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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended October 31, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 000-22754

Urban Outfitters, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Pennsylvania

23-2003332

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

5000 South Broad Street, Philadelphia, PA

19112-1495

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (215) 454-5500

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Shares, par value $.0001 per share

 

URBN

 

NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common shares, $0.0001 par value—92,784,344 shares outstanding on December 5, 2023.


TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

Item 1.

Financial Statements (unaudited)

 

 

 

 

Condensed Consolidated Balance Sheets as of October 31, 2023, January 31, 2023 and October 31, 2022

1

 

 

 

Condensed Consolidated Statements of Income for the three and nine months ended October 31, 2023 and 2022

2

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended October 31, 2023 and 2022

3

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended October 31, 2023 and 2022

4

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended October 31, 2023 and 2022

6

 

 

 

Notes to Condensed Consolidated Financial Statements

7

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

20

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

28

 

 

 

Item 4.

Controls and Procedures

29

 

 

 

PART II

OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

30

 

 

 

Item 1A.

Risk Factors

30

 

 

 

Item 5.

Other Information

30

 

 

 

Item 6.

Exhibits

31

 

 

 

Signatures

32

 


 

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share data)

(unaudited)

 

 

October 31,

 

 

January 31,

 

 

October 31,

 

 

 

2023

 

 

2023

 

 

2022

 

ASSETS

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

206,237

 

 

$

201,260

 

 

$

147,431

 

Marketable securities

 

 

249,176

 

 

 

181,378

 

 

 

146,364

 

Accounts receivable, net of allowance for doubtful accounts of
   $
1,271, $1,496 and $1,265, respectively

 

 

77,399

 

 

 

70,339

 

 

 

81,422

 

Inventory

 

 

721,011

 

 

 

587,510

 

 

 

743,579

 

Prepaid expenses and other current assets

 

 

235,227

 

 

 

197,232

 

 

 

226,280

 

Total current assets

 

 

1,489,050

 

 

 

1,237,719

 

 

 

1,345,076

 

Property and equipment, net

 

 

1,272,652

 

 

 

1,187,735

 

 

 

1,175,080

 

Operating lease right-of-use assets

 

 

933,864

 

 

 

959,436

 

 

 

927,092

 

Marketable securities

 

 

132,939

 

 

 

102,844

 

 

 

95,246

 

Deferred income taxes and other assets

 

 

281,151

 

 

 

195,178

 

 

 

177,622

 

Total Assets

 

$

4,109,656

 

 

$

3,682,912

 

 

$

3,720,116

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

319,115

 

 

$

257,620

 

 

$

326,529

 

Current portion of operating lease liabilities

 

 

223,781

 

 

 

232,672

 

 

 

224,378

 

Accrued expenses, accrued compensation and other current liabilities

 

 

506,028

 

 

 

400,082

 

 

 

457,537

 

Total current liabilities

 

 

1,048,924

 

 

 

890,374

 

 

 

1,008,444

 

Non-current portion of operating lease liabilities

 

 

857,791

 

 

 

884,696

 

 

 

861,033

 

Deferred rent and other liabilities

 

 

156,383

 

 

 

115,159

 

 

 

112,248

 

Total Liabilities

 

 

2,063,098

 

 

 

1,890,229

 

 

 

1,981,725

 

Commitments and contingencies (see Note 11)

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

Preferred shares; $.0001 par value, 10,000,000 shares authorized,
   
none issued

 

 

 

 

 

 

 

 

 

Common shares; $.0001 par value, 200,000,000 shares authorized,
   
92,784,344, 92,180,709 and 92,174,487 shares issued and
   outstanding, respectively

 

 

9

 

 

 

9

 

 

 

9

 

Additional paid-in-capital

 

 

30,734

 

 

 

15,248

 

 

 

7,850

 

Retained earnings

 

 

2,065,984

 

 

 

1,826,061

 

 

 

1,794,599

 

Accumulated other comprehensive loss

 

 

(50,169

)

 

 

(48,635

)

 

 

(64,067

)

Total Shareholders’ Equity

 

 

2,046,558

 

 

 

1,792,683

 

 

 

1,738,391

 

Total Liabilities and Shareholders’ Equity

 

$

4,109,656

 

 

$

3,682,912

 

 

$

3,720,116

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except share and per share data)

(unaudited)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

October 31,

 

 

October 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net sales

 

$

1,281,174

 

 

$

1,175,349

 

 

$

3,667,043

 

 

$

3,410,671

 

Cost of sales (excluding store impairment)

 

 

825,375

 

 

 

817,348

 

 

 

2,384,432

 

 

 

2,354,817

 

Store impairment

 

 

1,392

 

 

 

958

 

 

 

1,392

 

 

 

958

 

Gross profit

 

 

454,407

 

 

 

357,043

 

 

 

1,281,219

 

 

 

1,054,896

 

Selling, general and administrative expenses

 

 

345,429

 

 

 

299,725

 

 

 

968,760

 

 

 

865,523

 

 Income from operations

 

 

108,978

 

 

 

57,318

 

 

 

312,459

 

 

 

189,373

 

Other income (loss), net

 

 

705

 

 

 

(5,019

)

 

 

5,123

 

 

 

(9,270

)

Income before income taxes

 

 

109,683

 

 

 

52,299

 

 

 

317,582

 

 

 

180,103

 

Income tax expense

 

 

26,669

 

 

 

15,068

 

 

 

77,659

 

 

 

51,866

 

Net income

 

$

83,014

 

 

$

37,231

 

 

$

239,923

 

 

$

128,237

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.89

 

 

$

0.40

 

 

$

2.59

 

 

$

1.37

 

Diluted

 

$

0.88

 

 

$

0.40

 

 

$

2.55

 

 

$

1.36

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

92,780,736

 

 

 

92,174,160

 

 

 

92,667,878

 

 

 

93,544,085

 

Diluted

 

 

94,448,376

 

 

 

93,036,066

 

 

 

94,168,058

 

 

 

94,322,783

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(amounts in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

October 31,

 

 

October 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

 

$

83,014

 

 

$

37,231

 

 

$

239,923

 

 

$

128,237

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

(11,961

)

 

 

(13,451

)

 

 

(4,269

)

 

 

(34,083

)

Change in unrealized gains (losses) on marketable securities, net of tax

 

 

594

 

 

 

(431

)

 

 

2,735

 

 

 

(5,154

)

Total other comprehensive loss

 

 

(11,367

)

 

 

(13,882

)

 

 

(1,534

)

 

 

(39,237

)

Comprehensive income

 

$

71,647

 

 

$

23,349

 

 

$

238,389

 

 

$

89,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(amounts in thousands, except share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Common Shares

 

 

Additional

 

 

 

 

 

Other

 

 

 

 

 

 

Number of

 

 

Par

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances as of July 31, 2023

 

 

92,773,249

 

 

$

9

 

 

$

23,214

 

 

$

1,982,970

 

 

$

(38,802

)

 

$

1,967,391

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

83,014

 

 

 

(11,367

)

 

 

71,647

 

Share-based compensation

 

 

 

 

 

 

 

 

7,689

 

 

 

 

 

 

 

 

 

7,689

 

Share-based awards

 

 

16,165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share repurchases

 

 

(5,070

)

 

 

 

 

 

(169

)

 

 

 

 

 

 

 

 

(169

)

Balances as of October 31, 2023

 

 

92,784,344

 

 

$

9

 

 

$

30,734

 

 

$

2,065,984

 

 

$

(50,169

)

 

$

2,046,558

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Common Shares

 

 

Additional

 

 

 

 

 

Other

 

 

 

 

 

 

Number of

 

 

Par

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances as of July 31, 2022

 

 

92,173,342

 

 

$

9

 

 

$

 

 

$

1,757,368

 

 

$

(50,185

)

 

$

1,707,192

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

37,231

 

 

 

(13,882

)

 

 

23,349

 

Share-based compensation

 

 

 

 

 

 

 

 

7,862

 

 

 

 

 

 

 

 

 

7,862

 

Share-based awards

 

 

1,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share repurchases

 

 

(522

)

 

 

 

 

 

(12

)

 

 

 

 

 

 

 

 

(12

)

Balances as of October 31, 2022

 

 

92,174,487

 

 

$

9

 

 

$

7,850

 

 

$

1,794,599

 

 

$

(64,067

)

 

$

1,738,391

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(amounts in thousands, except share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Common Shares

 

 

Additional

 

 

 

 

 

Other

 

 

 

 

 

 

Number of

 

 

Par

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances as of January 31, 2023

 

 

92,180,709

 

 

$

9

 

 

$

15,248

 

 

$

1,826,061

 

 

$

(48,635

)

 

$

1,792,683

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

239,923

 

 

 

(1,534

)

 

 

238,389

 

Share-based compensation

 

 

 

 

 

 

 

 

23,245

 

 

 

 

 

 

 

 

 

23,245

 

Share-based awards

 

 

912,284

 

 

 

 

 

 

594

 

 

 

 

 

 

 

 

 

594

 

Share repurchases

 

 

(308,649

)

 

 

 

 

 

(8,353

)

 

 

 

 

 

 

 

 

(8,353

)

Balances as of October 31, 2023

 

 

92,784,344

 

 

$

9

 

 

$

30,734

 

 

$

2,065,984

 

 

$

(50,169

)

 

$

2,046,558

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Common Shares

 

 

Additional

 

 

 

 

 

Other

 

 

 

 

 

 

Number of

 

 

Par

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances as of January 31, 2022

 

 

96,431,044

 

 

$

10

 

 

$

 

 

$

1,770,560

 

 

$

(24,830

)

 

$

1,745,740

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

128,237

 

 

 

(39,237

)

 

 

89,000

 

Share-based compensation

 

 

 

 

 

 

 

 

21,971

 

 

 

 

 

 

 

 

 

21,971

 

Share-based awards

 

 

725,882

 

 

 

 

 

 

376

 

 

 

 

 

 

 

 

 

376

 

Share repurchases

 

 

(4,982,439

)

 

 

(1

)

 

 

(14,497

)

 

 

(104,198

)

 

 

 

 

 

(118,696

)

Balances as of October 31, 2022

 

 

92,174,487

 

 

$

9

 

 

$

7,850

 

 

$

1,794,599

 

 

$

(64,067

)

 

$

1,738,391

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(unaudited)

 

 

Nine Months Ended

 

 

 

October 31,

 

 

 

2023

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

239,923

 

 

$

128,237

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

75,286

 

 

 

77,529

 

Non-cash lease expense

 

 

151,413

 

 

 

143,036

 

Provision for deferred income taxes

 

 

33,660

 

 

 

366

 

Share-based compensation expense

 

 

23,245

 

 

 

21,971

 

Amortization of tax credit investment

 

 

11,929

 

 

 

 

Store impairment

 

 

1,392

 

 

 

958

 

Loss on disposition of property and equipment, net

 

 

146

 

 

 

345

 

Changes in assets and liabilities:

 

 

 

 

 

 

Receivables

 

 

(7,233

)

 

 

(19,235

)

Inventory

 

 

(135,216

)

 

 

(184,800

)

Prepaid expenses and other assets

 

 

(74,957

)

 

 

(56,699

)

Payables, accrued expenses and other liabilities

 

 

138,735

 

 

 

59,305

 

Operating lease liabilities

 

 

(178,084

)

 

 

(177,183

)

Net cash provided by (used in) operating activities

 

 

280,239

 

 

 

(6,170

)

Cash flows from investing activities:

 

 

 

 

 

 

Cash paid for property and equipment

 

 

(151,037

)

 

 

(143,445

)

Cash paid for marketable securities

 

 

(335,508

)

 

 

(22,000

)

Sales and maturities of marketable securities

 

 

242,847

 

 

 

230,745

 

Initial cash payment for tax credit investment

 

 

(20,000

)

 

 

 

Net cash (used in) provided by investing activities

 

 

(263,698

)

 

 

65,300

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from the exercise of stock options

 

 

594

 

 

 

376

 

Share repurchases related to share repurchase program

 

 

 

 

 

(112,016

)

Share repurchases related to taxes for share-based awards

 

 

(8,353

)

 

 

(6,680

)

Tax credit investment liability payments

 

 

(3,007

)

 

 

 

Net cash used in financing activities

 

 

(10,766

)

 

 

(118,320

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(798

)

 

 

46

 

Increase (decrease) in cash and cash equivalents

 

 

4,977

 

 

 

(59,144

)

Cash and cash equivalents at beginning of period

 

 

201,260

 

 

 

206,575

 

Cash and cash equivalents at end of period

 

$

206,237

 

 

$

147,431

 

Supplemental cash flow information:

 

 

 

 

 

 

Cash paid during the year for income taxes

 

$

35,576

 

 

$

33,516

 

Non-cash investing activities—Accrued capital expenditures

 

$

31,791

 

 

$

41,431

 

Right-of-use assets obtained in exchange for operating lease liabilities

 

$

154,426

 

 

$

105,365

 

Non-cash investing activities—Accrued tax credit investment installments

 

$

62,120

 

 

$

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

6


 

URBAN OUTFITTERS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except share and per share data)

(unaudited)

1. Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed financial statements should be read in conjunction with Urban Outfitters, Inc.’s (the “Company’s”) Annual Report on Form 10-K for the fiscal year ended January 31, 2023, filed with the United States Securities and Exchange Commission on April 3, 2023.

The Company’s business experiences seasonal fluctuations in net sales and net income, with a more significant portion typically realized in the second half of each year predominantly due to the year-end holiday period. Historically, and consistent with the retail industry, this seasonality also impacts our working capital requirements, particularly with regard to inventory. Accordingly, the results of operations for the three and nine months ended October 31, 2023 are not necessarily indicative of the results to be expected for the full year.

The Company’s fiscal year ends on January 31. All references in these notes to the Company’s fiscal years refer to the fiscal years ended on January 31 in those years. For example, the Company’s fiscal year 2024 will end on January 31, 2024.

Recent Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board issued an accounting standards update that introduces additional segment disclosure requirements. The update requires entities to quantitatively disclose significant segment expenses that are regularly provided to the chief operating decision maker for each reportable segment as well as an amount for other segment items for each reportable segment and a description of their composition. Entities are also required to disclose how reported measures of segment profit or loss are used in assessing segment performance and deciding how to allocate resources. The update will be effective for the Company in its annual consolidated financial statements for the fiscal year ending January 31, 2025, and interim periods thereafter. The Company expects adoption of this update to result in additional disclosures in the notes to its consolidated financial statements and will be applied retrospectively to all prior periods presented.

 

2. Revenue from Contracts with Customers

Contract receivables occur when the Company satisfies all of its performance obligations under a contract and recognizes revenue prior to billing or receiving consideration from a customer for which it has an unconditional right to payment. Contract receivables arise from credit card, debit card and alternative payment method transactions throughout all segments and sales to the Company’s Wholesale segment customers and franchisees. For the nine month period ended October 31, 2023, the opening and closing balances of contract receivables, net of allowance for doubtful accounts, were $70,339 and $77,399, respectively. For the nine month period ended October 31, 2022, the opening and closing balances of contract receivables, net of allowance for doubtful accounts, were $63,760 and $81,422, respectively. Contract receivables are included in “Accounts receivable, net of allowance for doubtful accounts” in the Condensed Consolidated Balance Sheets.

Contract liabilities represent unearned revenue and result from the Company receiving consideration in a contract with a customer for which it has not satisfied all of its performance obligations. The Company’s contract liabilities result from customer deposits, customer loyalty programs and the issuance of gift cards. Gift cards are expected to be redeemed within two years of issuance, with the majority of redemptions occurring in the first year. For the nine month period ended October 31, 2023, the opening and closing balances of contract liabilities were $82,867 and $70,763, respectively. For the nine month period ended October 31, 2022, the opening and closing balances of contract liabilities were $78,717 and $68,536, respectively. Contract liabilities are included in “Accrued

7


 

expenses, accrued compensation and other current liabilities” in the Condensed Consolidated Balance Sheets. During the nine month period ended October 31, 2023, the Company recognized $32,828 of revenue that was included in the contract liability balance at the beginning of the period. During the nine month period ended October 31, 2022, the Company recognized $32,299 of revenue that was included in the contract liability balance at the beginning of the period.

3. Marketable Securities

During all periods shown, marketable securities are classified as available-for-sale. The amortized cost, gross unrealized gains (losses) and fair value of available-for-sale securities by major security type and class of security as of October 31, 2023, January 31, 2023 and October 31, 2022 were as follows:

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Value

 

As of October 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Short-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

102,766

 

 

$

 

 

$

(1,336

)

 

$

101,430

 

Federal government agencies

 

 

66,216

 

 

 

 

 

 

(233

)

 

 

65,983

 

Municipal and pre-refunded municipal bonds

 

 

48,115

 

 

 

 

 

 

(727

)

 

 

47,388

 

Commercial paper

 

 

20,976

 

 

 

 

 

 

 

 

 

20,976

 

US Treasury securities

 

 

13,157

 

 

 

 

 

 

(7

)

 

 

13,150

 

Certificates of deposit

 

 

249

 

 

 

 

 

 

 

 

 

249

 

 

 

251,479

 

 

 

 

 

 

(2,303

)

 

 

249,176

 

Long-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

53,555

 

 

 

4

 

 

 

(1,155

)

 

 

52,404

 

Federal government agencies

 

 

49,203

 

 

 

 

 

 

(388

)

 

 

48,815

 

Municipal and pre-refunded municipal bonds

 

 

10,224

 

 

 

3

 

 

 

(136

)

 

 

10,091

 

US Treasury securities

 

 

7,398

 

 

 

1

 

 

 

(71

)

 

 

7,328

 

Mutual funds, held in rabbi trust

 

 

13,252

 

 

 

147

 

 

 

(348

)

 

 

13,051

 

Certificates of deposit

 

 

1,250

 

 

 

 

 

 

 

 

 

1,250

 

 

 

134,882

 

 

 

155

 

 

 

(2,098

)

 

 

132,939

 

 

$

386,361

 

 

$

155

 

 

$

(4,401

)

 

$

382,115

 

As of January 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Short-term Investments:

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

83,184

 

 

$

 

 

$

(947

)

 

$

82,237

 

Federal government agencies

 

 

6