Leases

12 Months Ended

Jul. 31, 2025

The Company’s lease obligations consist of operating leases for office facilities and equipment, with lease periods expiring through fiscal year 2032. Some leases include one or more options to renew. Lease renewals are not assumed in the determination of the lease term until the exercise of the renewal option is deemed to be reasonably certain.

In February 2023, the Company assigned (“the Lease Assignment”) the remaining lease term of its previous headquarters and concurrently entered into a sublease for office space in San Mateo, California with the same third party for its worldwide headquarters. As a result of the Lease Assignment, the Company recognized an $8.5 million loss in general and administrative operating expenses during the fiscal year ended July 31, 2023 on the consolidated statements of operations. The loss is comprised of an $18.4 million gain from the de-recognition of the operating lease asset of $56.9 million, the de-recognition of the lease liability of $75.5 million, and

other expenses related to the Lease Assignment of $0.2 million, offset by accelerated depreciation expense related to property and equipment, primarily consisting of leasehold improvements, at the previous headquarters of $26.9 million. In fiscal year 2023 upon lease commencement of the new worldwide headquarters, the Company recognized a $27.1 million operating lease asset and $19.6 million lease liability.

Components of operating lease costs were as follows (in thousands):


	Fiscal years ended July 31,
	2025		2024		2023
Operating lease costs (1)	$	13,167	$	12,537	$	12,192
Variable lease costs	2,428		2,344		4,353
Sublease income	—		—		(898)
Net operating lease costs	$	15,595	$	14,881	$	15,647

(1) Lease expense for leases with an initial term of 12 months or less is excluded from the table above and was $0.9 million, $0.8 million and $0.9 million in each of the fiscal years ended July 31, 2025, 2024, and 2023, respectively.

Future operating lease payments as of July 31, 2025 were as follows (in thousands):


Fiscal year ending July 31,
2026	$	11,921
2027	11,543
2028	5,936
2029	5,799
2030	4,587
Thereafter	5,185
Total future lease payments	44,971
Less imputed interest	(3,846)
Total lease liability balance	$	41,125

Supplemental information related to leases was as follows (in thousands, except for lease term and discount rate):


	As of July 31,
	2025			2024
Operating lease assets	$	39,309		$	43,750

Current portion of lease liabilities	$	10,438		$	9,295
Non-current portion of lease liabilities	30,687			34,721
Total lease liabilities	$	41,125		$	44,016

Weighted average remaining lease term (years)	4.8			5.3
Weighted average discount rate	4.2		%	4.0		%

Supplemental cash and non-cash information related to operating leases was as follows (in thousands):


	Fiscal years ended July 31,
	2025		2024		2023
Cash payments for operating leases	$	12,473	$	11,561	$	12,569
Operating lease assets obtained in exchange for operating lease liabilities	$	5,990	$	2,621	$	(36,981)