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CONVERTIBLE SENIOR NOTES (Tables) | 6 Months Ended
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Jan. 31, 2020
Debt Disclosure [Abstract] |
Net Proceeds from Notes | The total net proceeds from the Notes are as follows:
| Amount
| (in thousands)
Principal amount | $ | 575,000 |
Less: initial purchasers' discount | (10,781 | )
Less: cost of the bond hedges | (143,175 | )
Add: proceeds from the sale of warrants | 87,975 |
Less: other issuance costs | (707 | )
Net proceeds | $ | 508,312 |
Components of Notes | The Notes consisted of the following:
| As of
| July 31, 2019 |  | January 31, 2020
| (in thousands)
Principal amounts: |  |  |
Principal | $ | 575,000 |  |  | $ | 575,000 |
Unamortized debt discount (1) | (109,956 | ) |  | (95,372 | )
Unamortized debt issuance costs (1) | (6,134 | ) |  | (5,320 | )
Net carrying amount | $ | 458,910 |  |  | $ | 474,308 |
Carrying amount of equity component (2) | $ | 148,598 |  |  | $ | 148,598 |
(1) | Included in the condensed consolidated balance sheets within convertible senior notes, net and amortized over the remaining life of the Notes using the effective interest rate method. The effective interest rate is 6.62%.
(2) Included in the condensed consolidated balance sheets within additional paid-in capital, net of $3.0 million in equity issuance costs.
Interest Expense Recognized | The following table sets forth the total interest expense recognized related to the Notes:
| Three Months Ended January 31, |  | Six Months Ended January 31,
| 2019 |  | 2020 |  | 2019 |  | 2020
| (in thousands)
Interest expense related to amortization of debt discount | $ | 6,883 |  |  | $ | 7,352 |  |  | $ | 13,653 |  |  | $ | 14,584 |
Interest expense related to amortization of debt issuance costs | 384 |  |  | 411 |  |  | 762 |  |  | 814 |
Total interest expense | $ | 7,267 |  |  | $ | 7,763 |  |  | $ | 14,415 |  |  | $ | 15,398 |

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