Marketable Securities

3 Months Ended

Apr. 30, 2024

Investments, Debt and Equity Securities [Abstract]

The following is a summary of our marketable securities (in thousands):


	As of April 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	978	$	—	$	—	$	978
Treasury bills and U.S. government securities(1)	710,071		—		(506)		709,565
Corporate bonds(2)	24,778		—		(60)		24,718

Agency bonds	54,661		—		(40)		54,621
Total marketable securities	$	790,488	$	—	$	(606)	$	789,882
(1) Additional treasury bills with both amortized cost and estimated fair value of $19.8 million are included in cash and cash equivalents due to their original maturity of three months or less.
(2) Additional corporate bonds with both amortized cost and estimated fair value of $6.1 million are included in cash and cash equivalents due to their original maturity of three months or less.


	As of January 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Treasury bills and U.S. government securities	641,263		29		(100)		641,192
Corporate bonds	1,993		—		(2)		1,991

Agency bonds	174,990		—		(28)		174,962
Total marketable securities	$	818,246	$	29	$	(130)	$	818,145

As of April 30, 2024 and January 31, 2024, $1.0 million and none, respectively, of our marketable securities had remaining contractual maturities of one year or more.

As of April 30, 2024 and January 31, 2024, $3.1 million and $3.3 million, respectively, of interest receivable was included in prepaid expenses and other current assets on the condensed consolidated balance sheets. We did not recognize an allowance for credit losses against interest receivable as of April 30, 2024 and January 31, 2024.

Unrealized losses during the periods presented are a result of changes in market conditions. We do not believe that any unrealized losses are attributable to credit-related factors based on our evaluation of available evidence. To determine whether a decline in value is related to credit loss, we evaluate, among other factors, the extent to which the fair value is less than the amortized cost basis and any adverse conditions specifically related to an issuer of a security or its industry.