Marketable Securities

12 Months Ended

Jul. 31, 2017

Marketable Securities [Abstract]

Marketable Securities

Note 6—Marketable Securities

The following is a summary of marketable securities:

(in thousands)	Amortized  Cost		Gross  Unrealized  Gains		Gross  Unrealized  Losses			Fair Value
July 31, 2017
Available-for-sale securities:
Certificates of deposit*	$	29,011	$	1	$	(7	)	$	29,005
Federal Government Sponsored Enterprise notes		3,992		—		(14	)		3,978
International agency notes		291		—		—			291
Mutual funds		5,353		77		—			5,430
Corporate bonds		4,643		—		—			4,643
Equity		74		—		(26	)		48
U.S. Treasury notes		6,673		—		—			6,673
Municipal bonds		8,201		4		(1	)		8,204
TOTAL	$	58,238	$	82	$	(48	)	$	58,272
July 31, 2016
Available-for-sale securities:
Certificates of deposit*	$	17,690	$	6	$	—		$	17,696
Federal Government Sponsored Enterprise notes		3,457		17		—			3,474
International agency notes		409		5		—			414
Mutual funds		5,121		—		(39	)		5,082
Corporate bonds		3,633		40		—			3,673
Equity		2,463		—		(140	)		2,323
U.S. Treasury notes		4,946		95		(1	)		5,040
Municipal bonds		15,222		26		(1	)		15,247
TOTAL	$	52,941	$	189	$	(181	)	$	52,949

*       Each of the Company’s certificates of deposit has a CUSIP, was purchased in the secondary market through a broker and may be sold in the secondary market.

In January 2017, the Company received 23,227 shares of Zedge Class B common stock in connection with the lapsing of restrictions on Zedge restricted stock held by certain of the Company’s employees and the payment of taxes related thereto. As part of the Zedge Spin-Off, holders of the Company’s restricted Class B common stock received, in respect of those restricted shares, one share of Zedge’s Class B common stock for every three restricted shares of the Company that they held as of the record date for the Zedge Spin-Off. The Company received the Zedge shares in exchange for the payment of an aggregate of $74,000 for the employees’ tax withholding obligations upon the vesting event. The number of shares was determined based on their fair market value on the trading day immediately prior to the vesting date. At July 31, 2017, the Zedge shares owned by the Company had a fair value of $48,000.

Proceeds from maturities and sales of available-for-sale securities were $48.0 million, $35.0 million and $24.1 million in fiscal 2017, fiscal 2016 and fiscal 2015, respectively. Realized gains from sales of available-for-sale securities were $0.3 million, $0.5 million and nil in fiscal 2017, fiscal 2016 and fiscal 2015, respectively. Realized losses from sales of available-for-sale securities were nil, nil and $0.1 million in fiscal 2017, fiscal 2016 and fiscal 2015, respectively.

The contractual maturities of the Company’s available-for-sale debt securities at July 31, 2017 were as follows:

(in thousands)	Fair Value
Within one year	$	34,921
After one year through five years		17,873
After five years through ten years		—
After ten years		—
TOTAL	$	52,794

The following available-for-sale securities were in an unrealized loss position for which other-than-temporary impairments have not been recognized:

(in thousands)	Unrealized  Losses		Fair Value
July 31, 2017
Certificates of deposit	$	7	$	12,155
Federal Government Sponsored Enterprise notes		14		3,529
Equity		26		48
Municipal bonds		1		3,349
TOTAL	$	48	$	19,081
July 31, 2016
Mutual funds	$	39	$	5,082
Equity		140		2,323
U.S. Treasury notes		1		199
Municipal bonds		1		3,112
TOTAL	$	181	$	10,716

At July 31, 2017 and 2016, there were no securities in a continuous unrealized loss position for 12 months or longer.