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COMMITMENTS AND CONTINGENCIES | 9 Months Ended
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Apr. 30, 2019
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Operating Leases We have commitments for future payments related to our office facility leases and other contractual obligations. We lease our office facilities under non-cancelable operating lease agreements expiring through 2026. Certain of these lease agreements have free or escalating rent payments. We recognize rent expense under such agreements on a straight-line basis over the lease term, with any free or escalating rent payments amortized as a reduction or addition of rent expense over the lease term. Future minimum payments due under operating leases as of April 30, 2019 are as follows:
Fiscal Year Ending July 31: | Amount
| (in thousands)
2019 (remaining three months) | $ | 9,244 |
2020 | 39,122 |
2021 | 35,738 |
2022 | 33,927 |
2023 | 31,386 |
Thereafter | 26,244 |
Total | $ | 175,661 |
Purchase Commitments In the normal course of business, we make commitments with our contract manufacturers and OEMs to ensure them a minimum level of financial consideration for their investment in our joint solutions. These commitments are based on revenue targets or on-hand inventory and non-cancelable purchase orders for non-standard components. We record a charge related to these items when we determine that it is probable a loss will be incurred and we are able to estimate the amount of the loss. Our historical charges have not been material. As of April 30, 2019, we had up to approximately $53.4 million of non-cancelable purchase commitments pertaining to our normal operations, and up to approximately $135.7 million in the form of guarantees to certain of our contract manufacturers and OEMs. Legal Proceedings Beginning on March 29, 2019, several purported securities class actions were filed in the United States District Court for the Northern District of California against us and two of our officers. The complaints generally allege that the defendants made false and misleading statements in violation of Sections 10(b) and 20(a) of the Exchange Act and SEC Rule 10b-5. Although the definitions of the class vary slightly, the actions are generally brought on behalf of those who purchased our stock between March 2, 2018, and February 28, 2019, inclusive. The complaints seek monetary damages in an unspecified amount. These cases are in the very early stages and we are not able to determine what, if any, liabilities will attach to these complaints. We are not currently a party to any other legal proceedings that we believe to be material to our business or financial condition. From time to time, we may become party to various litigation matters and subject to claims that arise in the ordinary course of business.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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