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Stock-Based Compensation Expense and Shareholders' Equity
 3 Months Ended
Oct. 31, 2025
Stockholders' Equity and Stock-based Compensation [Abstract]  
Stock-Based Compensation Expense and Shareholders' Equity Stock-Based Compensation Expense and Shareholders’ Equity
Stock-Based Compensation Expense
Stock-based compensation expense related to stock options, Stock Awards, and ESPP purchase rights is included in the Company’s condensed consolidated statements of operations as follows (in thousands):
Three Months Ended
October 31,
20252024
Stock-based compensation expense$43,449 $38,167 
Net impact of deferred stock-based compensation(133)(107)
 Total stock-based compensation expense, net$43,316 $38,060 
Stock-based compensation expense is included in the following categories:
Cost of subscription and support revenue$3,450 $3,140 
Cost of license revenue— 36 
Cost of services revenue5,700 4,802 
Research and development11,259 9,824 
Sales and marketing11,822 9,688 
General and administrative11,085 10,570 
Total stock-based compensation expense$43,316 $38,060 
Total unrecognized stock-based compensation expense related to the Company’s Stock Awards and ESPP purchase rights as of October 31, 2025 is as follows:
Unrecognized Expense
(in thousands)		Weighted Average Expected Recognition Period
(in years)
Stock Awards414,392 2.4
ESPP purchase rights1,598 0.2
Total unrecognized stock-based compensation expense$415,990 
Stock Awards
A summary of the Company’s Stock Awards activity under the Company’s equity incentive plans is as follows:
 Stock Awards Outstanding
 Number of Stock Awards  Weighted Average Grant Date Fair Value
 Aggregate Intrinsic Value (in thousands)(1)
Balance as of July 31, 20252,672,857 $117.25 $604,654 
Granted788,982 $234.25 
Released(482,304)$90.85 $121,985 
Canceled(20,101)$130.94 
Balance as of October 31, 20252,959,434 $152.65 $691,442 
Expected to vest as of October 31, 20252,959,434 $152.65 $691,442 
(1) Aggregate intrinsic value at each period end represents the total market value of Stock Awards at the Company’s closing stock price of $233.64 and $226.22 on October 31, 2025 and July 31, 2025, respectively. Aggregate intrinsic value for released Stock Awards represents the total market value of released Stock Awards at date of release.

Certain executive officers have been granted Stock Awards that cliff vest after three years, subject to continued service until such time, with the opportunity to increase the number of vested awards based on Company financial performance and, for a select number of awards, the market performance of the Company’s common stock. The fair value of the awards will be recognized over the three-year performance period and may increase or decrease depending on the estimated attainment of the Company’s financial performance criteria. The Company determined the fair value of the portion of the awards subject to the market performance of the Company’s common stock using a Monte Carlo simulation model, which included the following assumptions:
Three Months Ended
October 31,
20252024
Performance period
*
September 11, 2024 to September 11, 2027
3-year historical volatility
*36.0%
3-year risk free rate
*3.4%
*No Stock Awards subject to a market performance condition were granted during the three months ended October 31, 2025.
For the portion of the award subject to the market performance of the Company’s common stock, stock-based compensation expense is recognized over the requisite service period regardless of whether or not the market condition is ultimately satisfied, subject to continued service over the period.
The Company recognized stock-based compensation related to PSUs of $7.6 million and $6.3 million during the three months ended October 31, 2025 and 2024, respectively.
Stock Options
A summary of stock option activity under the Company’s equity incentive plans is as follows:
 Number of Stock Options Outstanding Weighted Average Exercise PriceWeighted Average Remaining Contractual Life
 Aggregate Intrinsic Value(1)
(in years) (in thousands)
Balance as of July 31, 2025109,958 $64.09 6.8$17,828 
Granted— $— 
Exercised(6,171)$66.88 $1,152 
Canceled— $— 
Balance as of October 31, 2025103,787 $63.92 6.5$17,614 
Vested and expected to vest as of October 31, 2025103,787 $63.92 6.5$17,614 
Exercisable as of October 31, 2025103,787 $63.92 6.5$17,614 
(1) Aggregate intrinsic value at each period end represents the difference between the Company’s closing stock price of $233.64 and $226.22 on October 31, 2025 and July 31, 2025, respectively, and the exercise price of outstanding options. Aggregate intrinsic value for exercised options represents the difference between the Company’s stock price at date of exercise and the exercise price.
Share Repurchase Program
In September 2022, the Company’s board of directors authorized and approved a share repurchase program of up to $400.0 million of the Company’s outstanding common stock. Share repurchases under the program may be made from time to time, in the open market, in privately negotiated transactions and otherwise, at the discretion of management of the Company and in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act, and other applicable legal requirements. Such repurchases may also be made in compliance with Rule 10b5-1 trading plans entered into by the Company.
During the three months ended October 31, 2025 and 2024, the Company did not repurchase any shares of common stock. As of October 31, 2025, $138.2 million remained available for future share repurchases subject to our compliance with the terms of the Credit Agreement.