Marketable Securities

9 Months Ended

Oct. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities

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

	As of October 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	41,864	$	18	$	—	$	41,882
Treasury bills and U.S. government securities	674,654		—		(526)		674,128
Corporate bonds	108,606		76		—		108,682
Yankee bonds	4,677		—		(11)		4,666
Agency bonds	450		—		—		450
Total marketable securities	$	830,251	$	94	$	(537)	$	829,808

	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 October 31, 2024 and January 31, 2024, $34.4 million and none, respectively, of our marketable securities had remaining contractual maturities of one year or more.

As of October 31, 2024 and January 31, 2024, $2.1 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 October 31, 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.