Segment Information (Tables)

The following table presents selected financial information for the Company’s single operating segment (in thousands):


	Three Months Ended April 30,						Nine Months Ended April 30,
	2026			2025			2026			2025
Total revenue	$	372,541		$	293,508		$	1,064,276		$	845,889
Adjusted cost of revenue(1)	125,217			101,640			354,902			298,359
Stock-based compensation expense	9,498			8,685			28,639			25,833
Amortization of intangible assets	1,180			485			3,045			1,455
Total cost of revenue	135,896			110,810			386,587			325,647
Gross profit	236,645			182,698			677,689			520,242
Gross profit margin	64		%	62		%	64		%	62		%
Adjusted operating expenses(2)	169,540			145,809			480,769			412,815
Stock-based compensation expense	35,443			31,672			106,376			93,532
Amortization of intangible assets	584			749			1,923			2,424
Acquisition holdback expense	440			—			1,065			—
Total operating expenses	206,008			178,230			590,133			508,771
Income (loss) from operations	30,637			4,468			87,556			11,471
Income (loss) from operations margin	8		%	1		%	8		%	2		%
Adjusted interest income (expense) and other income (expense)(3)	9,017			11,185			31,506			35,990
Changes in fair value of strategic investments	599			(103)			554			(341)
Gains (losses) on sale of strategic investments	632			—			632			3,671
Amortization of debt issuance costs	(984)			(1,058)			(2,947)			(2,782)
Retirement of debt	—			—			—			(53,565)
Unrealized foreign exchange rate gains (losses)	(20,141)			34,176			1,513			13,967
Income (loss) before provision for (benefit from) income taxes	19,760			48,668			118,814			8,410
Provision for (benefit from) income taxes	3,289			2,677			10,926			(9,443)
Net income (loss)	$	16,471		$	45,991		$	107,888		$	17,853

(1) Adjusted cost of revenue excludes stock-based compensation expense and amortization of intangible assets.

(2) Adjusted operating expenses excludes stock-based compensation expense, amortization of intangible assets, and acquisition holdback expense.