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Debt Securities
 3 Months Ended
Oct. 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) 
October 31, 2025:                
U.S. Treasury bills and notes  $15,876   $—   $(21)  $15,855 
Government sponsored enterprise notes   6,218    2    (1)   6,219 
Corporate bonds   3,263    5    (156)   3,112 
                     
Total  $25,357   $7   $(178)  $25,186 
                     
July 31, 2025:                    
U.S. Treasury bills and notes  $12,953   $—   $(27)  $12,926 
Government sponsored enterprise notes   5,554    —    (4)   5,550 
Corporate bonds   3,367    2    (196)   3,173 
                     
Total  $21,874   $2   $(227)  $21,649 

 

The gross unrealized losses in the table above are recorded in “Accumulated other comprehensive loss” in the condensed consolidated balance sheets. As of October 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 October 31, 2025 and July 31, 2025, 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 $12.7 million and $9.9 million in the three months ended October 31, 2025 and 2024, respectively. There were no realized gains or realized losses from sales of debt securities in the three months ended October 31, 2025 and 2024.

 

 

The contractual maturities of the Company’s available-for-sale debt securities at October 31, 2025 were as follows:

 

   Fair Value 
   (in thousands) 
Within one year  $22,553 
After one year through five years   2,312 
After five years through ten years   310 
After ten years   11 
      
Total  $25,186 

 

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) 
October 31, 2025:          
U.S. Treasury bills and notes  $21   $15,505 
Government sponsored enterprise notes   1    2,702 
Corporate bonds   156    2,890 
           
Total  $178   $21,097 
           
July 31, 2025:          
U.S. Treasury bills and notes  $27   $12,926 
Government sponsored enterprise notes   4    5,550 
Corporate bonds   196    2,976 
           
Total  $227   $21,452 

 

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) 
October 31, 2025:        
U.S. Treasury bills and notes  $15   $333 
Corporate bonds   156    2,822 
           
Total  $171   $3,155 
           
July 31, 2025:          
U.S. Treasury bills and notes  $19   $329 
Corporate bonds   195    2,967 
           
Total  $214   $3,296