Marketable Securities

3 Months Ended

Apr. 30, 2024

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:


	April 30, 2024
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair value
Corporate bonds	$	95,301	$	14	$	(72)	$	95,243
Municipal bonds	995		—		(1)		994
U.S. government and agency securities	158,542		—		(254)		158,288
Certificates of deposit	64,129		18		(35)		64,112
Commercial paper	164,739		19		(131)		164,627
Marketable securities	$	483,706	$	51	$	(493)	$	483,264


	January 31, 2024
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair value
Corporate bonds	$	98,642	$	71	$	(10)	$	98,703
Municipal bonds	982		3		—		985
U.S. government and agency securities	185,464		140		(33)		185,571
Certificates of deposit	46,496		48		(1)		46,543
Commercial paper	166,595		155		(21)		166,729
Marketable securities	$	498,179	$	417	$	(65)	$	498,531

As of April 30, 2024 and January 31, 2024, the maturities of available-for-sale marketable securities did not exceed 12 months. Interest income from cash and cash equivalents and marketable securities was $8.3 million and $6.0 million for the three months ended April 30, 2024 and 2023, respectively.

There were 137 and 64 debt securities in an unrealized loss position as of April 30, 2024 and January 31, 2024, respectively. The estimated fair value of these debt securities, for which an allowance for credit losses has not been recorded, was $357.6 million and $178.7 million as of April 30, 2024 and January 31, 2024, respectively. There were no expected credit losses recorded against the Company’s investment securities as of April 30, 2024 and January 31, 2024.

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.