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Marketable Securities | 9 Months Ended
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Apr. 30, 2018
Marketable Securities [Abstract] |
Marketable Securities | Note 4—Marketable Securities The following is a summary of marketable securities:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
April 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit* |  | $ | 5,649 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,649 |
Equity |  |  | 78 |  |  |  | 27 |  |  |  | — |  |  |  | 105 |
U.S. Treasury notes |  |  | 1,690 |  |  |  | — |  |  |  | (1 | ) |  |  | 1,689 |
Municipal bonds |  |  | 3,132 |  |  |  | — |  |  |  | (5 | ) |  |  | 3,127 |
Total |  | $ | 10,549 |  |  | $ | 27 |  |  | $ | (6 | ) |  | $ | 10,570 |
July 31, 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
| * | 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.
At April 30, 2018 and July 31, 2017, the Company owned 24,923 and 23,227 shares, respectively, of Zedge, Inc. Class B common stock that had a fair value of $0.1 million and $48,000, respectively. Proceeds from maturities and sales of available-for-sale securities were $5.0 million and $14.0 million in the three months ended April 30, 2018 and 2017, respectively, and $36.7 million and $30.8 million in the nine months ended April 30, 2018 and 2017, respectively. The gross realized losses that were included in earnings as a result of sales were $7,000 and $16,000 in the three and nine months ended April 30, 2018, respectively. The gross realized gains that were included in earnings as a result of sales were $26,000 and $0.3 million in the three and nine months ended April 30, 2017, respectively. The Company uses the specific identification method in computing the gross realized gains and gross realized losses on the sales of marketable securities. The contractual maturities of the Company’s available-for-sale debt securities at April 30, 2018 were as follows:
|  | Fair Value |
|  | (in thousands) |
Within one year |  | $ | 10,161 |
After one year through five years |  |  | 304 |
After five years through ten years |  |  | — |
After ten years |  |  | — |
Total |  | $ | 10,465 |
The following available-for-sale securities were in an unrealized loss position for which other-than-temporary impairments have not been recognized:
|  | Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
April 30, 2018: |  |  |  |  |  |
U.S. Treasury notes |  | $ | 1 |  |  | $ | 1,689 |
Municipal bonds |  |  | 5 |  |  |  | 3,127 |
Total |  | $ | 6 |  |  | $ | 4,816 |
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 |
At July 31, 2017, there were no securities in a continuous unrealized loss position for 12 months or longer. At April 30, 2018, the following available-for-sale securities included in the table above were in a continuous unrealized loss position for 12 months or longer:
|  | Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Municipal bonds |  | $ | 1 |  |  | $ | 343 |
At April 30, 2018, the Company did not intend to sell the securities that were in a continuous unrealized loss position for 12 months or longer, and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases, which may be at maturity.

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