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EQUITY AWARD PLANS (Tables)
9 Months Ended
Apr. 30, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of RSUs Activity
Below is a summary of RSU activity, including MSUs, under the Stock Plans:
Number of
Shares
Grant Date Fair Value per Share
(in thousands)
Outstanding at July 31, 201922,136  $36.72  
Granted12,598  $27.66  
Released(6,578) $33.94  
Forfeited(3,337) $34.63  
Outstanding at April 30, 202024,819  $33.26  
Schedule of ESPP Valuation Assumptions
We use the Black-Scholes option pricing model to determine the fair value of shares purchased under the 2016 ESPP with the following weighted average assumptions on the date of grant:
Nine Months Ended
April 30,
20192020
Expected term (in years)0.840.92
Risk-free interest rate2.5 %0.1 %
Volatility69.0 %73.4 %
Dividend yield— %— %
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Total stock-based compensation expense recognized in the condensed consolidated statements of operations is as follows:
Three Months Ended
April 30,
Nine Months Ended
April 30,
2019202020192020
(in thousands)
Cost of revenue:
Product$953  $1,367  $2,523  $3,937  
Support, entitlements and other services4,542  5,959  11,072  15,850  
Sales and marketing35,257  33,177  81,325  92,137  
Research and development42,265  39,462  107,953  113,484  
General and administrative11,815  12,131  30,449  33,729  
Total stock-based compensation expense$94,832  $92,096  $233,322  $259,137