Cash, Cash Equivalents, and Investments

3 Months Ended

Apr. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Cash, cash equivalents, and investments consisted of the following:


	As of April 30, 2021		As of January 31, 2021
	(in thousands)
Cash and cash equivalents
Cash	$	136,274	$	184,308
Money market funds	189,759		139,870
U.S. Treasury securities	—		14,988
Total cash and cash equivalents	$	326,033	$	339,166
Available-for-sale investments:
U.S. Treasury securities	$	57,873	$	45,026
Commercial paper	43,361		34,598
Corporate debt securities	129,698		141,488
Total available-for-sale investments	$	230,932	$	221,112

The following tables summarize the Company’s investments’ adjusted cost, net unrealized gains (losses), and fair value by significant investment category as of April 30, 2021 and January 31, 2021. Gross realized gains or losses from sales of available-for-sale securities were not material for the three months ended April 30, 2021.


	As of April 30, 2021
	Cost Basis		Unrealized Gain (Loss), Net		Recorded Basis
	(in thousands)
Available-for-sale investments:
U.S. Treasury securities	$	57,870	$	3	$	57,873
Commercial paper	43,362		(1)		43,361
Corporate debt securities	129,561		137		129,698
Total available-for-sale investments	$	230,793	$	139	$	230,932


	As of January 31, 2021
	Cost Basis		Unrealized Gain, Net		Recorded Basis
	(in thousands)
Available-for-sale investments:
U.S. Treasury securities	$	45,023	$	3	$	45,026
Commercial paper	34,607		(9)		34,598
Corporate debt securities	141,139		349		141,488
Total available-for-sale investments	$	220,769	$	343	$	221,112

The following table presents the Company’s available-for-sale securities by contractual maturity date as of April 30, 2021 and January 31, 2021:


	As of April 30, 2021
	Cost Basis		Recorded Basis
	(in thousands)
Due within one year	$	180,327	$	180,494
Due between one to five years	50,466		50,438
Total	$	230,793	$	230,932


	As of January 31, 2021
	Cost Basis		Recorded Basis
	(in thousands)
Due within one year	$	171,498	$	171,837
Due between one to five years	49,271		49,275
Total	$	220,769	$	221,112

When evaluating investments for impairment, the Company reviews factors such as the extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and our intent to sell, or whether it is more likely than not that the Company will be required to sell, the investment before recovery of the investment’s amortized cost. No impairment loss has been recorded on the securities included in the tables above, as the Company believes that any decrease in fair value of these securities is temporary and the Company expects to recover at least up to the initial cost of the investment for these securities. The Company has not recorded an allowance for credit losses, as the Company believes any such losses would be immaterial based on the high-grade credit rating for each of our marketable securities as of the end of each period.