| Schedule of convertible debt |
The net carrying value of debt instruments and unamortized debt issuance costs was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Debt Instrument | Maturity Date | | Effective Interest Rate | | April 30, 2025 | | July 31, 2024 | 2025 convertible senior notes | March 15, 2025 | | 1.7% | | $ | — | | | $ | 400,000 | | 2029 convertible senior notes | November 1, 2029 | | 1.8% | | 690,000 | | | — | | 2025 credit facility | | | | | — | | | — | | Total principal amount | | | | | 690,000 | | | 400,000 | | Less: unamortized debt issuance costs | | | | | (16,304) | | | (1,097) | | | Net carrying amount of debt | | | | | 673,696 | | | 398,903 | | Less: current portion of convertible senior notes, net | | | | | — | | | 398,903 | | Non-current portion of convertible senior notes, net | | | | | $ | 673,696 | | | $ | — | |
The following table sets forth the interest expense recognized related to debt instruments (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | April 30, | | April 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Contractual interest expense | $ | 2,436 | | | $ | 1,250 | | | $ | 6,827 | | | $ | 3,750 | | | Amortization of debt issuance costs | 1,058 | | | 434 | | | 2,782 | | | 1,296 | | Total | $ | 3,494 | | | $ | 1,684 | | | $ | 9,609 | | | $ | 5,046 | |
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| 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 shares covered, subject to anti-dilution adjustments | | 3.5 | | 2.8 |
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