v3.25.1
Stock-Based Compensation Expense and Shareholders' Equity (Tables)
 9 Months Ended
Apr. 30, 2025
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 EndedNine Months Ended
April 30,April 30,
2025202420252024
Stock-based compensation expense$40,367 $36,809 $119,398 $109,411 
Net impact of deferred stock-based compensation(10)(159)(33)(237)
 Total stock-based compensation expense, net$40,357 $36,650 $119,365 $109,174 
Stock-based compensation expense is included in the following categories:
Cost of subscription and support revenue$3,598 $3,183 $10,511 $10,059 
Cost of license revenue32 — 104 148 
Cost of services revenue5,055 4,729 15,218 14,161 
Research and development10,267 10,003 30,560 30,127 
Sales and marketing10,832 9,349 31,400 25,268 
General and administrative10,573 9,386 31,572 29,411 
Total stock-based compensation expense$40,357 $36,650 $119,365 $109,174 
Total unrecognized stock-based compensation expense related to the Company’s Stock Awards as of April 30, 2025 is as follows:
Unrecognized Expense
(in thousands)		Weighted Average Expected Recognition Period
(in years)
Stock Awards297,590 2.1
Total unrecognized stock-based compensation expense$297,590 
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, 20243,202,066 $86.60 $480,534 
Granted1,006,028 $176.01 
Released(1,149,635)$98.90 $202,473 
Canceled(98,340)$98.58 
Balance as of April 30, 20252,960,119 $111.81 $606,144 
Expected to vest as of April 30, 20252,960,119 $111.81 $606,144 
(1) Aggregate intrinsic value at each period end represents the total market value of Stock Awards at the Company’s closing stock price of $204.77 and $150.07 on April 30, 2025 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 PriceWeighted Average Remaining Contractual Life
 Aggregate Intrinsic Value(1)
(in years) (in thousands)
Balance as of July 31, 2024166,838 $65.63 7.9$14,088 
Granted— $— 
Exercised(45,755)$69.36 $4,910 
Canceled— $— 
Balance as of April 30, 2025121,083 $64.21 7.1$17,019 
Vested and expected to vest as of April 30, 2025121,083 $64.21 7.1$17,019 
Exercisable as of April 30, 2025121,083 $64.21 7.1$17,019 
(1) Aggregate intrinsic value at each period end represents the difference between the Company’s closing stock price of $204.77 and $150.07 on April 30, 2025 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:
Nine Months Ended
April 30,
20252024
Performance period
September 11, 2024 to September 11, 2027September 13, 2023 to September 13, 2026
3-year historical volatility
36.0%35.0%
3-year risk free rate
3.4%4.5%