Cash, Cash Equivalents and Short-Term Investments

12 Months Ended

Jan. 31, 2023

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Short-Term Investments

4. Cash, Cash Equivalents and Short-Term Investments

The following table summarizes the Company’s cash, cash equivalents and short-term investments by category (in thousands):

	As of January 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	232,332	$	—	$	—	$	232,332
Money market funds	60,073		—		—		60,073
U.S. Agency securities	2,997		—		—		2,997
Total cash and cash equivalents	$	295,402	$	—	$	—	$	295,402
Short-term investments:
Commercial paper	88,703		18		(112)		88,609
Corporate debt securities	95,805		33		(572)		95,266
Municipal bonds	1,989		—		(19)		1,970
Foreign government bonds	2,211		—		(41)		2,170
U.S. Agency securities	74,158		2		(435)		73,725
U.S. Treasury securities	383,238		—		(3,729)		379,509
Total short-term investments	$	646,104	$	53	$	(4,908)	$	641,249

As of January 31, 2022, the Company had $884.7 million of cash and cash equivalents, and $50.0 million of short-term investments, comprised of certificates of deposit with a bank with an original maturity of greater than three months at the date of purchase. Such investments were carried at amortized cost, which approximated their fair value and matured during the year ended January 31, 2023.

The Company uses the specific-identification method to determine any realized gains or losses from the sale of our short-term investments classified as available-for-sale. For the periods presented, the Company did not have any material realized gains or losses as a result of maturities or sale of short-term investments.

During the year ended January 31, 2023, the Company recorded $14.5 million of interest income on cash equivalents and short-term investments which includes $6.1 million of net amortization of premiums or discounts on short-term investments during the year ended January 31, 2023. During the year ended January 31, 2022 and 2021, the Company recorded $0.7 million and $1.1 million of interest income on cash equivalents and short-term investments, respectively. The Company did not record any amortization of premiums or discounts during the year ended January 31, 2022 and 2021.

As of January 31, 2023, the Company does not have any cash equivalents and short-term investments that have been in a continuous unrealized gain or loss position for more than 12 months as of the periods presented. The following table summarizes unrealized losses on our cash equivalents and short-term investments by category that have been in a continuous unrealized loss position for less than 12 months as of the periods presented (in thousands):

	Carrying Value		Gross Unrealized Losses
January 31, 2023
U.S. Agency securities	$	73,724	$	(435)
Commercial paper	45,015		(112)
Corporate debt securities	75,203		(572)
Municipal bonds	1,970		(19)
Foreign government bonds	2,170		(41)
U.S. Treasury securities	379,509		(3,729)
Total cash equivalents and short-term investments	$	577,591	$	(4,908)

The following table classifies the Company’s short-term investments by contractual maturities (in thousands):

	January 31, 2023				January 31, 2022
	Amortized cost		Fair Value		Amortized cost		Fair Value
Due within 1 year	$	480,943	$	477,520	$	50,031	$	50,031
Due between 1 year to 2 years	165,161		163,729		—		—
Total	$	646,104	$	641,249	$	50,031	$	50,031

All available-for-sale securities have been classified as current, based on management’s ability to use the funds in current operations.