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BALANCE SHEET COMPONENTS
 3 Months Ended
Oct. 31, 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. Unrealized losses related to our short-term investments are generally due to interest rate fluctuations, as opposed to credit quality. However, we review individual securities that are in an unrealized loss position in order to evaluate whether or not they have experienced or are expected to experience credit losses that would result in a decline in fair value. As of July 31, 2020 and October 31, 2020, unrealized gains and losses from our short-term investments were not material and were not the result of a decline in credit quality. As a result, at July 31, 2020 and October 31, 2020, we did not record any credit losses 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
October 31, 2020
(in thousands)
Due within one year
$631,457 
Due in one to two years
182,146 
Total
$813,603 
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consists of the following:
 As of
 July 31,
2020		October 31,
2020
(in thousands)
Prepaid operating expenses$31,690 $32,682 
VAT receivables8,381 8,497 
Tenant improvement allowance receivables8,557 — 
Other current assets14,404 15,540 
Total prepaid expenses and other current assets$63,032 $56,719 
Property and Equipment, Net
Property and equipment, net consists of the following:
Estimated
Useful Life		As of
July 31,
2020		October 31,
2020
(in months)(in thousands)
Computer, production, engineering and other equipment36$245,245 $253,389 
Demonstration units1266,569 66,750 
Leasehold improvements
(1)
65,557 62,142 
Furniture and fixtures6017,026 16,050 
Total property and equipment, gross394,397 398,331 
Less: accumulated depreciation (2)
(251,225)(265,175)
Total property and equipment, net$143,172 $133,156 
(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 and a $0.9 million write-off related to the impairment of certain leasehold improvements for the fiscal quarter ended October 31, 2020. For additional information on these lease-related impairments, refer to Note 6.
Depreciation expense related to our property and equipment was $18.1 million and $19.2 million for the three months ended October 31, 2019 and 2020, respectively.
Goodwill and Intangible Assets, Net

There was no change in the carrying value of goodwill during the three months ended October 31, 2020.
Intangible assets, net consists of the following:
As of
July 31,
2020		October 31,
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
(35,987)(39,681)
Accumulated amortization of customer relationships
(4,953)(5,343)
Accumulated amortization of trade name
(1,998)(2,259)
Total accumulated amortization
(42,938)(47,283)
Total intangible assets, net
$49,392 $45,047 
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)
2021
$13,035 
2022
16,183 
2023
10,856 
2024
3,210 
2025
1,763 
Total
$45,047 
Accrued Compensation and Benefits
Accrued compensation and benefits consists of the following:
As of
July 31,
2020		October 31,
2020
(in thousands)
Accrued commissions
$33,503 $39,489 
Accrued vacation
24,006 26,022 
Payroll taxes payable
10,742 13,466 
Contributions to ESPP withheld
16,563 10,810 
Accrued benefits8,426 9,343 
Accrued bonus
5,568 6,666 
Other
10,301 9,929 
Total accrued compensation and benefits
$109,109 $115,725