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Debt Securities | 6 Months Ended
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Jan. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Debt Securities | Note 6—Debt Securities The following is a summary of available-for-sale debt securities: Schedule of Available-for-sale Securities
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
January 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit* |  | $ | 960 |  |  | $ | — |  |  | $ | — |  |  | $ | 960 |
U.S. Treasury bills and notes |  |  | 23,738 |  |  |  | 12 |  |  |  | (76 | ) |  |  | 23,674 |
Government sponsored enterprise notes |  |  | 3,261 |  |  |  | 1 |  |  |  | (3 | ) |  |  | 3,259 |
Corporate bonds |  |  | 3,901 |  |  |  | 1 |  |  |  | (376 | ) |  |  | 3,526 |
Total |  | $ | 31,860 |  |  | $ | 14 |  |  | $ | (455 | ) |  | $ | 31,419 |
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 January 31, 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 January 31, 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 $14.2 million and $16.1 million in the three months ended January 31, 2024 and 2023, respectively, and $31.2 million and $27.5 million in the six months ended January 31, 2024 and 2023, respectively. There were no realized gains or realized losses from sales of debt securities in the three and six months ended January 31, 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 January 31, 2024 were as follows: Schedule of Contractual Maturities of Available-for-sale Debt Securities
|  | Fair Value |
|  | (in thousands) |
Within one year |  | $ | 23,087 |
After one year through five years |  |  | 7,496 |
After five years through ten years |  |  | 808 |
After ten years |  |  | 28 |
Total |  | $ | 31,419 |
The following available-for-sale debt securities were in an unrealized loss position for which other-than-temporary impairments were not recognized: Schedule of Available-for-sale Securities, Unrealized Loss Position
|  | Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
January 31, 2024: |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | — |  |  | $ | — |
U.S. Treasury bills and notes |  |  | 76 |  |  |  | 21,754 |
Government sponsored enterprise notes |  |  | 3 |  |  |  | 2,910 |
Corporate bonds |  |  | 376 |  |  |  | 3,384 |
Total |  | $ | 455 |  |  | $ | 28,048 |
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: Schedule of Continuous Unrealized Loss Position for 12 Months or Longer
|  | Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
January 31, 2024: |  |  |  |  |  |  |  |
U.S. Treasury bills and notes |  | $ | 63 |  |  | $ | 2,837 |
Corporate bonds |  |  | 376 |  |  |  | 3,384 |
Total |  | $ | 439 |  |  | $ | 6,221 |
July 31, 2023: |  |  |  |  |  |  |  |
U.S. Treasury bills and notes |  | $ | 86 |  |  | $ | 816 |
Corporate bonds |  |  | 484 |  |  |  | 3,299 |
Total |  | $ | 570 |  |  | $ | 4,115 |

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