0001528396-25-000221 | 10-K | XBRL Viewer

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Balance Sheet Components (Accrued Employee Compensation) (Details) - USD ($) $ in Thousands	Jul. 31, 2025	Jul. 31, 2024
Accrued employee compensation
Bonus	$ 84,277	$ 70,847
Commission	19,285	8,128
Vacation	8,274	6,934
Salaries, payroll taxes, and benefits	28,777	23,175
Accrued employee compensation	$ 140,613	$ 109,084

Balance Sheet Components (Accounts Receivable) (Details) - USD ($) $ in Thousands	Jul. 31, 2025	Jul. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Accounts receivable	$ 141,805	$ 137,985
Allowance for credit losses and revenue reserves	(1,166)	(646)
Accounts receivable, net	$ 140,639	$ 137,339

Income Taxes (Tables)

12 Months Ended

Jul. 31, 2025

Income Tax Disclosure [Abstract]

Company's income (loss) before provision for income taxes

The Company’s income (loss) before provision for (benefit from) income taxes is as follows (in thousands):


	Fiscal years ended July 31,
	2025		2024		2023
Domestic	$	24,752	$	(44,280)	$	(150,628)
International	24,643		17,442		16,534
Income (loss) before provision for (benefit from) income taxes	$	49,395	$	(26,838)	$	(134,094)

Schedule of Components of Income Tax Expense

The provision for (benefit from) income taxes consisted of the following (in thousands):


	Fiscal years ended July 31,
	2025		2024		2023
Current:
U.S. Federal	$	2,050	$	738	$	555
State	2,567		1,710		564
Foreign	4,656		3,563		3,904
Total current	9,273		6,011		5,023
Deferred:
U.S. Federal	(26,188)		(22,856)		(23,372)
State	(3,729)		(3,396)		(3,808)
Foreign	235		(494)		(82)
Total deferred	(29,682)		(26,746)		(27,262)
Total provision for (benefit from) income taxes	$	(20,409)	$	(20,735)	$	(22,239)

Effective Income Tax Rate Reconciliation

Differences between income taxes calculated using the statutory federal income tax rate of 21% and the provision for income taxes are as follows (in thousands):


	Fiscal years ended July 31,
	2025		2024		2023
Statutory federal income tax	$	10,375	$	(5,634)	$	(28,159)
State taxes, net of federal benefit	(1,200)		(1,702)		(3,253)
Stock-based compensation	(28,474)		(4,415)		9,902
Non-deductible officers' compensation	10,882		4,996		2,783
Foreign income taxed at different rates	(2,023)		(960)		(55)
Research tax credits	(14,884)		(12,067)		(7,817)
Base erosion and anti-abuse tax	3		(3,091)		(935)
Foreign earnings taxed in the U.S.	3,366		2,390		2,199
Non-deductible acquisition costs	—		30		617

Permanent differences and others	1,434		1,254		1,576
Change in valuation allowance	(5,682)		491		903
Foreign derived intangible income	(5,429)		(2,027)		—
Debt retirement expense	11,223		—		—
Total provision for (benefit from) income taxes	$	(20,409)	$	(20,735)	$	(22,239)

Tax effects of temporary differences

The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities are as follows (in thousands):


	As of July 31,
	2025		2024
Accruals and reserves	$	26,083	$	27,636
Stock-based compensation	10,174		9,077
Deferred revenue	1,284		711
Capitalized research and development	168,266		110,502
Property and equipment	398		—
Lease liabilities	8,612		9,908
Convertible debt	12,086		919
Net operating loss carryforwards	19,385		49,864
Tax credits	158,257		145,934
Total deferred tax assets	404,545		354,551
Less valuation allowance	66,295		65,791
Net deferred tax assets	338,250		288,760
Less deferred tax liabilities:
Intangible assets	16,859		12,682
Operating lease assets	7,782		9,130
Property and equipment	—		184

Unremitted foreign earnings	1,759		851
Capitalized commissions	18,831		15,022
Total deferred tax liabilities	45,231		37,869
Total net deferred tax assets	$	293,019	$	250,891

Net operating loss carryforwards

As of July 31, 2025, the Company had research and development tax credit (“R&D credit”) carryforwards of the following (in thousands):


U.S. Federal	$	98,595
California	71,173
Total R&D credit carryforwards	$	169,768

Summary of activity related to unrecognized tax benefits

Activity related to unrecognized tax benefits is as follows (in thousands):


	Fiscal years ended July 31,
	2025		2024		2023

Unrecognized tax benefits - beginning of period	$	21,520	$	20,518	$	18,786
Gross increases - prior period tax positions	2		231		1
Gross decreases - prior period tax positions	(134)		(2,664)		(982)
Gross increases - current period tax positions	4,352		3,435		2,713

Unrecognized tax benefits - end of period	$	25,740	$	21,520	$	20,518

Segment Information

12 Months Ended

Jul. 31, 2025

Segment Reporting [Abstract]

Segment Information

The Company has one reportable segment that conducts business globally and is managed, operated, and organized on a consolidated basis. The Company’s chief executive officer is the chief operating decision maker. Since the Company operates in one segment, financial information, revenue by type, and revenue by geographic area presented in the consolidated financial statements represents the operations of the Company’s single segment.

The following table presents selected financial information for the Company’s single operating segment (in thousands):


	Fiscal years ended July 31,
	2025			2024			2023
Total revenue	$	1,202,459		$	980,497		$	905,341
Adjusted cost of revenue (1)	413,303			362,572			409,977
Stock-based compensation expense	34,848			32,624			33,793
Amortization of intangible assets	2,255			1,940			3,360
Total cost of revenue	450,406			397,136			447,130
Gross profit	752,053			583,361			458,211
Gross profit margin	63		%	59		%	51		%
Segment operating expenses	580,911			518,427			483,683
Stock-based compensation expense	126,708			113,836			109,049
Amortization of intangible assets	3,189			3,528			3,528
Acquisition holdback expense	177			143			2,939
Net impact of assignment of lease agreement	—			—			8,502
Total operating expenses	710,985			635,934			607,701
Income (loss) from operations	41,068			(52,573)			(149,490)
Income (loss) from operations margin	3		%	(5)		%	(17)		%
Interest income (expense) and other income (expense)	64,109			27,621			17,901
Changes in fair value of strategic investment	(2,130)			(1,957)			(802)
Gain on sale of strategic investment	3,671			1,803			—
Amortization of debt issuance cost	(3,758)			(1,732)			(1,703)
Retirement of debt	(53,565)			—			—
Income (loss) before provision for (benefit from) income taxes	49,395			(26,838)			(134,094)
Provision for (benefit from) income taxes	(20,409)			(20,735)			(22,239)
Net income (loss)	$	69,804		$	(6,103)		$	(111,855)

(1) Adjusted cost of revenue excludes stock-based compensation and amortization of intangible assets expense

The Company’s long-lived assets for this disclosure are defined as property and equipment and operating lease assets. The Company’s long-lived assets by geographic region are as follows (in thousands):


	July 31, 2025		July 31, 2024
Americas	$	64,255	$	69,004
EMEA	25,736		26,192
APAC	9,754		3,963
Total	$	99,745	$	99,159

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

The Company and Summary of Significant Accounting Policies and Estimates (Policies)

12 Months Ended

Jul. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Company

Guidewire Software, Inc., a Delaware corporation, was incorporated on September 20, 2001. Guidewire Software, Inc., together with its subsidiaries (the “Company”), provides a technology platform which combines core systems of record with digital, analytics, 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 consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The 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 periods presented. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Significant items subject to such estimates include, but are not limited to, revenue recognition, the useful lives of property and equipment and intangible assets, accounts receivable and unbilled accounts receivable allowances, valuation allowance for deferred tax assets, stock-based compensation, annual bonus attainment, income tax uncertainties, fair value of convertible senior notes and investments, valuation of goodwill and intangible assets, fair value of acquired assets and assumed liabilities, software development costs to be capitalized, leases, and contingencies. These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ 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 consolidated financial statements and accompanying notes.

Foreign Currency

The functional currency of the Company’s foreign subsidiaries is their respective local currency. The Company translates all assets and liabilities of foreign subsidiaries to U.S. dollars at the current exchange rate as of the applicable balance sheet date. Revenue and expenses are translated at the average exchange rate prevailing during the period in which the transactions occur. The effects of foreign currency translations are recorded in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity in the accompanying consolidated balance sheets. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency of the recording entity are included in other income (expense) in the consolidated statements of operations.

Cash and Cash Equivalents

Cash and cash equivalents are comprised of cash and highly liquid investments with remaining maturities of 90 days or less at the date of purchase. Cash equivalents primarily consist of commercial paper and money market funds.

Restricted Cash

Unearned acquisition consideration holdback subject to service conditions is held in escrow and considered restricted cash. The unearned consideration acquisition holdback included in prepaid expenses and other current assets was $1.2 million at July 31, 2025 and 2024 in the consolidated balance sheets.

Business Combinations

The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. Goodwill is calculated as the difference between the acquisition-date fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed. The Company’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and subject to refinement, and, as a result, actual results may differ from estimates. During the measurement period, which may be up to one year from the acquisition date, if new information is obtained about facts and circumstances that existed as of the acquisition date, the Company may record adjustments to the fair value of these assets and liabilities, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired and liabilities assumed, whichever comes first, subsequent adjustments, if any, are recorded to the consolidated statements of operations.

Investments

Management determines the appropriate classification of investments at the time of purchase based upon management’s intent with regard to such investments. All investments in the periods presented have been classified as available-for-sale.

The Company classifies investments as short-term when they have remaining contractual maturities of one year or less from the balance sheet date, and as long-term when the investments have remaining contractual maturities of more than one year from the balance sheet date. Investments are recorded at fair value with unrealized holding gains and losses, net of taxes, generally included in accumulated other comprehensive income (loss). Unrealized losses related to the credit worthiness of an investment, if any, are recorded in other income (expense), net on the consolidated statements of operations.

Property and Equipment

Property, Equipment, and Software Development Costs

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Maintenance and repairs that do not extend the life or improve an asset are expensed in the period incurred.

The estimated useful lives of property and equipment are as follows:


Computer hardware						3 years
Purchased software						3 years
Capitalized software development costs						3 to 5 years
Equipment and machinery						3 to 5 years
Furniture and fixtures						5 years
Leasehold improvements						Shorter of 10 years or remaining lease term

Software Development Costs

Certain development costs related to software delivered to customers (“self-managed software”) incurred subsequent to the establishment of technological feasibility are subject to capitalization and amortized over the estimated lives of the related products. Technological feasibility is established upon completion of a working model. Costs incurred subsequent to the establishment of technological feasibility have not been material and, therefore, all software development costs related to self-managed software have been charged to research and development expense in the accompanying consolidated statements of operations as incurred.

The Company capitalizes software development costs for technology applications that provide new or significantly enhanced functionality that the Company will offer solely as a cloud-based subscription. Capitalized costs are primarily comprised of compensation for employees who are directly associated with cloud software development projects. The Company begins to capitalize costs when preliminary development efforts are successfully completed, management has authorized and committed project funding, it is probable that the project will be completed, and the software will be used as intended. If any of these criteria cease being met before the software reaches its intended use, any capitalized costs related to the project will be impaired. When the software reaches its intended use, which is typically once the technology applications are available for general release, capitalized costs are amortized to cost of revenue over the estimated useful lives of the related assets, generally estimated to be three to five years. Costs incurred prior to meeting these capitalization criteria and costs incurred for training and maintenance are recorded as research and development

expense in the consolidated statements of operations. Capitalized software development costs are recorded in property and equipment in the consolidated balance sheets.

Leases

The Company accounts for leases under Accounting Standards Codification Topic 842: Leases (“ASC 842”) issued by the Financial Accounting Standards Board. Under ASC 842, the Company determines if an arrangement is a lease at inception of the agreement. If an arrangement is determined to be a lease, an operating lease asset, also known as a right-of-use asset, and lease liability are recorded based on the present value of lease payments over the non-cancellable lease term. In connection with determining the present value of the lease payments, the Company considers only payments that are fixed and determinable at the time of commencement, including non-lease components that are fixed throughout the lease term. Variable components of the lease payments, such as utilities, maintenance, and taxes, are expensed as incurred and not included in determining the present value of the lease liability. As the Company's leases generally do not provide an implicit rate, the Company's incremental borrowing rate, calculated based on available information at the lease commencement date, is used in determining the present value of the lease payments. The Company's incremental borrowing rate is a hypothetical rate based on the Company's understanding of its credit rating. The lease term used to calculate the lease liability and operating lease asset includes options to extend or terminate the lease if it is reasonably certain the Company will exercise that option. Operating lease assets also include any lease payments made prior to commencement and are recorded net of any lease incentives received. Lease expense is recognized on a straight-line basis over the lease term and is reflected in the consolidated statements of operations in each of the cost of revenue and operating expense categories.

The Company may also enter into agreements to sublease unoccupied office space. Any sublease payments received in excess of the straight-line rent expense related to the subleased space are recorded as an offset to operating expenses over the sublease term.

Operating leases are included in operating lease assets, other current liabilities, and lease liabilities on the consolidated balance sheets.

Impairment of Long-Lived Assets, Intangible Assets and Goodwill

Impairment of Long-Lived Assets, Intangible Assets, and Goodwill

The Company evaluates its long-lived assets, consisting of property and equipment, operating lease assets, and intangible assets, for indicators of possible impairment when events or changes in circumstances indicate that the carrying amount of certain assets may not be recoverable. Impairment exists if the carrying amount of such assets exceed the estimates of future net undiscounted cash flows expected to be generated by such assets. Should impairment exist, the impairment loss would be measured based on the excess carrying amount of the assets over the estimated fair value of the assets. There have been no long-lived asset impairments during the periods presented.

The Company tests goodwill for impairment annually, during the fourth quarter of each fiscal year, and in the interim whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company evaluates qualitative factors to determine whether it is more likely than not that the fair value of the Company’s single reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the goodwill impairment test. In performing the qualitative assessment, the Company considers events and circumstances, including, but not limited to, macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers, changes in the composition or carrying amount of a reporting unit’s net assets, and changes in the price of the Company’s common stock. If, after assessing the totality of events or circumstances, the Company determines that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then the goodwill impairment test is not performed. There have been no goodwill impairments during the periods presented.

Convertible Senior Notes

In March 2018, the Company issued $400.0 million aggregate principal amount of 1.25% Convertible Senior Notes due March 2025 (the “2025 Convertible Senior Notes”). In October 2024, the Company issued $690.0 million aggregate principal amount of 1.25% Convertible Senior Notes due October 2029 (the “2029 Convertible Senior Notes,” and together with the 2025 Convertible Senior Notes, the “Convertible Senior Notes”).

The Company accounts for the Convertible Senior Notes as a liability measured at amortized cost. Debt issuance costs incurred in connection with the issuance of the Convertible Senior Notes are reflected in the consolidated balance sheets as a direct deduction from the carrying amount of the outstanding Convertible Senior Notes. These costs are amortized using the effective interest rate method over the terms of the Convertible Senior Notes and are included within interest expense on the consolidated statements of operations.

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 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 years ended July 31, 2025, 2024, and 2023. For the periods ended July 31, 2025 and 2024, the Company had one customer, which were different customers in each period, which accounted for 10% or more of the Company’s total accounts receivable.

Accounts Receivable and Allowances

Accounts receivable are recorded at invoiced amounts and do not bear interest. While the Company does not require collateral, the Company performs ongoing credit evaluations of its customers. The Company maintains an allowance for credit losses based upon the expected collectability of its accounts receivable and unbilled accounts receivable. The expectation of collectability is based on historical loss patterns, the number of days that billings are past due, and an evaluation of the potential risk of loss associated with delinquent accounts. Credit losses are recorded in general and administrative expense while billing and other revenue adjustments are recorded against the corresponding revenue financial statement line item in the consolidated statements of operations.

Revenue Recognition

The Company’s revenue is derived from contracts with customers. The majority of the Company’s revenue is derived from subscriptions to its cloud services, licensing arrangements for its software, and implementation and other professional services arrangements. The Company accounts for revenue in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers (“ASC 606”). The core principle of ASC 606 is to recognize revenue upon the transfer of products to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or products. When using the term “products,” the Company is generally referring to both our subscription services and term license software.

Identification of the contract, or contracts, with the customer

The Company considers the terms and conditions of written contracts and its customary business practices in identifying its contracts. The Company determines it has a contract with a customer when the contract is approved, the Company can identify each party’s rights regarding the products to be transferred, the Company can identify the payment terms for the products, the Company has determined that the customer has the ability and intent to pay, and the contract has commercial substance. In general, contract terms will be reflected in a written document that is signed by both parties. At contract inception, the Company evaluates whether two or more contracts with the same customer should be combined and accounted for as a single contract. The customer’s ability and intent to pay is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, credit and financial information pertaining to the customer.

Contracts may be modified to account for changes in contract scope or price. The Company considers contract modifications to exist when the modification either creates new rights or obligations or changes the existing enforceable rights and obligations of either party. Contract modifications for products that are distinct from the existing contract and are priced commensurate with their standalone selling price are treated as separate contracts, and are accounted for prospectively. Contract modifications for products that are distinct but are not priced commensurate with their standalone selling price or are not distinct from the existing contract may affect the initial transaction price or the allocation of the transaction price to the performance obligations in the contract. In such cases, recognized revenue may be adjusted.

Identification of the performance obligation in the contract

Performance obligations promised in a contract are identified based on the services or products that will be transferred to the customer that are both:

i.capable of being distinct, whereby the customer can benefit from the service or product either on its own or together with other resources that are readily available from the Company or third parties, and

ii.distinct in the context of the contract, whereby the transfer of the services or products is separately identifiable from other promises in the contract.

To the extent a contract includes multiple promised services or products, the Company applies judgment to determine whether promised services or products are capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised services or products are accounted for as a combined performance obligation.

The Company generates revenue from the following sources, which represent the performance obligations of the Company:

i.Subscription services related to the Company’s Software-as-a-Service offerings, including hosting;

ii.Support activities that consist of email and phone support, bug fixes, and unspecified software updates and upgrades released when, and if, available during the support term;

iii.Self-managed software licenses related to term or perpetual agreements; and

iv.Services related to the implementation and configuration of the Company’s products, reimbursable travel, and training.

Subscriptions are typically sold with a five-year initial term with a customer option to renew on an annual basis after the initial term. Term licenses have an initial term with a customer option to renew on an annual basis after the initial term. Support for term licenses follows the same contract periods. Professional services typically are time and materials contracts that last for an average period of approximately one year.

Determination of the transaction price

The transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for transferring services or products to the customer. Consideration may vary due to discounts, incentives, and potential service level credits or contractual penalties. Variable consideration is estimated and included in the transaction price if, in the Company’s judgment, it is probable that there will not be a significant future reversal of cumulative revenue under the contract.

Self-managed software licenses and subscription services may be subject to either fixed or variable installments. Variable installments are generally subject to changes in a customer’s Direct Written Premium (“DWP”) or a customer’s Gross Written Premium (“GWP”), with certain cloud-delivered products priced based on usage or other metrics. When consideration is subject to variable installments, the Company estimates variable consideration using the expected value method based on historical DWP or GWP usage to the extent that a significant revenue reversal is not probable to occur.

The Company elected the practical expedient to evaluate whether a significant financing component exists when the contract term is greater than one year and the timing of revenue recognition occurs in advance of invoicing. This timing difference occurs when control of the software license is transferred at a point in time, usually at the contract onset, but the customer payments occur over time. This timing difference can also occur when subscription services have significant ramps in the annual invoice amount over the committed term. A significant financing component generally does not exist under the Company’s standard contracting and billing practices.

Allocation of the transaction price to the performance obligations in the contract

If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on its standalone selling price (“SSP”) in relation to the total fair value of all performance obligations in the arrangement. Some of the Company’s performance obligations, such as support, implementation services, training services, and a portion of subscription services, have observable inputs that are used to determine the SSP of those distinct performance obligations. Where SSP is not directly observable, the Company determines the SSP using information that may include market conditions and other observable inputs. In circumstances when available information to determine SSP is highly variable or uncertain, such as for term licenses, the Company will use the residual method.

The majority of the Company’s contracts contain multiple performance obligations, such as when licenses are sold with support, implementation services, or training services. Additionally, as customers enter into subscription agreements to migrate from an existing term license agreement, customers may be under contract for self-managed licenses and support, in addition to subscription services, for a period of time, which may require an allocation of the transaction price to each performance obligation. New and migration subscription agreements also typically include implementation, configuration, and training services, which may require an allocation of the transaction price to each performance obligation.

Recognition of revenue when, or as, the Company satisfies a performance obligation

The Company recognizes revenue when control of the services or products is transferred to a customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or products. The Company is principally

responsible for the satisfaction of its distinct performance obligations, which are satisfied either at a point in time or over a period of time.

Performance obligations satisfied at a point in time

Self-managed term and perpetual software licenses comprise the majority of distinct performance obligations that are satisfied at a point in time. Revenue is recognized at the point in which the self-managed software licenses are made available to a customer. Consideration for self-managed software licenses is typically billed in advance on an annual basis over the license term.

Performance obligations satisfied over a period of time

Subscriptions, support activities, and professional service arrangements comprise the majority of distinct performance obligations that are satisfied over a period of time.

Revenue from subscription arrangements is recognized ratably over the subscription period using a time-based measure of progress as customers receive the benefits from their subscriptions over the contractually agreed-upon term. Subscription agreements generally have an initial term of five years, with annual renewals thereafter. In some instances, customers sign subscription agreements with an initial term of seven or more years. Consideration for subscription arrangements is typically billed in advance on an annual basis over the contract period and the annual billing may ramp over the contract period.

Revenue from support activities associated with self-managed licenses is a stand-ready obligation, which is generally recognized over the contractually agreed-upon term using a time-based measure of progress as customers receive benefits from the availability of support technicians over the support period. Consideration for support activities is typically billed in advance on an annual basis. The Company’s support activities are consistently priced as a percentage of the associated self-managed software license.

Revenue from professional service arrangements is recognized over the service period as the underlying services are performed.

In substantially all of the Company’s professional service contracts, services are separately identifiable performance obligations for which related revenue and costs are recognized according to when each service obligation is delivered. The majority of the Company’s professional services engagements are billed and recognized on a time and materials basis. In select situations, the Company will contract professional services on a fixed fee basis, where the Company generally recognizes services revenue over time, using an input method. The measure of progress of the professional services being provided under these fixed fee arrangements is based on hours incurred compared to estimates of the total hours to complete the performance obligation.

When professional services are sold with a self-managed license or subscription arrangement, the Company evaluates whether the performance obligations are distinct or separately identifiable, or whether they constitute a single performance obligation.

Balance Sheet Presentation

Contracts with customers are reflected in the consolidated balance sheets as follows:

•Accounts receivable, net represents amounts billed to customers in accordance with contract terms for which payment has not yet been received. It is presented net of any allowances as part of current assets in the consolidated balance sheets.

•Unbilled accounts receivable, net represents amounts that are unbilled due to agreed-upon contractual terms in which billing occurs subsequent to revenue recognition. This situation typically occurs when the Company transfers control of self-managed software licenses to customers up-front, but invoices customers annually over the term of the license. Additionally, subscription agreements with ramped billing schedules could result in unbilled accounts receivable in the early years of the committed term. Unbilled accounts receivable is classified as either current or non-current based on the duration of remaining time between the date of the consolidated balance sheets and the anticipated due date of the underlying receivables. Unbilled accounts receivable is evaluated for credit losses based upon the expected collectibility of future accounts receivable, customer payment history, global economic conditions, and ongoing credit evaluations of customers. Unbilled accounts receivable is presented net of allowance for credit losses, if applicable, in the consolidated balance sheets. This balance represents contract assets.

•Contract costs include customer acquisition costs, which consist primarily of sales commissions and related payroll taxes paid to sales personnel and referral fees paid to third-parties, and costs to fulfill a contract, which consist primarily of royalties payable to third-party software providers that support both the Company’s software offerings and support services. The short-term portion is presented as prepaid and other current assets. The long-term portion is presented as other assets.

•Deferred costs represent costs related to our professional services that have been deferred to align with revenue recognition. The short-term portion is presented as prepaid and other current assets. The long-term portion is presented as other assets.

•Deferred revenue, net represents amounts that have been invoiced and for which the Company has the right to bill, but that have not been recognized as revenue because the related services or products have not been transferred to the customer. Deferred revenue consists primarily of subscriptions and support services that are billed annually in advance but recognized over time. Deferred revenue that will be realized during the 12-month period following the date of the consolidated balance sheets is recorded as current. The remaining deferred revenue is recorded as non-current. These balances represent contract liabilities.

The Company may receive consideration from its customers in advance of performance on a portion of the contract, thereby creating a contractual liability, and, on another portion of the contract, perform in advance of receiving consideration, thereby creating a contractual asset. Contract assets and liabilities related to rights and obligations in a contract are interdependent. Therefore, contract assets and liabilities are presented net at the contract level, as either a single contract asset or a single contract liability, in the consolidated balance sheets.

Remaining performance obligations represent contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. The Company excludes amounts related to professional services contracts that are on a time and materials basis from remaining performance obligations.

Contract Costs

Contract costs consist of two components: customer acquisition costs and costs to fulfill a contract.

Customer acquisition costs are capitalized only if the costs are incrementally incurred to obtain a customer contract and the expected amortization period is greater than one year. Contract costs are classified as either current or non-current based on the duration of time remaining between the date of the consolidated balance sheets and the anticipated amortization date of the associated costs. Capitalized customer acquisition costs related to software licenses, subscriptions, and support services are amortized over the anticipated period in which the benefit is expected to be received, which the Company estimates to be approximately five years. The amortization of customer acquisition costs is classified as a sales and marketing expense in the consolidated statement of operations.

Costs to fulfill a contract, or fulfillment costs, are only capitalized if they relate directly to a contract with a customer, the costs generate or enhance resources that will be used to satisfy performance obligations in the future, and the costs are expected to be recoverable. Fulfillment costs would be generally amortized over the same period of time as the customer acquisition costs. The amortization of fulfillment costs is classified as a cost of revenue in the consolidated statement of operations.

Warranties

The Company generally provides a warranty for its software services and products to its customers for periods ranging from three to 12 months. The Company’s software products are generally warranted to be free of defects in materials and workmanship under normal use and to substantially perform as described in published documentation. The Company’s services are generally warranted to be performed in a professional manner and to materially conform to the specifications set forth in the related customer contract. In the event there is a failure of such warranties, the Company generally will correct the problem or provide a reasonable workaround or replacement product. If the Company cannot correct the problem or provide a workaround or replacement product, then the customer’s remedy is generally limited to a refund of the fees paid for the non-conforming products or services. Warranty expense has been insignificant to date.

Advertising Costs

Advertising costs are expensed as incurred and amounts incurred were less than $0.3 million, during the years ended July 31, 2025, 2024, and 2023, respectively.

Stock-Based Compensation

The Company accounts for stock-based compensation using the fair value method, which requires the Company to measure stock-based compensation based on the grant-date fair value of the awards and recognize the compensation expense over the requisite service period. The Company recognizes compensation expense net of actual forfeitures. The Company has granted stock options, time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”). RSUs and PSUs are collectively

referred to as “Stock Awards.” In December 2024, the Company’s stockholders approved the 2024 Employee Stock Purchase Plan (“ESPP”) at the Company’s annual meeting of stockholders.

The fair value of the Company’s RSUs and PSUs is equal to the market value of the Company’s common stock on the date of grant. These awards are subject to time-based vesting, which generally occurs over a period of three to four years. The Company recognizes compensation expense for awards that contain only service conditions on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. The Company recognizes the compensation cost for awards that contain performance conditions using the graded vesting method and a portion of the expense may fluctuate depending on changing estimates of the achievement of the performance conditions.

The fair value of the Company’s stock options and ESPP purchase rights is estimated at the grant date using the Black-Scholes option-pricing model. Stock options are subject to time-based vesting, which generally occurs over a period of two years. The Company recognizes compensation expense for stock options and ESPP purchase rights that contain only service conditions on a straight-line basis over the requisite service period, which is generally the vesting period of the respective stock options and each offering period of the ESPP purchase rights. The inputs used in the Black-Scholes option-pricing model, which are subjective and generally requires significant judgment to determine, include:

Expected Term — The expected term represents the period that the stock-based awards are expected to be outstanding. The simplified method calculates the expected term as the average of the time-to-vesting and the contractual life of the options. For stock options, the Company uses the simplified method to determine its expected term because of its limited history of stock option exercise activity. For the ESPP purchase rights, the Company uses the length of each offering period, which is approximately 0.5 years.

Expected Volatility — The expected volatility is derived from the historical volatility of the Company’s common stock.

Risk-Free Interest Rate — The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero coupon U.S. Treasury notes with maturities approximately equal to the expected term of the options and the offering period of each ESPP purchase rights.

Expected Dividend — The expected dividend is zero, as the Company has never paid dividends and has no expectations to do so.

Income Taxes

Income taxes are accounted for under the asset and liability method. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement carrying amounts and tax basis of existing assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. All deferred tax assets and liabilities are classified as non-current on the consolidated balance sheets. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded when it is more likely than not that some portion or all of such deferred tax assets will not be realized and is based on both positive and negative evidence about the future, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations.

The effective tax rate in any given financial statement period may differ materially from the statutory rate. These differences may be caused by changes in tax regulations and resulting changes in the deferred tax valuation allowance; changes in the mix and level of income or losses; changes in the expected outcome of tax audits; permanent differences for stock-based compensation, including excess tax benefits; research and development credits; the tax rate differences between the United States and foreign countries; foreign withholding taxes; certain non-deductible expenses, including executive compensation; acquisition-related expenses; and provisions under the Tax Cuts and Jobs Act of 2017 (the “Tax Act”), including a provision to tax global intangible low-taxed income of foreign subsidiaries, a special deduction for foreign-derived intangible income, and a base erosion anti-abuse tax that may tax certain payments between a U.S. corporation and its foreign subsidiaries.

The Company records interest and penalties related to unrecognized tax benefits as income tax expense in its consolidated statement of operations.

Recent Adopted Pronouncements and Recent Accounting Pronouncements

Recent Adopted Pronouncements

In November 2023, the Financial Accounting Standards Board (“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 that are regularly provided to the Chief Operating Decision Maker (the “CODM”). 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 ASC 280 on an interim and annual basis. The Company adopted the standard for its annual reporting effective August 1, 2024. While the standard requires additional disclosures related to the

Company’s single reportable segment in its 2025 annual reporting, adoption of the standard did not have any impact on the consolidated operating results, financial condition, or cash flows. The standard requires retrospective application to all prior periods presented.

In November 2024, the FASB issued 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. The new standard did not have an impact on prior periods presented on the consolidated financial statements.

Recent Accounting Pronouncements

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, on a prospective basis and adoption will impact the Company’s disclosures.

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.

In July 2025, the FASB issued ASU No. 2025-05, Income Statement—Reporting Financial Instruments-Credit Losses (Subtopic 326-20): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for all entities related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The new standard will be effective and the Company will adopt it beginning August 1, 2026 on a prospective basis. The Company is currently assessing the impact of adopting this standard on the consolidated financial statements.

Other recent accounting pronouncements that will be applicable to the Company are not expected to have a material impact on its present or future financial statements.

Net Income (Loss) per Share

Net Income (Loss) Per Share

The Company calculates basic earnings per share by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. For calculating diluted earnings per share, the Company uses the treasury stock method for options to purchase common stock, Stock Awards, and ESPP purchase rights, and the if-converted method for the Convertible Senior Notes.

Debt (Tables)

12 Months Ended

Jul. 31, 2025

Debt Disclosure [Abstract]

Schedule of Convertible Debt

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


	July 31, 2025		July 31, 2024
2025 convertible senior notes	$	—	$	400,000
2029 convertible senior notes	690,000		—
2025 credit facility	—		—
Total principal amount	690,000		400,000
Less: unamortized debt issuance costs	(15,432)		(1,097)
Net carrying amount of debt	674,568		398,903
Less: current portion of convertible senior notes, net	—		398,903
Non-current portion of convertible senior notes, net	$	674,568	$	—

The following table sets forth the interest expense recognized related to debt instruments (in thousands):


	Fiscal years ended July 31,
	2025		2024		2023
Contractual interest expense	$	8,984	$	5,000	$	5,000
Amortization of debt issuance costs	3,758		1,732		1,703
Total	$	12,742	$	6,732	$	6,703

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 (in millions)	$	37.2	$	58.8
Common stock covered, subject to anti-dilution adjustments (in millions)	3.5		2.8

Debt - Additional Narrative (Details) - Convertible Debt - USD ($) $ in Millions	12 Months Ended
	Jul. 31, 2025	Aug. 01, 2022
2025 Convertible Senior Notes
Debt Instrument [Line Items]
Effective interest rate		1.70%
If-converted value in excess of principal	$ 6.8
2029 Convertible Senior Notes
Debt Instrument [Line Items]
Effective interest rate	1.80%

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Income (Loss) per Share (Tables)

12 Months Ended

Jul. 31, 2025

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 fiscal years ended July 31, 2025, 2024, and 2023 (in thousands, except share and per share amounts):


	Fiscal years ended July 31,
	2025		2024		2023
Numerator:
Net income (loss)	$	69,804	$	(6,103)	$	(111,855)
Net income (loss) per share:
Basic	$	0.83	$	(0.07)	$	(1.36)
Diluted	$	0.81	$	(0.07)	$	(1.36)
Denominator:
Weighted average shares used in computing net income (loss) per share:
Basic	83,846,793		82,291,483		82,176,629
Weighted average effect of dilutive stock options	88,673		—		—
Weighted average effect of dilutive stock awards	1,976,179		—		—

Weighted average effect of the ESPP purchase rights	8		—
Diluted	85,911,653		82,291,483		82,176,629

Outstanding antidilutive shares of common stock equivalents

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:


	Fiscal years ended July 31,
	2025	2024	2023
Stock options	—	182,082	11,978
Stock awards	19,643	3,763,725	2,352,203
ESPP purchase rights	2,784	—	—
Convertible senior notes	—	3,516,480	3,516,480

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2025	Jul. 31, 2024	Jul. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 69,804	$ (6,103)	$ (111,855)
Other comprehensive income (loss):
Foreign currency translation adjustments	3,668	(1,640)	2,642
Unrealized gain (loss) on available-for-sale securities	(217)	4,505	5,377
Tax benefit (expense) on unrealized gain (loss) on available-for-sale securities	(283)	(558)	(1,053)
Reclassification adjustment for realized gain (loss) on available-for-sale securities, included in net income (loss)	154	(693)	(980)
Total other comprehensive income (loss)	3,322	1,614	5,986
Comprehensive income (loss)	$ 73,126	$ (4,489)	$ (105,869)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. 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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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Jul. 31, 2025	Jul. 31, 2024	Jul. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 1,202,459	$ 980,497	$ 905,341
Total cost of revenue	450,406	397,136	447,130
Total gross profit	752,053	583,361	458,211
Amortization of intangible assets	5,400	5,500	6,900
Total operating expenses	710,985	635,934	607,701
Income (loss) from operations	41,068	(52,573)	(149,490)
Changes in fair value of strategic investment	(2,130)	(1,957)	(802)
Gain on sale of strategic investment	3,671	1,803	0
Loss on retirement of debt	(53,565)	0	0
Income (loss) before provision for (benefit from) income taxes	49,395	(26,838)	(134,094)
Provision for (benefit from) income taxes	(20,409)	(20,735)	(22,239)
Net income (loss)	69,804	(6,103)	(111,855)
Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	1,202,459	980,497	905,341
Adjusted cost of revenue	413,303	362,572	409,977
Stock-based compensation expense	34,848	32,624	33,793
Amortization of intangible assets	2,255	1,940	3,360
Total cost of revenue	450,406	397,136	447,130
Total gross profit	$ 752,053	$ 583,361	$ 458,211
Gross profit margin	63.00%	59.00%	51.00%
Segment operating expenses	$ 580,911	$ 518,427	$ 483,683
Stock-based compensation expense	126,708	113,836	109,049
Amortization of intangible assets	3,189	3,528	3,528
Acquisition holdback expense	177	143	2,939
Net impact of assignment of lease agreement	0	0	8,502
Total operating expenses	710,985	635,934	607,701
Income (loss) from operations	$ 41,068	$ (52,573)	$ (149,490)
Income (loss) from operations margin	3.00%	(5.00%)	(17.00%)
Interest income (expense) and other income (expense)	$ 64,109	$ 27,621	$ 17,901
Changes in fair value of strategic investment	(2,130)	(1,957)	(802)
Gain on sale of strategic investment	3,671	1,803	0
Amortization of debt issuance cost	(3,758)	(1,732)	(1,703)
Loss on retirement of debt	(53,565)	0	0
Provision for (benefit from) income taxes	$ (20,409)	$ (20,735)	$ (22,239)

Stock-Based Compensation Expense and Shareholders' Equity (Details 3) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jul. 31, 2025	Jul. 31, 2024	Jul. 31, 2023
Number of RSUs Outstanding (in shares)
Balance at beginning of period (in shares)	3,202,066
Balance at end of period (in shares)	2,672,857	3,202,066
Weighted Average Grant Date Fair Value (in dollars per share)
Granted (in USD per share)	$ 63.29
Aggregate Intrinsic Value
Balance at beginning of period	$ 480,534	$ 289,635	$ 216,478
Released	284,544	168,144	97,324
Balance at end of period	604,654	$ 480,534	$ 289,635
Expected to vest, Aggregate Intrinsic Value	$ 604,654
Share price (in dollars per share)	$ 226.22	$ 150.07	$ 84.82
Stock awards
Number of RSUs Outstanding (in shares)
Balance at beginning of period (in shares)	3,202,066	3,414,706	2,785,353
Granted (in shares)	1,099,795	1,639,400	2,287,778
Released (in shares)	(1,473,839)	(1,569,451)	(1,391,162)
Canceled (in shares)	(155,165)	(282,589)	(267,263)
Balance at end of period (in shares)	2,672,857	3,202,066	3,414,706
Expected to vest (in shares)	2,672,857
Weighted Average Grant Date Fair Value (in dollars per share)
Balance at beginning of period (in USD per share)	$ 86.60	$ 85.68	$ 110.47
Granted (in USD per share)	179.92	93.63	66.36
Released (in USD per share)	99.72	91.48	100.92
Canceled (in USD per share)	95.42	89.22	99.31
Balance at end of period (in USD per share)	117.25	$ 86.60	$ 85.68
Expected to vest (in USD per share)	$ 117.25

The Company and Summary of Significant Accounting Policies and Estimates

12 Months Ended

Jul. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company and Summary of Significant Accounting Policies and Estimates

Company

Basis of Presentation and Consolidation

Use of Estimates

Segment Information

Foreign Currency

Cash and Cash Equivalents

Restricted Cash

Business Combinations

Investments

Property, Equipment, and Software Development Costs

The estimated useful lives of property and equipment are as follows:


Computer hardware						3 years
Purchased software						3 years
Capitalized software development costs						3 to 5 years
Equipment and machinery						3 to 5 years
Furniture and fixtures						5 years
Leasehold improvements						Shorter of 10 years or remaining lease term