Investments

6 Months Ended

Jul. 31, 2024

Investments, Debt and Equity Securities [Abstract]

All cash equivalents and short-term investments were designated as available-for-sale securities as of July 31, 2024. The following tables present the amortized costs, unrealized gains and losses, and estimated fair values of the Company’s cash equivalents and short-term investments (in thousands):


	July 31, 2024
	Amortized Cost(1)		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	139,935	$	—	$	—	$	139,935


Total cash equivalents	139,935		—		—		139,935
Short-term investments:
Corporate bonds	154,601		312		(59)		154,854
U.S. Treasury securities	138,934		114		(129)		138,919
Commercial paper	6,954		—		—		6,954
Agency securities	12,324		31		—		12,355
Total short-term investments	312,813		457		(188)		313,082
Total	$	452,748	$	457	$	(188)	$	453,017

(1) Excludes interest receivable of $3.6 million, which is included in Prepaid expenses and other current assets on the condensed consolidated balance sheets.


	January 31, 2024
	Amortized Cost(1)		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	79,082	$	—	$	—	$	79,082
Commercial paper	4,497		—		—		4,497
Total cash equivalents	83,579		—		—		83,579
Short-term investments:
Corporate bonds	99,547		158		(9)		99,696
U.S. Treasury securities	169,825		123		—		169,948
Commercial paper	57,755		—		—		57,755
Agency securities	19,282		21		(1)		19,302
Total short-term investments	346,409		302		(10)		346,701
Total	$	429,988	$	302	$	(10)	$	430,280

(1) Excludes interest receivable of $1.5 million, which is included in Prepaid expenses and other current assets on the condensed consolidated balance sheets.

The Company does not intend to sell, nor is it more likely than not that we will be required to sell, any investments in unrealized loss positions before recovery of their amortized cost basis. We did not recognize any credit losses related to our investments during the three and six months ended July 31, 2024 or 2023. The unrealized gains and losses on our short-term investments were primarily due to changes in interest rates subsequent to the initial purchase. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income (loss) during the three and six months ended July 31, 2024 or 2023. None of the short-term investments held as of July 31, 2024 or January 31, 2024 were in a continuous unrealized loss position for greater than 12 months.

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


	July 31, 2024
	Amortized Cost		Estimated Fair Value
Due within one year	$	198,570	$	198,517
Due between one to five years	114,243		114,565
Total	$	312,813	$	313,082