v3.25.1
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Apr. 30, 2025
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):
April 30, 2025
Amortized CostUnrealized GainsUnrealized LossesEstimated Fair Value
Asset-backed securities$63,466 $112 $(17)$63,561 
Certificates of deposit64,660 — — 64,660 
Commercial paper139,574 — — 139,574 
Corporate bonds405,102 1,121 (97)406,126 
Foreign government bonds1,819 22 — 1,841 
Money market funds334,743 — — 334,743 
U.S. Government agency securities44,329 53 (14)44,368 
U.S. Government bonds84,478 195 (4)84,669 
     Total$1,138,171 $1,503 $(132)$1,139,542 
July 31, 2024
Amortized CostUnrealized GainsUnrealized LossesEstimated Fair Value
Asset-backed securities$58,812 $116 $(61)$58,867 
Certificates of deposit46,900 — — 46,900 
Commercial paper138,598 — — 138,598 
Corporate bonds245,817 564 (107)246,274 
Foreign government bonds5,590 21 (15)5,596 
Money market funds360,881 — — 360,881 
U.S. Government agency securities33,499 12 (12)33,499 
U.S. Government bonds89,928 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):
April 30, 2025
Less Than 12 Months12 Months or GreaterTotal
Asset-backed securities$12,320 $51,241 $63,561 
Certificates of deposit64,660 — 64,660 
Commercial paper139,574 — 139,574 
Corporate bonds205,384 200,742 406,126 
Foreign government bonds— 1,841 1,841 
Money market funds334,743 — 334,743 
U.S. Government agency securities5,332 39,036 44,368 
U.S. Government bonds54,224 30,445 84,669 
     Total$816,237 $323,305 $1,139,542 
Fair Value, Assets Measured on Recurring Basis
The following tables summarize the Company’s available-for-sale investments measured at fair value, by level within the fair value hierarchy (in thousands):
April 30, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Commercial paper$— $70,157 $— $70,157 
Corporate bonds— 1,221 — 1,221 
Money market funds334,743 — — 334,743 
Total cash equivalents334,743 71,378 — 406,121 
Short-term investments:
Asset-backed securities— 12,320 — 12,320 
Certificates of deposit— 64,660 — 64,660 
Commercial paper— 69,417 — 69,417 
Corporate bonds— 204,163 — 204,163 
U.S. Government agency securities— 5,332 — 5,332 
U.S. Government bonds— 54,224 — 54,224 
Total short-term investments— 410,116 — 410,116 
Long-term investments:
Asset-backed securities— 51,241 — 51,241 
Corporate bonds— 200,742 — 200,742 
Foreign government bonds— 1,841 — 1,841 
U.S. Government agency securities— 39,036 — 39,036 
U.S. Government bonds— 30,445 — 30,445 
Total long-term investments— 323,305 — 323,305 
       Total$334,743 $804,799 $— $1,139,542 
July 31, 2024
Level 1Level 2Level 3Total
Cash equivalents:
Commercial paper$— $38,156 $— $38,156 
Money market funds360,881 — — 360,881 
Total cash equivalents360,881 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 EndedNine Months Ended
April 30,April 30,
2025202420252024
Unrealized gains (losses), net, recognized on privately held equity securities measured using net asset value
$(103)$— $(341)$— 
Unrealized gains (losses), net
(103)— (341)— 
Realized gains (losses), net on sales of strategic investments
— — 3,671 1,758 
Gains (losses) on strategic investments, net$(103)$— $3,330 $1,758 
Equity Method Investments
The following table summarizes the carrying amount of the Company’s strategic investments (in thousands):
April 30, 2025July 31, 2024
Equity investments using the measurement alternative
$18,513 $18,740 
Equity investment using net asset value
$3,320 $3,661