As of May 3, 2025 and February 1, 2025, cash and cash equivalents consist of cash deposited with banks and money market funds, and all highly liquid investments with an original or remaining maturity of 90 days or less when purchased. As of May 3, 2025 and February 1, 2025, short-term and long-term investments in marketable debt securities consist of U.S. government and agency securities, corporate notes and bonds, and commercial paper.

Restricted cash as of May 3, 2025 and February 1, 2025 primarily consists of letters of credit secured as collateral on the Company’s office space leases.


	As of
	May 3, 2025		February 1, 2025
Cash and cash equivalents	$	259,025	$	227,576
Restricted cash	21,861		18,218
Total cash, cash equivalents, and restricted cash	$	280,886	$	245,794

The following is a summary of the Company’s available-for-sale marketable debt securities recorded within short-term and long-term investments on the condensed consolidated balance sheets (in thousands):


	As of
	May 3, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investments
Commercial paper	$	68,242	$	—	$	—	$	68,242
Corporate notes and bonds	460,309		952		(262)		460,999
U.S. government and agency securities	234,666		399		(125)		234,940
Total investments	$	763,217	$	1,351	$	(387)	$	764,181


	As of
	February 1, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investments
Commercial paper	$	62,590	$	—	$	—	$	62,590
Corporate notes and bonds	444,360		814		(437)		444,737
U.S. government and agency securities	242,517		283		(253)		242,547
Total investments	$	749,467	$	1,097	$	(690)	$	749,874

The Company included $6.4 million and $6.2 million of accrued interest receivable in “Prepaid expenses and other current assets” on the condensed consolidated balance sheets as of May 3, 2025 and February 1, 2025, respectively. The Company did not recognize an allowance for credit losses against accrued interest receivable as of May 3, 2025 and February 1, 2025 because such potential losses were not material.

For available-for-sale marketable debt securities with unrealized loss positions, the Company does not intend to sell any of the securities and the Company considers it more likely than not that the Company will hold these securities until a recovery of the cost basis, which may not occur until maturity. The Company did not recognize an allowance for credit losses on these securities as of May 3, 2025 and February 1, 2025 because such potential losses were not material.

As of May 3, 2025, the estimated fair values of available-for-sale marketable debt securities, by remaining contractual maturity, are as follows (in thousands):


	As of
	May 3, 2025
Due within one year	$	439,092
Due in one year to three years	325,089

Total	$	764,181

There were no material gains or losses that were reclassified out of accumulated other comprehensive income (loss), either individually or in the aggregate, during the three months ended May 3, 2025 and May 4, 2024. There were no material unrealized gains or losses for cash equivalents and available-for-sale marketable debt securities, either individually or in the aggregate, as of May 3, 2025 and February 1, 2025.

Concentrations of Credit Risk—The Company maintains its investments in marketable debt securities with high-quality financial institutions with investment-grade ratings.