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Stockholders' Equity
 12 Months Ended
Jul. 31, 2024
Equity [Abstract]  
Stockholders' Equity

NOTE 8. STOCKHOLDERS’ EQUITY

Effective January 3, 2022, all of our then outstanding shares of Class B common stock, par value $0.000025 per share, were automatically converted into the same number of shares of our Class A common stock, par value $0.000025 per share, pursuant to the terms of our Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion. As a result, as of July 31, 2024, we had one class of outstanding common stock consisting of Class A common stock. In December 2022, our stockholders approved an amendment and restatement of our Amended and Restated Certificate of Incorporation, which includes the removal of all provisions related to Class B common stock.

As of July 31, 2024, we had 1.0 billion shares of Class A common stock authorized, with a par value of $0.000025 per share. As of July 31, 2024, we had 265.2 million shares of Class A common stock issued and outstanding.

Holders of Class A common stock are entitled to one vote for each share of Class A common stock held on all matters submitted to a vote of stockholders.

Share Repurchases

In September 2021, we used approximately $58.5 million of the net cash proceeds from the issuance of $97.7 million in aggregate principal amount of 2027 Notes to repurchase 1.4 million shares of Class A common stock in open market transactions at an average price of $42.77 per share. For additional details on these transactions, refer to Note 5.

In August 2023, our Board of Directors authorized the repurchase of up to $350.0 million of our Class A common stock. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The authorization has no expiration date, does not obligate us to acquire any particular amount of our common stock, and may be suspended at any time at our discretion. During the fiscal year ended July 31, 2024, we repurchased 2.6 million shares of Class A common stock in open market transactions at a weighted average price of $50.77 per share for an aggregate purchase price of $131.1 million. As of July 31, 2024, $218.9 million remained available for future share repurchases under the authorization.

Common Stock Reserved for Issuance

As of July 31, 2024, we had reserved shares of common stock for future issuance as follows:

 

 

As of July 31, 2024

 

 

 

(in thousands)

 

Shares reserved for future equity grants

 

 

19,964

 

Shares underlying outstanding stock options

 

 

258

 

Shares underlying outstanding restricted stock units

 

 

22,175

 

Shares reserved for future employee stock purchase plan awards

 

 

10,747

 

Total

 

 

53,144