Leases (Tables)

12 Months Ended

Jul. 31, 2024

Components of lease expense were as follows:


		Year Ended July 31,
(In thousands)		2024		2023
Operating lease expense		$	26,222	$	26,646
Finance lease expense:
	Amortization of right-of-use assets	14		23
	Interest on finance lease liabilities	—		1
Short-term lease expense		4,371		4,554
Variable lease expense		1,359		1,178
Total lease expense		$	31,966	$	32,402

The weighted-average remaining lease terms and discount rates as of July 31, 2024 were as follows:


	Weighted-Average Remaining Lease Term (In years)	Weighted-Average Discount Rate(1)
Operating leases	8.57	3.95	%

(1)The Company cannot determine the interest rate implicit in the Company’s leases. Therefore, the discount rate represents the Company’s incremental borrowing rate and is determined based on the risk-free rate, adjusted for the risk premium attributed to the Company’s imputed corporate credit rating for a secured or collateralized instrument.

Schedule of Right-of use Assets and Lease Liabilities

The components of right-of-use assets and lease liabilities on the consolidated balance sheets were as follows (In thousands):


Lease Asset and Liabilities	Balance Sheet Classification (In thousands)	July 31, 2024		July 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	116,301	$	108,139
Finance lease right-of-use assets	Property and equipment, net	—		30
Total lease assets, net		$	116,301	$	108,169

Operating lease liabilities - current	Current portion of operating and finance lease liabilities	$	21,304	$	21,455
Finance lease liabilities - current	Current portion of operating and finance lease liabilities	—		13
Operating lease liabilities - non-current	Operating and finance lease liabilities, net of current portion	97,429		88,082
Finance lease liabilities - non-current	Operating and finance lease liabilities, net of current portion	—		—
Total lease liabilities		$	118,733	$	109,550

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information related to leases as of July 31, 2024 were as follows (In thousands):


		Year Ended July 31,
(In thousands)		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
	Operating cash flows related to operating leases	$	25,320	$	26,428
	Operating cash flows related to finance leases	—		1
	Financing cash flows related to finance leases	14		23
Right-of-use assets obtained in exchange for new operating lease liabilities		37,172		21,149
Right-of-use assets obtained in exchange for new finance lease liabilities		—		—

Schedule of Maturity of Finance leases

The annual maturities of the Company’s lease liabilities as of July 31, 2024 were as follows:


Fiscal Year (In thousands)	Operating Leases
2025	$	24,745
2026	20,978
2027	17,028
2028	15,513
2029	13,634
Thereafter	47,809
Total future lease commitments	$	139,707
Less: imputed interest	(20,974)
Present value of lease liabilities	$	118,733

Schedule of Maturity of Operating Lease

The annual maturities of the Company’s lease liabilities as of July 31, 2024 were as follows:


Fiscal Year (In thousands)	Operating Leases
2025	$	24,745
2026	20,978
2027	17,028
2028	15,513
2029	13,634
Thereafter	47,809
Total future lease commitments	$	139,707
Less: imputed interest	(20,974)
Present value of lease liabilities	$	118,733

Schedule of Future Lease Payments Receivable

Future lease payments receivable under operating leases with terms greater than one year as of July 31, 2024 were as follows:


Fiscal Year (In thousands)	Operating Leases
2025	$	5,653
2026	5,209
2027	5,225
2028	4,493
2029	3,395
Thereafter	1,628
Total future lease payments receivable	$	25,603