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Net Income (Loss) Per Share
 3 Months Ended
Oct. 31, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
The Company calculates basic earnings per share by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. For calculating diluted earnings per share, the Company uses the treasury stock method for options to purchase common stock, time-based RSUs, performance-based restricted stock units (“PSUs”), and Employee Stock Purchase Plan (“ESPP”) purchase rights, and the if-converted method for the Convertible Senior Notes. RSUs and PSUs are collectively referred to as “Stock Awards.”
The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share for the periods presented (in thousands, except share and per share amounts):
Three Months Ended
October 31,
20252024
Numerator:
 Net income (loss)$31,308 $9,139 
Net income (loss) per share:
   Basic
$0.37 $0.11 
   Diluted$0.36 $0.11 
Denominator:
Weighted average shares used in computing net income (loss) per share:
Basic
84,780,201 83,276,236 
Weighted average effect of dilutive stock options
77,299 93,718 
Weighted average effect of dilutive stock awards
1,593,579 1,805,910 
Weighted average effect of dilutive convertible senior notes
— 785,004 
Weighted average effect of the ESPP purchase rights
658 — 
Diluted
86,451,737 85,960,868 
The following weighted average shares of potential common stock were excluded from the computation of diluted net income (loss) per share for the periods presented because including them would have been anti-dilutive:
Three Months Ended
October 31,
20252024
Stock awards191,634 151,662 
ESPP purchase rights
1,744 — 

During the three months ended October 31, 2025 and 2024, the average market price of the Company’s common stock did not exceed the initial conversion price of the 2029 Convertible Senior Notes.
During the three months ended October 31, 2025, there was no dilutive effect on net income (loss) per share due to maturity and settlement of the outstanding principal balance of the 2025 Convertible Senior Notes in fiscal year 2025. During the three months ended October 31, 2024, the average market price of the Company’s common stock exceeded the initial conversion price of the 2025 Convertible Senior Notes, and the conversion premium was included in weighted average shares outstanding for calculating diluted net income per share.