0001528396-24-000017 | 10-Q | XBRL Viewer

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Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 9,687	$ (9,189)	$ (17,384)	$ (78,507)
Foreign currency translation adjustments	2,362	4,885	(1,145)	2,184
Unrealized gain (loss) on available-for-sale securities	2,822	4,309	3,846	2,665
Tax benefit (expense) on unrealized gain (loss) on available-for-sale securities	(622)	(942)	(795)	(499)
Reclassification adjustment for realized gain (loss) included in net income (loss)	(191)	(350)	(481)	(566)
Total other comprehensive income (loss)	4,371	7,902	1,425	3,784
Comprehensive income (loss)	$ 14,058	$ (1,287)	$ (15,959)	$ (74,723)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Insider Trading Arrangements

3 Months Ended

Jan. 31, 2024

Trading Arrangements, by Individual

Name

John Mullen

Title

President, Chief Revenue Officer

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

Adoption Date

January 12, 2024

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Aggregate Available

12,150

John Mullen [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended January 31, 2024, our officer listed below adopted a trading arrangement for the sale of shares of our common stock in amounts and prices set forth in such plan:

Name and Title

Action

Date

Number of Shares to be Sold

John Mullen, President, Chief Revenue Officer

Adoption (1)

January 12, 2024

Up to 12,150

(1) Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) with sales occurring periodically from the estimated selling start date of April 15, 2024 and continuing through December 31, 2024.

Arrangement Duration

354 days

Stock-Based Compensation Expense and Shareholders' Equity (Details 2) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Oct. 31, 2023	Jan. 31, 2024	Jul. 31, 2023
Weighted Average Grant Date Fair Value
Share price (in dollars per share)		$ 111.68	$ 84.82
Weighted Average Exercise Price
Granted (in dollars per share)	$ 0
Canceled (in dollars per share)		$ 68.39
Stock awards
Number of Stock Awards Outstanding
Balance at beginning of period (in shares)	3,414,706	3,414,706
Granted (in shares)		1,559,426
Released (in shares)		(881,072)
Canceled (in shares)		(156,813)
Balance at end of period (in shares)		3,936,247	3,414,706
Expected to vest (in shares)		3,936,247
Weighted Average Grant Date Fair Value
Balance at beginning of period (in dollars per share)	$ 85.68	$ 85.68
Granted (in dollars per share)		92.18
Released (in dollars per share)		91.73
Canceled (in dollars per share)		89.10
Balance at end of period (in dollars per share)		86.76	$ 85.68
Expected to vest (in dollars per share)		$ 86.76
Aggregate intrinsic value, Nonvested		$ 439,600	$ 289,635
Aggregate intrinsic value, released		82,848
Aggregate intrinsic value, Expected to vest		$ 439,600
Stock options
Number of Stock Options Outstanding
Balance at beginning of period (in shares)	187,572	187,572
Granted (in shares)	0
Exercised (in shares)	(369)
Canceled (in shares)	(5,217)
Balance at end of period (in shares)		181,986	187,572
Vested and expected to vest (in shares)		181,986
Exercisable (in shares)		7,855
Weighted Average Exercise Price
Balance at beginning of period (in dollars per share)	$ 65.90	$ 65.90
Exercised (in dollars per share)	$ 14.82
Balance at end of period (in dollars per share)		65.93	$ 65.90
Vested and expected to vest (in dollars per share)		65.93
Exercisable (in dollars per share)		$ 11.49
Weighted Average Remaining Contractual Life
Outstanding, weighted average remaining contractual life		8 years 3 months 18 days	8 years 9 months 18 days
Vested and expected to vest, weighted average remaining contractual life		8 years 3 months 18 days
Exercisable, weighted average remaining contractual life		2 years 8 months 12 days
Aggregate Intrinsic Value
Aggregate intrinsic value		$ 8,326	$ 3,549
Exercised	$ 34
Vested and expected to vest		8,326
Exercisable		$ 787

The Company and Summary of Significant Accounting Policies and Estimates (Policies)	6 Months Ended
	Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company	Company Guidewire Software, Inc., a Delaware corporation, was incorporated on September 20, 2001. Guidewire Software, Inc., together with its subsidiaries (the “Company”), provides a technology platform and suite of products which combine core operations, digital engagement, analytics, and machine learning and artificial intelligence (“AI”) applications. The Company’s technology platform and suite of products support core insurance operations, including underwriting, policy administration, claim management, and billing; insights into data that can improve business decision making; and digital sales, service, and claims experiences for policyholders, agents, and other key stakeholders. The Company’s customers are primarily property and casualty insurance carriers. The term “products” generally refers to both subscription services and term license software offerings.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The Company’s condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The condensed consolidated financial statements and notes include the Company and its wholly-owned subsidiaries and reflect all adjustments (all of which are normal and recurring in nature) that, in the opinion of management, are necessary for a fair presentation of the interim periods presented. All intercompany balances and transactions have been eliminated in consolidation. Certain information and disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and related notes, together with management’s discussion and analysis of financial condition and results of operations, presented in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2023.
Use of Estimates	Use of Estimates In preparing the condensed consolidated financial statements and related disclosures in conformity with GAAP and pursuant to the rules and regulations of the SEC, the Company must make estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ materially from these estimates.
Restricted Cash	Restricted Cash Unearned acquisition consideration holdback subject to service conditions is held in escrow and considered restricted cash. At January 31, 2024, restricted cash in the amount of $1.2 million was included in prepaid expenses and other current assets in the condensed consolidated balance sheet.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents, investments, accounts receivable, and unbilled accounts receivable. The Company maintains its cash, cash equivalents, and investments with high-quality financial institutions. The Company is exposed to credit risk for cash held in financial institutions in the event of a default to the extent that such amounts recorded in the condensed consolidated balance sheets are in excess of amounts that are insured by the Federal Deposit Insurance Corporation.
Recent Accounting Pronouncements Not Yet Adopted; Other Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. The new standard will be effective and the Company will adopt it for the annual period beginning August 1, 2024, and for the interim periods beginning after August 1, 2025 with early adoption permitted. The Company is currently assessing the impact of adopting this standard on the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The new standard will be effective and the Company will adopt it beginning August 1, 2025 and early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently assessing the impact of adopting this standard on the consolidated financial statements. Other recent accounting pronouncements that will be applicable to the Company are not expected to have a material impact on its present or future financial statements.

Revenue (Contract with Customer) (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jul. 31, 2023
Revenue from Contract with Customer [Abstract]
Unbilled accounts receivable, net	$ 97,762	$ 98,864
Contract costs, net	46,512	47,254
Deferred revenue, net	$ 199,155	$ 212,911

The Company and Summary of Significant Accounting Policies and Estimates	6 Months Ended
	Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company and Summary of Significant Accounting Policies and Estimates	The Company and Summary of Significant Accounting Policies and Estimates Company Guidewire Software, Inc., a Delaware corporation, was incorporated on September 20, 2001. Guidewire Software, Inc., together with its subsidiaries (the “Company”), provides a technology platform and suite of products which combine core operations, digital engagement, analytics, and machine learning and artificial intelligence (“AI”) applications. The Company’s technology platform and suite of products support core insurance operations, including underwriting, policy administration, claim management, and billing; insights into data that can improve business decision making; and digital sales, service, and claims experiences for policyholders, agents, and other key stakeholders. The Company’s customers are primarily property and casualty insurance carriers. The term “products” generally refers to both subscription services and term license software offerings. Basis of Presentation and Consolidation The Company’s condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The condensed consolidated financial statements and notes include the Company and its wholly-owned subsidiaries and reflect all adjustments (all of which are normal and recurring in nature) that, in the opinion of management, are necessary for a fair presentation of the interim periods presented. All intercompany balances and transactions have been eliminated in consolidation. Certain information and disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and related notes, together with management’s discussion and analysis of financial condition and results of operations, presented in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2023. Use of Estimates In preparing the condensed consolidated financial statements and related disclosures in conformity with GAAP and pursuant to the rules and regulations of the SEC, the Company must make estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ materially from these estimates. Significant Accounting Policies There have been no changes in the Company’s significant accounting policies from those that were disclosed in the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended July 31, 2023, except for those disclosed herein. Restricted Cash Unearned acquisition consideration holdback subject to service conditions is held in escrow and considered restricted cash. At January 31, 2024, restricted cash in the amount of $1.2 million was included in prepaid expenses and other current assets in the condensed consolidated balance sheet. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents, investments, accounts receivable, and unbilled accounts receivable. The Company maintains its cash, cash equivalents, and investments with high-quality financial institutions. The Company is exposed to credit risk for cash held in financial institutions in the event of a default to the extent that such amounts recorded in the condensed consolidated balance sheets are in excess of amounts that are insured by the Federal Deposit Insurance Corporation. No customer accounted for 10% or more of the Company's revenue in the three and six months ended January 31, 2024 and 2023. No customer accounted for 10% or more of the Company's accounts receivable as of January 31, 2024 and July 31, 2023. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. The new standard will be effective and the Company will adopt it for the annual period beginning August 1, 2024, and for the interim periods beginning after August 1, 2025 with early adoption permitted. The Company is currently assessing the impact of adopting this standard on the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The new standard will be effective and the Company will adopt it beginning August 1, 2025 and early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently assessing the impact of adopting this standard on the consolidated financial statements. Other recent accounting pronouncements that will be applicable to the Company are not expected to have a material impact on its present or future financial statements.

Stock-Based Compensation Expense and Shareholders' Equity (Details Textual) - USD ($)	3 Months Ended			6 Months Ended
	Jan. 31, 2024	Jul. 31, 2023	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Shares repurchased (in shares)					2,581,478
Prepayment for repurchase of stock				$ 0	$ 200,000,000
Remaining authorized amount	$ 138,200,000			138,200,000
Share Based Compensation Expense, Performance Based Awards	$ 3,000,000		$ 3,200,000	$ 7,100,000	$ 7,200,000
PSUs
Class of Stock [Line Items]
Period of time based Vesting				3 years
PSUs \| Tranche One
Class of Stock [Line Items]
Award vesting percentage				50.00%
PSUs \| Tranche two
Class of Stock [Line Items]
Award vesting percentage				50.00%
Accelerated Share Repurchase Agreement
Class of Stock [Line Items]
Authorized repurchase amount						$ 400,000,000
Common stock (in shares)		648,001	2,581,478		2,581,478
Shares repurchased (in shares)		3,229,479
Average price per share (in dollars per share)		$ 61.93
Prepayment for repurchase of stock			$ 200,000,000

Revenue

6 Months Ended

Jan. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

Revenue by service or product type is as follows (in thousands):


	Three Months Ended				Six Months Ended
	January 31,				January 31,
	2024		2023		2024		2023
Subscription and support
Subscription	$	113,125	$	86,015	$	222,722	$	164,992
Support	18,517		19,739		36,547		39,830
License
Term license	71,035		73,067		105,012		113,956
Perpetual license	48		48		96		111
Services	38,172		53,742		83,927		109,004
Total revenue	$	240,897	$	232,611	$	448,304	$	427,893

Revenue by service or product type and by geography is as follows (in thousands):


	Three Months Ended January 31, 2024
	Subscription and support		License		Services		Total

United States	$	90,175	$	36,775	$	26,566	$	153,516
Canada	18,337		4,885		1,939		25,161
Other Americas	1,495		180		359		2,034
Total Americas	110,007		41,840		28,864		180,711


Total EMEA	14,027		17,590		7,087		38,704
Total APAC	7,608		11,653		2,221		21,482
Total revenue	$	131,642	$	71,083	$	38,172	$	240,897


	Three Months Ended January 31, 2023
	Subscription and support		License		Services		Total

United States	$	71,344	$	39,421	$	36,300	$	147,065
Canada	17,536		5,912		4,425		27,873
Other Americas	1,481		532		683		2,696
Total Americas	90,361		45,865		41,408		177,634


Total EMEA	9,712		15,708		10,264		35,684
Total APAC	5,681		11,542		2,070		19,293
Total revenue	$	105,754	$	73,115	$	53,742	$	232,611




	Six Months Ended January 31, 2024
	Subscription and support		License		Services		Total

United States	$	176,926	$	49,506	$	57,567	$	283,999
Canada	36,779		7,803		4,133		48,715
Other Americas	2,985		502		921		4,408
Total Americas	216,690		57,811		62,621		337,122


Total EMEA	27,965		26,955		16,701		71,621
Total APAC	14,614		20,342		4,605		39,561
Total revenue	$	259,269	$	105,108	$	83,927	$	448,304




	Six Months Ended January 31, 2023
	Subscription and support		License		Services		Total

United States	$	138,425	$	56,930	$	74,825	$	270,180
Canada	33,587		9,605		10,477		53,669
Other Americas	2,956		852		1,105		4,913
Total Americas	174,968		67,387		86,407		328,762


Total EMEA	18,640		26,133		18,158		62,931
Total APAC	11,214		20,547		4,439		36,200
Total revenue	$	204,822	$	114,067	$	109,004	$	427,893

No country or region, other than those presented above, accounted for more than 10% of total revenue during the three and six months ended January 31, 2024 and 2023.

Customer Contract – Related Balance Sheet Amounts

Amounts related to customer contract-related arrangements are included on the condensed consolidated balance sheets as follows (in thousands):


	January 31, 2024		July 31, 2023
Unbilled accounts receivable, net	$	97,762	$	98,864
Contract costs, net	$	46,512	$	47,254
Deferred revenue, net	$	199,155	$	212,911

As of January 31, 2024 and July 31, 2023, there was no allowance for credit losses associated with unbilled accounts receivable.

Contract costs

The current portion of contract costs of $15.8 million and $15.9 million is included in prepaid and other current assets in the Company’s condensed consolidated balance sheets as of January 31, 2024 and July 31, 2023, respectively. The non-current portion of contract costs of $30.7 million and $31.3 million is included in other assets in the Company’s condensed consolidated balance sheets as of January 31, 2024 and July 31, 2023, respectively. The Company amortized $4.7 million and $4.1 million of contract costs during the three months ended January 31, 2024 and 2023, respectively, and amortized $8.7 million and $8.6 million during the six months ended January 31, 2024 and 2023, respectively.

Deferred revenue

During the three and six months ended January 31, 2024, the Company recognized revenue of approximately $56.9 million and $151.8 million, respectively, related to the Company’s deferred revenue balance reported as of July 31, 2023.

Remaining Performance Obligations

The aggregate amount of consideration allocated to remaining performance obligations either not satisfied or partially satisfied was approximately $1.5 billion as of January 31, 2024. Subscription services are typically satisfied over three to five years, support services are generally satisfied within one year, and professional services are typically satisfied within one year. Professional services under time and material contracts are not included in the remaining performance obligations calculation as these arrangements can be cancelled at any time.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Net Income (Loss) Per Share

6 Months Ended

Jan. 31, 2024

Earnings Per Share [Abstract]

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 and Stock Awards and the if-converted method for Convertible Senior Notes.

The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share for the three and six months ended January 31, 2024 and 2023 (in thousands, except share and per share amounts):


	Three Months Ended				Six Months Ended
	January 31,				January 31,
	2024		2023		2024		2023
Numerator:
Net income (loss)	$	9,687	$	(9,189)	$	(17,384)	$	(78,507)
Net income (loss) per share:
Basic	$	0.12	$	(0.11)	$	(0.21)	$	(0.95)
Diluted	$	0.12	$	(0.11)	$	(0.21)	$	(0.95)
Denominator:
Weighted average shares used in computing net income (loss) per share:
Basic	82,133,632		82,051,867		81,912,272		82,686,420
Weighted average effect of dilutive stock options	50,171		—		—		—
Weighted average effect of dilutive stock awards	1,121,277		—		—		—

Diluted	83,305,080		82,051,867		81,912,272		82,686,420

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		Six Months Ended
	January 31,		January 31,
	2024	2023	2024	2023
Stock options	—	14,686	184,669	14,746
Stock awards	502,562	1,960,572	3,299,881	1,664,469
Convertible senior notes	3,516,480	3,516,480	3,516,480	3,516,480

During the three and six months ended January 31, 2024 and 2023, the average market price of the Company’s common stock did not exceed the initial conversion price of the Convertible Senior Notes.

Fair Value of Financial Instruments (Details 3) - USD ($)	Jan. 31, 2024	Jul. 31, 2023	Mar. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	$ 239,336,000	$ 315,444,000
Total short-term investments	427,634,000	396,872,000
Total long-term investments	155,061,000	128,782,000
Total	822,031,000	841,098,000
Strategic investment, noncurrent, quarter to date	200,000
Senior Notes \| Convertible Senior Notes, 1.250%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	444,000,000	388,200,000
Aggregate principal amount			$ 400,000,000
Stated interest rate			1.25%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	188,952,000	229,721,000
Total short-term investments	0	0
Total long-term investments	0	0
Total	188,952,000	229,721,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	50,384,000	85,723,000
Total short-term investments	427,634,000	396,872,000
Total long-term investments	155,061,000	128,782,000
Total	633,079,000	611,377,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0	0
Total short-term investments	0	0
Total long-term investments	0	0
Total	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	50,384,000	61,296,000
Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0	0
Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	50,384,000	61,296,000
Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0	0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		15,949,000
Certificates of deposit \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		0
Certificates of deposit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		15,949,000
Certificates of deposit \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	188,952,000	229,721,000
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	188,952,000	229,721,000
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0	0
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0	0
U.S. Government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		8,478,000
U.S. Government agency securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		0
U.S. Government agency securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		8,478,000
U.S. Government agency securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	112,185,000	88,958,000
Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	112,185,000	88,958,000
Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	167,481,000	156,396,000
Total long-term investments	82,808,000	42,746,000
Corporate bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Total long-term investments	0	0
Corporate bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	167,481,000	156,396,000
Total long-term investments	82,808,000	42,746,000
Corporate bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Total long-term investments	0	0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	54,059,000	34,395,000
Certificates of deposit \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Certificates of deposit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	54,059,000	34,395,000
Certificates of deposit \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0	0
U.S. Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	60,583,000	34,600,000
Total long-term investments	25,116,000	35,286,000
U.S. Government bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Total long-term investments	0	0
U.S. Government bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	60,583,000	34,600,000
Total long-term investments	25,116,000	35,286,000
U.S. Government bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Total long-term investments	0	0
U.S. Government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	27,831,000	69,101,000
Total long-term investments	2,838,000	6,459,000
U.S. Government agency securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Total long-term investments	0	0
U.S. Government agency securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	27,831,000	69,101,000
Total long-term investments	2,838,000	6,459,000
U.S. Government agency securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Total long-term investments	0	0
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	627,000	2,705,000
Total long-term investments	40,850,000	40,652,000
Asset-backed securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Total long-term investments	0	0
Asset-backed securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	627,000	2,705,000
Total long-term investments	40,850,000	40,652,000
Asset-backed securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Total long-term investments	0	0
Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	4,868,000	10,717,000
Total long-term investments	3,449,000	3,639,000
Foreign government bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Total long-term investments	0	0
Foreign government bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	4,868,000	10,717,000
Total long-term investments	3,449,000	3,639,000
Foreign government bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Total long-term investments	$ 0	$ 0

Stock-Based Compensation Expense and Shareholders' Equity (Details 3)	6 Months Ended
	Jan. 31, 2024
Stockholders' Equity and Stock-based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	35.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	4.50%

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jan. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Available-for-sale Securities Reconciliation

Available-for-sale investments within cash equivalents and investments consist of the following (in thousands):


	January 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Asset-backed securities	$	41,461	$	105	$	(89)	$	41,477
Certificates of deposit	54,059		—		—		54,059
Commercial paper	162,569		—		—		162,569
Corporate bonds	249,799		794		(304)		250,289
Foreign government bonds	8,353		32		(68)		8,317
Money market funds	188,952		—		—		188,952
U.S. Government agency securities	30,675		14		(20)		30,669
U.S. Government bonds	86,142		88		(531)		85,699


Total	$	822,010	$	1,033	$	(1,012)	$	822,031


	July 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Asset-backed securities	$	43,573	$	18	$	(234)	$	43,357
Certificates of deposit	34,395		—		—		34,395
Commercial paper	150,254		—		—		150,254
Corporate bonds	200,691		41		(1,590)		199,142
Foreign government bonds	14,559		—		(203)		14,356
Money market funds	229,721		—		—		229,721
U.S. Government agency securities	84,180		9		(151)		84,038
U.S. Government bonds	87,064		1		(1,230)		85,835

Total	$	844,437	$	69	$	(3,408)	$	841,098

Investments Classified by Contractual Maturity Date

The following table summarizes the contractual maturities of the Company’s available-for-sale investments measured at fair value (in thousands):


	January 31, 2024
	Less Than 12 Months		12 Months or Greater		Total
Asset-backed securities	$	627	$	40,850	$	41,477
Certificates of deposit	54,059		—		54,059
Commercial paper	162,569		—		162,569
Corporate bonds	167,481		82,808		250,289
Foreign government bonds	4,868		3,449		8,317
Money market funds	188,952		—		188,952
U.S. Government agency securities	27,831		2,838		30,669
U.S. Government bonds	60,583		25,116		85,699


Total	$	666,970	$	155,061	$	822,031

Fair Value, Assets Measured on Recurring Basis

The following tables summarize the Company’s available-for-sale investments measured at fair value, by level within the fair value hierarchy (in thousands):


	January 31, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Commercial paper	$	—	$	50,384	$	—	$	50,384
Money market funds	188,952		—		—		188,952


Total cash equivalents	188,952		50,384		—		239,336
Short-term investments:
Asset-backed securities	—		627		—		627
Certificates of deposit	—		54,059		—		54,059
Commercial paper	—		112,185		—		112,185
Corporate bonds	—		167,481		—		167,481
Foreign government bonds	—		4,868		—		4,868
U.S. Government agency securities	—		27,831		—		27,831
U.S. Government bonds	—		60,583		—		60,583

Total short-term investments	—		427,634		—		427,634
Long-term investments:
Asset-backed securities	—		40,850		—		40,850
Corporate bonds	—		82,808		—		82,808
Foreign government bonds	—		3,449		—		3,449
U.S. Government agency securities	—		2,838		—		2,838
U.S. Government bonds	—		25,116		—		25,116

Total long-term investments	—		155,061		—		155,061
Total	$	188,952	$	633,079	$	—	$	822,031


	July 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Commercial paper	$	—	$	61,296	$	—	$	61,296
Money market funds	229,721		—		—		229,721
U.S. Government agency securities	—		8,478		—		8,478
U.S. Government bonds	—		15,949		—		15,949
Total cash equivalents	229,721		85,723		—		315,444
Short-term investments:
Asset-backed securities	—		2,705		—		2,705
Certificates of deposit	—		34,395		—		34,395
Commercial paper	—		88,958		—		88,958
Corporate bonds	—		156,396		—		156,396
Foreign government bonds	—		10,717		—		10,717
U.S. Government agency securities	—		69,101		—		69,101
U.S. Government bonds	—		34,600		—		34,600

Total short-term investments	—		396,872		—		396,872
Long-term investments:
Asset-backed securities	—		40,652		—		40,652
Corporate bonds	—		42,746		—		42,746
Foreign government bonds	—		3,639		—		3,639
U.S. Government agency securities	—		6,459		—		6,459
U.S. Government bonds	—		35,286		—		35,286
Total long-term investments	—		128,782		—		128,782
Total	$	229,721	$	611,377	$	—	$	841,098

Equity Method Investments

The following table summarizes the carrying amount of the Company’s strategic investments (in thousands):


	January 31, 2024		July 31, 2023
Equity investments using the measurement alternative	$	17,654	$	27,772
Equity investment using net asset value	$	5,618	$	—

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2024	Jul. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 349,989	$ 401,813
Short-term investments	427,634	396,872
Accounts receivable, net of allowances of $24 and $218, respectively	128,242	151,034
Unbilled accounts receivable, net	90,966	87,752
Prepaid expenses and other current assets	63,799	62,132
Total current assets	1,060,630	1,099,603
Long-term investments	155,061	128,782
Unbilled accounts receivable, net	6,796	11,112
Property and equipment, net	55,109	54,499
Operating lease assets	48,327	52,373
Intangible assets, net	11,739	14,473
Goodwill	372,214	372,214
Deferred tax assets, net	243,424	226,875
Other assets	60,220	67,957
TOTAL ASSETS	2,013,520	2,027,888
CURRENT LIABILITIES:
Accounts payable	21,999	34,627
Accrued employee compensation	62,669	103,980
Deferred revenue, net	195,083	206,923
Other current liabilities	27,325	27,731
Total current liabilities	307,076	373,261
Lease liabilities	39,074	42,972
Convertible senior notes, net	398,033	397,171
Deferred revenue, net	4,072	5,988
Other liabilities	9,152	9,030
Total liabilities	757,407	828,422
STOCKHOLDERS’ EQUITY:
Common stock	8	8
Additional paid-in capital	1,903,873	1,831,267
Accumulated other comprehensive income (loss)	(12,434)	(13,859)
Retained earnings (accumulated deficit)	(635,334)	(617,950)
Total stockholders’ equity	1,256,113	1,199,466
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 2,013,520	$ 2,027,888

Net Income (Loss) Per Share (Tables)

6 Months Ended

Jan. 31, 2024

Earnings Per Share [Abstract]

Company's basic and diluted earnings per share


	Three Months Ended				Six Months Ended
	January 31,				January 31,
	2024		2023		2024		2023
Numerator:
Net income (loss)	$	9,687	$	(9,189)	$	(17,384)	$	(78,507)
Net income (loss) per share:
Basic	$	0.12	$	(0.11)	$	(0.21)	$	(0.95)
Diluted	$	0.12	$	(0.11)	$	(0.21)	$	(0.95)
Denominator:
Weighted average shares used in computing net income (loss) per share:
Basic	82,133,632		82,051,867		81,912,272		82,686,420
Weighted average effect of dilutive stock options	50,171		—		—		—
Weighted average effect of dilutive stock awards	1,121,277		—		—		—

Diluted	83,305,080		82,051,867		81,912,272		82,686,420

Schedule of Antidilutive Securities excluded from EPS


	Three Months Ended		Six Months Ended
	January 31,		January 31,
	2024	2023	2024	2023
Stock options	—	14,686	184,669	14,746
Stock awards	502,562	1,960,572	3,299,881	1,664,469
Convertible senior notes	3,516,480	3,516,480	3,516,480	3,516,480

Fair Value of Financial Instruments (Details 2) - USD ($) $ in Thousands	Jan. 31, 2024	Jul. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	$ 666,970
12 Months or Greater	155,061
Total	822,031	$ 841,098
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	162,569
12 Months or Greater	0
Total	162,569	150,254
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	167,481
12 Months or Greater	82,808
Total	250,289	199,142
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	54,059
12 Months or Greater	0
Total	54,059	34,395
U.S. Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	60,583
12 Months or Greater	25,116
Total	85,699	85,835
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	188,952
12 Months or Greater	0
Total	188,952	229,721
U.S. Government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	27,831
12 Months or Greater	2,838
Total	30,669	84,038
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	627
12 Months or Greater	40,850
Total	41,477	43,357
Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	4,868
12 Months or Greater	3,449
Total	$ 8,317	$ 14,356

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Adoption of Accounting Standards Update ("ASU") 2020-06	Common stock	Additional paid-in capital	Additional paid-in capital Adoption of Accounting Standards Update ("ASU") 2020-06	Accumulated other comprehensive income (loss)	Retained earnings (accumulated deficit)	Retained earnings (accumulated deficit) Adoption of Accounting Standards Update ("ASU") 2020-06
Beginning balance (in shares) at Jul. 31, 2022			84,084,209
Beginning balance at Jul. 31, 2022	$ 1,451,657		$ 8	$ 1,755,476		$ (19,845)	$ (283,982)
Net income (loss)	(69,318)						(69,318)
Issuance of common stock upon vesting of RSUs (in shares)			373,380
Stock-based compensation	35,249			35,249
Repurchase and retirement of common stock (in shares)			(2,581,478)
Repurchase and retirement of common stock	(200,000)			(40,000)			(160,000)
Foreign currency translation adjustment	(2,701)					(2,701)
Unrealized gain (loss) on available-for-sale securities, net of tax	(1,201)					(1,201)
Reclassification adjustment for realized gain (loss) on available-for-sale securities, included in net income (loss)	(216)					(216)
Ending balance (in shares) at Oct. 31, 2022			81,876,111
Ending balance at Oct. 31, 2022	1,185,161	$ (28,309)	$ 8	1,682,722	$ (68,003)	(23,963)	(473,606)	$ 39,694
Beginning balance (in shares) at Jul. 31, 2022			84,084,209
Beginning balance at Jul. 31, 2022	1,451,657		$ 8	1,755,476		(19,845)	(283,982)
Net income (loss)	(78,507)
Reclassification adjustment for realized gain (loss) on available-for-sale securities, included in net income (loss)	(566)
Ending balance (in shares) at Jan. 31, 2023			82,212,768
Ending balance at Jan. 31, 2023	1,220,172		$ 8	1,719,020		(16,061)	(482,795)
Beginning balance (in shares) at Oct. 31, 2022			81,876,111
Beginning balance at Oct. 31, 2022	1,185,161	$ (28,309)	$ 8	1,682,722	$ (68,003)	(23,963)	(473,606)	$ 39,694
Net income (loss)	(9,189)						(9,189)
Issuance of common stock upon exercise of stock options (in shares)			217
Issuance of common stock upon exercise of stock options	2			2
Issuance of common stock upon vesting of RSUs (in shares)			336,440
Stock-based compensation	36,296			36,296
Foreign currency translation adjustment	4,885					4,885
Unrealized gain (loss) on available-for-sale securities, net of tax	3,367					3,367
Reclassification adjustment for realized gain (loss) on available-for-sale securities, included in net income (loss)	(350)					(350)
Ending balance (in shares) at Jan. 31, 2023			82,212,768
Ending balance at Jan. 31, 2023	1,220,172		$ 8	1,719,020		(16,061)	(482,795)
Beginning balance (in shares) at Jul. 31, 2023			81,440,669
Beginning balance at Jul. 31, 2023	1,199,466		$ 8	1,831,267		(13,859)	(617,950)
Net income (loss)	(27,071)						(27,071)
Issuance of common stock upon exercise of stock options (in shares)			42
Issuance of common stock upon exercise of stock options	1			1
Issuance of common stock upon vesting of RSUs (in shares)			489,783
Stock-based compensation	36,199			36,199
Foreign currency translation adjustment	(3,507)					(3,507)
Unrealized gain (loss) on available-for-sale securities, net of tax	851					851
Reclassification adjustment for realized gain (loss) on available-for-sale securities, included in net income (loss)	(290)					(290)
Ending balance (in shares) at Oct. 31, 2023			81,930,494
Ending balance at Oct. 31, 2023	1,205,649		$ 8	1,867,467		(16,805)	(645,021)
Beginning balance (in shares) at Jul. 31, 2023			81,440,669
Beginning balance at Jul. 31, 2023	1,199,466		$ 8	1,831,267		(13,859)	(617,950)
Net income (loss)	(17,384)
Reclassification adjustment for realized gain (loss) on available-for-sale securities, included in net income (loss)	(481)
Ending balance (in shares) at Jan. 31, 2024			82,322,110
Ending balance at Jan. 31, 2024	$ 1,256,113		$ 8	1,903,873		(12,434)	(635,334)
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]
Beginning balance (in shares) at Oct. 31, 2023			81,930,494
Beginning balance at Oct. 31, 2023	$ 1,205,649		$ 8	1,867,467		(16,805)	(645,021)
Net income (loss)	9,687						9,687
Issuance of common stock upon exercise of stock options (in shares)			327
Issuance of common stock upon exercise of stock options	3			3
Issuance of common stock upon vesting of RSUs (in shares)			391,289
Stock-based compensation	36,403			36,403
Foreign currency translation adjustment	2,362					2,362
Unrealized gain (loss) on available-for-sale securities, net of tax	2,200					2,200
Reclassification adjustment for realized gain (loss) on available-for-sale securities, included in net income (loss)	(191)					(191)
Ending balance (in shares) at Jan. 31, 2024			82,322,110
Ending balance at Jan. 31, 2024	$ 1,256,113		$ 8	$ 1,903,873		$ (12,434)	$ (635,334)

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Revenue:
Total revenue	$ 240,897	$ 232,611	$ 448,304	$ 427,893
Cost of revenue:
Total cost of revenue	98,491	109,148	193,606	232,278
Gross profit:
Total gross profit	142,406	123,463	254,698	195,615
Operating expenses:
Research and development	65,458	61,702	127,927	119,872
Sales and marketing	49,181	44,781	93,762	91,249
General and administrative	40,177	40,196	79,200	82,263
Total operating expenses	154,816	146,679	300,889	293,384
Income (loss) from operations	(12,410)	(23,216)	(46,191)	(97,769)
Interest income	10,290	5,392	20,903	10,030
Interest expense	(1,692)	(1,677)	(3,375)	(3,351)
Other income (expense), net	10,776	11,291	(2,966)	(2,533)
Income (loss) before provision for (benefit from) income taxes	6,964	(8,210)	(31,629)	(93,623)
Provision for (benefit from) income taxes	(2,723)	979	(14,245)	(15,116)
Net income (loss)	$ 9,687	$ (9,189)	$ (17,384)	$ (78,507)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.12	$ (0.11)	$ (0.21)	$ (0.95)
Diluted (in dollars per share)	$ 0.12	$ (0.11)	$ (0.21)	$ (0.95)
Shares used in computing net income (loss) per share:
Basic (in shares)	82,133,632	82,051,867	81,912,272	82,686,420
Diluted (in shares)	83,305,080	82,051,867	81,912,272	82,686,420
Subscription and support
Revenue:
Total revenue	$ 131,642	$ 105,754	$ 259,269	$ 204,822
Cost of revenue:
Total cost of revenue	49,934	48,924	97,988	104,615
Gross profit:
Total gross profit	81,708	56,830	161,281	100,207
License
Revenue:
Total revenue	71,083	73,115	105,108	114,067
Cost of revenue:
Total cost of revenue	1,483	1,845	2,702	3,718
Gross profit:
Total gross profit	69,600	71,270	102,406	110,349
Services
Revenue:
Total revenue	38,172	53,742	83,927	109,004
Cost of revenue:
Total cost of revenue	47,074	58,379	92,916	123,945
Gross profit:
Total gross profit	$ (8,902)	$ (4,637)	$ (8,989)	$ (14,941)

Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 240,897	$ 232,611	$ 448,304	$ 427,893
United States
Disaggregation of Revenue [Line Items]
Total revenue	153,516	147,065	283,999	270,180
Canada
Disaggregation of Revenue [Line Items]
Total revenue	25,161	27,873	48,715	53,669
Other Americas
Disaggregation of Revenue [Line Items]
Total revenue	2,034	2,696	4,408	4,913
Total Americas
Disaggregation of Revenue [Line Items]
Total revenue	180,711	177,634	337,122	328,762
Total EMEA
Disaggregation of Revenue [Line Items]
Total revenue	38,704	35,684	71,621	62,931
Total APAC
Disaggregation of Revenue [Line Items]
Total revenue	21,482	19,293	39,561	36,200
Subscription and support
Disaggregation of Revenue [Line Items]
Total revenue	131,642	105,754	259,269	204,822
Subscription and support \| United States
Disaggregation of Revenue [Line Items]
Total revenue	90,175	71,344	176,926	138,425
Subscription and support \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	18,337	17,536	36,779	33,587
Subscription and support \| Other Americas
Disaggregation of Revenue [Line Items]
Total revenue	1,495	1,481	2,985	2,956
Subscription and support \| Total Americas
Disaggregation of Revenue [Line Items]
Total revenue	110,007	90,361	216,690	174,968
Subscription and support \| Total EMEA
Disaggregation of Revenue [Line Items]
Total revenue	14,027	9,712	27,965	18,640
Subscription and support \| Total APAC
Disaggregation of Revenue [Line Items]
Total revenue	7,608	5,681	14,614	11,214
Subscription
Disaggregation of Revenue [Line Items]
Total revenue	113,125	86,015	222,722	164,992
Support
Disaggregation of Revenue [Line Items]
Total revenue	18,517	19,739	36,547	39,830
License
Disaggregation of Revenue [Line Items]
Total revenue	71,083	73,115	105,108	114,067
License \| United States
Disaggregation of Revenue [Line Items]
Total revenue	36,775	39,421	49,506	56,930
License \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	4,885	5,912	7,803	9,605
License \| Other Americas
Disaggregation of Revenue [Line Items]
Total revenue	180	532	502	852
License \| Total Americas
Disaggregation of Revenue [Line Items]
Total revenue	41,840	45,865	57,811	67,387
License \| Total EMEA
Disaggregation of Revenue [Line Items]
Total revenue	17,590	15,708	26,955	26,133
License \| Total APAC
Disaggregation of Revenue [Line Items]
Total revenue	11,653	11,542	20,342	20,547
Term license
Disaggregation of Revenue [Line Items]
Total revenue	71,035	73,067	105,012	113,956
Perpetual license
Disaggregation of Revenue [Line Items]
Total revenue	48	48	96	111
Services
Disaggregation of Revenue [Line Items]
Total revenue	38,172	53,742	83,927	109,004
Services \| United States
Disaggregation of Revenue [Line Items]
Total revenue	26,566	36,300	57,567	74,825
Services \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	1,939	4,425	4,133	10,477
Services \| Other Americas
Disaggregation of Revenue [Line Items]
Total revenue	359	683	921	1,105
Services \| Total Americas
Disaggregation of Revenue [Line Items]
Total revenue	28,864	41,408	62,621	86,407
Services \| Total EMEA
Disaggregation of Revenue [Line Items]
Total revenue	7,087	10,264	16,701	18,158
Services \| Total APAC
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,221	$ 2,070	$ 4,605	$ 4,439

Fair Value of Financial Instruments

6 Months Ended

Jan. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Available-for-sale investments within cash equivalents and investments consist of the following (in thousands):


	January 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Asset-backed securities	$	41,461	$	105	$	(89)	$	41,477
Certificates of deposit	54,059		—		—		54,059
Commercial paper	162,569		—		—		162,569
Corporate bonds	249,799		794		(304)		250,289
Foreign government bonds	8,353		32		(68)		8,317
Money market funds	188,952		—		—		188,952
U.S. Government agency securities	30,675		14		(20)		30,669
U.S. Government bonds	86,142		88		(531)		85,699


Total	$	822,010	$	1,033	$	(1,012)	$	822,031


	July 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Asset-backed securities	$	43,573	$	18	$	(234)	$	43,357
Certificates of deposit	34,395		—		—		34,395
Commercial paper	150,254		—		—		150,254
Corporate bonds	200,691		41		(1,590)		199,142
Foreign government bonds	14,559		—		(203)		14,356
Money market funds	229,721		—		—		229,721
U.S. Government agency securities	84,180		9		(151)		84,038
U.S. Government bonds	87,064		1		(1,230)		85,835

Total	$	844,437	$	69	$	(3,408)	$	841,098

The Company does not consider any portion of the unrealized losses at January 31, 2024 to be credit losses. The Company has recorded the securities at fair value in its condensed consolidated balance sheets, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss). The amount of unrealized gains and losses reclassified into earnings is based on the specific identification of the securities sold. The realized gains and losses from sales of securities are presented in the condensed consolidated statements of comprehensive income (loss).

The following table summarizes the contractual maturities of the Company’s available-for-sale investments measured at fair value (in thousands):


	January 31, 2024
	Less Than 12 Months		12 Months or Greater		Total
Asset-backed securities	$	627	$	40,850	$	41,477
Certificates of deposit	54,059		—		54,059
Commercial paper	162,569		—		162,569
Corporate bonds	167,481		82,808		250,289
Foreign government bonds	4,868		3,449		8,317
Money market funds	188,952		—		188,952
U.S. Government agency securities	27,831		2,838		30,669
U.S. Government bonds	60,583		25,116		85,699


Total	$	666,970	$	155,061	$	822,031

Fair Value Measurement

Available-for-sale investments

The following tables summarize the Company’s available-for-sale investments measured at fair value, by level within the fair value hierarchy (in thousands):


	January 31, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Commercial paper	$	—	$	50,384	$	—	$	50,384
Money market funds	188,952		—		—		188,952


Total cash equivalents	188,952		50,384		—		239,336
Short-term investments:
Asset-backed securities	—		627		—		627
Certificates of deposit	—		54,059		—		54,059
Commercial paper	—		112,185		—		112,185
Corporate bonds	—		167,481		—		167,481
Foreign government bonds	—		4,868		—		4,868
U.S. Government agency securities	—		27,831		—		27,831
U.S. Government bonds	—		60,583		—		60,583

Total short-term investments	—		427,634		—		427,634
Long-term investments:
Asset-backed securities	—		40,850		—		40,850
Corporate bonds	—		82,808		—		82,808
Foreign government bonds	—		3,449		—		3,449
U.S. Government agency securities	—		2,838		—		2,838
U.S. Government bonds	—		25,116		—		25,116

Total long-term investments	—		155,061		—		155,061
Total	$	188,952	$	633,079	$	—	$	822,031


	July 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Commercial paper	$	—	$	61,296	$	—	$	61,296
Money market funds	229,721		—		—		229,721
U.S. Government agency securities	—		8,478		—		8,478
U.S. Government bonds	—		15,949		—		15,949
Total cash equivalents	229,721		85,723		—		315,444
Short-term investments:
Asset-backed securities	—		2,705		—		2,705
Certificates of deposit	—		34,395		—		34,395
Commercial paper	—		88,958		—		88,958
Corporate bonds	—		156,396		—		156,396
Foreign government bonds	—		10,717		—		10,717
U.S. Government agency securities	—		69,101		—		69,101
U.S. Government bonds	—		34,600		—		34,600

Total short-term investments	—		396,872		—		396,872
Long-term investments:
Asset-backed securities	—		40,652		—		40,652
Corporate bonds	—		42,746		—		42,746
Foreign government bonds	—		3,639		—		3,639
U.S. Government agency securities	—		6,459		—		6,459
U.S. Government bonds	—		35,286		—		35,286
Total long-term investments	—		128,782		—		128,782
Total	$	229,721	$	611,377	$	—	$	841,098

Convertible Senior Notes

In March 2018, the Company issued $400.0 million aggregate principal amount of 1.25% Convertible Senior Notes due 2025 (the “Convertible Senior Notes”). The fair value of the Convertible Senior Notes was $444.0 million and $388.2 million at January 31, 2024 and July 31, 2023, respectively. The Company estimates the fair value of the Convertible Senior Notes using commonly accepted valuation methodologies and market-based risk measurements that are directly observable, such as unadjusted quoted prices in markets that are not active (Level 2).

Strategic Investments

The Company’s other assets include strategic investments in privately-held companies in which the Company does not have a controlling interest or the ability to exert significant influence. The strategic investments consist of non-marketable equity securities that do not have readily determinable market values (Level 3), which are recorded using the measurement alternative at cost less impairment and adjusts cost for subsequent observable changes in fair value, and an investment in a limited partnership, which is recorded using the net asset value practical expedient (Level 3) in accordance with ASC 820. Changes in fair value are recorded in other income (expense) on the condensed consolidated statements of operations.

During the six months ended January 31, 2024, the Company invested $0.2 million in a new strategic investment.

During the six months ended January 31, 2024, one of the Company’s investees was acquired by a privately-held limited partnership. As a result, the Company received $12.1 million in consideration for its equity interest in the investee, composed of $6.5 million cash and $5.6 million of an ownership interest in the privately-held limited partnership, and recognized a $1.8 million gain in excess of cost in other income (expense), net on the condensed consolidated statements of operations.

The following table summarizes the carrying amount of the Company’s strategic investments (in thousands):


	January 31, 2024		July 31, 2023
Equity investments using the measurement alternative	$	17,654	$	27,772
Equity investment using net asset value	$	5,618	$	—

No impairment charge or unrealized gain or loss related to strategic investments were recognized during the three and six months ended January 31, 2024 and 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stock-Based Compensation Expense and Shareholders' Equity (Tables)

6 Months Ended

Jan. 31, 2024

Stockholders' Equity and Stock-based Compensation [Abstract]

Stock-based compensation expense

Stock-based compensation expense related to stock options and Stock Awards is included in the Company’s condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended				Six Months Ended
	January 31,				January 31,
	2024		2023		2024		2023
Stock-based compensation expense	$	36,403	$	36,296	$	72,602	$	71,545
Net impact of deferred stock-based compensation	24		(117)		(78)		(270)
Total stock-based compensation expense, net	$	36,427	$	36,179	$	72,524	$	71,275
Stock-based compensation expense is included in the following categories:
Cost of subscription and support revenue	$	3,414	$	3,440	$	6,876	$	6,908
Cost of license revenue	53		119		148		266
Cost of services revenue	4,643		4,397		9,432		9,746
Research and development	10,138		10,301		20,124		19,592
Sales and marketing	8,190		8,024		15,919		14,911
General and administrative	9,989		9,898		20,025		19,852
Total stock-based compensation expense	$	36,427	$	36,179	$	72,524	$	71,275

Total unrecognized stock-based compensation expense related to the Company’s stock options and Stock Awards as of January 31, 2024 is as follows:


	Unrecognized Expense (in thousands)		Weighted Average Expected Recognition Period (in years)
Stock Options	$	1,298	0.6
Stock Awards	310,253		2.6
Total unrecognized stock-based compensation expense	$	311,551

Schedule of Share-based Compensation, Restricted Stock Units Award Activity

A summary of Stock Awards activity under the Company’s equity incentive plans is as follows:


	Stock Awards Outstanding
	Number of Stock Awards Outstanding	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)(1)
Balance as of July 31, 2023	3,414,706	$	85.68	$	289,635
Granted	1,559,426	$	92.18
Released	(881,072)	$	91.73	$	82,848
Canceled	(156,813)	$	89.10
Balance as of January 31, 2024	3,936,247	$	86.76	$	439,600
Expected to vest as of January 31, 2024	3,936,247	$	86.76	$	439,600

(1) Aggregate intrinsic value at each period end represents the total market value of Stock Awards at the Company’s closing stock price of $111.68 and $84.82 on January 31, 2024 and July 31, 2023, respectively. Aggregate intrinsic value for released Stock Awards represents the total market value of released Stock Awards at date of release.

Schedule of Share-based Compensation, Stock Options, Activity

A summary of stock option activity under the Company’s equity incentive plans is as follows:


	Stock Options Outstanding
	Number of Stock Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value(1)
				(in years)	(in thousands)
Balance as of July 31, 2023	187,572	$	65.90	8.8	$	3,549
Granted	—	$	—
Exercised	(369)	$	14.82		$	34
Canceled	(5,217)	$	68.39
Balance as of January 31, 2024	181,986	$	65.93	8.3	$	8,326
Vested and expected to vest as of January 31, 2024	181,986	$	65.93	8.3	$	8,326
Exercisable as of January 31, 2024	7,855	$	11.49	2.7	$	787

(1) Aggregate intrinsic value at each period end represents the difference between the Company’s closing stock price of $111.68 and $84.82 on January 31, 2024 and July 31, 2023, 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.

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The Company determined the fair value of the portion of the award subject to the market performance of the Company’s common stock using a Monte Carlo simulation model, which included the following assumptions:

Performance Period

September 13, 2023 to September 13, 2026

3-year Historical Volatility

35.0%

3-year Risk Free Rate

4.5%

Fair Value of Financial Instruments (Details 1) - USD ($) $ in Thousands	Jan. 31, 2024	Jul. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 822,010	$ 844,437
Unrealized Gains	1,033	69
Unrealized Losses	(1,012)	(3,408)
Estimated Fair Value	822,031	841,098
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	162,569	150,254
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	162,569	150,254
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	249,799	200,691
Unrealized Gains	794	41
Unrealized Losses	(304)	(1,590)
Estimated Fair Value	250,289	199,142
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	54,059	34,395
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	54,059	34,395
U.S. Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	86,142	87,064
Unrealized Gains	88	1
Unrealized Losses	(531)	(1,230)
Estimated Fair Value	85,699	85,835
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	188,952	229,721
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	188,952	229,721
U.S. Government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	30,675	84,180
Unrealized Gains	14	9
Unrealized Losses	(20)	(151)
Estimated Fair Value	30,669	84,038
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	41,461	43,573
Unrealized Gains	105	18
Unrealized Losses	(89)	(234)
Estimated Fair Value	41,477	43,357
Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	8,353	14,559
Unrealized Gains	32	0
Unrealized Losses	(68)	(203)
Estimated Fair Value	$ 8,317	$ 14,356

Revenue (Tables)

6 Months Ended

Jan. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Revenue by service or product type is as follows (in thousands):


	Three Months Ended				Six Months Ended
	January 31,				January 31,
	2024		2023		2024		2023
Subscription and support
Subscription	$	113,125	$	86,015	$	222,722	$	164,992
Support	18,517		19,739		36,547		39,830
License
Term license	71,035		73,067		105,012		113,956
Perpetual license	48		48		96		111
Services	38,172		53,742		83,927		109,004
Total revenue	$	240,897	$	232,611	$	448,304	$	427,893

Revenue by service or product type and by geography is as follows (in thousands):


	Three Months Ended January 31, 2024
	Subscription and support		License		Services		Total

United States	$	90,175	$	36,775	$	26,566	$	153,516
Canada	18,337		4,885		1,939		25,161
Other Americas	1,495		180		359		2,034
Total Americas	110,007		41,840		28,864		180,711


Total EMEA	14,027		17,590		7,087		38,704
Total APAC	7,608		11,653		2,221		21,482
Total revenue	$	131,642	$	71,083	$	38,172	$	240,897


	Three Months Ended January 31, 2023
	Subscription and support		License		Services		Total

United States	$	71,344	$	39,421	$	36,300	$	147,065
Canada	17,536		5,912		4,425		27,873
Other Americas	1,481		532		683		2,696
Total Americas	90,361		45,865		41,408		177,634


Total EMEA	9,712		15,708		10,264		35,684
Total APAC	5,681		11,542		2,070		19,293
Total revenue	$	105,754	$	73,115	$	53,742	$	232,611




	Six Months Ended January 31, 2024
	Subscription and support		License		Services		Total

United States	$	176,926	$	49,506	$	57,567	$	283,999
Canada	36,779		7,803		4,133		48,715
Other Americas	2,985		502		921		4,408
Total Americas	216,690		57,811		62,621		337,122


Total EMEA	27,965		26,955		16,701		71,621
Total APAC	14,614		20,342		4,605		39,561
Total revenue	$	259,269	$	105,108	$	83,927	$	448,304

Contract with Customer, Asset and Liability

Amounts related to customer contract-related arrangements are included on the condensed consolidated balance sheets as follows (in thousands):


	January 31, 2024		July 31, 2023
Unbilled accounts receivable, net	$	97,762	$	98,864
Contract costs, net	$	46,512	$	47,254
Deferred revenue, net	$	199,155	$	212,911

Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
Revenue (Details) - USD ($)	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Jul. 31, 2023
Revenue from Contract with Customer [Abstract]
Allowance for doubtful accounts	$ 0		$ 0		$ 0
Contract costs, current	15,800,000		15,800,000		15,900,000
Contract costs, noncurrent	30,700,000		30,700,000		$ 31,300,000
Amortization of contract costs	4,700,000	$ 4,100,000	8,745,000	$ 8,597,000
Contract with customer, liability, revenue recognized	56,900,000		151,800,000
Remaining performance obligation, amount	$ 1,500,000,000		$ 1,500,000,000

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2024	Jul. 31, 2023
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 24	$ 218

Cover Page - shares	6 Months Ended
Cover Page - shares	Jan. 31, 2024	Feb. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2024
Document Transition Report	false
Entity File Number	001-35394
Entity Registrant Name	Guidewire Software, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4468504
Entity Address, Address Line One	970 Park Pl, Suite 200
Entity Address, City or Town	San Mateo,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94403
City Area Code	650
Local Phone Number	357-9100
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	GWRE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		83,322,110
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001528396
Current Fiscal Year End Date	--07-31

Stock-Based Compensation Expense and Shareholders' Equity

6 Months Ended

Jan. 31, 2024

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 and Stock Awards is included in the Company’s condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended				Six Months Ended
	January 31,				January 31,
	2024		2023		2024		2023
Stock-based compensation expense	$	36,403	$	36,296	$	72,602	$	71,545
Net impact of deferred stock-based compensation	24		(117)		(78)		(270)
Total stock-based compensation expense, net	$	36,427	$	36,179	$	72,524	$	71,275
Stock-based compensation expense is included in the following categories:
Cost of subscription and support revenue	$	3,414	$	3,440	$	6,876	$	6,908
Cost of license revenue	53		119		148		266
Cost of services revenue	4,643		4,397		9,432		9,746
Research and development	10,138		10,301		20,124		19,592
Sales and marketing	8,190		8,024		15,919		14,911
General and administrative	9,989		9,898		20,025		19,852
Total stock-based compensation expense	$	36,427	$	36,179	$	72,524	$	71,275

Total unrecognized stock-based compensation expense related to the Company’s stock options and Stock Awards as of January 31, 2024 is as follows:


	Unrecognized Expense (in thousands)		Weighted Average Expected Recognition Period (in years)
Stock Options	$	1,298	0.6
Stock Awards	310,253		2.6
Total unrecognized stock-based compensation expense	$	311,551

Stock Awards

A summary of Stock Awards activity under the Company’s equity incentive plans is as follows:


	Stock Awards Outstanding
	Number of Stock Awards Outstanding	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)(1)
Balance as of July 31, 2023	3,414,706	$	85.68	$	289,635
Granted	1,559,426	$	92.18
Released	(881,072)	$	91.73	$	82,848
Canceled	(156,813)	$	89.10
Balance as of January 31, 2024	3,936,247	$	86.76	$	439,600
Expected to vest as of January 31, 2024	3,936,247	$	86.76	$	439,600

In September 2023, certain executive officers were granted Stock Awards that vest in September 2026, 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 performance period and may increase or decrease depending on the estimated attainment of Company financial performance criteria. The Company determined the fair value of the portion of the award subject to the market performance of the Company’s common stock using a Monte Carlo simulation model, which included the following assumptions:

Performance Period

September 13, 2023 to September 13, 2026

3-year Historical Volatility

35.0%

3-year Risk Free Rate

4.5%

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.

Prior to fiscal year 2024, certain executives and employees of the Company received PSUs, which will vest over three years with 50% vesting annually over the three year period and the remaining 50% vesting at the end of the third year.

The Company recognized stock-based compensation related to PSUs of $3.0 million and $3.2 million during the three months ended January 31, 2024 and 2023, respectively, and $7.1 million and $7.2 million during the six months ended January 31, 2024 and 2023, respectively.

Stock Options

A summary of stock option activity under the Company’s equity incentive plans is as follows:


	Stock Options Outstanding
	Number of Stock Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value(1)
				(in years)	(in thousands)
Balance as of July 31, 2023	187,572	$	65.90	8.8	$	3,549
Granted	—	$	—
Exercised	(369)	$	14.82		$	34
Canceled	(5,217)	$	68.39
Balance as of January 31, 2024	181,986	$	65.93	8.3	$	8,326
Vested and expected to vest as of January 31, 2024	181,986	$	65.93	8.3	$	8,326
Exercisable as of January 31, 2024	7,855	$	11.49	2.7	$	787

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 and six months ended January 31, 2024, the Company did not repurchase any shares of common stock. During the three months ended January 31, 2023, the Company did not repurchase any shares of common stock. During the six months ended January 31, 2023, the Company repurchased 2,581,478 shares of common stock.

As of January 31, 2024, $138.2 million remained available for future share repurchases.

In the first quarter of fiscal year 2023, the Company entered into an accelerated share repurchase (“ASR”) agreement with a large financial institution whereupon the Company provided them with a prepayment of $200.0 million and received an initial delivery of 2,581,478 shares of the Company’s common stock. In the third quarter of fiscal year 2023, the ASR was settled in full with the delivery of an additional 648,001 shares of common stock which resulted in total repurchases under the ASR of 3,229,479 shares of common stock at an average purchase price of $61.93 per share.

Net Income (Loss) Per Share (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jan. 31, 2024	Oct. 31, 2023	Jan. 31, 2023	Oct. 31, 2022	Jan. 31, 2024	Jan. 31, 2023
Numerator:
Net income (loss)	$ 9,687	$ (27,071)	$ (9,189)	$ (69,318)	$ (17,384)	$ (78,507)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.12		$ (0.11)		$ (0.21)	$ (0.95)
Diluted (in dollars per share)	$ 0.12		$ (0.11)		$ (0.21)	$ (0.95)
Weighted average shares used in computing net income (loss) per share:
Basic (in shares)	82,133,632		82,051,867		81,912,272	82,686,420
Weighted average effect of dilutive stock options (in shares)	50,171		0		0	0
Weighted average effect of dilutive stock awards (in shares)	1,121,277		0		0	0
Diluted (in shares)	83,305,080		82,051,867		81,912,272	82,686,420

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (17,384)	$ (78,507)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	10,934	14,229
Amortization of debt issuance costs	862	848
Amortization of contract costs	8,745	8,597
Stock-based compensation	72,524	71,275
Changes to allowance for credit losses and revenue reserves	(194)	(315)
Deferred income tax	(17,390)	(18,358)
Amortization of premium (accretion of discount) on available-for-sale securities, net	(6,223)	(722)
Gain on sale of strategic investment	(1,758)	0
Other non-cash items affecting net income (loss)	(46)	76
Changes in operating assets and liabilities:
Accounts receivable	22,547	16,524
Unbilled accounts receivable	1,102	(29,460)
Prepaid expenses and other assets	(12,531)	(4,820)
Operating lease assets	4,046	4,808
Accounts payable	(12,212)	(2,289)
Accrued employee compensation	(39,657)	(32,539)
Deferred revenue	(13,756)	(26,291)
Lease liabilities	(3,245)	(5,717)
Other liabilities	804	(3,554)
Net cash provided by (used in) operating activities	(2,832)	(86,215)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale securities	(314,846)	(270,329)
Maturities and sales of available-for-sale securities	267,416	235,383
Purchases of property and equipment	(3,990)	(1,937)
Capitalized software development costs	(6,058)	(6,118)
Acquisition of strategic investments	(250)	(5,841)
Sale of strategic investment	6,508	0
Net cash provided by (used in) investing activities	(51,220)	(48,842)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock upon exercise of stock options	4	2
Repurchase and retirement of common stock	0	(200,000)
Net cash provided by (used in) financing activities	4	(199,998)
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	(1,561)	1,941
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(55,609)	(333,114)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period	406,790	614,686
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period	351,181	281,572
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	2,500	2,500
Cash paid for income taxes, net of tax refunds	2,743	2,725
Accruals for purchase of property and equipment	759	839
Accruals for capitalized software development costs	$ 458	$ 510

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jan. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies There has been no material change in the Company’s contractual obligations and commitments other than in the ordinary course of business since the Company’s fiscal year ended July 31, 2023. See the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2023 for additional information regarding the Company’s contractual obligations. Legal Proceedings From time to time, the Company is involved in various legal proceedings and receives claims, arising from the normal course of business activities. The Company has not recorded any accrual for claims as of January 31, 2024 or July 31, 2023. The Company has not accrued for estimated losses in the accompanying condensed consolidated financial statements as the Company has determined that no provision for liability nor disclosure is required related to any claim against the Company because: (a) there is not a reasonable possibility that a loss exceeding amounts already recognized (if any) may be incurred with respect to such claim; (b) a reasonably possible loss or range of loss cannot be estimated; or (c) such estimate is immaterial. The Company expenses legal fees in the period in which they are incurred. Indemnification The Company sells software licenses and services to its customers under Software License Agreements (“SLA”) and Software Subscription Agreements (“SSA”). SLAs and SSAs contain the terms of the contractual arrangement with the customer and generally include certain provisions for defending the customer against any claims that the Company’s software infringes upon a patent, copyright, trademark, or other proprietary right of a third party, and in the case of SSAs, the Company may include certain provisions for limited liability for defending the customer against any claims for a data breach. SLAs and SSAs also generally indemnify the customer against judgments, settlements, fines, penalties, costs, and expenses resulting from a claim (“Losses”) against the customer in the event the Company’s software is found to infringe upon such third-party rights. The Company has not had to reimburse any of its customers for Losses related to indemnification provisions and no material claims against the Company were outstanding as of January 31, 2024 or July 31, 2023. For several reasons, including the lack of prior indemnification claims and the lack of a monetary liability limit for certain infringement cases under various SLAs and SSAs, the Company cannot estimate the amount of potential future payments, if any, related to indemnification provisions. The Company has also agreed to indemnify its directors and executive officers for costs associated with any fees, expenses, judgments, fines, and settlement amounts incurred by any of these persons in any action or proceeding to which any of these persons is, or is threatened to be, made a party by reason of the person’s service as a director or officer, including any action by the Company, arising out of that person’s services as the Company’s director or officer or that person’s services provided to any other company or enterprise at the Company’s request. The Company maintains director and officer insurance coverage that may enable the Company to recover a portion of any future amounts paid.

Fair Value of Financial Instruments (Details 4) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jul. 31, 2023
Fair Value Disclosures [Abstract]
Strategic investment, noncurrent, quarter to date	$ 200
Gain on sale of strategic investment	1,758	$ 0
Equity consideration	12,100
Cash paid	6,500
Limited Partners' Capital Account	5,600
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments using the measurement alternative	17,654		$ 27,772
Fair Value Measured at Net Asset Value Per Share
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment using net asset value	$ 5,618		$ 0

Net Income (Loss) Per Share (Details 2) - shares	3 Months Ended		6 Months Ended
Net Income (Loss) Per Share (Details 2) - shares	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average effect of dilutive stock options (in shares)	50,171	0	0	0
Diluted (in shares)	83,305,080	82,051,867	81,912,272	82,686,420
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS (in shares)	0		184,669	14,686	14,746
Stock awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS (in shares)	502,562		3,299,881	1,960,572	1,664,469
Convertible senior notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS (in shares)	3,516,480		3,516,480	3,516,480	3,516,480

The Company and Summary of Significant Accounting Policies and Estimates (Details) $ in Millions	3 Months Ended
	Jan. 31, 2024 USD ($)
Customer One \| Accounts Receivable \| Customer Concentration Risk
Finite-Lived Intangible Assets [Line Items]
Concentration risk, percentage	10.00%
Prepaid Expenses and Other Current Assets
Finite-Lived Intangible Assets [Line Items]
Acquisition consideration holdback	$ 1.2

Commitments and Contingencies (Details Textual)	Jan. 31, 2024 USD ($) customer	Jul. 31, 2023 USD ($) customer
Commitments and Contingencies Disclosure [Abstract]
Reimbursement \| $	$ 0	$ 0
Claims outstanding \| customer	0	0

Stock-Based Compensation Expense and Shareholders' Equity (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 36,403	$ 36,296	$ 72,602	$ 71,545
Net impact of deferred stock-based compensation	24	(117)	(78)	(270)
Total stock-based compensation expense, net	36,427	36,179	72,524	71,275
Total stock-based compensation expense	36,427	36,179	72,524	71,275
Unrecognized stock-based compensation expense	311,551		311,551
Stock options
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Unrecognized stock-based compensation expense	1,298		$ 1,298
Unrecognized stock-based compensation expense, period for recognition			7 months 6 days
Restricted Stock Units (RSUs) [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Unrecognized stock-based compensation expense	310,253		$ 310,253
Unrecognized stock-based compensation expense, period for recognition			2 years 7 months 6 days
Cost of subscription and support revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3,414	3,440	$ 6,876	6,908
Cost of license revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	53	119	148	266
Cost of services revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	4,643	4,397	9,432	9,746
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	10,138	10,301	20,124	19,592
Sales and marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	8,190	8,024	15,919	14,911
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 9,989	$ 9,898	$ 20,025	$ 19,852