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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jul. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured on Recurring Basis

The fair value of our financial assets and liabilities measured on a recurring basis is as follows:

	As of July 31, 2017
	Level I				Level II				Level III				Total
	(in thousands)
Financial Assets:
Cash equivalents:
Money market funds	$	34,784			$	—			$	—			$	34,784
Commercial paper	—				23,041				—				23,041
Short-term investments:
Corporate bonds	—				160,634				—				160,634
Commercial paper	—				36,084				—				36,084
U.S. government securities	—				13,976				—				13,976
Total measured at fair value	$	34,784			$	233,735			$	—			$	268,519
Cash													80,534
Total cash, cash equivalents and short-term investments													$	349,053
Financial Liabilities:
Contingent consideration	$	—			$	—			$	4,295			$	4,295

	As of July 31, 2018
	Level I				Level II				Level III				Total
	(in thousands)
Financial Assets:
Cash equivalents:
Money market funds	$	41,763			$	—			$	—			$	41,763
Commercial paper	—				77,818				—				77,818
U.S. government securities	—				4,985				—				4,985
Short-term investments:
Corporate bonds	—				448,458				—				448,458
Commercial paper	—				120,772				—				120,772
U.S. government securities	—				59,098				—				59,098
Total measured at fair value	41,763				711,131				—				752,894
Cash													181,409
Total cash, cash equivalents and short-term investments													$	934,303
Financial Liabilities:
Contingent consideration	$	—			$	—			$	1,872			$	1,872

The carrying values and estimated fair values of financial instruments not recorded at fair value are as follows:

	As of July 31, 2017								As of July 31, 2018
	Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
	(in thousands)
Convertible senior notes, net	$	—			$	—			$	429,598			$	685,527

Summary of Changes in Fair Value of Convertible Preferred Stock Warrant Liability

A summary of the changes in the fair value of our contingent consideration, characterized as Level 3 in the fair value hierarchy, is as follows:

	Fiscal Year Ended July 31,
	2017				2018
	(in thousands)
Contingent consideration—beginning balance	$	—			$	4,295
Assumed in a business combination	2,371				—
Change in fair value (1)	1,924				(2,423		)
Contingent consideration—ending balance	$	4,295			$	1,872

(1) Recognized in the consolidated statements of operations within general and administrative expenses.

We remeasure the fair value of our Level 3 contingent consideration liability using a Monte Carlo simulation on projected future payments. The fair value is determined by calculating the net present value of the expected payments using significant inputs that are not observable in the market, including the probability of achieving the milestone, estimated bookings and discount rates. The fair value of the contingent consideration will increase or decrease according to the movement of the inputs.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19279-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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