v3.25.2
Cash Equivalents and Short-Term Investments
 6 Months Ended
Jul. 31, 2025
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Short-Term Investments
4. Cash Equivalents and Short-Term Investments
The following table summarizes the Company’s cash equivalents and short-term investments by category (in thousands):
As of July 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Level 1:
Cash equivalents
    Money market funds$160,950 $— $— $160,950 
Level 2:
Cash equivalents
    U.S. Treasury securities5,987 — — 5,987 
    Commercial paper2,995 — — 2,995 
Total cash equivalents (1)
169,932 — — 169,932 
Short-term investments
    Commercial paper22,722 — (11)22,711 
    Corporate debt securities244,342 115 (224)244,233 
    U.S. Agency securities67,007 8 (81)66,934 
 U.S. Treasury securities570,391 42 (505)569,928 
Total short-term investments904,462 165 (821)903,806 
Level 2 total913,444 165 (821)912,788 
Total cash equivalents and short-term investments$1,074,394 $165 $(821)$1,073,738 
(1) Included in “cash and cash equivalents” in our condensed consolidated balance sheet as of July 31, 2025, in addition to cash of $91.4 million.
As of January 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Level 1:
Cash equivalents
    Money market funds$97,093 $— $— $97,093 
Level 2:
Cash equivalents
    U.S. Treasury securities36,429 8 — 36,437 
Total cash equivalents (1)
133,522 8 — 133,530 
Short-term investments
    Commercial paper19,400 4 (11)19,393 
    Corporate debt securities220,326 327 (148)220,505 
    U.S. Agency securities61,020 20 (65)60,975 
    U.S. Treasury securities463,474 521 (140)463,855 
Total short-term investments764,220 872 (364)764,728 
Level 2 total800,649 880 (364)801,165 
Total cash equivalents and short-term investments$897,742 $880 $(364)$898,258 
(1) Included in “cash and cash equivalents” in our condensed consolidated balance sheet as of January 31, 2025, in addition to cash of $94.1 million.
The fair value of the Company’s Level 1 financial instruments, such as money market funds which are traded in active markets, is based on quoted market prices for identical instruments. The fair value of the Company’s Level 2 financial instruments such as commercial paper, corporate debt and U.S. government securities are obtained from an independent pricing service, which may use inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security that may not be actively traded. The Company’s marketable securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models. As of July 31, 2025 and January 31, 2025, the Company did not have any Level 3 financial instruments.
The Company uses the specific-identification method to determine any realized gains or losses from the sale of the Company’s 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 sales of short-term investments.
During the three and six months ended July 31, 2025, the Company recorded $11.5 million and $22.4 million of interest income on cash and cash equivalents and short-term investments, respectively, which includes $2.6 million and $5.6 million of net amortization of premiums or discounts on short-term investments during the three and six months ended July 31, 2025, respectively. During the three and six months ended July 31, 2024, the Company recorded $12.8 million and $24.9 million of interest income on cash and cash equivalents and short-term investments, respectively, which includes $4.2 million and $9.1 million of net amortization of premiums or discounts on short-term investments during the three and six months ended July 31, 2024, respectively.
The following table summarizes unrealized losses on the Company’s cash equivalents and short-term investments aggregated by category and the length of time such aggregated investments have been in a continuous unrealized loss position as of the periods presented (in thousands):
Less Than 12 Months12 Months or GreaterTotal
Carrying ValueGross Unrealized LossesCarrying ValueGross Unrealized LossesFair ValueGross Unrealized Losses
July 31, 2025
    U.S. Agency securities$63,894 $(81)$— $— $63,894 $(81)
    Commercial paper25,706 (11)— — 25,706 (11)
    Corporate debt securities155,060 (224)— — 155,060 (224)
    U.S. Treasury securities495,703 (505)— — 495,703 (505)
Total cash equivalents and short-term investments$740,363 $(821)$— $— $740,363 $(821)
Less Than 12 Months12 Months or GreaterTotal
Carrying ValueGross Unrealized LossesCarrying ValueGross Unrealized LossesFair ValueGross Unrealized Losses
January 31, 2025
    U.S. Agency securities$48,445 $(65)$— $— $48,445 $(65)
    Commercial paper13,430 (11)— — 13,430 (11)
    Corporate debt securities72,022 (146)5,988 (2)78,010 (148)
    U.S. Treasury securities100,921 (140)— — 100,921 (140)
Total cash equivalents and short-term investments$234,818 $(362)$5,988 $(2)$240,806 $(364)
The following table classifies the Company’s short-term investments by contractual maturities (in thousands):
July 31, 2025January 31, 2025
Amortized costFair ValueAmortized costFair Value
Due within 1 year$575,210 $574,927 $590,193 $590,832 
Due between 1 year to 2 years329,252 328,879 174,027 173,896 
Total$904,462 $903,806 $764,220 $764,728 
All available-for-sale securities have been classified as current, based on management’s ability to use the funds in current operations.
There was no interest accretion expense for the three and six months ended July 31, 2025. Interest accretion expense was immaterial and $0.1 million for the three and six months ended July 31, 2024, respectively.