NOTE 3 – CASH, CASH EQUIVALENTS AND INVESTMENTS

Cash Equivalents

As of July 31, 2026 and January 31, 2026, certain amounts of cash equivalents were invested in money market funds with assets invested in high-quality money market instruments, including U.S. Treasury obligations; obligations of U.S. government agencies, authorities, instrumentalities or sponsored enterprises; and repurchase agreements secured by such obligations.

Investments

The Company’s investments consisted of the following as of July 31, 2026 and January 31, 2026:

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Short-Term Investments

Short-term investments as of July 31, 2026 and January 31, 2026, consisted solely of certificates of deposit (“CDs”) with remaining maturities of one year or less purchased from two major financial institutions. The Company has the intent and ability to hold the CDs until they mature, and they are carried at cost plus accrued interest. The balances of accrued interest on the CDs as of July 31, 2026 and January 31, 2026 were $3.4 million and $1.9 million, respectively.

Available-For-Sale Securities

The Company’s available-for-sale (“AFS”) securities consisted of the following amounts of amortized cost, allowance for credit losses, gross unrealized gains and losses, and estimated fair value by contractual maturity as of July 31, 2026 and January 31, 2026:

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As of July 31, 2026 and January 31, 2026, interest receivable in the amounts of $4.0 million and $3.4 million, respectively, were included in the balances of AFS securities. For the three and six months ended July 31, 2026 and 2025, there were no sales of the Company’s AFS securities and, therefore, there were no amounts of gains or losses reclassified out of other comprehensive income into net income.

The Company does not believe the unrealized losses represent credit losses based on the evaluation of evidence as of July 31, 2026, which includes an assessment of whether it is more likely than not that the Company will be required to sell or intends to sell the investments before recovery of their corresponding amortized cost bases.

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Earnings on Cash and Invested Funds

The Company earns interest and dividends on its cash equivalents and invested funds. The Company also earns interest on most of its cash balances. Earnings on invested funds and cash account balances for the three and six months ended July 31, 2026 were $8.8 million and $16.8 million, respectively, and they were $5.5 million and $11.0 million for the three and six months ended July 31, 2025, respectively. Earnings on investments are included in other income, net, in the condensed consolidated statements of earnings.

Concentration Risk

The Company maintains its cash, cash equivalents, and investments at major financial institutions, including euro-based accounts in Ireland and pound sterling-based accounts in the U.K. in support of foreign operations. As of July 31, 2026 and January 31, 2026, approximately 12% and 10%, respectively, of these balances were held by foreign subsidiaries in Ireland and the U.K. Management does not believe that the Company's concentration of cash, cash equivalents, and investments at financial institutions, including amounts in excess of government-insured levels, represents material risks.