  |  |
Total cash equivalents (1) |  |  |  |  | 133,522 |  |  | 8 |  |  | — |  |  | 133,530 |  |  |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  |  |  | 19,400 |  |  | 4 |  |  | (11) |  |  | 19,393 |  |  |
Corporate debt securities |  |  |  |  | 220,326 |  |  | 327 |  |  | (148) |  |  | 220,505 |  |  |
U.S. Agency securities |  |  |  |  | 61,020 |  |  | 20 |  |  | (65) |  |  | 60,975 |  |  |
U.S. Treasury securities |  |  |  |  | 463,474 |  |  | 521 |  |  | (140) |  |  | 463,855 |  |  |
Total short-term investments |  |  |  |  | 764,220 |  |  | 872 |  |  | (364) |  |  | 764,728 |  |  |
Level 2 total |  |  |  |  | 800,649 |  |  | 880 |  |  | (364) |  |  | 801,165 |  |  |
Total cash equivalents and short-term investments |  |  |  |  | $ | 897,742 |  |  | $ | 880 |  |  | $ | (364) |  |  | $ | 898,258 |  |  |
(1) Included in “cash and cash equivalents” in our condensed consolidated balance sheet as of January 31, 2025, in addition to cash of $94.1 million. The fair value of the Company’s Level 1 financial instruments, such as money market funds which are traded in active markets, is based on quoted market prices for identical instruments. The fair value of the Company’s Level 2 financial instruments such as commercial paper, corporate debt and U.S. government securities are obtained from an independent pricing service, which may use inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security that may not be actively traded. The Company’s marketable securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models. As of October 31, 2025 and January 31, 2025, the Company did not have any Level 3 financial instruments. The Company uses the specific-identification method to determine any realized gains or losses from the sale of the Company’s short-term investments classified as available-for-sale. For the periods presented, the Company did not have any material realized gains or losses as a result of maturities or sales of short-term investments. During the three and nine months ended October 31, 2025, the Company recorded $11.7 million and $34.1 million of interest income on cash and cash equivalents and short-term investments, respectively, which includes $1.7 million and $7.3 million of net amortization of premiums or discounts on short-term investments during the three and nine months ended October 31, 2025, respectively. During the three and nine months ended October 31, 2024, the Company recorded $12.6 million and $37.4 million of interest income on cash and cash equivalents and short-term investments, respectively, which includes $3.8 million and $12.9 million of net amortization of premiums or discounts on short-term investments during the three and nine months ended October 31, 2024, respectively. The following table summarizes unrealized losses on the Company’s cash equivalents and short-term investments aggregated by category and the length of time such aggregated investments have been in a continuous unrealized loss position as of the periods presented (in thousands):
| Less Than 12 Months |  | 12 Months or Greater |  | Total |
| Carrying Value |  | Gross Unrealized Losses |  | Carrying Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |
October 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities | $ | 13,935 |  |  | $ | (8) |  |  | $ | 2,005 |  |  | $ | (1) |  |  | $ | 15,940 |  |  | $ | (9) |  |
Commercial paper | 6,624 |  |  | (2) |  |  | — |  |  | — |  |  | 6,624 |  |  | (2) |  |
Corporate debt securities | 61,141 |  |  | (48) |  |  | 3,488 |  |  | (2) |  |  | 64,629 |  |  | (50) |  |
U.S. Treasury securities | 146,508 |  |  | (90) |  |  | 12,000 |  |  | (3) |  |  | 158,508 |  |  | (93) |  |
Total cash equivalents and short-term investments | $ | 228,208 |  |  | $ | (148) |  |  | $ | 17,493 |  |  | $ | (6) |  |  | $ | 245,701 |  |  | $ | (154) |  |
| Less Than 12 Months |  | 12 Months or Greater |  | Total |  |  |  |  |  |
| Carrying Value |  | Gross Unrealized Losses |  | Carrying Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  |  |  |  |  |
January 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities | $ | 48,445 |  |  | $ | (65) |  |  | $ | — |  |  | $ | — |  |  | $ | 48,445 |  |  | $ | (65) |  |  |  |  |  |  |
Commercial paper | 13,430 |  |  | (11) |  |  | — |  |  | — |  |  | 13,430 |  |  | (11) |  |  |  |  |  |  |
Corporate debt securities | 72,022 |  |  | (146) |  |  | 5,988 |  |  | (2) |  |  | 78,010 |  |  | (148) |  |  |  |  |  |  |
U.S. Treasury securities | 100,921 |  |  | (140) |  |  | — |  |  | — |  |  | 100,921 |  |  | (140) |  |  |  |  |  |  |
Total cash equivalents and short-term investments | $ | 234,818 |  |  | $ | (362) |  |  | $ | 5,988 |  |  | $ | (2) |  |  | $ | 240,806 |  |  | $ | (364) |  |  |  |  |  |  |
The following table classifies the Company’s short-term investments by contractual maturities (in thousands):
|  |  |  |  | October 31, 2025 |  | January 31, 2025 |  |
|  |  |  |  | Amortized cost |  | Fair Value |  | Amortized cost |  | Fair Value |  |
Due within 1 year |  |  |  |  | $ | 586,551 |  |  | $ | 587,055 |  |  | $ | 590,193 |  |  | $ | 590,832 |  |  |
Due between 1 year to 2 years |  |  |  |  | 392,399 |  |  | 393,022 |  |  | 174,027 |  |  | 173,896 |  |  |
Total |  |  |  |  | $ | 978,950 |  |  | $ | 980,077 |  |  | $ | 764,220 |  |  | $ | 764,728 |  |  |
All available-for-sale securities have been classified as current, based on management’s ability to use the funds in current operations. There w as no inte rest accretion expense for the three and nine months ended October 31, 2025. Interest accretion expense was $0.1 million f or both the three and nine months ended October 31, 2024.

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