Leases

3 Months Ended

Oct. 31, 2020

The Company's lease obligations consist of operating leases for office facilities and equipment, with lease periods expiring between fiscal years 2021 and 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.

Components of operating lease costs were as follows (in thousands):


	Three Months Ended October 31,
	2020		2019
Operating lease cost(1)	$	4,372	$	3,909
Variable lease cost	1,366		1,523
Sublease income	(395)		(380)
Net operating lease cost	$	5,343	$	5,052

(1) Lease expense for leases with an initial term of 12 months or less is excluded from the table above and was $0.3 million and $0.3 million for the three months ended October 31, 2020 and 2019, respectively.

Future operating lease payments as of October 31, 2020 were as follows (in thousands):


Fiscal Year Ending July 31,
2021 (remaining)	$	11,838
2022	18,745
2023	17,198
2024	16,823
2025	17,214
Thereafter	84,960
Total future lease payments	166,778
Less imputed interest	(29,662)
Total lease liability balance	$	137,116

Supplemental information related to leases was as follows (in thousands, except for lease term and discount rate):


	October 31, 2020			July 31, 2020
Operating lease assets	$	108,378		$	103,797

Current portion of lease liabilities	$	11,580		$	10,936
Non-current portion of lease liabilities	125,536			119,408
Total lease liabilities	$	137,116		$	130,344

Weighted average remaining lease term (years)	9.17			9.27
Weighted average discount rate	4.18		%	4.34		%

Supplemental cash and non-cash information related to operating leases was as follows (in thousands):


	Three Months Ended October 31,
	2020		2019
Cash payments for operating leases	$	5,285	$	1,383
Operating lease assets obtained in exchange for lease liabilities	$	9,217	$	480