Equity-Based Compensation (Tables)

9 Months Ended

Apr. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Option, Activity

The following table represents the stock option activity:


	Number of options outstanding	Weighted-average exercise price (per share)		Weighted-average remaining contractual life (in years)	Aggregate intrinsic value (in thousands)
Balance at July 31, 2023	2,321,233	$	15.98	8.0	$	—
Granted	1,267,560	9.89
Exercised	—	—
Forfeited	(667,037)	14.46
Expired	(395,174)	16.41
Balance at April 30, 2024	2,526,582	$	13.26	8.3	$	—

Exercisable as of April 30, 2024	748,117	$	16.63	6.9	$	—

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

The following assumptions were applied in the Black-Scholes option pricing model to estimate the grant-date fair value of the stock options granted:


	Nine months ended April 30,
	2024		2023

Expected term (in years)(a)	6.22		6.23
Expected dividend yield(b)	—	%	—	%
Risk-free interest rate(c)	4.09% - 4.55%		3.96	%
Expected volatility(d)	30.9	%	33.9	%

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(a) Calculated as the midpoint between the weighted-average time to vest and the time to expiration.

(b) The Company has not historically paid and does not expect to pay dividends in the foreseeable future.

(c) The risk-free rate was estimated from the U.S. Treasury Constant Maturity Rates for a period consistent with the expected term in effect at the grant date.

(d) Due to a lack of sufficient trading history of the Company’s common stock, the expected volatility was estimated based on analysis of the historical and implied volatility of the Company’s common stock and a group of guideline public companies deemed to be comparable publicly traded peers within the Company’s industry.

Schedule of Share-Based Payment Arrangement, Restricted Stock Unit, Activity

The following table represents the RSU grant activity under the 2021 Plan:


	Number of units	Weighted-average grant-date fair value (per share)
Unvested as of July 31, 2023	562,861	$	15.52
Granted	957,845	9.62
Vested	(250,226)	14.51
Forfeited	(213,552)	14.33
Unvested as of April 30, 2024	1,056,928	$	10.65

Schedule of Share-Based Payment Arrangement, Performance Shares, Activity

The following table represents the PSU grant activity under the 2021 Plan:


	Number of units	Weighted-average grant-date fair value (per share)
Unvested as of July 31, 2023	—	$	—
Granted	177,095	5.40
Vested	—	—
Forfeited	—	—
Unvested as of April 30, 2024	177,095	$	5.40

Schedule of Share-Based Payment Award, Performance Shares, Valuation Assumptions

The fair value of the PSUs was estimated on the date of grant using a Monte Carlo simulation model with the following assumptions:


	Nine months ended April 30, 2024

Expected term (in years)(a)	1.2
Expected dividend yield(b)	—	%
Risk-free interest rate(c)	4.8	%
Expected volatility(d)	43.0	%

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(a) Based on the median time to vest among all Monte Carlo simulation paths that vest.

(b) The Company has not historically paid and does not expect to pay dividends in the foreseeable future.

(c) The risk-free rate was estimated from the U.S. Treasury Constant Maturity Rates for a period consistent with the expected term in effect at the grant date.

(d) The expected volatility was estimated based on analysis of the historical and implied volatility of the Company’s common stock.