Quarterly report [Sections 13 or 15(d)]

Marketable Securities

v3.25.2
Marketable Securities
6 Months Ended
Jul. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
The following is a summary of available-for-sale marketable securities, excluding those securities classified within cash and cash equivalents on the condensed consolidated balance sheets:
July 31, 2025
(in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair value
Corporate bonds $ 100,690  $ 17  $ (59) $ 100,648 
Municipal bonds 3,351  —  (3) 3,348 
U.S. government and agency securities 163,248  —  (104) 163,144 
Certificates of deposit 27,508  (10) 27,502 
Commercial paper 54,018  —  (34) 53,984 
Marketable securities $ 348,815  $ 21  $ (210) $ 348,626 
January 31, 2025
(in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair value
Corporate bonds $ 106,632  $ 48  $ (26) $ 106,654 
Municipal bonds 12,752  —  (7) 12,745 
U.S. government and agency securities 120,032  28  (52) 120,008 
Certificates of deposit 34,584  27  —  34,611 
Commercial paper 64,180  16  (25) 64,171 
Marketable securities $ 338,180  $ 119  $ (110) $ 338,189 
As of July 31, 2025 and January 31, 2025, the maturities of available-for-sale marketable securities did not exceed 12 months. Interest income from cash and cash equivalents and marketable securities was $5.8 million and $10.9 million for the three and six months ended July 31, 2025, respectively, and $7.0 million and $15.3 million for the three and six months ended 2024, respectively.
There were 93 and 40 debt securities in an unrealized loss position as of July 31, 2025 and January 31, 2025, respectively. The estimated fair value of these debt securities, for which an allowance for credit losses has not been recorded, was $311.6 million and $140.0 million as of July 31, 2025 and January 31, 2025, respectively. There were no expected credit losses recorded against the Company’s investment securities as of July 31, 2025 and January 31, 2025.
Unrealized losses on the Company’s debt securities are not considered to be credit-related based upon an analysis that considered the extent to which the fair value is less than the amortized basis of a security, adverse conditions specifically related to the security, changes to credit rating of the instrument subsequent to Company purchase, and the strength of the underlying collateral, if any.
Refer to Note 5, Fair Value Measurements, for information about the Company’s fair value hierarchy for short-term marketable securities.