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BALANCE SHEET COMPONENTS
 9 Months Ended
Apr. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BALANCE SHEET COMPONENTS BALANCE SHEET COMPONENTS
Short-Term Investments
The amortized cost of our short-term investments approximates their fair value. As of July 31, 2019 and April 30, 2020, unrealized gains and losses from our short-term investments were not material. As of July 31, 2019 and April 30, 2020, unrealized losses from securities that were in an unrealized loss position for more than 12 months were not material. Unrealized losses related to our short-term investments are due to interest rate fluctuations, as opposed to credit quality. As a result, at July 31, 2019 and April 30, 2020, there were no other-than-temporary impairments for these investments.
The following table summarizes the estimated fair value of our investments in marketable debt securities by their contractual maturity dates:
As of
April 30, 2020
(in thousands)
Due within one year
$332,705  
Due in one to two years
137,101  
Total
$469,806  
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consists of the following:
 As of
 July 31,
2019		April 30,
2020
(in thousands)
Prepaid operating expenses$37,864  $32,355  
VAT receivables5,068  8,181  
Tenant improvement allowance receivables—  8,056  
Prepaid income taxes19,690  1,477  
Other current assets12,043  13,120  
Total prepaid expenses and other current assets$74,665  $63,189  
The decrease in prepaid expenses and other current assets from July 31, 2019 to April 30, 2020 was due primarily to the receipt of an $18.0 million corporate income tax refund in the first quarter of fiscal 2020, partially offset by the addition of $8.1 million of tenant improvement allowances, which are recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet as of April 30, 2020 as a result of our adoption of ASC 842 during the first quarter of fiscal 2020.
Property and Equipment, Net
Property and equipment, net consists of the following:
Estimated
Useful Life		As of
July 31,
2019		April 30,
2020
(in months)(in thousands)
Computer, production, engineering and other equipment36$200,762  $235,429  
Demonstration units1259,981  66,149  
Leasehold improvements
(1)
46,520  65,056  
Furniture and fixtures6012,868  16,386  
Total property and equipment, gross320,131  383,020  
Less: accumulated depreciation (2)
(183,169) (233,332) 
Total property and equipment, net$136,962  $149,688  
(1)Leasehold improvements are amortized over the shorter of the estimated useful lives of the improvements or the remaining lease term.
(2)Includes a $1.2 million write-off related to the impairment of certain leasehold improvements for the fiscal quarter ended January 31, 2020. For additional information on this lease-related impairment, refer to Note 6.
Depreciation expense related to our property and equipment was $16.4 million and $43.3 million for the three and nine months ended April 30, 2019 and $19.8 million and $56.7 million for the three and nine months ended April 30, 2020, respectively.
Goodwill and Intangible Assets, Net

The change in the carrying value of goodwill during the nine months ended April 30, 2020 was not material.
Intangible assets, net consists of the following:
As of
July 31,
2019		April 30,
2020
(in thousands)
Developed technology
$79,300  $79,300  
Customer relationships
8,860  8,860  
Trade name
4,170  4,170  
Total intangible assets, gross
92,330  92,330  
Less:
Accumulated amortization of developed technology
(21,210) (32,293) 
Accumulated amortization of customer relationships
(3,392) (4,562) 
Accumulated amortization of trade name
(955) (1,737) 
Total accumulated amortization
(25,557) (38,592) 
Total intangible assets, net
$66,773  $53,738  
Amortization expense related to our intangible assets is being recognized in the condensed consolidated statements of operations within product cost of revenue for developed technology and sales and marketing expense for customer relationships and trade name.
The estimated future amortization expense of our intangible assets is as follows:
Fiscal Year Ending July 31:Amount
(in thousands)
2020 (remaining three months)
$4,345  
2021
17,380  
2022
16,183  
2023
10,856  
2024
3,210  
Thereafter
1,764  
Total
$53,738  
Accrued Compensation and Benefits
Accrued compensation and benefits consists of the following:
As of
July 31,
2019		April 30,
2020
(in thousands)
Accrued commissions
$31,703  $28,603  
Accrued vacation
15,475  21,424  
Payroll taxes payable
8,504  9,490  
Contributions to ESPP withheld20,778  6,608  
Accrued bonus
11,413  3,435  
Other
11,931  16,081  
Total accrued compensation and benefits
$99,804  $85,641