XML 18 R9.htm IDEA: XBRL DOCUMENT v3.22.1
Fair Value Measurements
 9 Months Ended
Apr. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We disclose and recognize the fair value of our assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes three levels of the fair value hierarchy as follows:
Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;
Level 2: Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and
Level 3: Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.
Our financial instruments consist of cash and cash equivalents, short-term and long-term investments, accounts payable, and accrued liabilities. At April 30, 2022, and July 31, 2021, the carrying values of cash and cash equivalents, accounts payable, and accrued liabilities approximated fair value due to their short-term maturities.
The following table sets forth the amortized cost, gross unrealized gains, gross unrealized losses and fair values of our short-term and long-term investments accounted for as available-for-sale securities as of April 30, 2022, and July 31, 2021:
April 30, 2022July 31, 2021
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Financial Assets:
Investments:
U.S. Treasury securities$54,889 $— $(905)$53,984 $42,009 $35 $— $42,044 
Certificates of deposit700 — — 700 1,500 — — 1,500 
Commercial paper2,978 — — 2,978 10,192 — — 10,192 
Asset-backed securities7,505 1 (24)7,482 10,393 18 (9)10,402 
Corporate bonds81,089 — (1,185)79,904 96,347 103 (7)96,443 
Total$147,161 $1 $(2,114)$145,048 $160,441 $156 $(16)$160,581 

The following table sets forth the fair value of available-for-sale securities by contractual maturity as of April 30, 2022, and July 31, 2021:
April 30, 2022July 31, 2021
(in thousands)One Year or LessOver One Year Through Five YearsOver Five YearsTotalOne Year or LessOver One Year Through Five YearsOver Five YearsTotal
Financial Assets:
Investments:
U.S. Treasury securities$33,894 $20,090 $— $53,984 $41,633 $411 $— $42,044 
Certificates of deposit700 — — 700 1,500 — — 1,500 
Commercial paper2,978 — — 2,978 10,192 — — 10,192 
Asset-backed securities3,006 4,476 — 7,482 29 10,373 — 10,402 
Corporate bonds56,451 23,453 — 79,904 48,192 48,251 — 96,443 
Total$97,029 $48,019 $— $145,048 $101,546 $59,035 $— $160,581 
The following table sets forth our cash equivalents, and short-term and long-term investments accounted for as available-for-sale securities that were measured at fair value on a recurring basis based on the fair value hierarchy as of April 30, 2022, and July 31, 2021:
 April 30, 2022July 31, 2021
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets:        
Cash equivalents:
Money market funds$24,718 $— $— $24,718 $10,728 $— $— $10,728 
Investments:
U.S. Treasury securities53,984 — — 53,984 42,044 — — 42,044 
Certificates of deposit— 700 — 700 — 1,500 — 1,500 
Commercial paper— 2,978 — 2,978 — 10,192 — 10,192 
Asset-backed securities— 7,482 — 7,482 — 10,402 — 10,402 
Corporate bonds— 79,904 — 79,904 — 96,443 — 96,443 
Total$78,702 $91,064 $— $169,766 $52,772 $118,537 $— $171,309 
There were no transfers of financial assets or liabilities into or out of Level 1, Level 2, or Level 3 for the three and nine months ended April 30, 2022, and May 1, 2021.