Marketable Securities

Marketable securities consist of the following for the periods presented (in thousands):


	January 31, 2026
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
U.S. government securities	$	188,270	$	968	$	—	$	189,238
Corporate debt securities	97,931		411		—		98,342
Total	$	286,201	$	1,379	$	—	$	287,580


	January 31, 2025
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
U.S. government securities	$	317,313	$	745	$	(409)	$	317,649
Corporate debt securities	112,248		609		(49)		112,808
Total	$	429,561	$	1,354	$	(458)	$	430,457

Accrued interest receivables related to our available-for-sale securities of $3.2 million as of January 31, 2026 and $4.6 million as of January 31, 2025 were included within prepaid expenses and other current assets on the consolidated balance sheets.

The Company’s short-term investments consist of available-for-sale debt securities and term deposits. The term deposits are at cost, which approximates fair value. The weighted-average remaining maturity of the Company’s investment portfolio is approximately one year as of the periods presented. No individual security incurred continuous unrealized losses for greater than 12 months as of January 31, 2026.

The following table summarizes the fair value and gross unrealized losses aggregated by category of individual securities that have been in a continuous unrealized loss position for greater than 12 months (in thousands) as of January 31, 2025:


	January 31, 2025
	Continuous Unrealized Loss for Greater than 12 months
	Estimated Fair Value		Gross Unrealized Losses
U.S. government securities	$	46,442	$	(22)
Total	$	46,442	$	(22)

The Company purchases investment grade marketable debt securities which are rated by nationally recognized statistical credit rating organizations in accordance with its investment policy. This policy is designed to minimize the Company's exposure to credit losses. As of January 31, 2026, the credit-quality of the Company’s marketable available-for-sale debt securities had remained stable. The unrealized losses recognized on marketable available-for-sale debt securities as of January 31, 2026 was primarily related to the continued market volatility associated with market expectations in the current interest rate environment. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments and it is not expected that the investments would be settled at a price less than their amortized cost basis. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. The Company is not aware of any specific event or circumstance that would require the Company to change its assessment of credit losses for any marketable available-for-sale debt security as of January 31, 2026. These estimates may change, as new events occur and additional information is obtained, and will be recognized on the consolidated financial statements as soon as they become known. No credit losses were recognized as of January 31, 2026 for the Company’s marketable debt securities.

The contractual maturities of the investments classified as available-for-sale marketable securities are as follows (in thousands):


	January 31, 2026
	Amortized Cost		Estimated Fair Value
Due within 1 year	$	115,437	$	115,723
Due in 1 year through 5 years	170,764		171,857
Total	$	286,201	$	287,580


	January 31, 2025
	Amortized Cost		Estimated Fair Value
Due within 1 year	$	234,628	$	235,142
Due in 1 year through 5 years	194,933		195,315
Total	$	429,561	$	430,457

Investment income consists of interest income and accretion income/amortization expense on our cash, cash equivalents, restricted cash, and marketable securities. Investment income is included within other income, net on the consolidated statements of operations. The primary component of investment income from marketable securities were as follows (in thousands):


	Fiscal Year Ended January 31,
	2026		2025		2024
Interest income	$	14,783	$	18,111	$	13,546
Accretion/amortization of discount/premium, net	951		2,079		2,077
Investment income	$	15,734	$	20,190	$	15,623