0001327567-21-000040 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Revenue:
Revenue:	$ 1,247.4	$ 946.0
Cost of revenue:
Cost of revenue:	380.6	277.8
Total gross profit	866.8	668.2
Operating expenses:
Research and development	339.5	237.4
Sales and marketing	505.9	388.6
General and administrative	104.1	86.7
Total operating expenses	949.5	712.7
Operating loss	(82.7)	(44.5)
Interest expense	(6.9)	(40.2)
Other income (expense), net	(1.6)	2.4
Loss before income taxes	(91.2)	(82.3)
Provision for income taxes	12.4	9.9
Net loss	$ (103.6)	$ (92.2)
Net loss per share, basic and diluted (in usd per share)	$ (1.06)	$ (0.97)
Weighted-average shares used to compute net loss per share, basic and diluted (in shares)	97.6	95.5
Product
Revenue:
Revenue:	$ 295.5	$ 237.3
Cost of revenue:
Cost of revenue:	88.9	62.2
Subscription and support
Revenue:
Revenue:	951.9	708.7
Cost of revenue:
Cost of revenue:	$ 291.7	$ 215.6

Net Loss Per Share (Notes)

3 Months Ended

Oct. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

Basic net loss per share is computed by dividing net loss by basic weighted-average shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by diluted weighted-average shares outstanding, including potentially dilutive securities.

The following table presents the computation of basic and diluted net loss per share of common stock (in millions, except per share data):


	Three Months Ended
	October 31,
	2021		2020
Net loss	$	(103.6)	$	(92.2)
Weighted-average shares used to compute net loss per share, basic and diluted	97.6		95.5
Net loss per share, basic and diluted	$	(1.06)	$	(0.97)

The following securities were excluded from the computation of diluted net loss per share of common stock for the periods presented as their effect would have been antidilutive (in millions):


	Three Months Ended
	October 31,
	2021	2020
Convertible senior notes	13.1	13.1
Warrants related to the issuance of convertible senior notes	13.1	13.1
RSUs and PSUs	8.4	8.3
Options to purchase common stock, including PSOs	2.7	2.8
Restricted stock awards and performance-based stock awards	0.3	—
ESPP shares	0.1	0.1
Total	37.7	37.4

Debt (Schedule of Interest Expense Recognized) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Debt Instrument, Redemption
Contractual interest expense	$ 5.1	$ 5.1
Amortization of debt discount	0.0	33.9
Amortization of debt issuance costs	1.8	1.2
Total interest expense	6.9	40.2
2023 Notes
Debt Instrument, Redemption
Contractual interest expense	3.2	3.2
Amortization of debt discount	0.0	15.7
Amortization of debt issuance costs	0.7	0.5
Total interest expense	$ 3.9	$ 19.4
Effective interest rate	0.90%	5.20%
2025 Notes
Debt Instrument, Redemption
Contractual interest expense	$ 1.9	$ 1.9
Amortization of debt discount	0.0	18.2
Amortization of debt issuance costs	1.1	0.7
Total interest expense	$ 3.0	$ 20.8
Effective interest rate	0.60%	5.40%

Debt (Components of Convertible Senior Notes) (Details) - USD ($) $ in Millions	Oct. 31, 2021	Jul. 31, 2021
Debt Instrument, Redemption
Principal	$ 3,692.0	$ 3,692.0
Less: debt discount and debt issuance costs, net of amortization	(19.9)	(466.0)
Net carrying amount	3,672.1	3,226.0
Equity component (including amounts classified as temporary equity)	0.0	718.0
2023 Notes
Debt Instrument, Redemption
Principal	1,692.0	1,692.0
Less: debt discount and debt issuance costs, net of amortization	(4.7)	(134.1)
Net carrying amount	1,687.3	1,557.9
Equity component (including amounts classified as temporary equity)	0.0	315.0
2025 Notes
Debt Instrument, Redemption
Principal	2,000.0	2,000.0
Less: debt discount and debt issuance costs, net of amortization	(15.2)	(331.9)
Net carrying amount	1,984.8	1,668.1
Equity component (including amounts classified as temporary equity)	$ 0.0	$ 403.0

Cash Equivalents and Investments (Marketable Equity Securities) (Details) - Cash and cash equivalents - Marketable equity securities - Money market funds - USD ($)	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Jul. 31, 2021
Marketable Equity Securities
Carrying value	$ 161,800,000		$ 124,200,000
Unrealized gains or losses recognized	$ 0	$ 0

Net Loss Per Share (Tables)

3 Months Ended

Oct. 31, 2021

Earnings Per Share [Abstract]

Computation of basic and diluted net loss per share of common stock

The following table presents the computation of basic and diluted net loss per share of common stock (in millions, except per share data):


	Three Months Ended
	October 31,
	2021		2020
Net loss	$	(103.6)	$	(92.2)
Weighted-average shares used to compute net loss per share, basic and diluted	97.6		95.5
Net loss per share, basic and diluted	$	(1.06)	$	(0.97)

Schedule of antidilutive securities excluded from the computation of net loss per share

The following securities were excluded from the computation of diluted net loss per share of common stock for the periods presented as their effect would have been antidilutive (in millions):


	Three Months Ended
	October 31,
	2021	2020
Convertible senior notes	13.1	13.1
Warrants related to the issuance of convertible senior notes	13.1	13.1
RSUs and PSUs	8.4	8.3
Options to purchase common stock, including PSOs	2.7	2.8
Restricted stock awards and performance-based stock awards	0.3	—
ESPP shares	0.1	0.1
Total	37.7	37.4

Cash Equivalents and Investments (Available-for-Sale Securities, Contractual Maturities) (Details) $ in Millions	Oct. 31, 2021 USD ($)
Amortized Cost
Due within one year	$ 1,434.5
Due between one and three years	900.1
Amortized Cost	2,334.6
Fair Value
Due within one year	1,435.1
Due between one and three years	898.8
Fair Value	$ 2,333.9

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (103.6)	$ (92.2)
Other comprehensive income (loss), net of tax:
Change in unrealized gains (losses) on investments	(2.2)	(1.3)
Change in unrealized gains (losses) on cash flow hedges	0.8	(6.0)
Other comprehensive loss	(1.4)	(7.3)
Comprehensive loss	$ (105.0)	$ (99.5)

- 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

Equity Award Plans - (Valuation Assumptions) (Details) - PSUs subject to service, performance, and market conditions	3 Months Ended
	Oct. 31, 2021 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award
Expected minimum volatility rate (in percentage)	31.60%
Expected maximum volatility rate (in percentage)	38.00%
Expected dividend rate (in percentage)	0.00%
Minimum risk-free interest rate (in percentage)	0.10%
Maximum risk-free interest rate (in percentage)	0.40%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Expected term (in years)	1 year
Share price	$ 387.82
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Expected term (in years)	3 years
Share price	$ 420.66

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Oct. 31, 2021	Oct. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate (in percentage)	(13.60%)	(12.00%)

Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
Derivative Instruments (Details) - USD ($) $ in Millions	Oct. 31, 2021	Jul. 31, 2021
Derivative
Notional amount	$ 564.0	$ 531.9
Foreign Exchange Contract
Derivative
Maximum contract term of cash flow hedge	16 months

Stockholders' Equity (Notes)	3 Months Ended
Stockholders' Equity (Notes)	Oct. 31, 2021
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Share Repurchase Program In February 2019, our board of directors authorized a $1.0 billion share repurchase program, which is funded from available working capital. In December 2020 and August 2021, our board of directors authorized an additional $700.0 million and $676.1 million increase, respectively, bringing the total authorization under this share repurchase program to $2.4 billion. The expiration date of this repurchase authorization was extended to December 31, 2022, and our repurchase program may be suspended or discontinued at any time. Repurchases under our program are to be made at management’s discretion from time to time on the open market, through privately negotiated transactions, transactions structured through investment banking institutions, block purchase techniques, 10b5-1 trading plans, or a combination of the foregoing. We did not repurchase shares of our common stock during the three months ended October 31, 2021. During the three months ended October 31, 2020, we repurchased and retired 2.1 million shares of our common stock under our current repurchase authorization for an aggregate purchase price of $500.0 million, including transaction costs, at an average price of $242.44. As of October 31, 2021, $1.0 billion remained available for future share repurchases under our current repurchase authorization.

Net Loss Per Share (Schedule of Antidilutive Securities Excluded from Computation) (Details) - shares shares in Millions	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	37.7	37.4
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	13.1	13.1
Warrants related to the issuance of convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	13.1	13.1
RSUs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	8.4	8.3
Options to purchase common stock, including PSOs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	2.7	2.8
Restricted stock awards and performance-based stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0.3	0.0
ESPP shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0.1	0.1

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Cumulative-effect adjustment from adoption of new accounting pronouncement	Common stock	Common stock and additional paid in capital	Common stock and additional paid in capital Cumulative-effect adjustment from adoption of new accounting pronouncement	Accumulated other comprehensive income (loss)	Accumulated deficit	Accumulated deficit Cumulative-effect adjustment from adoption of new accounting pronouncement
Common stock, beginning balance (in shares) at Jul. 31, 2020			96,300,000
Beginning balance at Jul. 31, 2020	$ 1,101.8			$ 2,259.2		$ 10.5	$ (1,167.9)
Increase (Decrease) in Stockholders' Equity
Net loss	(92.2)						(92.2)
Other comprehensive income (loss)	(7.3)					(7.3)
Issuance of common stock in connection with employee equity incentive plans (in shares)			1,000,000.0
Issuance of common stock in connection with employee equity incentive plans	45.6			45.6
Taxes paid related to net share settlement of equity awards	(9.7)			(9.7)
Share-based compensation for equity-based awards	$ 208.8			208.8
Repurchase and retirement of common stock (in shares)	(2,100,000)		(2,100,000)
Repurchase and retirement of common stock	$ (500.0)			(500.0)
Common stock, ending balance (in shares) at Oct. 31, 2020			95,200,000
Ending balance at Oct. 31, 2020	$ 747.0			2,003.9		3.2	(1,260.1)
Common stock, beginning balance (in shares) at Jul. 31, 2021	97,300,000		97,300,000
Beginning balance at Jul. 31, 2021	$ 634.5	$ (315.2)		2,311.2	$ (581.9)	(9.9)	(1,666.8)	$ 266.7
Increase (Decrease) in Stockholders' Equity
Net loss	(103.6)						(103.6)
Other comprehensive income (loss)	(1.4)					(1.4)
Issuance of common stock in connection with employee equity incentive plans (in shares)			1,400,000
Issuance of common stock in connection with employee equity incentive plans	58.9			58.9
Taxes paid related to net share settlement of equity awards	(20.0)			(20.0)
Share-based compensation for equity-based awards	$ 265.7			265.7
Common stock, ending balance (in shares) at Oct. 31, 2021	98,700,000		98,700,000
Ending balance at Oct. 31, 2021	$ 518.9			$ 2,033.9		$ (11.3)	$ (1,503.7)

Acquisitions (Notes)	3 Months Ended
Acquisitions (Notes)	Oct. 31, 2021
Business Combinations [Abstract]
Acquisitions	AcquisitionOn August 11, 2021, we completed our acquisition of Gamma Networks, Inc. (“Gamma”), a privately-held AI powered company, for total consideration of $20.4 million, primarily in cash. We expect the acquisition will enhance and expand our data loss prevention offerings. We have accounted for this transaction as a business combination. We allocated the purchase consideration to the assets acquired and liabilities assumed, with the remainder of $22.2 million recorded as goodwill. The goodwill is primarily attributable to the assembled workforce and expected post-acquisition synergies from integrating Gamma technology into our platforms. The goodwill is not deductible for income tax purposes.

Revenue (Disaggregation of Revenue - Type of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Revenue:
Revenue:	$ 1,247.4	$ 946.0
Product
Revenue:
Revenue:	295.5	237.3
Subscription
Revenue:
Revenue:	578.8	428.0
Support
Revenue:
Revenue:	373.1	280.7
Subscription and support
Revenue:
Revenue:	$ 951.9	$ 708.7

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Revenue (Remaining Performance Obligations) (Details) $ in Billions	Oct. 31, 2021 USD ($)
Remaining Performance Obligations, Expected Timing of Satisfaction
Remaining performance obligations	$ 6.0
Remaining Performance Obligations, Expected Timing of Satisfaction, Start Date: 2021-11-01
Remaining Performance Obligations, Expected Timing of Satisfaction
Remaining performance obligations	$ 3.2
Remaining performance obligations, expected timing of satisfaction, period	12 months

Commitments and Contingencies (Manufacturing Purchase Commitments) (Details) - Manufacturing products and components $ in Millions	Oct. 31, 2021 USD ($)
Aggregate Future Purchase Commitments
Total	$ 358.9
Remaining 2022	159.5
2023	94.4
2024	30.0
2025	35.0
2026	40.0
2027 and thereafter	$ 0.0

Financing Receivables (Notes)

3 Months Ended

Oct. 31, 2021

Receivables [Abstract]

Financing Receivables

Financing ReceivablesWe provide financing arrangements, primarily loans, for qualified end-user customers to purchase our products and services. The following table summarizes our short-term and long-term financing receivables as of October 31, 2021 and July 31, 2021 (in millions):


	October 31, 2021		July 31, 2021
Short-term financing receivables, gross	$	104.9	$	80.0
Allowance for credit losses	(1.0)		(1.0)
Short-term financing receivables, net	$	103.9	$	79.0
Long-term financing receivables, gross	$	201.0	$	198.6
Allowance for credit losses	(3.2)		(4.3)
Long-term financing receivables, net	$	197.8	$	194.3

There was no significant activity in allowance for credit losses during the three months ended October 31, 2021 and 2020. Past due amounts on financing receivables were immaterial as of October 31, 2021 and July 31, 2021.

Debt (Revolving Credit Facility) (Details) - Revolving credit facility - USD ($) $ in Millions	Sep. 04, 2018	Oct. 31, 2021
Line of Credit Facility
Current borrowing capacity	$ 400.0
Option for additional borrowing capacity	$ 350.0
Revolving credit facility amount outstanding		$ 0.0
Minimum maturity date term criteria
Line of Credit Facility
Number of days prior to maturity of 2023 Notes (in days)	91 days
Minimum maturity date term, cash and cash equivalents balance criteria
Line of Credit Facility
Amount added to outstanding principal amount of 2023 Notes in minimum maturity date criteria	$ 400.0
Minimum
Line of Credit Facility
Commitment fee rate on undrawn amounts (in percentage)	0.125%
Maximum
Line of Credit Facility
Commitment fee rate on undrawn amounts (in percentage)	0.25%
Base Rate \| Minimum
Line of Credit Facility
Spread on variable rate	0.00%
Base Rate \| Maximum
Line of Credit Facility
Spread on variable rate	0.75%
LIBOR \| Minimum
Line of Credit Facility
Spread on variable rate	1.00%
LIBOR \| Maximum
Line of Credit Facility
Spread on variable rate	1.75%

Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended		3 Months Ended
	Aug. 31, 2021	Dec. 31, 2020	Oct. 31, 2020	Oct. 31, 2021	Feb. 28, 2019
Equity [Abstract]
Share repurchase, authorized amount		$ 2,400.0			$ 1,000.0
Stock repurchase program, increase in authorized amount	$ 676.1	$ 700.0
Repurchase and retirement of common stock (in shares)			2.1
Repurchase and retirement of common stock			$ 500.0
Repurchase price per share (in usd per share)			$ 242.44
Stock repurchase, remaining authorized repurchase amount				$ 1,000.0

Fair Value Measurements (Tables)

3 Months Ended

Oct. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of fair value of financial assets and liabilities

The following table presents the fair value of our financial assets and liabilities measured at fair value on a recurring basis as of October 31, 2021 and July 31, 2021 (in millions):


	October 31, 2021								July 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	161.8	$	—	$	—	$	161.8	$	124.2	$	—	$	—	$	124.2
Certificates of deposit	—		150.5		—		150.5		—		150.4		—		150.4

Corporate debt securities	—		26.1		—		26.1		—		1.0		—		1.0
U.S. government and agency securities	—		70.0		—		70.0		—		116.3		—		116.3
Total cash equivalents	161.8		246.6		—		408.4		124.2		267.7		—		391.9
Short-term investments:
Certificates of deposit	—		151.5		—		151.5		—		12.4		—		12.4


Corporate debt securities	—		200.0		—		200.0		—		208.9		—		208.9
U.S. government and agency securities	—		804.7		—		804.7		—		762.1		—		762.1
Non-U.S. government and agency securities			32.3				32.3				43.5				43.5
Total short-term investments	—		1,188.5		—		1,188.5		—		1,026.9		—		1,026.9
Long-term investments:
Certificates of deposit	—		5.0		—		5.0		—		5.0		—		5.0
Corporate debt securities	—		227.8		—		227.8		—		180.7		—		180.7
U.S. government and agency securities	—		637.6		—		637.6		—		674.1		—		674.1
Non-U.S. government and agency securities	—		28.4		—		28.4		—		28.5		—		28.5
Total long-term investments	—		898.8		—		898.8		—		888.3		—		888.3
Prepaid expenses and other current assets:
Foreign currency forward contracts	—		4.7		—		4.7		—		4.1		—		4.1
Total prepaid expenses and other current assets	—		4.7		—		4.7		—		4.1		—		4.1
Other assets:
Foreign currency forward contracts	—		—		—		—		—		0.1		—		0.1
Total other assets:	—		—		—		—		—		0.1		—		0.1
Total assets measured at fair value	$	161.8	$	2,338.6	$	—	$	2,500.4	$	124.2	$	2,187.1	$	—	$	2,311.3

Accrued and other liabilities:
Foreign currency forward contracts	$	—	$	8.8	$	—	$	8.8	$	—	$	6.4	$	—	$	6.4
Total accrued and other liabilities	—		8.8		—		8.8		—		6.4		—		6.4
Other long-term liabilities:
Foreign currency forward contracts	—		—		—		—		—		0.5		—		0.5
Total other long-term liabilities	—		—		—		—		—		0.5		—		0.5
Total liabilities measured at fair value	$	—	$	8.8	$	—	$	8.8	$	—	$	6.9	$	—	$	6.9

Commitments and Contingencies (Notes)

3 Months Ended

Oct. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Commitments

Manufacturing Purchase Commitments

In order to reduce manufacturing lead times and plan for adequate supply, we enter into agreements with manufacturing partners and component suppliers to procure inventory based on our demand forecasts. The following table presents details of the aggregate future purchase commitments under these arrangements excluding obligations under contracts that we can cancel without a significant penalty as of October 31, 2021 (in millions):


			Fiscal years ending July 31,
	Total		Remaining 2022		2023		2024		2025		2026		2027 and thereafter
Manufacturing purchase commitments	$	358.9	$	159.5	$	94.4	$	30.0	$	35.0	$	40.0	$	—

Other Purchase Commitments

We have entered into various non-cancelable agreements with certain service providers, under which we are committed to minimum or fixed purchases. The following table presents details of the aggregate future non-cancelable purchase commitments under these agreements as of October 31, 2021 (in millions):


			Fiscal years ending July 31,
	Total		Remaining 2022		2023		2024		2025		2026		2027 and thereafter
Other purchase commitments	$	1,405.8	$	28.8	$	186.6	$	302.7	$	345.9	$	541.0	$	0.8

Additionally, we have a $163.0 million minimum purchase commitment with a service provider through September 2027 with no specified annual commitments.

Land Purchase Agreement

During the three months ended October 31, 2021, we entered into an agreement to purchase 4.6 acres of land adjacent to our headquarters in Santa Clara, California for $38.9 million in cash. If consummated, the transaction would be expected to close during our fiscal quarter ending January 31, 2022.

Litigation

We are subject to legal proceedings, claims, and litigation arising in the ordinary course of business, including intellectual property litigation. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. We accrue for contingencies when we believe that a loss is probable and that we can reasonably estimate the amount of any such loss.

To the extent there is a reasonable possibility that a loss exceeding amounts already recognized may be incurred and the amount of such additional loss would be material, we will either disclose the estimated additional loss or state that such an estimate cannot be made. As of October 31, 2021, we have not recorded any significant accruals for loss contingencies associated with such legal proceedings, determined that an unfavorable outcome is probable or reasonably possible, or determined that the amount or range of any possible loss is reasonably estimable.

Acquisitions (Additional Information) (Details) - USD ($) $ in Millions	Aug. 11, 2021	Oct. 31, 2021	Jul. 31, 2021
Business Acquisition
Goodwill		$ 2,732.3	$ 2,710.1
Gamma Networks, Inc.
Business Acquisition
Total purchase consideration	$ 20.4
Goodwill	$ 22.2

Goodwill and Intangible Assets (Goodwill) (Details) $ in Millions	3 Months Ended
	Oct. 31, 2021 USD ($)
Goodwill Rollforward
Balance as of July 31, 2021	$ 2,710.1
Goodwill acquired	22.2
Balance as of October 31, 2021	$ 2,732.3

Equity Award Plans (Tables)

3 Months Ended

Oct. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of performance stock option ("PSO") activity

The following table summarizes the PSO activity under our stock plans during the reporting period (in millions, except per share amounts):


	PSOs Outstanding
		Number of Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balance—July 31, 2021		2.8	$	194.14	4.2	$	566.8


Forfeited		(0.1)	$	184.24
Balance—October 31, 2021		2.7	$	194.55	3.9	$	835.9
Exercisable—October 31, 2021		2.7	$	194.55	3.9	$	835.9

Schedule of restricted stock unit (“RSU”) and performance-based stock unit (“PSU”) activities

The following table summarizes the RSU and PSU activity under our stock plans during the reporting period (in millions, except per share amounts):


	RSUs Outstanding			PSUs Outstanding
	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share		Aggregate Intrinsic Value		Number of Shares	Weighted-Average Grant-Date Fair Value Per Share		Aggregate Intrinsic Value
Balance—July 31, 2021	6.9	$	257.56	$	2,760.2	1.3	$	292.93	$	498.4
Granted(1)	1.3	$	478.45			0.3	$	328.34
Vested	(0.8)	$	221.63			(0.3)	$	243.90
Forfeited	(0.2)	$	246.56			(0.1)	$	304.48
Balance—October 31, 2021	7.2	$	299.53	$	3,644.7	1.2	$	311.24	$	628.6

______________

(1) For PSUs, shares granted represent the aggregate maximum number of shares that may be earned and issued with respect to these awards over their full terms.

Schedule of assumptions used and resulting grant-date fair values of our PSUs

The following table summarizes the assumptions used and the grant-date fair value of our PSUs granted during the three months ended October 31, 2021:


Volatility	31.6% - 38.0%
Expected term (in years)	1.0 - 3.0
Dividend yield	0.0	%
Risk-free interest rate	0.1% - 0.4%
Grant-date fair value per share	$387.82 - $420.66

Schedule of allocation of share-based compensation expense

The following table summarizes share-based compensation included in costs and expenses (in millions):


	Three Months Ended
	October 31,
	2021		2020
Cost of product revenue	$	2.3	$	1.5
Cost of subscription and support revenue	26.7		22.2
Research and development	125.6		95.4
Sales and marketing	73.3		64.9
General and administrative	32.4		28.9
Total share-based compensation	$	260.3	$	212.9

Goodwill and Intangible Assets (Tables)

3 Months Ended

Oct. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The following table presents details of our goodwill during the three months ended October 31, 2021 (in millions):


	Amount
Balance as of July 31, 2021	$	2,710.1
Goodwill acquired	22.2

Balance as of October 31, 2021	$	2,732.3

Schedule of purchased finite-lived intangible assets by major class

The following table presents details of our purchased intangible assets as of October 31, 2021 and July 31, 2021 (in millions):


	October 31, 2021						July 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets subject to amortization:
Developed technology	$	600.7	$	(270.1)	$	330.6	$	596.2	$	(243.8)	$	352.4
Customer relationships	172.7		(36.0)		136.7		172.7		(30.6)		142.1
Acquired intellectual property	7.9		(3.9)		4.0		7.9		(3.8)		4.1
Trade name and trademarks	9.4		(9.4)		—		9.4		(9.4)		—
Other	—		—		—		1.8		(1.8)		—



Total purchased intangible assets	$	790.7	$	(319.4)	$	471.3	$	788.0	$	(289.4)	$	498.6

Future amortization expense of intangible assets

The following table summarizes estimated future amortization expense of our intangible assets as of October 31, 2021 (in millions):


			Fiscal years ending July 31,
	Total		Remaining 2022		2023		2024		2025		2026		2027 and thereafter
Future amortization expense	$	471.3	$	94.6	$	100.3	$	90.4	$	76.7	$	55.1	$	54.2

Cash Equivalents and Investments (Tables)

3 Months Ended

Oct. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of available-for-sale debt securities

The following tables summarize the amortized cost, unrealized gains and losses, and fair value of our available-for-sale debt securities as of October 31, 2021 and July 31, 2021 (in millions):


	October 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Certificates of deposit	$	150.5	$	—	$	—	$	150.5

Corporate debt securities	26.1		—		—		26.1
U.S. government and agency securities	70.0		—		—		70.0
Total available-for-sale cash equivalents	$	246.6	$	—	$	—	$	246.6
Investments:
Certificates of deposit	$	156.5	$	—	$	—	$	156.5

Corporate debt securities	428.2		0.1		(0.5)		427.8
U.S. government and agency securities	1,442.6		0.6		(0.9)		1,442.3
Non-U.S. government and agency securities	60.7		—		—		60.7
Total available-for-sale investments	$	2,088.0	$	0.7	$	(1.4)	$	2,087.3


	July 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Certificates of deposit	$	150.4	$	—	$	—	$	150.4
Corporate debt securities	1.0		—		—		1.0
U.S. government and agency securities	116.3		—		—		116.3
Total available-for-sale cash equivalents	$	267.7	$	—	$	—	$	267.7
Investments:
Certificates of deposit	$	17.4	$	—	$	—	$	17.4

Corporate debt securities	389.2		0.5		(0.1)		389.6
U.S. government and agency securities	1,435.1		1.1		—		1,436.2
Non-U.S. government and agency securities	72.0		—		—		72.0
Total available-for-sale investments	$	1,913.7	$	1.6	$	(0.1)	$	1,915.2

Schedule of contractual maturities of available-for-sale debt securities

The following table summarizes the amortized cost and fair value of our available-for-sale debt securities as of October 31, 2021, by contractual years-to-maturity (in millions):


	Amortized Cost		Fair Value
Due within one year	$	1,434.5	$	1,435.1
Due between one and three years	900.1		898.8
Total	$	2,334.6	$	2,333.9

Cover Page - shares	3 Months Ended
Cover Page - shares	Oct. 31, 2021	Nov. 12, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2021
Document Transition Report	false
Entity File Number	001-35594
Entity Registrant Name	PALO ALTO NETWORKS, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2530195
Entity Address, Address Line One	3000 Tannery Way
Entity Address, City or Town	Santa Clara
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95054
City Area Code	408
Local Phone Number	753-4000
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	PANW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		98,666,401
Entity Central Index Key	0001327567
Document Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Fair Value Measurements (Notes)

3 Months Ended

Oct. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

We categorize assets and liabilities recorded or disclosed at fair value on our condensed consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. The categories are as follows:

•Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

•Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.

•Level 3—Inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation.

The following table presents the fair value of our financial assets and liabilities measured at fair value on a recurring basis as of October 31, 2021 and July 31, 2021 (in millions):


	October 31, 2021								July 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	161.8	$	—	$	—	$	161.8	$	124.2	$	—	$	—	$	124.2
Certificates of deposit	—		150.5		—		150.5		—		150.4		—		150.4

Corporate debt securities	—		26.1		—		26.1		—		1.0		—		1.0
U.S. government and agency securities	—		70.0		—		70.0		—		116.3		—		116.3
Total cash equivalents	161.8		246.6		—		408.4		124.2		267.7		—		391.9
Short-term investments:
Certificates of deposit	—		151.5		—		151.5		—		12.4		—		12.4


Corporate debt securities	—		200.0		—		200.0		—		208.9		—		208.9
U.S. government and agency securities	—		804.7		—		804.7		—		762.1		—		762.1
Non-U.S. government and agency securities			32.3				32.3				43.5				43.5
Total short-term investments	—		1,188.5		—		1,188.5		—		1,026.9		—		1,026.9
Long-term investments:
Certificates of deposit	—		5.0		—		5.0		—		5.0		—		5.0
Corporate debt securities	—		227.8		—		227.8		—		180.7		—		180.7
U.S. government and agency securities	—		637.6		—		637.6		—		674.1		—		674.1
Non-U.S. government and agency securities	—		28.4		—		28.4		—		28.5		—		28.5
Total long-term investments	—		898.8		—		898.8		—		888.3		—		888.3
Prepaid expenses and other current assets:
Foreign currency forward contracts	—		4.7		—		4.7		—		4.1		—		4.1
Total prepaid expenses and other current assets	—		4.7		—		4.7		—		4.1		—		4.1
Other assets:
Foreign currency forward contracts	—		—		—		—		—		0.1		—		0.1
Total other assets:	—		—		—		—		—		0.1		—		0.1
Total assets measured at fair value	$	161.8	$	2,338.6	$	—	$	2,500.4	$	124.2	$	2,187.1	$	—	$	2,311.3

Accrued and other liabilities:
Foreign currency forward contracts	$	—	$	8.8	$	—	$	8.8	$	—	$	6.4	$	—	$	6.4
Total accrued and other liabilities	—		8.8		—		8.8		—		6.4		—		6.4
Other long-term liabilities:
Foreign currency forward contracts	—		—		—		—		—		0.5		—		0.5
Total other long-term liabilities	—		—		—		—		—		0.5		—		0.5
Total liabilities measured at fair value	$	—	$	8.8	$	—	$	8.8	$	—	$	6.9	$	—	$	6.9

Refer to Note 9. Debt for the carrying amount and estimated fair value of our convertible senior notes as of October 31, 2021 and July 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

Equity Award Plans (Notes)

3 Months Ended

Oct. 31, 2021

Share-based Payment Arrangement [Abstract]

Equity Award Plans

Performance Stock Option (“PSO”) Activities

We have granted PSOs with both a market condition and a service condition to certain executives. The market condition for PSOs granted in fiscal 2018 and fiscal 2019 requires the price of our common stock to equal or exceed $297.75, $397.00, $496.25, and $595.50 based on the average closing price for 30 consecutive trading days during the four-, five-, six-, and seven-and-a-half-year periods following the date of grant in fiscal 2018 and 2019, respectively. To the extent that the market condition has been met, one-fourth of the PSOs will vest on each anniversary date of the grant date for such PSOs, subject to continued service. All outstanding PSOs may be exercised prior to vesting (“early exercise”). Shares of common stock issued upon early exercise of the PSOs will be restricted and, at our option, subject to repurchase if the option holder ceases to be a service provider. The maximum contractual term of our PSOs is seven and a half years from the date of grant, depending on vesting period.

The following table summarizes the PSO activity under our stock plans during the reporting period (in millions, except per share amounts):


	PSOs Outstanding
		Number of Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balance—July 31, 2021		2.8	$	194.14	4.2	$	566.8


Forfeited		(0.1)	$	184.24
Balance—October 31, 2021		2.7	$	194.55	3.9	$	835.9
Exercisable—October 31, 2021		2.7	$	194.55	3.9	$	835.9

Restricted Stock Unit (“RSU”) and Performance-Based Stock Unit (“PSU”) Activities

The following table summarizes the RSU and PSU activity under our stock plans during the reporting period (in millions, except per share amounts):


	RSUs Outstanding			PSUs Outstanding
	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share		Aggregate Intrinsic Value		Number of Shares	Weighted-Average Grant-Date Fair Value Per Share		Aggregate Intrinsic Value
Balance—July 31, 2021	6.9	$	257.56	$	2,760.2	1.3	$	292.93	$	498.4
Granted(1)	1.3	$	478.45			0.3	$	328.34
Vested	(0.8)	$	221.63			(0.3)	$	243.90
Forfeited	(0.2)	$	246.56			(0.1)	$	304.48
Balance—October 31, 2021	7.2	$	299.53	$	3,644.7	1.2	$	311.24	$	628.6

______________

(1) For PSUs, shares granted represent the aggregate maximum number of shares that may be earned and issued with respect to these awards over their full terms.

Our PSUs generally vest over a period of one to four years from the date of grant. The actual number of PSUs earned and eligible to vest is determined based on the level of achievement against performance conditions such as revenue growth, pre-established billings and operating margin goals, or pre-defined individual performance targets for the fiscal year, and market conditions, if applicable.

During the three months ended October 31, 2021, we granted 0.1 million shares of PSUs, which contain service, performance and market conditions. The performance condition is based on revenue growth whereas the market condition measures our total shareholder return (“TSR”) relative to the TSR of the companies listed in the Standard & Poor’s 500 index. In addition to this grant, we have also approved the future grant of 0.1 million shares of PSUs with similar terms, which will be considered granted at the time their related vesting conditions are established in the next two years. The fair value of the PSUs subject to the market condition is estimated on the grant date using a Monte Carlo simulation model. The following table summarizes the assumptions used and the grant-date fair value of our PSUs granted during the three months ended October 31, 2021:


Volatility	31.6% - 38.0%
Expected term (in years)	1.0 - 3.0
Dividend yield	0.0	%
Risk-free interest rate	0.1% - 0.4%
Grant-date fair value per share	$387.82 - $420.66

Share-Based Compensation

The following table summarizes share-based compensation included in costs and expenses (in millions):


	Three Months Ended
	October 31,
	2021		2020
Cost of product revenue	$	2.3	$	1.5
Cost of subscription and support revenue	26.7		22.2
Research and development	125.6		95.4
Sales and marketing	73.3		64.9
General and administrative	32.4		28.9
Total share-based compensation	$	260.3	$	212.9

As of October 31, 2021, total compensation cost related to unvested share-based awards not yet recognized was $2.3 billion. This cost is expected to be amortized over a weighted-average period of approximately 2.8 years.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Cash flows from operating activities
Net loss	$ (103.6)	$ (92.2)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-based compensation	259.1	205.8
Depreciation and amortization	69.0	58.0
Amortization of deferred contract costs	85.9	65.8
Amortization of debt discount and debt issuance costs	1.8	35.1
Amortization of operating lease right-of-use assets	12.7	10.0
Amortization of investment premiums, net of accretion of purchase discounts	3.6	2.7
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	428.4	382.3
Deferred contract costs	(63.8)	(59.3)
Prepaid expenses and other assets	(72.8)	(37.6)
Accounts payable	37.6	(17.7)
Accrued compensation	(179.8)	(134.8)
Accrued and other liabilities	(23.4)	(20.0)
Deferred revenue	134.2	136.8
Net cash provided by operating activities	588.9	534.9
Cash flows from investing activities
Purchases of investments	(439.1)	(829.7)
Proceeds from sales of investments	36.1	0.0
Proceeds from maturities of investments	225.1	198.2
Business acquisitions, net of cash acquired	(17.4)	(225.1)
Purchases of property, equipment, and other assets	(34.6)	(29.6)
Net cash used in investing activities	(229.9)	(886.2)
Cash flows from financing activities
Repurchases of common stock	0.0	(500.0)
Proceeds from sales of shares through employee equity incentive plans	58.7	45.4
Payments for taxes related to net settlement of equity awards	(20.0)	(9.7)
Payments for debt issuance costs	0.0	(0.2)
Net cash provided by (used in) financing activities	38.7	(464.5)
Net increase (decrease) in cash, cash equivalents, and restricted cash	397.7	(815.8)
Cash, cash equivalents, and restricted cash - beginning of period	1,880.1	2,961.7
Cash, cash equivalents, and restricted cash - end of period	$ 2,277.8	$ 2,145.9

Description of Business and Summary of Significant Accounting Policies (Notes)	3 Months Ended
	Oct. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies Description of Business Palo Alto Networks, Inc. (the “Company,” “we,” “us,” or “our”), headquartered in Santa Clara, California, was incorporated in March 2005 under the laws of the State of Delaware and commenced operations in April 2005. We empower enterprises, service providers, and government entities to secure all users, applications, data, networks, clouds and devices with comprehensive visibility and context continuously across all locations. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), consistent in all material respects with those applied in our Annual Report on Form 10-K for the fiscal year ended July 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on September 3, 2021. Our condensed consolidated financial statements include our accounts and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Our condensed consolidated financial statements are unaudited but include all adjustments of a normal recurring nature necessary for a fair presentation of our quarterly results. Certain prior period amounts have been reclassified to conform to our current period presentation. Our condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the fiscal year ended July 31, 2021. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and also on assumptions that we believe are reasonable. Actual results could differ materially from those estimates due to risks and uncertainties, including uncertainty in the economic environment due to the global impact of the coronavirus disease discovered in 2019 (“COVID-19”). Summary of Significant Accounting Policies There have been no material changes to our significant accounting policies as of and for the three months ended October 31, 2021, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended July 31, 2021, except for the change in our accounting policies due to our adoption of recently issued guidance. Refer to “Recently Adopted Accounting Pronouncements” below. Recently Adopted Accounting Pronouncements Acquired Contract Assets and Contract Liabilities In October 2021, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that requires companies to apply revenue guidance to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination on the acquisition date, instead of measuring them at fair value. We early adopted this guidance in our first quarter of fiscal 2022 on a prospective basis. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. Debt with Conversion Options In August 2020, the FASB issued authoritative guidance that simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instrument. The standard reduces the number of models used to account for convertible instruments and simplifies the classification of debt on the balance sheet. We adopted this standard in our first quarter of fiscal 2022 using the modified-retrospective approach, under which, financial results reported in periods prior to fiscal 2022 were not adjusted. The adoption of this standard resulted in an increase to convertible senior notes, net of $444.3 million, a decrease to accumulated deficit of $266.7 million, and a decrease to additional paid-in capital and temporary equity of $711.0 million upon adoption. Below is the update to our Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the fiscal year ended July 31, 2021 as a result of the adoption of the above guidance. Business Combinations We include the results of operations of the businesses that we acquire as of the respective dates of acquisition. We generally allocate the fair value of the purchase price of our acquisitions to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the values of these identifiable assets and liabilities is recorded as goodwill. Additional information existing as of the acquisition date but unknown to us may become known during the remainder of the measurement period, not to exceed 12 months from the acquisition date, which may result in changes to the amounts and allocations recorded. Convertible Senior Notes Prior to August 1, 2021, our convertible senior notes were separated into a liability and an equity component. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that did not have an associated convertible feature, using a discounted cash flow model with a risk adjusted yield. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the notes as a whole. This difference represented a debt discount that was amortized to interest expense using the effective interest method over the term of the notes. The equity component was not remeasured as it continued to meet the conditions for equity classification. Transaction costs related to the issuance of the notes were allocated to the liability and equity components using the same proportions as the proceeds from the notes. Transaction costs attributable to the liability component were netted with the liability component and amortized to interest expense using the effective interest method over the term of the notes. Transaction costs attributable to the equity component were netted with the equity component of the notes in additional paid-in capital. Upon the notes becoming convertible, the net carrying amount of the liability component was classified as a current liability and a portion of the equity component representing the conversion option was reclassified to temporary equity. The portion of the equity component classified as temporary equity was measured as the difference between the principal and net carrying amount of the notes, excluding debt issuance costs. Upon adoption of the new debt guidance on August 1, 2021, our convertible senior notes are accounted for entirely as a liability and measured at their amortized cost. Transaction costs related to the issuance of the notes are netted with the liability and are amortized on a straight-line basis, which approximates the effective interest rate method, to interest expense over the term of the notes. Refer to Note 9. Debt for additional information.

Net Loss Per Share (Computation of Basic and Diluted Net Loss Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Earnings Per Share [Abstract]
Net loss	$ (103.6)	$ (92.2)
Weighted-average shares used to compute net loss per share, basic and diluted (in shares)	97.6	95.5
Net loss per share, basic and diluted (in usd per share)	$ (1.06)	$ (0.97)

- Definition

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

+ References

+ Details

Description of Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Oct. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation and principles of consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), consistent in all material respects with those applied in our Annual Report on Form 10-K for the fiscal year ended July 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on September 3, 2021. Our condensed consolidated financial statements include our accounts and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Our condensed consolidated financial statements are unaudited but include all adjustments of a normal recurring nature necessary for a fair presentation of our quarterly results. Certain prior period amounts have been reclassified to conform to our current period presentation. Our condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the fiscal year ended July 31, 2021.
Use of estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and also on assumptions that we believe are reasonable. Actual results could differ materially from those estimates due to risks and uncertainties, including uncertainty in the economic environment due to the global impact of the coronavirus disease discovered in 2019 (“COVID-19”).
Recently adopted and issued accounting pronouncements	Recently Adopted Accounting Pronouncements Acquired Contract Assets and Contract Liabilities In October 2021, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that requires companies to apply revenue guidance to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination on the acquisition date, instead of measuring them at fair value. We early adopted this guidance in our first quarter of fiscal 2022 on a prospective basis. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. Debt with Conversion Options In August 2020, the FASB issued authoritative guidance that simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instrument. The standard reduces the number of models used to account for convertible instruments and simplifies the classification of debt on the balance sheet. We adopted this standard in our first quarter of fiscal 2022 using the modified-retrospective approach, under which, financial results reported in periods prior to fiscal 2022 were not adjusted. The adoption of this standard resulted in an increase to convertible senior notes, net of $444.3 million, a decrease to accumulated deficit of $266.7 million, and a decrease to additional paid-in capital and temporary equity of $711.0 million upon adoption. Below is the update to our Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the fiscal year ended July 31, 2021 as a result of the adoption of the above guidance.
Business combinations	Business Combinations We include the results of operations of the businesses that we acquire as of the respective dates of acquisition. We generally allocate the fair value of the purchase price of our acquisitions to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the values of these identifiable assets and liabilities is recorded as goodwill. Additional information existing as of the acquisition date but unknown to us may become known during the remainder of the measurement period, not to exceed 12 months from the acquisition date, which may result in changes to the amounts and allocations recorded.
Convertible senior notes	Convertible Senior Notes Prior to August 1, 2021, our convertible senior notes were separated into a liability and an equity component. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that did not have an associated convertible feature, using a discounted cash flow model with a risk adjusted yield. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the notes as a whole. This difference represented a debt discount that was amortized to interest expense using the effective interest method over the term of the notes. The equity component was not remeasured as it continued to meet the conditions for equity classification. Transaction costs related to the issuance of the notes were allocated to the liability and equity components using the same proportions as the proceeds from the notes. Transaction costs attributable to the liability component were netted with the liability component and amortized to interest expense using the effective interest method over the term of the notes. Transaction costs attributable to the equity component were netted with the equity component of the notes in additional paid-in capital. Upon the notes becoming convertible, the net carrying amount of the liability component was classified as a current liability and a portion of the equity component representing the conversion option was reclassified to temporary equity. The portion of the equity component classified as temporary equity was measured as the difference between the principal and net carrying amount of the notes, excluding debt issuance costs. Upon adoption of the new debt guidance on August 1, 2021, our convertible senior notes are accounted for entirely as a liability and measured at their amortized cost. Transaction costs related to the issuance of the notes are netted with the liability and are amortized on a straight-line basis, which approximates the effective interest rate method, to interest expense over the term of the notes.
Fair value measurements	Fair Value Measurements We categorize assets and liabilities recorded or disclosed at fair value on our condensed consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. The categories are as follows: •Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. •Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments. •Level 3—Inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation.

Debt (Notes)

3 Months Ended

Oct. 31, 2021

Debt Disclosure [Abstract]

Debt

Convertible Senior Notes

In July 2018, we issued $1.7 billion aggregate principal amount of 0.75% Convertible Senior Notes due 2023 (the “2023 Notes”) and in June 2020, we issued $2.0 billion aggregate principal amount of 0.375% Convertible Senior Notes due 2025 (the “2025 Notes,” and together with the 2023 Notes, the “Notes”). The 2023 Notes bear interest at a fixed rate of 0.75% per year, payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2019. The 2025 Notes bear interest at a fixed rate of 0.375% per year, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2020. Each series of the convertible notes is governed by an indenture between us, as the issuer, and U.S. Bank National Association, as Trustee (individually, each an “Indenture,” and together, the “Indentures”). The Notes of each series are unsecured, unsubordinated obligations and the applicable Indenture governing each series of Notes does 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 2023 Notes and the 2025 Notes mature on July 1, 2023 and June 1, 2025, respectively. We cannot redeem the 2023 Notes prior to maturity. We may redeem for cash all or any portion of the 2025 Notes, at our option, on or after June 5, 2023, and prior to the 31st scheduled trading day immediately preceding the maturity date 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 during any 30 consecutive trading day period ending on and including the trading day preceding the date on which we provide notice of redemption. The redemption will be at a price equal to 100% of the principal amount of the 2025 Notes and adjusted for interest. If we call any or all of the 2025 Notes for redemption, holders may convert such 2025 Notes called for redemption at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date.

The following table presents details of our Notes (number of shares in millions):


	Conversion Rate per $1,000 Principal	Initial Conversion Price		Convertible Date	Initial Number of Shares
2023 Notes	3.7545	$	266.35	April 1, 2023	6.4
2025 Notes	3.3602	$	297.60	March 1, 2025	6.7

Holders of the Notes may surrender their Notes for conversion at their option at any time prior to the close of business on the business day immediately preceding their respective convertible dates only under the following circumstances:

•during any fiscal quarter commencing after the fiscal quarters ending on October 31, 2018 and October 31, 2020 for the 2023 Notes and the 2025 Notes, respectively (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 the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price for the respective Notes on each applicable trading day (the “sale price condition”);

•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 applicable series of 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 applicable conversion rate for the respective Notes on each such trading day; or

•upon the occurrence of specified corporate events.

On or after the respective convertible date, holders may surrender all or any portion of their Notes for conversion at any time prior to the close of business on the second scheduled trading day immediately preceding the applicable maturity date regardless of the foregoing conditions, and such conversions will be settled upon the applicable maturity date. Upon conversion, holders of the Notes of a series will receive cash equal to the aggregate principal amount of the Notes of such series to be converted, and, at our election, cash and/or shares of our common stock for any amounts in excess of the aggregate principal amount of the Notes of such series being converted.

The conversion price will be subject to adjustment in some events. Holders of the Notes of a series who convert their Notes of such series in connection with certain corporate events that constitute a “make-whole fundamental change” under the applicable Indenture are, under certain circumstances, entitled to an increase in the conversion rate for such series of Notes. Additionally, upon the occurrence of a corporate event that constitutes a “fundamental change” under the applicable Indenture, holders of the Notes of such series may require us to repurchase for cash all or a portion of the Notes of such series at a repurchase price equal to 100% of the principal amount of the Notes of such series plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

The sale price condition for the Notes was met during the fiscal quarter ended October 31, 2021, and as a result, holders may convert their Notes at any time during the fiscal quarter ending January 31, 2022. Accordingly, the net carrying amount of the Notes was classified as a current liability on our condensed consolidated balance sheet as of October 31, 2021.

The following table sets forth the components of the Notes as of October 31, 2021 and July 31, 2021 (in millions):


	October 31, 2021 (1)						July 31, 2021
	2023 Notes		2025 Notes		Total			2023 Notes		2025 Notes		Total
Liability component:
Principal	$	1,692.0	$	2,000.0	$	3,692.0		$	1,692.0	$	2,000.0	$	3,692.0
Less: debt discount and debt issuance costs, net of amortization	(4.7)		(15.2)		(19.9)			(134.1)		(331.9)		(466.0)
Net carrying amount	$	1,687.3	$	1,984.8	$	3,672.1		$	1,557.9	$	1,668.1	$	3,226.0
Equity component (including amounts classified as temporary equity)	$	—	$	—	$	—		$	315.0	$	403.0	$	718.0

______________

(1) As described in Note 1. Description of Business and Summary of Significant Accounting Policies, we adopted new debt guidance effective August 1, 2021, using a modified retrospective method, under which financial results reported in prior periods were not adjusted. Upon adoption, our convertible senior notes are accounted for entirely as a liability and measured at their amortized cost. Transaction costs related to the issuance of the notes are netted with the liability and are amortized on a straight-line basis, which approximates the effective interest rate method, to interest expense over the term of the notes.

The total estimated fair value of the 2023 Notes and 2025 Notes were $3.2 billion and $3.4 billion at October 31, 2021, respectively and $2.6 billion and $2.9 billion at July 31, 2021, respectively. The fair value was determined based on the closing trading price per $100 of the applicable series of the Notes as of the last day of trading for the period. We consider the fair value of the Notes at October 31, 2021 and July 31, 2021 to be a Level 2 measurement. The fair value of the Notes is primarily affected by the trading price of our common stock and market interest rates.

The following table sets forth interest expense recognized related to the Notes (dollars in millions):


	Three Months Ended October 31,
	2021								2020
	2023 Notes			2025 Notes			Total		2023 Notes		2025 Notes			Total
Contractual interest expense	$	3.2		$	1.9		$	5.1	$	3.2	$	1.9		$	5.1
Amortization of debt discount(1)	—			—			—		15.7		18.2			33.9
Amortization of debt issuance costs	0.7			1.1			1.8		0.5		0.7			1.2
Total interest expense	$	3.9		$	3.0		$	6.9	$	19.4	$	20.8		$	40.2
Effective interest rate	0.9		%	0.6		%			5.2%		5.4		%

______________

(1) Upon adoption of the new debt guidance, the conversion option is no longer separately accounted for as debt discount. Our convertible senior notes are accounted for entirely as a liability.

Note Hedges

To minimize the impact of potential economic dilution upon conversion of our Notes, we entered into separate convertible note hedge transactions (the “2023 Note Hedges,” with respect to the 2023 Notes, the “2025 Note Hedges,” with respect to the 2025 Notes, and the 2023 Notes Hedges together with 2025 Note Hedges, the “Note Hedges”) with respect to our common stock concurrent with the issuance of each series of the Notes.

The following table presents details of our Note Hedges (in millions):


	Initial Number of Shares	Aggregate Purchase
2023 Note Hedges	6.4	$	332.0
2025 Note Hedges	6.7	$	370.8

The Note Hedges cover shares of our common stock at a strike price per share that corresponds to the initial applicable conversion price of the applicable series of the Notes, which are also subject to adjustment, and are exercisable upon conversion of the applicable series of the Notes. The Note Hedges will expire upon maturity of the applicable series of the Notes. The Note Hedges are separate transactions and are not part of the terms of the applicable series of the Notes. Holders of the Notes of either series will not have any rights with respect to the Note Hedges. Any shares of our common stock receivable by us under the Note Hedges are excluded from the calculation of diluted earnings per share as they are antidilutive. The aggregate amounts paid for the Note Hedges are included in additional paid-in capital in our condensed consolidated balance sheets.

Warrants

Separately, but concurrently with the issuance of each series of our Notes, we entered into transactions whereby we sold warrants (the “2023 Warrants,” with respect to the 2023 Notes, the “2025 Warrants,” with respect to the 2025 Notes, and the 2023 Warrants together with the 2025 Warrants, the “Warrants”) to acquire shares of our common stock, subject to anti-dilution adjustments. The 2023 Warrants and 2025 Warrants are exercisable beginning October 2023 and September 2025, respectively.

The following table presents details of the Warrants (in millions, except per share data):


	Initial Number of Shares	Strike Price per Share		Aggregate Proceeds
2023 Warrants	6.4	$	417.80	$	145.4
2025 Warrants	6.7	$	408.47	$	202.8

The shares issuable under the Warrants will be included in the calculation of diluted earnings per share when the average market value per share of our common stock for the reporting period exceeds the applicable strike price for such series of Warrants. The Warrants are separate transactions and are not part of either series of Notes or Note Hedges and are not remeasured through earnings each reporting period. Holders of the Notes of either series will not have any rights with respect to the Warrants. The aggregate proceeds received from the sale of the Warrants are included in additional paid-in capital in our condensed consolidated balance sheets.

Revolving Credit Facility

On September 4, 2018, we entered into a credit agreement (the “Credit Agreement”) with certain institutional lenders that provides for a $400.0 million unsecured revolving credit facility (the “Credit Facility”), with an option to increase the amount of the Credit Facility by up to an additional $350.0 million, subject to certain conditions. The Credit Facility matures on the earlier of (i) September 4, 2023 and (ii) the date that is 91 days prior to the stated maturity of our 2023 Notes if (a) any of the 2023 Notes are

still outstanding and (b) our unrestricted cash and cash equivalents are less than the then outstanding principal amount of our 2023 Notes plus $400.0 million.

The borrowings under the Credit Facility currently bear interest, at our option, at a base rate plus a spread of 0.00% to 0.75%, or an adjusted LIBO Rate plus a spread of 1.00% to 1.75%, in each case with such spread being determined based on our leverage ratio. We are obligated to pay an ongoing commitment fee on undrawn amounts at a rate of 0.125% to 0.250%, depending on our leverage ratio. In March 2021, the ICE Benchmark Administration, the administrator of LIBO Rate, announced that it will cease publication of LIBO rate by June 2023. Under the terms of our Credit Facility, in the event of the discontinuance of the LIBO Rate, a mutually agreed-upon alternative benchmark rate will be established to replace the LIBO Rate, which may include the Secured Overnight Financing Rate (“SOFR”). We do not anticipate that the discontinuance of the LIBO Rate will materially impact our liquidity or financial position.

As of October 31, 2021, there were no amounts outstanding and we were in compliance with all covenants under the Credit Agreement.

Goodwill and Intangible Assets (Notes)

3 Months Ended

Oct. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The following table presents details of our goodwill during the three months ended October 31, 2021 (in millions):


	Amount
Balance as of July 31, 2021	$	2,710.1
Goodwill acquired	22.2

Balance as of October 31, 2021	$	2,732.3

Purchased Intangible Assets

The following table presents details of our purchased intangible assets as of October 31, 2021 and July 31, 2021 (in millions):


	October 31, 2021						July 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets subject to amortization:
Developed technology	$	600.7	$	(270.1)	$	330.6	$	596.2	$	(243.8)	$	352.4
Customer relationships	172.7		(36.0)		136.7		172.7		(30.6)		142.1
Acquired intellectual property	7.9		(3.9)		4.0		7.9		(3.8)		4.1
Trade name and trademarks	9.4		(9.4)		—		9.4		(9.4)		—
Other	—		—		—		1.8		(1.8)		—



Total purchased intangible assets	$	790.7	$	(319.4)	$	471.3	$	788.0	$	(289.4)	$	498.6

We recognized amortization expense of $31.8 million and $23.6 million for the three months ended October 31, 2021 and 2020, respectively.

The following table summarizes estimated future amortization expense of our intangible assets as of October 31, 2021 (in millions):


			Fiscal years ending July 31,
	Total		Remaining 2022		2023		2024		2025		2026		2027 and thereafter
Future amortization expense	$	471.3	$	94.6	$	100.3	$	90.4	$	76.7	$	55.1	$	54.2

Debt (Tables)

3 Months Ended

Oct. 31, 2021

Debt Disclosure [Abstract]

Convertible senior notes details

The following table presents details of our Notes (number of shares in millions):


	Conversion Rate per $1,000 Principal	Initial Conversion Price		Convertible Date	Initial Number of Shares
2023 Notes	3.7545	$	266.35	April 1, 2023	6.4
2025 Notes	3.3602	$	297.60	March 1, 2025	6.7

Components of convertible senior notes

The following table sets forth the components of the Notes as of October 31, 2021 and July 31, 2021 (in millions):


	October 31, 2021 (1)						July 31, 2021
	2023 Notes		2025 Notes		Total			2023 Notes		2025 Notes		Total
Liability component:
Principal	$	1,692.0	$	2,000.0	$	3,692.0		$	1,692.0	$	2,000.0	$	3,692.0
Less: debt discount and debt issuance costs, net of amortization	(4.7)		(15.2)		(19.9)			(134.1)		(331.9)		(466.0)
Net carrying amount	$	1,687.3	$	1,984.8	$	3,672.1		$	1,557.9	$	1,668.1	$	3,226.0
Equity component (including amounts classified as temporary equity)	$	—	$	—	$	—		$	315.0	$	403.0	$	718.0

______________

Interest expense recognized related to the convertible senior notes

The following table sets forth interest expense recognized related to the Notes (dollars in millions):


	Three Months Ended October 31,
	2021								2020
	2023 Notes			2025 Notes			Total		2023 Notes		2025 Notes			Total
Contractual interest expense	$	3.2		$	1.9		$	5.1	$	3.2	$	1.9		$	5.1
Amortization of debt discount(1)	—			—			—		15.7		18.2			33.9
Amortization of debt issuance costs	0.7			1.1			1.8		0.5		0.7			1.2
Total interest expense	$	3.9		$	3.0		$	6.9	$	19.4	$	20.8		$	40.2
Effective interest rate	0.9		%	0.6		%			5.2%		5.4		%

______________

(1) Upon adoption of the new debt guidance, the conversion option is no longer separately accounted for as debt discount. Our convertible senior notes are accounted for entirely as a liability.

Note hedges details

The following table presents details of our Note Hedges (in millions):


	Initial Number of Shares	Aggregate Purchase
2023 Note Hedges	6.4	$	332.0
2025 Note Hedges	6.7	$	370.8

Warrants details

The following table presents details of the Warrants (in millions, except per share data):


	Initial Number of Shares	Strike Price per Share		Aggregate Proceeds
2023 Warrants	6.4	$	417.80	$	145.4
2025 Warrants	6.7	$	408.47	$	202.8

Equity Award Plans (Allocation of Share-Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	$ 260.3	$ 212.9
Cost of revenue \| Product
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	2.3	1.5
Cost of revenue \| Subscription and support
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	26.7	22.2
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	125.6	95.4
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	73.3	64.9
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	$ 32.4	$ 28.9

Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 31.8	$ 23.6

Cash Equivalents and Investments (Available-for-Sale Securities) (Details) - USD ($) $ in Millions	Oct. 31, 2021	Jul. 31, 2021
Debt Securities, Available-for-sale
Amortized Cost	$ 2,334.6
Fair Value	2,333.9
Cash equivalents:
Debt Securities, Available-for-sale
Amortized Cost	246.6	$ 267.7
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	0.0
Fair Value	246.6	267.7
Cash equivalents: \| Certificates of deposit
Debt Securities, Available-for-sale
Amortized Cost	150.5	150.4
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	0.0
Fair Value	150.5	150.4
Cash equivalents: \| Corporate debt securities
Debt Securities, Available-for-sale
Amortized Cost	26.1	1.0
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	0.0
Fair Value	26.1	1.0
Cash equivalents: \| U.S. government and agency securities
Debt Securities, Available-for-sale
Amortized Cost	70.0	116.3
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	0.0
Fair Value	70.0	116.3
Investments:
Debt Securities, Available-for-sale
Amortized Cost	2,088.0	1,913.7
Unrealized Gains	0.7	1.6
Unrealized Losses	(1.4)	(0.1)
Fair Value	2,087.3	1,915.2
Investments: \| Certificates of deposit
Debt Securities, Available-for-sale
Amortized Cost	156.5	17.4
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	0.0
Fair Value	156.5	17.4
Investments: \| Corporate debt securities
Debt Securities, Available-for-sale
Amortized Cost	428.2	389.2
Unrealized Gains	0.1	0.5
Unrealized Losses	(0.5)	(0.1)
Fair Value	427.8	389.6
Investments: \| U.S. government and agency securities
Debt Securities, Available-for-sale
Amortized Cost	1,442.6	1,435.1
Unrealized Gains	0.6	1.1
Unrealized Losses	(0.9)	0.0
Fair Value	1,442.3	1,436.2
Investments: \| Non-U.S. government and agency securities
Debt Securities, Available-for-sale
Amortized Cost	60.7	72.0
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	0.0
Fair Value	$ 60.7	$ 72.0

Equity Award Plans (Allocation of Share-based Compensation, Additional Information) - Narrative (Details) $ in Billions	3 Months Ended
	Oct. 31, 2021 USD ($)
Share-based Payment Arrangement [Abstract]
Total compensation cost not yet recognized, unvested awards	$ 2.3
Share based compensation, cost not yet recognized, amortization period	2 years 9 months 18 days

Equity Award Plans (Performance Stock Option (PSO) and Performance-Based Stock Unit (PSU) Activities) - Narrative (Details) shares in Millions	3 Months Ended	12 Months Ended		24 Months Ended
	Oct. 31, 2021 shares	Jul. 31, 2019 day $ / shares	Jul. 31, 2018 day $ / shares	Oct. 31, 2023 shares
2012 Equity Incentive Plan
PSOs, Additional Disclosures
Threshold consecutive trading days (in days) \| day		30	30
PSOs \| 2012 Equity Incentive Plan
PSOs, Additional Disclosures
Performance stock options to vest on anniversary of grant date, subject to continued service		25.00%	25.00%
PSOs \| 2012 Equity Incentive Plan \| Maximum
PSOs, Additional Disclosures
Expiration period		7 years 6 months	7 years 6 months
PSOs \| Performance Period 1 \| 2012 Equity Incentive Plan
PSOs, Additional Disclosures
Target stock price (in usd per share)		$ 297.75	$ 297.75
Award performance period		4 years	4 years
PSOs \| Performance Period 2 \| 2012 Equity Incentive Plan
PSOs, Additional Disclosures
Target stock price (in usd per share)		$ 397.00	$ 397.00
Award performance period		5 years	5 years
PSOs \| Performance Period 3 \| 2012 Equity Incentive Plan
PSOs, Additional Disclosures
Target stock price (in usd per share)		$ 496.25	$ 496.25
Award performance period		6 years	6 years
PSOs \| Performance Period 4 \| 2012 Equity Incentive Plan
PSOs, Additional Disclosures
Target stock price (in usd per share)		$ 595.50	$ 595.50
Award performance period		7 years 6 months	7 years 6 months
PSUs
PSOs, Additional Disclosures
Granted subject to service, performance, and market conditions (in shares) \| shares	0.3
PSUs \| Minimum
PSOs, Additional Disclosures
Award vesting period	1 year
PSUs \| Maximum
PSOs, Additional Disclosures
Award vesting period	4 years
PSUs subject to service, performance, and market conditions
PSOs, Additional Disclosures
Granted subject to service, performance, and market conditions (in shares) \| shares	0.1
PSUs subject to service, performance, and market conditions \| Future grants
PSOs, Additional Disclosures
Granted subject to service, performance, and market conditions (in shares) \| shares				0.1

Revenue (Notes)

3 Months Ended

Oct. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table presents revenue by geographic theater (in millions):


	Three Months Ended October 31,
	2021		2020
Revenue:
Americas
United States	$	811.7	$	624.4
Other Americas	55.0		42.1
Total Americas	866.7		666.5
Europe, the Middle East, and Africa (“EMEA”)	233.8		173.4
Asia Pacific and Japan (“APAC”)	146.9		106.1
Total revenue	$	1,247.4	$	946.0

The following table presents revenue for groups of similar products and services (in millions):


	Three Months Ended October 31,
	2021		2020
Revenue:
Product	$	295.5	$	237.3
Subscription and support
Subscription	578.8		428.0
Support	373.1		280.7
Total subscription and support	951.9		708.7
Total revenue	$	1,247.4	$	946.0

Deferred Revenue

During the three months ended October 31, 2021 and 2020, we recognized approximately $840.0 million and $630.0 million of revenue pertaining to amounts that were deferred as of July 31, 2021 and 2020, respectively.

Remaining Performance Obligations

Revenue expected to be recognized from remaining performance obligations was $6.0 billion as of October 31, 2021, of which we expect to recognize approximately $3.2 billion over the next 12 months and the remainder thereafter.

- 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

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Oct. 31, 2021	Jul. 31, 2021
Current assets:
Allowance for doubtful accounts	$ 13.5	$ 11.2
Stockholders’ equity:
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000.0	100,000,000.0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	98,700,000	97,300,000
Common stock, shares outstanding (in shares)	98,700,000	97,300,000

Revenue (Tables)

3 Months Ended

Oct. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from external customers by geographic areas

The following table presents revenue by geographic theater (in millions):


	Three Months Ended October 31,
	2021		2020
Revenue:
Americas
United States	$	811.7	$	624.4
Other Americas	55.0		42.1
Total Americas	866.7		666.5
Europe, the Middle East, and Africa (“EMEA”)	233.8		173.4
Asia Pacific and Japan (“APAC”)	146.9		106.1
Total revenue	$	1,247.4	$	946.0

Revenue from external customers by products and services

The following table presents revenue for groups of similar products and services (in millions):


	Three Months Ended October 31,
	2021		2020
Revenue:
Product	$	295.5	$	237.3
Subscription and support
Subscription	578.8		428.0
Support	373.1		280.7
Total subscription and support	951.9		708.7
Total revenue	$	1,247.4	$	946.0

Revenue (Disaggregation of Revenue - Geographic Theater) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Disaggregation of Revenue
Revenue:	$ 1,247.4	$ 946.0
United States
Disaggregation of Revenue
Revenue:	811.7	624.4
Other Americas
Disaggregation of Revenue
Revenue:	55.0	42.1
Total Americas
Disaggregation of Revenue
Revenue:	866.7	666.5
Europe, the Middle East, and Africa (“EMEA”)
Disaggregation of Revenue
Revenue:	233.8	173.4
Asia Pacific and Japan (“APAC”)
Disaggregation of Revenue
Revenue:	$ 146.9	$ 106.1

- Definition

+ References

+ Details

Debt (Additional Details) (Details) $ / shares in Units, shares in Millions, $ in Billions	Jun. 03, 2020 USD ($) shares day $ / shares	Jul. 31, 2018 USD ($) shares day $ / shares	Oct. 31, 2021 USD ($)	Jul. 31, 2021 USD ($)
2023 Notes
Debt Instrument, Redemption
Aggregate principal amount \| $		$ 1.7
Contractual interest rate (in percentage)		0.75%
Debt instrument, redemption price, percentage		100.00%
Initial conversion rate (in shares per $1,000 principal amount)		3.7545
Initial conversion price (in usd per share) \| $ / shares		$ 266.35
Number of common stock convertible at initial conversion rate (in shares) \| shares		6.4
2023 Notes \| Level 2
Debt Instrument, Redemption
Fair value of convertible senior notes \| $			$ 3.2	$ 2.6
2025 Notes
Debt Instrument, Redemption
Aggregate principal amount \| $	$ 2.0
Contractual interest rate (in percentage)	0.375%
Threshold percentage of notes price trigger, per $1,000 principal (in percentage)	130.00%
Threshold trading days (in days)	20
Threshold consecutive trading days (in days)	30
Debt instrument, redemption price, percentage	100.00%
Initial conversion rate (in shares per $1,000 principal amount)	3.3602
Initial conversion price (in usd per share) \| $ / shares	$ 297.60
Number of common stock convertible at initial conversion rate (in shares) \| shares	6.7
2025 Notes \| Level 2
Debt Instrument, Redemption
Fair value of convertible senior notes \| $			$ 3.4	$ 2.9
2023 Notes, option to convert
Debt Instrument, Redemption
Threshold percentage of notes price trigger, per $1,000 principal (in percentage)		98.00%
Threshold trading days (in days)		20
Threshold consecutive trading days (in days)		30
Threshold percentage of stock price trigger (in percentage)		130.00%
Threshold business days, per $1,000 principal (in days)		5
Threshold consecutive trading days, per $1,000 principal (in days)		5
2025 Notes, option to convert
Debt Instrument, Redemption
Threshold percentage of notes price trigger, per $1,000 principal (in percentage)	98.00%
Threshold trading days (in days)	20
Threshold consecutive trading days (in days)	30
Threshold percentage of stock price trigger (in percentage)	130.00%
Threshold business days, per $1,000 principal (in days)	5
Threshold consecutive trading days, per $1,000 principal (in days)	5

Goodwill and Intangible Assets (Purchased Intangible Assets by Major Class) (Details) - USD ($) $ in Millions	Oct. 31, 2021	Jul. 31, 2021
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 790.7	$ 788.0
Accumulated Amortization	(319.4)	(289.4)
Net Carrying Amount	471.3	498.6
Developed technology
Finite-Lived Intangible Assets
Gross Carrying Amount	600.7	596.2
Accumulated Amortization	(270.1)	(243.8)
Net Carrying Amount	330.6	352.4
Customer relationships
Finite-Lived Intangible Assets
Gross Carrying Amount	172.7	172.7
Accumulated Amortization	(36.0)	(30.6)
Net Carrying Amount	136.7	142.1
Acquired intellectual property
Finite-Lived Intangible Assets
Gross Carrying Amount	7.9	7.9
Accumulated Amortization	(3.9)	(3.8)
Net Carrying Amount	4.0	4.1
Trade name and trademarks
Finite-Lived Intangible Assets
Gross Carrying Amount	9.4	9.4
Accumulated Amortization	(9.4)	(9.4)
Net Carrying Amount	0.0	0.0
Other
Finite-Lived Intangible Assets
Gross Carrying Amount	0.0	1.8
Accumulated Amortization	0.0	(1.8)
Net Carrying Amount	$ 0.0	$ 0.0

Goodwill and Intangible Assets (Future Amortization Expense of Intangible Assets) (Details) $ in Millions	Oct. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining 2022	$ 94.6
2023	100.3
2024	90.4
2025	76.7
2026	55.1
2027 and thereafter	54.2
Total	$ 471.3

Derivative Instruments (Notes)	3 Months Ended
Derivative Instruments (Notes)	Oct. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments As a global business, we are exposed to currency exchange rate risk. Substantially all of our revenue is transacted in U.S. dollars, however, a portion of our 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. We enter into foreign currency derivative contracts with maturities of 16 months or less, which we designate as cash flow hedges, to manage the foreign currency exchange rate risk associated with these expenditures. As of October 31, 2021 and July 31, 2021, the total notional amount of our outstanding foreign currency forward contracts including designated and non-designated derivative instruments was $564.0 million and $531.9 million, respectively. Refer to Note 3. Fair Value Measurements for the fair value of our foreign currency derivative instruments as reported on our condensed consolidated balance sheets as of October 31, 2021 and July 31, 2021. During the three months ended October 31, 2021 and 2020, both unrealized gains and losses recognized in AOCI related to our cash flow hedges and amounts reclassified into earnings were not material. Unrealized gains and losses in AOCI related to our cash flow hedges as of October 31, 2021 and July 31, 2021 were not material.

Debt (Note Hedges) (Details) - USD ($) shares in Millions, $ in Millions	Jun. 03, 2020	Jul. 31, 2018
2023 Note Hedges
Schedule of Note Hedge Transactions
Shares of common stock covered by note hedges (in shares)		6.4
Aggregate amount paid to purchase note hedges - additional paid-in capital		$ 332.0
2025 Note Hedges
Schedule of Note Hedge Transactions
Shares of common stock covered by note hedges (in shares)	6.7
Aggregate amount paid to purchase note hedges - additional paid-in capital	$ 370.8

Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Oct. 31, 2021	Aug. 01, 2021	Jul. 31, 2021
Debt Instruments
Decrease to accumulated deficit	$ (1,503.7)		$ (1,666.8)
Accounting Standards Update 2020-06
Debt Instruments
Decrease to accumulated deficit		$ 266.7
Decrease to additional paid in capital and temporary equity		711.0
Increase to convertible senior notes, net		$ 444.3

Cash Equivalents and Investments (Notes)

3 Months Ended

Oct. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Investments

Available-for-sale Debt Securities

The following tables summarize the amortized cost, unrealized gains and losses, and fair value of our available-for-sale debt securities as of October 31, 2021 and July 31, 2021 (in millions):


	October 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Certificates of deposit	$	150.5	$	—	$	—	$	150.5

Corporate debt securities	26.1		—		—		26.1
U.S. government and agency securities	70.0		—		—		70.0
Total available-for-sale cash equivalents	$	246.6	$	—	$	—	$	246.6
Investments:
Certificates of deposit	$	156.5	$	—	$	—	$	156.5

Corporate debt securities	428.2		0.1		(0.5)		427.8
U.S. government and agency securities	1,442.6		0.6		(0.9)		1,442.3
Non-U.S. government and agency securities	60.7		—		—		60.7
Total available-for-sale investments	$	2,088.0	$	0.7	$	(1.4)	$	2,087.3


	July 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Certificates of deposit	$	150.4	$	—	$	—	$	150.4
Corporate debt securities	1.0		—		—		1.0
U.S. government and agency securities	116.3		—		—		116.3
Total available-for-sale cash equivalents	$	267.7	$	—	$	—	$	267.7
Investments:
Certificates of deposit	$	17.4	$	—	$	—	$	17.4

Corporate debt securities	389.2		0.5		(0.1)		389.6
U.S. government and agency securities	1,435.1		1.1		—		1,436.2
Non-U.S. government and agency securities	72.0		—		—		72.0
Total available-for-sale investments	$	1,913.7	$	1.6	$	(0.1)	$	1,915.2

We do not intend to sell any of the securities in an unrealized loss position and it is not likely that we would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. We did not recognize any credit losses related to our available-for-sale debt securities during the three months ended October 31, 2021 and 2020.

The following table summarizes the amortized cost and fair value of our available-for-sale debt securities as of October 31, 2021, by contractual years-to-maturity (in millions):


	Amortized Cost		Fair Value
Due within one year	$	1,434.5	$	1,435.1
Due between one and three years	900.1		898.8
Total	$	2,334.6	$	2,333.9

Marketable Equity Securities

Marketable equity securities consist of money market funds and are included in cash and cash equivalents on our condensed consolidated balance sheets. As of October 31, 2021 and July 31, 2021, the carrying values of our marketable equity securities were $161.8 million and $124.2 million, respectively. There were no unrealized gains or losses recognized for these securities during the three months ended October 31, 2021 and 2020.

Revenue (Deferred Revenue) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with customer, liability, revenue recognized	$ 840	$ 630

Fair Value Measurements (Details) - Fair value, measurements, recurring - USD ($) $ in Millions	Oct. 31, 2021	Jul. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	$ 408.4	$ 391.9
Short-term investments:	1,188.5	1,026.9
Long-term investments:	898.8	888.3
Prepaid expenses and other current assets:	4.7	4.1
Other assets:	0.0	0.1
Total assets measured at fair value	2,500.4	2,311.3
Total accrued and other liabilities	8.8	6.4
Other long-term liabilities:	0.0	0.5
Total liabilities measured at fair value	8.8	6.9
Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	161.8	124.2
Short-term investments:	0.0	0.0
Long-term investments:	0.0	0.0
Prepaid expenses and other current assets:	0.0	0.0
Other assets:	0.0	0.0
Total assets measured at fair value	161.8	124.2
Total accrued and other liabilities	0.0	0.0
Other long-term liabilities:	0.0	0.0
Total liabilities measured at fair value	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	246.6	267.7
Short-term investments:	1,188.5	1,026.9
Long-term investments:	898.8	888.3
Prepaid expenses and other current assets:	4.7	4.1
Other assets:	0.0	0.1
Total assets measured at fair value	2,338.6	2,187.1
Total accrued and other liabilities	8.8	6.4
Other long-term liabilities:	0.0	0.5
Total liabilities measured at fair value	8.8	6.9
Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	0.0	0.0
Short-term investments:	0.0	0.0
Long-term investments:	0.0	0.0
Prepaid expenses and other current assets:	0.0	0.0
Other assets:	0.0	0.0
Total assets measured at fair value	0.0	0.0
Total accrued and other liabilities	0.0	0.0
Other long-term liabilities:	0.0	0.0
Total liabilities measured at fair value	0.0	0.0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	161.8	124.2
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	161.8	124.2
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	0.0	0.0
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	0.0	0.0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	150.5	150.4
Short-term investments:	151.5	12.4
Long-term investments:	5.0	5.0
Certificates of deposit \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	0.0	0.0
Short-term investments:	0.0	0.0
Long-term investments:	0.0	0.0
Certificates of deposit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	150.5	150.4
Short-term investments:	151.5	12.4
Long-term investments:	5.0	5.0
Certificates of deposit \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	0.0	0.0
Short-term investments:	0.0	0.0
Long-term investments:	0.0	0.0
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	26.1	1.0
Short-term investments:	200.0	208.9
Long-term investments:	227.8	180.7
Corporate debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	0.0	0.0
Short-term investments:	0.0	0.0
Long-term investments:	0.0	0.0
Corporate debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	26.1	1.0
Short-term investments:	200.0	208.9
Long-term investments:	227.8	180.7
Corporate debt securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	0.0	0.0
Short-term investments:	0.0	0.0
Long-term investments:	0.0	0.0
U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	70.0	116.3
Short-term investments:	804.7	762.1
Long-term investments:	637.6	674.1
U.S. government and agency securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	0.0	0.0
Short-term investments:	0.0	0.0
Long-term investments:	0.0	0.0
U.S. government and agency securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	70.0	116.3
Short-term investments:	804.7	762.1
Long-term investments:	637.6	674.1
U.S. government and agency securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents:	0.0	0.0
Short-term investments:	0.0	0.0
Long-term investments:	0.0	0.0
Non-U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short-term investments:	32.3	43.5
Long-term investments:	28.4	28.5
Non-U.S. government and agency securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short-term investments:
Long-term investments:	0.0	0.0
Non-U.S. government and agency securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short-term investments:	32.3	43.5
Long-term investments:	28.4	28.5
Non-U.S. government and agency securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short-term investments:
Long-term investments:	0.0	0.0
Foreign currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring Basis
Prepaid expenses and other current assets:	4.7	4.1
Other assets:	0.0	0.1
Accrued and other liabilities:	8.8	6.4
Other long-term liabilities:	0.0	0.5
Foreign currency forward contracts \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Prepaid expenses and other current assets:	0.0	0.0
Other assets:	0.0	0.0
Accrued and other liabilities:	0.0	0.0
Other long-term liabilities:	0.0	0.0
Foreign currency forward contracts \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Prepaid expenses and other current assets:	4.7	4.1
Other assets:	0.0	0.1
Accrued and other liabilities:	8.8	6.4
Other long-term liabilities:	0.0	0.5
Foreign currency forward contracts \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis
Prepaid expenses and other current assets:	0.0	0.0
Other assets:	0.0	0.0
Accrued and other liabilities:	0.0	0.0
Other long-term liabilities:	$ 0.0	$ 0.0

Commitments and Contingencies (Tables)

3 Months Ended

Oct. 31, 2021

Manufacturing products and components

Aggregate Future Purchase Commitments

Schedule of future non-cancelable purchase commitments for inventory and cloud services

The following table presents details of the aggregate future purchase commitments under these arrangements excluding obligations under contracts that we can cancel without a significant penalty as of October 31, 2021 (in millions):


			Fiscal years ending July 31,
	Total		Remaining 2022		2023		2024		2025		2026		2027 and thereafter
Manufacturing purchase commitments	$	358.9	$	159.5	$	94.4	$	30.0	$	35.0	$	40.0	$	—

Cloud and other services

Aggregate Future Purchase Commitments

Schedule of future non-cancelable purchase commitments for inventory and cloud services

The following table presents details of the aggregate future non-cancelable purchase commitments under these agreements as of October 31, 2021 (in millions):


			Fiscal years ending July 31,
	Total		Remaining 2022		2023		2024		2025		2026		2027 and thereafter
Other purchase commitments	$	1,405.8	$	28.8	$	186.6	$	302.7	$	345.9	$	541.0	$	0.8

Debt (Warrants) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Jun. 03, 2020	Jul. 31, 2018
2023 Warrants
Class of Warrant or Right
Warrants sold, shares authorized to sell to counterparties (in shares)		6.4
Strike price of warrants (in usd per share)		$ 417.80
Proceeds from issuance of warrants		$ 145.4
2025 Warrants
Class of Warrant or Right
Warrants sold, shares authorized to sell to counterparties (in shares)	6.7
Strike price of warrants (in usd per share)	$ 408.47
Proceeds from issuance of warrants	$ 202.8

Equity Award Plans (Restricted Stock Unit (RSU) and Performance-Based Stock Unit (PSU) Activities) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Oct. 31, 2021	Jul. 31, 2021
RSUs
RSUs and PSUs, Outstanding Roll Forward
Balance, beginning (in shares)	6.9
Granted (in shares)	1.3
Vested (in shares)	(0.8)
Forfeited (in shares)	(0.2)
Balance, ending (in shares)	7.2
RSUs and PSUs, Outstanding, Weighted-Average Grant-Date Fair Value Per Share
Balance, beginning (in usd per share)	$ 257.56
Granted (in usd per share)	478.45
Vested (in usd per share)	221.63
Forfeited (in usd per share)	246.56
Balance, ending (in usd per share)	$ 299.53
RSUs and PSUs, Additional Disclosures
Aggregate intrinsic value	$ 3,644.7	$ 2,760.2
PSUs
RSUs and PSUs, Outstanding Roll Forward
Balance, beginning (in shares)	1.3
Granted (in shares)	0.3
Vested (in shares)	(0.3)
Forfeited (in shares)	(0.1)
Balance, ending (in shares)	1.2
RSUs and PSUs, Outstanding, Weighted-Average Grant-Date Fair Value Per Share
Balance, beginning (in usd per share)	$ 292.93
Granted (in usd per share)	328.34
Vested (in usd per share)	243.90
Forfeited (in usd per share)	304.48
Balance, ending (in usd per share)	$ 311.24
RSUs and PSUs, Additional Disclosures
Aggregate intrinsic value	$ 628.6	$ 498.4

Income Taxes (Notes)	3 Months Ended
Income Taxes (Notes)	Oct. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesFor the three months ended October 31, 2021 and 2020, our provision for income taxes reflected an effective tax rate of negative 13.6% and negative 12.0%, respectively. Our effective tax rates for the three months ended October 31, 2021 and 2020 were negative as we recorded provision for income taxes on year-to-date losses. Our taxes are primarily due to foreign income tax and withholding tax. Our effective tax rates differed from the U.S. statutory tax rate primarily due to changes in our valuation allowance.

- 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

Equity Award Plans - (Performance Stock Option (PSO) Activities) (Details) - PSOs - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Oct. 31, 2021	Jul. 31, 2021
PSOs, Outstanding Roll Forward
Balance, beginning (in shares)	2.8
Forfeited (in shares)	(0.1)
Balance, ending (in shares)	2.7	2.8
PSOs, Outstanding, Weighted-Average Exercise Price Roll Forward
Balance, beginning (in usd per share)	$ 194.14
Forfeited (in usd per share)	184.24
Balance, ending (in usd per share)	$ 194.55	$ 194.14
PSOs, Additional Disclosures
Weighted-average remaining contractual life (in years)	3 years 10 months 24 days	4 years 2 months 12 days
Aggregate intrinsic value	$ 835.9	$ 566.8
Options exercisable (in shares)	2.7
Options exercisable, weighted-average exercise price (in usd per share)	$ 194.55
Options exercisable, weighted-average remaining contractual term (in years)	3 years 10 months 24 days
Options exercisable, aggregate intrinsic value	$ 835.9

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 31, 2021	Jul. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,272.9	$ 1,874.2
Short-term investments	1,188.5	1,026.9
Accounts receivable, net of allowance for credit losses of $13.5 and $11.2 at October 31, 2021 and July 31, 2021, respectively	812.1	1,240.4
Short-term deferred contract costs	272.9	276.5
Prepaid expenses and other current assets	292.7	229.3
Total current assets	4,839.1	4,647.3
Property and equipment, net	324.3	318.4
Operating lease right-of-use assets	251.8	262.9
Long-term investments	898.8	888.3
Long-term deferred contract costs	476.1	494.6
Goodwill	2,732.3	2,710.1
Intangible assets, net	471.3	498.6
Other assets	432.7	421.4
Total assets	10,426.4	10,241.6
Current liabilities:
Accounts payable	95.3	56.9
Accrued compensation	250.8	430.6
Accrued and other liabilities	324.6	329.4
Deferred revenue	2,801.6	2,741.9
Convertible senior notes, net	3,672.1	1,557.9
Total current liabilities	7,144.4	5,116.7
Convertible senior notes, net	0.0	1,668.1
Long-term deferred revenue	2,356.6	2,282.1
Long-term operating lease liabilities	299.5	313.4
Other long-term liabilities	107.0	97.7
Commitments and contingencies (Note 10)
Temporary equity	0.0	129.1
Stockholders’ equity:
Preferred stock; $0.0001 par value; 100.0 shares authorized; none issued and outstanding at October 31, 2021 and July 31, 2021	0.0	0.0
Common stock and additional paid-in capital; $0.0001 par value; 1,000.0 shares authorized; 98.7 and 97.3 shares issued and outstanding at October 31, 2021 and July 31, 2021, respectively	2,033.9	2,311.2
Accumulated other comprehensive loss	(11.3)	(9.9)
Accumulated deficit	(1,503.7)	(1,666.8)
Total stockholders’ equity	518.9	634.5
Total liabilities, temporary equity and stockholders’ equity	$ 10,426.4	$ 10,241.6

Commitments and Contingencies (Other Purchase Commitments) (Details) $ in Millions	3 Months Ended
	Oct. 31, 2021 USD ($) a
Cloud and other services
Aggregate Future Purchase Commitments
Total	$ 1,405.8
Remaining 2022	28.8
2023	186.6
2024	302.7
2025	345.9
2026	541.0
2027 and thereafter	0.8
Cloud and other services, no specified annual commitments
Aggregate Future Purchase Commitments
Minimum purchase commitment	163.0
Land purchase agreement
Aggregate Future Purchase Commitments
2023	$ 38.9
Number of acres of land to be purchased \| a	4.6

Financing Receivables (Tables)

3 Months Ended

Oct. 31, 2021

Receivables [Abstract]

Short- and long-term financing receivables

The following table summarizes our short-term and long-term financing receivables as of October 31, 2021 and July 31, 2021 (in millions):


	October 31, 2021		July 31, 2021
Short-term financing receivables, gross	$	104.9	$	80.0
Allowance for credit losses	(1.0)		(1.0)
Short-term financing receivables, net	$	103.9	$	79.0
Long-term financing receivables, gross	$	201.0	$	198.6
Allowance for credit losses	(3.2)		(4.3)
Long-term financing receivables, net	$	197.8	$	194.3

CONSOLIDATED STATEMENTS OF CASH FLOWS Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets - USD ($) $ in Millions	Oct. 31, 2021	Oct. 31, 2020
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$ 2,272.9	$ 2,142.0
Total cash, cash equivalents, and restricted cash	2,277.8	2,145.9
Prepaid expenses and other current assets
Reconciliation of cash, cash equivalents, and restricted cash
Restricted cash	4.4	2.9
Other assets
Reconciliation of cash, cash equivalents, and restricted cash
Restricted cash	$ 0.5	$ 1.0

Financing Receivables (Details) - USD ($) $ in Millions	Oct. 31, 2021	Jul. 31, 2021
Receivables [Abstract]
Short-term financing receivables, gross	$ 104.9	$ 80.0
Allowance for credit losses	(1.0)	(1.0)
Short-term financing receivables, net	103.9	79.0
Long-term financing receivables, gross	201.0	198.6
Allowance for credit losses	(3.2)	(4.3)
Long-term financing receivables, net	$ 197.8	$ 194.3