Debt Securities

9 Months Ended

Apr. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Debt Securities

Note 6—Debt Securities

The following is a summary of available-for-sale debt securities:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
April 30, 2024:
U.S. Treasury bills and notes	$	23,710	$	—	$	(131	)	$	23,579
Government sponsored enterprise notes		2,378		—		(6	)		2,372
Corporate bonds		3,864		—		(431	)		3,433
Total	$	29,952	$	—	$	(568	)	$	29,384
July 31, 2023:
Certificates of deposit*	$	4,080	$	—	$	(4	)	$	4,076
U.S. Treasury bills and notes		31,186		—		(148	)		31,038
Government sponsored enterprise notes		3,881		—		(8	)		3,873
Corporate bonds		3,912		—		(485	)		3,427
Total	$	43,059	$	—	$	(645	)	$	42,414

* 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.

The gross unrealized losses in the table above are recorded in “Accumulated other comprehensive loss” in the consolidated balance sheets. As of April 30, 2024, the Company determined that the unrealized losses were due to changes in interest rates or market liquidity and were not due to credit losses. In addition, as of April 30, 2024 and July 31, 2023, the Company did not intend to sell any of the securities with unrealized losses, and it is not more likely than not that the Company will be required to sell any of these securities before recovery of the unrealized losses, which may be at maturity.

Proceeds from maturities and sales of debt securities and redemptions of equity investments were $10.3 million and $6.8 million in the three months ended April 30, 2024 and 2023, respectively, and $41.5 million and $34.3 million in the nine months ended April 30, 2024 and 2023, respectively. There were no realized gains or realized losses from sales of debt securities in the three and nine months ended April 30, 2024 and 2023. The Company uses the specific identification method in computing the realized gains and realized losses on the sales of debt securities.

The contractual maturities of the Company’s available-for-sale debt securities at April 30, 2024 were as follows:

	Fair Value
		(in thousands)
Within one year	$	21,816
After one year through five years		6,441
After five years through ten years		1,078
After ten years		49
Total	$	29,384

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

	Unrealized Losses		Fair Value
	(in thousands)
April 30, 2024:
U.S. Treasury bills and notes	$	131	$	23,579
Government sponsored enterprise notes		6		2,372
Corporate bonds		431		3,433
Total	$	568	$	29,384
July 31, 2023:
Certificates of deposit	$	4	$	3,356
U.S. Treasury bills and notes		148		31,038
Government sponsored enterprise notes		8		3,873
Corporate bonds		485		3,368
Total	$	645	$	41,635

The following available-for-sale debt securities included in the table above were in a continuous unrealized loss position for 12 months or longer:

	Unrealized Losses		Fair Value
	(in thousands)
April 30, 2024:
U.S. Treasury bills and notes	$	72	$	2,950
Corporate bonds		411		3,218
Total	$	483	$	6,168
July 31, 2023:
U.S. Treasury bills and notes	$	86	$	816
Corporate bonds		484		3,299
Total	$	570	$	4,115