Debt (Tables)

3 Months Ended

Oct. 31, 2023

Debt

Schedule of debt components

	October 31, 2023		July 31, 2023
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
8.4% and 8.3% weighted average interest rate at October 31, 2023 and July 31, 2023, respectively, due 2024 to 2028, net of unamortized discount of $903 and $1,040 at October 31, 2023 and July 31, 2023, respectively		5,529		6,615
Total debt, excluding unamortized debt issuance and other costs		1,480,529		1,481,615
Unamortized debt issuance and other costs		(21,564)		(22,834)
Less: current portion of long-term debt		2,597		2,597
Long-term debt	$	1,456,368	$	1,456,184

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) Was 5.25x immediately prior to the quarter ended October 31, 2022 and 5.00x immediately prior to the quarter ended April 30, 2023.

Schedule of annual principal payments on long-term debt

	Scheduled
Payment due by fiscal year	principal payments
2024	$	1,368
2025		2,110
2026		651,729
2027		810
2028		825,415
Thereafter		—
Total	$	1,481,432