We have operating leases for offices, research and development facilities, and data centers and finance leases for certain data center equipment. Our leases have remaining lease terms of one year to approximately nine years, some of which include options to renew or terminate. We do not include renewal options in the lease terms for calculating our lease liability, as we are not reasonably certain that we will exercise these renewal options at the time of the lease commencement. Our lease agreements do not contain any residual value guarantees or restrictive covenants.

Total operating lease cost was approximately $9.6 million and $27.6 million for the three and nine months ended April 30, 2025, respectively, and $12.5 million and $33.3 million for the three and nine months ended April 30, 2026, respectively, excluding short-term lease costs, variable lease costs and sublease income, each of which were not material. Variable lease costs primarily include common area maintenance charges. Total finance lease cost was immaterial for the three and nine months ended April 30, 2025 and 2026.

In February 2026, we executed an agreement to reduce the term of a lease for a data center facility. The agreement was accounted for as a lease modification under ASC 842. Accordingly, the lease liability was remeasured resulting in a $15.2 million reduction to both the lease liability and right-of-use asset.

Supplemental balance sheet information related to our leases is as follows:


	As of
	July 31, 2025			April 30, 2026
	(in thousands)
Operating leases:
Operating lease right-of-use assets, gross	$	217,060		$	267,926
Accumulated amortization		(82,534	)		(92,665	)
Operating lease right-of-use assets, net	$	134,526		$	175,261
Operating lease liabilities—current	$	23,234		$	37,346
Operating lease liabilities—non-current		115,754			144,063
Total operating lease liabilities	$	138,988		$	181,409
Weighted average remaining lease term (in years):		4.5			4.7
Weighted average discount rate:		6.3	%		6.3	%


	As of
	July 31, 2025			April 30, 2026
	(in thousands)
Finance leases:
Finance lease right-of-use assets, gross (1)	$	18,288		$	13,054
Accumulated amortization (1)		(12,805	)		(10,029	)
Finance lease right-of-use assets, net (1)	$	5,483		$	3,025
Finance lease liabilities—current (2)	$	3,301		$	2,056
Finance lease liabilities—non-current (3)		2,734			1,339
Total finance lease liabilities	$	6,035		$	3,395
Weighted average remaining lease term (in years):		2.0			1.7
Weighted average discount rate:		7.1	%		7.4	%

(1)

Included in the condensed consolidated balance sheets within property and equipment, net.

(2)

Included in the condensed consolidated balance sheets within accrued expenses and other current liabilities.

(3)

Included in the condensed consolidated balance sheets within other liabilities—non-current.

Supplemental cash flow and other information related to our leases is as follows:


	Three Months Ended April 30,					Nine Months Ended April 30,
	2025		2026			2025		2026
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	8,097	$	11,526		$	27,740	$	29,194
Operating cash flows from finance leases	$	147	$	71		$	492	$	257
Financing cash flows from finance leases	$	998	$	800		$	2,943	$	2,638
Lease liabilities arising from obtaining right-of-use assets:
Operating leases	$	37,542	$	(6,185	)	$	54,435	$	66,232

The undiscounted cash flows for our lease liabilities as of April 30, 2026 were as follows:


Fiscal Year Ending July 31:	Operating Leases			Finance Leases			Total
	(in thousands)
2026 (remaining three months)	$	9,767		$	720		$	10,487
2027		49,350			1,908			51,258
2028		46,533			961			47,494
2029		44,255			42			44,297
2030		34,031			—			34,031
Thereafter		27,255			—			27,255
Total lease payments		211,191			3,631			214,822
Less: imputed interest		(29,782	)		(236	)		(30,018	)
Total lease obligation		181,409			3,395			184,804
Less: current lease obligations		(37,346	)		(2,056	)		(39,402	)
Long-term lease obligations	$	144,063		$	1,339		$	145,402

As of April 30, 2026, we did not have any additional operating lease commitments for leases that have not yet commenced.