MongoDB, Inc.

Previous wording

MongoDB is the developer data platform company whose mission is to empower developers to create, transform, and disrupt industries by unleashing the power of software and data. The foundation of our offering is the world’s leading, modern general purpose database. Organizations can deploy our database at scale in the cloud, on-premises, or in a hybrid environment. Built on our unique document-based architecture, our database is designed to meet the needs of organizations for performance, scalability, flexibility and reliability while maintaining the strengths of relational databases. In addition to the database, our developer data platform includes a set of, tightly integrated, capabilities such as search, time series, data lifecycle, application-driven analytics and stream processing that allow developers to address a broader range of application requirements. Our business model combines the developer mindshare and adoption benefits of open source with the economic benefits of a proprietary software subscription business model. MongoDB is headquartered in New York City and our total headcount increased to 5,686 as of April 30, 2025, from 5,213 as of April 30, 2024.

Current wording

MongoDB is the developer data platform company whose mission is to empower developers to create, transform, and disrupt industries by unleashing the power of software and data. The foundation of our offering is the world’s leading, modern general purpose database. Organizations can deploy our database at scale in the cloud, on-premises, or in a hybrid environment. Built on our unique document-based architecture, our database is designed to meet the needs of organizations for performance, scalability, flexibility and reliability while maintaining the strengths of relational databases. In addition to the database, our developer data platform includes a set of, tightly integrated, capabilities such as search, time series, data lifecycle, application-driven analytics and stream processing that allow developers to address a broader range of application requirements. Our business model combines the developer mindshare and adoption benefits of open source with the economic benefits of a proprietary software subscription business model. MongoDB is headquartered in New York City and our total headcount increased to 5,654 as of July 31, 2025, from 5,360 as of July 31, 2024.

Previous wording

We generate revenue primarily from sales of subscriptions, which accounted for 97% of our total revenue for both of the three months ended April 30, 2025 and 2024.

Current wording

We generate revenue primarily from sales of subscriptions, which accounted for 97% of our total revenue for both the three and six months ended July 31, 2025, respectively, and 97% for both the three and six months ended July 31, 2024.

Previous wording

MongoDB Atlas is our hosted multi-cloud database-as-a-service (“DBaaS”) offering, which we run and manage in the cloud, and includes comprehensive infrastructure and management, as well as a host of additional features, such as MongoDB Atlas Search, Vector Search, time series, data lifecycle, application-driven analytics and stream processing. During the three months ended April 30, 2025, MongoDB Atlas revenue represented 72%, as compared to 70% of our total revenue during the three months ended April 30, 2024, reflecting the continued growth of MongoDB Atlas since its introduction in June 2016. We have experienced strong growth in self-serve customers of MongoDB Atlas, which are charged monthly in arrears based on their usage. We have also seen growth in MongoDB Atlas customers sold by our sales force, which typically sign annual contracts and pay in advance or are invoiced monthly in arrears based on usage. Customers sold by our sales force may also sign contracts that remain in effect until terminated and are invoiced monthly in arrears based on usage. We expect to continue to see a higher portion of our MongoDB Atlas contracts to be billed monthly in arrears based on usage without requiring upfront commitments.

Current wording

MongoDB Atlas is our hosted multi-cloud database-as-a-service (“DBaaS”) offering, which we run and manage in the cloud, and includes comprehensive infrastructure and management, as well as a host of additional features, such as MongoDB Atlas Search, Vector Search, time series, data lifecycle, application-driven analytics and stream processing. During the three and six months ended July 31, 2025, MongoDB Atlas revenue represented 74% and 73%, respectively, as compared to 71% and 70% of our total revenue during the three and six months ended July 31, 2024, respectively, reflecting the continued growth of MongoDB Atlas since its introduction in June 2016. We have experienced strong growth in self-serve customers of MongoDB Atlas, which are charged monthly in arrears based on their usage. We have also seen growth in MongoDB Atlas customers sold by our sales force, which typically sign annual contracts and pay in advance or are invoiced monthly in arrears based on usage. Customers sold by our sales force may also sign contracts that remain in effect until terminated and are invoiced monthly in arrears based on usage. We expect to continue to see a higher portion of our MongoDB Atlas contracts to be billed monthly in arrears based on usage without requiring upfront commitments.

Previous wording

MongoDB Enterprise Advanced is our proprietary commercial database server offering for enterprise customers that can run in the cloud, on-premises or in a hybrid environment. MongoDB Enterprise Advanced revenue represented 22% and 25% of our subscription revenue for the three months ended April 30, 2025 and 2024, respectively. We sell subscriptions directly through our field and inside sales teams, as well as indirectly through channel partners. The majority of our subscription contracts are one year in duration and are invoiced upfront. When we enter into multi-year subscriptions, the customer is typically invoiced on an annual basis or pays upfront.

Current wording

MongoDB Enterprise Advanced is our proprietary commercial database server offering for enterprise customers that can run in the cloud, on-premises or in a hybrid environment. MongoDB Enterprise Advanced revenue represented 21% and 21% for the three and six months ended July 31, 2025, respectively, and 24% of our subscription revenue for both the three and six months ended July 31, 2024. We sell subscriptions directly through our field and inside sales teams, as well as indirectly through channel partners. The majority of our subscription contracts are one year in duration and are invoiced upfront. When we enter into multi-year subscriptions, the customer is typically invoiced on an annual basis or pays upfront.

Previous wording

Many of our enterprise customers initially get to know our software by using Community Server, which is our free-to-download version of our database that includes the core functionality developers need to get started with MongoDB without all the features of our commercial platform. Our platform has been downloaded from our website more than 500 million times since February 2009. We also offer a free tier of MongoDB Atlas, which provides access to our hosted database solution with limited processing power and storage, as well as certain operational limitations. As a result, with the availability of both Community Server and MongoDB Atlas free tier offerings, our direct sales prospects are often familiar with our platform and may have already built applications using our technology. A core component of our growth strategy for MongoDB Atlas and MongoDB Enterprise Advanced is to convert developers and their organizations who are already using Community Server or the free tier of MongoDB Atlas to become customers of our commercial products and enjoy the benefits of either a self-managed or hosted offering.

Current wording

Many of our enterprise customers initially get to know our software by using Community Server, which is our free-to-download version of our database that includes the core functionality developers need to get started with MongoDB without all the features of our commercial platform. Our platform has been downloaded from our website more than 600 million times since February 2009. We also offer a free tier of MongoDB Atlas, which provides access to our hosted database solution with limited processing power and storage, as well as certain operational limitations. As a result, with the availability of both Community Server and MongoDB Atlas free tier offerings, our direct sales prospects are often familiar with our platform and may have already built applications using our technology. A core component of our growth strategy for MongoDB Atlas and MongoDB Enterprise Advanced is to convert developers and their organizations who are already using Community Server or the free tier of MongoDB Atlas to become customers of our commercial products and enjoy the benefits of either a self-managed or hosted offering.

Previous wording

We also generate revenue from services, which consist primarily of fees associated with consulting and training services. Revenue from services accounted for 3% of our total revenue for both of thethree months ended April 30, 2025 and 2024. We expect to continue to invest in our services organization as we believe it plays an important role in accelerating our customers’ realization of the benefits of our platform, which helps drive customer retention and expansion.

Current wording

We also generate revenue from services, which consist primarily of fees associated with consulting and training services. Revenue from services accounted for 3%of our total revenue for both the three andsix months ended July 31, 2025, and 3% for both the three and six months ended July 31, 2024. We expect to continue to invest in our services organization as we believe it plays an important role in accelerating our customers’ realization of the benefits of our platform, which helps drive customer retention and expansion.

Previous wording

Adverse macroeconomic conditions include slower or negative economic growth, higher inflation and higher interest rates. During the three months ended April 30, 2025, the macroeconomic environment negatively impacted our business. For instance, we experienced slower than historical growth rates for our existing MongoDB Atlas applications. While the impact of these macroeconomic conditions on our business, results of operations and financial position remain uncertain over the long term, we expect to experience macroeconomic headwinds on growth rate for our existing MongoDB Atlas applications in the short term.

Current wording

Adverse macroeconomic conditions include slower or negative economic growth and higher inflation. During the six months ended July 31, 2025, the macroeconomic environment negatively impacted our business. While the impact of these macroeconomic conditions on our business, results of operations and financial position remain uncertain over the long term, we expect to experience macroeconomic headwinds on growth rate for our existing MongoDB Atlas applications in the short term.

Previous wording

We are intensely focused on continuing to grow our customer base. We have invested, and expect to continue to invest, in our sales and marketing efforts and developer community outreach, which are critical to driving customer acquisition. As of April 30, 2025, we had over 57,100 customers across a wide range of industries and in over 100 countries, compared to over 49,200 customers as of April 30, 2024. All affiliated entities are counted as a single customer and our definition of “customer” excludes users of our free offerings.

Current wording

We are intensely focused on continuing to grow our customer base. We have invested, and expect to continue to invest, in our sales and marketing efforts and developer community outreach, which are critical to driving customer acquisition. As of July 31, 2025, we had over 59,900 customers across a wide range of industries and in over 100 countries, compared to over 50,700 customers as of July 31, 2024. All affiliated entities are counted as a single customer and our definition of “customer” excludes users of our free offerings.

Previous wording

As of April 30, 2025, we had over 7,500 customers that were sold through our direct sales force and channel partners, as compared to over 7,100 such customers as of April 30, 2024. These customers, which we refer to as our Direct Sales Customers, accounted for 87% of our subscription revenue for the three months ended April 30, 2025 and 2024, respectively. We plan to continue to invest in acquiring new customers and additional workloads from existing customers across all of our channels. We had over 55,800 MongoDB Atlas customers as of April 30, 2025 compared to over 47,700 as of April 30, 2024. The growth in MongoDB Atlas customers included new customers to MongoDB and existing MongoDB Enterprise Advanced customers adding incremental MongoDB Atlas workloads.

Current wording

As of July 31, 2025, we had over 7,300 customers that were sold through our direct sales force and channel partners, as compared to over 7,300 such customers as of July 31, 2024. These customers, which we refer to as our Direct Sales Customers, accounted for 87% of our subscription revenue for both the three and six months ended July 31, 2025 and 87% for both the three and six months ended July 31, 2024, respectively. We plan to continue to invest in acquiring new customers and additional workloads from existing customers across all of our channels. We had over 58,300 MongoDB Atlas customers as of July 31, 2025 compared to over 49,200 as of July 31, 2024. The growth in MongoDB Atlas customers included new customers to MongoDB and existing MongoDB Enterprise Advanced customers adding incremental MongoDB Atlas workloads.

Previous wording

The economic attractiveness of our subscription-based model is demonstrated by customer renewals and increasing existing customer subscriptions over time, referred to as land-and-expand. We believe that there is a significant opportunity to drive additional sales to existing customers, and expect to invest in sales and marketing and customer success personnel and activities to achieve additional revenue growth from existing customers. If an application grows and requires additional capacity, our customers increase their usage of our platform. Growth of an application is impacted by a number of factors including the macroeconomic environment. During the three months ended April 30, 2025, we believe we experienced a negative impact from the macroeconomic environment on the growth of existing Atlas applications, which affected our revenue growth. We expect the macroeconomic environment to continue to negatively impact our revenue growth. In addition, our customers add incremental workloads or expand their subscriptions to our platform as they migrate additional existing applications or build new applications, either within the same department or in other lines of business or geographies. Also, as customers modernize their information technology infrastructure and move to the cloud, they may migrate applications from legacy databases. Our goal is to increase the number of customers that standardize on our platform within their organization, as well as add new workloads with new and existing customers. Over time, the subscription amount for our typical Direct Sales Customer has increased.

Current wording

The economic attractiveness of our subscription-based model is demonstrated by customer renewals and increasing existing customer subscriptions over time, referred to as land-and-expand. We believe that there is a significant opportunity to drive additional sales to existing customers, and expect to invest in sales and marketing and customer success personnel and activities to achieve additional revenue growth from existing customers. If an application grows and requires additional capacity, our customers increase their usage of our platform. Growth of an application is impacted by a number of factors including the macroeconomic environment. During the three and six months ended July 31, 2025, we believe we experienced a negative impact from the macroeconomic environment on the growth of existing Atlas applications, which affected our revenue growth. We expect the macroeconomic environment to continue to negatively impact our revenue growth. In addition, our customers add incremental workloads or expand their subscriptions to our platform as they migrate additional existing applications or build new applications, either within the same department or in other lines of business or geographies. Also, as customers modernize their information technology infrastructure and move to the cloud, they may migrate applications from legacy databases. Our goal is to increase the number of customers that standardize on our platform within their organization, as well as add new workloads with new and existing customers. Over time, the subscription amount for our typical Direct Sales Customer has increased.

Previous wording

We calculate annualized recurring revenue (“ARR”) and annualized monthly recurring revenue (“MRR”) to help us measure our subscription revenue performance. ARR includes the revenue we expect to receive from our customers over the following 12 months based on contractual commitments and, in the case of Direct Sales Customers of MongoDB Atlas, by annualizing the prior 90 days of their actual usage of MongoDB Atlas, assuming no increases or reductions in their subscriptions or usage. For all other customers of our self-serve products, we calculate annualized MRR by annualizing the prior 30 days of their actual usage of such products, assuming no increases or reductions in usage. ARR and annualized MRR exclude professional services. The number of customers with $100,000 or greater in ARR and annualized MRR was 2,506 and 2,137 as of April 30, 2025 and 2024, respectively. Our ability to increase sales to existing customers will depend on a number of factors, including customers’ satisfaction or dissatisfaction with our products and services, competition, pricing, economic conditions or overall changes in our customers’ spending levels.

Current wording

We calculate annualized recurring revenue (“ARR”) and annualized monthly recurring revenue (“MRR”) to help us measure our subscription revenue performance. ARR includes the revenue we expect to receive from our customers over the following 12 months based on contractual commitments and, in the case of Direct Sales Customers of MongoDB Atlas, by annualizing the prior 90 days of their actual usage of MongoDB Atlas, assuming no increases or reductions in their subscriptions or usage. For all other customers of our self-serve products, we calculate annualized MRR by annualizing the prior 30 days of their actual usage of such products, assuming no increases or reductions in usage. ARR and annualized MRR exclude professional services. The number of customers with $100,000 or greater in ARR and annualized MRR was 2,564 and 2,189 as of July 31, 2025 and 2024, respectively. Our ability to increase sales to existing customers will depend on a number of factors, including customers’ satisfaction or dissatisfaction with our products and services, competition, pricing, economic conditions or overall changes in our customers’ spending levels.

Previous wording

We also examine the rate at which our customers increase their spend with us, which we call net ARR expansion rate. We calculate net ARR expansion rate by dividing the ARR at the close of a given period (the “measurement period”), from customers who were also customers at the close of the same period in the prior year (the “base period”), by the ARR from all customers at the close of the base period, including those who churned or reduced their subscriptions. For Direct Sales Customers included in the base period, measurement period or both such periods that were self-serve customers in any such period, we also include annualized MRR from those customers in the calculation of the net ARR expansion rate. As of April 30, 2025, our net ARR expansion rate was approximately 119%. Our net ARR expansion rate may fluctuate in future periods due to a variety of factors, including the volume and type of workloads that we onboard, growth rate of historical workloads on our platform and changes in the macroeconomic environment.

Current wording

We also examine the rate at which our customers increase their spend with us, which we call net ARR expansion rate. We calculate net ARR expansion rate by dividing the ARR and annualized MRR at the close of a given period (the “measurement period”), from customers who were also customers at the close of the same period in the prior year (the “base period”), by the ARR and annualized MRR from all customers at the close of the base period, including those who churned or reduced their subscriptions. As of July 31, 2025, our net ARR expansion rate was approximately 119%. Our net ARR expansion rate may fluctuate in future periods due to a variety of factors, including the volume and type of workloads that we onboard, growth rate of historical workloads on our platform and changes in the macroeconomic environment.

Previous wording

Total revenue growth reflects increased demand for our platform and related services. Subscription revenue increased by $94.6 million primarily due to an increase of $79.2 million from our Direct Sales Customers, inclusive of the impact from Direct Sales Customers who were self-serve customers of MongoDB Atlas in the prior-year period.

Current wording

Total revenue growth reflects increased demand for our platform and related services. Subscription revenue increased by $108.6 million primarily due to an increase of $92.4 million from our Direct Sales Customers, inclusive of the impact from Direct Sales Customers who were self-serve customers of MongoDB Atlas in the prior-year period.

Previous wording

The increase in sales and marketing expense was primarily driven by an increase in personnel costs and commissions expense partially offset by a decrease in costs associated with certain in-person events.

Current wording

The increase in sales and marketing expense was primarily driven by a $12.3 million increase in commissions, an $11.7 million increase in personnel costs and $4.5 million in restructuring costs, partially offset by a $4.8 million decrease in stock-based compensation and a $1.4 million decrease in costs associated with certain in-person events.

Previous wording

The increase in research and development expense was primarily driven by a $20.0 million increase in personnel costs and stock-based compensation.

Current wording

The increase in research and development expense was primarily driven by a $30.1 million increase in personnel costs and stock-based compensation.

Previous wording

Other income, net, remained flat for the three months ended April 30, 2025.

Current wording

Provision for income taxes remained flat for the three months ended July 31, 2025.

Previous wording

The increase in subscription cost of revenue was primarily due to a $20.2 million increase in third‑party cloud infrastructure costs, including costs associated with the growth of MongoDB Atlas, and an increase of $5.1 million personnel costs and stock-based compensation. The increase in third‑party cloud infrastructure costs was partially offset by continued cost efficiencies realized as we scale MongoDB Atlas. The increase in services cost of revenue was primarily due to a $3.7 million increase in personnel costs and stock-based compensation and a $2.2 million increase in third-party consultant costs related to the delivery of consulting and training services.

Current wording

The increase in subscription cost of revenue was primarily due to a $43.8 million increase in third‑party cloud infrastructure costs, including costs associated with the growth of MongoDB Atlas, and increase of $10.2 million personnel costs and stock-based compensation and $6.6 million increase in amortization costs primarily related to acquired intangible assets. The increase in third‑party cloud infrastructure costs was partially offset by continued cost efficiencies realized as we scale MongoDB Atlas. The increase in services cost of revenue was primarily due to a $9.5 million increase in personnel costs and stock-based compensation and a $5.4 million increase in third-party consultant costs related to the delivery of consulting and training services.

Previous wording

Our overall gross margin declined to 71%. Our subscription gross margin declined to 76% due to an increase in subscription revenue from MongoDB Atlas as a percentage of our total revenue. Services gross margin declined due to the impact of higher third-party consultant and training costs, services personnel costs and stock-based compensation related to growth in headcount.

Current wording

Our overall gross margin decreased to 71%. Our subscription gross margin declined to 76% due to an increase in subscription revenue from MongoDB Atlas as a percentage of our total revenue. Services gross margin declined due to the impact of higher third-party consultant and training costs, services personnel costs and stock-based compensation related to growth in headcount.

Previous wording

The decrease in general and administrative expense was primarily driven by a $7.1 million release of reserves for value-added tax expense related to our operations in certain non-US jurisdictions, which was partially offset by an increase of $0.9 million in personnel costs and stock-based compensation.

Current wording

The increase in general and administrative expense was primarily driven by a $7.5 million increase in personnel costs, a $3.2 million increase in professional services and a $2.7 million increase in software subscription costs, which was partially offset by a $11.2 million of reserve release and reduction of expense related to value-added tax expense for our operations in certain non-US jurisdictions.

Previous wording

The increase in the provision for income taxes during the three months ended April 30, 2025 and 2024, was primarily due to an increase in foreign taxes.

Current wording

The increase in the provision for income taxes during the six months ended July 31, 2025 and 2024, was primarily due to an increase in foreign taxes.

Previous wording

As of April 30, 2025, our principal sources of liquidity were cash, cash equivalents, short-term investments and restricted cash totaling $2.5 billion. Our cash and cash equivalents primarily consist of bank deposits and money market funds. Our short-term investments consist of U.S. government treasury securities, and our restricted cash represents collateral for our available credit on corporate credit cards. We believe our existing cash and cash equivalents and short-term investments will be sufficient to fund our operating and capital needs for at least the next 12 months.

Current wording

As of July 31, 2025, our principal sources of liquidity were cash, cash equivalents, short-term investments and restricted cash totaling $2.3 billion. Our cash and cash equivalents primarily consist of bank deposits and money market funds. Our short-term investments consist of U.S. government treasury securities, and our restricted cash represents collateral for our available credit on corporate credit cards. We believe our existing cash and cash equivalents and short-term investments will be sufficient to fund our operating and capital needs for at least the next 12 months.

Previous wording

Cash provided by operating activities during the three months ended April 30, 2025 was $109.9 million, driven primarily by an increase in our cash collections reflecting the overall growth of our sales and expansion of our customer base. Accordingly, our accounts receivable decreased by $79.9 million. In addition, our net loss of $37.6 million, includes non‑cash charges of $132.4 million for stock‑based compensation, $5.3 million for depreciation and amortization and other net non-cash charges of $1.5 million. Partially offsetting these benefits to our operating cash flow were a decrease in deferred revenue by $39.6 million, a decrease in accrued liabilities by $19.4 million and an increase in other long-term assets of $12.6 million.

Current wording

Cash provided by operating activities during the six months ended July 31, 2025 was $182.0 million, driven primarily by an increase in our cash collections reflecting the overall growth of our sales and expansion of our customer base. Accordingly, our accounts receivable decreased by $41.8 million. In addition, our net loss of $84.7 million, includes non‑cash charges of $272.8 million for stock‑based compensation, $11.0 million for depreciation and amortization and deferred commissions of $14.5 million. Partially offsetting these benefits to our operating cash flow were a decrease in deferred revenue of $49.5 million, an increase in other long-term assets of $11.1 million, and a decrease in other net non-cash charges of $12.8 million.

Previous wording

Cash provided by operating activities during the three months ended April 30, 2024 was $63.6 million, driven primarily by an increase in our cash collections reflecting overall growth of our sales and expansion of our customer base. Accordingly, our accounts receivable decreased by $59.3 million. In addition, our net loss of $80.6 million, includes non‑cash charges of $120.8 million for stock‑based compensation and $4.8 million for depreciation and amortization. Our accrued liabilities increased by $6.5 million reflecting our increase in expenses and timing of payments and other net non-cash charges increased cash from operating activities by $2.8 million. Partially offsetting these benefits to our operating cash flow were a decrease in deferred revenue of $37.4 million, amortization of premium and accretion of discount on short-term investments, net of $7.8 million and an increase in deferred commissions of $4.8 million.

Current wording

Cash provided by operating activities during the six months ended July 31, 2024 was $62.2 million, driven primarily by an increase in our cash collections reflecting overall growth of our sales and expansion of our customer base. Accordingly, our accounts receivable decreased by $13.3 million. In addition, our net loss of $135.1 million, includes non‑cash charges of $243.2 million for stock‑based compensation and $7.2 million for depreciation and amortization. Our accrued liabilities increased by $29.2 million reflecting our increase in expenses and timing of payments. Partially offsetting these benefits to our operating cash flow were a decrease in deferred revenue of $54.3 million, amortization of premium and accretion of discount on short-term investments, net of $13.5 million, an increase in deferred commissions of $20.0 million and other net non-cash charges of $7.8 million.

Previous wording

Cash provided by investing activities during the three months ended April 30, 2025 was $51.6 million, due to proceeds from maturities of marketable securities, net of purchases, of $60.0 million, partially offset by, cash used for investments in non-marketable securities of $4.8 million, payments related to a business combination, net of cash acquired of $2.0 million and purchases of property and equipment of $1.6 million.

Current wording

Cash provided by investing activities during the six months ended July 31, 2025 was $141.2 million, due to proceeds from maturities of marketable securities, net of purchases, of $153.7 million, partially offset by, cash used for investments in non-marketable securities of $8.3 million, purchases of property and equipment of $2.1 million and payments related to a business combination, net of cash acquired of $2.0 million.

Previous wording

Cash used in investing activities during the three months ended April 30, 2024 was $48.1 million, due to purchases of marketable securities, net of maturities, of $47.6 million and cash used for purchases of property and equipment of $0.5 million.

Current wording

Cash provided by investing activities during the six months ended July 31, 2024 was $242.3 million, due to purchases of marketable securities, net of maturities, of $249.4 million, cash used for investments in non-marketable securities of $5.5 million and purchases of property and equipment of $1.6 million.

Previous wording

Cash used in financing activities during the three months ended April 30, 2025 was $1.8 million, due to principal payments of finance leases of $2.4 million, partially offset by proceeds from the exercises of stock options of $0.6 million.

Current wording

Cash used in financing activities during the six months ended July 31, 2025 was $173.8 million, due to repurchases of common stock of $194.4 million and principal payments of finance leases of $4.1 million, offset by proceeds from the issuance of common stock under the Employee Stock Purchase Plan of $22.9 million and proceeds from the exercises of stock options of $1.8 million.

Previous wording

During the three months ended April 30, 2025, there were no material changes outside the ordinary course of business to our contractual obligations and commitments from those disclosed in our 2025 Form 10-K. Refer to Note 7, Leases and Note 8, Commitments and Contingencies, in our Notes to Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further details.

Current wording

During the six months ended July 31, 2025, there were no material changes outside the ordinary course of business to our contractual obligations and commitments from those disclosed in our 2025 Form 10-K. Refer to Note 7, Leases and Note 8, Commitments and Contingencies, in our Notes to Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further details.