v3.26.1
Net Income (Loss) Per Share
 9 Months Ended
Apr. 30, 2026
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
The Company calculates basic earnings per share by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. For calculating diluted earnings per share, the Company uses the treasury stock method for options to purchase common stock, time-based RSUs, performance-based restricted stock units (“PSUs”), and ESPP purchase rights, and the if-converted method for the Convertible Senior Notes. RSUs and PSUs are collectively referred to as “Stock Awards.”
The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share for the periods presented (in thousands, except share and per share amounts):
Three Months EndedNine Months Ended
April 30,April 30,
2026202520262025
Numerator:
 Net income (loss)$16,471 $45,991 $107,888 $17,853 
Net income (loss) per share:
   Basic
$0.20 $0.55 $1.27 $0.21 
   Diluted$0.19 $0.54 $1.26 $0.21 
Denominator:
Weighted average shares used in computing net income (loss) per share:
Basic
84,241,069 84,044,661 84,630,718 83,671,443 
Weighted average effect of dilutive stock options
54,629 86,029 68,607 89,946 
Weighted average effect of dilutive stock awards
767,005 1,749,953 1,227,386 1,893,514 
Weighted average effect of the ESPP purchase rights
3,296 — 18,935 — 
Diluted
85,065,999 85,880,643 85,945,646 85,654,903 
The following weighted average shares of potential common stock were excluded from the computation of diluted net income (loss) per share for the periods presented because including them would have been anti-dilutive:
Three Months EndedNine Months Ended
April 30,April 30,
2026202520262025
Stock awards1,360,753 — 650,557 — 
During the three and nine months ended April 30, 2026 and 2025, the average market price of the Company’s common stock did not exceed the initial conversion price of the 2029 Convertible Senior Notes.
During the three and nine months ended April 30, 2026 and 2025, there was no dilutive effect on net income (loss) per share due to maturity and settlement of the outstanding principal balance of the 2025 Convertible Senior Notes in fiscal year 2025.