0001528396-24-000162 | 10-Q | XBRL Viewer

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Fair Value of Financial Instruments (Details 2) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	$ 1,230,492
12 Months or Greater	142,119
Total	1,372,611	$ 980,498
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	144,484
12 Months or Greater	0
Total	144,484	138,598
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	186,312
12 Months or Greater	73,301
Total	259,613	246,274
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	51,622
12 Months or Greater	0
Total	51,622	46,900
U.S. Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	103,825
12 Months or Greater	27,654
Total	131,479	89,883
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	678,344
12 Months or Greater	0
Total	678,344	360,881
U.S. Government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	37,237
12 Months or Greater	904
Total	38,141	33,499
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	27,070
12 Months or Greater	38,420
Total	65,490	58,867
Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less Than 12 Months	1,598
12 Months or Greater	1,840
Total	$ 3,438	$ 5,596

Fair Value of Financial Instruments (Details 3) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	$ 715,725	$ 399,037
Total short-term investments	514,767	455,576
Total long-term investments	142,119	125,885
Total	1,372,611	980,498
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	678,344	360,881
Total short-term investments	0	0
Total long-term investments	0	0
Total	678,344	360,881
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	37,381	38,156
Total short-term investments	514,767	455,576
Total long-term investments	142,119	125,885
Total	694,267	619,617
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	37,381	38,156
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	37,381	38,156
Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	678,344	360,881
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	678,344	360,881
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
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	107,103	100,442
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	107,103	100,442
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	186,312	177,081
Total long-term investments	73,301	69,193
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	186,312	177,081
Total long-term investments	73,301	69,193
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	51,622	46,900
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	51,622	46,900
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	103,825	75,966
Total long-term investments	27,654	13,917
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	103,825	75,966
Total long-term investments	27,654	13,917
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	37,237	32,605
Total long-term investments	904	894
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	37,237	32,605
Total long-term investments	904	894
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	27,070	18,826
Total long-term investments	38,420	40,041
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	27,070	18,826
Total long-term investments	38,420	40,041
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	1,598	3,756
Total long-term investments	1,840	1,840
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	1,598	3,756
Total long-term investments	1,840	1,840
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

Net Income (Loss) Per Share (Details 2) - shares	3 Months Ended
Net Income (Loss) Per Share (Details 2) - shares	Oct. 31, 2024	Oct. 31, 2023
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS (in shares)	0	157,638
Stock awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS (in shares)	151,662	2,255,096
Convertible senior notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS (in shares)	0	3,516,480

Net Income (Loss) Per Share (Tables)

3 Months Ended

Oct. 31, 2024

Earnings Per Share [Abstract]

Company's basic and diluted earnings per share

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


	Three Months Ended
	October 31,
	2024		2023
Numerator:
Net income (loss)	$	9,139	$	(27,071)
Net income (loss) per share:
Basic	$	0.11	$	(0.33)
Diluted	$	0.11	$	(0.33)

Denominator:
Weighted average shares used in computing net income (loss) per share:





Basic	83,276,236		81,690,912
Weighted average effect of dilutive stock options	93,718		—
Weighted average effect of dilutive stock awards	1,805,910		—
Weighted average effect of dilutive convertible senior notes	785,004		—
Diluted	85,960,868		81,690,912

Schedule of Antidilutive Securities excluded from EPS

The following weighted average shares of potential common stock were excluded from the computation of diluted net income (loss) per share for the periods presented because including them would have been anti-dilutive:


	Three Months Ended
	October 31,
	2024	2023
Stock options	—	157,638
Stock awards	151,662	2,255,096
Convertible senior notes	—	3,516,480

Stock-Based Compensation Expense and Shareholders' Equity (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 38,167	$ 36,199
Net impact of deferred stock-based compensation	(107)	(102)
Total stock-based compensation expense, net	38,060	36,097
Total stock-based compensation expense	38,060	36,097
Unrecognized stock-based compensation expense	371,681
Stock options
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Unrecognized stock-based compensation expense	$ 15
Unrecognized stock-based compensation expense, period for recognition	0 years
Restricted Stock Units (RSUs) [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Unrecognized stock-based compensation expense	$ 371,666
Unrecognized stock-based compensation expense, period for recognition	2 years 6 months
Cost of subscription and support revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 3,140	3,462
Cost of license revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	36	95
Cost of services revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	4,802	4,789
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	9,824	9,986
Sales and marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	9,688	7,729
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 10,570	$ 10,036

Fair Value of Financial Instruments

3 Months Ended

Oct. 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):


	October 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Asset-backed securities	$	65,341	$	196	$	(47)	$	65,490
Certificates of deposit	51,622		—		—		51,622
Commercial paper	144,484		—		—		144,484
Corporate bonds	258,926		825		(138)		259,613
Foreign government bonds	3,417		21		—		3,438
Money market funds	678,344		—		—		678,344
U.S. Government agency securities	38,113		34		(6)		38,141
U.S. Government bonds	131,449		129		(99)		131,479


Total	$	1,371,696	$	1,205	$	(290)	$	1,372,611


	July 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Asset-backed securities	$	58,812	$	116	$	(61)	$	58,867
Certificates of deposit	46,900		—		—		46,900
Commercial paper	138,598		—		—		138,598
Corporate bonds	245,817		564		(107)		246,274
Foreign government bonds	5,590		21		(15)		5,596
Money market funds	360,881		—		—		360,881
U.S. Government agency securities	33,499		12		(12)		33,499
U.S. Government bonds	89,928		72		(117)		89,883

Total	$	980,025	$	785	$	(312)	$	980,498

The Company does not consider any portion of the unrealized losses at October 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 are 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):


	October 31, 2024
	Less Than 12 Months		12 Months or Greater		Total
Asset-backed securities	$	27,070	$	38,420	$	65,490
Certificates of deposit	51,622		—		51,622
Commercial paper	144,484		—		144,484
Corporate bonds	186,312		73,301		259,613
Foreign government bonds	1,598		1,840		3,438
Money market funds	678,344		—		678,344
U.S. Government agency securities	37,237		904		38,141
U.S. Government bonds	103,825		27,654		131,479


Total	$	1,230,492	$	142,119	$	1,372,611

Fair Value Measurement

Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

The Company applies the three-level valuation hierarchy when measuring the fair value of certain assets and liabilities:

Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2—Inputs other than quoted prices included within Level 1 that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data; and

Level 3—Unobservable inputs that are supported by little or no market activity, which require the Company to develop its own assumptions.

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):


	October 31, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Commercial paper	$	—	$	37,381	$	—	$	37,381

Money market funds	678,344		—		—		678,344


Total cash equivalents	678,344		37,381		—		715,725
Short-term investments:
Asset-backed securities	—		27,070		—		27,070
Certificates of deposit	—		51,622		—		51,622
Commercial paper	—		107,103		—		107,103
Corporate bonds	—		186,312		—		186,312
Foreign government bonds	—		1,598		—		1,598
U.S. Government agency securities	—		37,237		—		37,237
U.S. Government bonds	—		103,825		—		103,825

Total short-term investments	—		514,767		—		514,767
Long-term investments:
Asset-backed securities	—		38,420		—		38,420
Corporate bonds	—		73,301		—		73,301
Foreign government bonds	—		1,840		—		1,840
U.S. Government agency securities	—		904		—		904
U.S. Government bonds	—		27,654		—		27,654

Total long-term investments	—		142,119		—		142,119
Total	$	678,344	$	694,267	$	—	$	1,372,611


	July 31, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Commercial paper	$	—	$	38,156	$	—	$	38,156
Money market funds	360,881		—		—		360,881


Total cash equivalents	360,881		38,156		—		399,037
Short-term investments:
Asset-backed securities	—		18,826		—		18,826
Certificates of deposit	—		46,900		—		46,900
Commercial paper	—		100,442		—		100,442
Corporate bonds	—		177,081		—		177,081
Foreign government bonds	—		3,756		—		3,756
U.S. Government agency securities	—		32,605		—		32,605
U.S. Government bonds	—		75,966		—		75,966

Total short-term investments	—		455,576		—		455,576
Long-term investments:
Asset-backed securities	—		40,041		—		40,041
Corporate bonds	—		69,193		—		69,193
Foreign government bonds	—		1,840		—		1,840
U.S. Government agency securities	—		894		—		894
U.S. Government bonds	—		13,917		—		13,917
Total long-term investments	—		125,885		—		125,885
Total	$	360,881	$	619,617	$	—	$	980,498

Convertible Senior Notes

In March 2018, the Company issued $400.0 million aggregate principal amount of 1.25% Convertible Senior Notes due 2025 (the “2025 Convertible Senior Notes”) and, in October 2024, the Company issued $690.0 million aggregate principal amount of 1.25% Convertible Senior Notes due 2029 (the “2029 Convertible Senior Notes,” together with the 2025 Convertible Senior Notes, the “Convertible Senior Notes”). The fair value of the 2025 Convertible Senior Notes was $452.4 million and $528.0 million at October 31, 2024 and July 31, 2024, respectively, and the fair value of the 2029 Convertible Senior Notes was $703.3 million at October 31, 2024. 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).

In October 2024, the Company retired $120.9 million aggregate principal amount of the 2025 Convertible Senior Notes in cash for $200.5 million, which included related accrued interest of $0.1 million. See Note 5 “Convertible Senior Notes.”

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.

The following table summarizes the unrealized and realized gains (losses) on strategic investments (in thousands):


	Three Months Ended
	October 31,
	2024		2023
Unrealized gains (losses), net, recognized on privately held equity securities measured using net asset value	$	53	$	—




Gains (losses) on strategic investments, net	$	53	$	—

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


	October 31, 2024		July 31, 2024
Equity investments using the measurement alternative	$	19,513	$	18,740
Equity investment using net asset value	$	3,714	$	3,661

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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+ Details

Convertible Senior Notes - Schedule of interest expense recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Debt Instrument [Line Items]
Contractual interest expense	$ 2,062	$ 1,683
Convertible Debt
Debt Instrument [Line Items]
Contractual interest expense	1,511	1,250
Amortization of debt issuance costs	545	430
Total	$ 2,056	$ 1,680

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Convertible Senior Notes

3 Months Ended

Oct. 31, 2024

Debt Disclosure [Abstract]

Convertible Senior Notes

The net carrying value of the Convertible Senior Notes and unamortized debt issuance costs was as follows (in thousands):


Debt Instrument	Maturity Date	Effective Interest Rate	October 31, 2024		July 31, 2024
2025 convertible senior notes	March 15, 2025	1.7%	$	279,055	$	400,000
2029 convertible senior notes	November 1, 2029	1.8%	690,000		—
Total principal amount			969,055		400,000
Less: unamortized debt issuance costs			(18,640)		(1,097)
Net carrying amount of debt			950,415		398,903
Less: current portion of convertible senior notes, net			278,595		398,903
Non-current portion of convertible senior notes, net			$	671,820	$	—

The following table sets forth the interest expense recognized related to the Convertible Senior Notes (in thousands):


	Three Months Ended
	October 31,
	2024		2023
Contractual interest expense	$	1,511	$	1,250
Amortization of debt issuance costs	545		430
Total	$	2,056	$	1,680

As of October 31, 2024, the if-converted value of the 2025 Convertible Senior Notes exceeded their outstanding principal amount by $14.9 million. As of October 31, 2024, the if-converted value of the 2029 Convertible Senior Notes did not exceed their outstanding principal amount.

2025 Convertible Senior Notes

In March 2018, the Company offered and sold $400.0 million aggregate principal amount of its 2025 Convertible Senior Notes. The 2025 Convertible Senior Notes were issued in accordance with the Indenture, dated as of March 13, 2018, between the Company and U.S. Bank Trust Company, National Association (formerly known as U.S. Bank National Association), as trustee (the “Trustee”) (the “Base Indenture”), as amended and supplemented by the First Supplemental Indenture, dated as of March 13, 2018, between the Company and the Trustee (together with the Base Indenture, the “2025 Indenture”). The net proceeds from the issuance of the Convertible Senior Notes were $387.2 million, after deducting issuance costs.

The 2025 Convertible Senior Notes are unsecured obligations of the Company with interest payable semi-annually in arrears, at a rate of 1.25% per year, on March 15th and September 15th of each year. The 2025 Convertible Senior Notes will mature on March 15, 2025 unless repurchased, redeemed, or converted prior to such date. The 2025 Convertible Senior Notes are convertible at the option of holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The 2025 Convertible Senior Notes will have an initial conversion rate of 8.7912 shares of common stock per $1,000 principal (equivalent to an initial conversion price of approximately $113.75 per share of the Company’s common stock).

The Company may redeem the 2025 Convertible Senior Notes, at its option, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including at least one of the 3 trading days immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. No sinking fund is provided for the 2025 Convertible Senior Notes. Upon the occurrence of a fundamental change (as defined in the 2025 Indenture) prior to the maturity date, holders may require the Company to repurchase all or a portion of the 2025 Convertible Senior Notes for cash at a price equal to 100% of the principal amount of the notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

The 2025 Convertible Senior Notes rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 2025 Convertible Senior Notes, and equal in right of payment to any of its indebtedness that is not so subordinated. The 2025 Convertible Senior Notes are effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) and any preferred equity of its current or future subsidiaries.

As of October 2024, under the terms of the 2025 Indenture, the Company will settle future conversions of its outstanding $279.1 million principal amount solely in cash up to the principal amount converted, with any excess value to be settled in shares of the Company’s common stock.

Retirement of 2025 Convertible Senior Notes

In October 2024, the Company retired $120.9 million aggregate principal amount and $0.2 million of related debt issuance costs of the 2025 Convertible Senior Notes for $200.5 million in cash, which included related accrued interest of $0.1 million. The retirement was accounted for as an induced conversion resulting in an inducement expense of $0.3 million recorded in other income (expense), net on the condensed consolidated statements of operations and a decrease to additional paid-in capital of $79.4 million on the condensed consolidated balance sheets.

2029 Convertible Senior Notes

In October 2024, the Company offered and sold $690.0 million aggregate principal amount of its 2029 Convertible Senior Notes. The 2029 Convertible Senior Notes were issued in accordance with the Indenture, dated as of October 18, 2024, between the Company and the Trustee (the “2029 Indenture”). The net proceeds from the issuance of the 2029 Convertible Senior Notes were $671.7 million after deducting issuance costs.

The 2029 Convertible Senior Notes are unsecured obligations of the Company with interest payable semi-annually in arrears, at a rate of 1.25% per year, on May 1st and November 1st of each year. The 2029 Convertible Senior Notes will mature on November 1, 2029 unless repurchased, redeemed, or converted prior to such date. Before August 1, 2029, holders of the 2029 Convertible Senior Notes will have the right to convert their 2029 Convertible Senior Notes only upon the occurrence of certain events. On or after August 1, 2029, the 2029 Convertible Senior Notes are convertible at any time at the election of holders until the close of business on the second scheduled trading day immediately preceding the maturity date. The 2029 Convertible Senior Notes will have an initial conversion rate of 4.0875 shares of common stock per $1,000 principal (equivalent to an initial conversion price of approximately $244.65 per share of the Company’s common stock). The conversion rate is subject to customary adjustments upon the occurrence of certain events but will not be adjusted for any accrued and unpaid interest. The consideration due upon conversion will consist of cash, up to at least the proportional amount of the principal amount being converted, and any excess of the proportional conversion value for that trading day that will not be settled in cash will be settled in shares of the Company’s common stock.

The Company may redeem the 2029 Convertible Senior Notes, at its option, on or after November 5, 2027 and on or before the 20th scheduled trading day immediately before the maturity date, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest if (i) the 2029 Convertible Senior Notes are “Freely Tradable” (as defined in the 2029 Indenture) as of the date the Company sends the related redemption notice, and all accrued and unpaid additional interest, if any, has been paid in full, as of the most recent interest payment date occurring on or before the date the Company sends the related redemption notice; and (ii) the last reported sale price of the Company’s common stock has been at least 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption; and (2) the trading day immediately preceding the date on which the Company provides notice of redemption. No sinking fund is required to be provided for the 2029 Convertible Senior Notes. Upon the occurrence of a fundamental change (as defined in the 2029 Indenture) prior to the maturity date, holders may require the Company to repurchase all or a portion of the 2029 Convertible Senior Notes for cash at a price equal to 100% of the principal amount of the notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

The 2029 Convertible Senior Notes rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 2029 Convertible Senior Notes, and equal in right of payment to any of its indebtedness that is not so subordinated. The 2029 Convertible Senior Notes are effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) and any preferred equity of its current or future subsidiaries.

Capped Calls

In connection with each offering of the Convertible Senior Notes, the Company purchased capped calls with certain financial institutions pursuant to capped call confirmations (collectively the “Capped Calls”). The initial strike price of the Convertible Senior Notes corresponds to the initial conversion price of each of the Convertible Senior Notes. By entering into the Capped Calls, the Company expects to reduce the potential dilution to its common stock (or, in the event the conversion is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion its stock price exceeds the conversion price under the Convertible Senior Notes. The Capped Calls are subject to either adjustment or termination upon the occurrence of specified extraordinary events

affecting the Company, including a merger event, a tender offer, and a nationalization, insolvency or delisting involving the Company. Additionally, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including changes in law, insolvency filings, and hedging disruptions. The Capped Calls were recorded in the period purchased as a reduction of the Company’s additional paid-in capital in the accompanying consolidated balance sheets and are not accounted for as derivatives.

The following table below sets forth key terms and costs incurred for the Capped Calls related to each of the Convertible Senior Notes (in millions, except per share amounts):


	2025 Convertible Senior Notes		2029 Convertible Senior Notes
Initial strike price per share, subject to certain adjustments	$	113.75	$	244.65
Initial cap price per share, subject to certain adjustments	$	153.13	$	329.33
Net cost incurred	$	37.2	$	58.8
Common stock covered, subject to anti-dilution adjustments	3.5		2.8

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-Topic 470
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+ Details

Convertible Senior Notes - Narrative (Details)	1 Months Ended		3 Months Ended
Convertible Senior Notes - Narrative (Details)	Oct. 31, 2024 USD ($) d $ / shares	Mar. 31, 2018 USD ($) d $ / shares	Oct. 31, 2024 USD ($) $ / shares	Oct. 31, 2023 USD ($)
Debt Instrument [Line Items]
Net proceeds			$ 672,750,000	$ 0
Retirement of convertible senior notes			79,366,000
2025 Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
If-converted value in excess of principal			14,900,000
Aggregate principal amount		$ 400,000,000.0
Net proceeds		$ 387,200,000
Stated interest rate		1.25%
Conversion ratio		0.0097912
Conversion price (in usd per share) \| $ / shares		$ 113.75
Redemption price percentage		100.00%
Threshold percentage of stock price trigger		130.00%
Threshold trading days \| d		20
Threshold trading days, minimum number of days after redemption notice		3 days
Threshold consecutive trading days \| d		30
Principal amount outstanding	$ 279,100,000		279,100,000
Repurchased principal amount	120,900,000		120,900,000
Payment or retirement of debt issuance costs	200,000
Payment of accrued interest, debt	100,000
Convertible debt inducement expense	300,000
Retirement of convertible senior notes	79,400,000
2029 Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
If-converted value in excess of principal			0
Aggregate principal amount	690,000,000.0		$ 690,000,000.0
Net proceeds	$ 671,700,000
Stated interest rate	1.25%		1.25%
Conversion ratio	0.0040875
Conversion price (in usd per share) \| $ / shares	$ 244.65		$ 244.65
Redemption price percentage	100.00%
Threshold percentage of stock price trigger	130.00%
Threshold trading days \| d	20
Threshold consecutive trading days \| d	30

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

Net Income (Loss) Per Share

3 Months Ended

Oct. 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, time-based restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) and the if-converted method for Convertible Senior Notes. RSUs and PSUs are collectively referred to as “Stock Awards.”


	Three Months Ended
	October 31,
	2024		2023
Numerator:
Net income (loss)	$	9,139	$	(27,071)
Net income (loss) per share:
Basic	$	0.11	$	(0.33)
Diluted	$	0.11	$	(0.33)

Denominator:
Weighted average shares used in computing net income (loss) per share:





Basic	83,276,236		81,690,912
Weighted average effect of dilutive stock options	93,718		—
Weighted average effect of dilutive stock awards	1,805,910		—
Weighted average effect of dilutive convertible senior notes	785,004		—
Diluted	85,960,868		81,690,912


	Three Months Ended
	October 31,
	2024	2023
Stock options	—	157,638
Stock awards	151,662	2,255,096
Convertible senior notes	—	3,516,480

During the three months ended October 31, 2024, the average market price of the Company’s common stock exceeded the initial conversion price of the 2025 Convertible Senior Notes, and the conversion premium was included in weighted average shares outstanding for calculating diluted net income per share. During the three months ended October 31, 2023, the average market price of the Company’s common stock did not exceed the initial conversion price of the 2025 Convertible Senior Notes.

During the three months ended October 31, 2024, the average market price of the Company’s common stock did not exceed the initial conversion price of the 2029 Convertible Senior Notes.

The Company and Summary of Significant Accounting Policies and Estimates (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2024	Jul. 31, 2024
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Revenue:
Total revenue	$ 262,901	$ 207,407
Cost of revenue:
Total cost of revenue	104,509	95,115
Gross profit:
Total gross profit	158,392	112,292
Operating expenses:
Research and development	68,880	62,469
Sales and marketing	51,478	44,581
General and administrative	42,754	39,023
Total operating expenses	163,112	146,073
Income (loss) from operations	(4,720)	(33,781)
Interest income	13,606	10,613
Interest expense	(2,062)	(1,683)
Other income (expense), net	(4,055)	(13,742)
Income (loss) before provision for (benefit from) income taxes	2,769	(38,593)
Provision for (benefit from) income taxes	(6,370)	(11,522)
Net income (loss)	$ 9,139	$ (27,071)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.11	$ (0.33)
Diluted (in dollars per share)	$ 0.11	$ (0.33)
Shares used in computing net income (loss) per share:
Basic (in shares)	83,276,236	81,690,912
Diluted (in shares)	85,960,868	81,690,912
Subscription and support
Revenue:
Total revenue	$ 169,742	$ 127,627
Cost of revenue:
Total cost of revenue	54,024	48,054
Gross profit:
Total gross profit	115,718	79,573
License
Revenue:
Total revenue	37,370	34,025
Cost of revenue:
Total cost of revenue	881	1,219
Gross profit:
Total gross profit	36,489	32,806
Services
Revenue:
Total revenue	55,789	45,755
Cost of revenue:
Total cost of revenue	49,604	45,842
Gross profit:
Total gross profit	$ 6,185	$ (87)

Revenue

3 Months Ended

Oct. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

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


	Three Months Ended
	October 31,
	2024		2023
Subscription and support
Subscription	$	152,858	$	109,597
Support	16,884		18,030
License
Term license	37,370		33,977
Perpetual license	—		48
Services	55,789		45,755
Total revenue	$	262,901	$	207,407

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


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

United States	$	112,814	$	12,858	$	37,574	$	163,246
Canada	24,986		5,234		6,581		36,801
Other Americas	1,510		336		485		2,331
Total Americas	139,310		18,428		44,640		202,378


Total EMEA	17,999		9,018		8,179		35,196
Total APAC	12,433		9,924		2,970		25,327
Total revenue	$	169,742	$	37,370	$	55,789	$	262,901


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

United States	$	86,751	$	12,731	$	31,001	$	130,483
Canada	18,442		2,918		2,194		23,554
Other Americas	1,490		322		562		2,374
Total Americas	106,683		15,971		33,757		156,411


Total EMEA	13,938		9,365		9,614		32,917
Total APAC	7,006		8,689		2,384		18,079
Total revenue	$	127,627	$	34,025	$	45,755	$	207,407

No country or region other than those listed above, accounted for more than 10% of revenue during the three months ended October 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):


	October 31, 2024		July 31, 2024
Unbilled accounts receivable, net	$	130,077	$	91,188
Contract acquisition costs, net	$	52,310	$	54,689
Costs to fulfill a contract, net	$	8,887	$	10,710
Deferred revenue, net	$	227,376	$	285,483

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

Contract acquisition costs

The current portion of contract acquisition costs of $17.3 million and $17.7 million is included in prepaid and other current assets in the Company’s condensed consolidated balance sheets as of October 31, 2024 and July 31, 2024, respectively. The non-current portion of contract acquisition costs of $35.0 million and $37.0 million is included in other assets in the Company’s condensed consolidated balance sheets as of October 31, 2024 and July 31, 2024, respectively. The Company amortized $5.1 million and $4.1 million of contract acquisition costs during the three months ended October 31, 2024 and 2023, respectively.

Costs to fulfill a contract

The current portion of costs to fulfill a contract of $6.2 million and $6.0 million is included in prepaid and other current assets in the Company’s condensed consolidated balance sheets as of October 31, 2024 and July 31, 2024, respectively. The non-current portion of costs to fulfill a contract of $2.7 million and $4.7 million is included in other assets in the Company’s condensed consolidated balance sheets as of October 31, 2024 and July 31, 2024, respectively. The Company amortized $2.6 million and $2.3 million of costs to fulfill a contract during the three months ended October 31, 2024 and 2023, respectively.

Deferred revenue

During the three months ended October 31, 2024, the Company recognized revenue of approximately $130.9 million related to the Company’s deferred revenue balance reported as of July 31, 2024.

Remaining Performance Obligations

The aggregate amount of consideration allocated to remaining performance obligations either not satisfied or partially satisfied was approximately $2.0 billion as of October 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
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-Name Accounting Standards Codification
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-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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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

Cover Page - shares	3 Months Ended
Cover Page - shares	Oct. 31, 2024	Nov. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 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		83,519,257
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001528396
Current Fiscal Year End Date	--07-31

The Company and Summary of Significant Accounting Policies and Estimates (Policies)	3 Months Ended
	Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company	Company Guidewire Software, Inc., together with its subsidiaries (the “Company”), provides a technology platform which combines core operations, digital engagement, analytics, machine learning, and artificial intelligence (“AI”) applications. The Company’s technology platform supports 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.
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, 2024.
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. As of October 31, 2024 and July 31, 2024, unearned acquisition consideration holdback of $1.2 million was included in prepaid expenses and other current assets in the condensed consolidated balance sheets.
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.
Segment Information	Segment Information The Company has determined that the chief executive officer is the chief operating decision maker. The Company’s chief executive officer reviews financial information presented on a consolidated basis for purposes of assessing performance and making decisions on how to allocate resources and assess performance. Accordingly, the Company has determined that it operates in a single reportable segment. Since the Company operates in one operating segment, all required financial segment information can be found in the condensed consolidated financial statements and accompanying notes.
Recent Adopted Pronouncements and Recent Accounting Pronouncements	Recently Adopted Pronouncements In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The new standard was early adopted by the Company beginning August 1, 2024 and applied retrospectively for all periods presented, including the retirement of its convertible senior notes due March 2025. See Note 5 “Convertible Senior Notes.” The new standard did not have an impact on prior periods presented in the condensed consolidated financial statements. Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 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 No. 2023-07, as well as all existing segment disclosures and reconciliation requirements in Accounting Standards Codification (“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. The adoption of this ASU will impact the Company’s disclosures. 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. 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. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public business entities to disclose qualitative and quantitative information about certain costs and expenses in the notes to the financial statements 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, 2027, and for the interim periods beginning after August 1, 2028. Upon adoption, the guidance can be applied prospectively or retrospectively. The adoption of this ASU will impact the Company’s disclosures. 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.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings (accumulated deficit)
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)
Ending balance (in shares) at Jul. 31, 2024		83,025,637
Ending balance at Jul. 31, 2024	1,342,732	$ 8	1,979,021	(12,244)	(624,053)
Net income (loss)	9,139				9,139
Issuance of common stock upon exercise of stock options (in shares)		27,003
Issuance of common stock upon exercise of stock options	1,939		1,939
Issuance of common stock upon vesting of RSUs (in shares)		466,489
Stock-based compensation	38,167		38,167
Purchase of capped calls	(58,788)		(58,788)
Retirement of convertible senior notes	(79,366)		(79,366)
Deferred tax asset related to debt issuance of convertible senior notes	13,931		13,931
Foreign currency translation adjustment	(62)			(62)
Unrealized gain (loss) on available-for-sale securities, net of tax	453			453
Reclassification adjustment for realized gain (loss) on available-for-sale securities, included in net income (loss)	(116)			(116)
Ending balance (in shares) at Oct. 31, 2024		83,519,129
Ending balance at Oct. 31, 2024	$ 1,268,029	$ 8	$ 1,894,904	$ (11,969)	$ (614,914)

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

3 Months Ended

Oct. 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
	October 31,
	2024		2023
Stock-based compensation expense	$	38,167	$	36,199
Net impact of deferred stock-based compensation	(107)		(102)
Total stock-based compensation expense, net	$	38,060	$	36,097
Stock-based compensation expense is included in the following categories:
Cost of subscription and support revenue	$	3,140	$	3,462
Cost of license revenue	36		95
Cost of services revenue	4,802		4,789
Research and development	9,824		9,986
Sales and marketing	9,688		7,729
General and administrative	10,570		10,036
Total stock-based compensation expense	$	38,060	$	36,097

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


	Unrecognized Expense (in thousands)		Weighted Average Expected Recognition Period (in years)
Stock Options	$	15	0.0
Stock Awards	371,666		2.5
Total unrecognized stock-based compensation expense	$	371,681

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

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


	Stock Awards Outstanding
	Number of Stock Awards	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)(1)
Balance as of July 31, 2024	3,202,066	$	86.60	$	480,534
Granted	950,870	$	176.04
Released	(466,489)	$	94.56	$	80,147
Canceled	(34,718)	$	87.97
Balance as of October 31, 2024	3,651,729	$	108.86	$	680,171
Expected to vest as of October 31, 2024	3,651,729	$	108.86	$	680,171

(1) Aggregate intrinsic value at each period end represents the total market value of Stock Awards at the Company’s closing stock price of $186.26 and $150.07 on October 31, 2024 and July 31, 2024, 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:



	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, 2024	166,838	$	65.63	7.9	$	14,088
Granted	—	$	—
Exercised	(27,003)	$	71.77		$	2,765
Canceled	—	$	—
Balance as of October 31, 2024	139,835	$	64.44	7.6	$	17,035
Vested and expected to vest as of October 31, 2024	139,835	$	64.44	7.6	$	17,035
Exercisable as of October 31, 2024	110,884	$	65.00	7.5	$	13,446

(1) Aggregate intrinsic value at each period end represents the difference between the Company’s closing stock price of $186.26 and $150.07 on October 31, 2024 and July 31, 2024, 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 awards subject to the market performance of the Company’s common stock using a Monte Carlo simulation model, which included the following assumptions:


	Three Months Ended
	October 31,
	2024	2023
Performance period	September 11, 2024 to September 11, 2027	September 13, 2023 to September 13, 2026
3-year historical volatility	36.0%	35.0%
3-year risk free rate	3.4%	4.5%

Fair Value of Financial Instruments (Details 4) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024	Mar. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Repayments of convertible debt		$ 200,394	$ 0
Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate principal amount	$ 969,055	969,055		$ 400,000
2025 Convertible Senior Notes \| Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate principal amount	279,055	279,055		400,000	$ 400,000
Stated interest rate					1.25%
Fair value of debt	452,400	452,400		528,000
Repurchased principal amount	120,900	120,900
Repayments of convertible debt	200,500
Payment of accrued interest, debt	100
2029 Convertible Senior Notes \| Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate principal amount	$ 690,000	$ 690,000		$ 0
Stated interest rate	1.25%	1.25%
Fair value of debt	$ 703,300	$ 703,300

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 9,139	$ (27,071)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	5,845	5,442
Amortization of debt issuance costs	545	430
Amortization of contract acquisition costs	5,139	4,064
Stock-based compensation	38,060	36,097
Changes to allowance for credit losses and revenue reserves	1,257	128
Deferred income tax	(7,955)	(13,220)
Amortization of premium (accretion of discount) on available-for-sale securities, net	(3,228)	(2,927)
Changes in fair value of strategic investments	(53)	0
Other non-cash items affecting net income (loss)	286	(29)
Changes in operating assets and liabilities:
Accounts receivable	38,609	57,193
Unbilled accounts receivable	(38,889)	(17,250)
Prepaid expenses and other assets	(6,291)	(6,560)
Operating lease assets	1,757	1,971
Accounts payable	16,206	(16,982)
Accrued employee compensation	(56,545)	(54,576)
Deferred revenue	(58,107)	(37,893)
Lease liabilities	(1,685)	(1,601)
Other liabilities	(6,395)	701
Net cash provided by (used in) operating activities	(62,305)	(72,083)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale securities	(211,649)	(160,239)
Maturities and sales of available-for-sale securities	139,896	137,386
Purchases of property and equipment	(843)	(998)
Capitalized software development costs	(4,233)	(3,692)
Acquisition of strategic investments	(772)	(250)
Net cash provided by (used in) investing activities	(77,601)	(27,793)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible senior notes, net of issuance costs	672,750	0
Payment for the retirement of convertible senior notes	(200,394)	0
Purchase of capped calls	(58,788)	0
Proceeds from issuance of common stock upon exercise of stock options	1,939	0
Net cash provided by (used in) financing activities	415,507	0
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	(31)	(4,303)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	275,570	(104,179)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period	549,184	406,790
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period	824,754	302,611
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	2,639	2,500
Cash paid for income taxes, net of tax refunds	2,604	883
Accruals for purchase of property and equipment	461	2,805
Accruals for capitalized software development costs	251	278
Accruals for unpaid debt issuance cost	$ 1,055	$ 0

Convertible Senior Notes (Tables)

3 Months Ended

Oct. 31, 2024

Debt Disclosure [Abstract]

Schedule of convertible debt

The net carrying value of the Convertible Senior Notes and unamortized debt issuance costs was as follows (in thousands):


Debt Instrument	Maturity Date	Effective Interest Rate	October 31, 2024		July 31, 2024
2025 convertible senior notes	March 15, 2025	1.7%	$	279,055	$	400,000
2029 convertible senior notes	November 1, 2029	1.8%	690,000		—
Total principal amount			969,055		400,000
Less: unamortized debt issuance costs			(18,640)		(1,097)
Net carrying amount of debt			950,415		398,903
Less: current portion of convertible senior notes, net			278,595		398,903
Non-current portion of convertible senior notes, net			$	671,820	$	—

The following table sets forth the interest expense recognized related to the Convertible Senior Notes (in thousands):


	Three Months Ended
	October 31,
	2024		2023
Contractual interest expense	$	1,511	$	1,250
Amortization of debt issuance costs	545		430
Total	$	2,056	$	1,680

Schedule of capped calls

The following table below sets forth key terms and costs incurred for the Capped Calls related to each of the Convertible Senior Notes (in millions, except per share amounts):


	2025 Convertible Senior Notes		2029 Convertible Senior Notes
Initial strike price per share, subject to certain adjustments	$	113.75	$	244.65
Initial cap price per share, subject to certain adjustments	$	153.13	$	329.33
Net cost incurred	$	37.2	$	58.8
Common stock covered, subject to anti-dilution adjustments	3.5		2.8

Subsequent Events	3 Months Ended
Subsequent Events	Oct. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events On December 2, 2024, Guidewire and certain of its subsidiaries entered into a revolving credit agreement (the “Credit Agreement”) with Bank of America, N.A., as administrative agent (the “Administrative Agent”) and certain other financial institutions from time to time thereto (with the Administrative Agent, the “Lenders”). The Credit Agreement provides for a senior secured revolving credit facility in an aggregate principal amount of $300.0 million (the “2025 Credit Facility”). At the Company’s discretion, it allows flexibility for an uncommitted upsize of the aggregate principal amount of the 2025 Credit Facility or the establishment of incremental term loan facilities, in each case, as further set forth in the Credit Agreement. As of December 5, 2024, there are no commitments by any Lenders for any such upsize or incremental term loan facility. The loans under the 2025 Credit Facility bear interest (i) for U.S. Dollar-denominated loans, at the Company’s option, at either (a) the bank’s base rate, plus an applicable margin ranging from 0.25% to 1.25% per annum, or (b) a term SOFR (as defined in the Credit Agreement), plus an applicable margin ranging from 1.25% to 2.25% per annum and (ii) for alternative currency-denominated loans, at the applicable alternative currency rate (whether a daily rate or a term rate), plus an applicable margin ranging from 1.25% to 2.25% per annum, in each case, such applicable margins to be determined based on the Company’s total net leverage ratio. In addition to paying interest on the outstanding principal under the 2025 Credit Facility, the Company is required to pay (i) a commitment fee ranging from 0.175% to 0.30% per annum, to be determined based on the Company’s total net leverage ratio, on the actual daily unused amount of each Lender’s commitment under the 2025 Credit Facility, (ii) a letter of credit fronting fee of 0.125% per annum of the daily amount available to be drawn under outstanding letters of credit, and (iii) certain other customary fees and expenses of the Lenders and agents. The Credit Agreement contains customary covenants, including, but not limited to, restrictions on the Company’s and its subsidiaries’ ability to merge and consolidate with other companies, dispose of assets, incur indebtedness, or grant liens or other security interests on assets, in each case, subject to certain customary exceptions. The financial covenants require as of the end of each fiscal quarter that (a) the Company has a minimum consolidated net cash interest coverage ratio of 3.00:1.00 and (b) the Company does not exceed a maximum total net leverage ratio of 3.75:1.00. The maximum total net leverage ratio is subject to a step-up by 0.50:1.00 at the election of the Company for four fiscal quarters following certain material acquisitions, subject to certain customary exceptions. The 2025 Credit Facility has a scheduled maturity of December 2, 2029; provided that the Credit Agreement provides for a maturity date of 91 days prior to the earlier maturity date of any individual or related series of other indebtedness with an aggregate outstanding principal amount that exceeds the greater of (x) $107.5 million and (y) 50% of Consolidated EBITDA (as defined in the Credit Agreement) as of the most recent four fiscal quarter period preceding such 91st day for which financial statements were required to be delivered pursuant to the Credit Agreement, unless the Company maintains either (a) a total net leverage ratio lower than 2.00:1.00 or (b) liquidity greater than 125% of the aggregate outstanding principal amount of such indebtedness. The Credit Agreement includes customary events of default that include, among other things, non-payment of principal, interest or fees, inaccuracy of representations and warranties, violation of certain covenants, cross default to certain other indebtedness, bankruptcy and insolvency events, material judgments, change of control and certain material ERISA (as defined in the Credit Agreement) events, in each case, subject to certain customary exceptions and grace periods. During the continuance of an event of default, the Administrative Agent and the Lenders may take a number of actions, including, among others, declaring the entire aggregate amount then outstanding under the 2025 Credit Facility to be due and payable. The Company’s obligations under the Credit Agreement are required to be guaranteed by the Company’s material domestic subsidiaries. The Company’s obligations under the Credit Agreement are secured by a security interest in substantially all of the assets of the Company and each guarantor. Revolving loans may be prepaid, and revolving loan commitments may be permanently reduced by the Company in whole or in part, without penalty or premium.

Fair Value of Financial Instruments (Details 5) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of strategic investments	$ 53	$ 0
Gains (losses) on strategic investments, net	53	$ 0
Equity securities without readily determinable fair value	19,513		$ 18,740
Fair Value Measured at Net Asset Value Per Share
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities without readily determinable fair value	$ 3,714		$ 3,661

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 1,904	$ 646

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 823,562	$ 547,992
Short-term investments	514,767	455,576
Accounts receivable, net of allowances of $1,904 and $646, respectively	97,475	137,339
Unbilled accounts receivable, net	129,429	87,031
Prepaid expenses and other current assets	72,059	67,596
Total current assets	1,637,292	1,295,534
Long-term investments	142,119	125,885
Unbilled accounts receivable, net	648	4,157
Property and equipment, net	55,215	55,409
Operating lease assets	41,993	43,750
Intangible assets, net	7,638	9,005
Goodwill	372,214	372,214
Deferred tax assets, net	274,875	253,085
Other assets	64,703	67,255
TOTAL ASSETS	2,596,697	2,226,294
CURRENT LIABILITIES:
Accounts payable	31,394	15,209
Accrued employee compensation	51,860	109,084
Deferred revenue, net	224,189	281,855
Convertible senior notes, net	278,595	398,903
Other current liabilities	29,199	32,584
Total current liabilities	615,237	837,635
Lease liabilities	32,934	34,721
Convertible senior notes, net	671,820	0
Deferred revenue, net	3,187	3,628
Other liabilities	5,490	7,578
Total liabilities	1,328,668	883,562
STOCKHOLDERS’ EQUITY:
Common stock	8	8
Additional paid-in capital	1,894,904	1,979,021
Accumulated other comprehensive income (loss)	(11,969)	(12,244)
Retained earnings (accumulated deficit)	(614,914)	(624,053)
Total stockholders’ equity	1,268,029	1,342,732
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 2,596,697	$ 2,226,294

Revenue (Tables)

3 Months Ended

Oct. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	Three Months Ended
	October 31,
	2024		2023
Subscription and support
Subscription	$	152,858	$	109,597
Support	16,884		18,030
License
Term license	37,370		33,977
Perpetual license	—		48
Services	55,789		45,755
Total revenue	$	262,901	$	207,407

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


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

United States	$	112,814	$	12,858	$	37,574	$	163,246
Canada	24,986		5,234		6,581		36,801
Other Americas	1,510		336		485		2,331
Total Americas	139,310		18,428		44,640		202,378


Total EMEA	17,999		9,018		8,179		35,196
Total APAC	12,433		9,924		2,970		25,327
Total revenue	$	169,742	$	37,370	$	55,789	$	262,901


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

United States	$	86,751	$	12,731	$	31,001	$	130,483
Canada	18,442		2,918		2,194		23,554
Other Americas	1,490		322		562		2,374
Total Americas	106,683		15,971		33,757		156,411


Total EMEA	13,938		9,365		9,614		32,917
Total APAC	7,006		8,689		2,384		18,079
Total revenue	$	127,627	$	34,025	$	45,755	$	207,407

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):


	October 31, 2024		July 31, 2024
Unbilled accounts receivable, net	$	130,077	$	91,188
Contract acquisition costs, net	$	52,310	$	54,689
Costs to fulfill a contract, net	$	8,887	$	10,710
Deferred revenue, net	$	227,376	$	285,483

Fair Value of Financial Instruments (Details 1) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 1,371,696	$ 980,025
Unrealized Gains	1,205	785
Unrealized Losses	(290)	(312)
Estimated Fair Value	1,372,611	980,498
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	144,484	138,598
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	144,484	138,598
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	258,926	245,817
Unrealized Gains	825	564
Unrealized Losses	(138)	(107)
Estimated Fair Value	259,613	246,274
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	51,622	46,900
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	51,622	46,900
U.S. Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	131,449	89,928
Unrealized Gains	129	72
Unrealized Losses	(99)	(117)
Estimated Fair Value	131,479	89,883
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	678,344	360,881
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	678,344	360,881
U.S. Government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	38,113	33,499
Unrealized Gains	34	12
Unrealized Losses	(6)	(12)
Estimated Fair Value	38,141	33,499
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	65,341	58,812
Unrealized Gains	196	116
Unrealized Losses	(47)	(61)
Estimated Fair Value	65,490	58,867
Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	3,417	5,590
Unrealized Gains	21	21
Unrealized Losses	0	(15)
Estimated Fair Value	$ 3,438	$ 5,596

Stock-Based Compensation Expense and Shareholders' Equity (Details 3)	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Stockholders' Equity and Stock-based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	36.00%	35.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	3.40%	4.50%

Revenue (Contract with Customer) (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Disaggregation of Revenue [Line Items]
Unbilled accounts receivable, net	$ 130,077	$ 91,188
Deferred revenue, net	227,376	285,483
Contract Acquisition Costs
Disaggregation of Revenue [Line Items]
Contract acquisition and fulfillment costs, net	52,310	54,689
Contract Fulfillment Costs
Disaggregation of Revenue [Line Items]
Contract acquisition and fulfillment costs, net	$ 8,887	$ 10,710

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value of Financial Instruments (Tables)

3 Months Ended

Oct. 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):


	October 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Asset-backed securities	$	65,341	$	196	$	(47)	$	65,490
Certificates of deposit	51,622		—		—		51,622
Commercial paper	144,484		—		—		144,484
Corporate bonds	258,926		825		(138)		259,613
Foreign government bonds	3,417		21		—		3,438
Money market funds	678,344		—		—		678,344
U.S. Government agency securities	38,113		34		(6)		38,141
U.S. Government bonds	131,449		129		(99)		131,479


Total	$	1,371,696	$	1,205	$	(290)	$	1,372,611


	July 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Asset-backed securities	$	58,812	$	116	$	(61)	$	58,867
Certificates of deposit	46,900		—		—		46,900
Commercial paper	138,598		—		—		138,598
Corporate bonds	245,817		564		(107)		246,274
Foreign government bonds	5,590		21		(15)		5,596
Money market funds	360,881		—		—		360,881
U.S. Government agency securities	33,499		12		(12)		33,499
U.S. Government bonds	89,928		72		(117)		89,883

Total	$	980,025	$	785	$	(312)	$	980,498

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):


	October 31, 2024
	Less Than 12 Months		12 Months or Greater		Total
Asset-backed securities	$	27,070	$	38,420	$	65,490
Certificates of deposit	51,622		—		51,622
Commercial paper	144,484		—		144,484
Corporate bonds	186,312		73,301		259,613
Foreign government bonds	1,598		1,840		3,438
Money market funds	678,344		—		678,344
U.S. Government agency securities	37,237		904		38,141
U.S. Government bonds	103,825		27,654		131,479


Total	$	1,230,492	$	142,119	$	1,372,611

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):


	October 31, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Commercial paper	$	—	$	37,381	$	—	$	37,381

Money market funds	678,344		—		—		678,344


Total cash equivalents	678,344		37,381		—		715,725
Short-term investments:
Asset-backed securities	—		27,070		—		27,070
Certificates of deposit	—		51,622		—		51,622
Commercial paper	—		107,103		—		107,103
Corporate bonds	—		186,312		—		186,312
Foreign government bonds	—		1,598		—		1,598
U.S. Government agency securities	—		37,237		—		37,237
U.S. Government bonds	—		103,825		—		103,825

Total short-term investments	—		514,767		—		514,767
Long-term investments:
Asset-backed securities	—		38,420		—		38,420
Corporate bonds	—		73,301		—		73,301
Foreign government bonds	—		1,840		—		1,840
U.S. Government agency securities	—		904		—		904
U.S. Government bonds	—		27,654		—		27,654

Total long-term investments	—		142,119		—		142,119
Total	$	678,344	$	694,267	$	—	$	1,372,611


	July 31, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Commercial paper	$	—	$	38,156	$	—	$	38,156
Money market funds	360,881		—		—		360,881


Total cash equivalents	360,881		38,156		—		399,037
Short-term investments:
Asset-backed securities	—		18,826		—		18,826
Certificates of deposit	—		46,900		—		46,900
Commercial paper	—		100,442		—		100,442
Corporate bonds	—		177,081		—		177,081
Foreign government bonds	—		3,756		—		3,756
U.S. Government agency securities	—		32,605		—		32,605
U.S. Government bonds	—		75,966		—		75,966

Total short-term investments	—		455,576		—		455,576
Long-term investments:
Asset-backed securities	—		40,041		—		40,041
Corporate bonds	—		69,193		—		69,193
Foreign government bonds	—		1,840		—		1,840
U.S. Government agency securities	—		894		—		894
U.S. Government bonds	—		13,917		—		13,917
Total long-term investments	—		125,885		—		125,885
Total	$	360,881	$	619,617	$	—	$	980,498

Unrealized Gain (Loss) on Investments

The following table summarizes the unrealized and realized gains (losses) on strategic investments (in thousands):


	Three Months Ended
	October 31,
	2024		2023
Unrealized gains (losses), net, recognized on privately held equity securities measured using net asset value	$	53	$	—




Gains (losses) on strategic investments, net	$	53	$	—

Equity Method Investments

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


	October 31, 2024		July 31, 2024
Equity investments using the measurement alternative	$	19,513	$	18,740
Equity investment using net asset value	$	3,714	$	3,661

Revenue (Details) - USD ($)	3 Months Ended
Revenue (Details) - USD ($)	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024
Disaggregation of Revenue [Line Items]
Allowance for doubtful accounts	$ 0		$ 0
Amortization of contract acquisition costs	5,139,000	$ 4,064,000
Contract with customer, liability, revenue recognized	130,900,000
Remaining performance obligation, amount	2,000,000,000
Contract Acquisition Costs
Disaggregation of Revenue [Line Items]
Contract costs, current	17,300,000		17,700,000
Contract costs, noncurrent	35,000,000.0		37,000,000.0
Amortization of contract acquisition costs	5,100,000	4,100,000
Contract Fulfillment Costs
Disaggregation of Revenue [Line Items]
Contract costs, current	6,200,000		6,000,000.0
Contract costs, noncurrent	2,700,000		$ 4,700,000
Amortization of contract acquisition costs	$ 2,600,000	$ 2,300,000
Subscription \| Minimum
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, initial term	3 years
Subscription \| Maximum
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, initial term	5 years
Support
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, initial term	1 year
Services
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, initial term	1 year

Net Income (Loss) Per Share (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Numerator:
Net income (loss)	$ 9,139	$ (27,071)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.11	$ (0.33)
Diluted (in dollars per share)	$ 0.11	$ (0.33)
Weighted average shares used in computing net income (loss) per share:
Basic (in shares)	83,276,236	81,690,912
Weighted average effect of dilutive convertible senior notes (in shares)	785,004	0
Diluted (in shares)	85,960,868	81,690,912
Stock options
Weighted average shares used in computing net income (loss) per share:
Weighted average effect of dilutive stock options and stock awards (in shares)	93,718	0
Stock awards
Weighted average shares used in computing net income (loss) per share:
Weighted average effect of dilutive stock options and stock awards (in shares)	1,805,910	0

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 9,139	$ (27,071)
Foreign currency translation adjustments	(62)	(3,507)
Unrealized gain (loss) on available-for-sale securities	557	1,024
Tax benefit (expense) on unrealized gain (loss) on available-for-sale securities	(104)	(173)
Reclassification adjustment for realized gain (loss) included in net income (loss)	(116)	(290)
Total other comprehensive income (loss)	275	(2,946)
Comprehensive income (loss)	$ 9,414	$ (30,017)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

- Definition

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

+ References

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- Definition

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

+ References

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+ Details

Stock-Based Compensation Expense and Shareholders' Equity (Details Textual) - USD ($)	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Total stock-based compensation expense, net	$ 38,060,000	$ 36,097,000
Accelerated Share Repurchase Agreement
Class of Stock [Line Items]
Authorized repurchase amount			$ 400,000,000
Remaining authorized amount	$ 138,200,000
PSUs
Class of Stock [Line Items]
Vesting period	3 years
Total stock-based compensation expense, net	$ 6,300,000	$ 4,100,000
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%

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, 2024	Jan. 31, 2024	Jul. 31, 2024
Weighted Average Grant Date Fair Value
Share price (in dollars per share)	$ 186.26		$ 150.07
Weighted Average Exercise Price
Granted (in dollars per share)			$ 0
Canceled (in dollars per share)	$ 0
Stock awards
Number of Stock Awards
Balance at beginning of period (in shares)	3,202,066
Granted (in shares)	950,870
Released (in shares)	(466,489)
Canceled (in shares)	(34,718)
Balance at end of period (in shares)	3,651,729		3,202,066
Expected to vest (in shares)	3,651,729
Weighted Average Grant Date Fair Value
Balance at beginning of period (in dollars per share)	$ 86.60
Granted (in dollars per share)	176.04
Released (in dollars per share)	94.56
Canceled (in dollars per share)	87.97
Balance at end of period (in dollars per share)	108.86		$ 86.60
Expected to vest (in dollars per share)	$ 108.86
Aggregate intrinsic value, Nonvested	$ 680,171		$ 480,534
Aggregate intrinsic value, released	80,147
Aggregate intrinsic value, Expected to vest	$ 680,171
Stock options
Number of Stock Options Outstanding
Balance at beginning of period (in shares)	166,838
Granted (in shares)			0
Exercised (in shares)			(27,003)
Canceled (in shares)			0
Balance at end of period (in shares)	139,835		166,838
Vested and expected to vest (in shares)	139,835
Exercisable (in shares)	110,884
Weighted Average Exercise Price
Balance at beginning of period (in dollars per share)	$ 65.63
Exercised (in dollars per share)			$ 71.77
Balance at end of period (in dollars per share)	64.44		$ 65.63
Vested and expected to vest (in dollars per share)	64.44
Exercisable (in dollars per share)	$ 65.00
Weighted Average Remaining Contractual Life
Outstanding, weighted average remaining contractual life	7 years 7 months 6 days	7 years 10 months 24 days
Vested and expected to vest, weighted average remaining contractual life	7 years 7 months 6 days
Exercisable, weighted average remaining contractual life	7 years 6 months
Aggregate Intrinsic Value
Aggregate intrinsic value	$ 17,035		$ 14,088
Exercised			$ 2,765
Vested and expected to vest	17,035
Exercisable	$ 13,446

Convertible Senior Notes - Schedule of Convertible Debt (Details) - Convertible Debt - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024	Mar. 31, 2018
Debt Instrument [Line Items]
Aggregate principal amount	$ 969,055	$ 400,000
Less: unamortized debt issuance costs	(18,640)	(1,097)
Net carrying amount of debt	950,415	398,903
Less: current portion of convertible senior notes, net	278,595	398,903
Non-current portion of convertible senior notes, net	$ 671,820	0
2025 Convertible Senior Notes
Debt Instrument [Line Items]
Effective Interest Rate	1.70%
Aggregate principal amount	$ 279,055	400,000	$ 400,000
2029 Convertible Senior Notes
Debt Instrument [Line Items]
Effective Interest Rate	1.80%
Aggregate principal amount	$ 690,000	$ 0

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Oct. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Except as discussed below, 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, 2024. During the three months ended October 31, 2024, the Company retired $120.9 million aggregate principal amount of the 2025 Convertible Senior Notes in cash for $200.5 million, which included related accrued interest of $0.1 million, and issued $690.0 million aggregate principal amount of the 2029 Convertible Senior Notes. See Note 5 “Convertible Senior Notes.” See the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2024 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 October 31, 2024 or July 31, 2024. 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. 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 October 31, 2024 or July 31, 2024. 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.

Insider Trading Arrangements

3 Months Ended

Oct. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended October 31, 2024, our officers and directors listed below adopted Rule 10b5-1 trading arrangements intended to satisfy the affirmative defense of Rule 10b5-1(c) promulgated under the Exchange Act. The details of these arrangements are as follows:

Name and Title

Action

Date

Number of Shares to be Sold

Jeff Cooper, Chief Financial Officer

Adopted(1)

October 15, 2024

Up to 18,000(3)

Michael C. Keller, Chairman

Adopted(2)

October 15, 2024

Up to 4,647

Winston King, Chief Administrative Officer, General Counsel, and Secretary

Adopted(1)

October 15, 2024

Up to 21,000(3)

John Mullen, President

Adopted(1)

October 15, 2024

Up to 36,000

Mike Rosenbaum, Chief Executive Officer

Adopted(1)

October 15, 2024

Up to 71,400

(1) Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) with sales occurring periodically from the estimated selling start date of January 15, 2025 and continuing through the earlier of the execution of all trading orders pursuant to the plan and December 31, 2025.

(2) Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) with sales occurring periodically from the estimated selling start date of January 15, 2025 and continuing through the earlier of the execution of all trading orders pursuant to the plan and June 30, 2025.

(3) This number represents an estimate of the maximum number of shares of common stock that may be sold pursuant to the trading plan, based on an assumed 40% tax withholding rate and the maximum payout of PSUs that have not yet achieved or vested. The actual number of shares sold will depend on the satisfaction of the conditions specified in the plan and the final tax withholding requirements at the time of sale.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Jeff Cooper [Member]

Trading Arrangements, by Individual

Name

Jeff Cooper

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

October 15, 2024

December 31, 2025

350 days

18,000

Michael C. Keller [Member]

Trading Arrangements, by Individual

Name

Michael C. Keller

Title

Chairman

Rule 10b5-1 Arrangement Adopted

true

October 15, 2024

June 30, 2025

166 days

4,647

Winston King [Member]

Trading Arrangements, by Individual

Name

Winston King

Title

Chief Administrative Officer, General Counsel, and Secretary

Rule 10b5-1 Arrangement Adopted

true

October 15, 2024

December 31, 2025

350 days

21,000

Trading Arrangements, by Individual

Name

John Mullen

Title

President

Rule 10b5-1 Arrangement Adopted

true

October 15, 2024

December 31, 2025

350 days

36,000

Mike Rosenbaum [Member]

Trading Arrangements, by Individual

Name

Mike Rosenbaum

Title

Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

October 15, 2024

December 31, 2025

350 days

71,400

Stock-Based Compensation Expense and Shareholders' Equity

3 Months Ended

Oct. 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
	October 31,
	2024		2023
Stock-based compensation expense	$	38,167	$	36,199
Net impact of deferred stock-based compensation	(107)		(102)
Total stock-based compensation expense, net	$	38,060	$	36,097
Stock-based compensation expense is included in the following categories:
Cost of subscription and support revenue	$	3,140	$	3,462
Cost of license revenue	36		95
Cost of services revenue	4,802		4,789
Research and development	9,824		9,986
Sales and marketing	9,688		7,729
General and administrative	10,570		10,036
Total stock-based compensation expense	$	38,060	$	36,097

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


	Unrecognized Expense (in thousands)		Weighted Average Expected Recognition Period (in years)
Stock Options	$	15	0.0
Stock Awards	371,666		2.5
Total unrecognized stock-based compensation expense	$	371,681

Stock Awards

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


	Stock Awards Outstanding
	Number of Stock Awards	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)(1)
Balance as of July 31, 2024	3,202,066	$	86.60	$	480,534
Granted	950,870	$	176.04
Released	(466,489)	$	94.56	$	80,147
Canceled	(34,718)	$	87.97
Balance as of October 31, 2024	3,651,729	$	108.86	$	680,171
Expected to vest as of October 31, 2024	3,651,729	$	108.86	$	680,171

In September 2023 and 2024, certain executive officers were granted Stock Awards that vest in September 2026 and 2027 respectively, subject to continued service until such time, with the opportunity to increase the number of vested awards based on Company financial performance and, for a select number of awards, the market performance of the Company’s common stock. The fair value of the awards will be recognized over the three-year performance period and may increase or decrease depending on the estimated attainment of Company financial performance criteria. The Company determined the fair value of the portion of the awards subject to the market performance of the Company’s common stock using a Monte Carlo simulation model, which included the following assumptions:


	Three Months Ended
	October 31,
	2024	2023
Performance period	September 11, 2024 to September 11, 2027	September 13, 2023 to September 13, 2026
3-year historical volatility	36.0%	35.0%
3-year risk free rate	3.4%	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 vest over three years, with 50% vesting annually over the three-year performance period and the remaining 50% vesting at the end of the third year.

The Company recognized stock-based compensation related to PSUs of $6.3 million and $4.1 million during the three months ended October 31, 2024 and 2023, respectively.

Stock Options

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



	Number of Stock Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value(1)
				(in years)	(in thousands)
Balance as of July 31, 2024	166,838	$	65.63	7.9	$	14,088
Granted	—	$	—
Exercised	(27,003)	$	71.77		$	2,765
Canceled	—	$	—
Balance as of October 31, 2024	139,835	$	64.44	7.6	$	17,035
Vested and expected to vest as of October 31, 2024	139,835	$	64.44	7.6	$	17,035
Exercisable as of October 31, 2024	110,884	$	65.00	7.5	$	13,446

Share Repurchase Program

In September 2022, the Company’s board of directors authorized and approved a share repurchase program of up to $400.0 million of the Company’s outstanding common stock. Share repurchases under the program may be made from time to time, in the open market, in privately negotiated transactions and otherwise, at the discretion of management of the Company and in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act, and other applicable legal requirements. Such repurchases may also be made in compliance with Rule 10b5-1 trading plans entered into by the Company.

During the three months ended October 31, 2024 and 2023, the Company did not repurchase any shares of common stock. As of October 31, 2024, $138.2 million remained available for future share repurchases.

Convertible Senior Notes - Capped Call (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Debt Instrument [Line Items]
Net cost incurred	$ 58,788	$ 0
2025 Convertible Senior Notes \| Capped Call \| Convertible Debt
Debt Instrument [Line Items]
Initial strike price per share, subject to certain adjustments (in usd per share)	$ 113.75
Initial cap price per share, subject to certain adjustments (in usd per share)	$ 153.13
Net cost incurred	$ 37,200
Common stock covered, subject to anti-dilution adjustments (in shares)	3,500
2029 Convertible Senior Notes \| Capped Call \| Convertible Debt
Debt Instrument [Line Items]
Initial strike price per share, subject to certain adjustments (in usd per share)	$ 244.65
Initial cap price per share, subject to certain adjustments (in usd per share)	$ 329.33
Net cost incurred	$ 58,800
Common stock covered, subject to anti-dilution adjustments (in shares)	2,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events (Details) - Subsequent Event - Line of Credit - 2025 Credit Facility - Revolving Credit Facility	Dec. 02, 2024 USD ($)
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	$ 300,000,000.0
Fronting fee percentage	0.125%
Debt covenant, net cash interest coverage ratio, step-up ratio	0.50
Debt covenant, early redemption, principal amount outstanding threshold	$ 107,500,000
Debt covenant, early redemption, Consolidated EBITDA threshold	50.00%
Debt covenant, early redemption, net leverage ratio threshold	2
Debt covenant, early redemption, liquidity as percentage of aggregate outstanding principal threshold	125.00%
Minimum
Subsequent Event [Line Items]
Commitment fee percentage	0.175%
Debt covenant, net cash interest coverage ratio	3.00
Minimum \| Base Rate
Subsequent Event [Line Items]
Basis spread on variable rate	0.25%
Minimum \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Basis spread on variable rate	1.25%
Minimum \| Alternative Currency Rate
Subsequent Event [Line Items]
Basis spread on variable rate	1.25%
Maximum
Subsequent Event [Line Items]
Commitment fee percentage	0.30%
Debt covenant, net cash interest coverage ratio	3.75
Maximum \| Base Rate
Subsequent Event [Line Items]
Basis spread on variable rate	1.25%
Maximum \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Basis spread on variable rate	2.25%
Maximum \| Alternative Currency Rate
Subsequent Event [Line Items]
Basis spread on variable rate	2.25%

Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 262,901	$ 207,407
United States
Disaggregation of Revenue [Line Items]
Total revenue	163,246	130,483
Canada
Disaggregation of Revenue [Line Items]
Total revenue	36,801	23,554
Other Americas
Disaggregation of Revenue [Line Items]
Total revenue	2,331	2,374
Total Americas
Disaggregation of Revenue [Line Items]
Total revenue	202,378	156,411
Total EMEA
Disaggregation of Revenue [Line Items]
Total revenue	35,196	32,917
Total APAC
Disaggregation of Revenue [Line Items]
Total revenue	25,327	18,079
Subscription and support
Disaggregation of Revenue [Line Items]
Total revenue	169,742	127,627
Subscription and support \| United States
Disaggregation of Revenue [Line Items]
Total revenue	112,814	86,751
Subscription and support \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	24,986	18,442
Subscription and support \| Other Americas
Disaggregation of Revenue [Line Items]
Total revenue	1,510	1,490
Subscription and support \| Total Americas
Disaggregation of Revenue [Line Items]
Total revenue	139,310	106,683
Subscription and support \| Total EMEA
Disaggregation of Revenue [Line Items]
Total revenue	17,999	13,938
Subscription and support \| Total APAC
Disaggregation of Revenue [Line Items]
Total revenue	12,433	7,006
Subscription
Disaggregation of Revenue [Line Items]
Total revenue	152,858	109,597
Support
Disaggregation of Revenue [Line Items]
Total revenue	16,884	18,030
License
Disaggregation of Revenue [Line Items]
Total revenue	37,370	34,025
License \| United States
Disaggregation of Revenue [Line Items]
Total revenue	12,858	12,731
License \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	5,234	2,918
License \| Other Americas
Disaggregation of Revenue [Line Items]
Total revenue	336	322
License \| Total Americas
Disaggregation of Revenue [Line Items]
Total revenue	18,428	15,971
License \| Total EMEA
Disaggregation of Revenue [Line Items]
Total revenue	9,018	9,365
License \| Total APAC
Disaggregation of Revenue [Line Items]
Total revenue	9,924	8,689
Term license
Disaggregation of Revenue [Line Items]
Total revenue	37,370	33,977
Perpetual license
Disaggregation of Revenue [Line Items]
Total revenue	0	48
Services
Disaggregation of Revenue [Line Items]
Total revenue	55,789	45,755
Services \| United States
Disaggregation of Revenue [Line Items]
Total revenue	37,574	31,001
Services \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	6,581	2,194
Services \| Other Americas
Disaggregation of Revenue [Line Items]
Total revenue	485	562
Services \| Total Americas
Disaggregation of Revenue [Line Items]
Total revenue	44,640	33,757
Services \| Total EMEA
Disaggregation of Revenue [Line Items]
Total revenue	8,179	9,614
Services \| Total APAC
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,970	$ 2,384

The Company and Summary of Significant Accounting Policies and Estimates	3 Months Ended
	Oct. 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., together with its subsidiaries (the “Company”), provides a technology platform which combines core operations, digital engagement, analytics, machine learning, and artificial intelligence (“AI”) applications. The Company’s technology platform supports 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. 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, 2024. 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. Segment Information The Company has determined that the chief executive officer is the chief operating decision maker. The Company’s chief executive officer reviews financial information presented on a consolidated basis for purposes of assessing performance and making decisions on how to allocate resources and assess performance. Accordingly, the Company has determined that it operates in a single reportable segment. Since the Company operates in one operating segment, all required financial segment information can be found in the condensed consolidated financial statements and accompanying notes. 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, 2024, except for those disclosed herein. Restricted Cash Unearned acquisition consideration holdback subject to service conditions is held in escrow and considered restricted cash. As of October 31, 2024 and July 31, 2024, unearned acquisition consideration holdback of $1.2 million was included in prepaid expenses and other current assets in the condensed consolidated balance sheets. 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 individually accounted for 10% or more of the Company’s revenue for the three months ended October 31, 2024 and 2023. For the periods ended October 31, 2024 and July 31, 2024, we had one customer, which were different customers in each period, which accounted for 10% or more of the Company's accounts receivable. Recently Adopted Pronouncements In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The new standard was early adopted by the Company beginning August 1, 2024 and applied retrospectively for all periods presented, including the retirement of its convertible senior notes due March 2025. See Note 5 “Convertible Senior Notes.” The new standard did not have an impact on prior periods presented in the condensed consolidated financial statements. Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 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 No. 2023-07, as well as all existing segment disclosures and reconciliation requirements in Accounting Standards Codification (“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. The adoption of this ASU will impact the Company’s disclosures. 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. 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. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public business entities to disclose qualitative and quantitative information about certain costs and expenses in the notes to the financial statements 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, 2027, and for the interim periods beginning after August 1, 2028. Upon adoption, the guidance can be applied prospectively or retrospectively. The adoption of this ASU will impact the Company’s disclosures. 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.