Fair Value Measurements (Tables)
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6 Months Ended |
Jul. 31, 2015 |
Fair Value Disclosures [Abstract] |
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Fair Value of Financial Assets and Liabilities Measured on Recurring Basis |
The following tables set forth our financial assets and liabilities
that were accounted for at fair value on a recurring basis as of
July 31, 2015 and January 31, 2015:
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Fair Value at
July 31, 2015 Using |
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Quoted |
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Prices
in |
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Significant
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Active |
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Other |
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Significant
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Markets
for |
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Observable
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Unobservable
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July 31, |
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Identical Assets
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Inputs |
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Inputs |
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2015 |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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(Amounts in
thousands) |
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Financial assets:
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Money market accounts (a)
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$ |
3,627 |
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$ |
3,627 |
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$ |
— |
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$ |
— |
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Available for sale marketable securities:
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Current marketable securities:
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U.S. treasury notes and bonds - conventional
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2,006 |
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2,006 |
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— |
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— |
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U.S. government agency issues
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2,003 |
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— |
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2,003 |
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— |
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Non-current marketable securities:
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U.S. treasury notes and bonds - conventional
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5,770 |
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5,770 |
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— |
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— |
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U.S. government agency issues
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2,504 |
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— |
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2,504 |
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— |
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Total
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$ |
15,910 |
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$ |
11,403 |
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$ |
4,507 |
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$ |
— |
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Financial liabilities:
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Contingent consideration (b)
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$ |
1,487 |
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$ |
— |
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$ |
— |
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$ |
1,487 |
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Fair Value at
January 31, 2015 Using |
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Quoted |
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Prices
in |
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Significant
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Active |
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Other |
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Significant
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Markets
for |
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Observable
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Unobservable
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January 31,
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Identical Assets
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Inputs |
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Inputs |
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2015 |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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(Amounts in
thousands) |
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Financial assets:
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Money market accounts (a)
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$ |
1,575 |
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$ |
1,575 |
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$ |
— |
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$ |
— |
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Available for sale marketable securities:
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Current marketable securities:
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U.S. treasury notes and bonds - conventional
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1,501 |
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1,501 |
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— |
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— |
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U.S. government agency issues
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6,015 |
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— |
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6,015 |
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— |
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Non-current marketable securities:
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U.S. treasury notes and bonds - conventional
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4,286 |
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4,286 |
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U.S. government agency issues
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2,507 |
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— |
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2,507 |
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— |
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Total
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$ |
15,884 |
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$ |
7,362 |
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$ |
8,522 |
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$ |
— |
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(a) |
Money market funds and U.S. treasury
bills are included in cash and cash equivalents on the accompanying
consolidated balance sheet and are valued at quoted market prices
for identical instruments in active markets. |
(b) |
The fair value of our contingent
consideration arrangement is determined based on management’s
evaluation as to the probability of achieving certain defined
performance criteria based on the expected future performance of
the acquired entity, as well as the fair value of the estimated
shares of the Company’s common stock to be issued. |
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Reconciliation of Liabilities Measured at Fair Value on Recurring Basis |
The following table sets forth a reconciliation of liabilities
measured at fair value on a recurring basis with the use of
significant unobservable inputs (Level 3) for the six months ended
July 31, 2015 (amounts in thousands):
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Level 3 |
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Accrued Contingent
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Consideration |
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Ending balance at January 31, 2015
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$ |
— |
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Timeline Labs acquisition
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1,508 |
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Change in fair value
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(21 |
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Ending balance July 31, 2015
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$ |
1,487 |
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Summary of Available-for-Sale Securities |
The following is a summary of cash, cash equivalents and
available-for-sale securities, including the cost basis, aggregate
fair value and gross unrealized gains and losses, for short- and
long-term marketable securities portfolio as of July 31, 2015
and January 31, 2015:
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Amortized
Cost
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Gross
Unrealized
Gains
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Gross
Unrealized
Losses
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Estimated
Fair Value
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(Amounts in
thousands) |
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July 31, 2015:
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Cash
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$ |
56,933 |
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$ |
— |
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$ |
— |
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$ |
56,933 |
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Cash equivalents
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3,627 |
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— |
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— |
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3,627 |
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Cash and cash equivalents
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60,560 |
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— |
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— |
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60,560 |
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U.S. treasury notes and bonds - short-term
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2,004 |
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2 |
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2,006 |
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U.S. treasury notes and bonds - long-term
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5,760 |
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10 |
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— |
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5,770 |
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U.S, government agency issues - short-term
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2,002 |
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1 |
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— |
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2,003 |
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U.S, government agency issues - long-term
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2,489 |
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15 |
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2,504 |
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Total cash, cash equivalents and marketable securities
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$ |
72,815 |
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$ |
28 |
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$ |
— |
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$ |
72,843 |
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January 31, 2015:
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Cash
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$ |
88,444 |
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$ |
— |
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$ |
— |
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$ |
88,444 |
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Cash equivalents
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1,575 |
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— |
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— |
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1,575 |
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Cash and cash equivalents
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90,019 |
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— |
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— |
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90,019 |
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U.S. treasury notes and bonds - short-term
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1,500 |
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1 |
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1,501 |
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U.S. treasury notes and bonds - long-term
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4,268 |
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18 |
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— |
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4,286 |
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U.S, government agency issues - short-term
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6,008 |
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7 |
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— |
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6,015 |
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U.S, government agency issues - long-term
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2,490 |
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17 |
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2,507 |
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Total cash, cash equivalents and marketable securities
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$ |
104,285 |
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$ |
43 |
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$ |
— |
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$ |
104,328 |
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Schedule of Contractual Maturities Available-for-Sale Debt Securities |
The following is a schedule of the contractual maturities of
available-for-sale investments as of July 31, 2015 (amounts in
thousands):
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Estimated
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Fair Value |
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Maturity of one year or less
|
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$ |
4,009 |
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Maturity between one and five years
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|
8,274 |
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Total
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$ |
12,283 |
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