0001713683-21-000037 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jan. 31, 2021	Feb. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2021
Document Transition Report	false
Entity File Number	001-38413
Entity Registrant Name	ZSCALER, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1173892
Entity Address, Address Line One	120 Holger Way
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	408
Local Phone Number	533-0288
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	ZS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Shares Outstanding		135,940,233
Entity Central Index Key	0001713683
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2021	Jul. 31, 2020
Current assets:
Cash and cash equivalents	$ 95,347	$ 141,851
Short-term investments	1,349,402	1,228,722
Accounts receivable, net	170,412	147,584
Deferred contract acquisition costs	39,902	32,240
Prepaid expenses and other current assets	23,586	31,396
Total current assets	1,678,649	1,581,793
Property and equipment, net	90,527	75,734
Operating lease right-of-use assets	45,942	36,119
Deferred contract acquisition costs, noncurrent	95,044	77,675
Acquired intangible assets, net	20,871	24,024
Goodwill	30,059	30,059
Other noncurrent assets	8,325	8,054
Total assets	1,969,417	1,833,458
Current liabilities:
Accounts payable	13,170	5,233
Accrued expenses and other current liabilities	14,208	16,361
Accrued compensation	47,861	49,444
Deferred revenue	406,184	337,263
Operating lease liabilities	20,152	15,600
Total current liabilities	501,575	423,901
Convertible senior notes, net	887,186	861,615
Deferred revenue, noncurrent	40,633	32,504
Operating lease liabilities, noncurrent	33,829	28,023
Other noncurrent liabilities	3,490	2,586
Total liabilities	1,466,713	1,348,629
Commitments and contingencies (Note 9)
Stockholders’ Equity
Common stock; $0.001 par value; 1,000,000 shares authorized as of January 31, 2021 and July 31, 2020; 135,858 and 132,817 shares issued and outstanding as of January 31, 2021 and July 31, 2020, respectively	136	133
Additional paid-in capital	964,214	823,804
Accumulated other comprehensive income	472	463
Accumulated deficit	(462,118)	(339,571)
Total stockholders’ equity	502,704	484,829
Total liabilities and stockholders’ equity	$ 1,969,417	$ 1,833,458

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2021	Jul. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	135,858,000	132,817,000
Common stock, shares outstanding (in shares)	135,858,000	132,817,000

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Income Statement [Abstract]
Revenue	$ 157,044	$ 101,268	$ 299,622	$ 194,858
Cost of revenue	34,135	20,238	65,862	39,796
Gross profit	122,909	81,030	233,760	155,062
Operating expenses:
Sales and marketing	110,403	61,621	207,292	121,032
Research and development	41,751	20,706	77,521	40,977
General and administrative	24,653	28,983	45,512	41,608
Total operating expenses	176,807	111,310	330,325	203,617
Loss from operations	(53,898)	(30,280)	(96,565)	(48,555)
Interest income	755	1,855	1,695	3,877
Interest expense	(13,245)	0	(26,294)	0
Other income (expense), net	518	(13)	786	(42)
Loss before income taxes	(65,870)	(28,438)	(120,378)	(44,720)
Provision for income taxes	1,671	716	2,169	1,510
Net loss	$ (67,541)	$ (29,154)	$ (122,547)	$ (46,230)
Net loss per share, basic and diluted (in dollars per share)	$ (0.50)	$ (0.23)	$ (0.91)	$ (0.36)
Weighted-average shares used in computing net loss per share, basic and diluted (in shares)	135,024	128,408	134,238	127,978

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (67,541)	$ (29,154)	$ (122,547)	$ (46,230)
Other comprehensive income:
Unrealized net gains (losses) on available-for-sale securities	388	55	(342)	223
Unrealized net gains on cash flow hedges	351	0	351	0
Total	739	55	9	223
Comprehensive loss	$ (66,802)	$ (29,099)	$ (122,538)	$ (46,007)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Common stock, beginning balance (in shares) at Jul. 31, 2019		127,253
Beginning balance at Jul. 31, 2019	$ 308,558	$ 127	$ 532,618	$ 268	$ (224,455)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		1,220
Issuance of common stock upon exercise of stock options	6,758	$ 2	6,756
Issuance of common stock in connection with employee stock purchase plan (in shares)		284
Issuance of common stock in connection with employee stock purchase plan	5,334		5,334
Vesting of restricted stock units and other stock issuances (in shares)		509
Vesting of early exercised common stock options	262		262
Stock-based compensation	44,259		44,259
Other comprehensive income	223			223
Net loss	(46,230)				(46,230)
Common stock, ending balance (in shares) at Jan. 31, 2020		129,266
Ending balance at Jan. 31, 2020	319,164	$ 129	589,229	491	(270,685)
Common stock, beginning balance (in shares) at Oct. 31, 2019		127,926
Beginning balance at Oct. 31, 2019	314,052	$ 128	555,019	436	(241,531)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		675
Issuance of common stock upon exercise of stock options	3,699	$ 1	3,698
Issuance of common stock in connection with employee stock purchase plan (in shares)		284
Issuance of common stock in connection with employee stock purchase plan	5,334		5,334
Vesting of restricted stock units and other stock issuances (in shares)		381
Vesting of early exercised common stock options	131		131
Stock-based compensation	25,047		25,047
Other comprehensive income	55			55
Net loss	(29,154)				(29,154)
Common stock, ending balance (in shares) at Jan. 31, 2020		129,266
Ending balance at Jan. 31, 2020	$ 319,164	$ 129	589,229	491	(270,685)
Common stock, beginning balance (in shares) at Jul. 31, 2020	132,817	132,817
Beginning balance at Jul. 31, 2020	$ 484,829	$ 133	823,804	463	(339,571)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	1,499	1,499
Issuance of common stock upon exercise of stock options	$ 11,245	$ 2	11,243
Issuance of common stock in connection with employee stock purchase plan (in shares)		131
Issuance of common stock in connection with employee stock purchase plan	8,563		8,563
Vesting of restricted stock units and other stock issuances (in shares)		1,411
Vesting of restricted stock units and other stock issuances	0	$ 1	(1)
Vesting of early exercised common stock options	93		93
Stock-based compensation	120,512		120,512
Other comprehensive income	9			9
Net loss	$ (122,547)				(122,547)
Common stock, ending balance (in shares) at Jan. 31, 2021	135,858	135,858
Ending balance at Jan. 31, 2021	$ 502,704	$ 136	964,214	472	(462,118)
Common stock, beginning balance (in shares) at Oct. 31, 2020		134,163
Beginning balance at Oct. 31, 2020	492,105	$ 134	886,815	(267)	(394,577)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		809
Issuance of common stock upon exercise of stock options	6,726	$ 1	6,725
Issuance of common stock in connection with employee stock purchase plan (in shares)		131
Issuance of common stock in connection with employee stock purchase plan	8,563		8,563
Vesting of restricted stock units and other stock issuances (in shares)		755
Vesting of restricted stock units and other stock issuances	0	$ 1	(1)
Vesting of early exercised common stock options	23		23
Stock-based compensation	62,089		62,089
Other comprehensive income	739			739
Net loss	$ (67,541)				(67,541)
Common stock, ending balance (in shares) at Jan. 31, 2021	135,858	135,858
Ending balance at Jan. 31, 2021	$ 502,704	$ 136	$ 964,214	$ 472	$ (462,118)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Cash Flows From Operating Activities
Net loss	$ (122,547)	$ (46,230)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense	13,327	7,508
Amortization expense of acquired intangible assets	3,153	1,421
Amortization of deferred contract acquisition costs	18,123	11,425
Amortization of debt discount and issuance costs	25,572	0
Non-cash operating lease costs	9,500	6,215
Stock-based compensation expense	118,565	42,242
Amortization (accretion) of investments purchased at a premium (discount)	5,446	(442)
Deferred income taxes	(981)	0
Impairment of assets	416	316
Other	59	248
Changes in operating assets and liabilities:
Accounts receivable	(24,681)	(1,432)
Deferred contract acquisition costs	(43,154)	(15,690)
Prepaid expenses, other current and noncurrent assets	6,722	(3,981)
Accounts payable	4,627	(603)
Accrued expenses, other current and noncurrent liabilities	1,733	(1,243)
Accrued compensation	(1,583)	3,475
Deferred revenue	78,884	28,820
Operating lease liabilities	(9,245)	(5,189)
Net cash provided by operating activities	83,936	26,860
Cash Flows From Investing Activities
Purchases of property, equipment and other assets	(19,403)	(15,099)
Capitalized internal-use software	(4,272)	(4,273)
Purchases of short-term investments	(419,638)	(147,543)
Proceeds from maturities of short-term investments	283,815	126,013
Proceeds from sale of short-term investments	11,500	0
Net cash used in investing activities	(147,998)	(40,902)
Cash Flows From Financing Activities
Proceeds from issuance of common stock upon exercise of stock options	11,245	6,758
Proceeds from issuance of common stock under the employee stock purchase plan	8,563	5,334
Payment of deferred consideration related to a business acquisition	(2,250)	0
Net cash provided by financing activities	17,558	12,092
Net decrease in cash, cash equivalents and restricted cash	(46,504)	(1,950)
Cash, cash equivalents and restricted cash at beginning of period	141,851	78,484
Cash, cash equivalents and restricted cash at end of period	95,347	76,534
Supplemental Disclosure of Cash Flow Information:
Cash paid for income taxes, net of tax refunds	2,479	1,473
Interest paid	743	0
Non-cash activities
Net change in purchased equipment included in accounts payable and accrued expenses	3,037	(1,785)
Operating lease right-of-use assets obtained in exchange for operating lease obligations, net of terminations	18,652	20,905
Vesting of early exercised common stock options	93	262
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
Total cash, cash equivalents and restricted cash	$ 95,347	$ 76,534

Business and Summary of Significant Accounting Policies	6 Months Ended
Business and Summary of Significant Accounting Policies	Jan. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Summary of Significant Accounting Policies	Business and Summary of Significant Accounting Policies Description of the Business Zscaler, Inc. ("Zscaler," the "Company," "we," "us," or "our") is a cloud security company that developed a platform incorporating core security functionalities needed to enable users to safely utilize authorized applications and services based on an organization’s policies. Our solution is a purpose-built, multi-tenant, distributed cloud platform that secures access for users and devices to applications and services, regardless of location. We deliver our solutions using a software-as-a-service ("SaaS") business model and sell subscriptions to customers to access our cloud platform, together with related support services. We were incorporated in Delaware in September 2007 and conduct business worldwide, with presence in North America, Europe and Asia. Our headquarters are in San Jose, California. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") and applicable regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting, and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable required disclosures and regulations of the SEC. Therefore, these unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company's audited consolidated financial statements and related notes in its Annual Report on Form 10-K for the fiscal year ended July 31, 2020 (the "Fiscal 2020 Form 10-K"), as filed with the SEC on September 17, 2020. Interim Unaudited Condensed Consolidated Financial Statements The accompanying condensed consolidated balance sheet as of July 31, 2020 was derived from the audited consolidated financial statements as of that date. The accompanying interim condensed consolidated financial statements, including the condensed consolidated balance sheet as of January 31, 2021, the condensed consolidated statements of operations for the three and six months ended January 31, 2021 and 2020, the condensed consolidated statements of comprehensive loss for the three and six months ended January 31, 2021 and 2020, the condensed consolidated statements of stockholders’ equity for the three and six months ended January 31, 2021 and 2020 and the condensed consolidated statements of cash flows for the six months ended January 31, 2021 and 2020 are unaudited. The related financial data and the other financial information disclosed in the accompanying notes to these condensed consolidated financial statements are also unaudited. These interim unaudited condensed consolidated financial statements have been prepared on a basis consistent with our annual consolidated financial statements and, in our opinion, include all normal recurring adjustments necessary to state fairly our quarterly results. The results of operations for the three and six months ended January 31, 2021 are not necessarily indicative of the results to be expected for our fiscal year ending July 31, 2021 or for any other future fiscal year or interim period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Such estimates include, but are not limited to, the determination of revenue recognition, deferred revenue, deferred contract acquisition costs, valuation of acquired intangible assets, the period of benefit generated from our deferred contract acquisition costs, allowance for doubtful accounts, valuation of common stock options and stock-based awards, useful lives of property and equipment, useful lives of acquired intangible assets, recoverability of goodwill, valuation of deferred tax assets and liabilities, loss contingencies related to litigation, fair value and effective interest rate of our convertible senior notes, valuation of strategic investments and the discount rate used for operating leases. Management determines these estimates and assumptions based on historical experience and on various other assumptions that are believed to be reasonable. Actual results could differ significantly from these estimates, and such differences may be material to the condensed consolidated financial statements. Due to the COVID-19 pandemic, there is ongoing uncertainty and significant disruption in the global economy and financial markets. We are not aware of any specific event or circumstances that would require an update to our estimates, judgments or assumptions or a revision to the carrying value of our assets or liabilities as of the date of issuance of these condensed consolidated financial statements. These estimates, judgments and assumptions may change in the future, as new events occur or additional information is obtained. Fiscal Year Our fiscal year ends on July 31. References to fiscal 2021, for example, refer to our fiscal year ending July 31, 2021. Significant Accounting Policies Our significant accounting policies are described in the Fiscal 2020 Form 10-K. There have been no significant changes to these policies that have had a material impact on our condensed consolidated financial statements and related notes for the three and six months ended January 31, 2021 other than for derivative instruments and the adoption of new accounting guidance related to current expected credit losses effective August 1, 2020 further described below. Derivative Instruments We enter into foreign currency forward contracts, which we designate as cash flow hedges, in order to manage the volatility of cash flows that relate to our cost of revenues and operating expenses denominated in foreign currencies. Derivative instruments are measured at fair value and reported on a gross basis as either current assets or liabilities on our condensed consolidated balance sheets. Gains or losses related to our cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) within stockholders' equity (“AOCI”) until the forecasted transaction occurs in earnings. When the forecasted transaction occurs, the related gains and losses are reclassified into earnings within the financial statement line item associated with the underlying hedged transaction. If the underlying hedged transaction does not occur, or it becomes probable that the hedged transaction will not occur, the cumulative unrealized gain or loss is reclassified immediately from AOCI into earnings within the financial statement line item associated with the underlying hedged transaction. We measure hedge effectiveness using regression analyses at hedge inception and periodically thereafter. We include time value in our effectiveness assessment. Derivatives designated as cash flow hedges are classified in our condensed consolidated statements of cash flows as cash from operating activities, which reflect the classification of the underlying hedged transactions. Accounts Receivable and Allowance Accounts receivable are recorded at the invoiced amount and are non-interest bearing. Accounts receivable are stated at their net realizable value, net of an allowance for doubtful accounts. We have a well-established collections history from our customers. Credit is extended to customers based on an evaluation of their financial condition and other factors. In determining the necessary allowance for doubtful accounts, we estimate the lifetime expected credit losses against the existing accounts receivable balance. Our estimate is based on certain factors including historical loss rates, current economic conditions, reasonable and supportable forecasts and customer-specific circumstances. The allowance for doubtful accounts has historically not been material. There were no material write-offs recognized in the periods presented. Accordingly, the movements in the allowance for doubtful accounts were not material for any of the periods presented. We do not have any off-balance-sheet credit exposure related to our customers. Cash Equivalents and Short-Term Investments We classify all highly liquid investments purchased with an original maturity of 90 days or less from the date of purchase as cash equivalents and all highly liquid investments with original maturities beyond 90 days at the time of purchase as short-term investments. Our cash equivalents and short-term investments consist of highly liquid investments in money market funds, U.S. treasury securities, U.S. government agency securities and corporate debt securities. We classify our investments as available-for-sale investments and present them within current assets since these investments represent funds available for current operations and we have the ability and intent, if necessary, to liquidate any of these investments in order to meet our liquidity needs or to grow our business, including for potential business acquisitions or other strategic transactions. Our investments are carried at fair value, with unrealized gains and losses unrelated to credit loss factors reported in AOCI. Our investments are reviewed periodically when there is a decline in a security’s fair value below the amortized cost basis. We consider our intent to sell and whether it is more likely than not that the we will be required to sell the securities before the recovery of its cost basis. If either of these criteria are triggered, the amortized cost basis of the debt security is written down to fair value through other income (expense), net. If neither criteria is met, we evaluate whether the decline in fair value below the amortized cost basis is related to credit-related factors or other factors such as interest rate fluctuations. The factors considered in this analysis include the extent the fair value is less than the amortized cost basis, whether there were changes to the rating of the security by a ratings agency, whether the issuer has failed to make scheduled interest payments and other adverse conditions as applicable. Credit-related impairment losses, limited by the amount that the fair value is less than the amortized cost basis, are recorded through an allowance for credit losses in other income (expense), net. For purposes of identifying and measuring credit-related impairments, our policy is to exclude the applicable accrued interest from both the fair value and amortized cost basis of the related debt security. Accrued interest, net of the allowance for credit losses, if any, is recorded to prepaid expenses and other current assets. There were no credit-related impairments recognized on our investments during the periods presented. Interest income, amortization (accretion) of investments purchased at a premium (discount) and realized gains and losses are included in interest income in the condensed consolidated statements of operations. We use the specific identification method to determine the cost in calculating realized gains and losses upon the sale of these investments. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities to require that credit losses on available-for-sale debt securities be presented as an allowance rather than as a write-down. The measurement of credit losses for newly recognized financial assets and subsequent changes in the allowance for credit losses are recorded in the statements of operations. For public business entities, it is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We adopted this standard as of August 1, 2020, and it did not have a material impact to our condensed consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2020, the FASB issued ASU No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40). This standard eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted earnings per share computation. For public business entities, it is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years using the fully retrospective or modified retrospective method. Early adoption is permitted but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We are currently evaluating the potential impact of this standard on our condensed consolidated financial statements.

Revenue Recognition

6 Months Ended

Jan. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

Subscription and support revenue is recognized over time and accounted for approximately 97% and 98% of our revenue for the three months ended January 31, 2021 and 2020, respectively, and approximately 97% and 98% of our revenue for the six months ended January 31, 2021 and 2020, respectively.

The following table summarizes the revenue by region based on the shipping address of customers who have contracted to use our cloud platform:


	Three Months Ended January 31,								Six Months Ended January 31,
	2021				2020				2021				2020
	Amount		% Revenue		Amount		% Revenue		Amount		% Revenue		Amount		% Revenue

	(in thousands, except per percentage data)
United States	$	77,541	49	%	$	49,629	49	%	$	147,700	49	%	$	95,574	49	%
Europe, Middle East and Africa (*)	59,442		38	%	41,002		40	%	114,647		38	%	79,291		41	%
Asia Pacific	16,697		11	%	8,828		9	%	30,977		11	%	16,647		8	%
Other	3,364		2	%	1,809		2	%	6,298		2	%	3,346		2	%
Total	$	157,044	100	%	$	101,268	100	%	$	299,622	100	%	$	194,858	100	%

(*) Revenue from the United Kingdom ("U.K.") represented 10% of our revenue for each of the three months ended January 31, 2021 and 2020, and 10% and 11% of our revenue for the six months ended January 31, 2021 and 2020, respectively. Revenue from Germany represented 10% and 9% of our revenue for the three months ended January 31, 2021 and 2020, respectively, and 10% and 9% of our revenue for the six months ended January 31, 2021 and 2020, respectively.

The following table summarizes the revenue from contracts by type of customer:


	Three Months Ended January 31,								Six Months Ended January 31,
	2021				2020				2021				2020
	Amount		% Revenue		Amount		% Revenue		Amount		% Revenue		Amount		% Revenue

	(in thousands, except per percentage data)
Channel partners	$	147,341	94	%	$	98,132	97	%	$	280,781	94	%	$	188,375	97	%
Direct customers	9,703		6	%	3,136		3	%	18,841		6	%	6,483		3	%
Total	$	157,044	100	%	$	101,268	100	%	$	299,622	100	%	$	194,858	100	%

Significant Customers

No single customer accounted for 10% or more of our revenue for the three and six months ended January 31, 2021 and 2020. The following table summarizes 10% or more of the total balance of accounts receivable, net:


	January 31, 2021	July 31, 2020
Channel partner A	13%	*
Channel partner B	11%	11%

(*) Represents less than 10%.

Contract Balances

Contract liabilities consist of deferred revenue and include payments received in advance of performance under the contract. Such amounts are recognized as revenue over the contractual period. For the six months ended January 31, 2021 and 2020, we recognized revenue of $228.9 million and $148.4 million, respectively, that was included in the corresponding contract liability balance at the beginning of these periods.

Remaining Performance Obligations

The typical subscription and support term is one to three years. Most of our subscription and support contracts are non-cancelable over the contractual term. However, customers typically have the right to terminate their contracts for cause, if we fail to perform. As of January 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $1,024.8 million. We expect to recognize 53% of the transaction price over the next 12 months and 98% of the transaction price over the next three years, with the remainder recognized thereafter.

Costs to Obtain and Fulfill a Contract

We capitalize sales commission and associated payroll taxes paid to internal sales personnel that are incremental to the acquisition of channel partner and direct customer contracts. These costs are recorded as deferred contract acquisition costs in the condensed consolidated balance sheets.

The following table summarizes the activity of the deferred contract acquisition costs:


	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020

	(in thousands)
Beginning balance	$	119,279	$	70,426	$	109,915	$	69,785
Capitalization of contract acquisition costs	25,112		9,514		43,154		15,690
Amortization of deferred contract acquisition costs	(9,445)		(5,890)		(18,123)		(11,425)
Ending balance	$	134,946	$	74,050	$	134,946	$	74,050


Deferred contract acquisition costs, current	$	39,902	$	23,527	$	39,902	$	23,527
Deferred contract acquisition costs, noncurrent	95,044		50,523		95,044		50,523
Total deferred contract acquisition costs	$	134,946	$	74,050	$	134,946	$	74,050

Sales commissions accrued but not paid as of January 31, 2021 and July 31, 2020, totaled $13.5 million and $21.0 million, respectively, which are included within accrued compensation in the condensed consolidated balance sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Cash Equivalents and Short-Term Investments

6 Months Ended

Jan. 31, 2021

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Short-Term Investments

Cash equivalents and short-term investments consisted of the following as of January 31, 2021:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

	(in thousands)
Cash equivalents:

Money market funds	$	39,038	$	—	$	—	$	39,038







Short-term investments:
U.S. treasury securities	$	338,856	$	7	$	(35)	$	338,828
U.S. government agency securities	764,997		170		(66)		765,101
Corporate debt securities	245,312		263		(102)		245,473
Total short-term investments	$	1,349,165	$	440	$	(203)	$	1,349,402

Total cash equivalents and short-term investments	$	1,388,203	$	440	$	(203)	$	1,388,440

Cash equivalents and short-term investments consisted of the following as of July 31, 2020:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

Cash equivalents:	(in thousands)

Money market funds	$	51,690	$	—	$	—	$	51,690
U.S. treasury securities	39,997		—		(1)		39,996
U.S. government agency securities	14,997		—		—		14,997

Total cash equivalents	$	106,684	$	—	$	(1)	$	106,683

Short-term investments:
U.S. treasury securities	$	415,539	$	152	$	(127)	$	415,564
U.S. government agency securities	595,725		186		(114)		595,797
Corporate debt securities	216,879		569		(87)		217,361
Total short-term investments	$	1,228,143	$	907	$	(328)	$	1,228,722

Total cash equivalents and short-term investments	$	1,334,827	$	907	$	(329)	$	1,335,405

The amortized cost and fair value of our short-term investments based on their stated maturities consisted of the following as of January 31, 2021:


	Amortized Cost		Fair Value

	(in thousands)
Due within one year	$	766,043	$	766,266
Due between one to two years	583,122		583,136
Total	$	1,349,165	$	1,349,402

Short-term investments that were in an unrealized loss position as of January 31, 2021 consisted of the following:


	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

	(in thousands)
U.S. treasury securities	$	173,048	$	(35)	$	—	$	—	$	173,048	$	(35)
U.S. government agency securities	219,264		(66)		6,001		—		225,265		(66)
Corporate debt securities	107,978		(102)		1,001		—		108,979		(102)
Total	$	500,290	$	(203)	$	7,002	$	—	$	507,292	$	(203)

Short-term investments that were in an unrealized loss position as of July 31, 2020 consisted of the following:


	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

	(in thousands)
U.S. treasury securities	$	347,959	$	(127)	$	—	$	—	$	347,959	$	(127)
U.S. government agency securities	340,503		(113)		5,502		(1)		346,005		(114)
Corporate debt securities	105,953		(87)		—		—		105,953		(87)
Total	$	794,415	$	(327)	$	5,502	$	(1)	$	799,917	$	(328)

We review the individual securities that have unrealized losses in our short-term investment portfolio on a regular basis. We evaluate, among others, whether we have the intention to sell any of these investments and whether it is not more likely than not that we will be required to sell any of them before recovery of the amortized cost basis. Neither of these criteria were met in any period presented. We additionally evaluate whether the decline in fair value of the security below its amortized cost basis is related to credit losses or other factors. Based on this evaluation, we determined that unrealized losses of the above securities were primarily attributable to changes in interest rates and non credit-related factors. Accordingly, we determined that an allowance for credit losses was unnecessary for our short-term investments as of January 31, 2021 and July 31, 2020.

We recorded $4.1 million and $3.8 million of accrued interest receivable within prepaid expenses and other current assets in our condensed consolidated balance sheets as of January 31, 2021 and July 31, 2020, respectively.

Fair Value Measurements

6 Months Ended

Jan. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

We measure our financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Our money market funds are classified within Level I due to the highly liquid nature of these assets and have quoted prices in active markets. Certain of our investments in available-for-sale securities (i.e., U.S. treasury securities, U.S. government agency securities and corporate debt securities), as well as our assets and liabilities arising from our foreign currency forward contracts, are classified within Level II. The fair value of our Level II financial assets and liabilities is determined by using inputs based on non-binding market consensus prices that are primarily corroborated by observable market data or quoted market prices for similar instruments, for substantially the full term of the financial assets and liabilities.

Assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of January 31, 2021:


			Level I		Level II		Level III
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs

Cash equivalents:	(in thousands)

Money market funds	$	39,038	$	39,038	$	—	$	—






Short-term investments:
U.S. treasury securities	$	338,828	$	—	$	338,828	$	—
U.S. government agency securities	765,101		—		765,101		—
Corporate debt securities	245,473		—		245,473		—
Total short-term investments	$	1,349,402	$	—	$	1,349,402	$	—

Total cash equivalents and short-term investments	$	1,388,440	$	39,038	$	1,349,402	$	—

Derivative instruments:
Foreign currency contracts assets(1)	$	358	$	—	$	358	$	—
Foreign currency contracts liabilities(2)	$	8	$	—	$	8	$	—

(1)Reported as prepaid expenses and other current assets in the condensed consolidated balance sheets.

(2)Reported as accrued expenses and other current liabilities in the condensed consolidated balance sheets.

Assets that are measured at fair value on a recurring basis consisted of the following as of July 31, 2020:


			Level I		Level II		Level III
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs

Cash equivalents:	(in thousands)

Money market funds	$	51,690	$	51,690	$	—	$	—
U.S. treasury securities	39,996		—		39,996		—
U.S. government agency securities	14,997		—		14,997		—
Total cash equivalents	$	106,683	$	51,690	$	54,993	$	—
Short-term investments:
U.S. treasury securities	$	415,564	$	—	$	415,564	$	—
U.S. government agency securities	595,797		—		595,797		—
Corporate debt securities	217,361		—		217,361		—
Total short-term investments	$	1,228,722	$	—	$	1,228,722	$	—

Total cash equivalents and short-term investments	$	1,335,405	$	51,690	$	1,283,715	$	—

We did not have transfers between levels of the fair value hierarchy of assets measured at fair value during the periods presented.

Refer to Note 8, Convertible Senior Notes, for the carrying amount and estimated fair value of our convertible senior notes as of January 31, 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment

6 Months Ended

Jan. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:


	January 31, 2021		July 31, 2020

	(in thousands)
Hosting equipment	$	107,733	$	87,418
Computers and equipment	4,768		3,875
Purchased software	1,311		1,311
Capitalized internal-use software	29,842		23,081
Furniture and fixtures	1,018		1,965
Leasehold improvements	7,196		8,712
Property and equipment, gross	151,868		126,362
Less: Accumulated depreciation and amortization	(61,341)		(50,628)
Total property and equipment, net	$	90,527	$	75,734

We recognized depreciation and amortization expense on property and equipment of $7.2 million and $3.9 million for the three months ended January 31, 2021 and 2020, respectively, and $13.3 million and $7.5 million for the six months ended January 31, 2021 and 2020, respectively.

Derivative Instruments	6 Months Ended
Derivative Instruments	Jan. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments We implemented a foreign currency risk management program during the three months ended January 31, 2021. As a global business, we are exposed to foreign currency exchange rate risk. Substantially all of our revenue is transacted in U.S. dollars; however, a portion of our cost of revenues and operating expenditures are incurred outside of the United States and are denominated in foreign currencies, making them subject to fluctuations in foreign currency exchange rates. In order to mitigate the impact of foreign currency fluctuations on our future cash flows and earnings, we enter into foreign currency forward contracts, which we designate as cash flow hedges. All cash flow hedges were considered effective during the three months ended January 31, 2021. As of January 31, 2021, the total notional amount of our outstanding foreign currency forward contracts was $41.0 million. The maximum length of time over which forecasted foreign currency denominated operating expenses are hedged is 12 months. Refer to Note 4, Fair Value Measurements, for the fair value of our derivative instruments as reported on our condensed consolidated balance sheet as of January 31, 2021. During the three months ended January 31, 2021, the unrealized gains and losses related to our cash flow hedges that were recognized in AOCI and the gains and losses reclassified into the condensed consolidated statement of operations were not material. Our derivative contracts expose us to credit risk to the extent that the counterparties may be unable to meet the terms of the underlying contracts. We mitigate this credit risk by transacting with major financial institutions with high credit ratings and standards. We periodically assess the creditworthiness of our counterparties to ensure they continue to meet our credit quality requirements. We also enter into master netting arrangements, which permit net settlement of transactions with the same counterparty. The potential impact of these rights of set-off associated with our derivative instruments was not material as of January 31, 2021. We are not required to pledge, and are not entitled to receive, cash collateral related to these derivative instruments. We do not enter into derivative contracts for trading or speculative purposes.

Goodwill and Acquired Intangible Assets

6 Months Ended

Jan. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Goodwill

The carrying amount of goodwill was $30.1 million as of January 31, 2021 and July 31, 2020.

Acquired Intangible Assets

Acquired intangible assets consist of developed technology and customer relationships acquired through our asset and business acquisitions. Acquired intangible assets are amortized using the straight-line method over their useful lives.

Acquired intangible assets subject to amortization consisted of the following as of January 31, 2021 and July 31, 2020:


	Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
	July 31, 2020		Additions		January 31, 2021		July 31, 2020		Amortization Expense		January 31, 2021		January 31, 2021		July 31, 2020

	(in thousands)
Developed technology	$	26,856	$	—	$	26,856	$	(4,206)	$	(3,007)	$	(7,213)	$	19,643	$	22,650
Customer relationships	1,460		—		1,460		(86)		(146)		(232)		1,228		1,374
Total	$	28,316	$	—	$	28,316	$	(4,292)	$	(3,153)	$	(7,445)	$	20,871	$	24,024

Amortization expense of acquired intangible assets for the three and six months ended January 31, 2021 was $1.6 million and $3.2 million, respectively. Amortization expense of acquired intangible assets for the three and six months ended January 31, 2020 was $0.6 million and $1.4 million, respectively. Amortization expense of developed technology is recorded primarily within cost of revenue and research and development in the condensed consolidated statements of operations. Amortization expense of customer relationships is recorded within sales and marketing expenses in the condensed consolidated statements of operations.

Future amortization expense of acquired intangible assets consisted of the following as of January 31, 2021:


	Amount

Year ending July 31,	(in thousands)
2021 (remaining six months)	$	3,156
2022	5,700
2023	5,196
2024	3,761
2025	3,058

Total	$	20,871

Convertible Senior Notes

6 Months Ended

Jan. 31, 2021

Debt Disclosure [Abstract]

Convertible Senior Notes

On June 25, 2020, we issued $1,150.0 million in aggregate principal amount of 0.125% Convertible Senior Notes due 2025 (the “Notes”), including the exercise in full by the initial purchasers of the Notes of their option to purchase an additional $150.0 million principal amount of the Notes. The Notes bear interest at a rate of 0.125% per year and interest is payable semiannually in arrears on January 1 and July 1 of each year, beginning on January 1, 2021. The Notes mature on July 1, 2025, unless earlier converted, redeemed or repurchased. The total net proceeds from the offering, after deducting initial purchase discounts and other debt issuance costs, was $1,130.5 million.

The Notes are unsecured obligations and do not contain any financial covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by us or any of our subsidiaries.

The following table presents details of the Notes:

Initial Conversion Rate per $1,000 Principal

Initial Conversion Price

Initial Number of Shares

(in thousands)

Notes

6.6315 shares

150.80

7,626

The Notes are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding April 1, 2025, only under the following circumstances:

•During any fiscal quarter commencing after the fiscal quarter ending on October 31, 2020 (and only during such fiscal quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price of the Notes on each applicable trading day;

•During the five-business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate of the Notes on each such trading day;

•If we call any or all of the Notes for redemption, the Notes called for redemption (or, at our election, all Notes) may be submitted for conversion at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or

•Upon the occurrence of specified corporate events as set forth within the indenture governing the Notes.

On or after April 1, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert, all or any portion of their Notes at any time, in multiples of $1,000 principal amount, at their option regardless of the foregoing circumstances. Upon conversion, we will satisfy the conversion obligation by paying or delivering, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. It is our current intent to settle the principal amount of the Notes in cash.

During the three months ended January 31, 2021, the conditional conversion feature of the Notes was triggered as the last reported sale price of our common stock was greater than or equal to 130% of the conversion price of the Notes for at least 20 trading days during the period of 30 consecutive trading days ending on January 29, 2021 (the last trading day of the fiscal quarter). Accordingly, the Notes are currently convertible, in whole or in part, at the option of the holders from February 1, 2021 through April 30, 2021. Whether the Notes will be convertible following such period will depend on the

continued satisfaction of this condition or another conversion condition in the future. During the three months ended January 31, 2021, none of the Notes have been converted. Since we have the election of repaying the Notes in cash, shares of our common stock, or a combination of both, we continued to classify the Notes as a noncurrent liability in our condensed consolidated balance sheet as of January 31, 2021.

We may not redeem the Notes prior to July 5, 2023. On or after July 5, 2023, and prior to the 21st scheduled trading day immediately preceding the maturity date, we may redeem for cash all or any portion of the Notes, at our option, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Notes. If we redeem less than all the outstanding Notes, and only Notes called for redemption may be converted in connection with such partial redemption, at least $100.0 million aggregate principal amount of Notes must be outstanding and not subject to such partial redemption as of the relevant redemption notice date.

In the event of a corporate event that constitutes a “fundamental change (as defined in the indenture),” holders of the Notes may require us to purchase with cash all or any portion of the Notes upon the occurrence of a fundamental change, at a purchase price equal to 100% of the principal amount of the Notes plus any accrued and unpaid interest, if any. In addition, following certain corporate events that occur prior to the maturity date or if we issue a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Notes in connection with such corporate event or notice of redemption, as the case may be.

In accounting for the issuance of the Notes and the related transaction costs, we separated the Notes into liability and equity components. The carrying amount of the liability component was initially calculated by measuring the fair value of similar liabilities that do not have associated convertible features utilizing the interest rate of 5.75%. The carrying amount of the equity component representing the conversion option was $278.5 million and was determined by deducting the fair value of the liability component from the par value of the Notes. This difference represents the debt discount that is amortized to interest expense over the term of the Notes using the effective interest rate method. The equity component was recorded in additional paid-in capital and is not remeasured as long as it continues to meet the conditions for equity classification.

Total issuance costs of $19.5 million related to the Notes were allocated between liability, totaling $14.8 million, and equity, totaling $4.7 million, in the same proportion as the allocation of the total proceeds to the liability and equity components. Issuance costs attributable to the liability component are being amortized to interest expense over the term of the Notes. The excess of the principal amount of the liability component over its carrying amount is amortized to interest expense over the contractual term of the Notes at an effective interest rate of 6.03%. The issuance costs attributable to the equity component were netted against additional paid-in capital. The amount recorded for the equity component of the Notes was $273.4 million, net of allocated issuance costs of $4.7 million and deferred tax impact of $0.4 million.

The net carrying amount of the liability component of the Notes is as follows:


	January 31, 2021		July 31, 2020

	(in thousands)
Principal amount	$	1,150,000	$	1,150,000
Less:
Unamortized debt discount	249,548		273,829
Unamortized debt issuance costs	13,266		14,556
Net carrying amount	$	887,186	$	861,615

The following table sets forth total interest expense recognized related to the Notes:


	Three Months Ended January 31, 2021		Six Months Ended January 31, 2021

	(in thousands)
Contractual interest expense	$	363	$	722
Amortization of debt discount	12,232		24,281
Amortization of debt issuance costs	650		1,291
Total	$	13,245	$	26,294

The total fair value of the Notes was $1,713.5 million as of January 31, 2021. The fair value was determined based on the closing trading price per $1,000 of the Notes as of the last day of trading for the period. We consider the fair value of the Notes as of January 31, 2021 to be a Level II measurement as they are not actively traded. The fair value of the Notes is primarily affected by the trading price of our common stock and market interest rates.

Capped Calls

In connection with the pricing of the Notes, we entered into capped call transactions with the option counterparties (the "Capped Calls"). The Capped Calls each have an initial strike price of $150.80 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Notes. The Capped Calls have an initial cap price of $246.76 per share, subject to certain adjustments. The capped call transactions are generally expected to reduce potential dilution to our common stock upon any conversion of the Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap. The Capped Calls are subject to adjustment upon the occurrence of specified extraordinary events affecting us, including merger events, tender offers and the announcement of such events. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including nationalization, insolvency or delisting, changes in law, failures to deliver, insolvency filings and hedging disruptions. For accounting purposes, the Capped Calls are separate transactions, and not part of the terms of the Notes. As the Capped Calls qualify for a scope exception from derivative accounting for instruments that are both indexed to the issuer's own stock and classified in stockholder's equity in its statement of financial position, the premium of $145.2 million paid for the purchase of the Capped Calls in June 2020 was recorded as a reduction to additional paid-in capital and will not be remeasured. As of January 31, 2021, we have not exercised any Capped Call options.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jan. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Non-cancelable Purchase Obligations In the normal course of business, we enter into non-cancelable purchase commitments with various third parties to purchase products and services such as technology equipment, subscription-based cloud service arrangements, corporate events and consulting services. During the six months ended January 31, 2021, there have been no material changes outside the ordinary course of business to our non-cancelable purchase commitments from those disclosed in our Fiscal 2020 Form 10-K. Legal Matters Symantec Litigation On January 12, 2020, we entered into a settlement and patent license agreement with CA, Inc., an affiliate of Broadcom, Inc. (“Broadcom”), pursuant to which two separate complaints filed by Symantec Corporation in December 2016 and April 2017 were dismissed with prejudice effective as of January 13, 2020. In connection with the settlement, we made a payment of $15.0 million to Broadcom, which had acquired the rights, titles and interests in the patents asserted in the complaints, and Broadcom provided us with patent licenses, a release and a covenant not to sue. We determined that there is no material future economic benefit from the acquired Broadcom license and accordingly, we recorded an expense of $15.0 million within general and administrative expenses in the condensed consolidated statement of operations for the three months ended January 31, 2020. Other Litigation and Claims We are a party to various litigation matters from time to time and subject to claims that arise in the ordinary course of business, including patent, commercial, product liability, employment, class action, whistleblower and other litigation and claims, as well as governmental and other regulatory investigations and proceedings. In addition, third parties may from time to time assert claims against us in the form of letters and other communications. There is no pending or threatened legal proceeding to which we are a party that, in our opinion, is likely to have a material adverse effect on our future financial results or operations; however, the results of litigation and claims are inherently unpredictable. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. The expense of litigation and the timing of this expense from period to period are difficult to estimate, subject to change and could adversely affect our results of operations.

Stock-Based Compensation

6 Months Ended

Jan. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Equity Incentive Plans

We adopted the Fiscal Year 2018 Equity Incentive Plan (the "2018 Plan") in fiscal 2018 and the 2007 Stock Plan (the "2007 Plan") in fiscal 2008, collectively referred to as the "Plans." Equity incentive awards which may be granted to eligible participants under the Plans include restricted stock units, restricted stock, stock options, nonstatutory stock options, stock appreciation rights, performance units and performance shares. With the establishment of the 2018 Plan, we no longer grant stock-based awards under the 2007 Plan and any shares underlying stock options that expire or terminate or are forfeited or repurchased by us under the 2007 Plan are automatically transferred to the 2018 Plan.

As of January 31, 2021, a total of 31.7 million shares of common stock have been reserved for the issuance of equity awards under the 2018 Plan, of which 22.3 million shares were available for grant.

Stock Options

The stock option activity consisted of the following for the six months ended January 31, 2021:


	Outstanding Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value

	(in thousands, except per share amounts)
Balance as of July 31, 2020	5,175	$	8.90	4.0	$	625,904
Granted	—	—
Exercised	(1,499)	7.50			236,029
Canceled, forfeited or expired	(44)	9.58
Balance as of January 31, 2021	3,632	$	9.47	3.5	$	690,975
Exercisable and expected to vest as of July 31, 2020	2,546	$	6.46	3.5	$	314,111
Exercisable and expected to vest as of January 31, 2021	2,086	$	7.43	3.2	$	401,013

The aggregate intrinsic value of the options exercised represents the difference between the fair value of our common stock on the date of exercise and their exercise price. The total intrinsic value of options exercised for the six months ended January 31, 2021 and 2020 was $236.0 million and $62.2 million, respectively. The weighted-average grant date fair value per share of stock options granted for the six months ended January 31, 2020 was $22.76. There were no stock options granted during the six months ended January 31, 2021.

Restricted Stock Units and Performance Stock Awards

The 2018 Plan allows for the grant of restricted stock units ("RSUs"). Generally, RSUs are subject to a four-year vesting period, with 25% of the shares vesting approximately one year from the vesting commencing date and quarterly thereafter over the remaining vesting term.

The 2018 Plan allows for the grant of performance stock awards ("PSAs"). The right to earn the PSAs is subject to achievement of the defined performance metrics and continuous employment service. The performance metrics are defined and approved by the compensation committee of our board of directors or by our senior management for certain types of awards. Generally, earned PSAs are subject to additional time-based vesting.

As of January 31, 2021, there were 0.6 million outstanding PSAs for which the performance metrics have not been defined as of such date. Accordingly, such awards are not considered granted for accounting purposes as of January 31, 2021 and have been excluded from the table below.

The activity of RSUs and PSAs consisted of the following for the six months ended January 31, 2021:


	Underlying Shares	Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value

	(in thousands, except per share data)
Balance as of July 31, 2020	8,553	$	60.72	$	1,110,694
Granted	1,207	143.39
Vested	(1,391)	57.60		220,671
Canceled or forfeited	(330)	70.97
Balance as of January 31, 2021	8,039	$	73.25	$	1,605,294

Employee Stock Purchase Plan

We adopted the Fiscal Year 2018 Employee Stock Purchase Plan (the "ESPP") in the third quarter of fiscal 2018. As of January 31, 2021, a total of 6.0 million shares of common stock have been reserved for issuance under the ESPP, of which 3.9 million shares were available for grant. The ESPP provides for consecutive offering periods that will typically have a duration of approximately 24 months in length and is comprised of four purchase periods of approximately six months in length. The offering periods are scheduled to start on the first trading day on or after June 15 and December 15 of each year.

During the three months ended January 31, 2021, employees purchased 0.1 million shares of our common stock under the ESPP at an average purchase price of $65.33 per share, resulting in total cash proceeds of $8.6 million. ESPP employee payroll contributions accrued as of January 31, 2021 and July 31, 2020 were $5.0 million and $3.5 million, respectively, and are included within accrued compensation in the condensed consolidated balance sheets. Payroll contributions accrued as of January 31, 2021 will be used to purchase shares at the end of the current ESPP purchase period ending on June 15, 2021. Payroll contributions ultimately used to purchase shares are reclassified to stockholders' equity on the purchase date.

The fair value of the purchase right for the ESPP is estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:


	Six Months Ended January 31,
	2021	2020

	(in thousands)
Expected term (in years)	0.5 - 2.0	0.5 - 2.0
Expected stock price volatility	61.1% - 67.4%	53.6% - 57.6%
Risk-free interest rate	0.1%	1.5% - 1.7%
Dividend yield	—	—

Stock-based Compensation Expense

The components of stock-based compensation expense recognized in the condensed consolidated statements of operations consisted of the following:


	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020

	(in thousands)
Cost of revenue	$	3,092	$	1,580	$	6,101	$	2,961
Sales and marketing	30,081		11,943		61,401		21,982
Research and development	16,363		6,077		30,485		10,951
General and administrative	11,844		4,266		20,578		6,348
Total	$	61,380	$	23,866	$	118,565	$	42,242

As of January 31, 2021, the unrecognized stock-based compensation cost related to outstanding equity-based awards, including awards for which the service inception date has been met but the grant date has not been met, was $547.8 million, which we expect to be amortized over a weighted-average period of 2.7 years.

During the three months ended January 31, 2021 and 2020, we capitalized $1.1 million and $1.2 million, respectively, and during the six months ended January 31, 2021 and 2020, we capitalized $2.5 million and $2.0 million, respectively, of stock-based compensation associated with the development of software for internal-use.

Income Taxes	6 Months Ended
Income Taxes	Jan. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, we update our estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, we make a cumulative adjustment in such period. Our quarterly tax provision, and estimate of our annual effective tax rate, is subject to variation due to several factors, including variability in pre-tax income (or loss), the mix of jurisdictions to which such income relates, changes in how we do business, and tax law developments. Our estimated annual effective tax rate for the year differs from the U.S. statutory rate of 21% as a result of our U.S. losses for which no benefit will be realized, as well as our foreign operations which are subject to tax rates that differ from those in the United States. We recorded a provision for income taxes of $1.7 million and $0.7 million for the three months ended January 31, 2021 and 2020, respectively, and $2.2 million and $1.5 million for the six months ended January 31, 2021 and 2020, respectively. We are subject to income tax in the United States as well as other tax jurisdictions in which we conduct business. Earnings from our non-U.S. operations are subject to income taxes in the countries in which we operate. Our provision for income taxes consists primarily of both income and withholding taxes in the foreign jurisdictions in which we conduct business. The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. We assess our ability to realize the deferred tax assets on a quarterly basis and we establish a valuation allowance if it is more-likely-than-not that some portion of the deferred tax assets will not be realized. We weigh all available positive and negative evidence, including our earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. Due to the weight of objectively verifiable negative evidence, including our history of losses in certain jurisdictions, we believe that it is more likely than not that our U.S. federal, state, and U.K. deferred tax assets will not be realized. Accordingly, we have maintained a valuation allowance on our U.S. federal, state and U.K. deferred tax assets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jan. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020

	(in thousands)
Net loss	$	(67,541)	$	(29,154)	$	(122,547)	$	(46,230)
Weighted-average shares used in computing net loss per share, basic and diluted	135,024		128,408		134,238		127,978
Net loss per share, basic and diluted	$	(0.50)	$	(0.23)	$	(0.91)	$	(0.36)

Since we have reported net losses for all periods presented, we have excluded all potentially dilutive securities from the calculation of the diluted net loss per share as their effect is antidilutive and accordingly, the basic and diluted net loss per share is the same for all periods presented.

The following table summarizes the outstanding potentially dilutive securities that were excluded from the computation of diluted net loss per share because the impact of including them would have been antidilutive:


	January 31,
	2021	2020

	(in thousands)

Unvested RSUs	7,609	4,944
Stock options	3,632	7,494
Unvested PSAs (1)	629	487
Share purchase rights under the ESPP	493	807
Shares subject to repurchase from early exercised stock options	—	63
Convertible senior notes (2)	7,626	—
Total	19,989	13,795

(1) The number of unvested PSAs is estimated at 100% of the target number of shares granted and excludes unvested PSAs for which performance conditions have not been established as of January 31, 2021, as they are not considered outstanding for accounting purposes. Refer to Note 10, Stock-Based Compensation, for further information.

(2) The shares underlying the conversion option in the Notes were not considered in the calculation of diluted net loss per share as the effect would have been antidilutive. Based on the initial conversion price, the entire outstanding principal amount of the Notes as of January 31, 2021 would have been convertible into approximately 7.6 million shares of our common stock, which is reflected in the above table. As we expect to settle the principal amount of the Notes in cash, only the amount by which the conversion value exceeds the aggregate principal amount of the Notes (the "conversion spread") is considered in the diluted earnings per share computation under the treasury stock method. The conversion spread has a dilutive impact on diluted net income per share when the average market price of our common stock for a given reporting period exceeds the initial conversion price of $150.80 per share for the Notes. As of January 31, 2021, we have not received any conversion notices for the Notes. In connection with the issuance of the Notes, we entered into Capped Calls, which will not be included in the computation of the number of diluted shares outstanding, as their effect would be antidilutive. The Capped Calls are expected to partially offset the potential dilution to our common stock upon any conversion of the Notes.

Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jan. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") and applicable regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting, and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable required disclosures and regulations of the SEC. Therefore, these unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company's audited consolidated financial statements and related notes in its Annual Report on Form 10-K for the fiscal year ended July 31, 2020 (the "Fiscal 2020 Form 10-K"), as filed with the SEC on September 17, 2020.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Such estimates include, but are not limited to, the determination of revenue recognition, deferred revenue, deferred contract acquisition costs, valuation of acquired intangible assets, the period of benefit generated from our deferred contract acquisition costs, allowance for doubtful accounts, valuation of common stock options and stock-based awards, useful lives of property and equipment, useful lives of acquired intangible assets, recoverability of goodwill, valuation of deferred tax assets and liabilities, loss contingencies related to litigation, fair value and effective interest rate of our convertible senior notes, valuation of strategic investments and the discount rate used for operating leases. Management determines these estimates and assumptions based on historical experience and on various other assumptions that are believed to be reasonable. Actual results could differ significantly from these estimates, and such differences may be material to the condensed consolidated financial statements. Due to the COVID-19 pandemic, there is ongoing uncertainty and significant disruption in the global economy and financial markets. We are not aware of any specific event or circumstances that would require an update to our estimates, judgments or assumptions or a revision to the carrying value of our assets or liabilities as of the date of issuance of these condensed consolidated financial statements. These estimates, judgments and assumptions may change in the future, as new events occur or additional information is obtained.
Fiscal Year	Fiscal Year Our fiscal year ends on July 31. References to fiscal 2021, for example, refer to our fiscal year ending July 31, 2021.
Derivatives Instruments	Derivative Instruments We enter into foreign currency forward contracts, which we designate as cash flow hedges, in order to manage the volatility of cash flows that relate to our cost of revenues and operating expenses denominated in foreign currencies. Derivative instruments are measured at fair value and reported on a gross basis as either current assets or liabilities on our condensed consolidated balance sheets. Gains or losses related to our cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) within stockholders' equity (“AOCI”) until the forecasted transaction occurs in earnings. When the forecasted transaction occurs, the related gains and losses are reclassified into earnings within the financial statement line item associated with the underlying hedged transaction. If the underlying hedged transaction does not occur, or it becomes probable that the hedged transaction will not occur, the cumulative unrealized gain or loss is reclassified immediately from AOCI into earnings within the financial statement line item associated with the underlying hedged transaction. We measure hedge effectiveness using regression analyses at hedge inception and periodically thereafter. We include time value in our effectiveness assessment. Derivatives designated as cash flow hedges are classified in our condensed consolidated statements of cash flows as cash from operating activities, which reflect the classification of the underlying hedged transactions.
Accounts Receivable and Allowance	Accounts Receivable and Allowance Accounts receivable are recorded at the invoiced amount and are non-interest bearing. Accounts receivable are stated at their net realizable value, net of an allowance for doubtful accounts. We have a well-established collections history from our customers. Credit is extended to customers based on an evaluation of their financial condition and other factors. In determining the necessary allowance for doubtful accounts, we estimate the lifetime expected credit losses against the existing accounts receivable balance. Our estimate is based on certain factors including historical loss rates, current economic conditions, reasonable and supportable forecasts and customer-specific circumstances. The allowance for doubtful accounts has historically not been material. There were no material write-offs recognized in the periods presented. Accordingly, the movements in the allowance for doubtful accounts were not material for any of the periods presented. We do not have any off-balance-sheet credit exposure related to our customers.
Cash Equivalents	We classify all highly liquid investments purchased with an original maturity of 90 days or less from the date of purchase as cash equivalents and all highly liquid investments with original maturities beyond 90 days at the time of purchase as short-term investments. Our cash equivalents and short-term investments consist of highly liquid investments in money market funds, U.S. treasury securities, U.S. government agency securities and corporate debt securities.
Short-Term Investments	We classify our investments as available-for-sale investments and present them within current assets since these investments represent funds available for current operations and we have the ability and intent, if necessary, to liquidate any of these investments in order to meet our liquidity needs or to grow our business, including for potential business acquisitions or other strategic transactions. Our investments are carried at fair value, with unrealized gains and losses unrelated to credit loss factors reported in AOCI. Our investments are reviewed periodically when there is a decline in a security’s fair value below the amortized cost basis. We consider our intent to sell and whether it is more likely than not that the we will be required to sell the securities before the recovery of its cost basis. If either of these criteria are triggered, the amortized cost basis of the debt security is written down to fair value through other income (expense), net. If neither criteria is met, we evaluate whether the decline in fair value below the amortized cost basis is related to credit-related factors or other factors such as interest rate fluctuations. The factors considered in this analysis include the extent the fair value is less than the amortized cost basis, whether there were changes to the rating of the security by a ratings agency, whether the issuer has failed to make scheduled interest payments and other adverse conditions as applicable. Credit-related impairment losses, limited by the amount that the fair value is less than the amortized cost basis, are recorded through an allowance for credit losses in other income (expense), net. For purposes of identifying and measuring credit-related impairments, our policy is to exclude the applicable accrued interest from both the fair value and amortized cost basis of the related debt security. Accrued interest, net of the allowance for credit losses, if any, is recorded to prepaid expenses and other current assets. There were no credit-related impairments recognized on our investments during the periods presented. Interest income, amortization (accretion) of investments purchased at a premium (discount) and realized gains and losses are included in interest income in the condensed consolidated statements of operations. We use the specific identification method to determine the cost in calculating realized gains and losses upon the sale of these investments.
Recently Adopted Accounting Pronouncements; Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities to require that credit losses on available-for-sale debt securities be presented as an allowance rather than as a write-down. The measurement of credit losses for newly recognized financial assets and subsequent changes in the allowance for credit losses are recorded in the statements of operations. For public business entities, it is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We adopted this standard as of August 1, 2020, and it did not have a material impact to our condensed consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2020, the FASB issued ASU No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40). This standard eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted earnings per share computation. For public business entities, it is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years using the fully retrospective or modified retrospective method. Early adoption is permitted but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We are currently evaluating the potential impact of this standard on our condensed consolidated financial statements.

Revenue Recognition (Tables)

6 Months Ended

Jan. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table summarizes the revenue by region based on the shipping address of customers who have contracted to use our cloud platform:


	Three Months Ended January 31,								Six Months Ended January 31,
	2021				2020				2021				2020
	Amount		% Revenue		Amount		% Revenue		Amount		% Revenue		Amount		% Revenue

	(in thousands, except per percentage data)
United States	$	77,541	49	%	$	49,629	49	%	$	147,700	49	%	$	95,574	49	%
Europe, Middle East and Africa (*)	59,442		38	%	41,002		40	%	114,647		38	%	79,291		41	%
Asia Pacific	16,697		11	%	8,828		9	%	30,977		11	%	16,647		8	%
Other	3,364		2	%	1,809		2	%	6,298		2	%	3,346		2	%
Total	$	157,044	100	%	$	101,268	100	%	$	299,622	100	%	$	194,858	100	%

The following table summarizes the revenue from contracts by type of customer:


	Three Months Ended January 31,								Six Months Ended January 31,
	2021				2020				2021				2020
	Amount		% Revenue		Amount		% Revenue		Amount		% Revenue		Amount		% Revenue

	(in thousands, except per percentage data)
Channel partners	$	147,341	94	%	$	98,132	97	%	$	280,781	94	%	$	188,375	97	%
Direct customers	9,703		6	%	3,136		3	%	18,841		6	%	6,483		3	%
Total	$	157,044	100	%	$	101,268	100	%	$	299,622	100	%	$	194,858	100	%

Schedule of Accounts Receivable

The following table summarizes 10% or more of the total balance of accounts receivable, net:


	January 31, 2021	July 31, 2020
Channel partner A	13%	*
Channel partner B	11%	11%

(*) Represents less than 10%.

Capitalized Contract Cost

The following table summarizes the activity of the deferred contract acquisition costs:


	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020

	(in thousands)
Beginning balance	$	119,279	$	70,426	$	109,915	$	69,785
Capitalization of contract acquisition costs	25,112		9,514		43,154		15,690
Amortization of deferred contract acquisition costs	(9,445)		(5,890)		(18,123)		(11,425)
Ending balance	$	134,946	$	74,050	$	134,946	$	74,050


Deferred contract acquisition costs, current	$	39,902	$	23,527	$	39,902	$	23,527
Deferred contract acquisition costs, noncurrent	95,044		50,523		95,044		50,523
Total deferred contract acquisition costs	$	134,946	$	74,050	$	134,946	$	74,050

Cash Equivalents and Short-Term Investments (Tables)

6 Months Ended

Jan. 31, 2021

Cash and Cash Equivalents [Abstract]

Schedule of Cash Equivalents and Short-Term Investments

Cash equivalents and short-term investments consisted of the following as of January 31, 2021:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

	(in thousands)
Cash equivalents:

Money market funds	$	39,038	$	—	$	—	$	39,038







Short-term investments:
U.S. treasury securities	$	338,856	$	7	$	(35)	$	338,828
U.S. government agency securities	764,997		170		(66)		765,101
Corporate debt securities	245,312		263		(102)		245,473
Total short-term investments	$	1,349,165	$	440	$	(203)	$	1,349,402

Total cash equivalents and short-term investments	$	1,388,203	$	440	$	(203)	$	1,388,440

Cash equivalents and short-term investments consisted of the following as of July 31, 2020:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

Cash equivalents:	(in thousands)

Money market funds	$	51,690	$	—	$	—	$	51,690
U.S. treasury securities	39,997		—		(1)		39,996
U.S. government agency securities	14,997		—		—		14,997

Total cash equivalents	$	106,684	$	—	$	(1)	$	106,683

Short-term investments:
U.S. treasury securities	$	415,539	$	152	$	(127)	$	415,564
U.S. government agency securities	595,725		186		(114)		595,797
Corporate debt securities	216,879		569		(87)		217,361
Total short-term investments	$	1,228,143	$	907	$	(328)	$	1,228,722

Total cash equivalents and short-term investments	$	1,334,827	$	907	$	(329)	$	1,335,405

Schedule of Maturities

The amortized cost and fair value of our short-term investments based on their stated maturities consisted of the following as of January 31, 2021:


	Amortized Cost		Fair Value

	(in thousands)
Due within one year	$	766,043	$	766,266
Due between one to two years	583,122		583,136
Total	$	1,349,165	$	1,349,402

Schedule of Unrealized Loss on Investments

Short-term investments that were in an unrealized loss position as of January 31, 2021 consisted of the following:


	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

	(in thousands)
U.S. treasury securities	$	173,048	$	(35)	$	—	$	—	$	173,048	$	(35)
U.S. government agency securities	219,264		(66)		6,001		—		225,265		(66)
Corporate debt securities	107,978		(102)		1,001		—		108,979		(102)
Total	$	500,290	$	(203)	$	7,002	$	—	$	507,292	$	(203)

Short-term investments that were in an unrealized loss position as of July 31, 2020 consisted of the following:


	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

	(in thousands)
U.S. treasury securities	$	347,959	$	(127)	$	—	$	—	$	347,959	$	(127)
U.S. government agency securities	340,503		(113)		5,502		(1)		346,005		(114)
Corporate debt securities	105,953		(87)		—		—		105,953		(87)
Total	$	794,415	$	(327)	$	5,502	$	(1)	$	799,917	$	(328)

Fair Value Measurements (Tables)

6 Months Ended

Jan. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

Assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of January 31, 2021:


			Level I		Level II		Level III
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs

Cash equivalents:	(in thousands)

Money market funds	$	39,038	$	39,038	$	—	$	—






Short-term investments:
U.S. treasury securities	$	338,828	$	—	$	338,828	$	—
U.S. government agency securities	765,101		—		765,101		—
Corporate debt securities	245,473		—		245,473		—
Total short-term investments	$	1,349,402	$	—	$	1,349,402	$	—

Total cash equivalents and short-term investments	$	1,388,440	$	39,038	$	1,349,402	$	—

Derivative instruments:
Foreign currency contracts assets(1)	$	358	$	—	$	358	$	—
Foreign currency contracts liabilities(2)	$	8	$	—	$	8	$	—

(1)Reported as prepaid expenses and other current assets in the condensed consolidated balance sheets.

(2)Reported as accrued expenses and other current liabilities in the condensed consolidated balance sheets.

Assets that are measured at fair value on a recurring basis consisted of the following as of July 31, 2020:


			Level I		Level II		Level III
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs

Cash equivalents:	(in thousands)

Money market funds	$	51,690	$	51,690	$	—	$	—
U.S. treasury securities	39,996		—		39,996		—
U.S. government agency securities	14,997		—		14,997		—
Total cash equivalents	$	106,683	$	51,690	$	54,993	$	—
Short-term investments:
U.S. treasury securities	$	415,564	$	—	$	415,564	$	—
U.S. government agency securities	595,797		—		595,797		—
Corporate debt securities	217,361		—		217,361		—
Total short-term investments	$	1,228,722	$	—	$	1,228,722	$	—

Total cash equivalents and short-term investments	$	1,335,405	$	51,690	$	1,283,715	$	—

Schedule of Fair Value, Liabilities Measured on Recurring Basis

Assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of January 31, 2021:


			Level I		Level II		Level III
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs

Cash equivalents:	(in thousands)

Money market funds	$	39,038	$	39,038	$	—	$	—






Short-term investments:
U.S. treasury securities	$	338,828	$	—	$	338,828	$	—
U.S. government agency securities	765,101		—		765,101		—
Corporate debt securities	245,473		—		245,473		—
Total short-term investments	$	1,349,402	$	—	$	1,349,402	$	—

Total cash equivalents and short-term investments	$	1,388,440	$	39,038	$	1,349,402	$	—

Derivative instruments:
Foreign currency contracts assets(1)	$	358	$	—	$	358	$	—
Foreign currency contracts liabilities(2)	$	8	$	—	$	8	$	—

(1)Reported as prepaid expenses and other current assets in the condensed consolidated balance sheets.

(2)Reported as accrued expenses and other current liabilities in the condensed consolidated balance sheets.

Assets that are measured at fair value on a recurring basis consisted of the following as of July 31, 2020:


			Level I		Level II		Level III
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs

Cash equivalents:	(in thousands)

Money market funds	$	51,690	$	51,690	$	—	$	—
U.S. treasury securities	39,996		—		39,996		—
U.S. government agency securities	14,997		—		14,997		—
Total cash equivalents	$	106,683	$	51,690	$	54,993	$	—
Short-term investments:
U.S. treasury securities	$	415,564	$	—	$	415,564	$	—
U.S. government agency securities	595,797		—		595,797		—
Corporate debt securities	217,361		—		217,361		—
Total short-term investments	$	1,228,722	$	—	$	1,228,722	$	—

Total cash equivalents and short-term investments	$	1,335,405	$	51,690	$	1,283,715	$	—

Property and Equipment (Tables)

6 Months Ended

Jan. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:


	January 31, 2021		July 31, 2020

	(in thousands)
Hosting equipment	$	107,733	$	87,418
Computers and equipment	4,768		3,875
Purchased software	1,311		1,311
Capitalized internal-use software	29,842		23,081
Furniture and fixtures	1,018		1,965
Leasehold improvements	7,196		8,712
Property and equipment, gross	151,868		126,362
Less: Accumulated depreciation and amortization	(61,341)		(50,628)
Total property and equipment, net	$	90,527	$	75,734

Goodwill and Acquired Intangible Assets (Tables)

6 Months Ended

Jan. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Acquired Intangible Assets

Acquired intangible assets subject to amortization consisted of the following as of January 31, 2021 and July 31, 2020:


	Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
	July 31, 2020		Additions		January 31, 2021		July 31, 2020		Amortization Expense		January 31, 2021		January 31, 2021		July 31, 2020

	(in thousands)
Developed technology	$	26,856	$	—	$	26,856	$	(4,206)	$	(3,007)	$	(7,213)	$	19,643	$	22,650
Customer relationships	1,460		—		1,460		(86)		(146)		(232)		1,228		1,374
Total	$	28,316	$	—	$	28,316	$	(4,292)	$	(3,153)	$	(7,445)	$	20,871	$	24,024

Schedule of Future Amortization Expense

Future amortization expense of acquired intangible assets consisted of the following as of January 31, 2021:


	Amount

Year ending July 31,	(in thousands)
2021 (remaining six months)	$	3,156
2022	5,700
2023	5,196
2024	3,761
2025	3,058

Total	$	20,871

Convertible Senior Notes (Tables)

6 Months Ended

Jan. 31, 2021

Debt Disclosure [Abstract]

Schedule of Convertible Senior Notes

The following table presents details of the Notes:

Initial Conversion Rate per $1,000 Principal

Initial Conversion Price

Initial Number of Shares

(in thousands)

Notes

6.6315 shares

150.80

7,626

The net carrying amount of the liability component of the Notes is as follows:


	January 31, 2021		July 31, 2020

	(in thousands)
Principal amount	$	1,150,000	$	1,150,000
Less:
Unamortized debt discount	249,548		273,829
Unamortized debt issuance costs	13,266		14,556
Net carrying amount	$	887,186	$	861,615

The following table sets forth total interest expense recognized related to the Notes:


	Three Months Ended January 31, 2021		Six Months Ended January 31, 2021

	(in thousands)
Contractual interest expense	$	363	$	722
Amortization of debt discount	12,232		24,281
Amortization of debt issuance costs	650		1,291
Total	$	13,245	$	26,294

Stock-Based Compensation (Tables)

6 Months Ended

Jan. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock Options

The stock option activity consisted of the following for the six months ended January 31, 2021:


	Outstanding Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value

	(in thousands, except per share amounts)
Balance as of July 31, 2020	5,175	$	8.90	4.0	$	625,904
Granted	—	—
Exercised	(1,499)	7.50			236,029
Canceled, forfeited or expired	(44)	9.58
Balance as of January 31, 2021	3,632	$	9.47	3.5	$	690,975
Exercisable and expected to vest as of July 31, 2020	2,546	$	6.46	3.5	$	314,111
Exercisable and expected to vest as of January 31, 2021	2,086	$	7.43	3.2	$	401,013

Schedule of Restricted Stock Units and Performance Stock Awards Activity

The activity of RSUs and PSAs consisted of the following for the six months ended January 31, 2021:


	Underlying Shares	Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value

	(in thousands, except per share data)
Balance as of July 31, 2020	8,553	$	60.72	$	1,110,694
Granted	1,207	143.39
Vested	(1,391)	57.60		220,671
Canceled or forfeited	(330)	70.97
Balance as of January 31, 2021	8,039	$	73.25	$	1,605,294

Schedule of ESPP Valuation Assumptions

The fair value of the purchase right for the ESPP is estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:


	Six Months Ended January 31,
	2021	2020

	(in thousands)
Expected term (in years)	0.5 - 2.0	0.5 - 2.0
Expected stock price volatility	61.1% - 67.4%	53.6% - 57.6%
Risk-free interest rate	0.1%	1.5% - 1.7%
Dividend yield	—	—

Schedule of Allocation of Stock-based Compensation Expense

The components of stock-based compensation expense recognized in the condensed consolidated statements of operations consisted of the following:


	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020

	(in thousands)
Cost of revenue	$	3,092	$	1,580	$	6,101	$	2,961
Sales and marketing	30,081		11,943		61,401		21,982
Research and development	16,363		6,077		30,485		10,951
General and administrative	11,844		4,266		20,578		6,348
Total	$	61,380	$	23,866	$	118,565	$	42,242

Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jan. 31, 2021

Earnings Per Share [Abstract]

Schedule of Net Loss Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020

	(in thousands)
Net loss	$	(67,541)	$	(29,154)	$	(122,547)	$	(46,230)
Weighted-average shares used in computing net loss per share, basic and diluted	135,024		128,408		134,238		127,978
Net loss per share, basic and diluted	$	(0.50)	$	(0.23)	$	(0.91)	$	(0.36)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	January 31,
	2021	2020

	(in thousands)

Unvested RSUs	7,609	4,944
Stock options	3,632	7,494
Unvested PSAs (1)	629	487
Share purchase rights under the ESPP	493	807
Shares subject to repurchase from early exercised stock options	—	63
Convertible senior notes (2)	7,626	—
Total	19,989	13,795

Business and Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Credit-related impairments	$ 0	$ 0	$ 0	$ 0

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Jul. 31, 2020
Concentration Risk [Line Items]
Contract with customer, liability, revenue recognized			$ 228.9	$ 148.4
Revenue, remaining performance obligation	$ 1,024.8		1,024.8
Accrued sales commissions	$ 13.5		$ 13.5		$ 21.0
Minimum
Concentration Risk [Line Items]
Contract with customer, term of contract			1 year
Maximum
Concentration Risk [Line Items]
Contract with customer, term of contract			3 years
Subscription and Support \| Sales Revenue, Net \| Product Concentration Risk \| Transferred over Time
Concentration Risk [Line Items]
Revenue, percentage	97.00%	98.00%	97.00%	98.00%

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 157,044	$ 101,268	$ 299,622	$ 194,858
Sales Revenue, Net \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 157,044	$ 101,268	$ 299,622	$ 194,858
Revenue, percentage	100.00%	100.00%	100.00%	100.00%
Sales Revenue, Net \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 157,044	$ 101,268	$ 299,622	$ 194,858
Revenue, percentage	100.00%	100.00%	100.00%	100.00%
Sales Revenue, Net \| Customer Concentration Risk \| Channel partners
Disaggregation of Revenue [Line Items]
Revenue	$ 147,341	$ 98,132	$ 280,781	$ 188,375
Revenue, percentage	94.00%	97.00%	94.00%	97.00%
Sales Revenue, Net \| Customer Concentration Risk \| Direct customers
Disaggregation of Revenue [Line Items]
Revenue	$ 9,703	$ 3,136	$ 18,841	$ 6,483
Revenue, percentage	6.00%	3.00%	6.00%	3.00%
United States \| Sales Revenue, Net \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 77,541	$ 49,629	$ 147,700	$ 95,574
Revenue, percentage	49.00%	49.00%	49.00%	49.00%
Europe, Middle East and Africa \| Sales Revenue, Net \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 59,442	$ 41,002	$ 114,647	$ 79,291
Revenue, percentage	38.00%	40.00%	38.00%	41.00%
Asia Pacific \| Sales Revenue, Net \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 16,697	$ 8,828	$ 30,977	$ 16,647
Revenue, percentage	11.00%	9.00%	11.00%	8.00%
Other \| Sales Revenue, Net \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 3,364	$ 1,809	$ 6,298	$ 3,346
Revenue, percentage	2.00%	2.00%	2.00%	2.00%
United Kingdom \| Sales Revenue, Net \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue, percentage	10.00%	10.00%	10.00%	11.00%
Germany \| Sales Revenue, Net \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue, percentage	10.00%	9.00%	10.00%	9.00%

Revenue Recognition - Performance Obligation (Details)	Jan. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	53.00%
Recognized transaction price period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	98.00%
Recognized transaction price period	3 years

Revenue Recognition - Significant Customers (Details) - Accounts Receivable - Customer Concentration Risk	6 Months Ended	12 Months Ended
	Jan. 31, 2021	Jul. 31, 2020
Channel partner A
Concentration Risk [Line Items]
Accounts receivable, net	13.00%
Channel partner B
Concentration Risk [Line Items]
Accounts receivable, net	11.00%	11.00%

Revenue Recognition - Capitalized Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jul. 31, 2020	Jan. 31, 2020
Changes in Capitalized Contract Cost [Roll Forward]
Beginning balance	$ 119,279	$ 70,426	$ 109,915	$ 69,785
Capitalization of contract acquisition costs	25,112	9,514	43,154	15,690
Amortization of deferred contract acquisition costs	(9,445)	(5,890)	(18,123)	(11,425)
Ending balance	134,946	74,050	134,946	74,050
Deferred contract acquisition costs, current					$ 39,902	$ 32,240	$ 23,527
Deferred contract acquisition costs, noncurrent					95,044	77,675	50,523
Total deferred contract acquisition costs	$ 134,946	$ 74,050	$ 134,946	$ 74,050	$ 134,946	$ 109,915	$ 74,050

Cash Equivalents and Short-Term Investments - Schedule of Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jul. 31, 2020
Cash and cash equivalents
Amortized Cost		$ 106,684
Unrealized Gains		0
Unrealized Losses		(1)
Fair Value		106,683
Short-term investments:
Amortized Cost	$ 1,349,165	1,228,143
Unrealized Gains	440	907
Unrealized Losses	(203)	(328)
Fair Value	1,349,402	1,228,722
Total cash equivalents and short-term investments, amortized cost	1,388,203	1,334,827
Total cash equivalents and short-term investments, unrealized gains	440	907
Total cash equivalents and short-term investments, unrealized losses	(203)	(329)
Total cash equivalents and short-term investments	1,388,440	1,335,405
Money market funds
Cash and cash equivalents
Amortized Cost	39,038	51,690
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	39,038	51,690
U.S. treasury securities
Cash and cash equivalents
Amortized Cost		39,997
Unrealized Gains		0
Unrealized Losses		(1)
Fair Value		39,996
Short-term investments:
Amortized Cost	338,856	415,539
Unrealized Gains	7	152
Unrealized Losses	(35)	(127)
Fair Value	338,828	415,564
U.S. government agency securities
Cash and cash equivalents
Amortized Cost		14,997
Unrealized Gains		0
Unrealized Losses		0
Fair Value		14,997
Short-term investments:
Amortized Cost	764,997	595,725
Unrealized Gains	170	186
Unrealized Losses	(66)	(114)
Fair Value	765,101	595,797
Corporate debt securities
Short-term investments:
Amortized Cost	245,312	216,879
Unrealized Gains	263	569
Unrealized Losses	(102)	(87)
Fair Value	$ 245,473	$ 217,361

Cash Equivalents and Short-Term Investments - Schedule of Maturities (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jul. 31, 2020
Amortized Cost
Due within one year	$ 766,043
Due between one to two years	583,122
Amortized Cost	1,349,165	$ 1,228,143
Fair Value
Due within one year	766,266
Due between one to two years	583,136
Total	$ 1,349,402	$ 1,228,722

Cash Equivalents and Short-Term Investments - Schedule of Unrealized Position (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jul. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 500,290	$ 794,415
Less than 12 months, unrealized losses	(203)	(327)
Greater than 12 months, fair value	7,002	5,502
Greater than 12 months, unrealized losses	0	(1)
Total fair value	507,292	799,917
Total unrealized losses	(203)	(328)
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	173,048	347,959
Less than 12 months, unrealized losses	(35)	(127)
Greater than 12 months, fair value	0	0
Greater than 12 months, unrealized losses	0	0
Total fair value	173,048	347,959
Total unrealized losses	(35)	(127)
U.S. government agency securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	219,264	340,503
Less than 12 months, unrealized losses	(66)	(113)
Greater than 12 months, fair value	6,001	5,502
Greater than 12 months, unrealized losses	0	(1)
Total fair value	225,265	346,005
Total unrealized losses	(66)	(114)
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	107,978	105,953
Less than 12 months, unrealized losses	(102)	(87)
Greater than 12 months, fair value	1,001	0
Greater than 12 months, unrealized losses	0	0
Total fair value	108,979	105,953
Total unrealized losses	$ (102)	$ (87)

Cash Equivalents and Short-Term Investments - Narrative (Details) - USD ($) $ in Millions	Jan. 31, 2021	Jul. 31, 2020
Cash and Cash Equivalents [Abstract]
Accrued interest receivable	$ 4.1	$ 3.8

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jul. 31, 2020
Cash equivalents:
Fair Value		$ 106,683
Short-term investments:
Short-term investments	$ 1,349,402	1,228,722
Total cash equivalents and short-term investments	1,388,440	1,335,405
Fair Value, Measurements, Recurring
Cash equivalents:
Fair Value		106,683
Short-term investments:
Short-term investments	1,349,402	1,228,722
Total cash equivalents and short-term investments	1,388,440	1,335,405
Fair Value, Measurements, Recurring \| Foreign currency contracts
Derivative instruments:
Foreign currency contract assets	358
Foreign currency contracts liabilities	8
Fair Value, Measurements, Recurring \| Level I
Cash equivalents:
Fair Value		51,690
Short-term investments:
Short-term investments	0	0
Total cash equivalents and short-term investments	39,038	51,690
Fair Value, Measurements, Recurring \| Level I \| Foreign currency contracts
Derivative instruments:
Foreign currency contract assets	0
Foreign currency contracts liabilities	0
Fair Value, Measurements, Recurring \| Level II
Cash equivalents:
Fair Value		54,993
Short-term investments:
Short-term investments	1,349,402	1,228,722
Total cash equivalents and short-term investments	1,349,402	1,283,715
Fair Value, Measurements, Recurring \| Level II \| Foreign currency contracts
Derivative instruments:
Foreign currency contract assets	358
Foreign currency contracts liabilities	8
Fair Value, Measurements, Recurring \| Level III
Cash equivalents:
Fair Value		0
Short-term investments:
Short-term investments	0	0
Total cash equivalents and short-term investments	0	0
Fair Value, Measurements, Recurring \| Level III \| Foreign currency contracts
Derivative instruments:
Foreign currency contract assets	0
Foreign currency contracts liabilities	0
Money market funds
Cash equivalents:
Fair Value	39,038	51,690
Money market funds \| Fair Value, Measurements, Recurring
Cash equivalents:
Fair Value	39,038	51,690
Money market funds \| Fair Value, Measurements, Recurring \| Level I
Cash equivalents:
Fair Value	39,038	51,690
Money market funds \| Fair Value, Measurements, Recurring \| Level II
Cash equivalents:
Fair Value	0	0
Money market funds \| Fair Value, Measurements, Recurring \| Level III
Cash equivalents:
Fair Value	0	0
U.S. treasury securities
Cash equivalents:
Fair Value		39,996
Short-term investments:
Short-term investments	338,828	415,564
U.S. treasury securities \| Fair Value, Measurements, Recurring
Cash equivalents:
Fair Value		39,996
Short-term investments:
Short-term investments	338,828	415,564
U.S. treasury securities \| Fair Value, Measurements, Recurring \| Level I
Cash equivalents:
Fair Value		0
Short-term investments:
Short-term investments	0	0
U.S. treasury securities \| Fair Value, Measurements, Recurring \| Level II
Cash equivalents:
Fair Value		39,996
Short-term investments:
Short-term investments	338,828	415,564
U.S. treasury securities \| Fair Value, Measurements, Recurring \| Level III
Cash equivalents:
Fair Value		0
Short-term investments:
Short-term investments	0	0
U.S. government agency securities
Cash equivalents:
Fair Value		14,997
Short-term investments:
Short-term investments	765,101	595,797
U.S. government agency securities \| Fair Value, Measurements, Recurring
Cash equivalents:
Fair Value		14,997
Short-term investments:
Short-term investments	765,101	595,797
U.S. government agency securities \| Fair Value, Measurements, Recurring \| Level I
Cash equivalents:
Fair Value		0
Short-term investments:
Short-term investments	0	0
U.S. government agency securities \| Fair Value, Measurements, Recurring \| Level II
Cash equivalents:
Fair Value		14,997
Short-term investments:
Short-term investments	765,101	595,797
U.S. government agency securities \| Fair Value, Measurements, Recurring \| Level III
Cash equivalents:
Fair Value		0
Short-term investments:
Short-term investments	0	0
Corporate debt securities
Short-term investments:
Short-term investments	245,473	217,361
Corporate debt securities \| Fair Value, Measurements, Recurring
Short-term investments:
Short-term investments	245,473	217,361
Corporate debt securities \| Fair Value, Measurements, Recurring \| Level I
Short-term investments:
Short-term investments	0	0
Corporate debt securities \| Fair Value, Measurements, Recurring \| Level II
Short-term investments:
Short-term investments	245,473	217,361
Corporate debt securities \| Fair Value, Measurements, Recurring \| Level III
Short-term investments:
Short-term investments	$ 0	$ 0

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jul. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 151,868	$ 126,362
Less: Accumulated depreciation and amortization	(61,341)	(50,628)
Total property and equipment, net	90,527	75,734
Hosting equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	107,733	87,418
Computers and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,768	3,875
Purchased software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,311	1,311
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	29,842	23,081
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,018	1,965
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,196	$ 8,712

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 7,200	$ 3,900	$ 13,327	$ 7,508

Derivative Instruments (Details)	6 Months Ended
Derivative Instruments (Details)	Jan. 31, 2021 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional amount	$ 41,000,000.0
Term of derivative	12 months

Goodwill and Acquired Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Jul. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 30,059		$ 30,059		$ 30,059
Amortization expense of acquired intangible assets	$ 1,600	$ 600	$ 3,153	$ 1,421

Goodwill and Acquired Intangible Assets - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Jul. 31, 2020
Finite-lived Intangible Assets [Roll Forward]
Intangible Assets, Gross, beginning balance			$ 28,316
Additions			0
Intangible Assets, Gross, ending balance	$ 28,316		28,316
Accumulated Amortization, beginning balance			(4,292)
Amortization Expense	(1,600)	$ (600)	(3,153)	$ (1,421)
Accumulated Amortization, ending balance	(7,445)		(7,445)
Total	20,871		20,871		$ 24,024
Developed technology
Finite-lived Intangible Assets [Roll Forward]
Intangible Assets, Gross, beginning balance			26,856
Additions			0
Intangible Assets, Gross, ending balance	26,856		26,856
Accumulated Amortization, beginning balance			(4,206)
Amortization Expense			(3,007)
Accumulated Amortization, ending balance	(7,213)		(7,213)
Total	19,643		19,643		22,650
Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Intangible Assets, Gross, beginning balance			1,460
Additions			0
Intangible Assets, Gross, ending balance	1,460		1,460
Accumulated Amortization, beginning balance			(86)
Amortization Expense			(146)
Accumulated Amortization, ending balance	(232)		(232)
Total	$ 1,228		$ 1,228		$ 1,374

Goodwill and Acquired Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jul. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2021 (remaining six months)	$ 3,156
2022	5,700
2023	5,196
2024	3,761
2025	3,058
Total	$ 20,871	$ 24,024

Convertible Senior Notes - Narrative (Details)		1 Months Ended	3 Months Ended	22 Months Ended
Convertible Senior Notes - Narrative (Details)	Jun. 25, 2020 USD ($) trading_day $ / shares	Jun. 30, 2020 USD ($)	Jan. 31, 2021 USD ($) trading_day	Jun. 02, 2025 trading_day	Jul. 25, 2023 USD ($)	Jul. 31, 2020 USD ($)
Debt Instrument [Line Items]
Proceeds from debt issuance	$ 1,130,500,000
Threshold trading days \| trading_day	20		20
Threshold consecutive trading days \| trading_day	30		30
Threshold percentage of share price that triggers conversion	130.00%		130.00%
Number of trading days	5 days
Number of consecutive trading days	5 days
Percentage of closing price (less than)	98.00%
Redemption price, percentage of principal	100.00%
Effective interest rate	5.75%
Carrying amount of equity component	$ 278,500,000
Unamortized debt issuance costs	19,500,000		$ 13,266,000			$ 14,556,000
Equity issuance costs	4,700,000
Net carrying amount of equity component	273,400,000
Deferred tax impact	$ 400,000
Fair value of notes			$ 1,713,500,000
Initial strike price (in dollars per share) \| $ / shares	$ 150.80
Initial cap price (in shares) \| $ / shares	$ 246.76
Net cost of capped call		$ 145,200,000
Long-term Debt
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 14,800,000
Forecast
Debt Instrument [Line Items]
Threshold trading days \| trading_day				20
Threshold consecutive trading days \| trading_day				30
Threshold percentage of share price that triggers conversion				130.00%
Redemption price, percentage of principal				100.00%
Minimum principal amount outstanding not subject to partial redemption					$ 100,000,000.0
Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Principal amount	$ 1,150,000,000.0
Interest rate	0.125%
Effective interest rate	6.03%
Convertible Senior Notes, $150 million
Debt Instrument [Line Items]
Principal amount	$ 150,000,000.0

Convertible Senior Notes - Summary of Notes (Details) shares in Thousands		6 Months Ended
	Jun. 25, 2020 shares $ / shares	Jan. 31, 2021 shares $ / shares
Debt Disclosure [Abstract]
Initial Conversion Rate per $1,000 Principal	0.0066
Initial conversion price (in dollars per share) \| $ / shares	$ 150.80	$ 150.80
Initial Number of Shares (in shares) \| shares	7,626	7,600

Convertible Senior Notes - Carrying Amounts (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jul. 31, 2020	Jun. 25, 2020
Convertible Debt [Abstract]
Principal amount	$ 1,150,000	$ 1,150,000
Unamortized debt discount	249,548	273,829
Unamortized debt issuance costs	13,266	14,556	$ 19,500
Net carrying amount	$ 887,186	$ 861,615

Convertible Senior Notes - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jan. 31, 2021	Jan. 31, 2021
Debt Disclosure [Abstract]
Contractual interest expense	$ 363	$ 722
Amortization of debt discount	12,232	24,281
Amortization of debt issuance costs	650	1,291
Total	$ 13,245	$ 26,294

Commitments and Contingencies - Narrative (Details) - Broadcom - USD ($) $ in Millions		3 Months Ended
	Jan. 12, 2020	Jan. 31, 2021
Loss Contingencies [Line Items]
Payment for settlement	$ 15.0
Litigation expense		$ 15.0

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021 USD ($) $ / shares shares	Jan. 31, 2020 USD ($)	Jan. 31, 2021 USD ($) period $ / shares shares	Jan. 31, 2020 USD ($) $ / shares	Jul. 31, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	22.3		22.3
Exercised, aggregate intrinsic value \| $			$ 236,029	$ 62,200
Weighted average grant date fair value (in dollars per share) \| $ / shares				$ 22.76
Unrecognized compensation cost \| $	$ 547,800		$ 547,800
Unrecognized compensation cost, weighted-average			2 years 8 months 12 days
Capitalized stock-based compensation \| $	$ 1,100	$ 1,200	$ 2,500	$ 2,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Performance stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares outstanding (in shares)	0.6		0.6
Employee Stock \| 2018 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	6.0		6.0
Shares available for grant (in shares)	3.9		3.9
Duration of offering period			24 months
Number of purchases periods \| period			4
Duration of purchase periods			6 months
Shares issued (in shares)	0.1
Average purchase price per share (in dollars per share) \| $ / shares	$ 65.33		$ 65.33
Cash proceeds from the issuance of common stock \| $	$ 8,600
Accrued compensation \| $	$ 5,000		$ 5,000		$ 3,500
Vesting one year from vesting commencing date \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights, percentage			25.00%
Common Stock \| 2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	31.7		31.7

Stock-Based Compensation - Schedule of Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jul. 31, 2020
Outstanding Stock Options
Beginning balance (in shares)	5,175
Granted (in shares)	0
Exercised (in shares)	(1,499)
Canceled, forfeited, or expired (in shares)	(44)
Ending balance (in shares)	3,632		5,175
Exercisable and expected to vest (in shares)	2,086		2,546
Weighted-Average Exercise Price
Beginning balance (in dollars per share)	$ 8.90
Granted (in dollars per share)	0
Exercised (in dollars per share)	7.50
Canceled, forfeited, or expired (in dollars per share)	9.58
Ending balance (in dollars per share)	9.47		$ 8.90
Exercisable and expected to vest (in dollars per share)	$ 7.43		$ 6.46
Additional Disclosures
Options outstanding, weighted average remaining contractual term	3 years 6 months		4 years
Exercisable and expected to vest, weighted average remaining contractual term	3 years 2 months 12 days		3 years 6 months
Options outstanding, aggregate intrinsic value	$ 690,975		$ 625,904
Exercised, aggregate intrinsic value	236,029	$ 62,200
Exercisable and expected to vest, aggregate intrinsic value	$ 401,013		$ 314,111

Stock-Based Compensation - Schedule of RSU and PSA Activity (Details) - Restricted Stock Units and Performance Stock Awards - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jan. 31, 2021	Jul. 31, 2020
Underlying Shares
Beginning balance (in shares)	8,553
Granted (in shares)	1,207
Vested (in shares)	(1,391)
Canceled or forfeited (in shares)	(330)
Ending balance (in shares)	8,039
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 60.72
Granted (in dollars per share)	143.39
Vested (in dollars per share)	57.60
Canceled or forfeited (in shares)	70.97
Ending balance (in dollars per share)	$ 73.25
Aggregate Intrinsic Value
Balance	$ 1,605,294	$ 1,110,694
Vested	$ 220,671

Stock-Based Compensation - Valuation Assumptions (Details) - Employee Stock	6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility, minimum	61.10%	53.60%
Expected stock price volatility, maximum	67.40%	57.60%
Risk-free interest rate	0.10%
Risk-free interest rate, minimum		1.50%
Risk-free interest rate, maximum		1.70%
Dividend yield	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years	2 years

Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 61,380	$ 23,866	$ 118,565	$ 42,242
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	3,092	1,580	6,101	2,961
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	30,081	11,943	61,401	21,982
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	16,363	6,077	30,485	10,951
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 11,844	$ 4,266	$ 20,578	$ 6,348

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 1,671	$ 716	$ 2,169	$ 1,510

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Net Loss Per Share Attributable to Common Stockholders - Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Earnings Per Share [Abstract]
Net loss	$ (67,541)	$ (29,154)	$ (122,547)	$ (46,230)
Weighted-average shares used in computing net loss per share, basic and diluted (in shares)	135,024	128,408	134,238	127,978
Net loss per share, basic and diluted (in dollars per share)	$ (0.50)	$ (0.23)	$ (0.91)	$ (0.36)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Loss Per Share Attributable to Common Stockholders - Antidilutive Securities Excluded from Computation (Details) shares in Thousands		6 Months Ended
	Jun. 25, 2020 shares $ / shares	Jan. 31, 2021 shares $ / shares	Jan. 31, 2020 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		19,989	13,795
Number of shares if notes converted (in shares)	7,626	7,600
Conversion price (in dollars per share) \| $ / shares	$ 150.80	$ 150.80
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		7,609	4,944
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		3,632	7,494
Unvested PSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		629	487
Number of unvested PSAs as a percentage of target		100.00%
Share purchase rights under the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		493	807
Shares subject to repurchase from early exercised stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		0	63
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		7,626	0

Label	Element	Value
Restricted Cash and Cash Equivalents	us-gaap_RestrictedCashAndCashEquivalents	$ 0
Restricted Cash and Cash Equivalents	us-gaap_RestrictedCashAndCashEquivalents	$ 0