Marketable Securities

6 Months Ended

Jul. 31, 2025

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:


	July 31, 2025
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair value
Corporate bonds	$	100,690	$	17	$	(59)	$	100,648
Municipal bonds	3,351		—		(3)		3,348
U.S. government and agency securities	163,248		—		(104)		163,144
Certificates of deposit	27,508		4		(10)		27,502
Commercial paper	54,018		—		(34)		53,984
Marketable securities	$	348,815	$	21	$	(210)	$	348,626


	January 31, 2025
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair value
Corporate bonds	$	106,632	$	48	$	(26)	$	106,654
Municipal bonds	12,752		—		(7)		12,745
U.S. government and agency securities	120,032		28		(52)		120,008
Certificates of deposit	34,584		27		—		34,611
Commercial paper	64,180		16		(25)		64,171
Marketable securities	$	338,180	$	119	$	(110)	$	338,189

As of July 31, 2025 and January 31, 2025, the maturities of available-for-sale marketable securities did not exceed 12 months. Interest income from cash and cash equivalents and marketable securities was $5.8 million and $10.9 million for the three and six months ended July 31, 2025, respectively, and $7.0 million and $15.3 million for the three and six months ended 2024, respectively.

There were 93 and 40 debt securities in an unrealized loss position as of July 31, 2025 and January 31, 2025, respectively. The estimated fair value of these debt securities, for which an allowance for credit losses has not been recorded, was $311.6 million and $140.0 million as of July 31, 2025 and January 31, 2025, respectively. There were no expected credit losses recorded against the Company’s investment securities as of July 31, 2025 and January 31, 2025.

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 Company’s fair value hierarchy for short-term marketable securities.