Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jul. 31, 2014 | Aug. 31, 2014 | Jan. 31, 2014 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Guidewire Software, Inc. | ' | ' |
Entity Central Index Key | '0001528396 | ' | ' |
Current Fiscal Year End Date | '--07-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Jul-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding (in shares) | ' | 69,118,468 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2,300 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jul. 31, 2014 | Jul. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS: | ' | ' | ||
Cash and cash equivalents | $148,101 | $79,767 | ||
Short-term investments | 296,231 | 76,932 | ||
Accounts receivable | 49,839 | 40,885 | ||
Deferred tax assets, current | 11,431 | 2,897 | ||
Prepaid expenses and other current assets | 10,828 | 9,612 | ||
Total current assets | 516,430 | 210,093 | ||
Long-term investments | 203,449 | 51,040 | ||
Property and equipment, net | 12,607 | 12,914 | ||
Intangible assets, net | 5,439 | 6,879 | ||
Deferred tax assets, noncurrent | 8,681 | [1] | 14,494 | [1] |
Goodwill | 9,205 | 9,048 | ||
Other assets | 1,416 | 1,205 | ||
TOTAL ASSETS | 757,227 | 305,673 | ||
CURRENT LIABILITIES: | ' | ' | ||
Accounts payable | 7,030 | 6,517 | ||
Accrued employee compensation | 34,912 | 26,302 | ||
Deferred revenues, current | 48,937 | 37,351 | ||
Other current liabilities | 4,507 | 4,614 | ||
Total current liabilities | 95,386 | 74,784 | ||
Deferred revenues, noncurrent | 6,395 | 3,845 | ||
Other liabilities | 4,760 | 5,212 | ||
Total liabilities | 106,541 | 83,841 | ||
Commitments and contingencies (Note 6) | ' | ' | ||
STOCKHOLDERS’ EQUITY: | ' | ' | ||
Common stock, par value $0.0001 per share—500,000,000 shares authorized as of July 31, 2014 and 2013, respectively; 69,082,261 and 57,909,277 shares issued and outstanding as of July 31, 2014 and 2013, respectively | 7 | 6 | ||
Additional paid-in capital | 629,076 | [1] | 215,151 | [1] |
Accumulated other comprehensive loss | -1,367 | -1,574 | ||
Retained earnings | 22,970 | [1] | 8,249 | [1] |
Total stockholders’ equity | 650,686 | [1] | 221,832 | [1] |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $757,227 | $305,673 | ||
[1] | See Note 2 “Change in Accounting Policy - Stock-Based Compensation†of Notes to Consolidated Financial Statements. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued (in shares) | 69,082,261 | 57,909,277 |
Common stock, shares outstanding (in shares) | 69,082,261 | 57,909,277 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |||
Revenues: | ' | ' | ' | |||
License | $151,921 | $123,560 | $97,136 | |||
Maintenance | 41,888 | 37,561 | 29,538 | |||
Services | 156,437 | 139,528 | 105,387 | |||
Total revenues | 350,246 | 300,649 | 232,061 | |||
Cost of revenues: | ' | ' | ' | |||
License | 4,442 | [1] | 920 | [1] | 762 | [1] |
Maintenance | 8,118 | [1] | 7,216 | [1] | 5,193 | [1] |
Services | 136,387 | [1] | 117,515 | [1] | 84,050 | [1] |
Total cost of revenues | 148,947 | [1] | 125,651 | [1] | 90,005 | [1] |
Gross profit: | ' | ' | ' | |||
License | 147,479 | [1] | 122,640 | [1] | 96,374 | [1] |
Maintenance | 33,770 | [1] | 30,345 | [1] | 24,345 | [1] |
Services | 20,050 | [1] | 22,013 | [1] | 21,337 | [1] |
Total gross profit | 201,299 | [1] | 174,998 | [1] | 142,056 | [1] |
Operating expenses: | ' | ' | ' | |||
Research and development | 76,178 | [1] | 62,991 | [1] | 49,056 | [1] |
Sales and marketing | 71,295 | [1] | 50,948 | [1] | 36,781 | [1] |
General and administrative | 35,404 | [1] | 31,320 | [1] | 27,285 | [1] |
Total operating expenses | 182,877 | [1] | 145,259 | [1] | 113,122 | [1] |
Income from operations | 18,422 | 29,739 | 28,934 | |||
Interest income, net | 1,350 | 498 | 308 | |||
Other income (expenses), net | 174 | -114 | -726 | |||
Income before provision for income taxes | 19,946 | [1] | 30,123 | [1] | 28,516 | [1] |
Provision for income taxes | 5,225 | [1] | 5,465 | [1] | 9,852 | [1] |
Net income | $14,721 | [1] | $24,658 | [1] | $18,664 | [1] |
Earnings per share: | ' | ' | ' | |||
Basic (in USD per share) | $0.22 | [1] | $0.44 | [1] | $0.36 | [1] |
Diluted (in USD per share) | $0.21 | [1] | $0.40 | [1] | $0.32 | [1] |
Shares used in computing earnings per share: | ' | ' | ' | |||
Basic (in shares) | 65,748,896 | [1] | 56,331,018 | [1] | 34,774,983 | [1] |
Diluted (in shares) | 69,112,733 | [1] | 61,569,195 | [1] | 41,759,338 | [1] |
[1] | See Note 2 “Change in Accounting Policy - Stock-Based Compensation†of Notes to Consolidated Financial Statements. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income Statement (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | |||
Net income | $14,721 | [1] | $24,658 | [1] | $18,664 | [1] |
Other comprehensive income (loss): | ' | ' | ' | |||
Foreign currency translation adjustments | 288 | -1,102 | -287 | |||
Unrealized (loss) gain on available-for-sale securities, net of tax expense (benefit) of $(7), $0 and $0 | -42 | [1] | 24 | [1] | 0 | |
Reclassification adjustment for gains included in net income | -39 | [1] | 0 | 0 | ||
Other comprehensive income (loss) | 207 | -1,078 | -287 | |||
Comprehensive income | $14,928 | $23,580 | $18,377 | |||
[1] | See Note 2 “Change in Accounting Policy - Stock-Based Compensation†of Notes to Consolidated Financial Statements. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income Statement (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Unrealized (loss) gain on available-for-sale securities, tax | ($7) | $0 | $0 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Deficit) (USD $) | Total | Additional paid-in capital [Member] | Accumulated other comprehensive income (loss) [Member] | Retained Earnings (Accumulated deficit) [Member] | Convertible Preferred Stock [Member] | Common Stock [Member] | ||
In Thousands, except Share data, unless otherwise specified | Preferred Stock [Member] | |||||||
Balance, Value at Jul. 31, 2011 | [1] | $17,061 | $15,842 | ($209) | ($35,073) | $36,500 | $1 | |
Balance (in shares) at Jul. 31, 2011 | [1] | ' | ' | ' | ' | 25,357,721 | 14,422,557 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ||
Proceeds from issuance of common stock in connection with public offerings, net of underwriting discounts and commission (in shares) | [1] | ' | ' | ' | ' | ' | 10,927,500 | |
Proceeds from issuance of common stock in connection with public offerings, net of underwriting discounts and commission, Value | [1] | 143,386 | 143,385 | ' | ' | ' | 1 | |
Costs incurred in connection with public offerings | [1] | -3,502 | -3,502 | ' | ' | ' | ' | |
Conversion of preferred stock to common stock (in shares) | [1] | ' | ' | ' | ' | -25,357,721 | 25,357,721 | |
Conversion of preferred stock to common stock, Value | [1] | 0 | 36,497 | ' | ' | -36,500 | 3 | |
Issuance of common stock upon exercise of stock options (in shares) | [1] | ' | ' | ' | ' | ' | 2,211,967 | |
Issuance of common stock upon exercise of stock options, Value | [1] | 5,067 | 5,067 | ' | ' | ' | ' | |
Issuance of common stock upon RSU release, net of shares withheld for taxes (in shares) | [1] | ' | ' | ' | ' | ' | 1,018,228 | |
Issuance of common stock upon RSU release, net of shares withheld for taxes, Value | [1] | -12,798 | -12,798 | ' | ' | ' | ' | |
Repurchase of unvested common stock (in shares) | [1] | ' | ' | ' | ' | ' | -3,005 | |
Repurchase of unvested common stock, Value | [1] | 0 | ' | ' | ' | ' | ' | |
Conversion of warrants to common stock (in shares) | [1] | ' | ' | ' | ' | ' | 21,640 | |
Stock Issued During Period, Value, Conversion of Units | [1] | 0 | ' | ' | ' | ' | ' | |
Stock-based compensation | [1] | 12,923 | 12,923 | ' | ' | ' | ' | |
Tax benefit from the exercise of stock options and vesting of RSUs | [1] | 486 | 486 | ' | ' | ' | ' | |
Net income | [1] | 18,664 | ' | ' | 18,664 | ' | ' | |
Foreign currency translation adjustment | [1] | -287 | ' | -287 | ' | ' | ' | |
Unrealized gains on available-for-sale securities | 0 | ' | ' | ' | ' | ' | ||
Reclassification adjustment for gains included in net income | 0 | ' | ' | ' | ' | ' | ||
Balance (in shares) at Jul. 31, 2012 | [1] | ' | ' | ' | ' | 0 | 53,956,608 | |
Balance, Value at Jul. 31, 2012 | [1] | 181,000 | 197,900 | -496 | -16,409 | 0 | 5 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ||
Issuance of common stock upon exercise of stock options (in shares) | [1] | ' | ' | ' | ' | ' | 2,904,248 | |
Issuance of common stock upon exercise of stock options, Value | [1] | 9,124 | 9,123 | ' | ' | ' | 1 | |
Issuance of common stock upon RSU release, net of shares withheld for taxes (in shares) | [1] | ' | ' | ' | ' | ' | 1,048,421 | |
Issuance of common stock upon RSU release, net of shares withheld for taxes, Value | [1] | -19,963 | -19,963 | ' | ' | ' | ' | |
Stock-based compensation | [1] | 25,505 | 25,505 | ' | ' | ' | ' | |
Tax benefit from the exercise of stock options and vesting of RSUs | [1] | 2,586 | 2,586 | ' | ' | ' | ' | |
Net income | [1] | 24,658 | ' | ' | 24,658 | ' | ' | |
Foreign currency translation adjustment | [1] | -1,102 | ' | -1,102 | ' | ' | ' | |
Unrealized gains on available-for-sale securities | [1] | 24 | ' | 24 | ' | ' | ' | |
Reclassification adjustment for gains included in net income | 0 | ' | ' | ' | ' | ' | ||
Balance (in shares) at Jul. 31, 2013 | [1] | ' | ' | ' | ' | 0 | 57,909,277 | |
Balance, Value at Jul. 31, 2013 | [1] | 221,832 | 215,151 | -1,574 | 8,249 | 0 | 6 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ||
Proceeds from issuance of common stock in connection with public offerings, net of underwriting discounts and commission (in shares) | [1] | ' | ' | ' | ' | ' | 8,306,291 | |
Proceeds from issuance of common stock in connection with public offerings, net of underwriting discounts and commission, Value | [1] | 389,949 | 389,948 | ' | ' | ' | 1 | |
Costs incurred in connection with public offerings | [1] | -408 | -408 | ' | ' | ' | ' | |
Issuance of common stock upon exercise of stock options (in shares) | 1,580,344 | ' | ' | ' | ' | 1,579,469 | [1] | |
Issuance of common stock upon exercise of stock options, Value | [1] | 8,755 | 8,755 | ' | ' | ' | ' | |
Issuance of common stock upon RSU release, net of shares withheld for taxes (in shares) | [1] | ' | ' | ' | ' | ' | 1,287,224 | |
Issuance of common stock upon RSU release, net of shares withheld for taxes, Value | [1] | -32,799 | -32,799 | ' | ' | ' | ' | |
Stock-based compensation | [1] | 42,538 | 42,538 | ' | ' | ' | ' | |
Tax benefit from the exercise of stock options and vesting of RSUs | [1] | 5,891 | 5,891 | ' | ' | ' | ' | |
Net income | [1] | 14,721 | ' | ' | 14,721 | ' | ' | |
Foreign currency translation adjustment | [1] | 288 | ' | 288 | ' | ' | ' | |
Unrealized gains on available-for-sale securities | [1] | -42 | ' | -42 | ' | ' | ' | |
Reclassification adjustment for gains included in net income | [1] | ($39) | ' | ($39) | ' | ' | ' | |
Balance (in shares) at Jul. 31, 2014 | [1] | ' | ' | ' | ' | 0 | 69,082,261 | |
[1] | See Note 2 “Change in Accounting Policy - Stock-Based Compensation†of Notes to Consolidated Financial Statements. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | |||
Net income | $14,721 | [1] | $24,658 | [1] | $18,664 | [1] |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | |||
Depreciation and amortization | 6,751 | 4,821 | 2,917 | |||
Stock-based compensation | 42,538 | [1],[2] | 25,505 | [1],[2] | 12,923 | [1],[2] |
Excess tax benefit from exercise of stock options and vesting of RSUs | -7,067 | -2,586 | -486 | |||
Deferred taxes | -2,718 | [1] | -265 | [1] | 7,235 | [1] |
Other noncash items affecting net income | 3,589 | 554 | 0 | |||
Changes in operating assets and liabilities: | ' | ' | ' | |||
Accounts receivable | -9,276 | -8,478 | -9,325 | |||
Prepaid expenses and other assets | -1,372 | -2,690 | -2,442 | |||
Accounts payable | 393 | 355 | 1,059 | |||
Accrued employee compensation | 8,463 | 147 | 8,244 | |||
Other liabilities | 5,288 | 4,574 | -3,907 | |||
Deferred revenues | 14,181 | -14,048 | -17,788 | |||
Net cash provided by operating activities | 75,491 | 32,547 | 17,094 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | |||
Purchases of available-for-sale securities | -687,419 | -212,035 | 0 | |||
Sales and maturities of available-for-sale securities | 312,149 | 83,567 | 0 | |||
Acquisition, net of cash acquired | -157 | -14,749 | 0 | |||
Purchase of property and equipment | -4,993 | -9,228 | -5,619 | |||
Decrease in restricted cash | 0 | 3,532 | 2,323 | |||
Net cash used in investing activities | -380,420 | -148,913 | -3,296 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | |||
Proceeds from issuance of common stock upon exercise of stock options | 8,755 | 9,123 | 5,067 | |||
Taxes remitted on RSU awards vested | -32,799 | -20,330 | -12,430 | |||
Proceeds from issuance of common stock in connection with stock offerings, net of underwriting discounts and commission | 389,949 | 0 | 143,386 | |||
Costs paid in connection with stock offerings | -408 | 0 | -3,502 | |||
Excess tax benefit from exercise of stock options and vesting of RSUs | 7,067 | 2,586 | 486 | |||
Net cash provided by (used in) financing activities | 372,564 | -8,621 | 133,007 | |||
Effect of foreign exchange rate changes on cash and cash equivalents | 699 | -964 | -712 | |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 68,334 | -125,951 | 146,093 | |||
CASH AND CASH EQUIVALENTS—BEGINNING OF YEAR | 79,767 | 205,718 | 59,625 | |||
CASH AND CASH EQUIVALENTS—END OF YEAR | 148,101 | 79,767 | 205,718 | |||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' | ' | |||
Cash paid for interest | 4 | 0 | 7 | |||
Cash paid for income taxes | 2,141 | 2,266 | 2,058 | |||
SUPPLEMENTAL DISCLOSURES OF NONCASH FINANCING ACTIVITIES: | ' | ' | ' | |||
Conversion of convertible preferred stock and warrants into common stock upon initial public offering | 0 | 0 | 36,506 | |||
Accruals for purchase of property and equipment | $768 | $693 | $4,387 | |||
[1] | See Note 2 “Change in Accounting Policy - Stock-Based Compensation†of Notes to Consolidated Financial Statements. | |||||
[2] | See Note 2 “Change in Accounting Policy - Stock-Based Compensation†of Notes to Consolidated Financial Statements |
The_Company_and_Summary_of_Sig
The Company and Summary of Significant Accounting Policies and Estimates | 12 Months Ended | ||
Jul. 31, 2014 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||
The Company and Summary of Significant Accounting Policies and Estimates | ' | ||
The Company and Summary of Significant Accounting Policies and Estimates | |||
Business | |||
Guidewire Software, Inc., a Delaware corporation, was incorporated on September 20, 2001. The Company together with its subsidiaries (the “Company”) provides Internet-based software platforms for core insurance operations, including underwriting and policy administration, claim management and billing. The Company’s customers include insurance carriers for property and casualty and workers’ compensation insurance. The Company has wholly-owned subsidiaries in Australia, Canada, China, France, Germany, Hong Kong, Ireland, Italy, Japan, Poland and the United Kingdom. | |||
The Company offers a suite of applications to enable core property and casualty (“P&C”) insurance operations comprised of the following products: PolicyCenter, ClaimCenter and BillingCenter, as well as other newer product initiatives. The Company also provides maintenance support and provides professional services to the extent requested by its customers. | |||
Public Offerings | |||
On January 30, 2012, the Company closed its initial public offering (“IPO”) whereby 10,177,500 shares of common stock were sold to the public, including the underwriters’ full exercise of their overallotment option of 1,327,500 shares of common stock, at a price of $13.00 per share. The Company received aggregate proceeds of approximately $123.0 million from the IPO, including the exercise of the underwriters’ overallotment option, net of underwriters’ discounts and commissions, but before deduction of offering costs of approximately $3.5 million, including $2.8 million of capitalized costs. Upon the closing of the IPO, all shares of the Company’s outstanding convertible preferred stock automatically converted into 25,357,721 shares of common stock. Outstanding warrants to purchase 69,529 shares of convertible preferred stock at $5.03 per share were contractually adjusted to purchase 69,529 shares of common stock at $5.03 per share. Subsequent to the Company’s IPO and during April 2012 all eligible warrants were converted for 21,640 shares of the Company’s common stock and the remainder was canceled. | |||
On April 24, 2012, the Company closed its follow-on public offering of 9,200,000 shares of its common stock, which included 750,000 shares of common stock sold by the Company and 8,450,000 shares of common stock sold by selling stockholders, including the underwriters’ full exercise of their overallotment option from the Company and selling stockholders. The public offering price of the shares sold in the offering was $28.25 per share. The Company received aggregate proceeds of approximately $20.4 million from the follow-on offering, net of underwriters’ discounts and commissions applicable to the sale of shares by the Company, but before deduction of offering costs of approximately $1.0 million payable by the Company, including $0.7 million of capitalized costs. The Company did not receive any proceeds from the sale of shares by the selling stockholders. | |||
On October 28, 2013, the Company closed its follow-on public offering of 8,306,291 shares of its common stock, including the underwriters’ partial exercise of their over-allotment option from the Company. The public offering price of the shares sold in the offering was $48.75 per share. The Company received aggregate proceeds of approximately $389.9 million from the follow-on offering, net of underwriters’ discounts and commissions applicable to the sale of shares by the Company, but before deduction of offering costs of approximately $0.4 million payable by the Company. No shares were sold by the Company’s shareholders in this follow-on public offering. | |||
Basis of Presentation | |||
The consolidated financial statements include the Company and its wholly-owned subsidiaries, and reflect all adjustments (all of which are normal and recurring in nature) that, in the opinion of management, are necessary for a fair presentation of the periods presented. All inter-company balances and transactions have been eliminated in consolidation. | |||
Use of Estimates | |||
The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Significant items subject to such estimates include revenue recognition, the useful lives of property and equipment, allowance for doubtful accounts, valuation allowance for deferred tax assets, stock-based compensation, annual bonus attainment, income tax uncertainties, valuation of goodwill and intangible assets, and contingencies. These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ significantly from these estimates. | |||
Foreign Currency Translation | |||
The functional currency of the Company’s foreign subsidiaries is their respective local currency. The Company translates all assets and liabilities of foreign subsidiaries to U.S. dollars at the current exchange rate as of the applicable consolidated balance sheet date. Revenues and expenses are translated at the average exchange rate prevailing during the period. The effects of foreign currency translations are recorded in accumulated other comprehensive loss as a separate component of stockholders’ deficit in the accompanying consolidated statement of stockholders’ equity. Realized gains and losses from foreign currency transactions are recorded as other income (expense) in the consolidated statements of income. | |||
Cash, Cash Equivalents, Investments and Restricted Cash | |||
Cash and cash equivalents are comprised of cash and highly liquid investments with remaining maturities of 90 days or less at the date of purchase. Cash equivalents consist of commercial paper and money market funds. Restricted cash is held in certificates of deposit pursuant to lease agreements, and, in prior periods, pursuant to secured letter of credit agreements. The Company classifies investments as short-term when they have remaining contractual maturities of less than one year from the balance sheet date, and as long-term when the investments have remaining contractual maturities of more than one year from the balance sheet date. The Company’s investment policy is consistent with the definition of available-for-sale securities. From time to time, the Company may sell certain securities but the objectives are generally not to generate profits on short-term differences in price. | |||
Property and Equipment | |||
Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the related assets. Maintenance and repairs that do not extend the life or improve an asset are expensed in the period incurred. | |||
The estimated useful lives of property and equipment are as follows: | |||
Computer hardware | 3 years | ||
Software | 3 years | ||
Furniture and fixtures | 3 years | ||
Leasehold improvements | Shorter of the lease term or estimated useful life | ||
Product Development Costs | |||
Certain software development costs incurred subsequent to the establishment of technological feasibility are subject to capitalization and amortized over the estimated lives of the related products. Technological feasibility is established upon completion of a working model. Through July 31, 2014, costs incurred subsequent to the establishment of technological feasibility have been immaterial, and therefore, all software development costs have been charged to research and development expense in the accompanying consolidated statements of income as incurred. | |||
Impairment of Long-Lived Assets, Intangible Assets and Goodwill | |||
The Company evaluates its long-lived assets, consisting of property and equipment and intangible assets, for indicators of possible impairment when events or changes in circumstances indicate that the carrying amount of certain assets may not be recoverable. Impairment exists if the carrying amounts of such assets exceed the estimates of future net undiscounted cash flows expected to be generated by such assets. Should impairment exist, the impairment loss would be measured based on the excess carrying value of the assets over the estimated fair value of the assets. The Company has not written down any of its long-lived assets as a result of impairment during any of the periods presented. | |||
The Company tests goodwill for impairment annually during the fourth quarter of each fiscal year and in the interim whenever events or changes in circumstances indicate that the carrying amount may be impaired. An entity may first assess qualitative factors to determine whether it is more likely than not (a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. | |||
In performing the qualitative assessment, the Company would consider events and circumstances, including but not limited to, macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers, changes in the composition or carrying amount of a reporting unit’s net assets and changes in the price of our common stock. If, after assessing the totality of events or circumstances, the Company determines that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then the two-step goodwill impairment test is not performed. | |||
If the two-step goodwill test is performed, the Company would evaluate and test our goodwill for impairment at a reporting-unit level using expected future cash flows to be generated by the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the calculated fair value of the goodwill. | |||
The Company acquired goodwill during the fourth quarter of fiscal 2013. The Company did not recognize any goodwill impairment losses in fiscal 2014. | |||
Concentration of Credit Risk | |||
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with high quality financial institutions. The Company is exposed to credit risk for cash held in financial institutions in the event of a default to the extent that such amounts recorded on the balance sheet are in excess of amounts that are insured by the Federal Deposit Insurance Corporation (“FDIC”). | |||
No customer accounted for 10% or more of the Company’s revenues for the years ended July 31, 2014, 2013 and 2012. The Company had one customer that accounted for 10% of total accounts receivable as of July 31, 2014 and 2013, respectively. | |||
Accounts Receivable and Allowance for Doubtful Accounts | |||
The Company performs ongoing credit evaluations of its customers. Accounts receivable are recorded at invoiced amounts, net of the Company’s estimated allowances for doubtful accounts. The allowance for doubtful accounts is estimated based on an assessment of the Company’s ability to collect on customer accounts receivable. The Company regularly reviews the allowance by considering certain factors such as historical experience, industry data, credit quality, age of accounts receivable balances and current economic conditions that may affect a customer’s ability to pay. In cases where the Company is aware of circumstances that may impair a specific purchaser’s ability to meet their financial obligations, the Company records a specific allowance against amounts due from the customer and thereby reduces the net recognized receivable to the amount the Company reasonably believes will be collected. There is judgment involved with estimating the Company’s allowance for doubtful accounts and if the financial condition of its customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record additional allowances or charges against revenues. The Company writes-off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues collection of the receivable. The Company’s accounts receivable are not collateralized by any security. The Company has had no allowance for doubtful accounts or bad debt expense in the periods presented in this Annual Report on Form 10-K. | |||
Revenue Recognition | |||
The Company enters into arrangements to deliver multiple products or services (multiple-elements). The Company applies software revenue recognition rules and allocates the total revenues among elements based on vendor-specific objective evidence (“VSOE”) of fair value of each element. The Company recognizes revenue on a net basis excluding taxes collected from customers and remitted to government authorities. | |||
Revenues are derived from three sources: | |||
(i) | License fees, related to term (or time-based) licenses, perpetual software licenses, and other; | ||
(ii) | Maintenance fees, related to email and phone support, bug fixes and unspecified software updates and upgrades released when, and if available during the maintenance term; and | ||
(iii) | Services fees, related to professional services related to implementation of our software, reimbursable travel and training. | ||
Revenues are recognized when all of the following criteria are met: | |||
• | Persuasive evidence of an arrangement exists. Evidence of an arrangement consists of a written contract signed by both the customer and management prior to the end of the period. | ||
• | Delivery or performance has occurred. The Company’s software is delivered electronically to the customer. Delivery is considered to have occurred when the Company provides the customer access to the software along with login credentials. | ||
• | Fees are fixed or determinable. Arrangements where a significant portion of the fee is due beyond 90 days from delivery are not considered to be fixed or determinable. Revenues from such arrangements is recognized as payments become due, assuming all other revenue recognition criteria have been met. Fees from term licenses are generally due in annual or, in certain cases, quarterly installments over the term of the agreement beginning on the effective date of the license. Accordingly, fees from term licenses are not considered to be fixed or determinable until they become due. | ||
• | Collectability is probable. Collectability is assessed on a customer-by-customer basis, based primarily on creditworthiness as determined by credit checks and analysis, as well as customer payment history. Payment terms generally range from 30 to 90 days from invoice date. If it is determined prior to revenue recognition that collection of an arrangement fee is not probable, revenues are deferred until collection becomes probable or cash is collected, assuming all other revenue recognition criteria are satisfied. | ||
VSOE of fair value does not exist for the Company’s software licenses; therefore, the Company allocates revenues to software licenses using the residual method. Under the residual method, the amount recognized for license fees is the difference between the total fixed and determinable fees and the VSOE of fair value for the undelivered elements under the arrangement. | |||
The VSOE of fair value for elements of an arrangement is based upon the normal pricing and discounting practices for those elements when sold separately. VSOE of fair value for maintenance is established using the stated maintenance renewal rate in the customer’s contract. The Company generally enters into term licenses ranging from 3 to 7 years. For term licenses with duration of one year or less, no VSOE of fair value for maintenance exists. VSOE of fair value for services is established if a substantial majority of historical stand-alone selling prices for a service fall within a reasonably narrow price range. | |||
If the undelivered elements are all service elements and VSOE of fair value does not exist for one or more service element, the total arrangement fee is recognized ratably over the longest service period starting at software delivery, assuming all the related services have been made available to the customer. | |||
In certain offerings sold as fixed fee arrangements, the Company recognizes services revenues on a proportional performance basis as performance obligations are completed by using the ratio of labor hours to date as an input measure compared to total estimated labor hours for the consulting services. | |||
In cases where professional services are deemed to be essential to the functionality of the software, the arrangement is accounted for using contract accounting until the essential services are complete. If reliable estimates of total project costs can be made, the Company applies the percentage-of-completion method whereby percentage toward completion is measured by using the ratio of service billings to date compared to total estimated service billings for the consulting services. Service billings approximate labor hours as an input measure since they are generally billed monthly on a time and material basis. The fees related to the maintenance are recognized over the period the maintenance is provided. | |||
If reliable estimates of total project costs cannot be made or VSOE for maintenance has not been established and it is reasonably assured that no loss will be incurred under the arrangement, revenues are recognized pursuant to the zero gross margin method. Under this method, revenues recognized are limited to the costs incurred for the implementation services. When zero gross margin method is applied for lack of reliable project estimates and subsequently project estimates become reliable, the Company switches to the percentage-of-completion; resulting in a cumulative effect adjustment for deferred license revenues to the extent of progress toward completion, and the related deferred professional service margin is recognized in full as revenues. Such cumulative effect adjustment for license revenues was zero, $3.2 million and $0.9 million for the fiscal years ended July 31, 2014, 2013 and 2012, respectively, and for service revenues was zero, $1.7 million and $0.9 million for the fiscal years ended July 31, 2014, 2013 and 2012, respectively. | |||
Deferred Revenues | |||
Deferred revenues represent license, maintenance and professional services amounts, which are billed to or collected from customers for which the related revenues have not been recognized. The revenues are deferred when one or more of the revenue recognition criteria have not been met. The current portion of deferred revenues represents the amount that is expected to be recognized as revenues within one year from the balance sheet date. The Company generally invoices fees for licenses and maintenance to its customers in annual or, in certain cases, quarterly installments payable in advance. Accordingly, the deferred revenues balance does not represent the total contract value of annual or multi-year, non-cancellable arrangements. | |||
Sales Commissions | |||
Sales commissions are recognized as an expense when earned by the sales representative, generally occurring at the time the customer order is signed. Substantially all of the effort by the sales force is expended through the time of closing the sale, with limited to no involvement thereafter. | |||
Warranties | |||
The Company generally provides a warranty for its software products and services to its customers for periods ranging from 3 to 12 months. The Company’s software products are generally warranted to be free of defects in materials and workmanship under normal use and the products are also generally warranted to substantially perform as described in published documentation. The Company’s services are generally warranted to be performed in a professional manner and to materially conform to the specifications set forth in the related customer contract. In the event there is a failure of such warranties, the Company generally will correct the problem or provide a reasonable workaround or replacement product. If the Company cannot correct the problem or provide a workaround or replacement product, then the customer’s remedy is generally limited to refund of the fees paid for the nonconforming product or services. Warranty expense has been insignificant. | |||
Advertising Costs | |||
Advertising costs are expensed as incurred and amounted to approximately $0.2 million, $0.1 million and $0.1 million during the years ended July 31, 2014, 2013 and 2012, respectively. | |||
Stock-Based Compensation | |||
The Company recognizes compensation expense related to stock options and restricted stock units (“RSUs”) granted to employees based on the estimated fair value of the awards on the date of grant, net of estimated forfeitures. The RSUs are subject to time-based vesting, which generally occurs over a period of four years. The awards expire 10 years from the grant date. The Company estimates the grant date fair value, and the resulting stock-based compensation expense, of the Company’s stock options using the Black-Scholes option-pricing model. The Company recognizes the fair value of stock-based compensation for awards which contain only service conditions on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. The Company recognizes the compensation cost for awards which contain performance conditions based upon the probability of that performance condition being met, net of estimated forfeitures, using the graded method. Compensation cost for RSUs is generally recognized over the time-based vesting period. | |||
In the fourth quarter of fiscal 2014, the Company changed its policy for recognizing stock-based compensation expense from the accelerated attribution method of accounting to the straight-line method of accounting for certain share-based compensation awards. Comparative financial statements for prior periods have been adjusted to apply the straight-line method retrospectively. See Note 2 “Change in Accounting Policy - Stock-based Compensation” for further information. | |||
Income Taxes | |||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets related to excess tax benefits are recorded when utilized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance to reduce deferred tax assets to an amount of which realization is more likely than not. | |||
Accounting guidance related to accounting for uncertainties in income taxes provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. This interpretation also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | |||
The Company records interest and penalties related to unrecognized tax benefits as income tax expense in its consolidated statement of income. | |||
Recent Accounting Pronouncement | |||
Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern | |||
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40). This ASU provides guidance to determine when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date that the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The standard will be effective for the Company beginning July 31, 2017. The Company is evaluating the impact of the adoption of this accounting standard update on its consolidated financial statements. | |||
Stock-Based Compensation | |||
In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (Topic 718). This ASU provides authoritative guidance for share-based payments with a performance condition that could be achieved after the requisite service period when an employee is eligible to retire or otherwise terminate employment before the end of the period in which the performance target could be achieved and still be eligible. The standard will be effective for the Company beginning August 1, 2016. The Company is evaluating the impact of the adoption of this accounting standard update on its consolidated financial statements. | |||
Revenue from Contracts with Customers | |||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides guidance for revenue recognition. This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets. This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. The standard will be effective for the Company beginning August 1, 2017. The Company is currently evaluating the impact of the adoption of this accounting standard update on its consolidated financial statements. | |||
Presentation of Unrecognized Tax Benefits | |||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (Topic 740). This ASU provides authoritative guidance that requires an entity to present an unrecognized tax benefit (“UTB”), or a portion of a UTB, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the UTB should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The guidance is effective prospectively for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. The Company does not expect this guidance to have a material impact on its consolidated financial statements. |
Change_in_Accounting_Policy_St
Change in Accounting Policy - Stock Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | ||||||||||||||||||||||||
Change in Accounting Policy - Stock Based Compensation | ' | ||||||||||||||||||||||||
Change in Accounting Policy - Stock-Based Compensation | |||||||||||||||||||||||||
In the fourth quarter of fiscal 2014, the Company changed its policy for recognizing stock-based compensation expense from the accelerated attribution method of accounting to the straight-line method of accounting for its time-based units (or service-only awards). The Company believes the straight-line method of accounting for stock-based compensation expense for service-only awards better reflects the employees’ pattern of service. The change in accounting method has been retrospectively applied to all prior periods presented herein. Comparative financial statements of prior years have been adjusted to apply the new method retrospectively. As a result of the accounting change, retained earnings increased by $38.5 million at July 31, 2014. The following tables summarize the impact of the change in accounting method on line items in the previously issued consolidated balance sheet as of July 31, 2013, consolidated statements of income for the years ended July 31, 2013, and 2012, and the consolidated statements of cash flows for the years ended July 31, 2013, and 2012. | |||||||||||||||||||||||||
As of July 31, 2013 | |||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEET | As previously reported | As | Effect of | ||||||||||||||||||||||
adjusted | change | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Deferred tax assets, non-current | 21,091 | 14,494 | (6,597 | ) | |||||||||||||||||||||
Additional paid-in capital | 237,769 | 215,151 | (22,618 | ) | |||||||||||||||||||||
Retained earnings (accumulated deficit) | (7,788 | ) | 8,249 | 16,037 | |||||||||||||||||||||
Fiscal years ended July 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | As Previously Reported | As Adjusted | Effect of Change | As Previously Reported | As Adjusted | Effect of Change | |||||||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||||||||||||
Cost of maintenance revenue | $ | 7,613 | 7,216 | (397 | ) | $ | 5,288 | $ | 5,193 | $ | (95 | ) | |||||||||||||
Cost of services revenue | 123,210 | 117,515 | (5,695 | ) | 85,360 | 84,050 | (1,310 | ) | |||||||||||||||||
Research and development | 66,346 | 62,991 | (3,355 | ) | 50,462 | 49,056 | (1,406 | ) | |||||||||||||||||
Sales and marketing | 53,301 | 50,948 | (2,353 | ) | 38,254 | 36,781 | (1,473 | ) | |||||||||||||||||
General and administrative | 32,414 | 31,320 | (1,094 | ) | 28,336 | 27,285 | (1,051 | ) | |||||||||||||||||
Income before provision for income taxes | 17,212 | 30,123 | 12,911 | 23,179 | 28,516 | 5,337 | |||||||||||||||||||
Provision for income taxes | 1,829 | 5,465 | 3,636 | 7,979 | 9,852 | 1,873 | |||||||||||||||||||
Net income | $ | 15,383 | $ | 24,658 | $ | 9,275 | $ | 15,200 | $ | 18,664 | $ | 3,464 | |||||||||||||
Basic earnings per share | $ | 0.27 | $ | 0.44 | $ | 0.17 | $ | 0.29 | $ | 0.36 | $ | 0.07 | |||||||||||||
Diluted earnings per share | $ | 0.25 | $ | 0.4 | $ | 0.15 | $ | 0.25 | $ | 0.32 | $ | 0.07 | |||||||||||||
Shares used in computing basic earnings per share | 56,331,018 | 56,331,018 | — | 34,774,983 | 34,774,983 | — | |||||||||||||||||||
Shares used in computing diluted earnings per share | 61,943,087 | 61,569,195 | (373,892 | ) | 41,509,185 | 41,759,338 | 250,153 | ||||||||||||||||||
Fiscal years ended July 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | As Previously Reported | As Adjusted | Effect of Change | As Previously Reported | As Adjusted | Effect of Change | |||||||||||||||||||
(in thousands | |||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||
Net income | $ | 15,383 | $ | 24,658 | $ | 9,275 | $ | 15,200 | 18,664 | 3,464 | |||||||||||||||
Stock-based compensation | 38,399 | 25,505 | (12,894 | ) | 18,258 | 12,923 | (5,335 | ) | |||||||||||||||||
Deferred taxes | (3,901 | ) | (265 | ) | 3,636 | 5,362 | 7,235 | 1,873 | |||||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||||||||||
Jul. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||
Available-for-sale investments within cash equivalents and investments consist of the following: | ||||||||||||||||||||||||
31-Jul-14 | ||||||||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
U.S. agency securities | $ | 94,048 | $ | 30 | $ | (21 | ) | $ | 94,057 | |||||||||||||||
Asset-backed securities | 1,363 | — | (2 | ) | 1,361 | |||||||||||||||||||
Commercial paper | 132,442 | 14 | (4 | ) | 132,452 | |||||||||||||||||||
Corporate bonds | 297,731 | 104 | (182 | ) | 297,653 | |||||||||||||||||||
U.S. government bonds | 17,991 | 3 | (3 | ) | 17,991 | |||||||||||||||||||
Foreign government bonds | 2,755 | — | (1 | ) | 2,754 | |||||||||||||||||||
Certificate of deposit | 6,709 | — | (1 | ) | 6,708 | |||||||||||||||||||
Money market funds | 53,959 | — | — | 53,959 | ||||||||||||||||||||
Municipal debt securities | 12,985 | 13 | (1 | ) | 12,997 | |||||||||||||||||||
Total | $ | 619,983 | $ | 164 | $ | (215 | ) | $ | 619,932 | |||||||||||||||
July 31, 2013 | ||||||||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
U.S. agency securities | $ | 37,087 | $ | 21 | $ | (4 | ) | $ | 37,104 | |||||||||||||||
Asset-backed securities | 4,522 | — | (1 | ) | 4,521 | |||||||||||||||||||
Commercial paper | 35,777 | 11 | (1 | ) | 35,787 | |||||||||||||||||||
Corporate bonds | 63,281 | 23 | (14 | ) | 63,290 | |||||||||||||||||||
Foreign government bonds | 776 | — | (1 | ) | 775 | |||||||||||||||||||
Money market funds | 33,216 | — | — | 33,216 | ||||||||||||||||||||
Municipal debt securities | 9,105 | 4 | (14 | ) | 9,095 | |||||||||||||||||||
Total | $ | 183,764 | $ | 59 | $ | (35 | ) | $ | 183,788 | |||||||||||||||
The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | ||||||||||||||||||||||||
31-Jul-14 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
U.S. agency securities | $ | 46,980 | $ | (21 | ) | $ | — | $ | — | $ | 46,980 | $ | (21 | ) | ||||||||||
Asset-backed securities | 1,361 | (2 | ) | — | — | 1,361 | (2 | ) | ||||||||||||||||
Commercial paper | 14,389 | (4 | ) | — | — | 14,389 | (4 | ) | ||||||||||||||||
Corporate bonds | 176,742 | (182 | ) | — | — | 176,742 | (182 | ) | ||||||||||||||||
U. S. government bonds | 9,489 | (3 | ) | — | — | 9,489 | (3 | ) | ||||||||||||||||
Foreign government bonds | 2,754 | (1 | ) | — | — | 2,754 | (1 | ) | ||||||||||||||||
Certificate of deposit | 2,699 | (1 | ) | — | — | 2,699 | (1 | ) | ||||||||||||||||
Municipal debt securities | — | — | 2,200 | (1 | ) | 2,200 | (1 | ) | ||||||||||||||||
Total | $ | 254,414 | $ | (214 | ) | $ | 2,200 | $ | (1 | ) | $ | 256,614 | $ | (215 | ) | |||||||||
As of July 31, 2014, the Company had 93 investments in an unrealized loss position. The unrealized losses on its available-for-sale securities were primarily a result of unfavorable changes in interest rates subsequent to the initial purchase of these securities. The Company does not intend to sell, nor believe it will need to sell, these securities before recovering the associated unrealized losses. The Company does not consider any portion of the unrealized losses at July 31, 2014 to be an other-than-temporary impairment, nor are any unrealized losses considered to be credit losses. The Company has recorded the securities at fair value in its condensed consolidated balance sheets, with unrealized gains and losses reported as a component of accumulated other comprehensive loss. The amount of realized gains and losses reclassified into earnings are based on the specific identification of the securities sold. The realized gains and losses from sales of securities in the periods presented were immaterial. | ||||||||||||||||||||||||
The following table summarizes the contractual maturities of the Company’s available-for-sale securities as of July 31, 2014: | ||||||||||||||||||||||||
Expected maturities for the year ending July 31, | ||||||||||||||||||||||||
2015 | 2016 | Total | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
U.S. agency securities | $ | 29,062 | $ | 64,995 | $ | 94,057 | ||||||||||||||||||
Asset-backed securities | 1,361 | — | 1,361 | |||||||||||||||||||||
Commercial paper | 132,452 | — | 132,452 | |||||||||||||||||||||
Corporate bonds | 172,648 | 125,005 | 297,653 | |||||||||||||||||||||
U.S. government bonds | 9,995 | 7,996 | 17,991 | |||||||||||||||||||||
Foreign government bonds | — | 2,754 | 2,754 | |||||||||||||||||||||
Certificate of deposit | 4,009 | 2,699 | 6,708 | |||||||||||||||||||||
Money market funds | 53,959 | — | 53,959 | |||||||||||||||||||||
Municipal debt securities | 12,997 | — | 12,997 | |||||||||||||||||||||
Total | $ | 416,483 | $ | 203,449 | $ | 619,932 | ||||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The current accounting guidance for fair value measurements defines a three-level valuation hierarchy for disclosures as follows: | ||||||||||||||||||||||||
Level 1-Unadjusted quoted prices in active markets for identical assets or liabilities; | ||||||||||||||||||||||||
Level 2-Inputs other than quoted prices included within Level I that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data; and | ||||||||||||||||||||||||
Level 3-Unobservable inputs that are supported by little or no market activity, which require the Company to develop its own assumptions. | ||||||||||||||||||||||||
The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying value of the Company’s accounts receivable, accounts payable and accrued liabilities approximates their fair value due to the short-term nature of these instruments and is based on Level 2 inputs. | ||||||||||||||||||||||||
The Company bases the fair value of our Level 1 financial instruments, which are in active markets, using quoted market prices for identical instruments. | ||||||||||||||||||||||||
The Company obtains the fair value of our Level 2 financial instruments, which are not in active markets, from a third-party professional pricing service using quoted market prices for identical or comparable instruments, rather than direct observations of quoted prices in active markets. The Company’s professional pricing service gathers observable inputs for all of our fixed income securities from a variety of industry data providers (e.g. large custodial institutions) and other third-party sources. Once the observable inputs are gathered, all data points are considered and an average price is determined. | ||||||||||||||||||||||||
The Company validates the quoted market prices provided by our primary pricing service by comparing their assessment of the fair values of our Level 2 investment portfolio balance against the fair values of our Level 2 investment portfolio balance provided by our investment managers. Our investment managers use similar techniques to our professional pricing service to derive pricing as described above. | ||||||||||||||||||||||||
The Company did not own any Level 3 financial assets or liabilities as of July 31, 2014, or 2013. | ||||||||||||||||||||||||
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy: | ||||||||||||||||||||||||
31-Jul-14 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||||
Commercial paper | $ | — | $ | 66,293 | $ | — | $ | 66,293 | ||||||||||||||||
Money market funds | 53,959 | — | — | 53,959 | ||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||
U.S. agency securities | — | 29,062 | — | 29,062 | ||||||||||||||||||||
Asset-backed securities | — | 1,361 | — | 1,361 | ||||||||||||||||||||
Commercial paper | — | 66,159 | — | 66,159 | ||||||||||||||||||||
U. S. government bonds | — | 9,995 | — | 9,995 | ||||||||||||||||||||
Corporate bonds | — | 172,648 | — | 172,648 | ||||||||||||||||||||
Certificate of deposit | — | 4,009 | — | 4,009 | ||||||||||||||||||||
Municipal debt securities | — | 12,997 | — | 12,997 | ||||||||||||||||||||
Long-term investments: | ||||||||||||||||||||||||
U.S. agency securities | — | 64,995 | — | 64,995 | ||||||||||||||||||||
Certificate of deposit | — | 2,699 | — | 2,699 | ||||||||||||||||||||
Corporate bonds | — | 125,005 | — | 125,005 | ||||||||||||||||||||
U.S. government bonds | — | 7,996 | — | 7,996 | ||||||||||||||||||||
Foreign government bonds | — | 2,754 | — | 2,754 | ||||||||||||||||||||
Total assets | $ | 53,959 | $ | 565,973 | $ | — | $ | 619,932 | ||||||||||||||||
31-Jul-13 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||||
Commercial paper | $ | — | $ | 20,597 | $ | — | $ | 20,597 | ||||||||||||||||
Corporate bonds | — | 2,003 | — | 2,003 | ||||||||||||||||||||
Money market funds | 33,216 | — | — | 33,216 | ||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||
U.S. agency securities | — | 9,097 | — | 9,097 | ||||||||||||||||||||
Asset-backed securities | — | 2,421 | — | 2,421 | ||||||||||||||||||||
Commercial paper | — | 15,190 | — | 15,190 | ||||||||||||||||||||
Corporate bonds | — | 47,572 | — | 47,572 | ||||||||||||||||||||
Foreign government bonds | — | 775 | — | 775 | ||||||||||||||||||||
Municipal debt securities | — | 1,877 | — | 1,877 | ||||||||||||||||||||
Long-term investments: | ||||||||||||||||||||||||
U.S. agency securities | — | 28,007 | — | 28,007 | ||||||||||||||||||||
Asset-backed securities | — | 2,100 | — | 2,100 | ||||||||||||||||||||
Corporate bonds | — | 13,715 | — | 13,715 | ||||||||||||||||||||
Municipal debt securities | — | 7,218 | — | 7,218 | ||||||||||||||||||||
Total assets | $ | 33,216 | $ | 150,572 | $ | — | $ | 183,788 | ||||||||||||||||
Balance_Sheet_Components
Balance Sheet Components | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||||||
Balance Sheet Components | ' | |||||||||||
Balance Sheet Components | ||||||||||||
Property and Equipment | ||||||||||||
Property and equipment consist of the following: | ||||||||||||
31-Jul-14 | 31-Jul-13 | |||||||||||
(in thousands) | ||||||||||||
Computer hardware | $ | 11,882 | $ | 8,820 | ||||||||
Software | 4,605 | 4,460 | ||||||||||
Furniture and fixtures | 2,732 | 2,666 | ||||||||||
Leasehold improvements | 7,069 | 6,536 | ||||||||||
Total property and equipment | 26,288 | 22,482 | ||||||||||
Less accumulated depreciation | (13,681 | ) | (9,568 | ) | ||||||||
Property and equipment, net | $ | 12,607 | $ | 12,914 | ||||||||
As of July 31, 2014, and 2013, no property and equipment was pledged as collateral against borrowings. Amortization of leasehold improvements is included in depreciation expense. Depreciation expense was $5.3 million, $4.5 million and $2.6 million during the years ended July 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Goodwill and Intangible Assets | ||||||||||||
The following table presents changes in the carrying amount of goodwill: | ||||||||||||
Total | ||||||||||||
(in thousands) | ||||||||||||
Goodwill, July 31, 2013 | $ | 9,048 | ||||||||||
Changes in carrying value | 157 | |||||||||||
Goodwill, July 31, 2014 | $ | 9,205 | ||||||||||
Refer to Note 11, Acquisition, for further details on goodwill acquired during the period. | ||||||||||||
Intangible assets consist of the following: | ||||||||||||
July 31, 2014 | July 31, 2013 | |||||||||||
(in thousands) | ||||||||||||
Acquired technology: | ||||||||||||
Cost | $ | 7,200 | $ | 7,200 | ||||||||
Accumulated amortization | (1,761 | ) | (321 | ) | ||||||||
Net | $ | 5,439 | $ | 6,879 | ||||||||
Amortization expense was $1.4 million, $0.3 million and $0.3 million during the years ended July 31, 2014, 2013 and 2012, respectively. Estimated aggregate amortization expense for each of the next five fiscal years is as follows: | ||||||||||||
Future Amortization | ||||||||||||
Fiscal Year Ending July 31, | (in thousands) | |||||||||||
2015 | $ | 1,440 | ||||||||||
2016 | 1,440 | |||||||||||
2017 | 1,440 | |||||||||||
2018 | 1,119 | |||||||||||
Total | $ | 5,439 | ||||||||||
Accrued Employee Compensation | ||||||||||||
Accrued employee compensation consists of the following: | ||||||||||||
31-Jul-14 | 31-Jul-13 | |||||||||||
(in thousands) | ||||||||||||
Accrued bonuses | $ | 19,213 | $ | 13,072 | ||||||||
Accrued commission | 3,593 | 2,043 | ||||||||||
Accrued vacation | 8,100 | 7,335 | ||||||||||
Payroll accruals | 4,006 | 3,852 | ||||||||||
Total | $ | 34,912 | $ | 26,302 | ||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
Changes in accumulated other comprehensive losses by component were as follows: | ||||||||||||
Foreign Currency Items | Unrealized gain (loss) on available-for-sale securities | Total | ||||||||||
(In thousands) | ||||||||||||
Balance as of July 31,2012 | $ | (496 | ) | $ | — | $ | (496 | ) | ||||
Other comprehensive income (loss) before reclassification adjustments: | (1,102 | ) | 24 | (1,078 | ) | |||||||
Tax effect | — | — | — | |||||||||
Balance as of July 31, 2013 | (1,598 | ) | 24 | (1,574 | ) | |||||||
Other comprehensive income (loss) before reclassification adjustments: | 288 | (49 | ) | 239 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to earnings | — | (39 | ) | (39 | ) | |||||||
Tax effect | — | 7 | 7 | |||||||||
Balance as of July 31, 2014 | $ | (1,310 | ) | $ | (57 | ) | $ | (1,367 | ) | |||
Net_Income_per_Share
Net Income per Share | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Net Income per Share | ' | |||||||||||
Net Income per Share | ||||||||||||
For the years ended July 31, 2014, and 2013, the Company calculated basic earnings per share by dividing the net income by the weighted average number of shares of common stock outstanding for the period. The diluted earnings per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, options to purchase common stock and restricted stock units are considered to be common stock equivalents. | ||||||||||||
For the year ended July 31, 2012, the Company’s basic and diluted earnings per share are presented in conformity with the two-class method, which is required because the Company issued securities other than common stock that participate in dividends with the common stock (“participating securities”), to compute the earnings per share attributable to common stockholders. The Company determined that it had participating securities in the form of noncumulative convertible preferred stock for the periods up to their conversion immediately prior to the closing of the Company’s IPO on January 30, 2012 when all convertible preferred stock was converted to common stock. | ||||||||||||
The two-class method requires that the Company calculate the earnings per share using net income attributable to the common stockholders, which will differ from the Company’s net income. Net income attributable to the common stockholders is generally equal to the net income less assumed periodic preferred stock dividends with any remaining earnings, after deducting assumed dividends, to be allocated on a pro-rata basis between the outstanding common and preferred stock as of the end of each period. The basic earnings per share attributable to common stockholders is calculated by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. The diluted net income per share attributable to common stockholders is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, convertible preferred stock, options to purchase common stock and restricted stock units are considered to be common stock equivalents. | ||||||||||||
In the fourth quarter of fiscal 2014, the Company changed its policy for recognizing stock-based compensation expense from the accelerated attribution method of accounting to the straight-line method of accounting for its time-based units (or service-only awards). This change was applied retroactively to all historical periods and all historical basic and diluted net income per share figures have been adjusted to reflect this change. See Note 2 “Change in Accounting Policy - Stock-based Compensation” for additional discussion. | ||||||||||||
The following table sets forth the computation of the Company’s basic and diluted net income per share for the years ended July 31, 2014, 2013 and 2012: | ||||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands, except share and per | ||||||||||||
share amounts) | ||||||||||||
Numerator: | ||||||||||||
Net income (1) | $ | 14,721 | $ | 24,658 | $ | 18,664 | ||||||
Non-cumulative dividends to preferred stockholders | — | — | (1,574 | ) | ||||||||
Undistributed earnings allocated to preferred stockholders | — | — | (4,444 | ) | ||||||||
Net income, basic | 14,721 | 24,658 | 12,646 | |||||||||
Adjustments to net income for dilutive options and restricted stock options | — | — | 574 | |||||||||
Net income, diluted | $ | 14,721 | $ | 24,658 | $ | 13,220 | ||||||
Net income per share: (1) | ||||||||||||
Basic | $ | 0.22 | $ | 0.44 | $ | 0.36 | ||||||
Diluted | $ | 0.21 | $ | 0.4 | $ | 0.32 | ||||||
-1 | See Note 2 “Change in Accounting Policy - Stock-Based Compensation” of Notes to Consolidated Financial Statements. | |||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands, except share and per share | ||||||||||||
amounts) | ||||||||||||
Denominator: (1) | ||||||||||||
Weighted average shares used in computing net income per share: | ||||||||||||
Basic | 65,748,896 | 56,331,018 | 34,774,983 | |||||||||
Weighted average effect of diluted stock options | 1,896,766 | 3,392,797 | 5,082,507 | |||||||||
Weighted average effect of dilutive restricted stock units | 1,467,071 | 1,845,380 | 1,871,982 | |||||||||
Weighted average effect of dilutive stock warrants (2) | — | — | 29,866 | |||||||||
Diluted | 69,112,733 | 61,569,195 | 41,759,338 | |||||||||
-1 | See Note 2 “Change in Accounting Policy - Stock-Based Compensation” of Notes to Consolidated Financial Statements. | |||||||||||
-2 | Series C convertible preferred stock warrants were automatically converted to equivalent common stock warrants upon the Company’s IPO on January 24, 2012 and converted or cancelled as of April 30, 2012. | |||||||||||
The following outstanding shares of common stock equivalents were excluded from the computation of diluted net income per share for the periods presented because including them would have been antidilutive: | ||||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Stock options to purchase common stock (1) | 206,136 | 320,325 | 5,037 | |||||||||
Restricted stock units (1) | 76,840 | 64,397 | 136,905 | |||||||||
-1 | See Note 2 “Change in Accounting Policy - Stock-Based Compensation” of Notes to Consolidated Financial Statements |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||
Jul. 31, 2014 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||
Commitments and Contingencies | ||||||||||||||||
The following table presents a summary of the Company’s contractual obligations and commitments as of July 31, 2014: | ||||||||||||||||
Lease Obligations | Royalty Obligations (1) | Purchase Commitments (2) | Total | |||||||||||||
Fiscal Year Ending July 31, | (in thousands) | |||||||||||||||
2015 | $ | 5,786 | $ | 398 | $ | 6,141 | $ | 12,325 | ||||||||
2016 | 5,835 | 365 | 1,589 | 7,789 | ||||||||||||
2017 | 5,710 | 212 | 276 | 6,198 | ||||||||||||
2018 | 5,663 | 110 | — | 5,773 | ||||||||||||
2019 | 5,102 | — | — | 5,102 | ||||||||||||
Total | $ | 28,096 | $ | 1,085 | $ | 8,006 | $ | 37,187 | ||||||||
(1) | Royalty obligations primarily represent our obligations under our non-cancellable agreements related to software used in certain revenue-generating agreements. | |||||||||||||||
(2) | Purchase commitments consist of agreements to purchase services, entered into in the ordinary course of business. These represent non-cancellable commitments for which a penalty would be imposed if the agreement was canceled for any reason other than an event of default as described by the agreement. | |||||||||||||||
Leases | ||||||||||||||||
The Company leases certain facilities and equipment under operating leases. The Company entered into an operating lease agreement in September 2007 for its corporate headquarters in California that expired in July 2012. In connection with the lease, the Company opened a letter of credit which expired upon the expiration of the lease in July 2012. On November 23, 2009, the Company entered into a sublease agreement for additional conference space expiring in July 2012. On December 5, 2011, the Company entered into a seven-year lease for a facility to serve as its new corporate headquarters, located in Foster City, California, for approximately 97,674 square feet of space commencing August 1, 2012. In connection with the new lease, the Company opened an unsecured letter of credit with Silicon Valley Bank for $1.2 million. On August 1, 2014, the Company amended its operating lease agreement to reduce the unsecured letter of credit to $0.8 million. | ||||||||||||||||
Lease expense for all worldwide facilities and equipment, which is being recognized on a straight-line basis over terms of the various leases, was $5.8 million, $5.3 million and $4.0 million during the years ended July 31, 2014, 2013 and 2012, respectively. This expense is net of sublease income of $1.2 million for the year ended July 31, 2012. | ||||||||||||||||
Letters of Credit | ||||||||||||||||
The Company had two and three outstanding letters of credit required to secure contractual commitments and prepayments as of July 31, 2014 and 2013, respectively. In addition to the unsecured letter of credit for the building lease, the Company had an unsecured letter of credit agreement related to a customer arrangement for PLN 10.0 million (approximately $3.2 million as of July 31, 2014) to secure contractual commitments and prepayments. No amounts were outstanding under our unsecured letters of credit as of July 31, 2014 or July 31, 2013. | ||||||||||||||||
Legal Proceedings | ||||||||||||||||
In December 2007, the Company was the subject of a lawsuit by a competitor, Accenture Global Services GmbH and Accenture LLP (collectively “Accenture”). In May 2011, the Company prevailed in the U.S. District Court for the District of Delaware regarding the invalidity of one of Accenture’s patents. In October 2011, the parties agreed to resolve the litigation, subject to a potential additional payment by the Company if Accenture was successful in appealing the validity of its patent. In September 2013, the U.S. Court of Appeals for the Federal Circuit affirmed the lower court decision in the Company’s favor and, in June 2014, the U.S. Supreme Court denied Accenture’s final appeal, ending the litigation. The Company will have no additional payments relating to the settlement. | ||||||||||||||||
In addition to the matters described above, from time to time, the Company is involved in various other legal proceedings and receives claims, arising from the normal course of business activities. The Company has accrued for estimated losses in the accompanying consolidated financial statements for matters with respect to which the Company believes the likelihood of an adverse outcome is probable and the amount of the loss is reasonably estimable. | ||||||||||||||||
Indemnification | ||||||||||||||||
The Company sells software licenses and services to its customers under contracts (“Software License”). Each Software License contains the terms of the contractual arrangement with the customer and generally includes certain provisions for defending the customer against any claims that the Company’s software infringes upon a patent, copyright, trademark, or other proprietary right of a third party. Software Licenses also indemnify the customer against losses, expenses, and liabilities from damages that may be assessed against the customer in the event the Company’s software is found to infringe upon such third party rights. | ||||||||||||||||
The Company has not had to reimburse any of its customers for losses related to indemnification provisions and no material claims against the Company are outstanding as of July 31, 2014 and 2013. For several reasons, including the lack of prior indemnification claims and the lack of a monetary liability limit for certain infringement cases under various Software Licenses, the Company cannot estimate the amount of potential future payments, if any, related to indemnification provisions. | ||||||||||||||||
The Company has also agreed to indemnify its directors and executive officers for costs associated with any fees, expenses, judgments, fines and settlement amounts incurred by any of these persons in any action or proceeding to which any of these persons is, or is threatened to be, made a party by reason of the person’s service as a director or officer, including any action by the Company, arising out of that person’s services as the Company’s director or officer or that person’s services provided to any other company or enterprise at the Company’s request. The Company maintains director and officer insurance coverage that may enable the Company to recover a portion of any future amounts paid. |
Stockholders_Equity_and_Stockb
Stockholders' Equity and Stock-based Compensation | 12 Months Ended | |||||||||||||||
Jul. 31, 2014 | ||||||||||||||||
Stockholders' Equity and Stock-based Compensation [Abstract] | ' | |||||||||||||||
Stockholders' Equity and Stock-based Compensation | ' | |||||||||||||||
Stockholders’ Equity and Stock-Based Compensation | ||||||||||||||||
Stock-Based Compensation Expense | ||||||||||||||||
Stock-based compensation expense related to all employee and non-employee stock-based awards is as follows: | ||||||||||||||||
Fiscal years ended July 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Stock-based compensation expense: (1) | (in thousands) | |||||||||||||||
Cost of license revenues | $ | 184 | $ | — | $ | — | ||||||||||
Cost of maintenance revenues | 797 | 830 | 288 | |||||||||||||
Cost of services revenues | 11,929 | 6,910 | 2,461 | |||||||||||||
Research and development | 9,008 | 5,843 | 2,385 | |||||||||||||
Sales and marketing | 10,744 | 3,672 | 1,496 | |||||||||||||
General and administrative | 9,876 | 8,250 | 6,293 | |||||||||||||
Total stock-based compensation expense | 42,538 | 25,505 | 12,923 | |||||||||||||
Tax benefit from stock-based compensation | 15,905 | 9,902 | 5,061 | |||||||||||||
Total stock-based compensation expense, net of tax effect | $ | 26,633 | $ | 15,603 | $ | 7,862 | ||||||||||
-1 | See Note 2 “Change in Accounting Policy - Stock-Based Compensation” of Notes to Consolidated Financial Statements | |||||||||||||||
Included in fiscal 2014 stock-based compensation was $1.6 million of expense for performance-based awards, which were tied to fiscal year 2014 financial results. Stock-based compensation for the year ended July 31, 2013, includes $1.0 million of expense related to the modification of RSUs upon accelerated vesting terms for the retirement of one of the Company’s executives, $0.2 million reversal of previously recognized expense for unvested awards upon termination of one of the Company’s officers, and $1.7 million of expense for multiple performance-based awards, which were mainly tied to fiscal year 2013 financial results. Amounts for the year ended July 31, 2012, include a stock compensation expense of $1.2 million related to service performed prior to the IPO for RSUs granted to the Company’s Chief Executive Officer whereby the performance condition for these grants was satisfied upon the Company’s IPO closing, and a $0.9 million related to a change in estimated forfeiture rate upon the IPO event. | ||||||||||||||||
As of July 31, 2014, total unrecognized compensation cost, adjusted for estimated forfeitures, was as follows: | ||||||||||||||||
As of July 31, 2014 | ||||||||||||||||
Unrecognized Expense | Average Expected Recognition Period | |||||||||||||||
(in thousands) | (in years) | |||||||||||||||
Restricted stock units | $ | 83,505 | 2.2 | |||||||||||||
Stock options | 6,019 | 2 | ||||||||||||||
$ | 89,524 | |||||||||||||||
RSUs | ||||||||||||||||
RSU activity under the Company’s equity incentive plans is as follows: | ||||||||||||||||
RSUs Outstanding | ||||||||||||||||
Number of RSUs Outstanding | Weighted Average Grant Date Fair Value | |||||||||||||||
Balance as of July 31, 2013 | 4,027,601 | $ | 19.27 | |||||||||||||
Granted | 1,667,433 | 43.87 | ||||||||||||||
Released | (2,007,423 | ) | 18.59 | |||||||||||||
Canceled | (303,390 | ) | 31.48 | |||||||||||||
Balance as of July 31, 2014 | 3,384,221 | $ | 30.7 | |||||||||||||
The weighted average per share grant date fair value of RSUs granted during each of the fiscal years ended July 31, 2014, 2013 and 2012was $43.87, $33.68 and $13.65, respectively. The fair value of RSUs released during the years ended July 31, 2014, 2013 and 2012 was $91.3 million, $56.2 million and $41.2 million, respectively. | ||||||||||||||||
On March 9, 2011, the Company granted a series of three awards totaling 878,800 performance-based RSUs to its President and Chief Executive Officer. Each of these RSUs was subject to time-based vesting and performance vesting. In addition, each of the RSUs was subject to a separate performance condition, as follows: | ||||||||||||||||
• | The RSUs covering 502,200 shares of common stock were subject to satisfaction of an IPO of the Company’s equity securities, which occurred in January 2012; | |||||||||||||||
• | The RSUs covering 251,100 shares of common stock were subject to full and final dismissal or final adjudication of certain specified litigation to the satisfaction of the Board, which occurred in July 2011; and | |||||||||||||||
• | The RSUs covering 125,500 shares of common stock were subject to satisfaction of a pre-established revenue target for fiscal year 2012, which was satisfied upon close of fiscal year 2012. | |||||||||||||||
Stock Options | ||||||||||||||||
Stock option activity under the Company’s equity incentive plans is as follows: | ||||||||||||||||
Number of Stock Options Outstanding | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Aggregate Intrinsic Value (1) | |||||||||||||
(in years) | (in thousands) | |||||||||||||||
Balance as of July 31, 2013 | 3,763,228 | $ | 6.74 | 5.7 | $ | 139,315 | ||||||||||
Granted | 225,930 | 46.63 | ||||||||||||||
Exercised | (1,580,344 | ) | 5.53 | |||||||||||||
Canceled | (8,561 | ) | 21.75 | |||||||||||||
Balance as of July 31, 2014 | 2,400,253 | $ | 11.24 | 5.5 | $ | 71,640 | ||||||||||
Vested and expected to vest as of July 31, 2014 | 2,376,443 | $ | 10.96 | 5.4 | $ | 71,503 | ||||||||||
Exercisable as of July 31, 2014 | 2,040,125 | $ | 6.32 | 5.5 | $ | 70,039 | ||||||||||
(1) | Aggregate intrinsic value represents the difference between the exercise price of the option and the Company’s closing stock price of $40.50 and $43.76 on July 31, 2014, and July 31, 2013, respectively. | |||||||||||||||
The options exercisable as of July 31, 2014, include options that are exercisable prior to vesting. The total intrinsic value of options exercised was approximately $65.3 million, $86.0 million and $31.2 million for the years ended July 31, 2014, 2013 and 2012, respectively. The weighted average grant date fair value of options granted was $46.63, $14.06 and $4.51 for the years ended July 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||
Additional information regarding options outstanding as of July 31, 2014 is as follows: | ||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||
Exercise Price | Number of Options Outstanding | Remaining Contractual Life (Years) | Exercise Price per Share | Number of Options Exercisable | Exercise Price per Share | |||||||||||
$0.16—1.00 | 99,010 | 1.4 | $ | 0.68 | 99,010 | $ | 0.68 | |||||||||
1.25—2.56 | 71,150 | 2.1 | 2.17 | 71,150 | 2.17 | |||||||||||
2.74 | 423,312 | 3 | 2.74 | 423,312 | 2.74 | |||||||||||
3.5 | 124,860 | 3.7 | 3.5 | 124,860 | 3.5 | |||||||||||
3.73 | 351,886 | 4.7 | 3.73 | 351,886 | 3.73 | |||||||||||
3.92 | 338,523 | 5.4 | 3.92 | 338,523 | 3.92 | |||||||||||
4.50—7.50 | 309,954 | 6.8 | 7.14 | 304,954 | 7.13 | |||||||||||
8.65—11.00 | 210,337 | 7.1 | 8.78 | 208,878 | 8.78 | |||||||||||
29.03—32.25 | 221,476 | 8.1 | 31.99 | 67,905 | 31.41 | |||||||||||
35.00—53.15 | 249,745 | 9.1 | 45.53 | 49,647 | 46.07 | |||||||||||
2,400,253 | 5.5 | $ | 11.24 | 2,040,125 | $ | 6.32 | ||||||||||
Valuation of Awards | ||||||||||||||||
Determining Fair Value of Stock Options | ||||||||||||||||
The fair value of the common stock underlying the stock options and restricted stock units granted prior to the IPO have been determined by the Board. Because there had been no public market for the Company’s common stock, the Board had determined the fair value of the common stock at the time of the grant by considering a number of objective and subjective factors including valuations of comparable companies, sales of redeemable convertible preferred stock to unrelated third parties, operating and financial performance, lack of liquidity of capital stock and general and industry-specific economic outlook, amongst other factors. The fair value of the underlying common stock was determined by the Board until the Company’s common stock was listed on the New York Stock Exchange upon IPO. Awards granted subsequent to the Company’s IPO reflect the fair value of common stock as of the end of trading on the grant date. | ||||||||||||||||
The fair value of each grant of stock options was determined by the Company and the Board using the methods and assumptions discussed below. Each of these inputs is subjective and generally requires significant judgment to determine. | ||||||||||||||||
Valuation Method—The Company estimates the fair value of its stock options using the Black-Scholes option-pricing model. | ||||||||||||||||
Expected Term—The expected term represents the period that the stock-based awards are expected to be outstanding. The Company uses the simplified method to determine the expected term for its option grants as provided by the Securities and Exchange Commission. The simplified method calculates the expected term as the average of the time-to-vesting and the contractual life of the options. The Company uses the simplified method to determine its expected term because of its limited history of stock option exercise activity. | ||||||||||||||||
Expected Volatility—The expected volatility is derived from the historical stock volatilities of several comparable publicly listed peers over a period approximately equal to the expected term of the options as the Company has limited trading history by which to determine the volatility of its own common stock. | ||||||||||||||||
Risk-Free Interest Rate— The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero coupon U.S. Treasury notes with maturities approximately equal to the expected term of the options. | ||||||||||||||||
Expected Dividend—The expected dividend is zero as the Company has never paid dividends and has no expectations to do so. | ||||||||||||||||
Summary of Assumptions—The fair value of the employee stock options were estimated on the grant dates using a Black-Scholes option-pricing model with the following weighted average assumptions: | ||||||||||||||||
Fiscal years ended July 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Expected life (in years) | 5.0 - 6.1 | 5.1 - 6.1 | 5.3 - 6.3 | |||||||||||||
Risk-free interest rate | 1.5% - 2.0% | 0.6% - 1.2% | 1.2% - 1.5% | |||||||||||||
Expected volatility | 41.3% - 46.2% | 45.1% - 48.7% | 44.1% - 46.4% | |||||||||||||
Expected dividend yield | —% | —% | —% | |||||||||||||
Forfeiture Rate—The Company estimates its forfeiture rate based on an analysis of its actual forfeitures and will continue to evaluate the adequacy of the forfeiture rate based on actual forfeiture experience, analysis of employee turnover behavior, and other factors. The impact from a forfeiture rate adjustment will be recognized in full in the period of adjustment, and if the actual number of future forfeitures differs from that estimated, the Company may be required to record adjustments to stock-based compensation expense in future periods. | ||||||||||||||||
In the fourth quarter of fiscal 2014, the Company changed its policy for recognizing stock-based compensation expense from the accelerated attribution method of accounting to the straight-line method of accounting for certain share-based compensation awards. See Note 2 “Change in Accounting Policy - Stock-based Compensation” for additional discussion. | ||||||||||||||||
Convertible Preferred Stock | ||||||||||||||||
Upon the closing of the Company’s IPO on January 30, 2012, all outstanding convertible preferred stock was converted into 25,357,721 shares of common stock on a one-to-one basis. As of July 31, 2014 and 2013, the Company was authorized to issue 25,000,000 shares of convertible preferred stock, respectively, with a par value of $0.0001 per share. As of July 31, 2014 and 2013, no shares of convertible preferred stock were issued and outstanding. | ||||||||||||||||
Common Stock Reserved for Future Issuance | ||||||||||||||||
As of July 31, 2014 and 2013, the Company was authorized to issue 500,000,000 common shares with a par value of $0.0001 per share, respectively, and 69,082,261 and 57,909,277 common shares were issued and outstanding, respectively. As of July 31, 2014 and 2013, the Company had reserved shares of common stock, on an as-if-converted basis, for future issuance as follows: | ||||||||||||||||
31-Jul-14 | 31-Jul-13 | |||||||||||||||
Exercise of stock options to purchase common stock | 2,400,253 | 3,763,228 | ||||||||||||||
Vesting of restricted stock units | 3,384,221 | 4,027,601 | ||||||||||||||
Issuances of shares available under stock plans | 11,703,962 | 9,194,058 | ||||||||||||||
Total common stock reserved for issuance | 17,488,436 | 16,984,887 | ||||||||||||||
Equity Incentive Plans | ||||||||||||||||
In February 2007, the Company’s board of directors (“Board”) adopted and the stockholders approved the 2006 Stock Plan (“2006 Plan”) as an amendment and restatement of the stockholder-approved 2002 Stock Option/Stock Issuance Plan, as amended, which provided for the issuance of incentive and nonstatutory options to employees and nonemployees of the Company. | ||||||||||||||||
In July 2009, the Board adopted and the stockholders approved the 2009 Stock Plan (“French Plan”), which provided for nonstatutory options to employees. | ||||||||||||||||
In June 2010, the Board adopted and the stockholders approved the 2010 Restricted Stock Unit Plan (“2010 Plan”), which provided for the issuance of restricted and performance stock units to employees and nonemployees. | ||||||||||||||||
On September 14, 2011, the Board, upon the recommendation of the Compensation Committee of the Board (“Committee”), adopted the 2011 Stock Plan (“2011 Plan”), which was subsequently approved by the Company’s stockholders in January 2012. The 2011 Plan provides flexibility to the Committee to use various equity-based incentive awards as compensation tools to motivate the Company’s workforce. The Company had initially reserved 7,500,000 shares of its common stock for the issuance of awards under the 2011 Plan. In addition, the number of shares remaining available for grant under the 2006 Plan and 2010 Plan immediately prior to the closing of the IPO were added to the shares available under the 2011 Plan. The number of shares remaining available for grant under the French Plan expired upon the IPO. The 2011 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2013, by up to 5% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31. This number is subject to adjustment in the event of a stock split, stock dividend or other defined changes in the Company’s capitalization. With the adoption of the 2011 Plan upon the completion of the Company’s IPO, both option and RSU grants now reduce the 2011 Plan reserve. As of July 31, 2014, the Company had reserved 11,703,962 shares of common stock for issuance under the 2011 Plan. | ||||||||||||||||
The shares the Company issues under the 2011 Plan will be authorized but unissued shares or shares that are reacquired. The shares of common stock underlying any awards under the 2011 Plan, 2010 Plan and 2006 Plan that are forfeited, canceled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without any issuance of stock or are otherwise terminated (other than by exercise) are added back to the shares of common stock available for issuance under the 2011 Plan. The shares of common stock underlying any outstanding awards under the French Plan that are forfeited, canceled or otherwise not issued will expire and not be available for future issuance. | ||||||||||||||||
No awards may be granted under the 2011 Plan after the date that is 10 years from the effectiveness of the plan. No awards under the 2011 Plan were granted prior to the Company’s IPO. Following the closing of the IPO, no additional awards will be made under the 2006 Plan, French Plan and 2010 Plan. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The Company’s income before provision for income taxes for the years ended July 31, 2014, 2013 and 2012 is as follows: | ||||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Domestic | $ | 11,956 | $ | 25,725 | $ | 22,370 | ||||||
International | 7,990 | 4,398 | 6,146 | |||||||||
Income before provision for income taxes (1) | $ | 19,946 | $ | 30,123 | $ | 28,516 | ||||||
(1) | See Note 2 “Change in Accounting Policy - Stock-Based Compensation” of Notes to Consolidated Financial Statements. | |||||||||||
The provision for income taxes consists of the following: | ||||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Current: | ||||||||||||
U.S. federal | $ | 5,235 | $ | 1,296 | $ | — | ||||||
State | 1,326 | 999 | 544 | |||||||||
Foreign | 2,509 | 3,479 | 1,522 | |||||||||
Total current | 9,070 | 5,774 | 2,066 | |||||||||
Deferred: | ||||||||||||
U.S. federal | (4,277 | ) | (258 | ) | 6,968 | |||||||
State | 78 | 483 | (69 | ) | ||||||||
Foreign | 354 | (534 | ) | 887 | ||||||||
Total deferred | (3,845 | ) | (309 | ) | 7,786 | |||||||
Total provision for income taxes (1) | $ | 5,225 | $ | 5,465 | $ | 9,852 | ||||||
(1) | See Note 2 “Change in Accounting Policy - Stock-Based Compensation” of Notes to Consolidated Financial Statements. | |||||||||||
The total income tax expense differs from the amounts computed by applying the statutory federal income tax rate of 35% during the years ended July 31, 2014, 2013 and 2012 as follows: | ||||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Computed tax expense | $ | 6,977 | $ | 10,538 | $ | 9,972 | ||||||
Nondeductible items and other | 1,164 | (577 | ) | 694 | ||||||||
State taxes, net of federal benefit | 840 | (858 | ) | (644 | ) | |||||||
Foreign income taxed at different rates | (207 | ) | 1,405 | 258 | ||||||||
Tax credits | (3,612 | ) | (7,199 | ) | (1,356 | ) | ||||||
Change in valuation allowance | 63 | 2,156 | 928 | |||||||||
Total provision for income taxes (1) | $ | 5,225 | $ | 5,465 | $ | 9,852 | ||||||
(1) See Note 2 “Change in Accounting Policy - Stock-Based Compensation” of Notes to Consolidated Financial Statements. | ||||||||||||
The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities are as follows: | ||||||||||||
As of July 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Accruals and reserves | $ | 8,487 | $ | 3,646 | ||||||||
Stock-based compensation | 4,347 | 5,076 | ||||||||||
Deferred revenues | 1,485 | 510 | ||||||||||
Property and equipment | 298 | — | ||||||||||
State taxes | 1 | — | ||||||||||
Net operating loss carryforwards | 1,161 | 2,244 | ||||||||||
Tax credits | 11,699 | 14,233 | ||||||||||
Total deferred tax assets | 27,478 | 25,709 | ||||||||||
Less valuation allowance | 4,938 | 4,874 | ||||||||||
Net deferred tax assets | 22,540 | 20,835 | ||||||||||
Less deferred tax liabilities: | ||||||||||||
Property and equipment | — | 440 | ||||||||||
Intangible assets | 1,701 | 2,268 | ||||||||||
Foreign deferred revenue | 727 | 736 | ||||||||||
Total net deferred tax assets | $ | 20,112 | $ | 17,391 | ||||||||
During the years ended July 31, 2014, 2013 and 2012, the Company was able to consider positive evidence in determining the realizability of its deferred tax assets, including projections for future growth, and determined a significant portion of the valuation allowance was not required. A valuation allowance of $4.9 million and $4.9 million remained as of July 31, 2014 and 2013, respectively, for California research and development credits that were not more likely than not realizable. | ||||||||||||
As of July 31, 2014, the Company had U. S. federal, California and other states net operating loss (“NOL”) carryforwards of $177.5 million, $83.2 million, and $7.0 million, respectively. The U. S. federal and California NOL carryforwards will start to expire in 2026 and 2016, respectively. | ||||||||||||
The Company had research and development tax credit (“R&D credit”) carryforwards of the following: | ||||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
U.S. federal | $ | 15,956 | $ | 12,973 | $ | 6,565 | ||||||
California | 11,657 | 11,980 | 7,558 | |||||||||
Total R&D credit carryforwards | $ | 27,613 | $ | 24,953 | $ | 14,123 | ||||||
The U.S. federal R&D credit will start to expire in 2023. California R&D tax credits have no expiration. | ||||||||||||
The excess tax benefits associated with stock option exercises are recorded directly to stockholders’ equity only when realized through reduction to income tax payable on the tax returns. As a result, the pre-tax excess tax benefits included in federal and California net operating loss carryforwards on the tax returns but not reflected in deferred tax assets for fiscal year 2014 are $176.3 million and $74.3 million, respectively. | ||||||||||||
Federal and California laws impose restrictions on the utilization of net operating loss carryforwards and R&D credit carryforwards in the event of a change in ownership of the Company, which constitutes an “ownership change” as defined by Internal Revenue Code Sections 382 and 383. The Company experienced an ownership change in the past that does not materially impact the availability of its net operating losses and tax credits. Nevertheless, should there be an ownership change in the future; the Company’s ability to utilize existing carryforwards could be substantially restricted. | ||||||||||||
The Company provides U.S. income taxes on the earnings of foreign subsidiaries, unless the subsidiaries’ earnings are considered indefinitely reinvested outside the United States. As of July 31, 2014, U.S. income taxes were not provided for on the cumulative total of $19.4 million of undistributed earnings from certain foreign subsidiaries. As of July 31, 2014, the unrecognized deferred tax liability for these earnings was approximately $2.3 million. | ||||||||||||
Unrecognized Tax Benefits | ||||||||||||
The following table summarizes the activity related to unrecognized tax benefits: | ||||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Unrecognized benefit - beginning of period | $ | 6,727 | $ | 3,937 | $ | 2,419 | ||||||
Gross increases - prior period tax positions | (368 | ) | 370 | 478 | ||||||||
Gross increases - current period tax positions | 1,617 | 2,420 | 1,040 | |||||||||
Unrecognized benefit - end of period | $ | 7,976 | $ | 6,727 | $ | 3,937 | ||||||
During the year ended July 31, 2014, the Company’s unrecognized tax benefits increased by $1.2 million, primarily associated with the Company’s federal and California R&D credits. As of July 31, 2014, the Company had unrecognized tax benefits of $4.3 million that, if recognized, would affect the Company’s effective tax rate. | ||||||||||||
The Company or one of its subsidiaries files income taxes in the U.S. federal jurisdiction and various states and foreign jurisdictions. If the Company utilizes net operating losses or tax credits in future years, the U.S. federal, state and local, and non-U.S. tax authorities may examine the tax returns covering the period in which the net operating losses and tax credits arose. As a result, the Company’s tax returns in the U.S. and California remain open to examination from fiscal years 2002 through 2014. Substantially all material foreign income tax matters in Australia have been concluded through the year ended July 31, 2007. The Company has been audited in Canada and substantially concluded all material income tax matters through July 31, 2009. | ||||||||||||
As of July 31, 2014, the Company has tax audits in progress in certain foreign jurisdictions. To the extent the final tax liabilities are different from the amounts originally accrued, the increases or decreases are recorded as income tax expense or benefit in the consolidated statements of income. While the Company believes that the resolution of these audits will not have a material adverse impact on the Company’s results of operations, the outcome is subject to uncertainty. |
Employee_401k_Plan
Employee 401(k) Plan | 12 Months Ended |
Jul. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee 401(k) Plan | ' |
Employee 401(k) Plan | |
The Company’s employee savings and retirement plan is qualified under Section 401 of the Internal Revenue Code. The plan is available to all regular employees on the Company’s U.S. payroll and provides employees with tax-deferred salary deductions and alternative investment options. Employees may contribute up to 60% of their eligible salary up to the statutory prescribed annual limit. Beginning January 1, 2014, the Company increased its matching for employees’ contributions up to $4,000 per participant per calendar year. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Segment Information | ||||||||||||
The Company operates in one segment. The Company’s chief operating decision maker (the “CODM”), its Chief Executive Officer, manages the Company’s operations on a consolidated basis for purposes of allocating resources. When evaluating the Company’s financial performance, the CODM reviews separate revenues information for the Company’s license, maintenance and professional services offerings, while all other financial information is reviewed on a consolidated basis. All of the Company’s principal operations and decision-making functions are located in the United States. | ||||||||||||
The following table sets forth revenues by country based on the billing address of the customer: | ||||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
United States | $ | 203,791 | $ | 172,793 | $ | 127,484 | ||||||
Canada | 39,100 | 42,632 | 35,690 | |||||||||
Other Americas | 8,106 | 6,932 | 3,850 | |||||||||
Total Americas | 250,997 | 222,357 | 167,024 | |||||||||
United Kingdom | 37,890 | 20,660 | 16,212 | |||||||||
Other EMEA | 35,149 | 27,543 | 14,672 | |||||||||
Total EMEA | 73,039 | 48,203 | 30,884 | |||||||||
APAC | 26,210 | 30,089 | 34,153 | |||||||||
Total revenues | $ | 350,246 | $ | 300,649 | $ | 232,061 | ||||||
No country other than those listed above accounted for more than 10% of revenues during the years ended July 31, 2014, 2013 and 2012. | ||||||||||||
The following table sets forth the Company’s long-lived assets, including goodwill and intangibles, net by geographic region: | ||||||||||||
31-Jul-14 | 31-Jul-13 | |||||||||||
(in thousands) | ||||||||||||
Americas | $ | 25,573 | $ | 27,280 | ||||||||
Europe | 950 | 1,276 | ||||||||||
Asia Pacific | 728 | 285 | ||||||||||
Total | $ | 27,251 | $ | 28,841 | ||||||||
Acquisition
Acquisition | 12 Months Ended | ||||||
Jul. 31, 2014 | |||||||
Business Combinations [Abstract] | ' | ||||||
Acquisition | ' | ||||||
Acquisition | |||||||
On May 10, 2013, the Company purchased all of the outstanding equity interests of Millbrook, Inc., a privately held provider of data models and platforms, technology accelerators and business intelligence solutions for P&C insurers. The aggregate cost of the acquisition was $14.7 million net of acquired cash. In addition, the Company issued $3.7 million in RSUs, vesting of which is subject to time-based vesting requirements and therefore is excluded from the purchase consideration. The related value is recognized as compensation expense over the requisite service period. The Company believes that the acquisition of Millbrook will enhance reporting capabilities of our software. The results of Millbrook’s operations from May 10, 2013 to July 31, 2013 are included in the Company’s results for the fourth quarter of fiscal year 2013 and were not material. Transaction expenses of $0.7 million were expensed as incurred. | |||||||
The aggregate cost of the acquisition, net of acquired cash, was allocated as follows: | |||||||
Total Purchase Price Allocation | Estimated Useful Lives | ||||||
(in thousands) | (in years) | ||||||
Assets acquired, net | $ | 590 | n/a | ||||
Developed technology | 7,200 | 5 | |||||
Deferred tax liability | (2,094 | ) | n/a | ||||
Goodwill | 9,048 | n/a | |||||
Total purchase price | $ | 14,744 | |||||
Management assigned fair values to the identifiable intangible assets by applying the income approach. This fair value measurement is based on significant inputs that are not observable in the market and thus represents a Level 3 measurement. The valuation models were based on estimates of future operating projections of the acquired business and rights to sell new products containing the acquired technology as well as judgments on the discount rates used and other variables. The Company developed forecasts based on a number of factors including pricing projections of future products, expected customer interest, a discount rate that is representative of the weight average cost of capital, and a long-term sustainable growth rate based on market analysis. The Company is amortizing the acquired intangible asset on a straight-line basis over its estimated useful life. | |||||||
The pro-forma results of operations have not been presented because the effects of the business combination described above were not material to our consolidated results of operations. |
The_Company_and_Summary_of_Sig1
The Company and Summary of Significant Accounting Policies and Estimates (Policies) | 12 Months Ended | ||||||||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Business | ' | ||||||||||||||||||||||||
Business | |||||||||||||||||||||||||
Guidewire Software, Inc., a Delaware corporation, was incorporated on September 20, 2001. The Company together with its subsidiaries (the “Company”) provides Internet-based software platforms for core insurance operations, including underwriting and policy administration, claim management and billing. The Company’s customers include insurance carriers for property and casualty and workers’ compensation insurance. The Company has wholly-owned subsidiaries in Australia, Canada, China, France, Germany, Hong Kong, Ireland, Italy, Japan, Poland and the United Kingdom. | |||||||||||||||||||||||||
The Company offers a suite of applications to enable core property and casualty (“P&C”) insurance operations comprised of the following products: PolicyCenter, ClaimCenter and BillingCenter, as well as other newer product initiatives. The Company also provides maintenance support and provides professional services to the extent requested by its customers. | |||||||||||||||||||||||||
Public Offerings | ' | ||||||||||||||||||||||||
Public Offerings | |||||||||||||||||||||||||
On January 30, 2012, the Company closed its initial public offering (“IPO”) whereby 10,177,500 shares of common stock were sold to the public, including the underwriters’ full exercise of their overallotment option of 1,327,500 shares of common stock, at a price of $13.00 per share. The Company received aggregate proceeds of approximately $123.0 million from the IPO, including the exercise of the underwriters’ overallotment option, net of underwriters’ discounts and commissions, but before deduction of offering costs of approximately $3.5 million, including $2.8 million of capitalized costs. Upon the closing of the IPO, all shares of the Company’s outstanding convertible preferred stock automatically converted into 25,357,721 shares of common stock. Outstanding warrants to purchase 69,529 shares of convertible preferred stock at $5.03 per share were contractually adjusted to purchase 69,529 shares of common stock at $5.03 per share. Subsequent to the Company’s IPO and during April 2012 all eligible warrants were converted for 21,640 shares of the Company’s common stock and the remainder was canceled. | |||||||||||||||||||||||||
On April 24, 2012, the Company closed its follow-on public offering of 9,200,000 shares of its common stock, which included 750,000 shares of common stock sold by the Company and 8,450,000 shares of common stock sold by selling stockholders, including the underwriters’ full exercise of their overallotment option from the Company and selling stockholders. The public offering price of the shares sold in the offering was $28.25 per share. The Company received aggregate proceeds of approximately $20.4 million from the follow-on offering, net of underwriters’ discounts and commissions applicable to the sale of shares by the Company, but before deduction of offering costs of approximately $1.0 million payable by the Company, including $0.7 million of capitalized costs. The Company did not receive any proceeds from the sale of shares by the selling stockholders. | |||||||||||||||||||||||||
On October 28, 2013, the Company closed its follow-on public offering of 8,306,291 shares of its common stock, including the underwriters’ partial exercise of their over-allotment option from the Company. The public offering price of the shares sold in the offering was $48.75 per share. The Company received aggregate proceeds of approximately $389.9 million from the follow-on offering, net of underwriters’ discounts and commissions applicable to the sale of shares by the Company, but before deduction of offering costs of approximately $0.4 million payable by the Company. No shares were sold by the Company’s shareholders in this follow-on public offering. | |||||||||||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||||||
The consolidated financial statements include the Company and its wholly-owned subsidiaries, and reflect all adjustments (all of which are normal and recurring in nature) that, in the opinion of management, are necessary for a fair presentation of the periods presented. All inter-company balances and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||
Use of Estimates | ' | ||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||
The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Significant items subject to such estimates include revenue recognition, the useful lives of property and equipment, allowance for doubtful accounts, valuation allowance for deferred tax assets, stock-based compensation, annual bonus attainment, income tax uncertainties, valuation of goodwill and intangible assets, and contingencies. These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ significantly from these estimates. | |||||||||||||||||||||||||
Foreign Currency Translation | ' | ||||||||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||||||||
The functional currency of the Company’s foreign subsidiaries is their respective local currency. The Company translates all assets and liabilities of foreign subsidiaries to U.S. dollars at the current exchange rate as of the applicable consolidated balance sheet date. Revenues and expenses are translated at the average exchange rate prevailing during the period. The effects of foreign currency translations are recorded in accumulated other comprehensive loss as a separate component of stockholders’ deficit in the accompanying consolidated statement of stockholders’ equity. Realized gains and losses from foreign currency transactions are recorded as other income (expense) in the consolidated statements of income. | |||||||||||||||||||||||||
Cash, Cash Equivalents, Investments and Restricted cash | ' | ||||||||||||||||||||||||
Cash, Cash Equivalents, Investments and Restricted Cash | |||||||||||||||||||||||||
Cash and cash equivalents are comprised of cash and highly liquid investments with remaining maturities of 90 days or less at the date of purchase. Cash equivalents consist of commercial paper and money market funds. Restricted cash is held in certificates of deposit pursuant to lease agreements, and, in prior periods, pursuant to secured letter of credit agreements. The Company classifies investments as short-term when they have remaining contractual maturities of less than one year from the balance sheet date, and as long-term when the investments have remaining contractual maturities of more than one year from the balance sheet date. The Company’s investment policy is consistent with the definition of available-for-sale securities. From time to time, the Company may sell certain securities but the objectives are generally not to generate profits on short-term differences in price. | |||||||||||||||||||||||||
Property and Equipment | ' | ||||||||||||||||||||||||
Property and Equipment | |||||||||||||||||||||||||
Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the related assets. Maintenance and repairs that do not extend the life or improve an asset are expensed in the period incurred. | |||||||||||||||||||||||||
The estimated useful lives of property and equipment are as follows: | |||||||||||||||||||||||||
Computer hardware | 3 years | ||||||||||||||||||||||||
Software | 3 years | ||||||||||||||||||||||||
Furniture and fixtures | 3 years | ||||||||||||||||||||||||
Leasehold improvements | Shorter of the lease term or estimated useful life | ||||||||||||||||||||||||
Product Development Costs | ' | ||||||||||||||||||||||||
Product Development Costs | |||||||||||||||||||||||||
Certain software development costs incurred subsequent to the establishment of technological feasibility are subject to capitalization and amortized over the estimated lives of the related products. Technological feasibility is established upon completion of a working model. Through July 31, 2014, costs incurred subsequent to the establishment of technological feasibility have been immaterial, and therefore, all software development costs have been charged to research and development expense in the accompanying consolidated statements of income as incurred. | |||||||||||||||||||||||||
Impairment of Long-Lived Assets, Intangible Assets and Goodwill | ' | ||||||||||||||||||||||||
Impairment of Long-Lived Assets, Intangible Assets and Goodwill | |||||||||||||||||||||||||
The Company evaluates its long-lived assets, consisting of property and equipment and intangible assets, for indicators of possible impairment when events or changes in circumstances indicate that the carrying amount of certain assets may not be recoverable. Impairment exists if the carrying amounts of such assets exceed the estimates of future net undiscounted cash flows expected to be generated by such assets. Should impairment exist, the impairment loss would be measured based on the excess carrying value of the assets over the estimated fair value of the assets. The Company has not written down any of its long-lived assets as a result of impairment during any of the periods presented. | |||||||||||||||||||||||||
The Company tests goodwill for impairment annually during the fourth quarter of each fiscal year and in the interim whenever events or changes in circumstances indicate that the carrying amount may be impaired. An entity may first assess qualitative factors to determine whether it is more likely than not (a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. | |||||||||||||||||||||||||
In performing the qualitative assessment, the Company would consider events and circumstances, including but not limited to, macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers, changes in the composition or carrying amount of a reporting unit’s net assets and changes in the price of our common stock. If, after assessing the totality of events or circumstances, the Company determines that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then the two-step goodwill impairment test is not performed. | |||||||||||||||||||||||||
If the two-step goodwill test is performed, the Company would evaluate and test our goodwill for impairment at a reporting-unit level using expected future cash flows to be generated by the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the calculated fair value of the goodwill. | |||||||||||||||||||||||||
The Company acquired goodwill during the fourth quarter of fiscal 2013. The Company did not recognize any goodwill impairment losses in fiscal 2014. | |||||||||||||||||||||||||
Concentration of Credit Risk | ' | ||||||||||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with high quality financial institutions. The Company is exposed to credit risk for cash held in financial institutions in the event of a default to the extent that such amounts recorded on the balance sheet are in excess of amounts that are insured by the Federal Deposit Insurance Corporation (“FDIC”). | |||||||||||||||||||||||||
No customer accounted for 10% or more of the Company’s revenues for the years ended July 31, 2014, 2013 and 2012. The Company had one customer that accounted for 10% of total accounts receivable as of July 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | ' | ||||||||||||||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||||||||||||||||
The Company performs ongoing credit evaluations of its customers. Accounts receivable are recorded at invoiced amounts, net of the Company’s estimated allowances for doubtful accounts. The allowance for doubtful accounts is estimated based on an assessment of the Company’s ability to collect on customer accounts receivable. The Company regularly reviews the allowance by considering certain factors such as historical experience, industry data, credit quality, age of accounts receivable balances and current economic conditions that may affect a customer’s ability to pay. In cases where the Company is aware of circumstances that may impair a specific purchaser’s ability to meet their financial obligations, the Company records a specific allowance against amounts due from the customer and thereby reduces the net recognized receivable to the amount the Company reasonably believes will be collected. There is judgment involved with estimating the Company’s allowance for doubtful accounts and if the financial condition of its customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record additional allowances or charges against revenues. The Company writes-off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues collection of the receivable. The Company’s accounts receivable are not collateralized by any security. The Company has had no allowance for doubtful accounts or bad debt expense in the periods presented in this Annual Report on Form 10-K. | |||||||||||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||||
The Company enters into arrangements to deliver multiple products or services (multiple-elements). The Company applies software revenue recognition rules and allocates the total revenues among elements based on vendor-specific objective evidence (“VSOE”) of fair value of each element. The Company recognizes revenue on a net basis excluding taxes collected from customers and remitted to government authorities. | |||||||||||||||||||||||||
Revenues are derived from three sources: | |||||||||||||||||||||||||
(i) | License fees, related to term (or time-based) licenses, perpetual software licenses, and other; | ||||||||||||||||||||||||
(ii) | Maintenance fees, related to email and phone support, bug fixes and unspecified software updates and upgrades released when, and if available during the maintenance term; and | ||||||||||||||||||||||||
(iii) | Services fees, related to professional services related to implementation of our software, reimbursable travel and training. | ||||||||||||||||||||||||
Revenues are recognized when all of the following criteria are met: | |||||||||||||||||||||||||
• | Persuasive evidence of an arrangement exists. Evidence of an arrangement consists of a written contract signed by both the customer and management prior to the end of the period. | ||||||||||||||||||||||||
• | Delivery or performance has occurred. The Company’s software is delivered electronically to the customer. Delivery is considered to have occurred when the Company provides the customer access to the software along with login credentials. | ||||||||||||||||||||||||
• | Fees are fixed or determinable. Arrangements where a significant portion of the fee is due beyond 90 days from delivery are not considered to be fixed or determinable. Revenues from such arrangements is recognized as payments become due, assuming all other revenue recognition criteria have been met. Fees from term licenses are generally due in annual or, in certain cases, quarterly installments over the term of the agreement beginning on the effective date of the license. Accordingly, fees from term licenses are not considered to be fixed or determinable until they become due. | ||||||||||||||||||||||||
• | Collectability is probable. Collectability is assessed on a customer-by-customer basis, based primarily on creditworthiness as determined by credit checks and analysis, as well as customer payment history. Payment terms generally range from 30 to 90 days from invoice date. If it is determined prior to revenue recognition that collection of an arrangement fee is not probable, revenues are deferred until collection becomes probable or cash is collected, assuming all other revenue recognition criteria are satisfied. | ||||||||||||||||||||||||
VSOE of fair value does not exist for the Company’s software licenses; therefore, the Company allocates revenues to software licenses using the residual method. Under the residual method, the amount recognized for license fees is the difference between the total fixed and determinable fees and the VSOE of fair value for the undelivered elements under the arrangement. | |||||||||||||||||||||||||
The VSOE of fair value for elements of an arrangement is based upon the normal pricing and discounting practices for those elements when sold separately. VSOE of fair value for maintenance is established using the stated maintenance renewal rate in the customer’s contract. The Company generally enters into term licenses ranging from 3 to 7 years. For term licenses with duration of one year or less, no VSOE of fair value for maintenance exists. VSOE of fair value for services is established if a substantial majority of historical stand-alone selling prices for a service fall within a reasonably narrow price range. | |||||||||||||||||||||||||
If the undelivered elements are all service elements and VSOE of fair value does not exist for one or more service element, the total arrangement fee is recognized ratably over the longest service period starting at software delivery, assuming all the related services have been made available to the customer. | |||||||||||||||||||||||||
In certain offerings sold as fixed fee arrangements, the Company recognizes services revenues on a proportional performance basis as performance obligations are completed by using the ratio of labor hours to date as an input measure compared to total estimated labor hours for the consulting services. | |||||||||||||||||||||||||
In cases where professional services are deemed to be essential to the functionality of the software, the arrangement is accounted for using contract accounting until the essential services are complete. If reliable estimates of total project costs can be made, the Company applies the percentage-of-completion method whereby percentage toward completion is measured by using the ratio of service billings to date compared to total estimated service billings for the consulting services. Service billings approximate labor hours as an input measure since they are generally billed monthly on a time and material basis. The fees related to the maintenance are recognized over the period the maintenance is provided. | |||||||||||||||||||||||||
If reliable estimates of total project costs cannot be made or VSOE for maintenance has not been established and it is reasonably assured that no loss will be incurred under the arrangement, revenues are recognized pursuant to the zero gross margin method. Under this method, revenues recognized are limited to the costs incurred for the implementation services. When zero gross margin method is applied for lack of reliable project estimates and subsequently project estimates become reliable, the Company switches to the percentage-of-completion; resulting in a cumulative effect adjustment for deferred license revenues to the extent of progress toward completion, and the related deferred professional service margin is recognized in full as revenues. Such cumulative effect adjustment for license revenues was zero, $3.2 million and $0.9 million for the fiscal years ended July 31, 2014, 2013 and 2012, respectively, and for service revenues was zero, $1.7 million and $0.9 million for the fiscal years ended July 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Deferred Revenues | ' | ||||||||||||||||||||||||
Deferred Revenues | |||||||||||||||||||||||||
Deferred revenues represent license, maintenance and professional services amounts, which are billed to or collected from customers for which the related revenues have not been recognized. The revenues are deferred when one or more of the revenue recognition criteria have not been met. The current portion of deferred revenues represents the amount that is expected to be recognized as revenues within one year from the balance sheet date. The Company generally invoices fees for licenses and maintenance to its customers in annual or, in certain cases, quarterly installments payable in advance. Accordingly, the deferred revenues balance does not represent the total contract value of annual or multi-year, non-cancellable arrangements. | |||||||||||||||||||||||||
Sales Commissions | ' | ||||||||||||||||||||||||
Sales Commissions | |||||||||||||||||||||||||
Sales commissions are recognized as an expense when earned by the sales representative, generally occurring at the time the customer order is signed. Substantially all of the effort by the sales force is expended through the time of closing the sale, with limited to no involvement thereafter. | |||||||||||||||||||||||||
Warranties | ' | ||||||||||||||||||||||||
Warranties | |||||||||||||||||||||||||
The Company generally provides a warranty for its software products and services to its customers for periods ranging from 3 to 12 months. The Company’s software products are generally warranted to be free of defects in materials and workmanship under normal use and the products are also generally warranted to substantially perform as described in published documentation. The Company’s services are generally warranted to be performed in a professional manner and to materially conform to the specifications set forth in the related customer contract. In the event there is a failure of such warranties, the Company generally will correct the problem or provide a reasonable workaround or replacement product. If the Company cannot correct the problem or provide a workaround or replacement product, then the customer’s remedy is generally limited to refund of the fees paid for the nonconforming product or services. Warranty expense has been insignificant. | |||||||||||||||||||||||||
Advertising Costs | ' | ||||||||||||||||||||||||
Advertising Costs | |||||||||||||||||||||||||
Advertising costs are expensed as incurred and amounted to approximately $0.2 million, $0.1 million and $0.1 million during the years ended July 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||
The Company recognizes compensation expense related to stock options and restricted stock units (“RSUs”) granted to employees based on the estimated fair value of the awards on the date of grant, net of estimated forfeitures. The RSUs are subject to time-based vesting, which generally occurs over a period of four years. The awards expire 10 years from the grant date. The Company estimates the grant date fair value, and the resulting stock-based compensation expense, of the Company’s stock options using the Black-Scholes option-pricing model. The Company recognizes the fair value of stock-based compensation for awards which contain only service conditions on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. The Company recognizes the compensation cost for awards which contain performance conditions based upon the probability of that performance condition being met, net of estimated forfeitures, using the graded method. Compensation cost for RSUs is generally recognized over the time-based vesting period. | |||||||||||||||||||||||||
In the fourth quarter of fiscal 2014, the Company changed its policy for recognizing stock-based compensation expense from the accelerated attribution method of accounting to the straight-line method of accounting for certain share-based compensation awards. | |||||||||||||||||||||||||
The following tables summarize the impact of the change in accounting method on line items in the previously issued consolidated balance sheet as of July 31, 2013, consolidated statements of income for the years ended July 31, 2013, and 2012, and the consolidated statements of cash flows for the years ended July 31, 2013, and 2012. | |||||||||||||||||||||||||
As of July 31, 2013 | |||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEET | As previously reported | As | Effect of | ||||||||||||||||||||||
adjusted | change | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Deferred tax assets, non-current | 21,091 | 14,494 | (6,597 | ) | |||||||||||||||||||||
Additional paid-in capital | 237,769 | 215,151 | (22,618 | ) | |||||||||||||||||||||
Retained earnings (accumulated deficit) | (7,788 | ) | 8,249 | 16,037 | |||||||||||||||||||||
Fiscal years ended July 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | As Previously Reported | As Adjusted | Effect of Change | As Previously Reported | As Adjusted | Effect of Change | |||||||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||||||||||||
Cost of maintenance revenue | $ | 7,613 | 7,216 | (397 | ) | $ | 5,288 | $ | 5,193 | $ | (95 | ) | |||||||||||||
Cost of services revenue | 123,210 | 117,515 | (5,695 | ) | 85,360 | 84,050 | (1,310 | ) | |||||||||||||||||
Research and development | 66,346 | 62,991 | (3,355 | ) | 50,462 | 49,056 | (1,406 | ) | |||||||||||||||||
Sales and marketing | 53,301 | 50,948 | (2,353 | ) | 38,254 | 36,781 | (1,473 | ) | |||||||||||||||||
General and administrative | 32,414 | 31,320 | (1,094 | ) | 28,336 | 27,285 | (1,051 | ) | |||||||||||||||||
Income before provision for income taxes | 17,212 | 30,123 | 12,911 | 23,179 | 28,516 | 5,337 | |||||||||||||||||||
Provision for income taxes | 1,829 | 5,465 | 3,636 | 7,979 | 9,852 | 1,873 | |||||||||||||||||||
Net income | $ | 15,383 | $ | 24,658 | $ | 9,275 | $ | 15,200 | $ | 18,664 | $ | 3,464 | |||||||||||||
Basic earnings per share | $ | 0.27 | $ | 0.44 | $ | 0.17 | $ | 0.29 | $ | 0.36 | $ | 0.07 | |||||||||||||
Diluted earnings per share | $ | 0.25 | $ | 0.4 | $ | 0.15 | $ | 0.25 | $ | 0.32 | $ | 0.07 | |||||||||||||
Shares used in computing basic earnings per share | 56,331,018 | 56,331,018 | — | 34,774,983 | 34,774,983 | — | |||||||||||||||||||
Shares used in computing diluted earnings per share | 61,943,087 | 61,569,195 | (373,892 | ) | 41,509,185 | 41,759,338 | 250,153 | ||||||||||||||||||
Fiscal years ended July 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | As Previously Reported | As Adjusted | Effect of Change | As Previously Reported | As Adjusted | Effect of Change | |||||||||||||||||||
(in thousands | |||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||
Net income | $ | 15,383 | $ | 24,658 | $ | 9,275 | $ | 15,200 | 18,664 | 3,464 | |||||||||||||||
Stock-based compensation | 38,399 | 25,505 | (12,894 | ) | 18,258 | 12,923 | (5,335 | ) | |||||||||||||||||
Deferred taxes | (3,901 | ) | (265 | ) | 3,636 | 5,362 | 7,235 | 1,873 | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets related to excess tax benefits are recorded when utilized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance to reduce deferred tax assets to an amount of which realization is more likely than not. | |||||||||||||||||||||||||
Accounting guidance related to accounting for uncertainties in income taxes provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. This interpretation also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | |||||||||||||||||||||||||
The Company records interest and penalties related to unrecognized tax benefits as income tax expense in its consolidated statement of income. | |||||||||||||||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||||||||||
Recent Accounting Pronouncement | |||||||||||||||||||||||||
Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern | |||||||||||||||||||||||||
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40). This ASU provides guidance to determine when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date that the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The standard will be effective for the Company beginning July 31, 2017. The Company is evaluating the impact of the adoption of this accounting standard update on its consolidated financial statements. | |||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (Topic 718). This ASU provides authoritative guidance for share-based payments with a performance condition that could be achieved after the requisite service period when an employee is eligible to retire or otherwise terminate employment before the end of the period in which the performance target could be achieved and still be eligible. The standard will be effective for the Company beginning August 1, 2016. The Company is evaluating the impact of the adoption of this accounting standard update on its consolidated financial statements. | |||||||||||||||||||||||||
Revenue from Contracts with Customers | |||||||||||||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides guidance for revenue recognition. This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets. This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. The standard will be effective for the Company beginning August 1, 2017. The Company is currently evaluating the impact of the adoption of this accounting standard update on its consolidated financial statements. | |||||||||||||||||||||||||
Presentation of Unrecognized Tax Benefits | |||||||||||||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (Topic 740). This ASU provides authoritative guidance that requires an entity to present an unrecognized tax benefit (“UTB”), or a portion of a UTB, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the UTB should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The guidance is effective prospectively for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. The Company does not expect this guidance to have a material impact on its consolidated financial statements. |
Change_in_Accounting_Policy_St1
Change in Accounting Policy - Stock Based Compensation (Policies) | 12 Months Ended | ||||||||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | ||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||
The Company recognizes compensation expense related to stock options and restricted stock units (“RSUs”) granted to employees based on the estimated fair value of the awards on the date of grant, net of estimated forfeitures. The RSUs are subject to time-based vesting, which generally occurs over a period of four years. The awards expire 10 years from the grant date. The Company estimates the grant date fair value, and the resulting stock-based compensation expense, of the Company’s stock options using the Black-Scholes option-pricing model. The Company recognizes the fair value of stock-based compensation for awards which contain only service conditions on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. The Company recognizes the compensation cost for awards which contain performance conditions based upon the probability of that performance condition being met, net of estimated forfeitures, using the graded method. Compensation cost for RSUs is generally recognized over the time-based vesting period. | |||||||||||||||||||||||||
In the fourth quarter of fiscal 2014, the Company changed its policy for recognizing stock-based compensation expense from the accelerated attribution method of accounting to the straight-line method of accounting for certain share-based compensation awards. | |||||||||||||||||||||||||
The following tables summarize the impact of the change in accounting method on line items in the previously issued consolidated balance sheet as of July 31, 2013, consolidated statements of income for the years ended July 31, 2013, and 2012, and the consolidated statements of cash flows for the years ended July 31, 2013, and 2012. | |||||||||||||||||||||||||
As of July 31, 2013 | |||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEET | As previously reported | As | Effect of | ||||||||||||||||||||||
adjusted | change | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Deferred tax assets, non-current | 21,091 | 14,494 | (6,597 | ) | |||||||||||||||||||||
Additional paid-in capital | 237,769 | 215,151 | (22,618 | ) | |||||||||||||||||||||
Retained earnings (accumulated deficit) | (7,788 | ) | 8,249 | 16,037 | |||||||||||||||||||||
Fiscal years ended July 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | As Previously Reported | As Adjusted | Effect of Change | As Previously Reported | As Adjusted | Effect of Change | |||||||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||||||||||||
Cost of maintenance revenue | $ | 7,613 | 7,216 | (397 | ) | $ | 5,288 | $ | 5,193 | $ | (95 | ) | |||||||||||||
Cost of services revenue | 123,210 | 117,515 | (5,695 | ) | 85,360 | 84,050 | (1,310 | ) | |||||||||||||||||
Research and development | 66,346 | 62,991 | (3,355 | ) | 50,462 | 49,056 | (1,406 | ) | |||||||||||||||||
Sales and marketing | 53,301 | 50,948 | (2,353 | ) | 38,254 | 36,781 | (1,473 | ) | |||||||||||||||||
General and administrative | 32,414 | 31,320 | (1,094 | ) | 28,336 | 27,285 | (1,051 | ) | |||||||||||||||||
Income before provision for income taxes | 17,212 | 30,123 | 12,911 | 23,179 | 28,516 | 5,337 | |||||||||||||||||||
Provision for income taxes | 1,829 | 5,465 | 3,636 | 7,979 | 9,852 | 1,873 | |||||||||||||||||||
Net income | $ | 15,383 | $ | 24,658 | $ | 9,275 | $ | 15,200 | $ | 18,664 | $ | 3,464 | |||||||||||||
Basic earnings per share | $ | 0.27 | $ | 0.44 | $ | 0.17 | $ | 0.29 | $ | 0.36 | $ | 0.07 | |||||||||||||
Diluted earnings per share | $ | 0.25 | $ | 0.4 | $ | 0.15 | $ | 0.25 | $ | 0.32 | $ | 0.07 | |||||||||||||
Shares used in computing basic earnings per share | 56,331,018 | 56,331,018 | — | 34,774,983 | 34,774,983 | — | |||||||||||||||||||
Shares used in computing diluted earnings per share | 61,943,087 | 61,569,195 | (373,892 | ) | 41,509,185 | 41,759,338 | 250,153 | ||||||||||||||||||
Fiscal years ended July 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | As Previously Reported | As Adjusted | Effect of Change | As Previously Reported | As Adjusted | Effect of Change | |||||||||||||||||||
(in thousands | |||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||
Net income | $ | 15,383 | $ | 24,658 | $ | 9,275 | $ | 15,200 | 18,664 | 3,464 | |||||||||||||||
Stock-based compensation | 38,399 | 25,505 | (12,894 | ) | 18,258 | 12,923 | (5,335 | ) | |||||||||||||||||
Deferred taxes | (3,901 | ) | (265 | ) | 3,636 | 5,362 | 7,235 | 1,873 | |||||||||||||||||
The_Company_and_Summary_of_Sig2
The Company and Summary of Significant Accounting Policies and Estimates (Tables) | 12 Months Ended | ||
Jul. 31, 2014 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||
Estimated useful lives of property and equipment | ' | ||
The estimated useful lives of property and equipment are as follows: | |||
Computer hardware | 3 years | ||
Software | 3 years | ||
Furniture and fixtures | 3 years | ||
Leasehold improvements | Shorter of the lease term or estimated useful life |
Change_in_Accounting_Policy_St2
Change in Accounting Policy - Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | ||||||||||||||||||||||||
Impact of the Change in Accounting Method | ' | ||||||||||||||||||||||||
The following tables summarize the impact of the change in accounting method on line items in the previously issued consolidated balance sheet as of July 31, 2013, consolidated statements of income for the years ended July 31, 2013, and 2012, and the consolidated statements of cash flows for the years ended July 31, 2013, and 2012. | |||||||||||||||||||||||||
As of July 31, 2013 | |||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEET | As previously reported | As | Effect of | ||||||||||||||||||||||
adjusted | change | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Deferred tax assets, non-current | 21,091 | 14,494 | (6,597 | ) | |||||||||||||||||||||
Additional paid-in capital | 237,769 | 215,151 | (22,618 | ) | |||||||||||||||||||||
Retained earnings (accumulated deficit) | (7,788 | ) | 8,249 | 16,037 | |||||||||||||||||||||
Fiscal years ended July 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | As Previously Reported | As Adjusted | Effect of Change | As Previously Reported | As Adjusted | Effect of Change | |||||||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||||||||||||
Cost of maintenance revenue | $ | 7,613 | 7,216 | (397 | ) | $ | 5,288 | $ | 5,193 | $ | (95 | ) | |||||||||||||
Cost of services revenue | 123,210 | 117,515 | (5,695 | ) | 85,360 | 84,050 | (1,310 | ) | |||||||||||||||||
Research and development | 66,346 | 62,991 | (3,355 | ) | 50,462 | 49,056 | (1,406 | ) | |||||||||||||||||
Sales and marketing | 53,301 | 50,948 | (2,353 | ) | 38,254 | 36,781 | (1,473 | ) | |||||||||||||||||
General and administrative | 32,414 | 31,320 | (1,094 | ) | 28,336 | 27,285 | (1,051 | ) | |||||||||||||||||
Income before provision for income taxes | 17,212 | 30,123 | 12,911 | 23,179 | 28,516 | 5,337 | |||||||||||||||||||
Provision for income taxes | 1,829 | 5,465 | 3,636 | 7,979 | 9,852 | 1,873 | |||||||||||||||||||
Net income | $ | 15,383 | $ | 24,658 | $ | 9,275 | $ | 15,200 | $ | 18,664 | $ | 3,464 | |||||||||||||
Basic earnings per share | $ | 0.27 | $ | 0.44 | $ | 0.17 | $ | 0.29 | $ | 0.36 | $ | 0.07 | |||||||||||||
Diluted earnings per share | $ | 0.25 | $ | 0.4 | $ | 0.15 | $ | 0.25 | $ | 0.32 | $ | 0.07 | |||||||||||||
Shares used in computing basic earnings per share | 56,331,018 | 56,331,018 | — | 34,774,983 | 34,774,983 | — | |||||||||||||||||||
Shares used in computing diluted earnings per share | 61,943,087 | 61,569,195 | (373,892 | ) | 41,509,185 | 41,759,338 | 250,153 | ||||||||||||||||||
Fiscal years ended July 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | As Previously Reported | As Adjusted | Effect of Change | As Previously Reported | As Adjusted | Effect of Change | |||||||||||||||||||
(in thousands | |||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||
Net income | $ | 15,383 | $ | 24,658 | $ | 9,275 | $ | 15,200 | 18,664 | 3,464 | |||||||||||||||
Stock-based compensation | 38,399 | 25,505 | (12,894 | ) | 18,258 | 12,923 | (5,335 | ) | |||||||||||||||||
Deferred taxes | (3,901 | ) | (265 | ) | 3,636 | 5,362 | 7,235 | 1,873 | |||||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jul. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | ' | |||||||||||||||||||||||
Available-for-sale investments within cash equivalents and investments consist of the following: | ||||||||||||||||||||||||
31-Jul-14 | ||||||||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
U.S. agency securities | $ | 94,048 | $ | 30 | $ | (21 | ) | $ | 94,057 | |||||||||||||||
Asset-backed securities | 1,363 | — | (2 | ) | 1,361 | |||||||||||||||||||
Commercial paper | 132,442 | 14 | (4 | ) | 132,452 | |||||||||||||||||||
Corporate bonds | 297,731 | 104 | (182 | ) | 297,653 | |||||||||||||||||||
U.S. government bonds | 17,991 | 3 | (3 | ) | 17,991 | |||||||||||||||||||
Foreign government bonds | 2,755 | — | (1 | ) | 2,754 | |||||||||||||||||||
Certificate of deposit | 6,709 | — | (1 | ) | 6,708 | |||||||||||||||||||
Money market funds | 53,959 | — | — | 53,959 | ||||||||||||||||||||
Municipal debt securities | 12,985 | 13 | (1 | ) | 12,997 | |||||||||||||||||||
Total | $ | 619,983 | $ | 164 | $ | (215 | ) | $ | 619,932 | |||||||||||||||
July 31, 2013 | ||||||||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
U.S. agency securities | $ | 37,087 | $ | 21 | $ | (4 | ) | $ | 37,104 | |||||||||||||||
Asset-backed securities | 4,522 | — | (1 | ) | 4,521 | |||||||||||||||||||
Commercial paper | 35,777 | 11 | (1 | ) | 35,787 | |||||||||||||||||||
Corporate bonds | 63,281 | 23 | (14 | ) | 63,290 | |||||||||||||||||||
Foreign government bonds | 776 | — | (1 | ) | 775 | |||||||||||||||||||
Money market funds | 33,216 | — | — | 33,216 | ||||||||||||||||||||
Municipal debt securities | 9,105 | 4 | (14 | ) | 9,095 | |||||||||||||||||||
Total | $ | 183,764 | $ | 59 | $ | (35 | ) | $ | 183,788 | |||||||||||||||
Schedule of Unrealized Loss on Investments | ' | |||||||||||||||||||||||
The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | ||||||||||||||||||||||||
31-Jul-14 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
U.S. agency securities | $ | 46,980 | $ | (21 | ) | $ | — | $ | — | $ | 46,980 | $ | (21 | ) | ||||||||||
Asset-backed securities | 1,361 | (2 | ) | — | — | 1,361 | (2 | ) | ||||||||||||||||
Commercial paper | 14,389 | (4 | ) | — | — | 14,389 | (4 | ) | ||||||||||||||||
Corporate bonds | 176,742 | (182 | ) | — | — | 176,742 | (182 | ) | ||||||||||||||||
U. S. government bonds | 9,489 | (3 | ) | — | — | 9,489 | (3 | ) | ||||||||||||||||
Foreign government bonds | 2,754 | (1 | ) | — | — | 2,754 | (1 | ) | ||||||||||||||||
Certificate of deposit | 2,699 | (1 | ) | — | — | 2,699 | (1 | ) | ||||||||||||||||
Municipal debt securities | — | — | 2,200 | (1 | ) | 2,200 | (1 | ) | ||||||||||||||||
Total | $ | 254,414 | $ | (214 | ) | $ | 2,200 | $ | (1 | ) | $ | 256,614 | $ | (215 | ) | |||||||||
Investments Classified by Contractual Maturity Date | ' | |||||||||||||||||||||||
The following table summarizes the contractual maturities of the Company’s available-for-sale securities as of July 31, 2014: | ||||||||||||||||||||||||
Expected maturities for the year ending July 31, | ||||||||||||||||||||||||
2015 | 2016 | Total | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
U.S. agency securities | $ | 29,062 | $ | 64,995 | $ | 94,057 | ||||||||||||||||||
Asset-backed securities | 1,361 | — | 1,361 | |||||||||||||||||||||
Commercial paper | 132,452 | — | 132,452 | |||||||||||||||||||||
Corporate bonds | 172,648 | 125,005 | 297,653 | |||||||||||||||||||||
U.S. government bonds | 9,995 | 7,996 | 17,991 | |||||||||||||||||||||
Foreign government bonds | — | 2,754 | 2,754 | |||||||||||||||||||||
Certificate of deposit | 4,009 | 2,699 | 6,708 | |||||||||||||||||||||
Money market funds | 53,959 | — | 53,959 | |||||||||||||||||||||
Municipal debt securities | 12,997 | — | 12,997 | |||||||||||||||||||||
Total | $ | 416,483 | $ | 203,449 | $ | 619,932 | ||||||||||||||||||
Company's financial instruments measured at fair value on a recurring basis | ' | |||||||||||||||||||||||
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy: | ||||||||||||||||||||||||
31-Jul-14 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||||
Commercial paper | $ | — | $ | 66,293 | $ | — | $ | 66,293 | ||||||||||||||||
Money market funds | 53,959 | — | — | 53,959 | ||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||
U.S. agency securities | — | 29,062 | — | 29,062 | ||||||||||||||||||||
Asset-backed securities | — | 1,361 | — | 1,361 | ||||||||||||||||||||
Commercial paper | — | 66,159 | — | 66,159 | ||||||||||||||||||||
U. S. government bonds | — | 9,995 | — | 9,995 | ||||||||||||||||||||
Corporate bonds | — | 172,648 | — | 172,648 | ||||||||||||||||||||
Certificate of deposit | — | 4,009 | — | 4,009 | ||||||||||||||||||||
Municipal debt securities | — | 12,997 | — | 12,997 | ||||||||||||||||||||
Long-term investments: | ||||||||||||||||||||||||
U.S. agency securities | — | 64,995 | — | 64,995 | ||||||||||||||||||||
Certificate of deposit | — | 2,699 | — | 2,699 | ||||||||||||||||||||
Corporate bonds | — | 125,005 | — | 125,005 | ||||||||||||||||||||
U.S. government bonds | — | 7,996 | — | 7,996 | ||||||||||||||||||||
Foreign government bonds | — | 2,754 | — | 2,754 | ||||||||||||||||||||
Total assets | $ | 53,959 | $ | 565,973 | $ | — | $ | 619,932 | ||||||||||||||||
31-Jul-13 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||||
Commercial paper | $ | — | $ | 20,597 | $ | — | $ | 20,597 | ||||||||||||||||
Corporate bonds | — | 2,003 | — | 2,003 | ||||||||||||||||||||
Money market funds | 33,216 | — | — | 33,216 | ||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||
U.S. agency securities | — | 9,097 | — | 9,097 | ||||||||||||||||||||
Asset-backed securities | — | 2,421 | — | 2,421 | ||||||||||||||||||||
Commercial paper | — | 15,190 | — | 15,190 | ||||||||||||||||||||
Corporate bonds | — | 47,572 | — | 47,572 | ||||||||||||||||||||
Foreign government bonds | — | 775 | — | 775 | ||||||||||||||||||||
Municipal debt securities | — | 1,877 | — | 1,877 | ||||||||||||||||||||
Long-term investments: | ||||||||||||||||||||||||
U.S. agency securities | — | 28,007 | — | 28,007 | ||||||||||||||||||||
Asset-backed securities | — | 2,100 | — | 2,100 | ||||||||||||||||||||
Corporate bonds | — | 13,715 | — | 13,715 | ||||||||||||||||||||
Municipal debt securities | — | 7,218 | — | 7,218 | ||||||||||||||||||||
Total assets | $ | 33,216 | $ | 150,572 | $ | — | $ | 183,788 | ||||||||||||||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||||||
Property and equipment | ' | |||||||||||
Property and equipment consist of the following: | ||||||||||||
31-Jul-14 | 31-Jul-13 | |||||||||||
(in thousands) | ||||||||||||
Computer hardware | $ | 11,882 | $ | 8,820 | ||||||||
Software | 4,605 | 4,460 | ||||||||||
Furniture and fixtures | 2,732 | 2,666 | ||||||||||
Leasehold improvements | 7,069 | 6,536 | ||||||||||
Total property and equipment | 26,288 | 22,482 | ||||||||||
Less accumulated depreciation | (13,681 | ) | (9,568 | ) | ||||||||
Property and equipment, net | $ | 12,607 | $ | 12,914 | ||||||||
Goodwill and Intangible Assets | ' | |||||||||||
The following table presents changes in the carrying amount of goodwill: | ||||||||||||
Total | ||||||||||||
(in thousands) | ||||||||||||
Goodwill, July 31, 2013 | $ | 9,048 | ||||||||||
Changes in carrying value | 157 | |||||||||||
Goodwill, July 31, 2014 | $ | 9,205 | ||||||||||
Refer to Note 11, Acquisition, for further details on goodwill acquired during the period. | ||||||||||||
Intangible assets consist of the following: | ||||||||||||
July 31, 2014 | July 31, 2013 | |||||||||||
(in thousands) | ||||||||||||
Acquired technology: | ||||||||||||
Cost | $ | 7,200 | $ | 7,200 | ||||||||
Accumulated amortization | (1,761 | ) | (321 | ) | ||||||||
Net | $ | 5,439 | $ | 6,879 | ||||||||
Future Amortization Expense | ' | |||||||||||
Estimated aggregate amortization expense for each of the next five fiscal years is as follows: | ||||||||||||
Future Amortization | ||||||||||||
Fiscal Year Ending July 31, | (in thousands) | |||||||||||
2015 | $ | 1,440 | ||||||||||
2016 | 1,440 | |||||||||||
2017 | 1,440 | |||||||||||
2018 | 1,119 | |||||||||||
Total | $ | 5,439 | ||||||||||
Accrued Employee Compensation | ' | |||||||||||
Accrued employee compensation consists of the following: | ||||||||||||
31-Jul-14 | 31-Jul-13 | |||||||||||
(in thousands) | ||||||||||||
Accrued bonuses | $ | 19,213 | $ | 13,072 | ||||||||
Accrued commission | 3,593 | 2,043 | ||||||||||
Accrued vacation | 8,100 | 7,335 | ||||||||||
Payroll accruals | 4,006 | 3,852 | ||||||||||
Total | $ | 34,912 | $ | 26,302 | ||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
Changes in accumulated other comprehensive losses by component were as follows: | ||||||||||||
Foreign Currency Items | Unrealized gain (loss) on available-for-sale securities | Total | ||||||||||
(In thousands) | ||||||||||||
Balance as of July 31,2012 | $ | (496 | ) | $ | — | $ | (496 | ) | ||||
Other comprehensive income (loss) before reclassification adjustments: | (1,102 | ) | 24 | (1,078 | ) | |||||||
Tax effect | — | — | — | |||||||||
Balance as of July 31, 2013 | (1,598 | ) | 24 | (1,574 | ) | |||||||
Other comprehensive income (loss) before reclassification adjustments: | 288 | (49 | ) | 239 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to earnings | — | (39 | ) | (39 | ) | |||||||
Tax effect | — | 7 | 7 | |||||||||
Balance as of July 31, 2014 | $ | (1,310 | ) | $ | (57 | ) | $ | (1,367 | ) | |||
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Company's basic and diluted earnings per share | ' | |||||||||||
The following table sets forth the computation of the Company’s basic and diluted net income per share for the years ended July 31, 2014, 2013 and 2012: | ||||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands, except share and per | ||||||||||||
share amounts) | ||||||||||||
Numerator: | ||||||||||||
Net income (1) | $ | 14,721 | $ | 24,658 | $ | 18,664 | ||||||
Non-cumulative dividends to preferred stockholders | — | — | (1,574 | ) | ||||||||
Undistributed earnings allocated to preferred stockholders | — | — | (4,444 | ) | ||||||||
Net income, basic | 14,721 | 24,658 | 12,646 | |||||||||
Adjustments to net income for dilutive options and restricted stock options | — | — | 574 | |||||||||
Net income, diluted | $ | 14,721 | $ | 24,658 | $ | 13,220 | ||||||
Net income per share: (1) | ||||||||||||
Basic | $ | 0.22 | $ | 0.44 | $ | 0.36 | ||||||
Diluted | $ | 0.21 | $ | 0.4 | $ | 0.32 | ||||||
-1 | See Note 2 “Change in Accounting Policy - Stock-Based Compensation” of Notes to Consolidated Financial Statements. | |||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands, except share and per share | ||||||||||||
amounts) | ||||||||||||
Denominator: (1) | ||||||||||||
Weighted average shares used in computing net income per share: | ||||||||||||
Basic | 65,748,896 | 56,331,018 | 34,774,983 | |||||||||
Weighted average effect of diluted stock options | 1,896,766 | 3,392,797 | 5,082,507 | |||||||||
Weighted average effect of dilutive restricted stock units | 1,467,071 | 1,845,380 | 1,871,982 | |||||||||
Weighted average effect of dilutive stock warrants (2) | — | — | 29,866 | |||||||||
Diluted | 69,112,733 | 61,569,195 | 41,759,338 | |||||||||
-1 | See Note 2 “Change in Accounting Policy - Stock-Based Compensation” of Notes to Consolidated Financial Statements. | |||||||||||
-2 | Series C convertible preferred stock warrants were automatically converted to equivalent common stock warrants upon the Company’s IPO on January 24, 2012 and converted or cancelled as of April 30, 2012. | |||||||||||
Outstanding antidilutive shares of common stock equivalents | ' | |||||||||||
The following outstanding shares of common stock equivalents were excluded from the computation of diluted net income per share for the periods presented because including them would have been antidilutive: | ||||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Stock options to purchase common stock (1) | 206,136 | 320,325 | 5,037 | |||||||||
Restricted stock units (1) | 76,840 | 64,397 | 136,905 | |||||||||
-1 | See Note 2 “Change in Accounting Policy - Stock-Based Compensation” of Notes to Consolidated Financial Statements |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||
Jul. 31, 2014 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||
Future commitments and obligations under the operating leases | ' | |||||||||||||||
The following table presents a summary of the Company’s contractual obligations and commitments as of July 31, 2014: | ||||||||||||||||
Lease Obligations | Royalty Obligations (1) | Purchase Commitments (2) | Total | |||||||||||||
Fiscal Year Ending July 31, | (in thousands) | |||||||||||||||
2015 | $ | 5,786 | $ | 398 | $ | 6,141 | $ | 12,325 | ||||||||
2016 | 5,835 | 365 | 1,589 | 7,789 | ||||||||||||
2017 | 5,710 | 212 | 276 | 6,198 | ||||||||||||
2018 | 5,663 | 110 | — | 5,773 | ||||||||||||
2019 | 5,102 | — | — | 5,102 | ||||||||||||
Total | $ | 28,096 | $ | 1,085 | $ | 8,006 | $ | 37,187 | ||||||||
(1) | Royalty obligations primarily represent our obligations under our non-cancellable agreements related to software used in certain revenue-generating agreements. | |||||||||||||||
(2) | Purchase commitments consist of agreements to purchase services, entered into in the ordinary course of business. These represent non-cancellable commitments for which a penalty would be imposed if the agreement was canceled for any reason other than an event of default as described by the agreement. |
Stockholders_Equity_and_Stockb1
Stockholders' Equity and Stock-based Compensation (Tables) | 12 Months Ended | |||||||||||||||
Jul. 31, 2014 | ||||||||||||||||
Stockholders' Equity and Stock-based Compensation [Abstract] | ' | |||||||||||||||
Stock-based compensation expense | ' | |||||||||||||||
Stock-based compensation expense related to all employee and non-employee stock-based awards is as follows: | ||||||||||||||||
Fiscal years ended July 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Stock-based compensation expense: (1) | (in thousands) | |||||||||||||||
Cost of license revenues | $ | 184 | $ | — | $ | — | ||||||||||
Cost of maintenance revenues | 797 | 830 | 288 | |||||||||||||
Cost of services revenues | 11,929 | 6,910 | 2,461 | |||||||||||||
Research and development | 9,008 | 5,843 | 2,385 | |||||||||||||
Sales and marketing | 10,744 | 3,672 | 1,496 | |||||||||||||
General and administrative | 9,876 | 8,250 | 6,293 | |||||||||||||
Total stock-based compensation expense | 42,538 | 25,505 | 12,923 | |||||||||||||
Tax benefit from stock-based compensation | 15,905 | 9,902 | 5,061 | |||||||||||||
Total stock-based compensation expense, net of tax effect | $ | 26,633 | $ | 15,603 | $ | 7,862 | ||||||||||
-1 | See Note 2 “Change in Accounting Policy - Stock-Based Compensation” of Notes to Consolidated Financial Statements | |||||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards | ' | |||||||||||||||
As of July 31, 2014, total unrecognized compensation cost, adjusted for estimated forfeitures, was as follows: | ||||||||||||||||
As of July 31, 2014 | ||||||||||||||||
Unrecognized Expense | Average Expected Recognition Period | |||||||||||||||
(in thousands) | (in years) | |||||||||||||||
Restricted stock units | $ | 83,505 | 2.2 | |||||||||||||
Stock options | 6,019 | 2 | ||||||||||||||
$ | 89,524 | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | |||||||||||||||
RSU activity under the Company’s equity incentive plans is as follows: | ||||||||||||||||
RSUs Outstanding | ||||||||||||||||
Number of RSUs Outstanding | Weighted Average Grant Date Fair Value | |||||||||||||||
Balance as of July 31, 2013 | 4,027,601 | $ | 19.27 | |||||||||||||
Granted | 1,667,433 | 43.87 | ||||||||||||||
Released | (2,007,423 | ) | 18.59 | |||||||||||||
Canceled | (303,390 | ) | 31.48 | |||||||||||||
Balance as of July 31, 2014 | 3,384,221 | $ | 30.7 | |||||||||||||
Schedule of Share-based Compensation, Stock options, Activity | ' | |||||||||||||||
Stock option activity under the Company’s equity incentive plans is as follows: | ||||||||||||||||
Number of Stock Options Outstanding | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Aggregate Intrinsic Value (1) | |||||||||||||
(in years) | (in thousands) | |||||||||||||||
Balance as of July 31, 2013 | 3,763,228 | $ | 6.74 | 5.7 | $ | 139,315 | ||||||||||
Granted | 225,930 | 46.63 | ||||||||||||||
Exercised | (1,580,344 | ) | 5.53 | |||||||||||||
Canceled | (8,561 | ) | 21.75 | |||||||||||||
Balance as of July 31, 2014 | 2,400,253 | $ | 11.24 | 5.5 | $ | 71,640 | ||||||||||
Vested and expected to vest as of July 31, 2014 | 2,376,443 | $ | 10.96 | 5.4 | $ | 71,503 | ||||||||||
Exercisable as of July 31, 2014 | 2,040,125 | $ | 6.32 | 5.5 | $ | 70,039 | ||||||||||
(1) | Aggregate intrinsic value represents the difference between the exercise price of the option and the Company’s closing stock price of $40.50 and $43.76 on July 31, 2014, and July 31, 2013, respectively. | |||||||||||||||
Options outstanding by exercise price range | ' | |||||||||||||||
Additional information regarding options outstanding as of July 31, 2014 is as follows: | ||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||
Exercise Price | Number of Options Outstanding | Remaining Contractual Life (Years) | Exercise Price per Share | Number of Options Exercisable | Exercise Price per Share | |||||||||||
$0.16—1.00 | 99,010 | 1.4 | $ | 0.68 | 99,010 | $ | 0.68 | |||||||||
1.25—2.56 | 71,150 | 2.1 | 2.17 | 71,150 | 2.17 | |||||||||||
2.74 | 423,312 | 3 | 2.74 | 423,312 | 2.74 | |||||||||||
3.5 | 124,860 | 3.7 | 3.5 | 124,860 | 3.5 | |||||||||||
3.73 | 351,886 | 4.7 | 3.73 | 351,886 | 3.73 | |||||||||||
3.92 | 338,523 | 5.4 | 3.92 | 338,523 | 3.92 | |||||||||||
4.50—7.50 | 309,954 | 6.8 | 7.14 | 304,954 | 7.13 | |||||||||||
8.65—11.00 | 210,337 | 7.1 | 8.78 | 208,878 | 8.78 | |||||||||||
29.03—32.25 | 221,476 | 8.1 | 31.99 | 67,905 | 31.41 | |||||||||||
35.00—53.15 | 249,745 | 9.1 | 45.53 | 49,647 | 46.07 | |||||||||||
2,400,253 | 5.5 | $ | 11.24 | 2,040,125 | $ | 6.32 | ||||||||||
Stock options valuation assumptions | ' | |||||||||||||||
The fair value of the employee stock options were estimated on the grant dates using a Black-Scholes option-pricing model with the following weighted average assumptions: | ||||||||||||||||
Fiscal years ended July 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Expected life (in years) | 5.0 - 6.1 | 5.1 - 6.1 | 5.3 - 6.3 | |||||||||||||
Risk-free interest rate | 1.5% - 2.0% | 0.6% - 1.2% | 1.2% - 1.5% | |||||||||||||
Expected volatility | 41.3% - 46.2% | 45.1% - 48.7% | 44.1% - 46.4% | |||||||||||||
Expected dividend yield | —% | —% | —% | |||||||||||||
Common Stock Reserved for Issuance | ' | |||||||||||||||
As of July 31, 2014 and 2013, the Company had reserved shares of common stock, on an as-if-converted basis, for future issuance as follows: | ||||||||||||||||
31-Jul-14 | 31-Jul-13 | |||||||||||||||
Exercise of stock options to purchase common stock | 2,400,253 | 3,763,228 | ||||||||||||||
Vesting of restricted stock units | 3,384,221 | 4,027,601 | ||||||||||||||
Issuances of shares available under stock plans | 11,703,962 | 9,194,058 | ||||||||||||||
Total common stock reserved for issuance | 17,488,436 | 16,984,887 | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Company's income (loss) before provision for income taxes | ' | |||||||||||
The Company’s income before provision for income taxes for the years ended July 31, 2014, 2013 and 2012 is as follows: | ||||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Domestic | $ | 11,956 | $ | 25,725 | $ | 22,370 | ||||||
International | 7,990 | 4,398 | 6,146 | |||||||||
Income before provision for income taxes (1) | $ | 19,946 | $ | 30,123 | $ | 28,516 | ||||||
(1) | See Note 2 “Change in Accounting Policy - Stock-Based Compensation” of Notes to Consolidated Financial Statements. | |||||||||||
Schedule of Components of Income Tax Expense | ' | |||||||||||
The provision for income taxes consists of the following: | ||||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Current: | ||||||||||||
U.S. federal | $ | 5,235 | $ | 1,296 | $ | — | ||||||
State | 1,326 | 999 | 544 | |||||||||
Foreign | 2,509 | 3,479 | 1,522 | |||||||||
Total current | 9,070 | 5,774 | 2,066 | |||||||||
Deferred: | ||||||||||||
U.S. federal | (4,277 | ) | (258 | ) | 6,968 | |||||||
State | 78 | 483 | (69 | ) | ||||||||
Foreign | 354 | (534 | ) | 887 | ||||||||
Total deferred | (3,845 | ) | (309 | ) | 7,786 | |||||||
Total provision for income taxes (1) | $ | 5,225 | $ | 5,465 | $ | 9,852 | ||||||
(1) | See Note 2 “Change in Accounting Policy - Stock-Based Compensation” of Notes to Consolidated Financial Statements. | |||||||||||
Effective Income Tax Rate Reconciliation | ' | |||||||||||
The total income tax expense differs from the amounts computed by applying the statutory federal income tax rate of 35% during the years ended July 31, 2014, 2013 and 2012 as follows: | ||||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Computed tax expense | $ | 6,977 | $ | 10,538 | $ | 9,972 | ||||||
Nondeductible items and other | 1,164 | (577 | ) | 694 | ||||||||
State taxes, net of federal benefit | 840 | (858 | ) | (644 | ) | |||||||
Foreign income taxed at different rates | (207 | ) | 1,405 | 258 | ||||||||
Tax credits | (3,612 | ) | (7,199 | ) | (1,356 | ) | ||||||
Change in valuation allowance | 63 | 2,156 | 928 | |||||||||
Total provision for income taxes (1) | $ | 5,225 | $ | 5,465 | $ | 9,852 | ||||||
(1) See Note 2 “Change in Accounting Policy - Stock-Based Compensation” of Notes to Consolidated Financial Statements. | ||||||||||||
Tax effects of temporary differences | ' | |||||||||||
The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities are as follows: | ||||||||||||
As of July 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Accruals and reserves | $ | 8,487 | $ | 3,646 | ||||||||
Stock-based compensation | 4,347 | 5,076 | ||||||||||
Deferred revenues | 1,485 | 510 | ||||||||||
Property and equipment | 298 | — | ||||||||||
State taxes | 1 | — | ||||||||||
Net operating loss carryforwards | 1,161 | 2,244 | ||||||||||
Tax credits | 11,699 | 14,233 | ||||||||||
Total deferred tax assets | 27,478 | 25,709 | ||||||||||
Less valuation allowance | 4,938 | 4,874 | ||||||||||
Net deferred tax assets | 22,540 | 20,835 | ||||||||||
Less deferred tax liabilities: | ||||||||||||
Property and equipment | — | 440 | ||||||||||
Intangible assets | 1,701 | 2,268 | ||||||||||
Foreign deferred revenue | 727 | 736 | ||||||||||
Total net deferred tax assets | $ | 20,112 | $ | 17,391 | ||||||||
Net operating loss carryforwards | ' | |||||||||||
The Company had research and development tax credit (“R&D credit”) carryforwards of the following: | ||||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
U.S. federal | $ | 15,956 | $ | 12,973 | $ | 6,565 | ||||||
California | 11,657 | 11,980 | 7,558 | |||||||||
Total R&D credit carryforwards | $ | 27,613 | $ | 24,953 | $ | 14,123 | ||||||
Summary of activity related to unrecognized tax benefits | ' | |||||||||||
The following table summarizes the activity related to unrecognized tax benefits: | ||||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Unrecognized benefit - beginning of period | $ | 6,727 | $ | 3,937 | $ | 2,419 | ||||||
Gross increases - prior period tax positions | (368 | ) | 370 | 478 | ||||||||
Gross increases - current period tax positions | 1,617 | 2,420 | 1,040 | |||||||||
Unrecognized benefit - end of period | $ | 7,976 | $ | 6,727 | $ | 3,937 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Jul. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Revenues by country | ' | |||||||||||
The following table sets forth revenues by country based on the billing address of the customer: | ||||||||||||
Fiscal years ended July 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
United States | $ | 203,791 | $ | 172,793 | $ | 127,484 | ||||||
Canada | 39,100 | 42,632 | 35,690 | |||||||||
Other Americas | 8,106 | 6,932 | 3,850 | |||||||||
Total Americas | 250,997 | 222,357 | 167,024 | |||||||||
United Kingdom | 37,890 | 20,660 | 16,212 | |||||||||
Other EMEA | 35,149 | 27,543 | 14,672 | |||||||||
Total EMEA | 73,039 | 48,203 | 30,884 | |||||||||
APAC | 26,210 | 30,089 | 34,153 | |||||||||
Total revenues | $ | 350,246 | $ | 300,649 | $ | 232,061 | ||||||
Property and equipment, net by geographic region | ' | |||||||||||
The following table sets forth the Company’s long-lived assets, including goodwill and intangibles, net by geographic region: | ||||||||||||
31-Jul-14 | 31-Jul-13 | |||||||||||
(in thousands) | ||||||||||||
Americas | $ | 25,573 | $ | 27,280 | ||||||||
Europe | 950 | 1,276 | ||||||||||
Asia Pacific | 728 | 285 | ||||||||||
Total | $ | 27,251 | $ | 28,841 | ||||||||
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | ||||||
Jul. 31, 2014 | |||||||
Business Combinations [Abstract] | ' | ||||||
Schedule of Purchase Price Allocation | ' | ||||||
The aggregate cost of the acquisition, net of acquired cash, was allocated as follows: | |||||||
Total Purchase Price Allocation | Estimated Useful Lives | ||||||
(in thousands) | (in years) | ||||||
Assets acquired, net | $ | 590 | n/a | ||||
Developed technology | 7,200 | 5 | |||||
Deferred tax liability | (2,094 | ) | n/a | ||||
Goodwill | 9,048 | n/a | |||||
Total purchase price | $ | 14,744 | |||||
The_Company_and_Summary_of_Sig3
The Company and Summary of Significant Accounting Policies and Estimates (Details) | 12 Months Ended |
Jul. 31, 2014 | |
Computer hardware [Member] | ' |
Estimated useful lives of property and equipment | ' |
Estimated useful lives of property and equipment (in years) | '3 years |
Software [Member] | ' |
Estimated useful lives of property and equipment | ' |
Estimated useful lives of property and equipment (in years) | '3 years |
Furniture and Fixtures [Member] | ' |
Estimated useful lives of property and equipment | ' |
Estimated useful lives of property and equipment (in years) | '3 years |
Leasehold improvements [Member] | ' |
Estimated useful lives of property and equipment | ' |
Estimated useful lives of property and equipment | 'Shorter of the lease term or estimated useful life |
The_Company_and_Summary_of_Sig4
The Company and Summary of Significant Accounting Policies and Estimates (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Apr. 30, 2012 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Oct. 28, 2013 | Apr. 24, 2012 | Oct. 28, 2013 | Jan. 30, 2012 | Jan. 30, 2012 | Jan. 30, 2012 | |||
revenue_source | customer | customer | Restricted stock units RSUs [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Licensing Agreements [Member] | Licensing Agreements [Member] | Follow-on Public Offerings [Member] | Follow-on Public Offerings [Member] | Follow-on Public Offerings [Member] | IPO [Member] | IPO [Member] | IPO [Member] | ||||
customer | Minimum [Member] | Maximum [Member] | Preferred Stock [Member] | Common Stock [Member] | |||||||||||||||
Public Offerings [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Issuance of common stock under public offering (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | 10,177,500 | ' | ' | ||
Issuance of common stock under initial public offering to underwriters (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,327,500 | ' | ' | ||
Price of common stock under public offerings (in USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $28.25 | $48.75 | $13 | ' | ' | ||
Proceeds from issuance of common stock in connection with stock offerings, net of underwriting discounts and commission | $389,949,000 | $0 | $143,386,000 | ' | ' | ' | ' | ' | ' | ' | ' | $389,900,000 | $20,400,000 | ' | $123,000,000 | ' | ' | ||
Offering expenses related to public offering | 408,000 | [1] | ' | 3,502,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 1,000,000 | ' | 3,500,000 | ' | ' |
Capitalized costs related public offering expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | 2,800,000 | ' | ' | ||
Conversion of convertible preferred stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,357,721 | ' | ' | ||
Outstanding warrants (in shares) | ' | ' | ' | 21,640 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,529 | 69,529 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.03 | $5.03 | ||
Stock issued during period secondary offering shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,200,000 | ' | ' | ' | ' | ||
Stock sold during period secondary offerings by selling stockholders' shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,306,291 | 8,450,000 | ' | ' | ' | ' | ||
Goodwill, Intangible Assets and Long Lived Assets Impairment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Goodwill, Impairment Loss | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Concentration of Credit Risk [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of customers concentration of credit risk revenues | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of revenue | ' | ' | ' | ' | ' | 10.00% | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of customers concentration of credit risk receivables | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of accounts receivable | ' | ' | ' | ' | ' | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts Receivable and Allowance for Doubtful Accounts [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Allowance for Doubtful Accounts Receivable | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Provision for doubtful accounts | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenue Recognition [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of revenue sources | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Period for revenue recognition not considered fixed and determinable fees (in days) | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Period of general payment term range considered collectability probable for revenue recognition (in days) | ' | ' | ' | ' | ' | '30 days | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ||
Period of standard license agreement term (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '7 years | ' | ' | ' | ' | ' | ' | ||
Term license duration (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ||
Adjustment for license revenues | 0 | 3,200,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Adjustment for service revenues | 0 | 1,700,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred Revenues [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Period in which deferred revenues expected to be recognized (in years) | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Warranties [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Warranty period provided for software products and services (in months) | ' | ' | ' | ' | ' | '3 months | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ||
Advertising Costs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Advertising costs | $200,000 | $100,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Period of RSUs time based vesting (in years) | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Period of expiration for share based payment awards (in years) | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | See Note 2 “Change in Accounting Policy - Stock-Based Compensation†of Notes to Consolidated Financial Statements. |
Change_in_Accounting_Policy_St3
Change in Accounting Policy - Stock Based Compensation (Details) (USD $) | 12 Months Ended | |||||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | ||||
Accounting change effect on retained earnings | $38,500,000 | ' | ' | |||
Deferred tax assets, non-current | 8,681,000 | [1] | 14,494,000 | [1] | ' | |
Additional paid-in capital | 629,076,000 | [1] | 215,151,000 | [1] | ' | |
Retained earnings (accumulated deficit) | 22,970,000 | [1] | 8,249,000 | [1] | ' | |
Cost of maintenance revenue | 8,118,000 | [1] | 7,216,000 | [1] | 5,193,000 | [1] |
Cost of services revenue | 136,387,000 | [1] | 117,515,000 | [1] | 84,050,000 | [1] |
Research and development | 76,178,000 | [1] | 62,991,000 | [1] | 49,056,000 | [1] |
Sales and marketing | 71,295,000 | [1] | 50,948,000 | [1] | 36,781,000 | [1] |
General and administrative | 35,404,000 | [1] | 31,320,000 | [1] | 27,285,000 | [1] |
Income before provision for income taxes | 19,946,000 | [1] | 30,123,000 | [1] | 28,516,000 | [1] |
Provision for income taxes | 5,225,000 | [1] | 5,465,000 | [1] | 9,852,000 | [1] |
Net income | 14,721,000 | [1] | 24,658,000 | [1] | 18,664,000 | [1] |
Basic earnings per share (in USD per share) | $0.22 | [1] | $0.44 | [1] | $0.36 | [1] |
Diluted earnings per share (in USD per share) | $0.21 | [1] | $0.40 | [1] | $0.32 | [1] |
Shares used in computed basic earnings per share (in shares) | 65,748,896 | [1] | 56,331,018 | [1] | 34,774,983 | [1] |
Shares used in computed diluted earnings per share (in shares) | 69,112,733 | [1] | 61,569,195 | [1] | 41,759,338 | [1] |
Total stock-based compensation expense | 42,538,000 | [1],[2] | 25,505,000 | [1],[2] | 12,923,000 | [1],[2] |
Deferred taxes | -2,718,000 | [1] | -265,000 | [1] | 7,235,000 | [1] |
Scenario, Previously Reported [Member] | ' | ' | ' | |||
Deferred tax assets, non-current | ' | 21,091,000 | ' | |||
Additional paid-in capital | ' | 237,769,000 | ' | |||
Retained earnings (accumulated deficit) | ' | -7,788,000 | ' | |||
Cost of maintenance revenue | ' | 7,613,000 | 5,288,000 | |||
Cost of services revenue | ' | 123,210,000 | 85,360,000 | |||
Research and development | ' | 66,346,000 | 50,462,000 | |||
Sales and marketing | ' | 53,301,000 | 38,254,000 | |||
General and administrative | ' | 32,414,000 | 28,336,000 | |||
Income before provision for income taxes | ' | 17,212,000 | 23,179,000 | |||
Provision for income taxes | ' | 1,829,000 | 7,979,000 | |||
Net income | ' | 15,383,000 | 15,200,000 | |||
Basic earnings per share (in USD per share) | ' | $0.27 | $0.29 | |||
Diluted earnings per share (in USD per share) | ' | $0.25 | $0.25 | |||
Shares used in computed basic earnings per share (in shares) | ' | 56,331,018 | 34,774,983 | |||
Shares used in computed diluted earnings per share (in shares) | ' | 61,943,087 | 41,509,185 | |||
Total stock-based compensation expense | ' | 38,399,000 | 18,258,000 | |||
Deferred taxes | ' | -3,901,000 | 5,362,000 | |||
Restatement Adjustment [Member] | ' | ' | ' | |||
Deferred tax assets, non-current | ' | -6,597,000 | ' | |||
Additional paid-in capital | ' | -22,618,000 | ' | |||
Retained earnings (accumulated deficit) | ' | 16,037,000 | ' | |||
Cost of maintenance revenue | ' | -397,000 | -95,000 | |||
Cost of services revenue | ' | -5,695,000 | -1,310,000 | |||
Research and development | ' | -3,355,000 | -1,406,000 | |||
Sales and marketing | ' | -2,353,000 | -1,473,000 | |||
General and administrative | ' | -1,094,000 | -1,051,000 | |||
Income before provision for income taxes | ' | 12,911,000 | 5,337,000 | |||
Provision for income taxes | ' | 3,636,000 | 1,873,000 | |||
Net income | ' | 9,275,000 | 3,464,000 | |||
Basic earnings per share (in USD per share) | ' | $0.17 | $0.07 | |||
Diluted earnings per share (in USD per share) | ' | $0.15 | $0.07 | |||
Shares used in computed basic earnings per share (in shares) | ' | 0 | 0 | |||
Shares used in computed diluted earnings per share (in shares) | ' | -373,892 | 250,153 | |||
Total stock-based compensation expense | ' | -12,894,000 | -5,335,000 | |||
Deferred taxes | ' | $3,636,000 | $1,873,000 | |||
[1] | See Note 2 “Change in Accounting Policy - Stock-Based Compensation†of Notes to Consolidated Financial Statements. | |||||
[2] | See Note 2 “Change in Accounting Policy - Stock-Based Compensation†of Notes to Consolidated Financial Statements |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Amortized Cost | $619,983 | $183,764 |
Unrealized Gains | 164 | 59 |
Unrealized Losses | -215 | -35 |
Estimated Fair Value | 619,932 | 183,788 |
U.S. agency securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Amortized Cost | 94,048 | 37,087 |
Unrealized Gains | 30 | 21 |
Unrealized Losses | -21 | -4 |
Estimated Fair Value | 94,057 | 37,104 |
Asset-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Amortized Cost | 1,363 | 4,522 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | -2 | -1 |
Estimated Fair Value | 1,361 | 4,521 |
Commercial paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Amortized Cost | 132,442 | 35,777 |
Unrealized Gains | 14 | 11 |
Unrealized Losses | -4 | -1 |
Estimated Fair Value | 132,452 | 35,787 |
Corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Amortized Cost | 297,731 | 63,281 |
Unrealized Gains | 104 | 23 |
Unrealized Losses | -182 | -14 |
Estimated Fair Value | 297,653 | 63,290 |
US Treasury Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Amortized Cost | 17,991 | ' |
Unrealized Gains | 3 | ' |
Unrealized Losses | -3 | ' |
Estimated Fair Value | 17,991 | ' |
Foreign government bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Amortized Cost | 2,755 | 776 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | -1 | -1 |
Estimated Fair Value | 2,754 | 775 |
Certificates of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Amortized Cost | 6,709 | ' |
Unrealized Gains | 0 | ' |
Unrealized Losses | -1 | ' |
Estimated Fair Value | 6,708 | ' |
Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Amortized Cost | 53,959 | 33,216 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 53,959 | 33,216 |
Municipal debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Amortized Cost | 12,985 | 9,105 |
Unrealized Gains | 13 | 4 |
Unrealized Losses | -1 | -14 |
Estimated Fair Value | $12,997 | $9,095 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jul. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Less than 12 Months, Fair Value | $254,414 |
Less than 12, Months, Gross Unrealized Losses | -214 |
12 Months or Greater, Fair Value | 2,200 |
12 Months or Greater, Gross Unrealized Losses | -1 |
Total, Fair Value | 256,614 |
Total, Gross Unrealized Losses | -215 |
U.S. government agencies [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Less than 12 Months, Fair Value | 46,980 |
Less than 12, Months, Gross Unrealized Losses | -21 |
12 Months or Greater, Fair Value | 0 |
12 Months or Greater, Gross Unrealized Losses | 0 |
Total, Fair Value | 46,980 |
Total, Gross Unrealized Losses | -21 |
Asset-backed securities [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Less than 12 Months, Fair Value | 1,361 |
Less than 12, Months, Gross Unrealized Losses | -2 |
12 Months or Greater, Fair Value | 0 |
12 Months or Greater, Gross Unrealized Losses | 0 |
Total, Fair Value | 1,361 |
Total, Gross Unrealized Losses | -2 |
Commercial paper [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Less than 12 Months, Fair Value | 14,389 |
Less than 12, Months, Gross Unrealized Losses | -4 |
12 Months or Greater, Fair Value | 0 |
12 Months or Greater, Gross Unrealized Losses | 0 |
Total, Fair Value | 14,389 |
Total, Gross Unrealized Losses | -4 |
Corporate bonds [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Less than 12 Months, Fair Value | 176,742 |
Less than 12, Months, Gross Unrealized Losses | -182 |
12 Months or Greater, Fair Value | 0 |
12 Months or Greater, Gross Unrealized Losses | 0 |
Total, Fair Value | 176,742 |
Total, Gross Unrealized Losses | -182 |
US Treasury Securities [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Less than 12 Months, Fair Value | 9,489 |
Less than 12, Months, Gross Unrealized Losses | -3 |
12 Months or Greater, Fair Value | 0 |
12 Months or Greater, Gross Unrealized Losses | 0 |
Total, Fair Value | 9,489 |
Total, Gross Unrealized Losses | -3 |
Foreign government bonds [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Less than 12 Months, Fair Value | 2,754 |
Less than 12, Months, Gross Unrealized Losses | -1 |
12 Months or Greater, Fair Value | 0 |
12 Months or Greater, Gross Unrealized Losses | 0 |
Total, Fair Value | 2,754 |
Total, Gross Unrealized Losses | -1 |
Certificates of Deposit [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Less than 12 Months, Fair Value | 2,699 |
Less than 12, Months, Gross Unrealized Losses | -1 |
12 Months or Greater, Fair Value | 0 |
12 Months or Greater, Gross Unrealized Losses | 0 |
Total, Fair Value | 2,699 |
Total, Gross Unrealized Losses | -1 |
Municipal debt securities [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Less than 12 Months, Fair Value | 0 |
Less than 12, Months, Gross Unrealized Losses | 0 |
12 Months or Greater, Fair Value | 2,200 |
12 Months or Greater, Gross Unrealized Losses | -1 |
Total, Fair Value | 2,200 |
Total, Gross Unrealized Losses | ($1) |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Details 3) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Expected maturities for the year ending July 31, 2015 | $416,483 | ' |
Expected maturities for the year ending July 31, 2016 | 203,449 | ' |
Estimated Fair Value | 619,932 | 183,788 |
U.S. agency securities [Member] | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Expected maturities for the year ending July 31, 2015 | 29,062 | ' |
Expected maturities for the year ending July 31, 2016 | 64,995 | ' |
Estimated Fair Value | 94,057 | 37,104 |
Asset-backed securities [Member] | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Expected maturities for the year ending July 31, 2015 | 1,361 | ' |
Expected maturities for the year ending July 31, 2016 | 0 | ' |
Estimated Fair Value | 1,361 | 4,521 |
Commercial paper [Member] | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Expected maturities for the year ending July 31, 2015 | 132,452 | ' |
Expected maturities for the year ending July 31, 2016 | 0 | ' |
Estimated Fair Value | 132,452 | 35,787 |
Corporate bonds [Member] | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Expected maturities for the year ending July 31, 2015 | 172,648 | ' |
Expected maturities for the year ending July 31, 2016 | 125,005 | ' |
Estimated Fair Value | 297,653 | 63,290 |
US Treasury Securities [Member] | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Expected maturities for the year ending July 31, 2015 | 9,995 | ' |
Expected maturities for the year ending July 31, 2016 | 7,996 | ' |
Estimated Fair Value | 17,991 | ' |
Foreign government bonds [Member] | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Expected maturities for the year ending July 31, 2015 | 0 | ' |
Expected maturities for the year ending July 31, 2016 | 2,754 | ' |
Estimated Fair Value | 2,754 | 775 |
Certificates of Deposit [Member] | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Expected maturities for the year ending July 31, 2015 | 4,009 | ' |
Expected maturities for the year ending July 31, 2016 | 2,699 | ' |
Estimated Fair Value | 6,708 | ' |
Money Market Funds [Member] | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Expected maturities for the year ending July 31, 2015 | 53,959 | ' |
Expected maturities for the year ending July 31, 2016 | 0 | ' |
Estimated Fair Value | 53,959 | 33,216 |
Municipal debt securities [Member] | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Expected maturities for the year ending July 31, 2015 | 12,997 | ' |
Expected maturities for the year ending July 31, 2016 | 0 | ' |
Estimated Fair Value | $12,997 | $9,095 |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments (Details 4) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | $619,932 | $183,788 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 53,959 | 33,216 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 565,973 | 150,572 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 0 | 0 |
U.S. agency securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 29,062 | 9,097 |
Long-term investments | 64,995 | 28,007 |
Total assets | 94,057 | 37,104 |
U.S. agency securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
U.S. agency securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 29,062 | 9,097 |
Long-term investments | 64,995 | 28,007 |
U.S. agency securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Asset-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 1,361 | 2,421 |
Long-term investments | ' | 2,100 |
Total assets | 1,361 | 4,521 |
Asset-backed securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | 0 |
Long-term investments | ' | 0 |
Asset-backed securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 1,361 | 2,421 |
Long-term investments | ' | 2,100 |
Asset-backed securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | 0 |
Long-term investments | ' | 0 |
Commercial paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 66,293 | 20,597 |
Short-term investments | 66,159 | 15,190 |
Total assets | 132,452 | 35,787 |
Commercial paper [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Commercial paper [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 66,293 | 20,597 |
Short-term investments | 66,159 | 15,190 |
Commercial paper [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | ' | 2,003 |
Short-term investments | 172,648 | 47,572 |
Long-term investments | 125,005 | 13,715 |
Total assets | 297,653 | 63,290 |
Corporate bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | ' | 0 |
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Corporate bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | ' | 2,003 |
Short-term investments | 172,648 | 47,572 |
Long-term investments | 125,005 | 13,715 |
Corporate bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | ' | 0 |
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Certificates of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 4,009 | ' |
Long-term investments | 2,699 | ' |
Total assets | 6,708 | ' |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | ' |
Long-term investments | 0 | ' |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 4,009 | ' |
Long-term investments | 2,699 | ' |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | ' |
Long-term investments | 0 | ' |
Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 53,959 | 33,216 |
Total assets | 53,959 | 33,216 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 53,959 | 33,216 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Foreign government bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | ' | 775 |
Long-term investments | 2,754 | ' |
Total assets | 2,754 | 775 |
Foreign government bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | ' | 0 |
Long-term investments | 0 | ' |
Foreign government bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | ' | 775 |
Long-term investments | 2,754 | ' |
Foreign government bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | ' | 0 |
Long-term investments | 0 | ' |
Municipal debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 12,997 | 1,877 |
Long-term investments | ' | 7,218 |
Total assets | 12,997 | 9,095 |
Municipal debt securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | 0 |
Long-term investments | ' | 0 |
Municipal debt securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 12,997 | 1,877 |
Long-term investments | ' | 7,218 |
Municipal debt securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | 0 |
Long-term investments | ' | 0 |
US Treasury Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 9,995 | ' |
Long-term investments | 7,996 | ' |
Total assets | 17,991 | ' |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | ' |
Long-term investments | 0 | ' |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 9,995 | ' |
Long-term investments | 7,996 | ' |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | ' |
Long-term investments | $0 | ' |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details Textual) | Jul. 31, 2014 |
investment | |
Fair Value Disclosures [Abstract] | ' |
Investments in an unrealized loss positions (in investments) | 93 |
Balance_Sheet_Components_Detai
Balance Sheet Components (Details 1) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property and equipment | ' | ' |
Computer hardware | $11,882 | $8,820 |
Software | 4,605 | 4,460 |
Furniture and fixtures | 2,732 | 2,666 |
Leasehold improvements | 7,069 | 6,536 |
Total property and equipment | 26,288 | 22,482 |
Less accumulated depreciation | -13,681 | -9,568 |
Property and equipment, net | $12,607 | $12,914 |
Balance_Sheet_Components_Detai1
Balance Sheet Components (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jul. 31, 2014 |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning of Period | $9,048 |
Changes in carrying value | 157 |
Goodwill, End of Period | $9,205 |
Balance_Sheet_Components_Detai2
Balance Sheet Components (Details 3) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total | $5,439 | ' |
Acquired Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 7,200 | 7,200 |
Accumulated amortization | -1,761 | -321 |
Total | $5,439 | $6,879 |
Balance_Sheet_Components_Detai3
Balance Sheet Components (Details 4) (USD $) | Jul. 31, 2014 |
In Thousands, unless otherwise specified | |
Balance Sheet Related Disclosures [Abstract] | ' |
2015 | $1,440 |
2016 | 1,440 |
2017 | 1,440 |
2018 | 1,119 |
Total | $5,439 |
Balance_Sheet_Components_Detai4
Balance Sheet Components (Details 5) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued employee compensation | ' | ' |
Accrued bonuses | $19,213 | $13,072 |
Accrued commission | 3,593 | 2,043 |
Accrued vacation | 8,100 | 7,335 |
Payroll accruals | 4,006 | 3,852 |
Total | $34,912 | $26,302 |
Balance_Sheet_Components_Detai5
Balance Sheet Components (Details 6) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Balance at beginning of period | ($1,574) | ($496) |
Other comprehensive income (loss) before reclassification adjustments: | 239 | -1,078 |
Amounts reclassified from accumulated other comprehensive income (loss) to earnings | -39 | ' |
Tax effect | 7 | 0 |
Balance at end of period | -1,367 | -1,574 |
Accumulated Translation Adjustment [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Balance at beginning of period | -1,598 | -496 |
Other comprehensive income (loss) before reclassification adjustments: | 288 | -1,102 |
Amounts reclassified from accumulated other comprehensive income (loss) to earnings | 0 | ' |
Tax effect | 0 | 0 |
Balance at end of period | -1,310 | -1,598 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Balance at beginning of period | 24 | 0 |
Other comprehensive income (loss) before reclassification adjustments: | -49 | 24 |
Amounts reclassified from accumulated other comprehensive income (loss) to earnings | -39 | ' |
Tax effect | 7 | 0 |
Balance at end of period | ($57) | $24 |
Balance_Sheet_Components_Detai6
Balance Sheet Components (Details Textual) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Balance Sheet Components (Additional Textual) [Abstract] | ' | ' | ' |
Property and equipment pledged as collateral | $0 | $0 | ' |
Depreciation expense | 5,300,000 | 4,500,000 | 2,600,000 |
Amortization of intangible assets | $1,400,000 | $300,000 | $300,000 |
Net_Income_per_Share_Details
Net Income per Share (Details) (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |||
Numerator: | ' | ' | ' | |||
Net income | $14,721 | [1] | $24,658 | [1] | $18,664 | [1] |
Non-cumulative dividends to preferred stockholders | 0 | 0 | -1,574 | |||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 0 | 0 | -4,444 | |||
Net income, basic | 14,721 | 24,658 | 12,646 | |||
Adjustments to net income for dilutive options and restricted stock options | 0 | 0 | 574 | |||
Net income, diluted | $14,721 | $24,658 | $13,220 | |||
Net income per share: | ' | ' | ' | |||
Basic (in USD per share) | $0.22 | [1] | $0.44 | [1] | $0.36 | [1] |
Diluted (in USD per share) | $0.21 | [1] | $0.40 | [1] | $0.32 | [1] |
Weighted average shares used in computing net income per share: | ' | ' | ' | |||
Basic (in shares) | 65,748,896 | [1] | 56,331,018 | [1] | 34,774,983 | [1] |
Weighted average effect of diluted stock options (in shares) | 1,896,766 | [1] | 3,392,797 | [1] | 5,082,507 | [1] |
Weighted average effect of dilutive restricted stock units (in shares) | 1,467,071 | [1] | 1,845,380 | [1] | 1,871,982 | [1] |
Weighted average effect of dilutive stock warrants (in shares) | 0 | [1],[2] | 0 | [1],[2] | 29,866 | [1],[2] |
Diluted (in shares) | 69,112,733 | [1] | 61,569,195 | [1] | 41,759,338 | [1] |
[1] | See Note 2 “Change in Accounting Policy - Stock-Based Compensation†of Notes to Consolidated Financial Statements. | |||||
[2] | Series C convertible preferred stock warrants were automatically converted to equivalent common stock warrants upon the Company’s IPO on January 24, 2012 and converted or cancelled as of April 30, 2012. |
Net_Income_per_Share_Details_1
Net Income per Share (Details 1) | 12 Months Ended | |||||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | ||||
Stock options to purchase common stock [Member] | ' | ' | ' | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' | ' | |||
Outstanding shares of common stock equivalents (in shares) | 206,136 | [1] | 320,325 | [1] | 5,037 | [1] |
Restricted stock units [Member] | ' | ' | ' | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' | ' | |||
Outstanding shares of common stock equivalents (in shares) | 76,840 | [1] | 64,397 | [1] | 136,905 | [1] |
[1] | See Note 2 “Change in Accounting Policy - Stock-Based Compensation†of Notes to Consolidated Financial Statements |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Jul. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Lease Obligations | ' | |
2015 | $5,786 | |
2016 | 5,835 | |
2017 | 5,710 | |
2018 | 5,663 | |
2019 | 5,102 | |
Total | 28,096 | |
Royalty Obligations | ' | |
2015 | 398 | [1] |
2016 | 365 | [1] |
2017 | 212 | [1] |
2018 | 110 | [1] |
2019 | 0 | [1] |
Total | 1,085 | [1] |
Purchase Commitments | ' | |
2015 | 6,141 | [2] |
2016 | 1,589 | [2] |
2017 | 276 | [2] |
2018 | 0 | [2] |
2019 | 0 | [2] |
Total | 8,006 | [2] |
Total | ' | |
2015 | 12,325 | |
2016 | 7,789 | |
2017 | 6,198 | |
2018 | 5,773 | |
2019 | 5,102 | |
Total | $37,187 | |
[1] | Royalty obligations primarily represent our obligations under our non-cancellable agreements related to software used in certain revenue-generating agreements. | |
[2] | Purchase commitments consist of agreements to purchase services, entered into in the ordinary course of business. These represent non-cancellable commitments for which a penalty would be imposed if the agreement was canceled for any reason other than an event of default as described by the agreement. |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) | 0 Months Ended | 12 Months Ended | |||||
Dec. 05, 2011 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2014 | Dec. 05, 2011 | Aug. 01, 2014 | |
sqft | USD ($) | USD ($) | USD ($) | PLN | Letter of Credit [Member] | Subsequent Event [Member] | |
letter_of_credit | letter_of_credit | USD ($) | Letter of Credit [Member] | ||||
claim | claim | USD ($) | |||||
Commitments and contingencies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Duration of lease for a facility to serve as its corporate headquarters (in years) | '7 years | ' | ' | ' | ' | ' | ' |
Rentable area of current corporate headquarters (in square feet) | 97,674 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Maximum Borrowing Capacity | ' | $3,200,000 | ' | ' | ' | $1,200,000 | $800,000 |
Lease expense for all worldwide facilities and equipment | ' | 5,800,000 | 5,300,000 | 4,000,000 | ' | ' | ' |
Sublease Income | ' | ' | ' | 1,200,000 | ' | ' | ' |
Number of Unsecured Credit Facilities Outstanding (in letters) | ' | 2 | 3 | ' | ' | ' | ' |
Unsecured letter of credit | ' | ' | ' | ' | 10,000,000 | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | $0 | $0 | ' | ' | ' | ' |
Outstanding claims | ' | 0 | 0 | ' | ' | ' | ' |
Stockholders_Equity_and_Stockb2
Stockholders' Equity and Stock-based Compensation (Details 1) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |||
Stock-based compensation expense | ' | ' | ' | |||
Total stock-based compensation expense | $42,538 | [1],[2] | $25,505 | [1],[2] | $12,923 | [1],[2] |
Tax benefit from stock-based compensation | 15,905 | [2] | 9,902 | [2] | 5,061 | [2] |
Total stock-based compensation expense, net of tax effect | 26,633 | [2] | 15,603 | [2] | 7,862 | [2] |
Cost of License Revenues [Member] | ' | ' | ' | |||
Stock-based compensation expense | ' | ' | ' | |||
Total stock-based compensation expense | 184 | [2] | 0 | [2] | 0 | [2] |
Cost of maintenance revenues [Member] | ' | ' | ' | |||
Stock-based compensation expense | ' | ' | ' | |||
Total stock-based compensation expense | 797 | [2] | 830 | [2] | 288 | [2] |
Cost of services revenues [Member] | ' | ' | ' | |||
Stock-based compensation expense | ' | ' | ' | |||
Total stock-based compensation expense | 11,929 | [2] | 6,910 | [2] | 2,461 | [2] |
Research and development [Member] | ' | ' | ' | |||
Stock-based compensation expense | ' | ' | ' | |||
Total stock-based compensation expense | 9,008 | [2] | 5,843 | [2] | 2,385 | [2] |
Sales and marketing [Member] | ' | ' | ' | |||
Stock-based compensation expense | ' | ' | ' | |||
Total stock-based compensation expense | 10,744 | [2] | 3,672 | [2] | 1,496 | [2] |
General and administrative [Member] | ' | ' | ' | |||
Stock-based compensation expense | ' | ' | ' | |||
Total stock-based compensation expense | $9,876 | [2] | $8,250 | [2] | $6,293 | [2] |
[1] | See Note 2 “Change in Accounting Policy - Stock-Based Compensation†of Notes to Consolidated Financial Statements. | |||||
[2] | See Note 2 “Change in Accounting Policy - Stock-Based Compensation†of Notes to Consolidated Financial Statements |
Stockholders_Equity_and_Stockb3
Stockholders' Equity and Stock-based Compensation (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Unrecognized Expense | $89,524 | ' |
Restricted stock units RSUs [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Share Based Compensation Expense, Performance Based Awards | 1,574 | 1,745 |
Unrecognized Expense | 83,505 | ' |
Average Expected Recognition Period (in years) | '2 years 2 months 3 days | ' |
Stock options [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Unrecognized Expense | $6,019 | ' |
Average Expected Recognition Period (in years) | '2 years 0 months 0 days | ' |
Stockholders_Equity_and_Stockb4
Stockholders' Equity and Stock-based Compensation (Details 3) (Restricted stock units RSUs [Member], USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Restricted stock units RSUs [Member] | ' | ' | ' |
Number of RSUs Outstanding (in shares) | ' | ' | ' |
Balance at beginning of period | 4,027,601 | ' | ' |
Granted | 1,667,433 | ' | ' |
Released | -2,007,423 | ' | ' |
Canceled | -303,390 | ' | ' |
Balance at end of period | 3,384,221 | 4,027,601 | ' |
Weighted Average Grant Date Fair Value (in dollars per share) | ' | ' | ' |
Balance at beginning of period | $19.27 | ' | ' |
Granted | $43.87 | $33.68 | $13.65 |
Released | $18.59 | ' | ' |
Canceled | $31.48 | ' | ' |
Balance at end of period | $30.70 | $19.27 | ' |
Stockholders_Equity_and_Stockb5
Stockholders' Equity and Stock-based Compensation (Details 4) (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | |||
Number of Stock Options Outstanding (in shares) | ' | ' | ' | |||
Balance at beginning of period | 3,763,228 | ' | ' | |||
Granted | 225,930 | ' | ' | |||
Exercised | -1,580,344 | ' | ' | |||
Canceled | -8,561 | ' | ' | |||
Balance at end of period | 2,400,253 | 3,763,228 | ' | |||
Vested and expected to vest as of July 31, 2014 | ' | ' | 2,376,443 | |||
Exercisable as of July 31, 2014 | 2,040,125 | ' | ' | |||
Weighted Average Exercise Price (in dollars per share) | ' | ' | ' | |||
Balance at beginning of period | $6.74 | ' | ' | |||
Granted | $46.63 | ' | ' | |||
Exercised | $5.53 | ' | ' | |||
Canceled | $21.75 | ' | ' | |||
Balance at end of period | $11.24 | $6.74 | ' | |||
Vested and expected to vest as of July 31, 2014 | ' | ' | $10.96 | |||
Exercisable as of July 31, 2013 | $6.32 | ' | ' | |||
Weighted Average Remaining Contractual Life (in years) | ' | ' | ' | |||
Weighted average remaining contractual life | '5 years 5 months 29 days | '5 years 8 months 12 days | ' | |||
Vested and expected to vest as of July 31, 2014 | '5 years 5 months 10 days | ' | ' | |||
Exercisable as of July 31, 2014 | '5 years 5 months 29 days | ' | ' | |||
Aggregate Intrinsic Value | ' | ' | ' | |||
Aggregate Intrinsic Value | $71,640 | [1] | $139,315 | [1] | ' | |
Vested and expected to vest as of July 31, 2014 | 71,503 | [1] | ' | ' | ||
Exercisable as of July 31, 2014 | $70,039 | [1] | ' | ' | ||
[1] | Aggregate intrinsic value represents the difference between the exercise price of the option and the Company’s closing stock price of $40.50 and $43.76 on July 31, 2014, and July 31, 2013, respectively. |
Stockholders_Equity_and_Stockb6
Stockholders' Equity and Stock-based Compensation (Details 5) (USD $) | 12 Months Ended | |
Jul. 31, 2014 | Jul. 31, 2013 | |
Shares Authorized Under Stock Option Plans Exercise Price Range End of Period | ' | ' |
Options Outstanding, Number of Options Outstanding (in shares) | 2,400,253 | 3,763,228 |
Weighted average remaining contractual life | '5 years 5 months 29 days | '5 years 8 months 12 days |
Options Outstanding, Exercise Price per Share (in dollars per share) | $11.24 | $6.74 |
Options Exercisable, Number of Options Exercisable (in shares) | 2,040,125 | ' |
Options Exercisable, Exercise Price per Share (in dollars per share) | $6.32 | ' |
$0.16—1.00 | ' | ' |
Shares Authorized Under Stock Option Plans Exercise Price Range End of Period | ' | ' |
Options Outstanding, Number of Options Outstanding (in shares) | 99,010 | ' |
Weighted average remaining contractual life | '1 year 4 months 14 days | ' |
Options Outstanding, Exercise Price per Share (in dollars per share) | $0.68 | ' |
Options Exercisable, Number of Options Exercisable (in shares) | 99,010 | ' |
Options Exercisable, Exercise Price per Share (in dollars per share) | $0.68 | ' |
1.25—2.56 | ' | ' |
Shares Authorized Under Stock Option Plans Exercise Price Range End of Period | ' | ' |
Options Outstanding, Number of Options Outstanding (in shares) | 71,150 | ' |
Weighted average remaining contractual life | '2 years 1 month 3 days | ' |
Options Outstanding, Exercise Price per Share (in dollars per share) | $2.17 | ' |
Options Exercisable, Number of Options Exercisable (in shares) | 71,150 | ' |
Options Exercisable, Exercise Price per Share (in dollars per share) | $2.17 | ' |
2.74 | ' | ' |
Shares Authorized Under Stock Option Plans Exercise Price Range End of Period | ' | ' |
Options Outstanding, Number of Options Outstanding (in shares) | 423,312 | ' |
Weighted average remaining contractual life | '2 years 11 months 28 days | ' |
Options Outstanding, Exercise Price per Share (in dollars per share) | $2.74 | ' |
Options Exercisable, Number of Options Exercisable (in shares) | 423,312 | ' |
Options Exercisable, Exercise Price per Share (in dollars per share) | $2.74 | ' |
3.5 | ' | ' |
Shares Authorized Under Stock Option Plans Exercise Price Range End of Period | ' | ' |
Options Outstanding, Number of Options Outstanding (in shares) | 124,860 | ' |
Weighted average remaining contractual life | '3 years 8 months 10 days | ' |
Options Outstanding, Exercise Price per Share (in dollars per share) | $3.50 | ' |
Options Exercisable, Number of Options Exercisable (in shares) | 124,860 | ' |
Options Exercisable, Exercise Price per Share (in dollars per share) | $3.50 | ' |
3.73 | ' | ' |
Shares Authorized Under Stock Option Plans Exercise Price Range End of Period | ' | ' |
Options Outstanding, Number of Options Outstanding (in shares) | 351,886 | ' |
Weighted average remaining contractual life | '4 years 8 months 1 day | ' |
Options Outstanding, Exercise Price per Share (in dollars per share) | $3.73 | ' |
Options Exercisable, Number of Options Exercisable (in shares) | 351,886 | ' |
Options Exercisable, Exercise Price per Share (in dollars per share) | $3.73 | ' |
3.92 | ' | ' |
Shares Authorized Under Stock Option Plans Exercise Price Range End of Period | ' | ' |
Options Outstanding, Number of Options Outstanding (in shares) | 338,523 | ' |
Weighted average remaining contractual life | '5 years 4 months 21 days | ' |
Options Outstanding, Exercise Price per Share (in dollars per share) | $3.92 | ' |
Options Exercisable, Number of Options Exercisable (in shares) | 338,523 | ' |
Options Exercisable, Exercise Price per Share (in dollars per share) | $3.92 | ' |
4.50—7.50 | ' | ' |
Shares Authorized Under Stock Option Plans Exercise Price Range End of Period | ' | ' |
Options Outstanding, Number of Options Outstanding (in shares) | 309,954 | ' |
Weighted average remaining contractual life | '6 years 9 months 28 days | ' |
Options Outstanding, Exercise Price per Share (in dollars per share) | $7.14 | ' |
Options Exercisable, Number of Options Exercisable (in shares) | 304,954 | ' |
Options Exercisable, Exercise Price per Share (in dollars per share) | $7.13 | ' |
8.65—11.00 | ' | ' |
Shares Authorized Under Stock Option Plans Exercise Price Range End of Period | ' | ' |
Options Outstanding, Number of Options Outstanding (in shares) | 210,337 | ' |
Weighted average remaining contractual life | '7 years 1 month 21 days | ' |
Options Outstanding, Exercise Price per Share (in dollars per share) | $8.78 | ' |
Options Exercisable, Number of Options Exercisable (in shares) | 208,878 | ' |
Options Exercisable, Exercise Price per Share (in dollars per share) | $8.78 | ' |
29.03—32.25 | ' | ' |
Shares Authorized Under Stock Option Plans Exercise Price Range End of Period | ' | ' |
Options Outstanding, Number of Options Outstanding (in shares) | 221,476 | ' |
Weighted average remaining contractual life | '8 years 1 month 13 days | ' |
Options Outstanding, Exercise Price per Share (in dollars per share) | $31.99 | ' |
Options Exercisable, Number of Options Exercisable (in shares) | 67,905 | ' |
Options Exercisable, Exercise Price per Share (in dollars per share) | $31.41 | ' |
35.00—53.15 | ' | ' |
Shares Authorized Under Stock Option Plans Exercise Price Range End of Period | ' | ' |
Options Outstanding, Number of Options Outstanding (in shares) | 249,745 | ' |
Weighted average remaining contractual life | '9 years 1 month 22 days | ' |
Options Outstanding, Exercise Price per Share (in dollars per share) | $45.53 | ' |
Options Exercisable, Number of Options Exercisable (in shares) | 49,647 | ' |
Options Exercisable, Exercise Price per Share (in dollars per share) | $46.07 | ' |
Stockholders_Equity_and_Stockb7
Stockholders' Equity and Stock-based Compensation (Details 6) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Summary of assumptions for fair value of employee stock option estimates | ' | ' | ' |
Risk-free interest rate, minimum (as a percent) | 1.50% | 0.60% | 1.20% |
Risk-free interest rate, maximum (as a percent) | 2.00% | 1.20% | 1.50% |
Expected volatility, minimum (as a percent) | 41.30% | 45.10% | 44.10% |
Expected volatility, maximum (as a percent) | 46.20% | 48.70% | 46.40% |
Expected dividend yield (as a percent) | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ' | ' | ' |
Summary of assumptions for fair value of employee stock option estimates | ' | ' | ' |
Expected life (in years) | '5 years | '5 years 1 month 13 days | '5 years 3 months 18 days |
Maximum [Member] | ' | ' | ' |
Summary of assumptions for fair value of employee stock option estimates | ' | ' | ' |
Expected life (in years) | '6 years 0 months 22 days | '6 years 0 months 22 days | '6 years 3 months 18 days |
Stockholders_Equity_and_Stockb8
Stockholders' Equity and Stock-based Compensation (Details 7) | Jul. 31, 2014 | Jul. 31, 2013 |
Common Stock Reserved for Issuance (in shares) | ' | ' |
Exercise of stock options to purchase common stock | 2,400,253 | 3,763,228 |
Issuances of shares available under stock plans | 11,703,962 | 9,194,058 |
Common Stock, Capital Shares Reserved for Future Issuance | 17,488,436 | 16,984,887 |
Stock options [Member] | ' | ' |
Common Stock Reserved for Issuance (in shares) | ' | ' |
Exercise of stock options to purchase common stock | 2,400,253 | 3,763,228 |
Restricted stock units RSUs [Member] | ' | ' |
Common Stock Reserved for Issuance (in shares) | ' | ' |
Vesting of restricted stock units | 3,384,221 | 4,027,601 |
Stockholders_Equity_and_Stockb9
Stockholders' Equity and Stock-based Compensation (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2012 | Mar. 09, 2011 | Jan. 31, 2012 | Jul. 31, 2011 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2014 | Sep. 14, 2011 | |
Restricted stock units RSUs [Member] | Restricted stock units RSUs [Member] | Restricted stock units RSUs [Member] | Stock Plan 2011 [Member] | Stock Plan 2011 [Member] | ||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental cost of modification of award | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' |
Share Based Compensation Expense, Performance Based Awards | ' | ' | ' | ' | ' | ' | ' | 1,574,000 | 1,745,000 | ' | ' | ' |
Share-based compensation related to successful IPO | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' |
Stock-based compensation expense related to change in estimated forfeiture rate | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' |
Estimated grant date fair value of RSUs options (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $43.87 | $33.68 | $13.65 | ' | ' |
Equity instruments other than options released fair value | ' | ' | ' | ' | ' | ' | ' | 91,300,000 | 56,200,000 | 41,200,000 | ' | ' |
Performance-based RSUs granted awards (in shares) | ' | 878,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSUs covering common stock subject to satisfaction of an initial public offering of the Company's equity securities (in shares) | ' | ' | 502,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSUs covering common stock subject to full and final dismissal or final adjudication of certain specified litigation (in shares) | ' | ' | ' | 251,100 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of RSUs issued subject to performance vesting based on satisfaction of a Pre-established revenue target (in shares) | ' | ' | ' | ' | ' | ' | 125,500 | ' | ' | ' | ' | ' |
Share price (in dollars per share) | ' | ' | ' | ' | $40.50 | $43.76 | ' | ' | ' | ' | ' | ' |
Exercises in period, Total intrinsic value | ' | ' | ' | ' | 65,300,000 | 86,000,000 | 31,200,000 | ' | ' | ' | ' | ' |
Weighted average grant date fair value of options granted (in dollars per share) | ' | ' | ' | ' | $46.63 | $14.06 | $4.51 | ' | ' | ' | ' | ' |
Fair value assumption dividend amount | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' |
Conversion of preferred stock to common stock (in shares) | 25,357,721 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, Shares authorized (in shares) | ' | ' | ' | ' | 25,000,000 | 25,000,000 | ' | ' | ' | ' | ' | ' |
Preferred stock, par value (in dollars per share) | ' | ' | ' | ' | $0.00 | $0.10 | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued (in shares) | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding (in shares) | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized (in shares) | ' | ' | ' | ' | 500,000,000 | 500,000,000 | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued (in shares) | ' | ' | ' | ' | 69,082,261 | 57,909,277 | ' | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | ' | ' | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding (in shares) | ' | ' | ' | ' | 69,082,261 | 57,909,277 | ' | ' | ' | ' | ' | ' |
Shares reserved for issuance under stock compensation plan (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,703,962 | 7,500,000 |
Maximum increase in percentage of outstanding number of shares of the Company's common stock (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' |
Period for award grant (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' |
Awards granted prior to the IPO (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |||
Company's income (loss) before provision for income taxes | ' | ' | ' | |||
Income before provision for income taxes | $19,946 | [1] | $30,123 | [1] | $28,516 | [1] |
Domestic [Member] | ' | ' | ' | |||
Company's income (loss) before provision for income taxes | ' | ' | ' | |||
Income before provision for income taxes | 11,956 | 25,725 | 22,370 | |||
International [Member] | ' | ' | ' | |||
Company's income (loss) before provision for income taxes | ' | ' | ' | |||
Income before provision for income taxes | $7,990 | $4,398 | $6,146 | |||
[1] | See Note 2 “Change in Accounting Policy - Stock-Based Compensation†of Notes to Consolidated Financial Statements. |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |||
Current: | ' | ' | ' | |||
U.S. federal | $5,235 | $1,296 | $0 | |||
State | 1,326 | 999 | 544 | |||
Foreign | 2,509 | 3,479 | 1,522 | |||
Total current | 9,070 | 5,774 | 2,066 | |||
Deferred: | ' | ' | ' | |||
U.S. federal | -4,277 | -258 | 6,968 | |||
State | 78 | 483 | -69 | |||
Foreign | 354 | -534 | 887 | |||
Total deferred | -3,845 | -309 | 7,786 | |||
Total provision for income taxes | $5,225 | [1] | $5,465 | [1] | $9,852 | [1] |
[1] | See Note 2 “Change in Accounting Policy - Stock-Based Compensation†of Notes to Consolidated Financial Statements. |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |||
Effective Income Tax Reconciliation | ' | ' | ' | |||
Computed tax expense | $6,977 | $10,538 | $9,972 | |||
Nondeductible items and other | 1,164 | -577 | 694 | |||
State taxes, net of federal benefit | 840 | -858 | -644 | |||
Foreign income taxed at different rates | -207 | 1,405 | 258 | |||
Tax credits | -3,612 | -7,199 | -1,356 | |||
Change in valuation allowance | 63 | 2,156 | 928 | |||
Total provision for income taxes | $5,225 | [1] | $5,465 | [1] | $9,852 | [1] |
[1] | See Note 2 “Change in Accounting Policy - Stock-Based Compensation†of Notes to Consolidated Financial Statements. |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Tax effects of temporary differences | ' | ' |
Accruals and reserves | $8,487 | $3,646 |
Stock-based compensation | 4,347 | 5,076 |
Deferred revenues | 1,485 | 510 |
Property and equipment | 298 | 0 |
State taxes | 1 | 0 |
Net operating loss carryforwards | 1,161 | 2,244 |
Tax credits | 11,699 | 14,233 |
Total deferred tax assets | 27,478 | 25,709 |
Less valuation allowance | 4,938 | 4,874 |
Net deferred tax assets | 22,540 | 20,835 |
Property and equipment | 0 | 440 |
Intangible assets | 1,701 | 2,268 |
Foreign deferred revenue | 727 | 736 |
Total net deferred tax assets | $20,112 | $17,391 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Research and Development Credits Carryforwards | $27,613 | $24,953 | $14,123 |
U.S. federal [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Research and Development Credits Carryforwards | 15,956 | 12,973 | 6,565 |
California [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Research and Development Credits Carryforwards | $11,657 | $11,980 | $7,558 |
Income_Taxes_Details_5
Income Taxes (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Summarizes the activity related to unrecognized tax benefits | ' | ' | ' |
Unrecognized benefit - beginning of period | $6,727 | $3,937 | $2,419 |
Gross increases - prior period tax positions | -368 | 370 | 478 |
Gross increases - current period tax positions | 1,617 | 2,420 | 1,040 |
Unrecognized benefit - end of period | $7,976 | $6,727 | $3,937 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Income Taxes (Additional Textual) [Abstract] | ' | ' | ' |
Percentage of statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Valuation allowance | $4,938,000 | $4,874,000 | ' |
Undistributed earnings from certain foreign subsidiaries | 19,400,000 | ' | ' |
Unrecognized deferred tax liability | 2,300,000 | ' | ' |
Increase in long term liability associated with unrecognized tax benefits | 1,200,000 | ' | ' |
Unrecognized tax benefits | 4,300,000 | ' | ' |
U.S. federal [Member] | ' | ' | ' |
Income Taxes (Additional Textual) [Abstract] | ' | ' | ' |
Operating Loss Carryforwards | 177,500,000 | ' | ' |
R&D Credits expiration dates | '2023 | ' | ' |
Unrealized excess tax benefits resulting from exercises of stock options | 176,300,000 | ' | ' |
U.S. federal [Member] | Maximum [Member] | ' | ' | ' |
Income Taxes (Additional Textual) [Abstract] | ' | ' | ' |
Operating loss carryforwards, Expiration dates | 31-Jul-26 | ' | ' |
California [Member] | ' | ' | ' |
Income Taxes (Additional Textual) [Abstract] | ' | ' | ' |
Operating Loss Carryforwards | 83,200,000 | ' | ' |
Unrealized excess tax benefits resulting from exercises of stock options | 74,300,000 | ' | ' |
California [Member] | Minimum [Member] | ' | ' | ' |
Income Taxes (Additional Textual) [Abstract] | ' | ' | ' |
Operating loss carryforwards, Expiration dates | 31-Jul-16 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Income Taxes (Additional Textual) [Abstract] | ' | ' | ' |
Operating Loss Carryforwards | $7,000,000 | ' | ' |
Employee_401k_Plan_Details_Tex
Employee 401(k) Plan (Details Textual) (USD $) | 12 Months Ended |
Jul. 31, 2014 | |
Employee 401(k) Plan (Textual) [Abstract] | ' |
Maximum Annual Contribution Per Employee, Percent | 60.00% |
Maximum Annual Contribution Per Employee, Amount | $4,000 |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Revenues: | ' | ' | ' |
Total revenues | $350,246 | $300,649 | $232,061 |
United States [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Total revenues | 203,791 | 172,793 | 127,484 |
Canada [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Total revenues | 39,100 | 42,632 | 35,690 |
Other Americas [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Total revenues | 8,106 | 6,932 | 3,850 |
Americas [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Total revenues | 250,997 | 222,357 | 167,024 |
United Kingdom [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Total revenues | 37,890 | 20,660 | 16,212 |
Other EMEA [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Total revenues | 35,149 | 27,543 | 14,672 |
EMEA [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Total revenues | 73,039 | 48,203 | 30,884 |
APAC [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Total revenues | $26,210 | $30,089 | $34,153 |
Segment_Information_Details_1
Segment Information (Details 1) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property and equipment, net by geographic region | ' | ' |
Property and equipment, net | $27,251 | $28,841 |
North America [Member] | ' | ' |
Property and equipment, net by geographic region | ' | ' |
Property and equipment, net | 25,573 | 27,280 |
Europe [Member] | ' | ' |
Property and equipment, net by geographic region | ' | ' |
Property and equipment, net | 950 | 1,276 |
Asia Pacific [Member] | ' | ' |
Property and equipment, net by geographic region | ' | ' |
Property and equipment, net | $728 | $285 |
Segment_Information_Segment_In
Segment Information Segment Information (Details Textual) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
country | country | country | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Number of Countries Concentration of Revenue | 0 | 0 | 0 |
Minimum [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Acquisition_Details
Acquisition (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 | 10-May-13 | Jul. 31, 2013 | 10-May-13 | Jul. 31, 2014 |
Milbrook, Inc [Member] | Milbrook, Inc [Member] | Milbrook, Inc [Member] | Developed technology [Member] | |||
Milbrook, Inc [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | $14,700,000 | ' | ' | ' |
Equity interests issued and issuable | ' | ' | 3,700,000 | ' | ' | ' |
Transaction Expenses | ' | ' | ' | 700,000 | ' | ' |
Purchase Price Allocation [Abstract] | ' | ' | ' | ' | ' | ' |
Assets acquired, net | ' | ' | ' | ' | 590,000 | ' |
Developed technology | ' | ' | ' | ' | 7,200,000 | ' |
Deferred tax liability | ' | ' | ' | ' | -2,094,000 | ' |
Goodwill | 9,205,000 | 9,048,000 | ' | ' | 9,048,000 | ' |
Total purchase price | ' | ' | ' | ' | $14,744,000 | ' |
Estimated Useful Lives | ' | ' | ' | ' | ' | '5 years 0 months 0 days |