Asana Inc

Previous wording

Asana is a leading work management software platform with an enterprise focus that helps organizations set and track goals, drive strategic initiatives, and automate work in one place. Customers use Asana to automate complex operational workflows like product launches and employee onboarding, resource planning, tracking company-wide strategic initiatives and more. Our secure and scalable platform with AI-powered features adds structure to unstructured work, creating clarity, accountability, and impact for everyone within an organization—executives, department heads, team leads, and individuals—so everyone understands exactly who is doing what, by when, and why.

Current wording

Asana is a leading work management platform for human + AI coordination. Customers use Asana to connect their work to company goals and orchestrate mission critical workflows like product launches, employee onboarding, resource planning, tracking company-wide strategic initiatives and more. Our secure and scalable platform with AI-powered features adds structure to unstructured work, creating clarity, accountability, and impact for everyone within an organization—executives, department heads, team leads, and individuals. In Asana, everyone understands exactly who is doing what, by when, how and why.

Previous wording

As of October 31, 2024, we had 23,609 Core customers contributing approximately 75% and 73% of revenues for the three and nine months then ended, respectively. As of October 31, 2023, we had 21,346 Core customers who contributed approximately 74% and 72% of revenues for the three and nine months then ended, respectively.

Current wording

As of April 30, 2025, we had 24,297 Core customers contributing approximately 75% of revenues for the three months then ended. As of April 30, 2024, we had 22,162 Core customers who contributed approximately 74% of revenues for the three months then ended.

Previous wording

As of October 31, 2024 and 2023, we had 683 and 580 customers spending over $100,000, on an annualized basis, respectively.

Current wording

As of April 30, 2025 and 2024, we had 728 and 607 customers spending over $100,000, on an annualized basis, respectively.

Previous wording

As of October 31, 2024 and 2023, our dollar-based net retention rate was 96% and over 100%, respectively.

Current wording

As of April 30, 2025 and 2024, our dollar-based net retention rate was 95% and 100%, respectively.

Previous wording

As of October 31, 2024 and 2023, our dollar-based net retention rate for our Core customers was 98% and over 105%, respectively. Our dollar-based net retention rate for customers spending over $100,000 on an annualized basis for the same periods was 99% and over 120%, respectively.

Current wording

As of April 30, 2025 and 2024, our dollar-based net retention rate for our Core customers was 96% and 102%, respectively. Our dollar-based net retention rate for customers spending over $100,000 on an annualized basis for the same periods was 95% and 108%, respectively.

Previous wording

Global macroeconomic events including inflation, elevated interest rates, bank failures, supply chain disruptions, fluctuations in currency exchange rates, and geopolitical unrest have led to economic uncertainty. These macroeconomic conditions have and are likely to continue to have adverse effects on the rate of global IT spending, including the buying patterns of our customers and prospective customers, and the length of our sales cycles.

Current wording

Global macroeconomic events including inflation, fluctuating interest rates, bank failures, supply chain disruptions, fluctuations in currency exchange rates, tariffs and changes in trade agreements, and geopolitical unrest have led to economic uncertainty. These macroeconomic conditions have and are likely to continue to have adverse effects on the rate of global IT spending, including the buying patterns of our customers and prospective customers, and the length of our sales cycles.

Previous wording

We generate subscription revenues from paying customers accessing our cloud-based platform. Subscription revenues are driven primarily by the number of paying customers, the number of paying users within the customer base, and the level of subscription plan. We recognize revenues ratably over the related contractual term beginning on the date that the platform is made available to a customer.

Current wording

We primarily generate revenues from subscription fees earned from customers accessing our cloud-based platform. Subscription revenues are driven primarily by the number of paying customers, the number of paying users within the customer base, and the level of subscription plan. We recognize revenues ratably over the related contractual term beginning on the date that the platform is made available to a customer.

Previous wording

Research and development expenses consist primarily of personnel-related expenses. These expenses also include product design costs, third-party services and consulting expenses, software subscriptions and computer equipment used in research and development activities, and allocated overhead costs. A substantial portion of our research and development efforts are focused on enhancing our software architecture and adding new features and functionality to our platform. We anticipate continuing to invest in innovation and technology development, including the integration of AI in our product, and as a result, we expect research and development expenses to continue to increase in dollar amount, but to decrease as a percentage of revenues over time.

Current wording

Research and development expenses consist primarily of personnel-related expenses. These expenses also include product design costs, third-party services and consulting expenses, software subscriptions and computer equipment used in research and development activities, and allocated overhead costs. A substantial portion of our research and development efforts are focused on enhancing our software architecture and adding new features and functionality to our platform. We anticipate continuing to invest in innovation and technology development, including the integration of AI in our products, and as a result, we expect research and development expenses to continue to increase in dollar amount, but to decrease as a percentage of revenues over time.

Previous wording

Revenues increased $17.4 million, or 10%, during the three months ended October 31, 2024 compared to the three months ended October 31, 2023. The increase in revenues was primarily due to the addition of new paying customers and a continued shift in our sales mix toward our higher priced subscription plans, such as Advanced, Enterprise and Enterprise+ plans.

Current wording

Revenues increased $14.8 million, or 9%, during the three months ended April 30, 2025 compared to the three months ended April 30, 2024. The increase in revenues was primarily due to the addition of new paying customers and a continued shift in our sales mix toward our higher priced subscription plans, such as Enterprise and Enterprise+ plans.

Previous wording

Cost of revenues increased $10.5 million, or 22%, during the nine months ended October 31, 2024 compared to the nine months ended October 31, 2023. The increase was primarily due toan increase of $5.3 million in third-party hosting costs as we continued to increase capacity to support customer usage and growth of our customer base, an increase of $3.5 million in infrastructure and application performance monitoring costs, an increase of $1.8 million in amortization of capitalized software development costs, an increase of $0.8 million in partner delivered services, and an increase of $0.4 million in credit card processing fees, partially offset by a decrease of $0.7 million in allocated overhead costs and a decrease of $0.6 million inpersonnel-related costs.

Current wording

Cost of revenues increased $1.4 million, or 8%, during the three months ended April 30, 2025 compared to the three months ended April 30, 2024. The increase was primarily due toan increase of $0.5 million in amortization of capitalized software development costs, an increase of $0.5 million in professional services related fees, an increase of $0.4 millionin infrastructure and application performance monitoring costs, an increase of $0.2 million in personnel-related costs, and an increase of $0.1 millionin third-party hosting costs, partially offset by a decrease of $0.2 million credit card processing fees and a decrease of $0.1 million in equipment and related costs.

Previous wording

General and administrative expenses increased $1.8 million, or 5%, during thethree months ended October 31, 2024 compared to thethree months ended October 31, 2023. Theincreasewas primarily due to an increase of $1.2 million in personnel-related costs driven by higher headcount, an increase of $0.5 million in professional services, an increase of $0.2 million in other operating expenses primarily comprised of value-added taxes and local taxes, an increase of $0.1 million in travel and entertainment costs, and an increase of $0.1 million in allocated overhead costs, partially offset by a decrease of $0.5 million in insurance expenses.

Current wording

General and administrative expenses increased $3.3 million, or 10%, during thethree months ended April 30, 2025 compared to thethree months ended April 30, 2024. Theincreasewas primarily due to an increase of $1.8 million in personnel-related costs driven by an increase in stock-based compensation expense, an increase of $0.9 million in tax contingencies, an increase of $0.8 million in provision for credit losses, and an increase of $0.2 million in subscription and software related expenses, partially offset by a decrease of $0.4 million in allocated overhead costs.

Previous wording

Interest income and other income (expense), net increased by $1.5 million during the three months ended October 31, 2024 compared to thethree months ended October 31, 2023, primarily due to an increase of $2.7 million for the impact of foreign currency transaction gains and losses associated with monetary assets and liabilities, partially offset by a decrease of $1.3 million in interest income on marketable securities. Interest expense decreased during thethree months ended October 31, 2024 compared to thethree months ended October 31, 2023, primarily due to a decrease in interest rates.

Current wording

Interest income and other income (expense), net increased by $1.5 million during the three months ended April 30, 2025 compared to thethree months ended April 30, 2024, primarily due to an increase of $2.6 million for the impact of foreign currency transaction gains and losses, partially offset by a decrease of $1.1 million in interest income on marketable securities. Interest expense decreased during thethree months ended April 30, 2025 compared to thethree months ended April 30, 2024, primarily due to a decrease in interest rates.

Previous wording

Non-GAAP Loss From Operations and Non-GAAP Net Loss

Current wording

Non-GAAP Income (Loss) From Operations and Non-GAAP Net Income (Loss)

Previous wording

We define non-GAAP loss from operations as loss from operations plus stock-based compensation expense and the related employer payroll tax associated with RSUs, impairment of long-lived assets, as well as non-recurring costs, such as restructuring costs. The amount of employer payroll tax-related items on employee stock transactions is dependent on our stock price and other factors that are beyond our control and that do not correlate to the operation of the business. When evaluating the performance of our business and making operating plans, we do not consider these items (for example, when considering the impact of equity award grants, we place a greater emphasis on overall stockholder dilution rather than the accounting charges associated with such grants). We believe it is useful to exclude these expenses in order to better understand the long-term performance of our core business, to facilitate comparison of our results to those of peer companies, and to facilitate comparison over multiple periods.

Current wording

We define non-GAAP income (loss) from operations as loss from operations plus stock-based compensation expense and the related employer payroll tax associated with RSUs, impairment of long-lived assets, and restructuring costs. The amount of employer payroll tax-related items on employee stock transactions is dependent on our stock price and other factors that are beyond our control and that do not correlate to the operation of the business. The restructuring costs are related to the reduction of our global workforce, which resulted in expenses related to severance, benefits, and other related items. When evaluating the performance of our business and making operating plans, we do not consider these items (for example, when considering the impact of equity award grants, we place a greater emphasis on overall stockholder dilution rather than the accounting charges associated with such grants). We believe the costs associated with restructuring are distinguishable from ongoing operating costs and are not reflective of underlying trends in our business. We believe it is useful to exclude these expenses in order to better understand the long-term performance of our core business, to facilitate comparison of our results to those of peer companies, and to facilitate comparison over multiple periods.

Previous wording

We define non-GAAP net loss as net loss plus stock-based compensation expense and the related employer payroll tax associated with RSUs, impairment of long-lived assets and non-recurring costs such as restructuring costs.

Current wording

We define non-GAAP net income (loss) as net loss plus stock-based compensation expense and the related employer payroll tax associated with RSUs, impairment of long-lived assets, and restructuring costs.

Previous wording

We use non-GAAP loss from operations and non-GAAP net loss in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP loss from operations and non-GAAP net loss provide our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations.

Current wording

We use non-GAAP income (loss) from operations and non-GAAP net income (loss) in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP income (loss) from operations and non-GAAP net income (loss) provide our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations.

Previous wording

We define free cash flow as net cash from operating activities less cash used for purchases of property and equipment and capitalized internal-use software costs, plus non-recurring expenditures such as restructuring costs. We believe that free cash flow is a useful indicator of liquidity that provides information to management and investors, even if negative, about the amount of cash used in our operations other than that used for investments in property and equipment and capitalized internal-use software costs, adjusted for non-recurring expenditures.

Current wording

We define free cash flow as net cash from operating activities less cash used for purchases of property and equipment and capitalized internal-use software costs. We define adjusted free cash flow as free cash flow plus restructuring costs paid. We believe that free cash flow and adjusted free cash flow are useful indicators of liquidity that provide information to management and investors, even if negative, about the amount of cash used in our operations other than that used for investments in property and equipment and capitalized internal-use software costs, adjusted for expenditures which are distinguishable from our ongoing operations.

Previous wording

Since inception, we have financed operations primarily through the net proceeds we have received from the sales of our preferred stock and common stock, the issuance of senior mandatory convertible promissory notes in January and June 2020 to a trust affiliated with our CEO, cash generated from the sale of subscriptions to our platform, and financing activities including the private placement transaction with our CEO. We have generated losses from our operations as reflected in our accumulated deficit of $1,762.5 million as of October 31, 2024 and negative cash flows from operating activities for the nine months ended October 31, 2024 and 2023.

Current wording

Since inception, we have financed operations primarily through the net proceeds we have received from the sales of our preferred stock and common stock, the issuance of senior mandatory convertible promissory notes in January and June 2020 to a trust affiliated with our CEO, cash generated from the sale of subscriptions to our platform, and financing activities including the private placement transaction with our CEO. We have generated losses from our operations as reflected in our accumulated deficit of $1,884.1 million as of April 30, 2025, positive cash flows from operating activities for the three months ended April 30, 2025, and negative cash flows from operating activities for the three months ended April 30, 2024.

Previous wording

As of October 31, 2024, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $455.3 million.

Current wording

As of April 30, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $470.8 million.

Previous wording

As of October 31, 2024, under the November 2022 Senior Secured Credit Facility there was$50.0 million drawn and$45.0 million was outstanding under the term loan, no amounts outstanding under the revolving credit facility and an aggregate$21.6 million in letters of credit issued under the credit sub-facility. Our total available borrowing capacity under the revolving credit facility was $78.4 million as of October 31, 2024.

Current wording

As of April 30, 2025, under the November 2022 Senior Secured Credit Facility there was$50.0 million drawn and$44.4 million was outstanding under the term loan, no amounts outstanding under the revolving credit facility and an aggregate$21.7 million in letters of credit issued under the credit sub-facility. Our total available borrowing capacity under the revolving credit facility was $78.3 million as of April 30, 2025.

Previous wording

In June 2024, our board of directors authorized a stock repurchase program of up to $150 million of our outstanding Class A common stock. Repurchases are made on the open market, including via pre-set trading plans, in accordance with applicable securities laws. The program is funded using our working capital and will expire in June 2025. The program does not obligate us to acquire any particular amount of Class A common stock, and the repurchase program may be suspended or discontinued at any time at our discretion. During the three and nine months ended October 31, 2024, we repurchased 4.5 million and 5.9 million shares, respectively, of our outstanding Class A common stock for an aggregate purchase price of$55.0 million and $74.7 million, respectively. All shares of Class A common stock repurchased were retired. As of October 31, 2024,$75.3 million remained available for future repurchases under the stock repurchase program. See Note 10. Stockholders’ Equity to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information regarding stock repurchases.

Current wording

In June 2024, our board of directors authorized a stock repurchase program of up to $150.0 million of our outstanding Class A common stock (the “Repurchase Program”). Repurchases are made on the open market, including via pre-set trading plans, in accordance with applicable securities laws. The Repurchase Program is funded using our working capital and was initially authorized through June 2025. The Repurchase Program does not obligate us to acquire any particular amount of Class A common stock, and the Repurchase Program may be suspended or discontinued at any time at our discretion. During the three months ended April 30, 2025, we repurchased 1.0 million shares of our outstanding Class A common stock for an aggregate purchase price of$15.6 million. All shares of Class A common stock repurchased were retired. On May 30, 2025, our board of directors amended the Repurchase Program to remove the expiration date of the Repurchase Program and authorized the repurchase of an additional $100.0 million of the Company’s outstanding Class A common stock pursuant to the Repurchase Program. As of April 30, 2025,$56.0 million remained available for future stock repurchases under the Repurchase Program, and the Company now has a total of $156.0 million available for future repurchases under the Repurchase Program. The Repurchase Program, as amended, has no specified expiration date and will continue until the funds committed to the Repurchase Program are exhausted or such authorization is revoked by our board of directors. See Note 10. Stockholders’ Equity to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information regarding stock repurchases.

Previous wording

A substantial source of our cash provided by operating activities is our customer billings for subscription to our platform. Deferred revenue consists of the unearned portion of billed fees for our subscriptions, which is included on our condensed consolidated balance sheets as a liability and is recorded as revenues over the term of the subscription agreement. As of October 31, 2024, we had $282.1 million of deferred revenue, of which $279.6 million was recorded as a current liability. This deferred revenue will be recognized as revenues when all of the revenue recognition criteria are met.

Current wording

A substantial source of our cash provided by operating activities is our customer billings for subscription to our platform. Deferred revenue consists of the unearned portion of billed fees for our subscriptions, which is included on our condensed consolidated balance sheets as a liability and is recorded as revenues over the term of the subscription agreement. As of April 30, 2025, we had $290.3 million of deferred revenue, of which $289.0 million was recorded as a current liability. This deferred revenue will be recognized as revenues when all of the revenue recognition criteria are met.

Previous wording

We assess our liquidity primarily through our cash on hand as well as the projected timing of billings under contract with our paying customers and related collection cycles. We believe our current cash, cash equivalents, marketable securities, and amounts available under our November 2022 Senior Secured Credit Facility will be sufficient to meet our working capital and capital expenditure requirements for at least the next 12 months. Our future capital requirements will depend on many factors, including our revenue growth rate, subscription renewal activity, billing frequency, our dollar-based-net-retention rate, the timing and extent of spending to support our research and development efforts, particularly for the introduction of new and enhanced products and features, including the integration of AI in our product, the performance of sales and marketing activities, costs associated with international expansion, additional capital expenditures to invest in existing and new office spaces, as well as increased general and administrative expenses to support being a publicly traded company. We may, in the future, enter into arrangements to acquire or invest in complementary businesses, services, and technologies, including intellectual property rights. We may seek to raise additional funds at any time through equity, equity-linked arrangements, and debt. If we are unable to raise additional capital when desired and at reasonable rates, our business, results of operations, and financial condition would be adversely affected. Additionally, cash from operations could also be affected by various risks and uncertainties in connection with the impact of an economic downturn or recession, significant market volatility in the global economy, timing and ability to collect payments from our customers and other risks detailed in Part II—Other Information, Item 1A. Risk Factors.

Current wording

We assess our liquidity primarily through our cash on hand as well as the projected timing of billings under contract with our paying customers and related collection cycles. We believe our current cash, cash equivalents, marketable securities, and amounts available under our November 2022 Senior Secured Credit Facility will be sufficient to meet our working capital and capital expenditure requirements for at least the next 12 months. Our future capital requirements will depend on many factors, including our revenue growth rate, subscription renewal activity, billing frequency, our dollar-based-net-retention rate, the timing and extent of spending to support our research and development efforts, particularly for the introduction of new and enhanced products and features, including the integration of AI in our products, the performance of sales and marketing activities, costs associated with international expansion, additional capital expenditures to invest in existing and new office spaces, as well as increased general and administrative expenses to support being a publicly traded company. We may, in the future, enter into arrangements to acquire or invest in complementary businesses, services, and technologies, including intellectual property rights. We may seek to raise additional funds at any time through equity, equity-linked arrangements, and debt. If we are unable to raise additional capital when desired and at reasonable rates, our business, results of operations, and financial condition would be adversely affected. Additionally, cash from operations could also be affected by various risks and uncertainties in connection with the impact of an economic downturn or recession, significant market volatility in the global economy, timing and ability to collect payments from our customers and other risks detailed in Part II—Other Information, Item 1A. Risk Factors.

Previous wording

Net cash used in operating activities of $0.9 million for the nine months ended October 31, 2024 reflects our net loss of $193.2 million, adjusted by non-cash items such as stock-based compensation expense of $160.7 million, amortization of deferred contract acquisition costs of $19.2 million, non-cash lease expense of $13.5 million, depreciation and amortization of $12.7 million, and provision for expected credit losses of $1.0 million, partially offset by net accretion of discount on marketable securities of $4.6 million, and net cash outflows of $10.3 million from changes in our operating assets and liabilities. The net cash outflows from changes in operating assets and liabilities primarily consisted of a $15.9 million increase in prepaid expenses and other current assets related to an increase in deferred contract acquisition costs, a $14.6 million decrease in operating lease liabilities, a $11.4 million decrease in accrued expenses and other liabilities primarily from accrued advertising expenses and accrued payroll liability, and a $4.6 million increase in other assets. These amounts were partially offset by a $20.6 million decrease in accounts receivable, a $10.9 million increase in deferred revenue resulting from increased billings for subscriptions, and a $4.6 million increase in accounts payable.

Current wording

Net cash provided by operating activities of $6.8 million for the three months ended April 30, 2025 reflects our net loss of $40.0 million, adjusted by non-cash items such as stock-based compensation expense of $48.2 million, amortization of deferred contract acquisition costs of $6.7 million, depreciation and amortization of $5.0 million, non-cash lease expense of $4.5 million, and provision for expected credit losses of $1.0 million, partially offset by net accretion of discount on marketable securities of $0.7 million, and net cash outflows of $17.9 million from changes in our operating assets and liabilities. The net cash outflows from changes in operating assets and liabilities primarily consisted of a $12.5 million decrease in deferred revenue resulting from decreased billings for subscriptions, a $8.8 million increase in prepaid expenses and other current assets related to an increase in deferred contract acquisition costs, a $7.4 million decrease in accrued expenses and other liabilities primarily from accrued payroll liabilities, a $5.4 million decrease in operating lease liabilities, a $1.7 million decrease in accounts payable, and a $0.7 million increase in other assets. These amounts were partially offset by a $18.7 million decrease in accounts receivable.

Previous wording

Net cash used in operating activities of $2.6 million for thenine months ended October 31, 2023 reflects ournet loss of $194.6 million, adjusted by non-cash items such asstock-based compensation expense of $150.6 million, amortization of deferred contract acquisition costs of $16.0 million, non-cash lease expense of $14.0 million, depreciation and amortization of $10.4 million, impairment of long-lived assets of $5.0 million, provision for expected credit losses of $2.1 million, andnet cash outflows of $4.5 million from changes in our operating assets and liabilities. The net cash outflows from changes in operating assets and liabilities primarily consisted of a $16.9 million decrease inaccrued expenses and other liabilities primarily from accrued payroll liabilities, a $13.8 million increase in prepaid expenses and other current assets related to an increase in deferred contract acquisition costs, and a$12.3 million decrease in operating lease liabilities. These amounts were partially offset bya $21.8 million increase in deferred revenue resulting from increased billings for subscriptions, a$12.3 million decrease inaccounts receivable, a $3.6 million increase inaccounts payable, and a $0.7 million decrease inother assets.

Current wording

Net cash used in operating activities of $1.9 million for thethree months ended April 30, 2024 reflects ournet loss of $63.7 million, adjusted by non-cash items such asstock-based compensation expense of $48.6 million, amortization of deferred contract acquisition costs of $6.1 million, non-cash lease expense of $4.5 million, depreciation and amortization of $4.0 million, provision for expected credit losses of $0.2 million, partially offset by net accretion of discount on marketable securities of $1.8 million, andnet cash inflows of $0.2 million from changes in our operating assets and liabilities. The net cash inflows from changes in operating assets and liabilities primarily consisted of a $25.9 million increase indeferred revenue resulting from increased billings for subscriptions and a $6.4 million increase in accounts payable. These amounts were partially offset bya $11.7 million increase in accounts receivable, a$10.2 million decrease inaccrued expenses and other liabilities primarily from accrued payroll liabilities, a $4.9 million decrease inoperating lease liabilities, a $4.4 million increase in prepaid expenses and other current assets related to an increase in deferred contract acquisition costs, and a $0.9 million increase inother assets.

Previous wording

Net cash provided by investing activities of $20.2 million for the nine months ended October 31, 2024 consisted of $195.6 million in maturities of marketable securities, partially offset by $166.6 million in purchases of marketable securities, $4.7 million in capitalized internal-use software costs, and $4.1 million in purchases of property and equipment.

Current wording

Net cash provided by investing activities of $4.2 million for the three months ended April 30, 2025 consisted of $41.0 million in maturities of marketable securities, partially offset by $34.1 million in purchases of marketable securities, $2.1 million in capitalized internal-use software costs, and $0.6 million in purchases of property and equipment.

Previous wording

Net cash used in investing activities of $270.2 million for thenine months ended October 31, 2023 consisted of $284.3 million inpurchases of marketable securities, $7.2 million inpurchases of property and equipment, and $4.3 million incapitalized internal-use software costs. This was partially offset by $25.6 million inmaturities of marketable securities.

Current wording

Net cash used in investing activities of $21.4 million for thethree months ended April 30, 2024 consisted of $70.5 million inpurchases of marketable securities, $1.4 million incapitalized internal-use software costs, and $1.0 million inpurchases of property and equipment. This was partially offset by $51.5 million inmaturities of marketable securities.

Previous wording

Net cash used in financing activities of $58.2 million for thenine months ended October 31, 2024 consisted of $73.9 million inrepurchases of Class A common stock and $1.9 million inrepayment of term loan. This was partially offset by $13.7 million inproceeds from employee stock purchase plan and$3.9 million inproceeds from exercise of stock options.

Current wording

Net cash used in financing activities of $5.5 million for thethree months ended April 30, 2025 consisted of $14.5 million inrepurchases of Class A common stock. This was partially offset by $7.7 million inproceeds from our employee stock purchase plan and$1.3 million inproceeds from the exercise of stock options.

Previous wording

Net cash provided by financing activities of $16.4 million for thenine months ended October 31, 2023 consisted of $15.1 million inproceeds from employee stock purchase plan and $3.9 million inproceeds from exercise of stock options, partially offset by $2.5 million for the repayment of our term loan.

Current wording

Net cash provided by financing activities of $9.9 million for thethree months ended April 30, 2024 consisted of $8.9 million inproceeds from our employee stock purchase plan and $1.1 million inproceeds from the exercise of stock options.

Previous wording

During the nine months ended October 31, 2024, there were no material changes in our contractual obligations and other commitments, as disclosed in our Annual Report on Form 10-K filed with the SEC on March 14, 2024.

Current wording

During the three months ended April 30, 2025, there were no material changes in our contractual obligations and other commitments as disclosed in our Annual Report on Form 10-K filed with the SEC on March 18, 2025.

Previous wording

There have been no changes to our critical accounting policies and estimates during the nine months ended October 31, 2024 as compared to those disclosed in our Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in our Annual Report on Form 10-K filed with the SEC on March 14, 2024.

Current wording

There have been no changes to our critical accounting policies and estimates during the three months ended April 30, 2025 as compared to those disclosed in our Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in our Annual Report on Form 10-K filed with the SEC on March 18, 2025.