Marketable Securities

9 Months Ended

Oct. 31, 2023

Investments, Debt and Equity Securities [Abstract]

The following is a summary of available-for-sale marketable securities, excluding those securities classified within cash and cash equivalents on the condensed consolidated balance sheets:


	October 31, 2023
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair value
Corporate bonds	$	86,108	$	4	$	(90)	$	86,022
Municipal bonds	6,677		—		—		6,677
U.S. government and agency securities	164,259		22		(152)		164,129
Certificates of deposit	57,087		10		(18)		57,079
Commercial paper	170,224		2		(164)		170,062
Marketable securities	$	484,355	$	38	$	(424)	$	483,969


	January 31, 2023
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair value
Corporate bonds	$	39,922	$	8	$	(68)	$	39,862
Municipal bonds	12,429		22		—		12,451
U.S. government and agency securities	128,898		6		(367)		128,537
Certificates of deposit	59,546		28		(155)		59,419
Commercial paper	150,131		41		(202)		149,970
Marketable securities	$	390,926	$	105	$	(792)	$	390,239

As of October 31, 2023 and January 31, 2023, the maturities of available-for-sale marketable securities did not exceed 12 months. Interest income from cash and cash equivalents and marketable securities was $7.8 million and $21.7 million for the three and nine months ended October 31, 2023, respectively, and $2.5 million and $4.1 million for the three and nine months ended October 31, 2022, respectively.

The estimated fair value of debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded was $393.3 million and $220.9 million as of October 31, 2023 and January 31, 2023, respectively. There are no expected credit losses that have been recorded against the Company’s investment securities as of October 31, 2023 and January 31, 2023.

Unrealized losses on the Company’s debt securities are not considered to be credit-related based upon an analysis that considered the extent to which the fair value is less than the amortized basis of a security, adverse conditions specifically related to the security, changes to credit rating of the instrument subsequent to Company purchase, and the strength of the underlying collateral, if any.

Refer to Note 5, Fair Value Measurements, for information about the fair value of the Company’s fair value hierarchy for short-term marketable securities.