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CASH, CASH EQUIVALENTS AND INVESTMENTS | 3 Months Ended
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Apr. 30, 2024
CASH, CASH EQUIVALENTS AND INVESTMENTS |
CASH, CASH EQUIVALENTS AND INVESTMENTS | NOTE 3 – CASH, CASH EQUIVALENTS AND INVESTMENTS At April 30, 2024 and January 31, 2024, certain amounts of cash equivalents were invested in a money market fund with net assets invested in high-quality money market instruments, including U.S. Treasury obligations; obligations of U.S. government agencies, authorities, instrumentalities or sponsored enterprises; and repurchase agreements secured by such obligations. Dividend income related to money market investments is recorded when earned. The balances of accrued dividends at April 30, 2024 and January 31, 2024 were $0.6 million and $0.7 million, respectively. Investments The Company’s investments consisted of the following as of April 30, 2024 and January 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | April 30, | ​ | January 31,
​ | ​ | 2024 |  | 2024
Short-term investments | ​ | $ | 84,029 | ​ | $ | 109,489
Available-for-sale securities | ​ | ​ | 124,589 | ​ | ​ | 105,884
Total investments | ​ | $ | 208,618 | ​ | $ | 215,373
​ Short-Term Investments Short-term investments as of April 30, 2024 and January 31, 2024 consisted solely of certificates of deposit (“CDs”) with initial maturities of one year or less purchased from Bank of America, N.A. (the “Bank”). The Company has the intent and ability to hold the CDs until they mature, and they are carried at cost plus accrued interest. The balances of accrued interest on the CDs at April 30, 2024 and January 31, 2024 were $1.5 million and $4.5 million, respectively. Interest income is recorded when earned and is included in other income. At April 30, 2024 and January 31, 2024, the weighted average annual interest rates of the outstanding CDs were 5.5% and 5.4%, respectively. Available-For-Sale Securities The Company’s available-for-sale (“AFS”) securities consisted of the following amounts of amortized cost, allowance for credit losses, gross unrealized gains and losses and estimated fair value by contractual maturity as of April 30, 2024 and January 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 30, 2024
​ | ​ | ​ | ​ | ​ | Allowance for | ​ | Gross | ​ | Gross | ​ | Estimated
​ | ​ | Amortized | ​ | Credit | ​ | Unrealized | ​ | Unrealized | ​ | Fair
​ |  | Cost |  | Losses |  | Gains |  | Losses |  | Value
U.S. Treasury notes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Due within one year | ​ | $ | 15,032 | ​ | $ | — | ​ | $ | — | ​ | $ | 167 | ​ | $ | 14,865
Due in one to two years | ​ | ​ | 50,557 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 456 | ​ | ​ | 50,101
Due in two to three years | ​ | ​ | 50,004 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 405 | ​ | ​ | 49,599
U.S. corporate debt security: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Due in two to three years | ​ | ​ | 10,046 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 22 | ​ | ​ | 10,024
Totals | ​ | $ | 125,639 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,050 | ​ | $ | 124,589
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | January 31, 2024
​ | ​ | ​ | ​ | ​ | Allowance for | ​ | Gross | ​ | Gross | ​ | Estimated
​ | ​ | Amortized | ​ | Credit | ​ | Unrealized | ​ | Unrealized | ​ | Fair
​ |  | Cost |  | Losses |  | Gains |  | Losses |  | Value
U.S. Treasury notes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Due in one to two years | ​ | $ | 50,634 | ​ | $ | — | ​ | $ | 305 | ​ | $ | 102 | ​ | $ | 50,837
Due in two to three years | ​ | ​ | 45,583 | ​ | ​ | — | ​ | ​ | 263 | ​ | ​ | 128 | ​ | ​ | 45,718
U.S. corporate debt security: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Due in two to three years | ​ | ​ | 9,406 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 77 | ​ | ​ | 9,329
Totals | ​ | $ | 105,623 | ​ | $ | — | ​ | $ | 568 | ​ | $ | 307 | ​ | $ | 105,884
As of April 30, 2024 and January 31, 2024, interest receivable in the amounts of $0.8 million and $1.3 million, respectively, were included in the balances of AFS securities. For the three months ended April 30, 2024, the change in net unrealized holding losses, net of tax, for the Company’s AFS securities reported in other comprehensive income was approximately $1.0 million. For the three months ended April 30, 2023, the change in net unrealized holding losses, net of tax, for the Company’s AFS securities reported in other comprehensive income was not material. For the three months ended April 30, 2024 and 2023, there were no sales of the Company’s AFS securities, and therefore, there were no amounts of gains or losses reclassified out of other comprehensive income into net income. The Company does not believe the unrealized losses represent credit losses based on the evaluation of evidence as of April 30, 2024, which includes an assessment of whether it is more likely than not the Company will be required to sell or intends to sell the investments before recovery of their corresponding amortized cost bases. ​ Earnings on Invested Funds Earnings on invested funds for the three months ended April 30, 2024 and 2023 were $4.5 million and $2.4 million, respectively, and are included in other income, net, in the consolidated statements of earnings. Concentration Risk The Company has a substantial portion of its cash on deposit in the U.S. with the Bank or invested in CDs purchased from the Bank. In addition, the Company has cash invested in a money market fund at a separate institution. The Company also maintains certain Euro-based bank accounts in Ireland and certain pound sterling-based bank accounts in the U.K. in support of the operations of APC. As of April 30, 2024, approximately 2% of the Company’s cash and cash equivalents were held by financial institutions in Ireland and the U.K. Management does not believe that the combined amount of the CDs and the cash deposited with the Bank, cash invested in the money market fund, and cash balances maintained at financial institutions in Ireland and the U.K., in excess of government-insured levels, represent material risks.

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- Definition The entire disclosure of the components of cash, cash equivalents, and short-term investments. Short-term investments may include current marketable securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent + Details
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