v3.26.1
Fair Value Measurements
 9 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

NOTE 3. FAIR VALUE MEASUREMENTS

The fair value of our financial assets measured on a recurring basis is as follows:

 

 

 

As of July 31, 2025

 

 

 

Level I

 

 

Level II

 

 

Level III

 

 

Total

 

 

 

(in thousands)

 

Financial Assets, Current:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

371,762

 

 

$

—

 

 

$

—

 

 

$

371,762

 

U.S. Government securities

 

 

—

 

 

 

21,703

 

 

 

—

 

 

 

21,703

 

Commercial paper

 

 

—

 

 

 

13,068

 

 

 

—

 

 

 

13,068

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

—

 

 

 

647,074

 

 

 

—

 

 

 

647,074

 

Commercial paper

 

 

—

 

 

 

163,055

 

 

 

—

 

 

 

163,055

 

U.S. Government securities

 

 

—

 

 

 

413,105

 

 

 

—

 

 

 

413,105

 

Total measured at fair value

 

$

371,762

 

 

$

1,258,005

 

 

$

—

 

 

$

1,629,767

 

Cash

 

 

 

 

 

 

 

 

 

 

 

362,969

 

Total cash, cash equivalents and short-term investments

 

 

 

 

 

 

 

 

 

 

$

1,992,736

 

Financial Assets, Non-Current:

 

 

 

 

 

 

 

 

 

 

 

 

Convertible note receivable

 

$

—

 

 

$

—

 

 

$

5,460

 

 

$

5,460

 

 

 

 

 

As of April 30, 2026

 

 

 

Level I

 

 

Level II

 

 

Level III

 

 

Total

 

 

 

(in thousands)

 

Financial Assets, Current:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

351,889

 

 

$

—

 

 

$

—

 

 

$

351,889

 

Commercial paper

 

 

—

 

 

 

2,593

 

 

 

—

 

 

 

2,593

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

—

 

 

 

743,537

 

 

 

—

 

 

 

743,537

 

Commercial paper

 

 

—

 

 

 

50,389

 

 

 

—

 

 

 

50,389

 

U.S. Government securities

 

 

—

 

 

 

505,165

 

 

 

—

 

 

 

505,165

 

Total measured at fair value

 

$

351,889

 

 

$

1,301,684

 

 

$

—

 

 

$

1,653,573

 

Cash

 

 

 

 

 

 

 

 

 

 

 

364,330

 

Total cash, cash equivalents and short-term investments

 

 

 

 

 

 

 

 

 

 

$

2,017,903

 

Financial Assets, Non-Current:

 

 

 

 

 

 

 

 

 

 

 

 

Convertible note receivable

 

$

—

 

 

$

—

 

 

$

5,460

 

 

$

5,460

 

 

Financial Instruments Not Recorded at Fair Value on a Recurring Basis

We report our financial instruments at fair value, with the exception of the 0.25% convertible senior notes due 2027 (the "2027 Notes") and the 0.50% convertible senior notes due 2029 (the "2029 Notes") (collectively, the "Notes"). Financial instruments that are not recorded at fair value on a recurring basis are measured at fair value on a quarterly basis for disclosure purposes. The carrying values and estimated fair values of financial instruments not recorded at fair value are as follows:

 

 

 

As of July 31, 2025

 

 

As of April 30, 2026

 

 

 

Carrying
Value

 

 

Estimated
Fair
Value

 

 

Carrying
Value

 

 

Estimated
Fair
Value

 

 

 

(in thousands)

 

2027 Notes

 

$

497,059

 

 

$

695,295

 

 

$

498,072

 

 

$

527,090

 

2029 Notes

 

 

846,759

 

 

 

976,652

 

 

 

849,412

 

 

 

800,564

 

Total

 

$

1,343,818

 

 

$

1,671,947

 

 

$

1,347,484

 

 

$

1,327,654

 

The carrying value of the 2027 Notes as of July 31, 2025 and April 30, 2026 was net of unamortized debt issuance costs of $2.9 million and $1.9 million, respectively.

The carrying value of the 2029 Notes as of July 31, 2025 and April 30, 2026 was net of unamortized debt issuance costs of $15.7 million and $13.1 million, respectively.

The total estimated fair values of the Notes were determined based on the closing trading price per $100 of the Notes as of the last day of trading for the period. We consider the fair values of the Notes to be Level II valuations due to the limited trading activity.