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Debt Securities
 6 Months Ended
Jan. 31, 2025
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) 
January 31, 2025:                    
U.S. Treasury bills and notes  $18,615   $13   $(42)  $18,586 
Government sponsored enterprise notes   1,867    —    (1)   1,866 
Corporate bonds   3,678    —    (278)   3,400 
                     
Total  $24,160   $13   $(321)  $23,852 
                     
July 31, 2024:                    
U.S. Treasury bills and notes  $16,641   $10   $(66)  $16,585 
Government sponsored enterprise notes   3,356    —    (3)   3,353 
Corporate bonds   3,821    1    (322)   3,500 
                     
Total  $23,818   $11   $(391)  $23,438 

 

The gross unrealized losses in the table above are recorded in “Accumulated other comprehensive loss” in the consolidated balance sheets. As of January 31, 2025, 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, 2025 and July 31, 2024, 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 $6.9 million and $14.2 million in the three months ended January 31, 2025 and 2024, respectively, and $16.8 million and $31.2 million in the six months ended January 31, 2025 and 2024, respectively. There were no realized gains or realized losses from sales of debt securities in the three and six months ended January 31, 2025 and 2024. 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, 2025 were as follows:

 

   Fair Value 
   (in thousands) 
Within one year  $17,357 
After one year through five years   5,654 
After five years through ten years   813 
After ten years   28 
      
Total  $23,852 

 

The following table includes the fair value of the Company’s available-for-sale debt securities that were in an unrealized loss position:

 

   Unrealized Losses   Fair Value 
   (in thousands) 
January 31, 2025:        
U.S. Treasury bills and notes  $42   $5,309 
Government sponsored enterprise notes   1    1,567 
Corporate bonds   278    3,295 
           
Total  $321   $10,171 
           
July 31, 2024:          
U.S. Treasury bills and notes  $66   $12,936 
Government sponsored enterprise notes   3    2,634 
Corporate bonds   322    3,310 
           
Total  $391   $18,880 

 

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) 
January 31, 2025:        
U.S. Treasury bills and notes  $28   $2,844 
Corporate bonds   261    3,042 
           
Total  $289   $5,886 
           
July 31, 2024:          
U.S. Treasury bills and notes  $60   $4,827 
Corporate bonds   307    3,209 
           
Total  $367   $8,036