Nutanix, Inc.

Previous wording

We had a broad and diverse base of over 30,000 end customers as of January 31, 2026. We define the number of end customers as the number of end customers for which we have received an order by the last day of the period, excluding partners to which we have sold products for their own demonstration purposes. A single organization or customer may represent multiple end customers for separate divisions, segments or subsidiaries, and the total number of end customers may contract due to mergers, acquisitions, or other consolidation among existing end customers.

Current wording

We had a broad and diverse base of over 31,000 end customers as of April 30, 2026. We define the number of end customers as the number of end customers for which we have received an order by the last day of the period, excluding partners to which we have sold products for their own demonstration purposes. A single organization or customer may represent multiple end customers for separate divisions, segments or subsidiaries, and the total number of end customers may contract due to mergers, acquisitions, or other consolidation among existing end customers.

Previous wording

Ratable—We recognize revenue from software maintenance subscriptions, support subscriptions and SaaS offerings ratably over the contractual service period, the substantial majority of which relate to software maintenance subscriptions and support subscriptions. These offerings represented approximately $286.1 million and $560.5 million of our subscription revenue for the three and six months ended January 31, 2025, respectively, and $320.8 million and $628.1 million of our subscription revenue for the three and six months ended January 31, 2026, respectively.

Current wording

Ratable—We recognize revenue from software maintenance subscriptions, support subscriptions and SaaS offerings ratably over the contractual service period, the substantial majority of which relate to software maintenance subscriptions and support subscriptions. These offerings represented approximately $279.7 million and $840.3 million of our subscription revenue for the three and nine months ended April 30, 2025, respectively, and $322.6 million and $950.6 million of our subscription revenue for the three and nine months ended April 30, 2026, respectively.

Previous wording

Upfront — We generally recognize revenue from our subscription software licenses upfront upon the transfer of control to the customer. For sales of our software purchased alongside a server from an OEM or other partner, revenue is typically recognized upon shipment of the server. For software sold separately from a server, revenue is typically recognized when the software is made available to the customer. These subscription software licenses represented approximately $338.3 million and $624.6 million of our subscription revenue for the three and six months ended January 31, 2025, respectively, and $369.7 million and $700.3 million of our subscription revenue for the three and six months ended January 31, 2026, respectively.

Current wording

Upfront — We generally recognize revenue from our subscription software licenses upfront upon the transfer of control to the customer. For sales of our software purchased alongside a server from an OEM or other partner, revenue is typically recognized upon shipment of the server. For software sold separately from a server, revenue is typically recognized when the software is made available to the customer. These subscription software licenses represented approximately $330.0 million and $954.5 million of our subscription revenue for the three and nine months ended April 30, 2025, respectively, and $342.2 million and $1,042.6 million of our subscription revenue for the three and nine months ended April 30, 2026, respectively.

Previous wording

Professional services revenue — We also sell professional services with our products. We recognize revenue related to professional services as they are performed. Professional services revenue was approximately $28.0 million and $55.3 million for the three and six months ended January 31, 2025, respectively, and $30.4 million and $59.3 million for the three and six months ended January 31, 2026, respectively.

Current wording

Professional services revenue — We also sell professional services with our products. We recognize revenue related to professional services as they are performed. Professional services revenue was approximately $28.0 million and $83.3 million for the three and nine months ended April 30, 2025, respectively, and $31.7 million and $91.0 million for the three and nine months ended April 30, 2026, respectively.

Previous wording

We plan to continue to leverage our relationships with our channel and OEM partners and expand our network of cloud and ecosystem partners, all of which help to drive the adoption and sale of our solutions with our end customers. We sell our solutions primarily through our partners, and our solutions primarily run on hardware platforms that our customers often choose to purchase from our channel or OEM partners. We believe that increasing channel leverage, particularly as we expand our focus on opportunities in commercial accounts, by investing in sales enablement and co-marketing with our channel and OEM partners over the long term will extend and improve our engagement with a broad set of end customers. Our reliance on manufacturers to produce the hardware platforms on which our software runs exposes us to supply chain delays, which could impair our ability to provide services to end customers in a timely manner. In the latter half of the second quarter of fiscal of 2026, constraints affecting the availability of certain hardware components at manufacturers became increasingly acute, extending hardware lead times. These extended lead times have delayed, and may continue to delay, customers' ability to deploy hardware and consume our software, which affects the timing of revenue recognition and cash flows from period to period. While a majority of our customer transactions involve a software‑only fulfillment motion, in a subset of transactions, customers previously purchased our software in connection with Nutanix‑branded NX‑series hardware platforms. To provide customers in these transactions with greater flexibility when facing extended hardware lead times, beginning in the third quarter of fiscal 2026, we enabled these customers to purchase our software independently of hardware delivery, thereby aligning software provisioning for these transactions with our existing software‑only fulfillment motion. This may impact the timing of revenue recognition and our ARR. Our business and results of operations will be significantly affected by our success in leveraging our relationships with our channel and OEM partners and expanding our network of cloud and ecosystem partners.

Current wording

We plan to continue to leverage our relationships with our channel and OEM partners and expand our network of cloud and ecosystem partners, all of which help to drive the adoption and sale of our solutions with our end customers. We sell our solutions primarily through our partners, and our solutions primarily run on hardware platforms that our customers often choose to purchase from our channel or OEM partners. We believe that increasing channel leverage, particularly as we expand our focus on opportunities in commercial accounts, by investing in sales enablement and co-marketing with our channel and OEM partners over the long term will extend and improve our engagement with a broad set of end customers. Our reliance on manufacturers to produce the hardware platforms on which our software typically runs exposes us to supply chain delays, which could impair our ability to deliver solutions to end customers in a timely manner, particularly to the extent that current supply and pricing dynamics continue. Beginning in the latter half of the second quarter of fiscal 2026, constraints affecting the availability of certain hardware components at manufacturers became increasingly acute. These constraints have resulted in higher hardware pricing in the market and extended hardware lead times, which vary across hardware vendors. Higher hardware pricing, together with extended hardware lead times, have impacted, and may continue to impact, customers' ability to deploy and consume our software, which affects the timing of revenue recognition and cash flows from period to period and, in certain instances, may result in some customers delaying projects or otherwise seeking greater flexibility with licensing. Our software platform provides customers with flexibility and choice across deployment options, including hardware vendors, public cloud environments, and a growing set of external storage options, which can help enable customers to better manage how and when they deploy our solutions in periods of supply and pricing volatility. While a majority of our customer transactions involve a software‑only fulfillment motion, in a subset of transactions, customers previously purchased our software in connection with Nutanix‑branded NX‑series hardware platforms. To provide customers in these transactions with greater flexibility when facing extended hardware lead times, beginning in the third quarter of fiscal 2026, we enabled these customers to purchase our software independently of hardware delivery, thereby aligning software provisioning for these transactions with our existing software‑only fulfillment motion. This may impact the timing of revenue recognition and our ARR. Our business and results of operations will be significantly affected by our success in leveraging our relationships with our channel and OEM partners and expanding our network of cloud and ecosystem partners.

Previous wording

Our end customers typically deploy our technology for a specific workload initially. After a new end customer's initial order, which includes the product and associated software maintenance subscriptions, support subscription and services, we focus on expanding our footprint by serving more workloads. We also generate recurring revenue from renewals, and given our subscription-focused business model, these renewals are having an increasing significance for our future revenue streams as existing subscriptions come up for renewal. We view continued purchases and upgrades as critical drivers of our success. As of January 31, 2026, our net dollar-based retention rate ("NRR") was 107%, compared to 109% as of January 31, 2025. NRR is calculated as of the end of a twelve-month period. We calculate NRR by starting with the ARR for all customers with subscription contracts at the beginning of the period. We then divide end-of-the-period ARR for the same customer group by the beginning-of-the-period ARR. NRR is a performance measure that we believe provides useful information to our management and investors as it provides an indication of our ability to retain and expand ARR from our existing customer base.

Current wording

Our end customers typically deploy our technology for a specific workload initially. After a new end customer's initial order, which includes the product and associated software maintenance subscriptions, support subscription and services, we focus on expanding our footprint by serving more workloads. We also generate recurring revenue from renewals, and given our subscription-focused business model, these renewals are having an increasing significance for our future revenue streams as existing subscriptions come up for renewal. We view continued purchases and upgrades as critical drivers of our success. As of April 30, 2026, our net dollar-based retention rate ("NRR") was 106%, compared to 110% as of April 30, 2025. NRR is calculated as of the end of a twelve-month period. We calculate NRR by starting with the ARR for all customers with subscription contracts at the beginning of the period. We then divide end-of-the-period ARR for the same customer group by the beginning-of-the-period ARR. NRR is a performance measure that we believe provides useful information to our management and investors as it provides an indication of our ability to retain and expand ARR from our existing customer base.

Previous wording

Comparison of the Three and Six Months Ended January 31, 2025 and 2026

Current wording

Comparison of the Three and Nine Months Ended April 30, 2025 and 2026

Previous wording

Product revenue increased by approximately $33.2 million, or 9%, and $80.3 million, or 12%, for the three and six months ended January 31, 2026, respectively, as compared to the respective prior year periods, due primarily to increases in software revenue as a result of increased adoption of our products, driven by growth in software renewals and the various programs we have put in place to attract new customers onto our platform and expand with existing customers.

Current wording

Product revenue increased by approximately $19.5 million, or 6%, and $99.7 million, or 10%, for the three and nine months ended April 30, 2026, respectively, as compared to the respective prior year periods, due primarily to increases in software revenue as a result of increased adoption of our products, driven by growth in software renewals and the various programs we have put in place to attract new customers onto our platform and expand with existing customers.

Previous wording

Support, maintenance and other services revenue increased by approximately $34.9 million, or 12%, and $67.5 million, or 11%, for the three and six months ended January 31, 2026, respectively, as compared to the respective prior year periods, in conjunction with the growth of our end customer base, which grew approximately 11% from January 31, 2025 to January 31, 2026, and the related software maintenance and support subscription contracts and renewals.

Current wording

Support, maintenance and other services revenue increased by approximately $44.6 million, or 15%, and $112.1 million, or 13%, for the three and nine months ended April 30, 2026, respectively, as compared to the respective prior year periods, in conjunction with the growth of our end customer base, which grew approximately 11% from April 30, 2025 to April 30, 2026, and the related software maintenance and support subscription contracts and renewals.

Previous wording

For both the three and six months ended January 31, 2025, the total average contract duration was approximately 3.0 years. For both the three and six months ended January 31, 2026, the total average contract duration was approximately 3.1 years. Total average contract duration represents the dollar-weighted term across all subscription contracts, as well as our limited number of life-of-device contracts billed during the period, using an assumed term of five years for licenses without a specified term, such as life-of-device licenses.

Current wording

For both the three and nine months ended April 30, 2025, the total average contract duration was approximately 3.1 years. For the three and nine months ended April 30, 2026, the total average contract duration was approximately 3.4 years and 3.2 years, respectively. Total average contract duration represents the dollar-weighted term across all subscription contracts, as well as our limited number of life-of-device contracts billed during the period, using an assumed term of five years for licenses without a specified term, such as life-of-device licenses.

Previous wording

Cost of product revenue decreased for the three and six months ended January 31, 2026, as compared to the respective prior year periods, due primarily to decreases in overhead resulting from lower operating lease and finance lease costs.

Current wording

Cost of product revenue decreased for the three and nine months ended April 30, 2026, as compared to the respective prior year periods, due primarily to decreases in overhead resulting from lower operating lease and finance lease costs.

Previous wording

Product gross margin increased by approximately 1.0 percentage points and 1.2 percentage points for the three and six months ended January 31, 2026, respectively, as compared to the respective prior year periods, due primarily to product revenue increasing while cost of product revenue decreased.

Current wording

Product gross margin increased by approximately 0.4 percentage points and 1.0 percentage points for the three and nine months ended April 30, 2026, respectively, as compared to the respective prior year periods, due primarily to product revenue increasing while cost of product revenue decreased.

Previous wording

Cost of support, maintenance and other services revenue increased for the three and six months ended January 31, 2026, as compared to the respective prior year periods, due primarily to higher personnel-related costs, resulting from growth in our global customer support organization.

Current wording

Cost of support, maintenance and other services revenue increased for the three and nine months ended April 30, 2026, as compared to the respective prior year periods, due primarily to higher personnel-related costs, resulting from growth in our global customer support organization.

Previous wording

Support, maintenance and other services gross margin decreased by approximately 0.1 percentage points for both the three and six months ended January 31, 2026, respectively, as compared to the respective prior year periods, due primarily to support, maintenance and other services revenue growing at a slower rate than personnel-related costs.

Current wording

Support, maintenance and other services gross margin increased by approximately 0.4 percentage points and 0.1 percentage points for the three and nine months ended April 30, 2026, respectively, as compared to the respective prior year periods, due primarily to support, maintenance and other services revenue growing at a faster rate than personnel-related costs.

Previous wording

Sales and marketing expense increased for the three and six months ended January 31, 2026, as compared to the respective prior year periods, due primarily to higher personnel-related costs resulting from the 8% growth in our sales and marketing headcount from January 31, 2025 to January 31, 2026, as well as increased marketing spending on events.

Current wording

Sales and marketing expense increased for the three and nine months ended April 30, 2026, as compared to the respective prior year periods, due primarily to higher personnel-related costs resulting from the 7% growth in our sales and marketing headcount from April 30, 2025 to April 30, 2026, as well as increased marketing spending on events.

Previous wording

Research and development expense increased for the three and six months ended January 31, 2026, as compared to the respective prior year periods, due primarily to higher personnel-related costs due to the 12% growth in our R&D headcount from January 31, 2025 to January 31, 2026, as well as an increase in IT and facilities costs.

Current wording

Research and development expense increased for the three and nine months ended April 30, 2026, as compared to the respective prior year periods, due primarily to higher personnel-related costs resulting from the 8% growth in our R&D headcount from April 30, 2025 to April 30, 2026, as well as an increase in IT and facilities costs, partially offset by an increase in reimbursements for technical costs related to certain partner programs.

Previous wording

General and administrative expense increased for the three and six months ended January 31, 2026, as compared to the respective prior year periods, due primarily to an increase in overhead resulting from higher operating lease and finance lease costs, higher personnel-related costs, resulting from the 10% growth in our G&A headcount from January 31, 2025 to January 31, 2026, higher legal and outside services costs, an increase in costs related to software licenses, as well as an increase in data center costs.

Current wording

General and administrative expense increased for the three and nine months ended April 30, 2026, as compared to the respective prior year periods, due primarily to higher personnel-related costs resulting from the 10% growth in our G&A headcount from April 30, 2025 to April 30, 2026 and higher legal and outside services costs.

Previous wording

Other income (expense), net increased for the three and six months ended January 31, 2026, as compared to the respective prior year periods, due primarily to approximately $11.3 million of inducement expense recognized during the second quarter of fiscal 2025 related to the partial repurchase of the 2027 Notes as well as an increase in interest income from our short-term investments, which increased from approximately $670.7 million as of January 31, 2025 to $1,270.6 million as of January 31, 2026. The increase in other income (expense), net was partially offset by an increase in interest expense related to our convertible notes, as the 2029 Notes were issued during the second quarter of fiscal 2025.

Current wording

Other income (expense), net increased for the nine months ended April 30, 2026, as compared to the respective prior year period, due primarily to an increase in interest income from our short-term investments which increased from approximately $1,009.9 million as of April 30, 2025 to $1,299.1 million as of April 30, 2026, as well as approximately $11.3 million of inducement expense recognized during the second quarter of fiscal 2025 related to the partial repurchase of the 2027 Notes. The increase in other income (expense), net was partially offset by an increase in foreign exchange expense as well as an increase in interest expense related to our convertible notes, as the 2029 Notes were issued during the second quarter of fiscal 2025.

Previous wording

The decreases in the income tax provision for the three and six months ended January 31, 2026, as compared to the respective prior year periods, were due primarily to the release of certain uncertain tax positions as a result of the expiration of the statute of limitations during the fiscal quarter ended January 31, 2026, partially offset by decrease in excess tax benefits on stock options and restricted stock units.

Current wording

The increase in the income tax provision for the three months ended April 30, 2026, as compared to the respective prior year period, was due primarily to the release of certain uncertain tax positions as a result of the expiration of the statute of limitations during the fiscal quarter ended April 30, 2025. The decrease in the income tax provision for the nine months ended April 30, 2026, as compared to the respective prior year period, was due primarily to the tax benefit recognized for the release of certain uncertain tax positions as a result of the expiration of the statute of limitations during the nine months ended April 30, 2026.

Previous wording

Our principal sources of liquidity are cash, cash equivalents and marketable securities and net accounts receivable. As of January 31, 2026, we had approximately $603.4 million of cash and cash equivalents and $1,270.6 million of short-term investments, which were held for general corporate purposes. Our restricted cash balance was not material. Our cash, cash equivalents and short-term investments primarily consist of bank deposits, money market accounts and highly rated debt instruments of the U.S. government and its agencies and debt instruments of highly rated corporations. As of January 31, 2026, we had accounts receivable of approximately $260.6 million, net of allowances of $2.8 million.

Current wording

Our principal sources of liquidity are cash, cash equivalents and marketable securities and net accounts receivable. As of April 30, 2026, we had approximately $718.8 million of cash and cash equivalents and $1,299.1 million of short-term investments, which were held for general corporate purposes. Our restricted cash balance was not material. Our cash, cash equivalents and short-term investments primarily consist of bank deposits, money market accounts and highly rated debt instruments of the U.S. government and its agencies and debt instruments of highly rated corporations. As of April 30, 2026, we had accounts receivable of approximately $251.6 million, net of allowances of $3.0 million.

Previous wording

We believe that our cash, cash equivalents and short-term investments, available borrowing capacity under the Revolver, and our expected net cash provided by operating activities will be sufficient to meet our anticipated cash needs, including for working capital, capital expenditures, share repurchases (if any), the payment of taxes related to the net share settlement of equity awards, and convertible notes servicing and repayment requirements, for at least the next 12 months. Our future cash needs will depend on many factors, including our growth strategy and plans, the timing and extent of spending to support research and development and engineering efforts; the expansion of sales and marketing activities; the introduction of new and enhanced product and service offerings; the continuing market acceptance of our products; our end customers and partners; any acquisitions of businesses, technologies or products; any share repurchases; and market, economic and financial conditions (including inflation and interest rates). Holders of the 2027 Notes or the 2029 Notes will be entitled to convert their 2027 Notes or 2029 Notes under certain circumstances as described in Note 5 of Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. If one or more holders elect to convert their 2027 Notes or 2029 Notes, as applicable, we may elect to satisfy our conversion obligation by delivering shares of our Class A common stock or a combination of cash and shares of Class A common stock, rather than exclusively in cash.

Current wording

We believe that our cash, cash equivalents and short-term investments, available borrowing capacity under the Revolver, and our expected net cash provided by operating activities will be sufficient to meet our anticipated cash needs, including for working capital, capital expenditures, share repurchases (if any), the payment of taxes related to the net share settlement of equity awards, and interest and other obligations related to convertible notes, for at least the next 12 months. Our future cash needs will depend on many factors, including our growth strategy and plans, the timing and extent of spending to support research and development and engineering efforts; the expansion of sales and marketing activities; the introduction of new and enhanced product and service offerings; the continuing market acceptance of our products; our end customers and partners; any acquisitions of businesses, technologies or products; any share repurchases; and market, economic and financial conditions (including inflation and interest rates). Holders of the 2027 Notes or the 2029 Notes will be entitled to convert their 2027 Notes or 2029 Notes under certain circumstances as described in Note 5 of Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. If one or more holders elect to convert their 2027 Notes or 2029 Notes, as applicable, we may elect to satisfy our conversion obligation by delivering shares of our Class A common stock or a combination of cash and shares of Class A common stock, rather than exclusively in cash. As of April 30, 2026, the conversion prices of the 2027 Notes and 2029 Notes exceed our current Class A common stock price.

Previous wording

As of January 31, 2026, we had non-cancelable contractual purchase obligations of $152.7 million. These purchase obligations primarily include guarantees with contract manufacturers and purchase obligations and other commitments pertaining to our daily business operations.

Current wording

As of April 30, 2026, we had non-cancelable contractual purchase obligations of $200.3 million. These purchase obligations primarily include guarantees with contract manufacturers and purchase obligations and other commitments pertaining to our daily business operations.

Previous wording

As of January 31, 2026, we had aggregate future minimum lease payments under non-cancelable operating leases and finance leases of $240.6 million, of which $51.4 million was short-term. Non-cancelable leases include leases that have been executed, but not yet commenced. We lease offices, research and development facilities, and data centers under operating leases expiring through January 2033 and lease certain data center equipment under finance leases.

Current wording

As of April 30, 2026, we had aggregate future minimum lease payments under non-cancelable operating leases and finance leases of $219.8 million, of which $54.6 million was short-term. Non-cancelable leases include leases that have been executed, but not yet commenced. We lease offices, research and development facilities, and data centers under operating leases expiring through April 2035 and lease certain data center equipment under finance leases.

Previous wording

In August 2023, our Board of Directors authorized the repurchase of up to $350.0 million of our Class A common stock. In August 2025, our Board of Directors approved a $350.0 million increase to the share repurchase authorization. Repurchases will be funded from available liquidity and may be made from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act in accordance with applicable securities laws and other restrictions. The timing and amount of share repurchases will depend upon prevailing stock prices, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, and other factors. The authorization has no expiration date, may be modified, suspended or discontinued at any time, and does not obligate us to repurchase any minimum number of shares. For more information on the share repurchase, refer to Note 8 of Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Current wording

In August 2023, our Board of Directors authorized the repurchase of up to $350.0 million of our Class A common stock. In August 2025 and April 2026, our Board of Directors approved increases of $350.0 million and $750.0 million, respectively, to the share repurchase authorization. Repurchases will be funded from available liquidity and may be made from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act in accordance with applicable securities laws and other restrictions. The timing and amount of share repurchases will depend upon prevailing stock prices, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, and other factors. The authorization has no expiration date, may be modified, suspended or discontinued at any time, and does not obligate us to repurchase any minimum number of shares. For more information on the share repurchase, refer to Note 8 of Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Previous wording

Net cash provided by operating activities was approximately $394.2 million for the six months ended January 31, 2026, compared to approximately $383.4 million for the six months ended January 31, 2025. The increase in cash provided by operating activities for the six months ended January 31, 2026 was due primarily to the increase in our net income from operations.

Current wording

Net cash provided by operating activities was approximately $601.7 million for the nine months ended April 30, 2026, compared to approximately $601.9 million for the nine months ended April 30, 2025. Net cash provided by operating activities remained relatively flat for the nine months ended April 30, 2026, compared to the prior year period, as an increase in net income and higher cash collections were offset by increased cash outflows for prepaid expenses and accrued compensation and benefits.

Previous wording

Net cash used in investing activities of approximately $67.3 million for the six months ended January 31, 2026 included approximately $472.8 million of short-term investment purchases and $28.2 million of purchases of property and equipment, partially offset by approximately $431.7 million of maturities of short-term investments and $2.0 million of sales of short-term investments.

Current wording

Net cash used in investing activities of approximately $726.1 million for the nine months ended April 30, 2025 included approximately $941.4 million of short-term investment purchases and $59.5 million of purchases of property and equipment, partially offset by approximately $272.8 million of maturities of short-term investments and $2.0 million of sales of short-term investments.

Previous wording

Net cash used in investing activities of approximately $375.5 million for the six months ended January 31, 2025 included approximately $493.2 million of short-term investment purchases and $44.4 million of purchases of property and equipment, partially offset by approximately $162.1 million of maturities of short-term investments.

Current wording

Net cash used in investing activities of approximately $107.9 million for the nine months ended April 30, 2026 included approximately $679.6 million of short-term investment purchases and $38.6 million of purchases of property and equipment, partially offset by approximately $607.5 million of maturities of short-term investments and $2.8 million of sales of short-term investments.

Previous wording

Net cash provided by financing activities of approximately $408.8 million for the six months ended January 31, 2025 included approximately $848.0 million of net proceeds from the issuance of the 2029 Notes and $29.3 million of proceeds from the sale of shares through employee equity incentive plans, partially offset by approximately $220.1 million of repurchases of our Class A common stock, $148.2 million of taxes paid related to the net share settlement of equity awards, $95.5 million related to the partial repurchase of the 2027 Notes, $2.8 million of third-party debt issuance costs related to the issuance of the 2029 Notes, and $1.9 million of payments for finance lease obligations.

Current wording

Net cash provided by financing activities of approximately $341.1 million for the nine months ended April 30, 2025 included approximately $848.0 million of net proceeds from the issuance of the 2029 Notes and $68.5 million of proceeds from the sale of shares through employee equity incentive plans, partially offset by approximately $257.9 million of repurchases of our Class A common stock, $212.9 million of taxes paid related to the net share settlement of equity awards, $95.5 million related to the partial repurchase of the 2027 Notes, $3.4 million of third-party debt issuance costs related to the issuance of the 2029 Notes, $2.9 million of payments for finance lease obligations, and $2.8 million of issuance costs related to the Revolver.

Previous wording

Net cash used in financing activities of approximately $492.9 million for the six months ended January 31, 2026 included approximately $383.1 million of repurchases of our Class A common stock and $137.0 million of taxes paid related to the net share settlement of equity awards, partially offset by approximately $29.0 million of proceeds from the sale of shares through employee equity incentive plans.

Current wording

Net cash used in financing activities of approximately $543.8 million for the nine months ended April 30, 2026 included approximately $433.2 million of repurchases of our Class A common stock and $169.4 million of taxes paid related to the net share settlement of equity awards, partially offset by approximately $61.4 million of proceeds from the sale of shares through employee equity incentive plans.