The amortized cost of our short-term investments approximates their fair value. Unrealized losses related to our short-term investments are generally due to interest rate fluctuations, as opposed to credit quality. However, we review individual securities that are in an unrealized loss position in order to evaluate whether or not they have experienced or are expected to experience credit losses that would result in a decline in fair value. As of July 31, 2025 and April 30, 2026, unrealized gains and losses from our short-term investments were not material and were not the result of a decline in credit quality. As a result, as of July 31, 2025 and April 30, 2026, we did not record any credit losses for these investments.

The following table summarizes the estimated fair value of our investments in marketable debt securities by their contractual maturity dates:


	As of April 30, 2026
	(in thousands)
Due within one year	$	697,949
Due in one to three years		601,142
Total	$	1,299,091

Prepaid expenses and other current assets consists of the following:


	As of
	July 31, 2025		April 30, 2026
	(in thousands)
Prepaid operating expenses	$	56,762	$	65,554
VAT receivables		10,316		9,878
Other current assets		38,313		120,237
Total prepaid expenses and other current assets	$	105,391	$	195,669

The increase in other current assets from July 31, 2025 to April 30, 2026 was due primarily to the addition of $77.9 million of current contract assets related to revenue contracts where revenue recognized exceeds billings. For additional details on contract assets, refer to Note 2.

Property and equipment, net consists of the following:


		As of
	Estimated Useful Life	July 31, 2025			April 30, 2026
	(in months)	(in thousands)
Computer, production, engineering and other equipment	36	$	435,564		$	436,459
Demonstration units	12		59,475			53,281
Leasehold improvements	(1)		71,520			80,741
Software	(2)		29,152			28,808
Furniture and fixtures	60		15,542			16,302
Total property and equipment, gross			611,253			615,591
Less: accumulated depreciation			(468,439	)		(488,275	)
Total property and equipment, net		$	142,814		$	127,316

(1)

Leasehold improvements are amortized over the shorter of the estimated useful lives of the improvements or the remaining lease term.

(2)

The estimated useful life of software ranges from 36 to 120 months, representing the period during which the software is expected to contribute, either directly or indirectly, to our future cash flows.

Depreciation expense related to our property and equipment was approximately $16.4 million and $49.2 million for the three and nine months ended April 30, 2025, respectively, and $16.3 million and $50.5 million for the three and nine months ended April 30, 2026, respectively.

There was no change in the carrying value of goodwill during the nine months ended April 30, 2026.

Intangible assets, net consists of the following:


	As of
	July 31, 2025			April 30, 2026
	(in thousands)
Developed technology	$	79,838		$	79,838
Customer relationships		11,230			11,230
Trade name		4,200			4,200
Total intangible assets, gross		95,268			95,268
Less:
Accumulated amortization of developed technology		(78,989	)		(79,297	)
Accumulated amortization of customer relationships		(9,464	)		(9,738	)
Accumulated amortization of trade name		(4,200	)		(4,200	)
Total accumulated amortization		(92,653	)		(93,235	)
Total intangible assets, net	$	2,615		$	2,033

Amortization expense related to our intangible assets is recognized in the condensed consolidated statements of operations within product cost of revenue for developed technology and sales and marketing expense for customer relationships and trade name.

The estimated future amortization expense of our intangible assets is as follows:


Fiscal Year Ending July 31:	Amount
	(in thousands)
2026 (remaining three months)	$	197
2027		777
2028		353
2029		353
2030		353
Total	$	2,033

Accrued compensation and benefits consists of the following:


	As of
	July 31, 2025		April 30, 2026
	(in thousands)
Accrued vacation	$	31,062	$	36,022
Accrued bonus		37,654		24,950
Accrued benefits		17,976		24,398
Payroll taxes payable		31,366		22,301
Accrued commissions and taxes		51,036		20,763
Accrued wages and taxes		18,846		9,973
Contributions to ESPP withheld		26,325		9,263
Other		16,233		17,666
Total accrued compensation and benefits	$	230,498	$	165,336