v3.26.1
Cash Equivalents and Short-Term Investments
 3 Months Ended
Apr. 30, 2026
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 available-for-sale short-term investments by significant investment category as of April 30, 2026 (in thousands):
As of April 30, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Level 1:
Cash equivalents
    Money market funds$275,248 $— $— $275,248 
Total cash equivalents (1)
275,248 — — 275,248 
Level 2:
Short-term investments
    Commercial paper2,413 — (1)2,412 
    Corporate debt securities366,841 179 (398)366,622 
    U.S. Agency securities92,566 16 (142)92,440 
 U.S. Treasury securities528,284 204 (456)528,032 
Total short-term investments990,104 399 (997)989,506 
Total cash equivalents and short-term investments$1,265,352 $399 $(997)$1,264,754 
(1) Included in “cash and cash equivalents” in the condensed consolidated balance sheet as of April 30, 2026, in addition to cash of $60.1 million.
The following table summarizes equity securities classified as short-term investments held by JiHu, the company’s consolidated joint venture (in thousands):
LevelFair Value
Wealth Management Products2$32,611 
JiHu does not have significant influence or control over these investees. These equity securities have readily determinable fair values, are classified as Level 2 financial instruments, and are measured at fair value, with changes in fair value recorded in other income (expense), net in the condensed consolidated statements of operations. All equity securities have been classified as current, based on management’s ability to use the funds in current operations. Refer to Note 10. Joint Venture for further information on JiHu.
The following table summarizes the Company’s cash equivalents and available-for-sale short-term investments by significant investment category as of January 31, 2026 (in thousands):
As of January 31, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Level 1:
Cash equivalents
    Money market funds$152,741 $— $— $152,741 
Total cash equivalents (1)
152,741 — — 152,741 
Level 2:
Short-term investments
    Commercial paper7,452 1 — 7,453 
    Corporate debt securities294,930 677 (35)295,572 
    U.S. Agency securities93,997 87 (28)94,056 
 U.S. Treasury securities632,499 768 (21)633,246 
Total short-term investments1,028,878 1,533 (84)1,030,327 
Total cash equivalents and short-term investments$1,181,619 $1,533 $(84)$1,183,068 
(1) Included in “cash and cash equivalents” in the condensed consolidated balance sheet as of January 31, 2026, in addition to cash of $76.8 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 fair value of the Company’s equity securities held by JiHu is determined based on net asset value ("NAV"). As of April 30, 2026 and January 31, 2026, 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 months ended April 30, 2026 and 2025, the Company recorded $11.9 million and $10.9 million of interest income on cash and cash equivalents and short-term investments, respectively, which includes $0.3 million and $3.0 million of net amortization of premiums or discounts on short-term investments during the three months ended April 30, 2026 and 2025, respectively.
The following table summarizes unrealized losses on the Company’s cash equivalents and available-for-sale 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
April 30, 2026
    U.S. Agency securities$63,629 $(142)$— $— $63,629 $(142)
    Commercial paper2,412 (1)— — 2,412 (1)
    Corporate debt securities214,667 (398)— — 214,667 (398)
    U.S. Treasury securities226,997 (456)— — 226,997 (456)
Total cash equivalents and short-term investments$507,705 $(997)$— $— $507,705 $(997)
Less Than 12 Months12 Months or GreaterTotal
Carrying ValueGross Unrealized LossesCarrying ValueGross Unrealized LossesFair ValueGross Unrealized Losses
January 31, 2026
    U.S. Agency securities$38,754 $(28)$— $— $38,754 $(28)
    Commercial paper4,976 — — — 4,976 — 
    Corporate debt securities53,640 (35)— — 53,640 (35)
    U.S. Treasury securities73,619 (21)— — 73,619 (21)
Total cash equivalents and short-term investments$170,989 $(84)$— $— $170,989 $(84)
The following table classifies the Company’s available-for-sale short-term investments by contractual maturities (in thousands):
April 30, 2026January 31, 2026
Amortized costFair ValueAmortized costFair Value
Due within 1 year$619,164 $619,386 $610,087 $611,036 
Due between 1 year to 2 years370,940 370,120 418,791 419,291 
Total$990,104 $989,506 $1,028,878 $1,030,327 
All available-for-sale securities have been classified as current, based on management’s ability to use the funds in current operations.