CASH, CASH EQUIVALENTS AND INVESTMENTS

3 Months Ended

Apr. 30, 2026

CASH, CASH EQUIVALENTS AND INVESTMENTS

CASH, CASH EQUIVALENTS AND INVESTMENTS

NOTE 3 – CASH, CASH EQUIVALENTS AND INVESTMENTS

Cash Equivalents

As of April 30, 2026 and January 31, 2026, certain amounts of cash equivalents were invested in money market funds with 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.

Investments

The Company’s investments consisted of the following as of April 30, 2026 and January 31, 2026:

	April 30,		January 31,
	2026		2026
Short-term investments	$	172,803	$	151,901
Available-for-sale securities		444,905		403,599
Total investments	$	617,708	$	555,500

Short-Term Investments

Short-term investments as of April 30, 2026 and January 31, 2026, consisted solely of certificates of deposit (“CDs”) with remaining 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 as of April 30, 2026 and January 31, 2026 were $2.8 million and $1.9 million, 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, 2026 and January 31, 2026:

	April 30, 2026
			Allowance for		Gross		Gross		Estimated
	Amortized		Credit		Unrealized		Unrealized		Fair
	Cost		Losses		Gains		Losses		Value
U.S. Treasury notes:
Due within one year	$	50,284	$	—	$	228	$	—	$	50,512
Due in one to three years		84,984		—		744		107		85,621
Due in three to five years		310,051		—		742		2,021		308,772
Totals	$	445,319	$	—	$	1,714	$	2,128	$	444,905

	January 31, 2026
			Allowance for		Gross		Gross		Estimated
	Amortized		Credit		Unrealized		Unrealized		Fair
	Cost		Losses		Gains		Losses		Value
U.S. Treasury notes:
Due within one year	$	45,446	$	—	$	127	$	8	$	45,565
Due in one to three years		77,931		—		1,182		13		79,100
Due in three to five years		277,196		—		2,192		454		278,934
Totals	$	400,573	$	—	$	3,501	$	475	$	403,599

As of April 30, 2026 and January 31, 2026, interest receivable in the amounts of $2.9 million and $3.4 million, respectively, were included in the balances of AFS securities. For the three months ended April 30, 2026 and 2025, 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, 2026, which includes an assessment of whether it is more likely than not that the Company will be required to sell or intends to sell the investments before recovery of their corresponding amortized cost bases.

Earnings on Cash and Invested Funds

The Company earns interest and dividends on its cash equivalents and invested funds. The Company also earns interest on most of its cash balances. Earnings on invested funds and cash account balances for the three months ended April 30, 2026 and 2025 were $8.0 million and $5.5 million, respectively. Earnings on investments are included in other income, net, in the condensed 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 money market funds at separate institutions. The Company maintains certain Euro-based bank accounts in Ireland and certain pound sterling-based bank accounts in the U.K. in support of foreign operations. As of April 30, 2026 and January 31, 2026, approximately 11% and 10%, respectively, of the Company’s cash, cash equivalents, and investments were held by foreign subsidiaries in Ireland and the U.K. Management does not believe that the combined amounts of the CDs and the cash deposited with the Bank, cash invested in money market funds, and cash balances maintained at financial institutions in Ireland and the U.K., in excess of government-insured levels, represent material risks.