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Marketable Securities

6 Months Ended

Jul. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities

Marketable securities consist of the following for the periods presented (in thousands):

			July 31, 2024
			Cost or Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Total Estimated Fair Value
U.S. government securities			$	314,133					$	681					$	(491)					$	314,323
Foreign securities			6,346						19						(6)						6,359
Corporate debt securities			103,723						533						(38)						104,218
Total			$	424,202					$	1,233					$	(535)					$	424,900

			January 31, 2024
			Cost or Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Total Estimated Fair Value
U.S. government securities			$	319,343					$	782					$	(1,168)					$	318,957
Foreign securities			6,349						31						(13)						6,367
Corporate debt securities			82,368						340						(134)						82,574
Total			$	408,060					$	1,153					$	(1,315)					$	407,898

Accrued interest receivables related to our available-for-sale securities of $4.4 million as of July 31, 2024 and $3.4 million as of January 31, 2024, were included within prepaid expenses and other current assets on the consolidated balance sheets.

The Company’s short-term investments consist of available-for-sale debt securities and term deposits. The term deposits are at cost, which approximates fair value. The weighted-average remaining maturity of the Company’s investment portfolio are two and a half years as of the periods presented.

The following table summarizes the fair value and gross unrealized losses aggregated by category of individual securities that have been in a continuous unrealized loss position for greater than 12 months (in thousands):

			July 31, 2024
			Continuous Unrealized Loss for Greater than 12 months
			Estimated Fair Value						Gross Unrealized Losses
U.S. government securities			$	106,926					$	(401)
Foreign securities			1,333						(3)
Corporate debt securities			11,905						(25)
Total			$	120,164					$	(429)

			January 31, 2024
			Continuous Unrealized Loss for Greater than 12 months
			Estimated Fair Value						Gross Unrealized Losses
U.S. government securities			$	99,613					$	(741)
Foreign securities			1,325						(11)
Corporate debt securities			28,858						(113)
Total			$	129,796					$	(865)

The Company purchases investment grade marketable debt securities which are rated by nationally recognized statistical credit rating organizations in accordance with its investment policy. This policy is designed to minimize the Company's exposure to credit losses. As of July 31, 2024, the credit-quality of the Company’s marketable available-for-sale debt securities had remained stable. The unrealized losses recognized on marketable available-for-sale debt securities as of July 31, 2024 was primarily related to the continued market volatility associated with market expectations of an aggressive pace of interest rate increases by the Federal Reserve. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments and it is not expected that the investments would be settled at a price less than their amortized cost basis. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. The Company is not aware of any specific event or circumstance that would require the Company to change its assessment of credit losses for any marketable available-for-sale debt security as of July 31, 2024. These estimates may change, as new events occur and additional information is obtained, and will be recognized on the consolidated financial statements as soon as they become known. No credit losses were recognized as of July 31, 2024 for the Company’s marketable debt securities.

The contractual maturities of the investments classified as available-for-sale marketable securities are as follows (in thousands):

			July 31, 2024
			Amortized Cost						Estimated Fair Value
Due within 1 year			$	187,881					$	187,512
Due in 1 year through 5 years			236,321						237,388
Total			$	424,202					$	424,900

			January 31, 2024
			Amortized Cost						Estimated Fair Value
Due within 1 year			$	173,481					$	172,520
Due in 1 year through 5 years			234,579						235,378
Total			$	408,060					$	407,898

Investment Income

Investment income consists of interest income and accretion income/amortization expense on our cash, cash equivalents, restricted cash, and marketable securities. Investment income is included within other income, net on the consolidated

statements of operations. The primary components of investment income from marketable securities were as follows (in thousands):

			Three Months Ended July 31,												Six Months Ended July 31,
			2024						2023						2024						2023
Interest income			$	4,455					$	3,245					$	8,615					$	6,173
Accretion/amortization of discount/premium, net			556						520						1,043						991
Investment income			$	5,011					$	3,765					$	9,658					$	7,164

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

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-Topic 940
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-Name Accounting Standards Codification
-Publisher FASB
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-Name Regulation S-K (SK)
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-Section 1403
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-Publisher SEC

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