Cash Equivalents and Short-Term Investments

6 Months Ended

Jan. 31, 2020

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Short-Term Investments

Cash equivalents and short-term investments consisted of the following as of January 31, 2020:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Cash equivalents:

Money market funds	$	42,374	$	—	$	—	$	42,374


U.S. government agency securities	1,500		—		—		1,500


Total	$	43,874	$	—	$	—	$	43,874

Short-term investments:
U.S. treasury securities	$	71,914	$	254	$	—	$	72,168
U.S. government agency securities	112,956		47		(23)		112,980
Corporate debt securities	122,903		334		(5)		123,232
Total	$	307,773	$	635	$	(28)	$	308,380

Total cash equivalents and short-term investments	$	351,647	$	635	$	(28)	$	352,254

Cash equivalents and short-term investments consisted of the following as of July 31, 2019:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:	(in thousands)

Money market funds	$	55,036	$	—	$	—	$	55,036





Short-term investments:
U.S. treasury securities	$	125,042	$	248	$	(9)	$	125,281
U.S. government agency securities	64,689		7		(50)		64,646
Corporate debt securities	96,047		207		(19)		96,235
Total	$	285,778	$	462	$	(78)	$	286,162

Total cash equivalents and short-term investments	$	340,814	$	462	$	(78)	$	341,198

The amortized cost and fair value of our short-term investments based on their stated maturities consisted of the following as of January 31, 2020:


	Amortized Cost		Fair Value
	(in thousands)
Due within one year	$	173,815	$	174,232
Due between one and two years	133,958		134,148
Total	$	307,773	$	308,380

Short-term investments that were in an unrealized loss position as of January 31, 2020 consisted of the following:


	Less than 12 Months						Greater than 12 Months						Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)

U.S. government agency securities	$	28,149	$	(17)	$	20,121	$	(6)	$	48,270	$	(23)
Corporate debt securities	6,288		(4)		1,000		(1)		7,288		(5)
Total	$	34,437	$	(21)	$	21,121	$	(7)	$	55,558	$	(28)

Unrealized losses of the above securities were primarily attributable to changes in interest rates.

Short-term investments that were in an unrealized loss position as of July 31, 2019 consisted of the following:


	Less than 12 Months						Greater than 12 Months						Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
U.S. treasury securities	$	5,719	$	(9)	$	—	$	—	$	5,719	$	(9)
U.S. government agency securities	36,550		(37)		9,992		(13)		46,542		(50)
Corporate debt securities	14,279		(16)		8,364		(3)		22,643		(19)
Total	$	56,548	$	(62)	$	18,356	$	(16)	$	74,904	$	(78)

We review the individual securities that have unrealized losses in our short-term investment portfolio on a regular basis to evaluate whether or not any security has experienced an other-than-temporary decline in fair value. We evaluate, among others, whether we have the intention to sell any of these investments and whether it is not more likely than not that we will be required to sell any of them before recovery of the amortized cost basis. Based on this evaluation, we determined that there were no other-than-temporary impairments associated with our short-term investments as of January 31, 2020 and July 31, 2019.