Leases (Tables)

6 Months Ended

Jan. 31, 2020

The weighted-average remaining lease terms and discount rates as of January 31, 2020 are as follows:



(in thousands)	Weighted-Average Remaining Lease Term (in years)	Weighted-Average Discount Rate⁽¹⁾
Operating leases	9.30	2.99	%
Finance leases	2.30	1.73	%

(1)

The Company cannot determine the interest rate implicit in the Company’s leases. Therefore, the discount rate represents the Company’s incremental borrowing rate and is determined based on the risk-free rate, adjusted for the risk premium attributed to the Company’s corporate credit rating for a secured or collateralized instrument.

Components of lease expense for the six months ended January 31, 2020 were as follows:



		Six Months Ended January 31,
(In thousands)		2020
Operating lease expense		$	15,682
Finance lease expense:
	Amortization of right-of-use assets	312
	Interest on finance lease liabilities	14
Short-term lease expense		3,292
Variable lease expense		819
Total lease expense		$	20,119

Lessee, Operating Leases [Text Block]

The components of right-of-use assets and lease liabilities on the consolidated balance sheet are as follows (in thousands):



Lease Asset and Liabilities	Balance Sheet Classification (In thousands)	January 31, 2020
Operating lease right-of-use assets	Operating lease right-of-use assets	$	104,360
Finance lease right-of-use assets	Property and equipment, net	1,406
Total lease assets, net		$	105,766

Operating lease liabilities - current	Current portion of operating lease liabilities	$	23,314
Finance lease liabilities - current	Current portion of revolving loan facility and finance lease liabilities	615
Operating lease liabilities - non-current	Operating lease liabilities, net of current portion	81,906
Finance lease liabilities - non-current	Long-term debt, revolving loan facility and finance lease liabilities, net of discount	800
Total lease liabilities		$	106,635

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

Supplemental cash flow information related to leases as of January 31, 2020 are as follows:



(in thousands)		Six Months Ended January 31, 2020
Cash paid for amounts included in the measurement of lease liabilities
	Operating cash flows related to operating leases	$	14,797
	Operating cash flows related to finance leases	14
	Financing cash flows related to finance leases	312
Right-of-use assets obtained in exchange for new operating lease liabilities		13,601
Right-of-use assets obtained in exchange for new finance lease liabilities		—

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The annual maturities of the Company’s lease liabilities as of January 31, 2020 are as follows:



Fiscal year (In thousands)	Finance leases			Operating leases
2020 (remaining six months)	$	318		$	13,636
2021	619			22,806
2022	505			17,891
2023	—			14,892
2024	—			10,549
Thereafter	—			43,919
Total future lease commitments	$	1,442		$	123,693
Less: imputed interest	(27		)	(18,474		)
Present value of lease liabilities	$	1,415		$	105,219

Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]

Future lease payments receivable under operating leases with terms greater than one year as of January 31, 2020 are as follows:



Fiscal year (In thousands)	Operating leases
2020 (remaining six months)	$	2,989
2021	6,398
2022	5,691
2023	4,842
2024	4,904
Thereafter	21,888
Total future lease payments receivable	$	46,712