Cash, Cash Equivalents, and Investments

3 Months Ended

Apr. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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


	As of April 30, 2024		As of January 31, 2024
	(in thousands)
Cash and cash equivalents
Cash	$	50,282	$	55,736
Money market funds	325,781		305,283
Commercial paper	5,480		994
U.S. Treasury securities	998		998
Total cash and cash equivalents	$	382,541	$	363,011
Available-for-sale investments:
U.S. Treasury securities	$	56,683	$	50,036
Commercial paper	17,102		2,886
Corporate debt securities	108,484		131,259
U.S. Government agency securities	27,973		23,997
Total available-for-sale investments	$	210,242	$	208,178

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, 2024 and January 31, 2024. Gross realized gains or losses from sales of available-for-sale securities were not material for the three months ended April 30, 2024 and 2023.


	As of April 30, 2024
	Cost Basis		Unrealized Loss, Net		Estimated Fair Value
	(in thousands)
Available-for-sale investments:
U.S. Treasury securities	$	56,750	$	(67)	$	56,683
Commercial paper	17,128		(26)		17,102
Corporate debt securities	108,958		(474)		108,484
U.S. Government agency securities	28,069		(96)		27,973
Total available-for-sale investments	$	210,905	$	(663)	$	210,242


	As of January 31, 2024
	Cost Basis		Unrealized Gain (Loss), Net		Estimated Fair Value
	(in thousands)
Available-for-sale investments:
U.S. Treasury securities	$	50,012	$	24	$	50,036
Commercial paper	2,887		(1)		2,886
Corporate debt securities	131,395		(136)		131,259
U.S. Government agency securities	23,983		14		23,997
Total available-for-sale investments	$	208,277	$	(99)	$	208,178

The following tables present the Company’s available-for-sale securities by contractual maturity date as of April 30, 2024 and January 31, 2024:


	As of April 30, 2024
	Cost Basis		Fair Value
	(in thousands)
Due within one year	$	168,837	$	168,389
Due between one to five years	42,068		41,853
Total	$	210,905	$	210,242


	As of January 31, 2024
	Cost Basis		Fair Value
	(in thousands)
Due within one year	$	155,423	$	155,158
Due between one to five years	52,854		53,020
Total	$	208,277	$	208,178

As of April 30, 2024, there were 109 securities in an unrealized loss position with an aggregate fair value of $204.8 million, of which 30 were in a continuous unrealized loss position for more than 12 months. The total unrealized loss related to the 30 securities was $0.1 million. As of January 31, 2024, there were 70 securities in an unrealized loss position with an aggregate fair value of $108.7 million, 33 of which were in a continuous unrealized loss position for more than 12 months. The unrealized loss related to the 33 securities was $0.2 million.

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 the Company’s 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 its marketable securities as of the end of each period.