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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 April 30, 2021

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: (215454-5500

 

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.    Yes ☒    No ☐

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).    Yes ☒    No ☐

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—98,341,627 shares outstanding on June 4, 2021.

 

 

 


 

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (unaudited)

 

 

 

 

 

Condensed Consolidated Balance Sheets as of April 30, 2021, January 31, 2021 and April 30, 2020

1

 

 

 

 

Condensed Consolidated Statements of Operations for the three months ended April 30, 2021 and 2020

2

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended April 30, 2021 and 2020

3

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the three months ended April 30, 2021 and 2020

4

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended April 30, 2021 and 2020

5

 

 

 

 

Notes to Condensed Consolidated Financial Statements

6

 

 

 

Item 2.

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

19

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

30

 

 

 

Item 4.

Controls and Procedures

30

 

 

 

PART II

OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

31

 

 

 

Item 1A.

Risk Factors

31

 

 

 

Item 6.

Exhibits

32

 

 

 

 

Signatures

33

 

 


 

 

PART I

FINANCIAL INFORMATION

Item  1.

Financial Statements

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share data)

(unaudited)

  

 

 

April 30,

 

 

January 31,

 

 

April 30,

 

 

 

2021

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

364,247

 

 

$

395,635

 

 

$

588,740

 

Marketable securities

 

 

164,430

 

 

 

174,695

 

 

 

65,121

 

Accounts receivable, net of allowance for doubtful accounts of

   $2,155, $4,028 and $6,304, respectively

 

 

85,307

 

 

 

89,952

 

 

 

55,910

 

Inventory

 

 

477,777

 

 

 

389,618

 

 

 

335,640

 

Prepaid expenses and other current assets

 

 

189,268

 

 

 

173,432

 

 

 

131,517

 

Total current assets

 

 

1,281,029

 

 

 

1,223,332

 

 

 

1,176,928

 

Property and equipment, net

 

 

988,973

 

 

 

967,422

 

 

 

880,353

 

Operating lease right-of-use assets

 

 

1,093,037

 

 

 

1,114,762

 

 

 

1,116,597

 

Marketable securities

 

 

100,680

 

 

 

123,662

 

 

 

13,272

 

Deferred income taxes and other assets

 

 

115,888

 

 

 

117,167

 

 

 

169,054

 

Total Assets

 

$

3,579,607

 

 

$

3,546,345

 

 

$

3,356,204

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

251,944

 

 

$

237,386

 

 

$

104,702

 

Current portion of operating lease liabilities

 

 

246,226

 

 

 

254,703

 

 

 

243,671

 

Short-term debt (see Note 6)

 

 

 

 

 

 

 

 

220,000

 

Accrued expenses, accrued compensation and other current liabilities

 

 

393,430

 

 

 

414,043

 

 

 

315,204

 

Total current liabilities

 

 

891,600

 

 

 

906,132

 

 

 

883,577

 

Non-current portion of operating lease liabilities

 

 

1,060,228

 

 

 

1,074,009

 

 

 

1,088,932

 

Long-term debt (see Note 6)

 

 

 

 

 

 

 

 

 

Deferred rent and other liabilities

 

 

93,270

 

 

 

88,846

 

 

 

85,587

 

Total Liabilities

 

 

2,045,098

 

 

 

2,068,987

 

 

 

2,058,096

 

Commitments and contingencies (see Note 12)

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares; $.0001 par value, 10,000,000 shares authorized,

   none issued

 

 

 

 

 

 

 

 

 

Common shares; $.0001 par value, 200,000,000 shares authorized,

   98,235,127, 97,815,985 and 97,777,322 shares issued and

   outstanding, respectively

 

 

10

 

 

 

10

 

 

 

10

 

Additional paid-in-capital

 

 

17,585

 

 

 

19,360

 

 

 

3,593

 

Retained earnings

 

 

1,528,655

 

 

 

1,475,108

 

 

 

1,335,430

 

Accumulated other comprehensive loss

 

 

(11,741

)

 

 

(17,120

)

 

 

(40,925

)

Total Shareholders’ Equity

 

 

1,534,509

 

 

 

1,477,358

 

 

 

1,298,108

 

Total Liabilities and Shareholders’ Equity

 

$

3,579,607

 

 

$

3,546,345

 

 

$

3,356,204

 

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

1


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

(unaudited)

 

 

 

Three Months Ended

 

 

 

April 30,

 

 

 

2021

 

 

2020

 

Net sales

 

$

927,415

 

 

$

588,483

 

Cost of sales (excluding store impairment)

 

 

626,764

 

 

 

562,112

 

Store impairment

 

 

 

 

 

14,528

 

Gross profit

 

 

300,651

 

 

 

11,843

 

Selling, general and administrative expenses

 

 

227,148

 

 

 

210,578

 

Income (loss) from operations

 

 

73,503

 

 

 

(198,735

)

Other (loss) income, net

 

 

(155

)

 

 

162

 

Income (loss) before income taxes

 

 

73,348

 

 

 

(198,573

)

Income tax expense (benefit)

 

 

19,801

 

 

 

(60,131

)

Net income (loss)

 

$

53,547

 

 

$

(138,442

)

Net income (loss) per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.55

 

 

$

(1.41

)

Diluted

 

$

0.54

 

 

$

(1.41

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

98,108,245

 

 

 

97,910,314

 

Diluted

 

 

99,322,220

 

 

 

97,910,314

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

2


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(amounts in thousands)

(unaudited)

 

 

 

 

Three Months Ended

 

 

 

April 30,

 

 

 

2021

 

 

2020

 

Net income (loss)

 

$

53,547

 

 

$

(138,442

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

5,422

 

 

 

(12,617

)

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

 

 

(43

)

 

 

(304

)

Total other comprehensive income (loss)

 

 

5,379

 

 

 

(12,921

)

Comprehensive income (loss)

 

$

58,926

 

 

$

(151,363

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 January 31, 2021

 

 

97,815,985

 

 

$

10

 

 

$

19,360

 

 

$

1,475,108

 

 

$

(17,120

)

 

$

1,477,358

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

53,547

 

 

 

5,379

 

 

 

58,926

 

Share-based compensation

 

 

 

 

 

 

 

 

4,570

 

 

 

 

 

 

 

 

 

4,570

 

Share-based awards

 

 

637,836

 

 

 

 

 

 

1,073

 

 

 

 

 

 

 

 

 

1,073

 

Share repurchases

 

 

(218,694

)

 

 

 

 

 

(7,418

)

 

 

 

 

 

 

 

 

(7,418

)

Balances as of April 30, 2021

 

 

98,235,127

 

 

$

10

 

 

$

17,585

 

 

$

1,528,655

 

 

$

(11,741

)

 

$

1,534,509

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Shares

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Number of

 

 

Par

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances as of January 31, 2020

 

 

97,976,815

 

 

$

10

 

 

$

9,477

 

 

$

1,473,872

 

 

$

(28,004

)

 

$

1,455,355

 

Comprehensive (loss)

 

 

 

 

 

 

 

 

 

 

 

(138,442

)

 

 

(12,921

)

 

 

(151,363

)

Share-based compensation

 

 

 

 

 

 

 

 

4,872

 

 

 

 

 

 

 

 

 

4,872

 

Share-based awards

 

 

437,174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share repurchases

 

 

(636,667

)

 

 

 

 

 

(10,756

)

 

 

 

 

 

 

 

 

(10,756

)

Balances as of April 30, 2020

 

 

97,777,322

 

 

$

10

 

 

$

3,593

 

 

$

1,335,430

 

 

$

(40,925

)

 

$

1,298,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

4


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(unaudited)

  

 

 

Three Months Ended

 

 

 

April 30,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

53,547

 

 

$

(138,442

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

25,633

 

 

 

27,924

 

Non-cash lease expense

 

 

45,422

 

 

 

48,370

 

Provision (benefit) for deferred income taxes

 

 

37

 

 

 

(14,388

)

Share-based compensation expense

 

 

4,570

 

 

 

4,872

 

Store impairment

 

 

 

 

 

14,528

 

Loss on disposition of property and equipment, net

 

 

121

 

 

 

439

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Receivables

 

 

4,760

 

 

 

32,118

 

Inventory

 

 

(87,427

)

 

 

71,759

 

Prepaid expenses and other assets

 

 

(1,355

)

 

 

(50,542

)

Payables, accrued expenses and other liabilities

 

 

43,442

 

 

 

(29,071

)

Operating lease liabilities

 

 

(51,644

)

 

 

(27,219

)

Net cash provided by (used in) operating activities

 

 

37,106

 

 

 

(59,652

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Cash paid for property and equipment

 

 

(42,589

)

 

 

(43,518

)

Cash paid for marketable securities

 

 

(94,889

)

 

 

(45,517

)

Sales and maturities of marketable securities

 

 

73,848

 

 

 

311,258

 

Net cash (used in) provided by investing activities

 

 

(63,630

)

 

 

222,223

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Borrowings under debt

 

 

 

 

 

220,000

 

Proceeds from the exercise of stock options

 

 

1,073

 

 

 

 

Share repurchases related to share repurchase program

 

 

 

 

 

(7,036

)

Share repurchases related to taxes for share-based awards

 

 

(7,418

)

 

 

(3,720

)

Net cash (used in) provided by financing activities

 

 

(6,345

)

 

 

209,244

 

Effect of exchange rate changes on cash and cash equivalents

 

 

1,481

 

 

 

(4,914

)

(Decrease) increase in cash and cash equivalents

 

 

(31,388

)

 

 

366,901

 

Cash and cash equivalents at beginning of period

 

 

395,635

 

 

 

221,839

 

Cash and cash equivalents at end of period

 

$

364,247

 

 

$

588,740

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Income taxes

 

$

1,095

 

 

$

6,342

 

Non-cash investing activities—Accrued capital expenditures

 

$

40,018

 

 

$

5,176

 

 

 

 

 

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

5


 

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, 2021, filed with the United States Securities and Exchange Commission on April 1, 2021.

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 months ended April 30, 2021 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 2022 will end on January 31, 2022.

Recent Accounting Pronouncements

The Company has considered all new accounting standards updates issued by the Financial Accounting Standards Board (“FASB”) and has concluded that there are no recent accounting standard updates that will have a material impact on its consolidated financial statements and related disclosures.

2. Impact of the Coronavirus Pandemic

Impact on Fiscal 2021

On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (“COVID-19”) a global pandemic and recommended containment and mitigation measures worldwide. On March 14, 2020, the Company announced that it temporarily closed all stores, offices and showrooms globally. The Company’s distribution and fulfillment centers remained open to support the digital business and the Wholesale segment operations but did so with additional safety procedures and enhanced cleaning measures in place to protect the health of employees. All other corporate and showroom employees are working remotely.

In response to the COVID-19 pandemic, the Company took many measures to protect its financial position and increase financial flexibility. For details of all such material measures taken during fiscal 2021, refer to the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2021, filed with the SEC on April 1, 2021. See Note 6, “Debt,” for discussion of the Company’s borrowings and subsequent repayments under its Amended Credit Facility during fiscal 2021.

As a result of the COVID-19 pandemic, during fiscal 2021, the Company recorded certain additional reserves, including inventory obsolescence reserves and allowance for doubtful accounts for Wholesale segment customer accounts receivables, and non-cash charges, primarily store impairment charges. For further discussion of such reserves and non-cash charges for the first quarter of fiscal 2021, see the Company’s Quarterly Report on Form 10-Q for the quarterly period ended April 30, 2020, filed with the SEC on June 29, 2020, and the impact of the remainder of fiscal 2021 in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2021.

Beginning April 25, 2020, the Company reopened stores in select states and countries in accordance with local government guidelines. As of July 31, 2020, substantially all of the Company’s stores had reopened. Where

6


 

opening was permitted, the Company followed newly established health protocols, provided personal protective equipment to its employees, and implemented social distancing working practices. Additionally, the Company implemented occupancy limits, reduced operating hours, and instituted new cleaning regimens. As a result, the Company incurred incremental costs for personal protective equipment and additional payroll and other costs associated with implementing these health protocols in its stores, distribution and fulfillment centers, and corporate offices. During the fourth quarter of fiscal 2021, certain store operations were again impacted by an additional round of temporary store closures and occupancy restrictions, primarily in Europe and Canada.

 

As a result of the COVID-19 pandemic, certain governments implemented programs (some of which expired in fiscal 2021) to encourage companies to retain and pay employees that are unable to work or are limited in the work that they can perform in light of closures or a significant decline in sales. The Company qualified for certain of these programs during fiscal 2021, which partially offset related expenses. The Company recorded the benefit of the government assistance programs as an offset to selling, general and administrative expenses or store occupancy expenses in cost of sales based on the nature of the related expenses offset by such programs. The Company did not record any amounts in the first quarter of fiscal 2021 but did throughout the remainder of fiscal 2021.

 

Impact on Fiscal 2022

The COVID-19 pandemic continued to negatively impact the Company’s store operations during the first quarter of fiscal 2022 due to reduced store traffic as closures and occupancy restrictions continued primarily in Europe and Canada. During the first quarter of fiscal 2022, however, the Company decreased a portion of its inventory obsolescence reserves as a result of disciplined inventory control and better than planned product performance and reduced a portion of the allowance for doubtful accounts for Wholesale segment customer accounts receivables due to the collection of certain outstanding accounts receivables.

 

The Company continued to qualify for certain government assistance programs that partially offset related expenses in locations impacted by closures during fiscal 2022. The Company recorded the benefit of the government assistance programs as an offset to selling, general and administrative expenses or store occupancy expenses in cost of sales based on the nature of the related expenses offset by such programs.

 

Impact on Future Operations

The COVID-19 pandemic continues to impact the Company’s operations and related government and private sector responsive actions could continue to affect its business operations. The Company cannot reasonably estimate the duration and severity of the COVID-19 pandemic, which has had and may continue to have a material impact on its business. As a result, current financial information may not be necessarily indicative of future operating results and the Company’s plans to address the impact of the COVID-19 pandemic may change.

3. 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 transactions and sales to the Company’s Wholesale segment customers and franchisees. For the three month period ended April 30, 2021, the opening and closing balances of contract receivables, net of allowance for doubtful accounts, was $89,952 and $85,307, respectively. For the three month period ended April 30, 2020, the opening and closing balances of contract receivables, net of allowance for doubtful accounts, was $88,288 and $55,910, respectively. During the three month period ended April 30, 2020, the Company recorded a $5,800 increase in allowance for doubtful accounts reserves for Wholesale segment customer accounts receivables as a result of the significant disruption and uncertainty in the wholesale macro environment due to the COVID-19 pandemic, and during the remainder of fiscal 2021 and the first quarter of fiscal 2022, the Company reduced the allowance for doubtful accounts due to the collection of certain outstanding accounts receivables. 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

7


 

expected to be redeemed within two years of issuance, with the majority of redemptions occurring in the first year. For the three month period ended April 30, 2021, the opening and closing balances of contract liabilities were $61,986 and $63,970, respectively. For the three month period ended April 30, 2020, the opening and closing balances of contract liabilities were $52,926 and $49,502, respectively. Contract liabilities are included in “Accrued expenses, accrued compensation and other current liabilities” in the Condensed Consolidated Balance Sheets. During the three month period ended April 30, 2021, the Company recognized $14,157 of revenue that was included in the contract liability balance at the beginning of the period. During the three month period ended April 30, 2020, the Company recognized $12,763 of revenue that was included in the contract liability balance at the beginning of the period.

 

 

4. 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 April 30, 2021, January 31, 2021 and April 30, 2020 were as follows:

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Value

 

As of April 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal and pre-refunded municipal bonds

 

$

106,266

 

 

$

5

 

 

$

(84

)

 

$

106,187

 

Corporate bonds

 

 

48,500

 

 

 

1

 

 

 

(49

)

 

 

48,452

 

Commercial paper

 

 

9,791

 

 

 

 

 

 

 

 

 

9,791

 

 

 

 

164,557

 

 

 

6

 

 

 

(133

)

 

 

164,430

 

Long-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal and pre-refunded municipal bonds

 

 

40,085

 

 

 

17

 

 

 

(48

)

 

$

40,054

 

Corporate bonds

 

 

48,850

 

 

 

2

 

 

 

(111

)

 

 

48,741

 

Mutual funds, held in rabbi trust

 

 

11,448

 

 

 

437

 

 

 

 

 

 

11,885

 

 

 

 

100,383

 

 

 

456

 

 

 

(159

)

 

 

100,680

 

 

 

$

264,940

 

 

$

462

 

 

$

(292

)

 

$

265,110

 

As of January 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal and pre-refunded municipal bonds

 

$

127,097

 

 

$

11

 

 

$

(53

)

 

$

127,055

 

Corporate bonds

 

 

38,695

 

 

 

1

 

 

 

(48

)

 

 

38,648

 

Commercial paper

 

 

8,992

 

 

 

 

 

 

 

 

 

8,992

 

 

 

 

174,784

 

 

 

12

 

 

 

(101

)

 

 

174,695

 

Long-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal and pre-refunded municipal bonds

 

 

53,134

 

 

 

17

 

 

 

(46

)

 

 

53,105

 

Corporate bonds

 

 

59,890

 

 

 

3

 

 

 

(129

)

 

 

59,764

 

Mutual funds, held in rabbi trust

 

 

10,827

 

 

 

20

 

 

 

(54

)

 

 

10,793

 

 

 

 

123,851

 

 

 

40

 

 

 

(229

)

 

 

123,662

 

 

 

$