Debt (Tables)

12 Months Ended

Jul. 31, 2025

Debt

Schedule of debt components

Long-term debtng-term debtLong-term debt consists of the following:
	July 31, 2025		July 31, 2024
Unsecured senior notes
Fixed rate, 5.375%, due 2026	$	650,000	$	650,000
Fixed rate, 5.875%, due 2029		825,000		825,000
Notes payable
8.9% and 8.5% weighted average interest rate at July 31, 2025 and 2024, respectively, due 2026 to 2032, net of unamortized discount of $800 and $912 at July 31, 2025 and 2024, respectively		4,748		6,151
Total debt, excluding unamortized debt issuance and other costs		1,479,748		1,481,151
Unamortized debt issuance and other costs		(12,108)		(17,633)
Less: current portion of long-term debt (1)		652,178		2,510
Long-term debt	$	815,462	$	1,461,008

(1) As of July 31, 2025, this includes the $650.0 million aggregate principal amount of 5.375% senior notes due April 1, 2026.

Schedule of financial covenant ratio

Financial Covenant	Ratio
Minimum interest coverage ratio (1)	2.50x
Maximum secured leverage ratio (2)	2.50x
Maximum total net leverage ratio (3) (4)	4.75x

(1) Defined generally as the ratio of adjusted EBITDA to cash interest expense.

(2) Defined generally as the ratio of total first priority secured indebtedness to adjusted EBITDA.

(3) Defined generally as the ratio of total indebtedness (net of unrestricted cash, subject to certain limits) to adjusted EBITDA.

(4) Ratio was 4.75x immediately prior to the quarter ended October 31, 2024. As amended, ratio is 5.25x beginning with the quarter ended October 31, 2024 through the quarter ended January 31, 2025, 4.75x for the quarter ending April 30, 2025 through the quarter ending July 31, 2025, 5.00x for the quarter ending October 31, 2025, and 4.75x for any quarter ending on or after January 31, 2026.

Schedule of annual principal payments on long-term debt

	Scheduled
Payment due by fiscal year	principal payments
2026	$	652,178
2027		1,310
2028		910
2029		825,550
2030		200
Thereafter		400
Total	$	1,480,548