Cover Page
Cover Page - shares | 9 Months Ended | |
Apr. 30, 2024 | May 31, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-35394 | |
Entity Registrant Name | Guidewire Software, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-4468504 | |
Entity Address, Address Line One | 970 Park Pl, Suite 200 | |
Entity Address, City or Town | San Mateo, | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94403 | |
City Area Code | 650 | |
Local Phone Number | 357-9100 | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Trading Symbol | GWRE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 82,663,305 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001528396 | |
Current Fiscal Year End Date | --07-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2024 | Jul. 31, 2023 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 359,600 | $ 401,813 |
Short-term investments | 422,691 | 396,872 |
Accounts receivable, net of allowances of $63 and $218, respectively | 104,344 | 151,034 |
Unbilled accounts receivable, net | 125,531 | 87,752 |
Prepaid expenses and other current assets | 69,345 | 62,132 |
Total current assets | 1,081,511 | 1,099,603 |
Long-term investments | 151,891 | 128,782 |
Unbilled accounts receivable, net | 7,288 | 11,112 |
Property and equipment, net | 55,025 | 54,499 |
Operating lease assets | 46,267 | 52,373 |
Intangible assets, net | 10,372 | 14,473 |
Goodwill | 372,214 | 372,214 |
Deferred tax assets, net | 255,547 | 226,875 |
Other assets | 59,910 | 67,957 |
TOTAL ASSETS | 2,040,025 | 2,027,888 |
CURRENT LIABILITIES: | ||
Accounts payable | 23,514 | 34,627 |
Accrued employee compensation | 76,538 | 103,980 |
Deferred revenue, net | 181,689 | 206,923 |
Convertible senior notes, net | 398,467 | 0 |
Other current liabilities | 24,599 | 27,731 |
Total current liabilities | 704,807 | 373,261 |
Lease liabilities | 37,120 | 42,972 |
Convertible senior notes, net | 0 | 397,171 |
Deferred revenue, net | 3,210 | 5,988 |
Other liabilities | 9,522 | 9,030 |
Total liabilities | 754,659 | 828,422 |
STOCKHOLDERS’ EQUITY: | ||
Common stock | 8 | 8 |
Additional paid-in capital | 1,940,691 | 1,831,267 |
Accumulated other comprehensive income (loss) | (14,521) | (13,859) |
Retained earnings (accumulated deficit) | (640,812) | (617,950) |
Total stockholders’ equity | 1,285,366 | 1,199,466 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 2,040,025 | $ 2,027,888 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2024 | Jul. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 63 | $ 218 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Revenue: | ||||
Total revenue | $ 240,678 | $ 207,490 | $ 688,982 | $ 635,383 |
Cost of revenue: | ||||
Total cost of revenue | 98,451 | 108,572 | 292,057 | 340,850 |
Gross profit: | ||||
Total gross profit | 142,227 | 98,918 | 396,925 | 294,533 |
Operating expenses: | ||||
Research and development | 66,134 | 63,055 | 194,061 | 182,927 |
Sales and marketing | 50,487 | 46,864 | 144,249 | 138,113 |
General and administrative | 42,302 | 46,815 | 121,502 | 129,078 |
Total operating expenses | 158,923 | 156,734 | 459,812 | 450,118 |
Income (loss) from operations | (16,696) | (57,816) | (62,887) | (155,585) |
Interest income | 10,824 | 6,627 | 31,727 | 16,657 |
Interest expense | (1,686) | (1,683) | (5,061) | (5,034) |
Other income (expense), net | (6,535) | (3,356) | (9,501) | (5,889) |
Income (loss) before provision for (benefit from) income taxes | (14,093) | (56,228) | (45,722) | (149,851) |
Provision for (benefit from) income taxes | (8,615) | (10,660) | (22,860) | (25,776) |
Net income (loss) | $ (5,478) | $ (45,568) | $ (22,862) | $ (124,075) |
Net income (loss) per share: | ||||
Basic (in dollars per share) | $ (0.07) | $ (0.56) | $ (0.28) | $ (1.51) |
Diluted (in dollars per share) | $ (0.07) | $ (0.56) | $ (0.28) | $ (1.51) |
Shares used in computing net income (loss) per share: | ||||
Basic (in shares) | 82,500,109 | 81,832,244 | 82,105,357 | 82,407,950 |
Diluted (in shares) | 82,500,109 | 81,832,244 | 82,105,357 | 82,407,950 |
Subscription and support | ||||
Revenue: | ||||
Total revenue | $ 137,970 | $ 107,499 | $ 397,239 | $ 312,321 |
Cost of revenue: | ||||
Total cost of revenue | 51,185 | 52,281 | 149,173 | 156,896 |
Gross profit: | ||||
Total gross profit | 86,785 | 55,218 | 248,066 | 155,425 |
License | ||||
Revenue: | ||||
Total revenue | 56,210 | 50,602 | 161,318 | 164,669 |
Cost of revenue: | ||||
Total cost of revenue | 837 | 1,243 | 3,539 | 4,961 |
Gross profit: | ||||
Total gross profit | 55,373 | 49,359 | 157,779 | 159,708 |
Services | ||||
Revenue: | ||||
Total revenue | 46,498 | 49,389 | 130,425 | 158,393 |
Cost of revenue: | ||||
Total cost of revenue | 46,429 | 55,048 | 139,345 | 178,993 |
Gross profit: | ||||
Total gross profit | $ 69 | $ (5,659) | $ (8,920) | $ (20,600) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (5,478) | $ (45,568) | $ (22,862) | $ (124,075) |
Foreign currency translation adjustments | (1,238) | (356) | (2,383) | 1,828 |
Unrealized gain (loss) on available-for-sale securities | (1,016) | 1,851 | 2,830 | 4,516 |
Tax benefit (expense) on unrealized gain (loss) on available-for-sale securities | 262 | (421) | (533) | (920) |
Reclassification adjustment for realized gain (loss) included in net income (loss) | (95) | (89) | (576) | (655) |
Total other comprehensive income (loss) | (2,087) | 985 | (662) | 4,769 |
Comprehensive income (loss) | $ (7,565) | $ (44,583) | $ (23,524) | $ (119,306) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Adoption of Accounting Standards Update ("ASU") 2020-06 | Common stock | Additional paid-in capital | Additional paid-in capital Adoption of Accounting Standards Update ("ASU") 2020-06 | Accumulated other comprehensive income (loss) | Retained earnings (accumulated deficit) | Retained earnings (accumulated deficit) Adoption of Accounting Standards Update ("ASU") 2020-06 |
Beginning balance (in shares) at Jul. 31, 2022 | 84,084,209 | |||||||
Beginning balance at Jul. 31, 2022 | $ 1,451,657 | $ 8 | $ 1,755,476 | $ (19,845) | $ (283,982) | |||
Net income (loss) | (69,318) | (69,318) | ||||||
Issuance of common stock upon vesting of RSUs (in shares) | 373,380 | |||||||
Stock-based compensation | 35,249 | 35,249 | ||||||
Repurchase and retirement of common stock (in shares) | (2,581,478) | |||||||
Repurchase and retirement of common stock | (200,000) | (40,000) | (160,000) | |||||
Foreign currency translation adjustment | (2,701) | (2,701) | ||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | (1,201) | (1,201) | ||||||
Reclassification adjustment for realized gain (loss) on available-for-sale securities, included in net income (loss) | (216) | (216) | ||||||
Ending balance (in shares) at Oct. 31, 2022 | 81,876,111 | |||||||
Ending balance at Oct. 31, 2022 | 1,185,161 | $ (28,309) | $ 8 | 1,682,722 | $ (68,003) | (23,963) | (473,606) | $ 39,694 |
Beginning balance (in shares) at Jul. 31, 2022 | 84,084,209 | |||||||
Beginning balance at Jul. 31, 2022 | 1,451,657 | $ 8 | 1,755,476 | (19,845) | (283,982) | |||
Net income (loss) | (124,075) | |||||||
Reclassification adjustment for realized gain (loss) on available-for-sale securities, included in net income (loss) | (655) | |||||||
Ending balance (in shares) at Apr. 30, 2023 | 81,711,311 | |||||||
Ending balance at Apr. 30, 2023 | 1,195,107 | $ 8 | 1,794,531 | (15,076) | (584,356) | |||
Beginning balance (in shares) at Oct. 31, 2022 | 81,876,111 | |||||||
Beginning balance at Oct. 31, 2022 | 1,185,161 | $ (28,309) | $ 8 | 1,682,722 | $ (68,003) | (23,963) | (473,606) | $ 39,694 |
Net income (loss) | (9,189) | (9,189) | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 217 | |||||||
Issuance of common stock upon exercise of stock options | 2 | 2 | ||||||
Issuance of common stock upon vesting of RSUs (in shares) | 336,440 | |||||||
Stock-based compensation | 36,296 | 36,296 | ||||||
Foreign currency translation adjustment | 4,885 | 4,885 | ||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 3,367 | 3,367 | ||||||
Reclassification adjustment for realized gain (loss) on available-for-sale securities, included in net income (loss) | (350) | (350) | ||||||
Ending balance (in shares) at Jan. 31, 2023 | 82,212,768 | |||||||
Ending balance at Jan. 31, 2023 | 1,220,172 | $ 8 | 1,719,020 | (16,061) | (482,795) | |||
Net income (loss) | (45,568) | (45,568) | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 6,365 | |||||||
Issuance of common stock upon exercise of stock options | 225 | 225 | ||||||
Issuance of common stock upon vesting of RSUs (in shares) | 347,370 | |||||||
Stock-based compensation | 35,286 | 35,286 | ||||||
Repurchase and retirement of common stock (in shares) | (855,192) | |||||||
Repurchase and retirement of common stock | (15,993) | (55,993) | ||||||
Foreign currency translation adjustment | (356) | (356) | ||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 1,430 | 1,430 | ||||||
Reclassification adjustment for realized gain (loss) on available-for-sale securities, included in net income (loss) | (89) | (89) | ||||||
Ending balance (in shares) at Apr. 30, 2023 | 81,711,311 | |||||||
Ending balance at Apr. 30, 2023 | 1,195,107 | $ 8 | 1,794,531 | (15,076) | (584,356) | |||
Beginning balance (in shares) at Jul. 31, 2023 | 81,440,669 | |||||||
Beginning balance at Jul. 31, 2023 | 1,199,466 | $ 8 | 1,831,267 | (13,859) | (617,950) | |||
Net income (loss) | (27,071) | (27,071) | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 42 | |||||||
Issuance of common stock upon exercise of stock options | 1 | 1 | ||||||
Issuance of common stock upon vesting of RSUs (in shares) | 489,783 | |||||||
Stock-based compensation | 36,199 | 36,199 | ||||||
Foreign currency translation adjustment | (3,507) | (3,507) | ||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 851 | 851 | ||||||
Reclassification adjustment for realized gain (loss) on available-for-sale securities, included in net income (loss) | (290) | (290) | ||||||
Ending balance (in shares) at Oct. 31, 2023 | 81,930,494 | |||||||
Ending balance at Oct. 31, 2023 | 1,205,649 | $ 8 | 1,867,467 | (16,805) | (645,021) | |||
Beginning balance (in shares) at Jul. 31, 2023 | 81,440,669 | |||||||
Beginning balance at Jul. 31, 2023 | 1,199,466 | $ 8 | 1,831,267 | (13,859) | (617,950) | |||
Ending balance (in shares) at Jan. 31, 2024 | 82,322,110 | |||||||
Ending balance at Jan. 31, 2024 | 1,256,113 | $ 8 | 1,903,873 | (12,434) | (635,334) | |||
Beginning balance (in shares) at Jul. 31, 2023 | 81,440,669 | |||||||
Beginning balance at Jul. 31, 2023 | 1,199,466 | $ 8 | 1,831,267 | (13,859) | (617,950) | |||
Net income (loss) | (22,862) | |||||||
Reclassification adjustment for realized gain (loss) on available-for-sale securities, included in net income (loss) | (576) | |||||||
Ending balance (in shares) at Apr. 30, 2024 | 82,663,071 | |||||||
Ending balance at Apr. 30, 2024 | $ 1,285,366 | $ 8 | 1,940,691 | (14,521) | (640,812) | |||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2020-06 [Member] | |||||||
Beginning balance (in shares) at Oct. 31, 2023 | 81,930,494 | |||||||
Beginning balance at Oct. 31, 2023 | $ 1,205,649 | $ 8 | 1,867,467 | (16,805) | (645,021) | |||
Net income (loss) | 9,687 | 9,687 | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 327 | |||||||
Issuance of common stock upon exercise of stock options | 3 | 3 | ||||||
Issuance of common stock upon vesting of RSUs (in shares) | 391,289 | |||||||
Stock-based compensation | 36,403 | 36,403 | ||||||
Foreign currency translation adjustment | 2,362 | 2,362 | ||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 2,200 | 2,200 | ||||||
Reclassification adjustment for realized gain (loss) on available-for-sale securities, included in net income (loss) | (191) | (191) | ||||||
Ending balance (in shares) at Jan. 31, 2024 | 82,322,110 | |||||||
Ending balance at Jan. 31, 2024 | 1,256,113 | $ 8 | 1,903,873 | (12,434) | (635,334) | |||
Net income (loss) | (5,478) | (5,478) | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 746 | |||||||
Issuance of common stock upon exercise of stock options | 9 | 9 | ||||||
Issuance of common stock upon vesting of RSUs (in shares) | 340,215 | |||||||
Stock-based compensation | 36,809 | 36,809 | ||||||
Repurchase and retirement of common stock (in shares) | 0 | |||||||
Repurchase and retirement of common stock | 0 | 0 | 0 | |||||
Foreign currency translation adjustment | (1,238) | (1,238) | ||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | (754) | (754) | ||||||
Reclassification adjustment for realized gain (loss) on available-for-sale securities, included in net income (loss) | (95) | (95) | ||||||
Ending balance (in shares) at Apr. 30, 2024 | 82,663,071 | |||||||
Ending balance at Apr. 30, 2024 | $ 1,285,366 | $ 8 | $ 1,940,691 | $ (14,521) | $ (640,812) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (22,862) | $ (124,075) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 16,525 | 19,911 |
Amortization of debt issuance costs | 1,296 | 1,274 |
Amortization of contract costs | 12,869 | 13,000 |
Stock-based compensation | 109,174 | 106,294 |
Changes to allowance for credit losses and revenue reserves | (142) | (304) |
Deferred income tax | (29,294) | (31,034) |
Amortization of premium (accretion of discount) on available-for-sale securities, net | (9,492) | (2,458) |
Gain on sale of strategic investment | (1,758) | 0 |
Changes in fair value of strategic investments | (298) | 0 |
Accelerated depreciation related to lease assignment | 0 | 26,921 |
Gain from lease assignment | 0 | (18,419) |
Other non-cash items affecting net income (loss) | (74) | (315) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 46,276 | 14,756 |
Unbilled accounts receivable | (33,955) | (57,278) |
Prepaid expenses and other assets | (22,082) | (12,718) |
Operating lease assets | 6,106 | (11,348) |
Accounts payable | (10,538) | (6,725) |
Accrued employee compensation | (25,604) | (18,392) |
Deferred revenue | (28,012) | (29,360) |
Lease liabilities | (5,136) | 953 |
Other liabilities | (1,028) | (5,525) |
Net cash provided by (used in) operating activities | 1,971 | (134,842) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of available-for-sale securities | (453,441) | (358,823) |
Maturities and sales of available-for-sale securities | 416,299 | 382,219 |
Purchases of property and equipment | (4,668) | (2,614) |
Capitalized software development costs | (9,429) | (8,877) |
Acquisition of strategic investments | (336) | (8,051) |
Sale of strategic investment | 6,508 | 0 |
Net cash provided by (used in) investing activities | (45,067) | 3,854 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock upon exercise of stock options | 14 | 227 |
Repurchase and retirement of common stock | 0 | (213,993) |
Net cash provided by (used in) financing activities | 14 | (213,766) |
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | (2,915) | 1,659 |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (45,997) | (343,095) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period | 406,790 | 614,686 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period | 360,793 | 271,591 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 5,000 | 5,000 |
Cash paid for income taxes, net of tax refunds | 6,173 | 4,417 |
Accruals for purchase of property and equipment | 638 | 2,748 |
Accruals for capitalized software development costs | 712 | 804 |
Accrual for shares repurchased | $ 0 | $ 2 |
The Company and Summary of Sign
The Company and Summary of Significant Accounting Policies and Estimates | 9 Months Ended |
Apr. 30, 2024 | |
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 Company Guidewire Software, Inc., a Delaware corporation, was incorporated on September 20, 2001. Guidewire Software, Inc., together with its subsidiaries (the “Company”), provides a technology platform and suite of products that combine core operations, digital engagement, analytics, and machine learning and artificial intelligence (“AI”) applications. The Company’s technology platform and suite of products support core insurance operations, including underwriting, policy administration, claim management, and billing; insights into data that can improve business decision making; and digital sales, service, and claims experiences for policyholders, agents, and other key stakeholders. The Company’s customers are primarily property and casualty insurance carriers. The term “products” generally refers to both subscription services and term license software offerings. Basis of Presentation and Consolidation The Company’s condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The condensed consolidated financial statements and notes 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 interim periods presented. All intercompany balances and transactions have been eliminated in consolidation. Certain information and disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and related notes, together with management’s discussion and analysis of financial condition and results of operations, presented in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2023. Use of Estimates In preparing the condensed consolidated financial statements and related disclosures in conformity with GAAP and pursuant to the rules and regulations of the SEC, the Company must make estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ materially from these estimates. Significant Accounting Policies There have been no changes in the Company’s significant accounting policies from those that were disclosed in the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended July 31, 2023, except for those disclosed herein. Restricted Cash Unearned acquisition consideration holdback subject to service conditions is held in escrow and considered restricted cash. As of April 30, 2024 and July 31, 2023, restricted cash in the amount of $1.2 million and $2.9 million, respectively, was included in prepaid expenses and other current assets. As of July 31, 2023, $2.1 million was included in other assets in the consolidated balance sheet. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents, investments, accounts receivable, and unbilled accounts receivable. The Company maintains its cash, cash equivalents, and investments 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 in the condensed consolidated balance sheets are in excess of amounts that are insured by the Federal Deposit Insurance Corporation. No customer accounted for 10% or more of the Company's revenue in the three and nine months ended April 30, 2024. One customer accounted for 10% or more of the Company’s revenue in the three months ended April 30, 2023, and no customer accounted for 10% or more of the Company’s revenue in the nine months ended April 30, 2023. No customer accounted for 10% or more of the Company's accounts receivable as of April 30, 2024 and July 31, 2023. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU No. 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. The new standard will be effective and the Company will adopt it for the annual period beginning August 1, 2024, and for the interim periods beginning after August 1, 2025 with early adoption permitted. The adoption of this ASU will impact the Company’s disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The new standard will be effective and the Company will adopt it beginning August 1, 2025 and early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently assessing the impact of adopting this standard on the consolidated financial statements. Other recent accounting pronouncements that will be applicable to the Company are not expected to have a material impact on its present or future financial statements. |
Revenue
Revenue | 9 Months Ended |
Apr. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue Revenue by service or product type is as follows (in thousands): Three Months Ended Nine Months Ended April 30, April 30, 2024 2023 2024 2023 Subscription and support Subscription $ 120,430 $ 89,091 $ 343,152 $ 254,083 Support 17,540 18,408 54,087 58,238 License Term license 55,005 50,556 160,017 164,512 Perpetual license 1,205 46 1,301 157 Services 46,498 49,389 130,425 158,393 Total revenue $ 240,678 $ 207,490 $ 688,982 $ 635,383 Revenue by service or product type and by geography is as follows (in thousands): Three Months Ended April 30, 2024 Subscription and support License Services Total United States $ 94,089 $ 36,016 $ 33,286 $ 163,391 Canada 19,583 2,859 1,837 24,279 Other Americas 1,484 855 452 2,791 Total Americas 115,156 39,730 35,575 190,461 Total EMEA 15,139 10,556 8,850 34,545 Total APAC 7,675 5,924 2,073 15,672 Total revenue $ 137,970 $ 56,210 $ 46,498 $ 240,678 Three Months Ended April 30, 2023 Subscription and support License Services Total United States $ 71,764 $ 33,528 $ 33,100 $ 138,392 Canada 18,176 1,932 4,341 24,449 Other Americas 1,441 439 892 2,772 Total Americas 91,381 35,899 38,333 165,613 Total EMEA 10,319 8,351 7,727 26,397 Total APAC 5,799 6,352 3,329 15,480 Total revenue $ 107,499 $ 50,602 $ 49,389 $ 207,490 Nine Months Ended April 30, 2024 Subscription and support License Services Total United States $ 271,015 $ 85,522 $ 90,853 $ 447,390 Canada 56,362 10,662 5,970 72,994 Other Americas 4,469 1,357 1,373 7,199 Total Americas 331,846 97,541 98,196 527,583 Total EMEA 43,104 37,511 25,551 106,166 Total APAC 22,289 26,266 6,678 55,233 Total revenue $ 397,239 $ 161,318 $ 130,425 $ 688,982 Nine Months Ended April 30, 2023 Subscription and support License Services Total United States $ 210,189 $ 90,458 $ 107,925 $ 408,572 Canada 51,763 11,537 14,818 78,118 Other Americas 4,397 1,291 1,997 7,685 Total Americas 266,349 103,286 124,740 494,375 Total EMEA 28,959 34,484 25,885 89,328 Total APAC 17,013 26,899 7,768 51,680 Total revenue $ 312,321 $ 164,669 $ 158,393 $ 635,383 No country, other than those presented above, accounted for more than 10% of total revenue during the three and nine months ended April 30, 2024 and 2023. Customer Contract – Related Balance Sheet Amounts Amounts related to customer contract-related arrangements are included on the condensed consolidated balance sheets as follows (in thousands): April 30, 2024 July 31, 2023 Unbilled accounts receivable, net $ 132,819 $ 98,864 Contract costs, net $ 44,537 $ 47,254 Deferred revenue, net $ 184,899 $ 212,911 As of April 30, 2024 and July 31, 2023, there was no allowance for credit losses associated with unbilled accounts receivable. Contract costs The current portion of contract costs of $15.5 million and $15.9 million is included in prepaid and other current assets in the Company’s condensed consolidated balance sheets as of April 30, 2024 and July 31, 2023, respectively. The non-current portion of contract costs of $29.0 million and $31.3 million is included in other assets in the Company’s condensed consolidated balance sheets as of April 30, 2024 and July 31, 2023, respectively. The Company amortized $4.1 million and $4.4 million of contract costs during the three months ended April 30, 2024 and 2023, respectively, and amortized $12.9 million and $13.0 million during the nine months ended April 30, 2024 and 2023, respectively. Deferred revenue During the three and nine months ended April 30, 2024, the Company recognized revenue of approximately $33.0 million and $184.8 million, respectively, related to the Company’s deferred revenue balance reported as of July 31, 2023. Remaining Performance Obligations The aggregate amount of consideration allocated to remaining performance obligations either not satisfied or partially satisfied was approximately $1.6 billion as of April 30, 2024. Subscription services are typically satisfied over three to five years, support services are generally satisfied within one year, and professional services are typically satisfied within one year. Professional services under time and material contracts are not included in the remaining performance obligations calculation as these arrangements can be cancelled at any time. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Apr. 30, 2024 | |
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 (in thousands): April 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Asset-backed securities $ 43,481 $ 26 $ (123) $ 43,384 Certificates of deposit 56,540 — — 56,540 Commercial paper 163,686 — — 163,686 Corporate bonds 254,954 122 (532) 254,544 Foreign government bonds 8,353 — (48) 8,305 Money market funds 235,149 — — 235,149 U.S. Government agency securities 21,660 — (49) 21,611 U.S. Government bonds 74,609 — (481) 74,128 Total $ 858,432 $ 148 $ (1,233) $ 857,347 July 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Asset-backed securities $ 43,573 $ 18 $ (234) $ 43,357 Certificates of deposit 34,395 — — 34,395 Commercial paper 150,254 — — 150,254 Corporate bonds 200,691 41 (1,590) 199,142 Foreign government bonds 14,559 — (203) 14,356 Money market funds 229,721 — — 229,721 U.S. Government agency securities 84,180 9 (151) 84,038 U.S. Government bonds 87,064 1 (1,230) 85,835 Total $ 844,437 $ 69 $ (3,408) $ 841,098 The Company does not consider any portion of the unrealized losses at April 30, 2024 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 income (loss). The amount of unrealized gains and losses reclassified into earnings is based on the specific identification of the securities sold. The realized gains and losses from sales of securities are presented as a component of other income (expense) in the condensed consolidated statements of comprehensive income (loss). The following table summarizes the contractual maturities of the Company’s available-for-sale investments measured at fair value (in thousands): April 30, 2024 Less Than 12 Months 12 Months or Greater Total Asset-backed securities $ 6,070 $ 37,314 $ 43,384 Certificates of deposit 56,540 — 56,540 Commercial paper 163,686 — 163,686 Corporate bonds 157,889 96,655 254,544 Foreign government bonds 6,486 1,819 8,305 Money market funds 235,149 — 235,149 U.S. Government agency securities 20,737 874 21,611 U.S. Government bonds 58,899 15,229 74,128 Total $ 705,456 $ 151,891 $ 857,347 Fair Value Measurement Available-for-sale investments The following tables summarize the Company’s available-for-sale investments measured at fair value, by level within the fair value hierarchy (in thousands): April 30, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Commercial paper $ — $ 44,624 $ — $ 44,624 Corporate bonds $ — $ 2,992 $ — $ 2,992 Money market funds 235,149 — — 235,149 Total cash equivalents 235,149 47,616 — 282,765 Short-term investments: Asset-backed securities — 6,070 — 6,070 Certificates of deposit — 56,540 — 56,540 Commercial paper — 119,062 — 119,062 Corporate bonds — 154,897 — 154,897 Foreign government bonds — 6,486 — 6,486 U.S. Government agency securities 20,737 — 20,737 U.S. Government bonds — 58,899 — 58,899 Total short-term investments — 422,691 — 422,691 Long-term investments: Asset-backed securities — 37,314 — 37,314 Corporate bonds — 96,655 — 96,655 Foreign government bonds — 1,819 — 1,819 U.S. Government agency securities — 874 — 874 U.S. Government bonds — 15,229 — 15,229 Total long-term investments — 151,891 — 151,891 Total $ 235,149 $ 622,198 $ — $ 857,347 July 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Commercial paper $ — $ 61,296 $ — $ 61,296 Money market funds 229,721 — — 229,721 U.S. Government agency securities — 8,478 — 8,478 U.S. Government bonds — 15,949 — 15,949 Total cash equivalents 229,721 85,723 — 315,444 Short-term investments: Asset-backed securities — 2,705 — 2,705 Certificates of deposit — 34,395 — 34,395 Commercial paper — 88,958 — 88,958 Corporate bonds — 156,396 — 156,396 Foreign government bonds — 10,717 — 10,717 U.S. Government agency securities — 69,101 — 69,101 U.S. Government bonds — 34,600 — 34,600 Total short-term investments — 396,872 — 396,872 Long-term investments: Asset-backed securities — 40,652 — 40,652 Corporate bonds — 42,746 — 42,746 Foreign government bonds — 3,639 — 3,639 U.S. Government agency securities — 6,459 — 6,459 U.S. Government bonds — 35,286 — 35,286 Total long-term investments — 128,782 — 128,782 Total $ 229,721 $ 611,377 $ — $ 841,098 Convertible Senior Notes In March 2018, the Company issued $400.0 million aggregate principal amount of 1.25% Convertible Senior Notes due 2025 (the “Convertible Senior Notes”). The fair value of the Convertible Senior Notes was $445.4 million and $388.2 million at April 30, 2024 and July 31, 2023, respectively. The Company estimates the fair value of the Convertible Senior Notes using commonly accepted valuation methodologies and market-based risk measurements that are directly observable, such as unadjusted quoted prices in markets that are not active (Level 2). Strategic Investments The Company’s other assets include strategic investments in privately held companies in which the Company does not have a controlling interest or the ability to exert significant influence. The strategic investments consist of non-marketable equity securities that do not have readily determinable market values (Level 3), which are recorded using the measurement alternative at cost less impairment and adjusts cost for subsequent observable changes in fair value, and an investment in a limited partnership, which is recorded using the net asset value practical expedient (Level 3) in accordance with ASC 820. Changes in fair value are recorded in other income (expense) on the condensed consolidated statements of operations. During the nine months ended April 30, 2024, the Company invested $0.3 million in new and existing strategic investments. During the nine months ended April 30, 2024, one of the Company’s investees was acquired by a privately held limited partnership. As a result, the Company received $12.1 million in consideration for its equity interest in the investee, composed of $6.5 million cash and $5.6 million of an ownership interest in the privately held limited partnership, and recognized a $1.8 million gain in excess of cost as a component of other income (expense), net in the condensed consolidated statements of operations. The following table summarizes the carrying amount of the Company’s strategic investments (in thousands): April 30, 2024 July 31, 2023 Equity investments using the measurement alternative $ 17,740 $ 27,772 Equity investment using net asset value $ 5,916 $ — |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Apr. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share The Company calculates basic earnings per share by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. For calculating diluted earnings per share, the Company uses the treasury stock method for options to purchase common stock, time-based restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) and the if-converted method for Convertible Senior Notes. RSUs and PSUs are collectively referred to as “Stock Awards.” The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share for the three and nine months ended April 30, 2024 and 2023 (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended April 30, April 30, 2024 2023 2024 2023 Numerator: Net income (loss) $ (5,478) $ (45,568) $ (22,862) $ (124,075) Net income (loss) per share: Basic and diluted $ (0.07) $ (0.56) $ (0.28) $ (1.51) Denominator: Weighted average shares used in computing net income (loss) per share: Basic and diluted 82,500,109 81,832,244 82,105,357 82,407,950 The following weighted average shares of potential common stock were excluded from the computation of diluted net income (loss) per share for the periods presented because including them would have been anti-dilutive: Three Months Ended Nine Months Ended April 30, April 30, 2024 2023 2024 2023 Stock options 181,646 40,041 184,000 13,243 Stock awards 3,764,735 2,547,035 3,846,177 2,082,196 Convertible senior notes 3,550,532 3,516,480 3,516,480 3,516,480 |
Leases
Leases | 9 Months Ended |
Apr. 30, 2024 | |
Leases [Abstract] | |
Leases | Leases The Company's lease obligations consist of operating leases for office facilities and equipment, with lease periods expiring through fiscal year 2032. Some leases include one or more options to renew. Lease renewals are not assumed in the determination of the lease term until the exercise of the renewal option is deemed to be reasonably certain. In February 2023, the Company assigned (the “Lease Assignment”) the remaining lease term of its previous headquarters and concurrently entered into a sublease for office space in San Mateo, California with the same third party for its current worldwide headquarters. As a result of the Lease Assignment, the Company recognized an $8.5 million loss in general and administrative operating expenses during the three and nine months ended April 30, 2023 on the condensed consolidated statements of operations. The loss is comprised of an $18.4 million gain from the de-recognition of the operating lease asset of $56.9 million, the de-recognition of the lease liability of $75.5 million, and other expenses related to the Lease Assignment of $0.2 million, offset by accelerated depreciation expense related to property and equipment, primarily consisting of leasehold improvements, at the previous headquarters of $26.9 million. Components of operating lease costs were as follows (in thousands): Three Months Ended Nine Months Ended April 30, April 30, 2024 2023 2024 2023 Operating lease cost 1 $ 3,137 $ 1,724 $ 9,414 $ 9,524 Variable lease cost 615 1,157 1,679 3,617 Sublease income — (206) — (898) Net operating lease cost $ 3,752 $ 2,675 $ 11,093 $ 12,243 (1) Lease expense for leases with an initial term of 12 months or less is excluded from the table above and was $0.2 million and $0.2 million for the three months ended April 30, 2024 and 2023, respectively, and $0.7 million and $0.7 million for the nine months ended April 30, 2024 and 2023, respectively. Future operating lease payments as of April 30, 2024 were as follows (in thousands): Fiscal Year Ending July 31, 2024 (remainder of fiscal year) $ 2,228 2025 11,476 2026 11,094 2027 10,003 2028 4,081 2029 3,907 Thereafter 8,394 Total future lease payments 51,183 Less imputed interest (4,914) Total lease liability balance $ 46,269 Supplemental information related to leases was as follows (in thousands, except for lease term and discount rate): April 30, 2024 July 31, 2023 Operating lease assets $ 46,267 $ 52,373 Current portion of lease liabilities $ 9,149 $ 8,433 Non-current portion of lease liabilities 37,120 42,972 Total lease liabilities $ 46,269 $ 51,405 Weighted average remaining lease term (years) 5.52 6.17 Weighted average discount rate 4.03 % 3.92 % Supplemental cash and non-cash information related to operating leases was as follows (in thousands): Nine Months Ended April 30, 2024 2023 Cash payments for operating leases $ 8,684 $ 10,797 Operating lease assets obtained in exchange for lease liabilities $ 2,621 $ (46,781) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Apr. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies There has been no material change in the Company’s contractual obligations and commitments other than in the ordinary course of business since the Company’s fiscal year ended July 31, 2023. See the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2023 for additional information regarding the Company’s contractual obligations. Legal Proceedings From time to time, the Company is involved in various legal proceedings and receives claims arising from the normal course of business activities. The Company has not recorded any accrual for claims as of April 30, 2024 or July 31, 2023. The Company has not accrued for estimated losses in the accompanying condensed consolidated financial statements as the Company has determined that no provision for liability nor disclosure is required related to any claim against the Company because: (a) there is not a reasonable possibility that a loss exceeding amounts already recognized (if any) may be incurred with respect to such claim; (b) a reasonably possible loss or range of loss cannot be estimated; or (c) such estimate is immaterial. The Company expenses legal fees in the period in which they are incurred. Indemnification The Company sells software licenses and services to its customers under Software License Agreements (“SLA”) and Software Subscription Agreements (“SSA”). SLAs and SSAs contain the terms of the contractual arrangement with the customer and generally include 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, and in the case of SSAs, the Company may include certain provisions for limited liability for defending the customer against any claims for a data breach. SLAs and SSAs also generally indemnify the customer against judgments, settlements, fines, penalties, costs, and expenses resulting from a claim (“Losses”) 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 were outstanding as of April 30, 2024 or July 31, 2023. For several reasons, including the lack of prior indemnification claims and the lack of a monetary liability limit for certain infringement cases under various SLAs and SSAs, 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. |
Stock-Based Compensation Expens
Stock-Based Compensation Expense and Shareholders' Equity | 9 Months Ended |
Apr. 30, 2024 | |
Stockholders' Equity and Stock-based Compensation [Abstract] | |
Stock-Based Compensation Expense and Shareholders' Equity | Stock-Based Compensation Expense and Shareholders’ Equity Stock-Based Compensation Expense Stock-based compensation expense related to stock options and Stock Awards is included in the Company’s condensed consolidated statements of operations as follows (in thousands): Three Months Ended Nine Months Ended April 30, April 30, 2024 2023 2024 2023 Stock-based compensation expense $ 36,809 $ 35,284 $ 109,411 $ 106,829 Net impact of deferred stock-based compensation (159) (265) (237) (535) Total stock-based compensation expense, net $ 36,650 $ 35,019 $ 109,174 $ 106,294 Stock-based compensation expense is included in the following categories: Cost of subscription and support revenue $ 3,113 $ 3,580 $ 9,989 $ 10,488 Cost of license revenue 72 93 220 359 Cost of services revenue 4,722 4,631 14,154 14,377 Research and development 10,003 10,084 30,127 29,676 Sales and marketing 9,354 7,432 25,273 22,343 General and administrative 9,386 9,199 29,411 29,051 Total stock-based compensation expense $ 36,650 $ 35,019 $ 109,174 $ 106,294 Total unrecognized stock-based compensation expense related to the Company’s stock options and Stock Awards as of April 30, 2024 is as follows: Unrecognized Expense Weighted Average Expected Recognition Period Stock Options $ 740 0.3 Stock Awards 274,132 2.4 Total unrecognized stock-based compensation expense $ 274,872 Stock Awards A summary of Stock Awards activity under the Company’s equity incentive plans is as follows: Stock Awards Outstanding Number of Stock Awards Outstanding Weighted Average Grant Date Fair Value Aggregate Intrinsic Value (in thousands) (1) Balance as of July 31, 2023 3,414,706 $ 85.68 $ 289,635 Granted 1,606,142 $ 92.84 Released (1,221,287) $ 91.73 $ 121,796 Canceled (236,873) $ 89.25 Balance as of April 30, 2024 3,562,688 $ 86.59 $ 393,321 Expected to vest as of April 30, 2024 3,562,688 $ 86.59 $ 393,321 (1) Aggregate intrinsic value at each period end represents the total market value of Stock Awards at the Company’s closing stock price of $110.40 and $84.82 on April 30, 2024 and July 31, 2023, respectively. Aggregate intrinsic value for released Stock Awards represents the total market value of released Stock Awards at date of release. In September 2023, certain executive officers were granted Stock Awards that vest in September 2026, subject to continued service until such time, with the opportunity to increase the number of vested awards based on Company financial performance and, for a select number of awards, the market performance of the Company’s common stock. The fair value of the awards will be recognized over the performance period and may increase or decrease depending on the estimated attainment of Company financial performance criteria. The Company determined the fair value of the portion of the award subject to the market performance of the Company’s common stock using a Monte Carlo simulation model, which included the following assumptions: Performance Period September 13, 2023 to September 13, 2026 3-year Historical Volatility 35.0% 3-year Risk Free Rate 4.5% For the portion of the award subject to the market performance of the Company’s common stock, stock-based compensation expense is recognized over the requisite service period regardless of whether or not the market condition is ultimately satisfied, subject to continued service over the period. Prior to fiscal year 2024, certain executives and employees of the Company received PSUs, which will vest over three years with 50% vesting annually over the three year period and the remaining 50% vesting at the end of the third year. The Company recognized stock-based compensation related to PSUs of $4.6 million and $3.6 million during the three months ended April 30, 2024 and 2023, respectively, and $11.7 million and $10.8 million during the nine months ended April 30, 2024 and 2023, respectively. Stock Options A summary of stock option activity under the Company’s equity incentive plans is as follows: Stock Options Outstanding 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, 2023 187,572 $ 65.90 8.8 $ 3,549 Granted — $ — Exercised (1,115) $ 12.44 $ 110 Canceled (5,217) $ 68.39 Balance as of April 30, 2024 181,240 $ 66.16 8.1 $ 8,019 Vested and expected to vest as of April 30, 2024 181,240 $ 66.16 8.1 $ 8,019 Exercisable as of April 30, 2024 7,109 $ 11.52 2.8 $ 703 (1) Aggregate intrinsic value at each period end represents the difference between the Company’s closing stock price of $110.40 and $84.82 on April 30, 2024 and July 31, 2023, respectively, and the exercise price of outstanding options. Aggregate intrinsic value for exercised options represents the difference between the Company’s stock price at date of exercise and the exercise price. Share Repurchase Program In September 2022, the Co mpany’s board of directors authorized and approved a share repurchase program of up to $400.0 million of the Company’s outsta nding common stock. Share repurchases under the program may be made from time to time, in the open market, in privately negotiated transactions and otherwise, at the discretion of management of the Company and in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act, and other applicable legal requirements. Such repurchases may also be made in compliance with Rule 10b5-1 trading plans entered into by the Company. During the three and nine months ended April 30, 2024, the Company did not repurchase any shares of common stock. In the first quarter of fiscal year 2023, the Company entered into an accelerated share repurchase (“ASR”) agreement with a large financial institution whereupon the Company provided them with a prepayment of $200.0 million and received an initial delivery of 2,581,478 shares of the Company’s common stock. During the three months ended April 30, 2023, the ASR was settled in full with the delivery of an additional 648,001 shares of common stock which resulted in total repurchases under the ASR of 3,229,479 shares of common stock at an average purchase price of $61.93 per share. During the nine months ended April 30, 2023, the Company repurchased 3,436,670 shares of common stock at an average price of $62.85 per share. As of April 30, 2024, $138.2 million remained available for future share repurchases. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Apr. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
The Company and Summary of Si_2
The Company and Summary of Significant Accounting Policies and Estimates (Policies) | 9 Months Ended |
Apr. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company | Company Guidewire Software, Inc., a Delaware corporation, was incorporated on September 20, 2001. Guidewire Software, Inc., together with its subsidiaries (the “Company”), provides a technology platform and suite of products that combine core operations, digital engagement, analytics, and machine learning and artificial intelligence (“AI”) applications. The Company’s technology platform and suite of products support core insurance operations, including underwriting, policy administration, claim management, and billing; insights into data that can improve business decision making; and digital sales, service, and claims experiences for policyholders, agents, and other key stakeholders. The Company’s customers are primarily property and casualty insurance carriers. The term “products” generally refers to both subscription services and term license software offerings. |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The Company’s condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The condensed consolidated financial statements and notes 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 interim periods presented. All intercompany balances and transactions have been eliminated in consolidation. Certain information and disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the SEC. |
Use of Estimates | Use of Estimates In preparing the condensed consolidated financial statements and related disclosures in conformity with GAAP and pursuant to the rules and regulations of the SEC, the Company must make estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ materially from these estimates. |
Restricted Cash | Restricted Cash Unearned acquisition consideration holdback subject to service conditions is held in escrow and considered restricted cash. As of April 30, 2024 and July 31, 2023, restricted cash in the amount of $1.2 million and $2.9 million, respectively, was included in prepaid expenses and other current assets. As of July 31, 2023, $2.1 million was included in other assets in the consolidated balance sheet. |
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, investments, accounts receivable, and unbilled accounts receivable. The Company maintains its cash, cash equivalents, and investments 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 in the condensed consolidated balance sheets are in excess of amounts that are insured by the Federal Deposit Insurance Corporation. |
Recent Accounting Pronouncements Not Yet Adopted; Other Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU No. 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. The new standard will be effective and the Company will adopt it for the annual period beginning August 1, 2024, and for the interim periods beginning after August 1, 2025 with early adoption permitted. The adoption of this ASU will impact the Company’s disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The new standard will be effective and the Company will adopt it beginning August 1, 2025 and early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently assessing the impact of adopting this standard on the consolidated financial statements. Other recent accounting pronouncements that will be applicable to the Company are not expected to have a material impact on its present or future financial statements. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Apr. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue by service or product type is as follows (in thousands): Three Months Ended Nine Months Ended April 30, April 30, 2024 2023 2024 2023 Subscription and support Subscription $ 120,430 $ 89,091 $ 343,152 $ 254,083 Support 17,540 18,408 54,087 58,238 License Term license 55,005 50,556 160,017 164,512 Perpetual license 1,205 46 1,301 157 Services 46,498 49,389 130,425 158,393 Total revenue $ 240,678 $ 207,490 $ 688,982 $ 635,383 Revenue by service or product type and by geography is as follows (in thousands): Three Months Ended April 30, 2024 Subscription and support License Services Total United States $ 94,089 $ 36,016 $ 33,286 $ 163,391 Canada 19,583 2,859 1,837 24,279 Other Americas 1,484 855 452 2,791 Total Americas 115,156 39,730 35,575 190,461 Total EMEA 15,139 10,556 8,850 34,545 Total APAC 7,675 5,924 2,073 15,672 Total revenue $ 137,970 $ 56,210 $ 46,498 $ 240,678 Three Months Ended April 30, 2023 Subscription and support License Services Total United States $ 71,764 $ 33,528 $ 33,100 $ 138,392 Canada 18,176 1,932 4,341 24,449 Other Americas 1,441 439 892 2,772 Total Americas 91,381 35,899 38,333 165,613 Total EMEA 10,319 8,351 7,727 26,397 Total APAC 5,799 6,352 3,329 15,480 Total revenue $ 107,499 $ 50,602 $ 49,389 $ 207,490 Nine Months Ended April 30, 2024 Subscription and support License Services Total United States $ 271,015 $ 85,522 $ 90,853 $ 447,390 Canada 56,362 10,662 5,970 72,994 Other Americas 4,469 1,357 1,373 7,199 Total Americas 331,846 97,541 98,196 527,583 Total EMEA 43,104 37,511 25,551 106,166 Total APAC 22,289 26,266 6,678 55,233 Total revenue $ 397,239 $ 161,318 $ 130,425 $ 688,982 |
Contract with Customer, Asset and Liability | Amounts related to customer contract-related arrangements are included on the condensed consolidated balance sheets as follows (in thousands): April 30, 2024 July 31, 2023 Unbilled accounts receivable, net $ 132,819 $ 98,864 Contract costs, net $ 44,537 $ 47,254 Deferred revenue, net $ 184,899 $ 212,911 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Apr. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | Available-for-sale investments within cash equivalents and investments consist of the following (in thousands): April 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Asset-backed securities $ 43,481 $ 26 $ (123) $ 43,384 Certificates of deposit 56,540 — — 56,540 Commercial paper 163,686 — — 163,686 Corporate bonds 254,954 122 (532) 254,544 Foreign government bonds 8,353 — (48) 8,305 Money market funds 235,149 — — 235,149 U.S. Government agency securities 21,660 — (49) 21,611 U.S. Government bonds 74,609 — (481) 74,128 Total $ 858,432 $ 148 $ (1,233) $ 857,347 July 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Asset-backed securities $ 43,573 $ 18 $ (234) $ 43,357 Certificates of deposit 34,395 — — 34,395 Commercial paper 150,254 — — 150,254 Corporate bonds 200,691 41 (1,590) 199,142 Foreign government bonds 14,559 — (203) 14,356 Money market funds 229,721 — — 229,721 U.S. Government agency securities 84,180 9 (151) 84,038 U.S. Government bonds 87,064 1 (1,230) 85,835 Total $ 844,437 $ 69 $ (3,408) $ 841,098 |
Investments Classified by Contractual Maturity Date | The following table summarizes the contractual maturities of the Company’s available-for-sale investments measured at fair value (in thousands): April 30, 2024 Less Than 12 Months 12 Months or Greater Total Asset-backed securities $ 6,070 $ 37,314 $ 43,384 Certificates of deposit 56,540 — 56,540 Commercial paper 163,686 — 163,686 Corporate bonds 157,889 96,655 254,544 Foreign government bonds 6,486 1,819 8,305 Money market funds 235,149 — 235,149 U.S. Government agency securities 20,737 874 21,611 U.S. Government bonds 58,899 15,229 74,128 Total $ 705,456 $ 151,891 $ 857,347 |
Fair Value, Assets Measured on Recurring Basis | The following tables summarize the Company’s available-for-sale investments measured at fair value, by level within the fair value hierarchy (in thousands): April 30, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Commercial paper $ — $ 44,624 $ — $ 44,624 Corporate bonds $ — $ 2,992 $ — $ 2,992 Money market funds 235,149 — — 235,149 Total cash equivalents 235,149 47,616 — 282,765 Short-term investments: Asset-backed securities — 6,070 — 6,070 Certificates of deposit — 56,540 — 56,540 Commercial paper — 119,062 — 119,062 Corporate bonds — 154,897 — 154,897 Foreign government bonds — 6,486 — 6,486 U.S. Government agency securities 20,737 — 20,737 U.S. Government bonds — 58,899 — 58,899 Total short-term investments — 422,691 — 422,691 Long-term investments: Asset-backed securities — 37,314 — 37,314 Corporate bonds — 96,655 — 96,655 Foreign government bonds — 1,819 — 1,819 U.S. Government agency securities — 874 — 874 U.S. Government bonds — 15,229 — 15,229 Total long-term investments — 151,891 — 151,891 Total $ 235,149 $ 622,198 $ — $ 857,347 July 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Commercial paper $ — $ 61,296 $ — $ 61,296 Money market funds 229,721 — — 229,721 U.S. Government agency securities — 8,478 — 8,478 U.S. Government bonds — 15,949 — 15,949 Total cash equivalents 229,721 85,723 — 315,444 Short-term investments: Asset-backed securities — 2,705 — 2,705 Certificates of deposit — 34,395 — 34,395 Commercial paper — 88,958 — 88,958 Corporate bonds — 156,396 — 156,396 Foreign government bonds — 10,717 — 10,717 U.S. Government agency securities — 69,101 — 69,101 U.S. Government bonds — 34,600 — 34,600 Total short-term investments — 396,872 — 396,872 Long-term investments: Asset-backed securities — 40,652 — 40,652 Corporate bonds — 42,746 — 42,746 Foreign government bonds — 3,639 — 3,639 U.S. Government agency securities — 6,459 — 6,459 U.S. Government bonds — 35,286 — 35,286 Total long-term investments — 128,782 — 128,782 Total $ 229,721 $ 611,377 $ — $ 841,098 |
Equity Method Investments | The following table summarizes the carrying amount of the Company’s strategic investments (in thousands): April 30, 2024 July 31, 2023 Equity investments using the measurement alternative $ 17,740 $ 27,772 Equity investment using net asset value $ 5,916 $ — |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Apr. 30, 2024 | |
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 (loss) per share for the three and nine months ended April 30, 2024 and 2023 (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended April 30, April 30, 2024 2023 2024 2023 Numerator: Net income (loss) $ (5,478) $ (45,568) $ (22,862) $ (124,075) Net income (loss) per share: Basic and diluted $ (0.07) $ (0.56) $ (0.28) $ (1.51) Denominator: Weighted average shares used in computing net income (loss) per share: Basic and diluted 82,500,109 81,832,244 82,105,357 82,407,950 |
Schedule of Antidilutive Securities excluded from EPS | The following weighted average shares of potential common stock were excluded from the computation of diluted net income (loss) per share for the periods presented because including them would have been anti-dilutive: Three Months Ended Nine Months Ended April 30, April 30, 2024 2023 2024 2023 Stock options 181,646 40,041 184,000 13,243 Stock awards 3,764,735 2,547,035 3,846,177 2,082,196 Convertible senior notes 3,550,532 3,516,480 3,516,480 3,516,480 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Apr. 30, 2024 | |
Leases [Abstract] | |
Components of Lease Cost | Components of operating lease costs were as follows (in thousands): Three Months Ended Nine Months Ended April 30, April 30, 2024 2023 2024 2023 Operating lease cost 1 $ 3,137 $ 1,724 $ 9,414 $ 9,524 Variable lease cost 615 1,157 1,679 3,617 Sublease income — (206) — (898) Net operating lease cost $ 3,752 $ 2,675 $ 11,093 $ 12,243 (1) Lease expense for leases with an initial term of 12 months or less is excluded from the table above and was $0.2 million and $0.2 million for the three months ended April 30, 2024 and 2023, respectively, and $0.7 million and $0.7 million for the nine months ended April 30, 2024 and 2023, respectively. Supplemental information related to leases was as follows (in thousands, except for lease term and discount rate): April 30, 2024 July 31, 2023 Operating lease assets $ 46,267 $ 52,373 Current portion of lease liabilities $ 9,149 $ 8,433 Non-current portion of lease liabilities 37,120 42,972 Total lease liabilities $ 46,269 $ 51,405 Weighted average remaining lease term (years) 5.52 6.17 Weighted average discount rate 4.03 % 3.92 % Supplemental cash and non-cash information related to operating leases was as follows (in thousands): Nine Months Ended April 30, 2024 2023 Cash payments for operating leases $ 8,684 $ 10,797 Operating lease assets obtained in exchange for lease liabilities $ 2,621 $ (46,781) |
Future Operating Lease Payments | Future operating lease payments as of April 30, 2024 were as follows (in thousands): Fiscal Year Ending July 31, 2024 (remainder of fiscal year) $ 2,228 2025 11,476 2026 11,094 2027 10,003 2028 4,081 2029 3,907 Thereafter 8,394 Total future lease payments 51,183 Less imputed interest (4,914) Total lease liability balance $ 46,269 |
Stock-Based Compensation Expe_2
Stock-Based Compensation Expense and Shareholders' Equity (Tables) | 9 Months Ended |
Apr. 30, 2024 | |
Stockholders' Equity and Stock-based Compensation [Abstract] | |
Stock-based compensation expense | Stock-based compensation expense related to stock options and Stock Awards is included in the Company’s condensed consolidated statements of operations as follows (in thousands): Three Months Ended Nine Months Ended April 30, April 30, 2024 2023 2024 2023 Stock-based compensation expense $ 36,809 $ 35,284 $ 109,411 $ 106,829 Net impact of deferred stock-based compensation (159) (265) (237) (535) Total stock-based compensation expense, net $ 36,650 $ 35,019 $ 109,174 $ 106,294 Stock-based compensation expense is included in the following categories: Cost of subscription and support revenue $ 3,113 $ 3,580 $ 9,989 $ 10,488 Cost of license revenue 72 93 220 359 Cost of services revenue 4,722 4,631 14,154 14,377 Research and development 10,003 10,084 30,127 29,676 Sales and marketing 9,354 7,432 25,273 22,343 General and administrative 9,386 9,199 29,411 29,051 Total stock-based compensation expense $ 36,650 $ 35,019 $ 109,174 $ 106,294 Total unrecognized stock-based compensation expense related to the Company’s stock options and Stock Awards as of April 30, 2024 is as follows: Unrecognized Expense Weighted Average Expected Recognition Period Stock Options $ 740 0.3 Stock Awards 274,132 2.4 Total unrecognized stock-based compensation expense $ 274,872 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | A summary of Stock Awards activity under the Company’s equity incentive plans is as follows: Stock Awards Outstanding Number of Stock Awards Outstanding Weighted Average Grant Date Fair Value Aggregate Intrinsic Value (in thousands) (1) Balance as of July 31, 2023 3,414,706 $ 85.68 $ 289,635 Granted 1,606,142 $ 92.84 Released (1,221,287) $ 91.73 $ 121,796 Canceled (236,873) $ 89.25 Balance as of April 30, 2024 3,562,688 $ 86.59 $ 393,321 Expected to vest as of April 30, 2024 3,562,688 $ 86.59 $ 393,321 (1) Aggregate intrinsic value at each period end represents the total market value of Stock Awards at the Company’s closing stock price of $110.40 and $84.82 on April 30, 2024 and July 31, 2023, respectively. Aggregate intrinsic value for released Stock Awards represents the total market value of released Stock Awards at date of release. |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity under the Company’s equity incentive plans is as follows: Stock Options Outstanding 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, 2023 187,572 $ 65.90 8.8 $ 3,549 Granted — $ — Exercised (1,115) $ 12.44 $ 110 Canceled (5,217) $ 68.39 Balance as of April 30, 2024 181,240 $ 66.16 8.1 $ 8,019 Vested and expected to vest as of April 30, 2024 181,240 $ 66.16 8.1 $ 8,019 Exercisable as of April 30, 2024 7,109 $ 11.52 2.8 $ 703 (1) Aggregate intrinsic value at each period end represents the difference between the Company’s closing stock price of $110.40 and $84.82 on April 30, 2024 and July 31, 2023, respectively, and the exercise price of outstanding options. Aggregate intrinsic value for exercised options represents the difference between the Company’s stock price at date of exercise and the exercise price. |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The Company determined the fair value of the portion of the award subject to the market performance of the Company’s common stock using a Monte Carlo simulation model, which included the following assumptions: Performance Period September 13, 2023 to September 13, 2026 3-year Historical Volatility 35.0% 3-year Risk Free Rate 4.5% |
The Company and Summary of Si_3
The Company and Summary of Significant Accounting Policies and Estimates (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2024 | Jul. 31, 2023 | |
Customer One | Accounts Receivable | Customer Concentration Risk | ||
Finite-Lived Intangible Assets [Line Items] | ||
Concentration risk, percentage | 10% | |
Prepaid Expenses and Other Current Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquisition consideration holdback | $ 1.2 | $ 2.9 |
Other Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquisition consideration holdback | $ 2.1 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 240,678 | $ 207,490 | $ 688,982 | $ 635,383 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 163,391 | 138,392 | 447,390 | 408,572 |
Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 24,279 | 24,449 | 72,994 | 78,118 |
Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,791 | 2,772 | 7,199 | 7,685 |
Total Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 190,461 | 165,613 | 527,583 | 494,375 |
Total EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 34,545 | 26,397 | 106,166 | 89,328 |
Total APAC | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 15,672 | 15,480 | 55,233 | 51,680 |
Subscription and support | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 137,970 | 107,499 | 397,239 | 312,321 |
Subscription and support | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 94,089 | 71,764 | 271,015 | 210,189 |
Subscription and support | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 19,583 | 18,176 | 56,362 | 51,763 |
Subscription and support | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,484 | 1,441 | 4,469 | 4,397 |
Subscription and support | Total Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 115,156 | 91,381 | 331,846 | 266,349 |
Subscription and support | Total EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 15,139 | 10,319 | 43,104 | 28,959 |
Subscription and support | Total APAC | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 7,675 | 5,799 | 22,289 | 17,013 |
Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 120,430 | 89,091 | 343,152 | 254,083 |
Support | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 17,540 | 18,408 | 54,087 | 58,238 |
License | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 56,210 | 50,602 | 161,318 | 164,669 |
License | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 36,016 | 33,528 | 85,522 | 90,458 |
License | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,859 | 1,932 | 10,662 | 11,537 |
License | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 855 | 439 | 1,357 | 1,291 |
License | Total Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 39,730 | 35,899 | 97,541 | 103,286 |
License | Total EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 10,556 | 8,351 | 37,511 | 34,484 |
License | Total APAC | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,924 | 6,352 | 26,266 | 26,899 |
Term license | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 55,005 | 50,556 | 160,017 | 164,512 |
Perpetual license | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,205 | 46 | 1,301 | 157 |
Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 46,498 | 49,389 | 130,425 | 158,393 |
Services | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 33,286 | 33,100 | 90,853 | 107,925 |
Services | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,837 | 4,341 | 5,970 | 14,818 |
Services | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 452 | 892 | 1,373 | 1,997 |
Services | Total Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 35,575 | 38,333 | 98,196 | 124,740 |
Services | Total EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,850 | 7,727 | 25,551 | 25,885 |
Services | Total APAC | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 2,073 | $ 3,329 | $ 6,678 | $ 7,768 |
Revenue (Contract with Customer
Revenue (Contract with Customer) (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jul. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Unbilled accounts receivable, net | $ 132,819 | $ 98,864 |
Contract costs, net | 44,537 | 47,254 |
Deferred revenue, net | $ 184,899 | $ 212,911 |
Revenue (Details)
Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Jul. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |||||
Allowance for doubtful accounts | $ 0 | $ 0 | $ 0 | ||
Contract costs, current | 15,500,000 | 15,500,000 | 15,900,000 | ||
Contract costs, noncurrent | 29,000,000 | 29,000,000 | $ 31,300,000 | ||
Amortization of contract costs | 4,100,000 | $ 4,400,000 | 12,869,000 | $ 13,000,000 | |
Contract with customer, liability, revenue recognized | 33,000,000 | 184,800,000 | |||
Remaining performance obligation, amount | $ 1,600,000,000 | $ 1,600,000,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details 1) - USD ($) $ in Thousands | Apr. 30, 2024 | Jul. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 858,432 | $ 844,437 |
Unrealized Gains | 148 | 69 |
Unrealized Losses | (1,233) | (3,408) |
Estimated Fair Value | 857,347 | 841,098 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 163,686 | 150,254 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 163,686 | 150,254 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 254,954 | 200,691 |
Unrealized Gains | 122 | 41 |
Unrealized Losses | (532) | (1,590) |
Estimated Fair Value | 254,544 | 199,142 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 56,540 | 34,395 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 56,540 | 34,395 |
U.S. Government bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 74,609 | 87,064 |
Unrealized Gains | 0 | 1 |
Unrealized Losses | (481) | (1,230) |
Estimated Fair Value | 74,128 | 85,835 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 235,149 | 229,721 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 235,149 | 229,721 |
U.S. Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 21,660 | 84,180 |
Unrealized Gains | 0 | 9 |
Unrealized Losses | (49) | (151) |
Estimated Fair Value | 21,611 | 84,038 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 43,481 | 43,573 |
Unrealized Gains | 26 | 18 |
Unrealized Losses | (123) | (234) |
Estimated Fair Value | 43,384 | 43,357 |
Foreign government bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 8,353 | 14,559 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (48) | (203) |
Estimated Fair Value | $ 8,305 | $ 14,356 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Details 2) - USD ($) $ in Thousands | Apr. 30, 2024 | Jul. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Less Than 12 Months | $ 705,456 | |
12 Months or Greater | 151,891 | |
Total | 857,347 | $ 841,098 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Less Than 12 Months | 163,686 | |
12 Months or Greater | 0 | |
Total | 163,686 | 150,254 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Less Than 12 Months | 157,889 | |
12 Months or Greater | 96,655 | |
Total | 254,544 | 199,142 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Less Than 12 Months | 56,540 | |
12 Months or Greater | 0 | |
Total | 56,540 | 34,395 |
U.S. Government bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Less Than 12 Months | 58,899 | |
12 Months or Greater | 15,229 | |
Total | 74,128 | 85,835 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Less Than 12 Months | 235,149 | |
12 Months or Greater | 0 | |
Total | 235,149 | 229,721 |
U.S. Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Less Than 12 Months | 20,737 | |
12 Months or Greater | 874 | |
Total | 21,611 | 84,038 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Less Than 12 Months | 6,070 | |
12 Months or Greater | 37,314 | |
Total | 43,384 | 43,357 |
Foreign government bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Less Than 12 Months | 6,486 | |
12 Months or Greater | 1,819 | |
Total | $ 8,305 | $ 14,356 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Details 3) - USD ($) | Apr. 30, 2024 | Jul. 31, 2023 | Mar. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | $ 282,765,000 | $ 315,444,000 | |
Total short-term investments | 422,691,000 | 396,872,000 | |
Total long-term investments | 151,891,000 | 128,782,000 | |
Total | 857,347,000 | 841,098,000 | |
Strategic investment, noncurrent, quarter to date | 300,000 | ||
Senior Notes | Convertible Senior Notes, 1.250% | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of debt | 445,400,000 | 388,200,000 | |
Aggregate principal amount | $ 400,000,000 | ||
Stated interest rate | 1.25% | ||
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 235,149,000 | 229,721,000 | |
Total short-term investments | 0 | 0 | |
Total long-term investments | 0 | 0 | |
Total | 235,149,000 | 229,721,000 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 47,616,000 | 85,723,000 | |
Total short-term investments | 422,691,000 | 396,872,000 | |
Total long-term investments | 151,891,000 | 128,782,000 | |
Total | 622,198,000 | 611,377,000 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 0 | 0 | |
Total short-term investments | 0 | 0 | |
Total long-term investments | 0 | 0 | |
Total | 0 | 0 | |
Commercial paper | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 44,624,000 | 61,296,000 | |
Commercial paper | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 0 | 0 | |
Commercial paper | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 44,624,000 | 61,296,000 | |
Commercial paper | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 0 | 0 | |
Certificates of deposit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 15,949,000 | ||
Certificates of deposit | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 0 | ||
Certificates of deposit | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 15,949,000 | ||
Certificates of deposit | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 0 | ||
Money market funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 235,149,000 | 229,721,000 | |
Money market funds | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 235,149,000 | 229,721,000 | |
Money market funds | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 0 | 0 | |
Money market funds | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 0 | 0 | |
U.S. Government agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 8,478,000 | ||
U.S. Government agency securities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 0 | ||
U.S. Government agency securities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 8,478,000 | ||
U.S. Government agency securities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 0 | ||
Commercial paper | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 119,062,000 | 88,958,000 | |
Commercial paper | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 0 | 0 | |
Commercial paper | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 119,062,000 | 88,958,000 | |
Commercial paper | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 0 | 0 | |
Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 2,992,000 | ||
Total short-term investments | 154,897,000 | 156,396,000 | |
Total long-term investments | 96,655,000 | 42,746,000 | |
Corporate bonds | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 0 | ||
Total short-term investments | 0 | 0 | |
Total long-term investments | 0 | 0 | |
Corporate bonds | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 2,992,000 | ||
Total short-term investments | 154,897,000 | 156,396,000 | |
Total long-term investments | 96,655,000 | 42,746,000 | |
Corporate bonds | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total cash equivalents | 0 | ||
Total short-term investments | 0 | 0 | |
Total long-term investments | 0 | 0 | |
Certificates of deposit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 56,540,000 | 34,395,000 | |
Certificates of deposit | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 0 | 0 | |
Certificates of deposit | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 56,540,000 | 34,395,000 | |
Certificates of deposit | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 0 | 0 | |
U.S. Government bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 58,899,000 | 34,600,000 | |
Total long-term investments | 15,229,000 | 35,286,000 | |
U.S. Government bonds | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 0 | 0 | |
Total long-term investments | 0 | 0 | |
U.S. Government bonds | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 58,899,000 | 34,600,000 | |
Total long-term investments | 15,229,000 | 35,286,000 | |
U.S. Government bonds | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 0 | 0 | |
Total long-term investments | 0 | 0 | |
U.S. Government agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 20,737,000 | 69,101,000 | |
Total long-term investments | 874,000 | 6,459,000 | |
U.S. Government agency securities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 0 | ||
Total long-term investments | 0 | 0 | |
U.S. Government agency securities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 20,737,000 | 69,101,000 | |
Total long-term investments | 874,000 | 6,459,000 | |
U.S. Government agency securities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 0 | 0 | |
Total long-term investments | 0 | 0 | |
Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 6,070,000 | 2,705,000 | |
Total long-term investments | 37,314,000 | 40,652,000 | |
Asset-backed securities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 0 | 0 | |
Total long-term investments | 0 | 0 | |
Asset-backed securities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 6,070,000 | 2,705,000 | |
Total long-term investments | 37,314,000 | 40,652,000 | |
Asset-backed securities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 0 | 0 | |
Total long-term investments | 0 | 0 | |
Foreign government bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 6,486,000 | 10,717,000 | |
Total long-term investments | 1,819,000 | 3,639,000 | |
Foreign government bonds | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 0 | 0 | |
Total long-term investments | 0 | 0 | |
Foreign government bonds | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 6,486,000 | 10,717,000 | |
Total long-term investments | 1,819,000 | 3,639,000 | |
Foreign government bonds | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total short-term investments | 0 | 0 | |
Total long-term investments | $ 0 | $ 0 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Details 4) - USD ($) $ in Thousands | 9 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Jul. 31, 2023 | |
Fair Value Disclosures [Abstract] | |||
Strategic investment, noncurrent, quarter to date | $ 300 | ||
Changes in fair value of strategic investments | 298 | $ 0 | |
Equity consideration | 12,100 | ||
Cash paid | 6,500 | ||
Gain (Loss) In Excess Of Cost | 1,800 | ||
Limited Partners' Capital Account | 5,600 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments using the measurement alternative | 17,740 | $ 27,772 | |
Fair Value Measured at Net Asset Value Per Share | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investment using net asset value | $ 5,916 | $ 0 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Apr. 30, 2024 | Jan. 31, 2024 | Oct. 31, 2023 | Apr. 30, 2023 | Jan. 31, 2023 | Oct. 31, 2022 | Apr. 30, 2024 | Apr. 30, 2023 | |
Numerator: | ||||||||
Net income (loss) | $ (5,478) | $ 9,687 | $ (27,071) | $ (45,568) | $ (9,189) | $ (69,318) | $ (22,862) | $ (124,075) |
Net income (loss) per share: | ||||||||
Basic (in dollars per share) | $ (0.07) | $ (0.56) | $ (0.28) | $ (1.51) | ||||
Diluted (in dollars per share) | $ (0.07) | $ (0.56) | $ (0.28) | $ (1.51) | ||||
Weighted average shares used in computing net income (loss) per share: | ||||||||
Basic (in shares) | 82,500,109 | 81,832,244 | 82,105,357 | 82,407,950 | ||||
Diluted (in shares) | 82,500,109 | 81,832,244 | 82,105,357 | 82,407,950 |
Net Income (Loss) Per Share (_2
Net Income (Loss) Per Share (Details 2) - shares | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||
Diluted (in shares) | 82,500,109 | 81,832,244 | 82,105,357 | 82,407,950 | |
Basic (in shares) | 82,500,109 | 81,832,244 | 82,105,357 | 82,407,950 | |
Stock options | |||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from EPS (in shares) | 181,646 | 184,000 | 40,041 | 13,243 | |
Stock awards | |||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from EPS (in shares) | 3,764,735 | 3,846,177 | 2,547,035 | 2,082,196 | |
Convertible senior notes | |||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from EPS (in shares) | 3,550,532 | 3,516,480 | 3,516,480 | 3,516,480 |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease cost | $ 3,137 | $ 1,724 | $ 9,414 | $ 9,524 |
Variable lease cost | 615 | 1,157 | 1,679 | 3,617 |
Sublease income | 0 | (206) | 0 | (898) |
Net operating lease cost | 3,752 | 2,675 | 11,093 | 12,243 |
Lease expense for leases with initial term of 12 months or less | $ 200 | $ 200 | $ 700 | $ 700 |
Leases (Future Operating Lease
Leases (Future Operating Lease Payments) (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jul. 31, 2023 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2024 (remainder of fiscal year) | $ 2,228 | |
2025 | 11,476 | |
2026 | 11,094 | |
2027 | 10,003 | |
2028 | 4,081 | |
2029 | 3,907 | |
Thereafter | 8,394 | |
Total future lease payments | 51,183 | |
Less imputed interest | (4,914) | |
Total lease liability balance | $ 46,269 | $ 51,405 |
Leases (Supplemental Lease Info
Leases (Supplemental Lease Information) (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jul. 31, 2023 |
Assets and Liabilities, Lessee [Abstract] | ||
Operating lease assets | $ 46,267 | $ 52,373 |
Current portion of lease liabilities | 9,149 | 8,433 |
Non-current portion of lease liabilities | 37,120 | 42,972 |
Total lease liabilities | $ 46,269 | $ 51,405 |
Weighted average remaining lease term (years) | 5 years 6 months 7 days | 6 years 2 months 1 day |
Weighted average discount rate | 4.03% | 3.92% |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities |
Leases (Supplemental Cash and N
Leases (Supplemental Cash and Non-Cash Information) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Leases [Abstract] | ||
Cash payments for operating leases | $ 8,684 | $ 10,797 |
Operating lease assets obtained in exchange for lease liabilities | $ 2,621 | $ 46,781 |
Leases (Textual) (Details)
Leases (Textual) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2024 | Apr. 30, 2023 | Jul. 31, 2023 | |
Lessee, Lease, Description [Line Items] | ||||
Expenses related to lease assignment | $ (200) | $ 0 | $ 18,419 | |
De-recognition of operating lease asset | 56,900 | 56,900 | ||
Gain from de-recognition of operating lease asset | 18,400 | |||
De-recognition of lease liability | 75,500 | 75,500 | ||
Operating lease assets | 46,267 | 46,267 | $ 52,373 | |
Total lease liability balance | 46,269 | 46,269 | $ 51,405 | |
New Worldwide Headquarters | ||||
Lessee, Lease, Description [Line Items] | ||||
Depreciation | 26,900 | 26,900 | ||
General and Administrative Expense [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Expenses related to lease assignment | $ (8,500) | $ (8,500) |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) | Apr. 30, 2024 USD ($) customer | Jul. 31, 2023 USD ($) customer |
Commitments and Contingencies Disclosure [Abstract] | ||
Reimbursement | $ | $ 0 | $ 0 |
Claims outstanding | customer | 0 | 0 |
Stock-Based Compensation Expe_3
Stock-Based Compensation Expense and Shareholders' Equity (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 36,809 | $ 35,284 | $ 109,411 | $ 106,829 |
Net impact of deferred stock-based compensation | (159) | (265) | (237) | (535) |
Total stock-based compensation expense, net | 36,650 | 35,019 | 109,174 | 106,294 |
Total stock-based compensation expense | 36,650 | 35,019 | 109,174 | 106,294 |
Unrecognized stock-based compensation expense | 274,872 | 274,872 | ||
Stock options | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Unrecognized stock-based compensation expense | 740 | $ 740 | ||
Unrecognized stock-based compensation expense, period for recognition | 3 months 18 days | |||
Restricted Stock Units (RSUs) [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Unrecognized stock-based compensation expense | 274,132 | $ 274,132 | ||
Unrecognized stock-based compensation expense, period for recognition | 2 years 4 months 24 days | |||
Cost of subscription and support revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 3,113 | 3,580 | $ 9,989 | 10,488 |
Cost of license revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 72 | 93 | 220 | 359 |
Cost of services revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 4,722 | 4,631 | 14,154 | 14,377 |
Research and development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 10,003 | 10,084 | 30,127 | 29,676 |
Sales and marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 9,354 | 7,432 | 25,273 | 22,343 |
General and administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 9,386 | $ 9,199 | $ 29,411 | $ 29,051 |
Stock-Based Compensation Expe_4
Stock-Based Compensation Expense and Shareholders' Equity (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Jan. 31, 2024 | Apr. 30, 2024 | Jul. 31, 2023 | |
Weighted Average Grant Date Fair Value | |||
Share price (in dollars per share) | $ 110.40 | $ 84.82 | |
Weighted Average Exercise Price | |||
Granted (in dollars per share) | $ 0 | ||
Canceled (in dollars per share) | $ 68.39 | ||
Stock awards | |||
Number of Stock Awards Outstanding | |||
Balance at beginning of period (in shares) | 3,414,706 | 3,414,706 | |
Granted (in shares) | 1,606,142 | ||
Released (in shares) | (1,221,287) | ||
Canceled (in shares) | (236,873) | ||
Balance at end of period (in shares) | 3,562,688 | 3,414,706 | |
Expected to vest (in shares) | 3,562,688 | ||
Weighted Average Grant Date Fair Value | |||
Balance at beginning of period (in dollars per share) | $ 85.68 | $ 85.68 | |
Granted (in dollars per share) | 92.84 | ||
Released (in dollars per share) | 91.73 | ||
Canceled (in dollars per share) | 89.25 | ||
Balance at end of period (in dollars per share) | 86.59 | $ 85.68 | |
Expected to vest (in dollars per share) | $ 86.59 | ||
Aggregate intrinsic value, Nonvested | $ 393,321 | $ 289,635 | |
Aggregate intrinsic value, released | 121,796 | ||
Aggregate intrinsic value, Expected to vest | $ 393,321 | ||
Stock options | |||
Number of Stock Options Outstanding | |||
Balance at beginning of period (in shares) | 187,572 | 187,572 | |
Granted (in shares) | 0 | ||
Exercised (in shares) | (1,115) | ||
Canceled (in shares) | (5,217) | ||
Balance at end of period (in shares) | 181,240 | 187,572 | |
Vested and expected to vest (in shares) | 181,240 | ||
Exercisable (in shares) | 7,109 | ||
Weighted Average Exercise Price | |||
Balance at beginning of period (in dollars per share) | $ 65.90 | $ 65.90 | |
Exercised (in dollars per share) | $ 12.44 | ||
Balance at end of period (in dollars per share) | 66.16 | $ 65.90 | |
Vested and expected to vest (in dollars per share) | 66.16 | ||
Exercisable (in dollars per share) | $ 11.52 | ||
Weighted Average Remaining Contractual Life | |||
Outstanding, weighted average remaining contractual life | 8 years 1 month 6 days | 8 years 9 months 18 days | |
Vested and expected to vest, weighted average remaining contractual life | 8 years 1 month 6 days | ||
Exercisable, weighted average remaining contractual life | 2 years 9 months 18 days | ||
Aggregate Intrinsic Value | |||
Aggregate intrinsic value | $ 8,019 | $ 3,549 | |
Exercised | $ 110 | ||
Vested and expected to vest | 8,019 | ||
Exercisable | $ 703 |
Stock-Based Compensation Expe_5
Stock-Based Compensation Expense and Shareholders' Equity (Details 3) | 9 Months Ended |
Apr. 30, 2024 | |
Stockholders' Equity and Stock-based Compensation [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 35% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.50% |
Stock-Based Compensation Expe_6
Stock-Based Compensation Expense and Shareholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2024 | Oct. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Sep. 30, 2022 | |
Class of Stock [Line Items] | ||||||
Prepayment for repurchase of stock | $ 0 | $ 213,993,000 | ||||
Remaining authorized amount | $ 138,200,000 | 138,200,000 | ||||
Share Based Compensation Expense, Performance Based Awards | $ 4,600,000 | $ 3,600,000 | $ 11,700,000 | $ 10,800,000 | ||
PSUs | ||||||
Class of Stock [Line Items] | ||||||
Period of time based Vesting | 3 years | |||||
PSUs | Tranche One | ||||||
Class of Stock [Line Items] | ||||||
Award vesting percentage | 50% | |||||
PSUs | Tranche two | ||||||
Class of Stock [Line Items] | ||||||
Award vesting percentage | 50% | |||||
Accelerated Share Repurchase Agreement | ||||||
Class of Stock [Line Items] | ||||||
Authorized repurchase amount | $ 400,000,000 | |||||
Common stock (in shares) | 648,001 | 2,581,478 | 2,581,478 | |||
Shares repurchased (in shares) | 3,229,479 | 3,436,670 | ||||
Average price per share (in dollars per share) | $ 61.93 | $ 62.85 | ||||
Prepayment for repurchase of stock | $ 200,000,000 |