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Debt Securities

6 Months Ended

Jan. 31, 2023

Debt Securities, Trading and Available-for-Sale [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)
January 31, 2023:
U.S. Treasury bills and notes		$	23,854			$	4			$	(94	)		$	23,764
Government sponsored enterprises notes			2,512				—				(4	)			2,508
Corporate bonds			3,991				1				(487	)			3,505
Total		$	30,357			$	5			$	(585	)		$	29,777

July 31, 2022:
Certificates of deposit*		$	2,000			$	—			$	(14	)		$	1,986
U.S. Treasury bills and notes			13,848				—				(114	)			13,734
Corporate bonds			3,966				1				(416	)			3,551
Municipal bonds			3,035				—				(3	)			3,032
Total		$	22,849			$	1			$	(547	)		$	22,303

*	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.

Proceeds from maturities and sales of debt securities and redemptions of equity investments were $16.1 million and $2.2 million in the three months ended January 31, 2023 and 2022, respectively, and $27.5 million and $6.1 million in the six months ended January 31, 2023 and 2022, respectively. There were no realized gains or realized losses from sales of debt securities in the three and six months ended January 31, 2023 and 2022. 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 January 31, 2023 were as follows:


		Fair Value
		(in thousands)
Within one year		$	22,521
After one year through five years			5,973
After five years through ten years			1,236
After ten years			47
Total		$	29,777

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)
January 31, 2023:
U.S. Treasury bills and notes		$	94			$	11,315
Government sponsored enterprises notes			4				2,508
Corporate bonds			487				3,450
Total		$	585			$	17,273

July 31, 2022:
Certificates of deposit		$	14			$	1,986
U.S. Treasury bills and notes			114				13,734
Corporate bonds			416				3,514
Municipal bonds			3				2,412
Total		$	547			$	21,646

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

		Unrealized Losses				Fair Value
		(in thousands)
January 31, 2023:
U.S. Treasury bills and notes		$	87			$	874
Corporate bonds			475				3,286
Total		$	562			$	4,160

July 31, 2022:
U.S. Treasury bills and notes		$	72			$	892
Corporate bonds			234				1,731
Total		$	306			$	2,623

At January 31, 2023 and July 31, 2022, the Company did not intend to sell any of the debt securities included in the table above, 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.