Financial Analysis

Acquisitions On April 16, 2025, the Company completed its acquisition of a Poland-based insurtech company specializing in dynamic pricing software, for net cash consideration of approximately $27.9 million, subject to transaction adjustments. The measurement period for the Companys acquisition ended on April 15, 2026, and the final allocation of the purchase consideration included goodwill of $21.4 million. On November 7, 2025, the Company completed its acquisition of a Canada-based knowledge management platform purpose-built for the P&C insurance industry, for net cash consideration of approximately $33.4 million subject to customary transaction adjustments. The preliminary allocation of the purchase price included goodwill of $26.1 million primarily related to the expected synergies from the acquired workforce, and the opportunity to sell into and expand the Companys customer base. The goodwill recorded is not expected to be deductible for income tax purposes. The preliminary allocation of purchase price is pending the resolution of certain post-closing matters, and is therefore subject to potential future measurement period adjustments. The measurement period will end no later than November 6, 2026. In conjunction with the purchase price allocation for the acquired companies, the Company determined that the separately identifiable intangible assets were acquired technology and customer relationships. The valuation models were based on estimates of future operating proj …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies The Companys contractual obligations and commitments as of July 31, 2026 are as follows (in thousands): Purchase commitments (1) Debt (2) Total Fiscal year ending July 31, 2027 $ 218,069 $ 8,625 $ 226,694 2028 55,100 8,625 63,725 2029 9,437 8,625 18,062 2030 592 694,313 694,905 2031 and thereafter 503 503 Total $ 283,701 $ 720,188 $ 1,003,888 (1) Purchase commitments represent royalty obligations and commitments to purchase goods and services, entered into in the ordinary course of business, for which a penalty could be imposed if the agreement was cancelled for any reason other than an event of default as described by the agreement. During fiscal year 2023, the Company entered into an agreement with a cloud infrastructure services provider for a total obligation of $600 million over a five-year period. Purchase commitments do not include lease obligations (refer to Note 8 Leases for future operating lease payments). (2) Debt consists of principal and interest payments on the Companys 2029 Convertible Senior Notes. The $690 million in principal will be due in the fiscal year ended July 31, 2030. Legal Proceedings From time to time, the Company is involved in various legal proceedings and receives claims, arising from the normal course of business activities. The Company has not recorded any accrual for claims as of July 31, 2026 and 2025, respectively. The Company has not accrued for estimated losses in the accompanying consolidated financial sta …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt 2025 Convertible Senior Notes In fiscal year 2025, the Company retired $220.9 million aggregate principal amount and $0.3 million of related debt issuance costs of the 2025 Convertible Senior Notes for $354.0 million in cash, which included related accrued interest of $0.5 million. The retirement resulted in expense of $53.6 million recorded in other income (expense), net on the consolidated statements of operations and a decrease to additional paid-in capital of $79.4 million on the consolidated balance sheets. The 2025 Convertible Senior Notes matured on March 15, 2025 and were fully settled in fiscal year 2025 as disclosed in the Companys Annual Report on Form 10-K for the fiscal year ended July 31, 2025. 2029 Convertible Senior Notes The 2029 Convertible Senior Notes were issued in accordance with the Indenture, dated as of October 18, 2024, between the Company and U.S. Bank Trust Company, National Association, as trustee (the 2029 Indenture). The net proceeds from the issuance of the 2029 Convertible Senior Notes were $671.8 million after deducting issuance costs. The 2029 Convertible Senior Notes are unsecured obligations of the Company with interest payable semi-annually in arrears, at a rate of 1.25% per year, on May 1st and November 1st of each year. The 2029 Convertible Senior Notes will mature on November 1, 2029 unless repurchased, redeemed, or converted prior to such date. Before August 1, 2029, holders of the 2029 Convertible Senior Notes will have the righ …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Revenue by product type is as follows (in thousands): Fiscal years ended July 31, 2026 2025 2024 Subscription and support Subscription $ 915,792 $ 667,436 $ 477,461 Support 55,093 63,860 71,626 License (1) 234,578 251,935 250,176 Services 269,900 219,228 181,234 Total revenue $ 1,475,363 $ 1,202,459 $ 980,497 (1) During the fiscal year ended July 31, 2026, no perpetual license revenue was recognized. License revenue for the fiscal years ended July 31, 2025 and 2024 includes perpetual license revenue of $0.1 million and $1.3 million, respectively. Revenue by product type and by geography is as follows (in thousands): Fiscal year ended July 31, 2026 Subscription and support License Services Total U.S. $ 641,004 $ 125,366 $ 171,484 $ 937,854 Canada 124,782 16,510 33,748 175,040 Other Americas 15,067 2,416 3,391 20,874 Total Americas 780,853 144,292 208,623 1,133,768 Total EMEA 125,924 61,460 39,501 226,885 Total APAC 64,108 28,825 21,776 114,710 Total revenue $ 970,885 $ 234,578 $ 269,900 $ 1,475,363 Fiscal year ended July 31, 2025 Subscription and support License Services Total U.S. $ 485,593 $ 133,994 $ 151,272 $ 770,859 Canada 102,465 18,620 20,296 141,381 Other Americas 7,057 3,043 1,560 11,660 Total Americas 595,115 155,657 173,128 923,900 Total EMEA 84,991 63,947 34,646 183,584 Total APAC 51,190 32,331 11,454 94,975 Total revenue $ 731,296 $ 251,935 $ 219,228 $ 1,202,459 Fiscal year ended July 31, 2024 Subscription and support License Services Total U.S. $ 373,675 $ 133,31 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair Value of Financial Instruments Available-for-sale investments within cash equivalents and investments consist of the following (in thousands): July 31, 2026 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Asset-backed securities $ 83,011 $ 19 $ (178) $ 82,852 Certificates of deposit 48,045 48,045 Commercial paper 44,986 44,986 Corporate bonds 459,199 179 (1,148) 458,230 Money market funds 186,954 186,954 U.S. Government agency securities 112,209 1 (462) 111,748 U.S. Government bonds 109,096 6 (572) 108,530 Total $ 1,043,500 $ 205 $ (2,360) $ 1,041,345 July 31, 2025 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Asset-backed securities $ 69,405 $ 69 $ (17) $ 69,457 Certificates of deposit 80,970 80,970 Commercial paper 130,628 130,628 Corporate bonds 424,791 545 (138) 425,198 Foreign government bonds 1,820 11 1,831 Money market funds 488,854 488,854 U.S. Government agency securities 66,184 15 (70) 66,129 U.S. Government bonds 64,187 36 (39) 64,184 Total $ 1,326,839 $ 676 $ (264) $ 1,327,251 The Company does not consider any portion of the unrealized losses at July 31, 2026 to be credit losses. The Company has recorded the securities at fair value in its consolidated balance sheets, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss). The amount of unrealized gains and losses reclassified into earnings are based on the specific identification of the securities sold. The rea …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The Company recognized an income tax expense of $24.8 million for the fiscal year ended July 31, 2026 compared to an income tax benefit of $20.4 million for the fiscal year ended July 31, 2025. The change in income tax for fiscal year 2026, compared to the same period a year ago, was primarily due to the significant increase in pre-tax income in the U.S., a decrease in deductions from stock-based compensation, and a decrease in the FDII deduction and research and development credits due to U.S. tax law changes under H.R. 1 enacted on July 4, 2025, partially offset by non-deductible debt retirement expense that did not recur in fiscal year 2026. The effective tax rate differs from the statutory U.S. Federal income tax rate of 21% mainly due to tax deductions for stock-based compensation, research and development credits, foreign earnings taxed in the U.S., the FDII deduction, and certain non-deductible expenses, including executive compensation limitation. The Companys income (loss) before provision for (benefit from) income taxes is as follows (in thousands): Fiscal years ended July 31, 2026 2025 2024 Domestic $ 142,569 $ 24,752 $ (44,280) International 21,548 24,643 17,442 Income (loss) before provision for (benefit from) income taxes $ 164,117 $ 49,395 $ (26,838) The provision for (benefit from) income taxes consisted of the following (in thousands): Fiscal years ended July 31, 2026 2025 2024 Current: U.S. federal $ 4,719 $ 2,050 $ 738 State 2,878 2,567 1,710 F …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Companys lease obligations consist of operating leases for office facilities and equipment, with lease periods expiring through fiscal year 2032. Some leases include one or more options to renew. Lease renewals are not assumed in the determination of the lease term until the exercise of the renewal option is deemed to be reasonably certain. In February 2023, the Company assigned the remaining lease term of its previous headquarters and concurrently entered into a sublease for office space in San Mateo, California with the same third party for its worldwide headquarters. The lease on the previous headquarters expires in 2029. Components of operating lease costs were as follows (in thousands): Fiscal years ended July 31, 2026 2025 2024 Operating lease costs (1) $ 14,042 $ 13,167 $ 12,537 Variable lease costs 3,777 2,428 2,344 Net operating lease costs $ 17,819 $ 15,595 $ 14,881 (1) Lease expense for leases with an initial term of 12 months or less is excluded from the table above and was $0.4 million, $0.9 million, and $0.8 million in each of the fiscal years ended July 31, 2026, 2025, and 2024, respectively. Future operating lease payments as of July 31, 2026 were as follows (in thousands): Fiscal year ending July 31, 2027 $ 13,036 2028 8,104 2029 7,727 2030 5,898 2031 3,319 Thereafter 2,012 Total future lease payments 40,095 Less imputed interest (3,202) Total lease liability balance $ 36,893 Supplemental information related to leases was as follows (in thousands, …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Adopted Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The Company adopted the standard for its annual reporting effective August 1, 2025, on a prospective basis. While the standard requires additional disclosures related to the Companys tax rate, adoption of the standard did not have any impact on the consolidated operating results, financial condition, or cash flows. Recent Accounting Pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public business entities to disclose qualitative and quantitative information about certain costs and expenses in the notes to the financial statements on an interim and annual basis. The new standard will be effective and the Company will adopt it for the annual period beginning August 1, 2027, and for the interim periods beginning after August 1, 2028. Upon adoption, the guidance can be applied prospectively or retrospec …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Defined Contribution and Other Post-Retirement Plans The Companys employee savings and retirement plan in the U.S. is qualified under Section 401(k) of the Internal Revenue Code. Employees on the Companys U.S. payroll are automatically enrolled when they meet eligibility requirements, unless they decline participation. Upon enrollment employees are provided with tax-deferred salary deductions and various investment options. Employees may contribute up to 60% of their eligible salary up to the statutory prescribed annual limit. The Company matches employees contributions up to $7,500 per participant per calendar year. A majority of the Companys foreign employees participate in post-retirement plans, for which the Company makes contributions. The Companys contributions to its employee post-retirement plans were $18.2 million, $15.4 million, and $14.1 million for the fiscal years ended July 31, 2026, 2025, and 2024, respectively. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Disaggregation of Revenue Revenue by product type is as follows (in thousands): Fiscal years ended July 31, 2026 2025 2024 Subscription and support Subscription $ 915,792 $ 667,436 $ 477,461 Support 55,093 63,860 71,626 License (1) 234,578 251,935 250,176 Services 269,900 219,228 181,234 Total revenue $ 1,475,363 $ 1,202,459 $ 980,497 (1) During the fiscal year ended July 31, 2026, no perpetual license revenue was recognized. License revenue for the fiscal years ended July 31, 2025 and 2024 includes perpetual license revenue of $0.1 million and $1.3 million, respectively. Revenue by product type and by geography is as follows (in thousands): Fiscal year ended July 31, 2026 Subscription and support License Services Total U.S. $ 641,004 $ 125,366 $ 171,484 $ 937,854 Canada 124,782 16,510 33,748 175,040 Other Americas 15,067 2,416 3,391 20,874 Total Americas 780,853 144,292 208,623 1,133,768 Total EMEA 125,924 61,460 39,501 226,885 Total APAC 64,108 28,825 21,776 114,710 Total revenue $ 970,885 $ 234,578 $ 269,900 $ 1,475,363 Fiscal year ended July 31, 2025 Subscription and support License Services Total U.S. $ 485,593 $ 133,994 $ 151,272 $ 770,859 Canada 102,465 18,620 20,296 141,381 Other Americas 7,057 3,043 1,560 11,660 Total Americas 595,115 155,657 173,128 923,900 Total EMEA 84,991 63,947 34,646 183,584 Total APAC 51,190 32,331 11,454 94,975 Total revenue $ 731,296 $ 251,935 $ 219,228 $ 1,202,459 Fiscal year ended July 31, 2024 Subscription and support License Serv …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information The Company has one reportable segment that conducts business globally and is managed, operated, and organized on a consolidated basis. The Companys chief executive officer is the chief operating decision maker. Since the Company operates in one segment, financial information, revenue by type, and revenue by geographic area presented in the consolidated financial statements represents the operations of the Companys single segment. The following table presents selected financial information for the Companys single operating segment (in thousands): Fiscal years ended July 31, 2026 2025 2024 Total revenue $ 1,475,363 $ 1,202,459 $ 980,497 Adjusted cost of revenue (1) 485,367 413,303 362,572 Stock-based compensation expense 38,396 34,848 32,624 Amortization of intangible assets 4,232 2,255 1,940 Total cost of revenue 527,995 450,406 397,136 Gross profit 947,368 752,053 583,361 Gross profit margin 64 % 63 % 59 % Adjusted operating expenses (2) 650,112 580,911 518,427 Stock-based compensation expense 143,403 126,708 113,836 Amortization of intangible assets 2,469 3,189 3,528 Acquisition holdback expense 1,510 177 143 Total operating expenses 797,494 710,985 635,934 Income (loss) from operations 149,874 41,068 (52,573) Income (loss) from operations margin 10 % 3 % (5) % Adjusted interest income (expense) and other income (expense), net (3) 39,522 47,366 38,460 Changes in fair value of strategic investment 489 (2,130) (1,957) Gains (losses) on sale of strategic in …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events On September 3, 2026, the Company entered into a new 90-month operating lease agreement for its worldwide headquarters in San Mateo, California. The new lease will commence on July 1, 2027, and includes an option to renew for an additional 60 months, subject to the terms of the lease agreement. Total minimum lease payments under the new lease will be approximately $41.5 million over the 90-month term.

SubsequentEventsTextBlock

Acquisitions On April 16, 2025, the Company completed its acquisition of a Poland-based insurtech company specializing in dynamic pricing software, for net cash consideration of approximately $27.9 million, subject to customary transaction adjustments. The measurement period for the Companys acquisition ended on April 15, 2026, and the final allocation of the purchase consideration included goodwill of $21.4 million. On November 7, 2025, the Company completed its acquisition of a Canada-based knowledge management platform purpose-built for the P&C insurance industry, for net cash consideration of approximately $33.4 million, subject to customary transaction adjustments. The preliminary allocation of the purchase price included goodwill of $26.1 million primarily related to the expected synergies from the acquired workforce, and the opportunity to sell into and expand the Companys customer base. The goodwill recorded is not expected to be deductible for income tax purposes. The preliminary allocation of purchase price is pending the resolution of certain post-closing matters, and is therefore subject to potential future measurement period adjustments. The measurement period will end no later than November 6, 2026. In conjunction with the purchase price allocations for the acquired companies, the Company determined that the separately identifiable intangible assets were acquired technology and customer relationships. The valuation models were based on estimates of future op …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies There has been no material change in the Companys contractual obligations and commitments other than in the ordinary course of business since the Companys fiscal year ended July 31, 2025. See the Companys Annual Report on Form 10-K for the fiscal year ended July 31, 2025 for additional information regarding the Companys contractual obligations. Legal Proceedings From time to time, the Company is involved in various legal proceedings and receives claims arising from the normal course of business activities. The Company had no material accrual for claims as of April 30, 2026 or July 31, 2025. The Company has not accrued for estimated losses in the accompanying condensed consolidated financial statements as the Company has determined that no provision for liability nor disclosure is required related to any claim against the Company because: (a) there is not a reasonable possibility that a loss exceeding amounts already recognized (if any) may be incurred with respect to such claim; (b) a reasonably possible loss or range of loss cannot be estimated; or (c) such estimate is immaterial. The Company expenses legal fees in the period in which they are incurred. Indemnification The Company sells software licenses and services to its customers under Software Subscription Agreements (SSAs) and Software License Agreements (SLAs). SSAs and SLAs contain the terms of the contractual arrangement with the customer and generally include certain provisions for def …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Convertible Senior Notes In March 2018, the Company issued $400.0 million aggregate principal amount of the 2025 Convertible Senior Notes. The 2025 Convertible Senior Notes matured on March 15, 2025 and were fully settled in fiscal year 2025 as disclosed in the Companys Annual Report on Form 10-K for the fiscal year ended July 31, 2025. In October 2024, the Company offered and sold $690.0 million aggregate principal amount of its 2029 Convertible Senior Notes. The 2029 Convertible Senior Notes were issued in accordance with the Indenture, dated as of October 18, 2024, between the Company and U.S. Bank Trust Company, National Association, as trustee (the 2029 Indenture). The net proceeds from the issuance of the 2029 Convertible Senior Notes were $671.8 million after deducting issuance costs. The 2029 Convertible Senior Notes are unsecured obligations of the Company with interest payable semi-annually in arrears, at a rate of 1.25% per year, on May 1st and November 1st of each year. The 2029 Convertible Senior Notes will mature on November 1, 2029 unless repurchased, redeemed, or converted prior to such date. Before August 1, 2029, holders of the 2029 Convertible Senior Notes will have the right to convert their 2029 Convertible Senior Notes only upon the occurrence of certain events. On or after August 1, 2029, the 2029 Convertible Senior Notes are convertible at any time at the election of holders until the close of business on the second scheduled trading day immediate …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Revenue by product type is as follows (in thousands): Three Months Ended Nine Months Ended April 30, April 30, 2026 2025 2026 2025 Subscription and support Subscription $ 232,129 $ 166,464 $ 662,312 $ 480,981 Support 12,609 15,359 41,838 48,422 License (1) 55,996 57,233 157,491 158,297 Services 71,807 54,452 202,634 158,189 Total revenue $ 372,541 $ 293,508 $ 1,064,276 $ 845,889 (1) License revenue for the three and nine months ended April 30, 2025 includes perpetual license revenue of $0.1 million and $0.1 million, respectively. Revenue by product type and by geography is as follows (in thousands): Three Months Ended April 30, 2026 Subscription and support License Services Total United States $ 161,641 $ 32,105 $ 48,533 $ 242,279 Canada 31,797 2,302 6,093 40,193 Other Americas 3,497 565 753 4,815 Total Americas 196,935 34,972 55,380 287,287 Total EMEA 31,962 11,050 9,778 52,790 Total APAC 15,842 9,974 6,648 32,464 Total revenue $ 244,738 $ 55,996 $ 71,807 $ 372,541 Three Months Ended April 30, 2025 Subscription and support License Services Total United States $ 119,966 $ 33,402 $ 38,319 $ 191,687 Canada 25,068 2,249 3,917 31,234 Other Americas 1,958 626 267 2,851 Total Americas 146,992 36,277 42,503 225,772 Total EMEA 22,461 11,024 8,868 42,353 Total APAC 12,370 9,932 3,081 25,383 Total revenue $ 181,823 $ 57,233 $ 54,452 $ 293,508 Nine Months Ended April 30, 2026 Subscription and support License Services Total United States $ 466,239 $ 86,093 $ 131,153 $ 683,484 Canada 90,5 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair Value of Financial Instruments Available-for-sale investments within cash equivalents and investments consist of the following (in thousands): April 30, 2026 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Asset-backed securities $ 85,115 $ 59 $ (99) $ 85,075 Certificates of deposit 56,450 56,450 Commercial paper 57,607 57,607 Corporate bonds 468,898 631 (651) 468,878 Foreign government bonds 1,820 1,820 Money market funds 162,494 162,494 U.S. Government agency securities 86,182 20 (155) 86,047 U.S. Government bonds 97,273 37 (272) 97,038 Total $ 1,015,839 $ 747 $ (1,177) $ 1,015,410 July 31, 2025 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Asset-backed securities $ 69,405 $ 69 $ (17) $ 69,457 Certificates of deposit 80,970 80,970 Commercial paper 130,628 130,628 Corporate bonds 424,791 545 (138) 425,198 Foreign government bonds 1,820 11 1,831 Money market funds 488,854 488,854 U.S. Government agency securities 66,184 15 (70) 66,129 U.S. Government bonds 64,187 36 (39) 64,184 Total $ 1,326,839 $ 676 $ (264) $ 1,327,251 The Company does not consider any portion of the unrealized losses at April 30, 2026 to be credit losses. The Company has recorded the securities at fair value in its condensed consolidated balance sheets, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss). The amount of unrealized gains and losses reclassified into earnings are based on the specific id …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The new standard will be adopted in the Companys Annual Report on Form 10-K for the fiscal year ended July 31, 2026. The adoption will impact the Companys disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public business entities to disclose qualitative and quantitative information about certain costs and expenses in the notes to the financial statements on an interim and annual basis. The new standard will be effective and the Company will adopt it for the annual period beginning August 1, 2027, and for the interim periods beginning after August 1, 2028. Upon adoption, the guidance can be applied prospectively or retrospectively. The adoption of this ASU will impact the Companys disclosures. In July 2025, the FASB issued ASU No. 2025-05, Income StatementReporting Financial Instruments-Credit Losses (Subtopic 326-20): Measurement of Cred …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenue Disaggregation of Revenue Revenue by product type is as follows (in thousands): Three Months Ended Nine Months Ended April 30, April 30, 2026 2025 2026 2025 Subscription and support Subscription $ 232,129 $ 166,464 $ 662,312 $ 480,981 Support 12,609 15,359 41,838 48,422 License (1) 55,996 57,233 157,491 158,297 Services 71,807 54,452 202,634 158,189 Total revenue $ 372,541 $ 293,508 $ 1,064,276 $ 845,889 (1) License revenue for the three and nine months ended April 30, 2025 includes perpetual license revenue of $0.1 million and $0.1 million, respectively. Revenue by product type and by geography is as follows (in thousands): Three Months Ended April 30, 2026 Subscription and support License Services Total United States $ 161,641 $ 32,105 $ 48,533 $ 242,279 Canada 31,797 2,302 6,093 40,193 Other Americas 3,497 565 753 4,815 Total Americas 196,935 34,972 55,380 287,287 Total EMEA 31,962 11,050 9,778 52,790 Total APAC 15,842 9,974 6,648 32,464 Total revenue $ 244,738 $ 55,996 $ 71,807 $ 372,541 Three Months Ended April 30, 2025 Subscription and support License Services Total United States $ 119,966 $ 33,402 $ 38,319 $ 191,687 Canada 25,068 2,249 3,917 31,234 Other Americas 1,958 626 267 2,851 Total Americas 146,992 36,277 42,503 225,772 Total EMEA 22,461 11,024 8,868 42,353 Total APAC 12,370 9,932 3,081 25,383 Total revenue $ 181,823 $ 57,233 $ 54,452 $ 293,508 Nine Months Ended April 30, 2026 Subscription and support License Services Total United States $ 466,239 $ 86,0 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information The Company has one reportable segment that conducts business globally and is managed, operated, and organized on a consolidated basis. The Companys chief executive officer is the chief operating decision maker. Since the Company operates in one segment, financial information, revenue by type, and revenue by geographic area presented in the condensed consolidated financial statements represents the operations of the Companys single segment. The following table presents selected financial information for the Companys single operating segment (in thousands): Three Months Ended April 30, Nine Months Ended April 30, 2026 2025 2026 2025 Total revenue $ 372,541 $ 293,508 $ 1,064,276 $ 845,889 Adjusted cost of revenue (1) 125,217 101,640 354,902 298,359 Stock-based compensation expense 9,498 8,685 28,639 25,833 Amortization of intangible assets 1,180 485 3,045 1,455 Total cost of revenue 135,896 110,810 386,587 325,647 Gross profit 236,645 182,698 677,689 520,242 Gross profit margin 64 % 62 % 64 % 62 % Adjusted operating expenses (2) 169,540 145,809 480,769 412,815 Stock-based compensation expense 35,443 31,672 106,376 93,532 Amortization of intangible assets 584 749 1,923 2,424 Acquisition holdback expense 440 1,065 Total operating expenses 206,008 178,230 590,133 508,771 Income (loss) from operations 30,637 4,468 87,556 11,471 Income (loss) from operations margin 8 % 1 % 8 % 2 % Adjusted interest income (expense) and other income (expense) (3) 9,017 11,185 31,5 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing