Leases
We have entered into various non-cancelable operating leases, primarily for our offices and data centers, with lease terms expiring through the year ending July 31, 2036. Some of our leases contain rent holiday periods, scheduled rent increases, lease incentives, early termination rights, and/or renewal options.
During the years ended July 31, 2025, 2024, and 2023, our net cost for operating leases was $121.7 million, $104.7 million, and $91.3 million, respectively, primarily consisting of operating lease costs of $88.1 million, $75.6 million, and $64.2 million, respectively. Our net cost for operating leases also included variable lease costs, short-term lease costs, and sublease income in the periods presented.
The following tables present additional information for our operating leases (in millions, except for years and percentages):
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended July 31, | | | | | | |
| 2025 | | 2024 | | 2023 | | | | | | |
| Operating cash flows used in payments of operating lease liabilities | $ | 91.2 | | | $ | 87.4 | | | $ | 82.7 | | | | | | | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 26.5 | | | $ | 177.9 | | | $ | 71.1 | | | | | | | |
| | | | | | | | | | | | | | | | | |
| July 31, 2025 | | July 31, 2024 | | | | | | |
| Weighted-average remaining lease term | 6.0 years | | 6.6 years | | | | | | |
| Weighted-average discount rate | 5.4 | % | | 5.3 | % | | | | | | |
The following table presents maturities of operating lease liabilities as of July 31, 2025 (in millions):
| | | | | |
| Amount |
| Fiscal years ending July 31: | |
| 2026 | $ | 99.4 | |
| 2027 | 95.0 | |
| 2028 | 94.3 | |
| 2029 | 47.7 | |
| 2030 | 45.2 | |
2031 and thereafter | 112.3 | |
| Total operating lease payments | 493.9 | |
| Less: imputed interest | (76.5) | |
| Present value of operating lease liabilities | $ | 417.4 | |
Current portion of operating lease liabilities(1) | $ | 79.2 | |
| Long-term operating lease liabilities | $ | 338.2 | |
(1)Current portion of operating lease liabilities is included in accrued and other liabilities on our consolidated balance sheet.
As of July 31, 2025, we had additional non-cancelable operating leases for office space that had been signed but had not yet commenced with total future minimum lease payments of $36.4 million. These leases are expected to commence on or after fiscal 2026, with lease terms ranging from four to seven years.